Document:

EX-10.3

 Exhibit 10.3 

IHEARTMEDIA, INC. 
 2021
LONG-TERM INCENTIVE AWARD PLAN 
 PERFORMANCE RESTRICTED STOCK UNIT GRANT NOTICE 

iHeartMedia, Inc., a Delaware corporation (the “Company”), has granted to the participant listed below
(“Participant”) the Performance Restricted Stock Units (the “PSUs”) described in this Performance Restricted Stock Unit Grant Notice (this “Grant Notice”), subject to the terms
and conditions of the iHeartMedia, Inc. 2021 Long-Term Incentive Award Plan (as amended from time to time, the “Plan”), the Performance Restricted Stock Unit Agreement attached hereto as Exhibit A (the
“Agreement”) and the performance goals attached as Exhibit B, each of which is incorporated into this Grant Notice by reference. Capitalized terms not specifically defined in this Grant Notice, the Agreement or
Exhibit B hereto, have the meanings specified in the Plan. 
  

			
	Participant:	  	[Robert W. Pittman / Richard Bressler]
		
	Grant Date:	  	March 28, 2022
		
	Granted PSUs:	  	[____________]
		
	Expiration Date:	  	March 28, 2027
		
	Vesting Schedule:	  	Subject to Sections 2.2 and 2.3 of the Agreement, the PSUs shall vest on the Expiration Date based on the achievement during the Performance Period of total shareholder return goals, as described in Exhibit B, subject to and
conditioned upon Participant’s continued service through such date except as otherwise provided in the Agreement.

 By accepting (whether in writing, electronically or otherwise) the PSUs, Participant agrees to be bound by the
terms of this Grant Notice, the Plan and the Agreement. In addition, Participant acknowledges and agrees to be bound by the forfeiture provisions related to the Restrictive Covenants (as defined in Exhibit A) contained in the Agreement.
Participant has reviewed the Plan, this Grant Notice and the Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice
and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, this Grant Notice or the Agreement. 

 

			
	IHEARTMEDIA, INC. 	  	PARTICIPANT
		
	By:                                     
             	  	 
	Name:                                     
         	  	[Robert W. Pittman / Richard Bressler]
	Title:                                     
           	  	

 EXHIBIT A 

PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT 

Capitalized terms not specifically defined in this Performance Restricted Stock Unit Agreement (this “Agreement”) have
the meanings specified in the Grant Notice, Exhibit B or the Plan. 
 ARTICLE I. 

GENERAL 
 1.1 Award of
PSUs and Dividend Equivalents.  
 (a) The Company hereby grants the PSUs to Participant effective as of the Grant Date set forth
in the Grant Notice (the “Grant Date”). Each PSU represents the right to receive one Share as set forth in this Agreement. Subject to Section 2.5, Participant will have no right to the distribution of any Shares until
the time (if ever) the PSUs have vested. 
 (b) The Company hereby grants to Participant, with respect to each PSU, a Dividend Equivalent
for ordinary cash dividends paid to substantially all holders of outstanding Shares with a record date after the Grant Date and prior to the date the applicable PSU is settled, forfeited or otherwise expires. Each Dividend Equivalent entitles
Participant to receive the equivalent value of any such ordinary cash dividends paid on a single Share. The Company will establish a separate Dividend Equivalent bookkeeping account (a “Dividend Equivalent Account”) for each
Dividend Equivalent and credit the Dividend Equivalent Account (without interest) on the applicable dividend payment date with the amount of any such cash paid. 

(c) This award of PSUs and Dividend Equivalents is referred to collectively herein as the “Award”. 

1.2 Incorporation of Terms of Plan. The PSUs are subject to the terms and conditions set forth in this Agreement and the Plan, which is
incorporated herein by reference. Except as expressly stated herein, in the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control. 

1.3 Unsecured Promise. The PSUs and Dividend Equivalents will at all times prior to settlement represent an unsecured Company
obligation payable only from the Company’s general assets. 
 1.4 Defined Terms. For purposes of this Agreement, the following
defined terms shall apply: 
 (a) “Assumed” means that an Assumption occurs with respect to the Award in connection
with a Change in Control. 
 (b) “Change in Control” shall have the meaning ascribed to such term in the Plan, but
shall not include a Change in Control that occurs solely pursuant to Section 11.6(d) of the Plan. 
 (c) “Death/Disability
Termination” shall have the meaning ascribed to such term in the Employment Agreement. 
 (d) “Employment
Agreement” shall mean that certain [Second] Amended and Restated Employment Agreement by and among Participant, the Company and iHeartMedia Management Services, Inc., dated March 28, 2022. 

 (e) “Qualifying Termination” shall have the meaning ascribed to such
term in the Employment Agreement. 
 (f) “Restrictive Covenants” shall mean the restrictive covenant provisions set
forth in Section 4 of the Employment Agreement. 
 (g) “Retirement Termination” shall have the meaning ascribed
to such term in the Employment Agreement. 
 ARTICLE II. 

VESTING, FORFEITURE AND SETTLEMENT 

2.1 Vesting. Except as otherwise set forth in Section 2.2, the PSUs will be earned in connection with the achievement of the
greatest TSR Percentage achieved during the Performance Period (each, as defined in and as set forth in Exhibit B). Any Earned PSUs as of the Expiration Date shall vest on the Expiration Date, subject to Participant’s continued Service
through the Expiration Date, except to the extent provided in Sections 2.2 and 2.3 below. Dividend Equivalents (including any Dividend Equivalent Account balance) will vest upon the vesting of the PSUs with respect to which the Dividend Equivalent
(including the Dividend Equivalent Account) relates. 
 2.2 Change in Control. 

(a) Subject to Section 2.3, if (i) a Change in Control occurs and (ii) Participant remains in continued Service until at least
immediately prior to such Change in Control or, pursuant to Section 2.3(a), has experienced a Qualifying Termination, Death/Disability Termination or a Retirement Termination prior to such Change in Control, then effective as of the date of
such Change in Control: 
 (i) a number of PSUs will become Earned PSUs based on the achievement of performance goals as of such Change in
Control (determined in accordance with Exhibit B); and 
 (ii) (x) to the extent the Award is Assumed in connection with such Change
in Control, any Earned PSUs will convert into a time-vesting award that, following such Change in Control, will remain outstanding and eligible to vest on the Expiration Date, subject to Participant’s continued Service through the Expiration
Date (subject to Section 2.3(b)); or (y) to the extent the Award is not Assumed in connection with such Change in Control and/or Participant experienced a Qualifying Termination, Death/Disability Termination or Retirement Termination prior
to such Change in Control, 100% of any such Earned PSUs will vest as of immediately prior to the consummation of such Change in Control. 

(b) Notwithstanding anything to the contrary contained in Sections 8.2 and 8.3 of the Plan, if, following the application of
Section 2.2(a), any PSUs have not become Earned PSUs as of (or in connection with) the Change in Control, then any such PSUs automatically will be forfeited and terminated as of immediately prior to the consummation of such Change in Control
without consideration therefor. 
 2.3 Termination of Service. 

(a) If Participant experiences a Qualifying Termination, a Death/Disability Termination or a Retirement Termination, in any case, prior to a
Change in Control, then (i) any PSUs that are Earned PSUs as of such Qualifying Termination shall vest as of the termination date and (ii) any PSUs that are not Earned PSUs as of such Qualifying Termination (if any) shall remain
outstanding and eligible to vest on the last day of the Performance Period based upon the achievement of the performance goals set forth on Exhibit B or pursuant to Section 2.2(a). Such PSUs shall remain outstanding and eligible to
vest until the earlier to occur of the Expiration Date and the date of a Change in Control. To the extent any PSUs have not become vested as of such earlier date, such PSUs automatically will be forfeited and terminated as of such date without
consideration therefor. 

 (b) If Participant experiences a Qualifying Termination, a Death/Disability Termination or a
Retirement Termination, in any case, on or following a Change in Control in which the Award was Assumed, then the Earned PSUs shall vest as of the termination date. 

(c) The treatment set forth in Section 2.3(a) and (b) is subject to and conditioned upon Participant’s (or Participant’s
estate’s) execution, delivery and non-revocation of a general release of claims in the form attached to the Employment Agreement (the “Release”) within 60
days following the termination date. 
 (d) If Participant experiences a Termination of Service for any reason other than a Qualifying
Termination, a Death/Disability Termination or a Retirement Termination, all PSUs that have not become vested on or prior to the date of such Termination of Service (including any Earned PSUs) automatically will be forfeited and terminated as of the
termination date without consideration therefor. 
 2.4 Settlement. 

(a) The PSUs will be paid in Shares, and Dividend Equivalents (including any Dividend Equivalent Account balance) will be paid in cash or
Shares, to the extent vested, on or within 30 days following the earlier of (i) the Expiration Date and (ii) Participant’s death, “disability” or “separation from service” that occurs on or following a Change in
Control (each, within the meaning of Section 409A). Notwithstanding anything to the contrary contained in the foregoing proviso, the exact payment date of any PSUs and Dividend Equivalents shall be determined by the Company in its sole
discretion (and Participant shall not have a right to designate the time of payment). 
 (b) Notwithstanding the foregoing, the Company may
delay any payment under this Agreement that the Company reasonably determines would violate Applicable Law until the earliest date the Company reasonably determines the making of the payment will not cause such a violation (in accordance with
Treasury Regulation Section 1.409A-2(b)(7)(ii)); provided the Company reasonably believes the delay will not result in the imposition of excise taxes under Section 409A. For the avoidance of doubt,
any Dividend Equivalents granted in connection with the PSUs issued hereunder, and any amounts that may become distributable in respect thereof, shall be treated separately from such PSUs and the rights arising in connection therewith for purposes
of the designation of time and form of payments required by Section 409A. 
 (c) If a Dividend Equivalent is paid in Shares, the number
of Shares paid with respect to the Dividend Equivalent will equal the quotient, rounded down to the nearest whole Share, of the Dividend Equivalent Account balance divided by the Fair Market Value of a Share on the day immediately preceding the
payment date. 
 2.5 Forfeiture. 

(a) Any PSUs that remain outstanding and are not Earned PSUs as of the close of business on the Expiration Date automatically will be
forfeited and terminated at the close of business on the Expiration Date without consideration therefor. 

 (b) In consideration of the grant of this Award, and further as a material inducement for
the Company to enter into this Agreement with Participant and to grant Participant this Award, Participant hereby acknowledges and agrees that Participant shall continue to be bound by the Restrictive Covenants. In addition, if Participant fails to
comply in all material respects with the Restrictive Covenants, then to the greatest extent permitted by Applicable Law (and except as otherwise determined by the Administrator), any PSUs that have not yet been settled (whether vested or unvested,
and whether or not Earned PSUs) automatically will be forfeited and terminated without consideration therefor (provided that the Company shall provide Participant with written notice of any such non-compliance
and not less than 30 days to cure, if curable). 
 (c) Dividend Equivalents (including any Dividend Equivalent Account balance) will be
forfeited on the date the corresponding PSU is forfeited or otherwise expires. 
 ARTICLE III. 

TAXATION AND TAX WITHHOLDING 

3.1 Representation. Participant represents to the Company that Participant has reviewed with Participant’s own tax advisors the
tax consequences of this Award and the transactions contemplated by the Grant Notice and this Agreement. Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. 

3.2 Tax Withholding. 

(a) Payment of the withholding tax obligations with respect to the Award may be by any of the following, or a combination thereof, as
determined by Participant or the Administrator: 
 (i) Cash or check; 

(ii) In whole or in part by delivery of Shares, including Shares delivered by attestation and Shares retained from the Award
creating the tax obligation, valued at their Fair Market Value on the date of delivery; or 
 (iii) In whole or in part by
the Company withholding of Shares otherwise vesting or issuable under this Award in satisfaction of any applicable withholding tax obligations. 

(b) Subject to Section 9.5 of the Plan, the applicable tax withholding obligation will be determined based on Participant’s
Applicable Withholding Rate. Participant’s “Applicable Withholding Rate” shall mean the greater of (A) the minimum applicable statutory tax withholding rate or (B) with Participant’s consent, the maximum
individual tax withholding rate permitted under the rules of the applicable taxing authority for tax withholding attributable to the underlying transaction; provided, however, that (i) in no event shall Participant’s
Applicable Withholding Rate exceed the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding (or such other rate as may be required to avoid the liability classification of the applicable award under
generally accepted accounting principles in the United States of America); and (ii) the number of Shares tendered or withheld, if applicable, shall be rounded up to the nearest whole Share sufficient to cover the applicable tax withholding
obligation, to the extent rounding up to the nearest whole Share does not result in the liability classification of the PSUs under generally accepted accounting principles. 

(c) Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the PSUs and the
Dividend Equivalents, regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the PSUs or Dividend Equivalents. Neither the Company nor any Subsidiary makes any
representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the PSUs or the Dividend Equivalents or the subsequent sale of Shares. The Company and its Subsidiaries do not commit
and are under no obligation to structure the PSUs or Dividend Equivalents to reduce or eliminate Participant’s tax liability. 

 3.3 Section 409A. 

(a) General. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A, including without
limitation any such regulations or other guidance that may be issued after the effective date of this Agreement. 
 (b) Non-qualified Deferred Compensation. Sections 10.6(b) and (c) of the Plan shall apply to the PSUs, the Dividend Equivalents and this Agreement. For purposes of Section 409A, each PSU (and the right to
payment with respect to each PSU) is to be treated as a right to a separate payment. Any Dividend Equivalents granted in connection with the PSUs issued hereunder, and any amounts that may become distributable in respect thereof, shall be treated
separately from such PSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A. 

ARTICLE IV. 
 OTHER
PROVISIONS 
 4.1 Adjustments. Participant acknowledges that the PSUs and the Shares subject to the PSUs and the Dividend
Equivalents are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan. 
 4.2
Clawback. The Award and the Shares issuable hereunder shall be subject to any clawback or recoupment policy in effect on the Grant Date or as may be adopted or maintained by the Company following the Grant Date, including the Dodd-Frank Wall
Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder. The Company and Participant acknowledge that neither this Section 4.2 nor Section 10.13 of the Plan are intended to limit any clawback and/or
disgorgement of the Award and/or the Shares issuable hereunder pursuant to Section 304 of the Sarbanes-Oxley Act of 2002. 
 4.3
Notices. Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in care of the Company’s General Counsel at the Company’s principal office or the General
Counsel’s then-current email address or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and addressed to Participant (or, if Participant is then deceased, to the Designated
Beneficiary) at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files. By a notice given pursuant to this Section, either party may designate a different address for notices to be
given to that party. Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office regularly
maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation. 

4.4 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this
Agreement. 
 4.5 Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and this Agreement are
intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws. 

 4.6 Successors and Assigns. The Company may assign any of its rights under this
Agreement to a single or multiple assignees, and this Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in this Agreement or the Plan, this Agreement will be binding
upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 4.7
Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement
and the PSUs and the Dividend Equivalents will be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule
16b-3) that are requirements for the application of such exemptive rule. To the extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule.

 4.8 Entire Agreement; Amendment . The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute
the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. To the extent permitted by the Plan, this Agreement may be wholly or
partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board with the written consent of Participant. 

4.9 Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the
provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 

4.10 Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided.
This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have
only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the PSUs and Dividend Equivalents, and rights no greater than the right to receive cash or the Shares as a
general unsecured creditor with respect to the PSUs and Dividend Equivalents, as and when settled pursuant to the terms of this Agreement. 

4.11 Not a Contract of Employment or Service. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant
any right to continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the
services of Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 

4.12 Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject
to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument. 

* * * * * 

 EXHIBIT B 

PERFORMANCE GOALS 
 General

 The PSUs will become “Earned PSUs” upon the achievement of the applicable TSR Percentage Goal achieved
during the Measurement Period, as set forth in the table below (and subject to the provisions for a Change in Control below). 
  

			
	 “TSR Percentage Goals”
	  	 Earned PSUs

	50%	  	20% of Granted PSUs
	75%	  	40% of Granted PSUs
	100%	  	60% of Granted PSUs
	125%	  	80% of Granted PSUs
	 150%
	  	100% of Granted PSUs

 Except in connection with a Change in Control, in no event may any Granted PSUs become Earned PSUs in
connection with the achievement of a TSR Percentage Goal prior to the first anniversary of the Grant Date. For the avoidance of doubt, each TSR Percentage Goal may be achieved only once during the Measurement Period and more than one TSR Percentage
Goal may be achieved on a particular date. For example, if the first TSR Percentage Goal of 50% is satisfied on June 15, 2024, and the TSR Percentage thereafter drops below such level and again reaches 50% during the 20 consecutive trading-day period ending December 30, 2024, no additional PSUs shall become Earned PSUs as a result of reaching the same TSR Percentage Goal for a second time. 

Change in Control 
 If a Change in Control occurs,
then: 
 (1) The Measurement Period shall be disregarded. 

(2) The PSUs will become Earned PSUs based on the achievement of the applicable CAGR TSR Goal achieved during the Performance Period (which
are equivalent to the five-year TSR Percentage Goals), as set forth in the table below, rather than TSR Percentage Goals. 
  

					
	 Original Five-Year

TSR Percentage Goals
	  	 Equivalent

“CAGR TSR Goals”
	  	 Earned PSUs

	 50%
	  	8.4%	  	20% of Granted PSUs
	 75%
	  	11.8%	  	40% of Granted PSUs
	 100%
	  	14.9%	  	60% of Granted PSUs
	 125%
	  	17.6%	  	80% of Granted PSUs
	 150%
	  	20.1%	  	100% of Granted PSUs

 (3) If the CAGR TSR achieved in connection with such Change in Control falls between two CAGR TSR Goals in the
table above, then the number of Granted PSUs that become Earned PSUs shall be equal to a number of Granted PSUs determined using straight line interpolation between the CAGR TSR Goals between which the CAGR TSR falls (in accordance with the table
above). 

 Certain Defined Terms 

(a) “Aggregate Dividend” means the aggregate per share dividends that have an
ex-dividend date during the Performance Period. 
 (b) “CAGR TSR” means the
compound annual growth rate TSR during the Performance Period, expressed as a percentage, calculated as follows: 
 ((1 + TSR Percentage)
^ (1 / Performance Period in years*))—1 
 * Performance Period in years represents the number of full and/or partial years
during the Performance Period ending on the date on which the Change in Control occurs. 
 (c) “Beginning Price”
means the Share Value as of the Grant Date. 
 (d) “Ending Price” means the Share Value as of the last day of the
Performance Period. 
 (e) “Measurement Period” means the period beginning on (and including) the 19th trading day prior to the first anniversary of the Grant Date and ending on (and including) the earlier of the Expiration Date and the date of a consummation of a Change in Control. 

(f) “Performance Period” means the period beginning on the Grant Date and ending on the earlier of the Expiration Date
and the date of a consummation of a Change in Control. 
 (g) “Share Value,” as of any given date, means the 20
consecutive trading-day trailing average market closing price of the Common Stock ending on and including such date; provided, however, that if the
Performance Period ends upon the consummation of a Change in Control, Share Value shall mean the price per Share paid by the acquiror in the Change in Control transaction or, to the extent that the consideration in the Change in Control transaction
is paid in stock of the acquiror or its affiliate, then, unless otherwise determined by the Administrator (in connection with valuing any shares that are not publicly traded), Share Value shall mean the value of the consideration paid per Share
based on the average of the closing trading prices of a share of such acquiror stock on the principal exchange on which such shares are then traded for each trading day during the five consecutive trading days ending on and including the date on
which a Change in Control occurs. 
 (h) “TSR” means the quotient (expressed as a percentage) obtained by dividing
(i) the sum of (A) the difference obtained by subtracting the Beginning Price from the Ending Price plus (B) the Aggregate Dividend (assuming reinvestment in the Common Stock of all dividends comprising the Aggregate Dividend as of
the ex-dividend date) by (ii) the Beginning Price.EX-10.1

 Exhibit 10.1 
  

 
 March 23, 2022 

Ms. Courtney Zeppetella 
 c/o Madison Square Garden
Entertainment Corp. 
 Two Pennsylvania Plaza 
 New York, NY
10121 
 Dear Courtney: 
 This Agreement (the
“Agreement”), effective as of May 2, 2022 (the “Effective Date”), will confirm the terms of your employment by Madison Square Garden Entertainment Corp. (the “Company”). 

The term of your employment under this Agreement (the “Term”) shall commence as of the Effective Date and, unless terminated earlier
in accordance with this Agreement, will expire on the third anniversary of the Effective Date (the “Expiration Date”). 
 Your
title will be Senior Vice President, Controller and Chief Accounting Officer. Throughout the Term, you agree to devote substantially all of your business time and attention to the business and affairs of the Company and to perform your duties in a
diligent, competent, professional and skillful manner and in accordance with applicable law and the Company’s policies and procedures. 

Your annual base salary will be a minimum of $550,000 paid no less frequently than monthly, subject to annual review and potential increase by
the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) in its sole discretion. Commencing with the Company’s fiscal year starting on July 1, 2022 (FY23), you will also be eligible to
participate in our discretionary annual cash bonus program with an annual target bonus opportunity equal to at least 50% of salary. Bonus payments depend on a number of factors including Company, unit and individual performance. Except as provided
below, the decision whether or not to pay a bonus, and the amount of that bonus, if any, shall be made by the Compensation Committee in its sole discretion. Bonuses are typically paid early in the subsequent fiscal year. Except as provided below, in
order to receive a bonus, you must be employed by the Company at the time bonuses are being paid. 
 In addition to the cash compensation
described above, you will be entitled to a one-time special cash payment of $200,000, paid within thirty days after the Effective Date (the “Special Cash Award”). If at any time prior to the first
anniversary of the Effective Date your employment with the Company terminates as a result of (i) your resignation (other than for “Good Reason”), or (b) an involuntary termination by the Company for “Cause” (each as
defined below), then you shall immediately refund to the Company the full amount of the Special Cash Award.  

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL 212-465-6000 

 Ms. Courtney Zeppetella 

 Page
 2
 
  

 Commencing with the Company’s fiscal year starting on July 1, 2022 (FY23), you will
be eligible to participate in such long-term incentive programs as are made available to similarly situated executives at the Company. It is expected that such awards will consist of annual grants of cash and/or equity awards with an annual target
value of not less than $500,000, as determined by the Compensation Committee. Any such awards would be subject to actual grant to you by the Compensation Committee in its sole discretion, would be pursuant to the applicable plan document and would
be subject to terms and conditions established by the Compensation Committee in its sole discretion that would be detailed in separate agreements you would receive after any award is actually made. Long term incentive awards are currently expected
to be subject to three-year vesting. 
 You will also be eligible for our standard benefits programs at the levels that are made available
to similarly situated executives at the Company. Participation in our benefits programs is subject to meeting the relevant eligibility requirements, payment of the required premiums and the terms of the plans themselves. You will also be entitled to
paid time off to be accrued and used in accordance with Company policy. 
 Upon commencement of the Term, you agree to be bound by the
additional covenants and provisions that are set forth in Annex I and Annex II hereto, which Annexes shall be deemed to be a part of the Agreement. 

If your employment with the Company hereunder is terminated prior to the Expiration Date (i) by the Company (other than for
“Cause”) or (ii) by you for “Good Reason” (other than if “Cause” then exists) then, subject to your execution, delivery and non-revocation (within any applicable revocation
period) of the severance agreement described below, the Company will provide you with the following: 
  

	 	(1)	 Severance in an amount to be determined by the Compensation Committee (the “Severance Amount”), but
in no event less than the sum of your annual base salary and your annual target bonus, each as in effect at the time your employment terminates. Sixty percent (60%) of the Severance Amount will be payable to you on the
six-month anniversary of the date your employment so terminates (the “Termination Date”) and the remaining forty percent (40%) of the Severance Amount will be payable to you on the twelve-month
anniversary of the Termination Date; and 

  

	 	(2)	 Any unpaid annual bonus for the Company’s fiscal year prior to the fiscal year which includes your
Termination Date, and a pro rated bonus based on the amount of your base salary actually earned by you during the Company’s fiscal year through the Termination Date, each of which will be paid to you when such bonuses are generally paid
to similarly situated active executives and will be based on your then current annual target bonus as well as Company and your business unit performance for the applicable fiscal year as determined by the Company in its sole discretion, but without
adjustment for your individual performance. 

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL  212-465-6000 

 Ms. Courtney Zeppetella 

 Page
 3
 
  

 Your entitlement to the severance benefits describing in clauses (1) and (2) above will
be subject to your prior execution, delivery and non-revocation (within any applicable revocation period) of a reasonable severance agreement no later than the six-month
anniversary of the Termination Date. This severance agreement shall be delivered to you by the Company as soon as reasonably practicable after the Termination Date and will include, without limitation, (x) a full and complete general release in
favor of the Company and its affiliates (and their respective directors, officers and employees), (y) non-solicitation, non-disparagement, confidentiality and further
cooperation provisions substantially similar to those set forth in Annex I hereto and (z) non-compete provisions no more restrictive than those set forth in Annex II hereto (but limited to the one-year period from the Termination Date). 
 In connection with any termination of your employment, any
outstanding equity and cash incentive awards shall be treated in accordance with their terms. 
 For purposes of this Agreement,
“Cause” means your (i) commission of an act of fraud, embezzlement, misappropriation, willful misconduct, gross negligence or breach of fiduciary duty against the Company or an affiliate thereof, or (ii) commission of any act or
omission that results in a conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any crime involving moral turpitude or any felony. 

For purposes of this Agreement, “Good Reason” means that (i) without your written consent, (1) your annual base salary or
annual target bonus (as each may be increased from time to time in the Compensation Committee’s sole discretion) is reduced, (2) you are no longer the Company’s chief accounting officer, or (3) you no longer report to the
Company’s Chief Financial Officer or a more senior executive, (ii) you have given the Company written notice, referring specifically to this Agreement and definition, that you do not consent to such action, (iii) the Company has not
corrected such action within 30 days of receiving such notice, and (iv) you voluntarily terminate your employment with the Company within 90 days following the happening of the action described in subsection (i) above. 

This Agreement does not constitute a guarantee of employment for any definite period. Your employment is at will and may be terminated by you
or the Company at any time, with or without notice or reason. 
 The Company may withhold from any payment due to you any taxes required to
be withheld under any law, rule or regulation. If any payment otherwise due to you hereunder would result in the imposition of the excise tax imposed by Section 4999 of the Internal Revenue Code, the Company will instead pay you either
(i) such amount or (ii) the maximum amount that could be paid to you without the imposition of the excise tax, depending on whichever amount results in your receiving the greater amount of after-tax
proceeds. In the event that the payments and benefits payable to you would be reduced as provided in the previous sentence, then such reduction will be determined in a manner which has the least economic cost to you and, to the extent the economic
cost is equivalent, such payments or benefits will be reduced in the inverse order of when the payments or benefits would have been made to you until the reduction specified is achieved. 

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL  212-465-6000 

 Ms. Courtney Zeppetella 

 Page
 4
 
  

 If and to the extent that any payment or benefit under this Agreement, or any plan, award or
arrangement of the Company or its affiliates, is determined by the Company to constitute “non-qualified deferred compensation” subject to Section 409A of the Internal Revenue Code
(“Section 409A”) and is payable to you by reason of your termination of employment, then (a) such payment or benefit shall be made or provided to you only upon a “separation from service” as defined for purposes of
Section 409A under applicable regulations and (b) if you are a “specified employee” (within the meaning of Section 409A as determined by the Company), such payment or benefit shall not be made or provided before the date
that is six months after the date of your separation from service (or, if earlier than the expiration of such six month period, the date of death). Any amount not paid or benefit not provided in respect of the six month period specified in the
preceding sentence will be paid to you in a lump sum or provided to you as soon as practicable after the expiration of such six month period. 

To the extent you are entitled to any expense reimbursement from the Company that is subject to Section 409A, (i) the amount of any
such expenses eligible for reimbursement in one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year (except under any lifetime limit applicable to expenses for medical care), (ii) in no event shall any
such expense be reimbursed after the last day of the calendar year following the calendar year in which you incurred such expense, and (iii) in no event shall any right to reimbursement be subject to liquidation or exchange for another benefit.

 This Agreement is personal to you and without the prior written consent of the Company shall not be assignable by you otherwise than by
will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by your legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 To the extent permitted by law, you and the Company waive any and all rights to a jury trial with respect to any matter relating to
this Agreement. 
 This Agreement will be governed by and construed in accordance with the law of the State of New York applicable to
contracts made and to be performed entirely within that State. 
 Both the Company and you hereby irrevocably submit to the jurisdiction
of the courts of the State of New York and the federal courts of the United States of America located in Manhattan solely in respect of the interpretation and enforcement of the provisions of this Agreement, and each of us hereby waives, and agrees
not to assert, as a defense that either of us, as appropriate, is not subject thereto or that the venue thereof may not be appropriate. We each hereby agree that mailing of process or other papers in connection with any such action or proceeding in
any manner as may be permitted by law shall be valid and sufficient service thereof. 

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL  212-465-6000 

 Ms. Courtney Zeppetella 

 Page
 5
 
  

 This Agreement may not be amended or modified otherwise than by a written agreement executed
by the parties hereto or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. The
Company and you have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Company and you and
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

This Agreement reflects the entire understanding and agreement of you and the Company with respect to the subject matter hereof and supersedes
all prior understandings and agreements. 

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL  212-465-6000 

 Ms. Courtney Zeppetella 

 Page
 6
 
  

 This Agreement will automatically terminate, and be of no further force or effect, on the
Expiration Date (other than with respect to any rights which, by the terms of this Agreement, arose before such date); provided, however that the last eight paragraphs hereof, and Annex I and Annex II, shall remain in effect during the Term and
thereafter indefinitely (unless otherwise expressly provided) and shall survive any termination or expiration of the Agreement or any termination of your employment with the Company. 

 

	
	Very truly yours,
	
	 /s/ David Byrnes

	David Byrnes
	Executive Vice President & Chief Financial Officer

  

	
	Accepted and Agreed:
	
	 /s/ Courtney Zeppetella

	Courtney Zeppetella
	Date: 3/23/22

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL  212-465-6000 

 Ms. Courtney Zeppetella 

 Page
 7
 
  

 ANNEX I 

This Annex I constitutes part of the Agreement dated March 23, 2022 (the “Agreement”) by and between Courtney Zeppetella
(“You”) and Madison Square Garden Entertainment Corp. (the “Company”). 
 You agree to comply with the following
covenants in addition to those set forth in the Agreement. 
  

	1.	 Confidentiality 

(a)        Confidential and Proprietary Information. You agree to retain in strict confidence
and not use for any purpose whatsoever or divulge, disseminate, copy, disclose to any third party, or otherwise use any Confidential Information, other than for legitimate business purposes of the Company and its affiliates. As used herein,
“Confidential Information” means any non-public information of a confidential, proprietary, commercially sensitive or personal nature of, or regarding, the Company or any of its affiliates or any
director, officer or member of senior management of any of the foregoing (collectively “Covered Parties”). The term Confidential Information includes such information in written, digital, oral or any other format and includes, but is not
limited to (i) information designated or treated as confidential; (ii) budgets, plans, forecasts or other financial or accounting data; (iii) customer, broadcast affiliate, fan, vendor, sponsor, marketing affiliate or shareholder
lists or data; (iv) technical or strategic information regarding the Covered Parties’ television, programming, advertising, or other businesses; (v) advertising, sponsorship, business, sales or marketing tactics, strategies or
information; (vi) policies, practices, procedures or techniques; (vii) trade secrets or other intellectual property; (viii) information, theories or strategies relating to litigation, arbitration, mediation, investigations or matters
relating to governmental authorities; (ix) terms of agreements with third parties and third party trade secrets; (x) information regarding employees, talent, agents, consultants, advisors or representatives, including their compensation or
other human resources policies and procedures; (xi) information or strategies relating to any potential or actual business development transactions and/or any potential or actual business acquisition, divestiture or joint venture, and
(xii) any other information the disclosure of which may have an adverse effect on the Covered Parties’ business reputation, operations or competitive position, reputation or standing in the community. 

(b)        Notwithstanding the foregoing, the obligations of this section, other than with respect to
employee or customer information, shall not apply to Confidential Information that is in the public domain (through no breach by you) or specifically exempted in writing by the applicable Covered Party from the applicability of this Agreement. 

(c)        Notwithstanding anything contained elsewhere in this Agreement, (i) you are authorized
to make any disclosure which, in the written advice of outside counsel, is required of you by any federal, state or local laws or judicial, arbitral or governmental agency proceedings, after providing the Company with prior written notice (to the
extent legally permissible) and an opportunity to respond prior to such disclosure (to extent reasonably practicable), and (ii) you are authorized to disclose Confidential Information to your personal attorney, solely for the purpose of, and to
the extent necessary to, obtain personal legal advice. 

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL  212-465-6000 

 Ms. Courtney Zeppetella 

 Page
 8
 
  

 (d)         You agree not to issue any press release
or public statement regarding your employment by the Company and/ or the commencement thereof unless (i) so disclosed with the prior written consent of the Company, or (ii) it is, in the written opinion of outside counsel, required and
then only to the extent so required, by applicable law. 
  

	2.	 Additional Understandings 

You agree for yourself and others acting on your behalf, that you (and they) will not disparage, make negative statements about (either
“on the record” or “off the record”) or act in any manner which is intended to or does damage to the good will of, or the business or personal reputations of the Company, any of its affiliates or any of their respective officers,
directors, employees, successors and assigns (including, without limitation, any former officers, directors or employees of the Company and/ or its affiliates, to the extent such individuals served in any such capacity at any point during the Term).

 This Agreement in no way restricts or prevents you from providing truthful testimony as is required by court order or other legal
process; provided that you afford the Company written notice and an opportunity to respond prior to such disclosure. 
 If requested by the
Company, you agree to deliver to the Company upon the termination of your employment, or at any earlier time the Company may request, all memoranda, notes, plans, files, records, reports, and software and other documents and data (and copies thereof
regardless of the form thereof (including electronic copies)) containing, reflecting or derived from Confidential Information or the Materials (as defined below) of the Company or any of its affiliates which you may then possess or have under your
control. If so requested, you shall provide to the Company a signed statement confirming that you have fully complied with this paragraph. 

In addition, you agree that the Company is the owner of all rights, title and interest in and to all documents, tapes, videos, designs, plans,
formulas, models, processes, computer programs, inventions (whether patentable or not), schematics, music, lyrics and other technical, business, financial, advertising, sponsorship, sales, marketing, customer or product development plans, forecasts,
strategies, information and materials (in any medium whatsoever) developed or prepared by you or with your cooperation in any way in connection with your employment by the Company (the “Materials”). The Company will have the sole and
exclusive authority to use the Materials in any manner that it deems appropriate, in perpetuity, without additional payment to you. You agree to perform all actions reasonably requested by the Company (whether during or after the Term) to establish
and confirm the Company’s ownership of such Materials (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to the Company or any of
its affiliates in connection with the prosecution of any applications for patents, trademarks, trade names, service marks or reissues thereof or in the prosecution or defense of interferences relating to any Materials. If the Company is unable,
after reasonable effort, to secure your signature on 

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL  212-465-6000 

 Ms. Courtney Zeppetella 

 Page
 9
 
  

 
any such papers, any executive officer of the Company shall be entitled to execute any such papers as your agent and
attorney-in-fact, and you hereby irrevocably designate and appoint each executive officer of the Company as your agent and attorney-in-fact to execute any such papers on your behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Materials, under
the conditions described in this sentence. 
 In addition, you agree for yourself and others acting on your behalf, that you (and they)
shall not, at any time, participate in any way in the writing or scripting (including, without limitation, any “as told to” publications) of any book, article, periodical, periodical story, movie, play, other written or theatrical work, or
video that (i) relates to your services to the Company or any of its affiliates or (ii) otherwise refers to the Company or its respective businesses, activities, directors, officers, employees or representatives, without the prior written
consent of the Company. 
  

	3.	 Further Cooperation 

Following the date of termination of your employment with the Company, you will no longer provide any regular services to the Company or
represent yourself as a Company agent. If, however, the Company so requests, you agree to use commercially reasonable good faith efforts to cooperate fully with the Company in connection with any matter with which you were involved prior to such
employment termination, or in any litigation or administrative proceedings or appeals (including any preparation therefore) where the Company believes that your personal knowledge, attendance or participation could be beneficial to the Company or
its affiliates. This cooperation includes, without limitation, participation on behalf of the Company and/ or its affiliates in any litigation, administrative or similar proceeding, including providing truthful testimony. 

The Company will provide you with reasonable notice in connection with any cooperation it requires in accordance with this section and will
take reasonable steps to schedule your cooperation in any such matters so as not to materially interfere with your other professional and personal commitments. The Company will reimburse you for any reasonable out-of-pocket expenses you reasonably incur in connection with the cooperation you provide hereunder as soon as practicable after you present appropriate documentation evidencing such expenses. You agree to
provide the Company with an estimate of any such individual expense of more than $1,000 before it is incurred. 
  

	4.	 No-Hire or Solicit 

During the Term and thereafter through the first anniversary of the date on which your employment with the Company has terminated for any
reason, you agree not to hire, seek to hire, or cause any person or entity to hire or seek to hire (without the prior written consent of the Company), directly or indirectly (whether for your own interest or any other person or entity’s
interest) any employee of the Company or any of its affiliates. This restriction does not apply to any employee who was not an employee of the Company or any of its affiliates at any time during the six-month
period immediately preceding your solicitation. This restriction does not 

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL  212-465-6000 

 Ms. Courtney Zeppetella 

 Page
 10
 
  

 
apply to any former employee who was discharged by the Company or any of its affiliates. In addition, this restriction will not prevent you from providing references. For the avoidance of doubt,
a general (non-targeted), publicly-accessible advertisement (or web posting) of an open employment position will not in and of itself be deemed to be a breach of the solicitation restrictions set forth in this
paragraph. 
  

	5.	 Specific Performance; Injunctive Relief 

You understand and agree that (i) the provisions of this Annex I are reasonable and appropriate for the Company’s protection of its
legitimate business interests, (ii) the consideration provided under the Agreement is sufficient to justify the restrictions and limitations contained in this Annex I, and (iii) the Company will suffer immediate, irreparable harm in the
event you breach any of your obligations under the covenants and agreements set forth in this Annex I, that monetary damages will be inadequate to compensate the Company for such breach and that the Company shall be entitled to injunctive relief as
a remedy for any such breach (or threatened breach). Such remedy shall not be deemed to be the exclusive remedy in the event of breach by you of any of the covenants or agreements set forth in this Annex I, but shall be in addition to all other
remedies available to the Company at law or in equity. You hereby waive, to the extent you may legally do so, any requirement for security or the posting of any bond or other surety in connection with any temporary or permanent award of injunctive
or other equitable relief, and further waive, to the extent you may legally do so, the defense in any action for specific performance or other equitable remedy that a remedy at law would be adequate. Notwithstanding anything to the contrary
contained in this Agreement, in the event you violate the covenants and agreements set forth in this Annex I in any material respect, then, in addition to all other rights and remedies available to the Company, the Company shall have no further
obligation to pay you any severance benefits or to provide you with any other rights or benefits to which you would have been entitled pursuant to this Agreement had you not breached the covenants and agreements set forth in this Annex I. 

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL  212-465-6000 

 Ms. Courtney Zeppetella 

 Page
 11
 
  

 ANNEX II 

This Annex II constitutes part of the Agreement dated March 23, 2022 (the “Agreement”) by and between Courtney Zeppetella
(“You”) and Madison Square Garden Entertainment Corp. (the “Company”). 
 The provisions of this Annex II shall remain
in effect during your employment by the Company and for one year following the termination of your employment for any reason; provided, however, that if your employment is terminated either (i) by the Company for any reason other than Cause or
(ii) by you for Good Reason and Cause doesn’t then exist, then the provisions of this Annex II shall automatically expire on such Termination Date (but will be included in the Company’s proposed severance agreement which, for the
avoidance of doubt, you will not be required to sign if you wish to waive your rights to the severance benefits described in the Agreement). 

Capitalized terms contained herein, and not otherwise defined herein, shall have the meanings ascribed to them in the Agreement (or in the
Annex I attached thereto). 
 Non-Compete 

You acknowledge that due to your executive position in the Company and the knowledge of the Company’s and its affiliates’
confidential and proprietary information which you will obtain during the term of your employment hereunder, your employment by certain businesses would be irreparably harmful to the Company and/or its affiliates. During your employment with the
Company and thereafter through the first anniversary of the date on which your employment with the Company has terminated for any reason, you agree not to (other than with the prior written consent of the Company), become employed by, advise,
consult, have any material interest in or otherwise perform services for any Competitive Entity (as defined below). A “Competitive Entity” shall mean any (A) arena or theater (with at least 1,000 seats) that competes in the same city
as any of the Company’s arenas or theaters, respectively, or (B) affiliate of any person or entity that operates any of the types of businesses described in clause (A) above, provided that you may become employed or otherwise
provide services to such an affiliate of a Competitive Entity, so long as (x) your services are neither provided to, nor benefit, such Competitive Entity described in clause (A) and (y) the affiliate is not a direct or indirect parent
company of the Competitive Entity described in clause (A) if the Competitive Entity subsidiary constitutes more than 30% of the total revenue of the parent company consolidated family of companies. Additionally, the ownership by you of not more
than 1% of the outstanding equity of any publicly traded company shall not, by itself, be a violation of this Paragraph. 
 By accepting the
provisions set forth in this Annex II, you understand that the terms and conditions of this Annex II may limit your ability to earn a livelihood in a business similar to the business of the Company and its affiliates, but nevertheless hereby agree
that the restrictions and limitations hereof are reasonable in scope, area and duration, and that the consideration provided under the Agreement and the severance agreement is sufficient to justify the restrictions and limitations contained herein
which, in any event (given your education, skills and ability), you do not believe would prevent you from otherwise earning a living. You further agree that the restrictions are reasonable and necessary, are valid and enforceable under New York law,
and do not impose a greater restraint than necessary to protect the Company’s legitimate business interests. 

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL  212-465-6000 

 Ms. Courtney Zeppetella 

 Page
 12
 
  

 You understand and agree that the Company will suffer immediate, irreparable harm in the
event you breach any of your obligations under the covenants and agreements set forth in this Annex II, that monetary damages will be inadequate to compensate the Company for such breach and that the Company shall be entitled to injunctive relief as
a remedy for any such breach (or threatened breach). Such remedy shall not be deemed to be the exclusive remedy in the event of breach (or threatened breach) by you of any of the covenants or agreements set forth in this Annex II, but shall be in
addition to all other remedies available to the Company at law or in equity. You hereby waive, to the extent you may legally do so, (i) any requirement for security or the posting of any bond or other surety in connection with any temporary or
permanent award of injunctive or other equitable relief, and (ii) the defense in any action for specific performance or other equitable remedy that a remedy at law would be adequate. Notwithstanding anything to the contrary contained in the
Agreement, in the event you violate the covenants and agreements set forth in this Annex II, in addition to all other rights and remedies available to the Company, the Company shall have no further obligation to pay you any severance benefits or to
provide you with any other rights or benefits to which you would have been entitled pursuant to the Agreement or the severance agreement had you not breached the covenants and agreements set forth in this Annex II. 

The restrictions contained in this Annex II shall be extended on a
day-for-day basis for each day during which you violate the provisions of this Annex II in any respect. 

  
 MADISON SQUARE GARDEN
ENTERTAINMENT CORP. 
 TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091 

TEL  212-465-6000

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