Document:

EX-10.4

 Exhibit 10.4 
  

 
 April 17, 2020 

Mr. Mark H. FitzPatrick 
 MSG Entertainment Spinco,
Inc. 
 Two Pennsylvania Plaza 
 New York, NY 10121 

Dear Mark:     
 This letter agreement (the
“Agreement”), effective as of the distribution (the “Distribution”) of the common stock of MSG Entertainment Spinco, Inc. (to be renamed Madison Square Garden Entertainment Corp., the “Company”) to the shareholders of
The Madison Square Garden Company (to be renamed Madison Square Garden Sports Corp.) (the “Effective Date”), will confirm the terms of your employment with the Company following the Effective Date. 

1. Your title will be Executive Vice President and Chief Financial Officer and you will report to the Chief Executive Officer of the Company. You agree to
devote 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. You shall not undertake any
outside business commitments without the Company’s consent. 
 2. Your annual base salary will be not less than $800,000 annually, paid bi-weekly, subject to annual review and potential increase by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) in its discretion. The Compensation
Committee will review your compensation package on an annual basis to ensure that you are paid consistently with other similarly situated executives as well as external peers. 

3. 
  

	 	(a)	 Commencing with the Company’s fiscal year starting July 1, 2020, you will also participate in our
discretionary annual bonus program with an annual target bonus opportunity equal to not less than 100% of your annual base salary. Bonus payments depend on a number of factors including Company, unit and individual performance. However, the decision
of whether or not to pay a bonus, and the amount of that bonus, if any, is made by the Compensation Committee in its sole discretion. Annual bonuses are typically paid early in the subsequent fiscal year. Except as otherwise provided herein, in
order to receive a bonus, you must be employed by the Company at the time bonuses are being paid. 

 Mr. Mark H. FitzPatrick 

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	 	(b)	 In addition to the cash compensation described above, you will be entitled to a
one-time special cash payment of $250,000, paid within thirty days of 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 gross amount of the Special Cash Award. 

 4. Commencing with the Company’s fiscal year starting
July 1, 2020, you will also, subject to your continued employment by the Company and actual grant by the Compensation Committee, participate in such equity and other long-term incentive programs that are made available in the future 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 $1,200,000, all as determined by the Compensation Committee in its
discretion. All awards described in this Paragraph, in addition to being subject to actual grant by the Compensation Committee, would be pursuant to the applicable plan document and would be subject to any 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; provided, however, that such terms and conditions shall be consistent with those in awards granted to
similarly situated executives. Long-term incentive awards are currently expected to be subject to three-year vesting. 
 5. You will also be eligible to
participate in our standard benefits program, subject to meeting the relevant eligibility requirements, payment of the required premiums, and the terms of the plans themselves. We currently offer medical, dental, vision, life, and accidental death
and dismemberment insurance; short- and long- term disability insurance; a savings and retirement program; and ten paid holidays. You will also to be eligible for paid time off to be accrued and used in accordance with Company policy. 

6. If your employment with the Company is terminated on or prior to June 30, 2023 (the “Scheduled 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 and delivery, within 60 days after the date of termination of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement (as defined below), the Company will provide you with the following: 

 

	 	(a)	 Severance in an amount to be determined by the Company (the “Severance Amount”), but in no event less
than two (2) times the sum of your annual base salary and your annual target bonus 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; 

 Mr. Mark H. FitzPatrick 

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	 	(b)	 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; 

  

	 	(c)	 Each of your outstanding long-term cash awards, if any, granted under the plans of the Company shall
immediately vest in full and shall be payable to you at the same time as such awards are paid to active executives of the Company and the payment amount of such award shall be to the same extent that other similarly situated active executives
receive payment as determined by the Compensation Committee (subject to satisfaction of any applicable performance criteria but without adjustment for your individual performance); 

 

	 	(d)	 (i) All of the time-based restrictions on each of your outstanding restricted stock or restricted stock unit
awards granted to you under the plans of the Company shall immediately be eliminated, (ii) deliveries with respect to your restricted stock that are not subject to performance criteria or are subject to performance criteria that have previously
been satisfied (as certified by the Compensation Committee) shall be made immediately after the effective date of the Separation Agreement, (iii) payment and deliveries with respect to your restricted stock units that are not subject to
performance criteria or are subject to performance criteria that have previously been satisfied (as certified by the Compensation Committee) shall be made on the 90th day after the termination of
your employment and (iv) payments or deliveries with respect to your restricted stock and restricted stock units that are subject to performance criteria that have not yet been satisfied shall be made on the 90th day after the applicable performance criteria is certified by the Compensation Committee as having been satisfied; and 

 

	 	(e)	 Each of your outstanding stock options and stock appreciation awards, if any, under the plans of the Company
shall immediately vest and become exercisable, and you shall have the right to exercise each of those options and stock appreciation awards for the remainder of the term of such option or award. 

 Mr. Mark H. FitzPatrick 

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 If you die after a termination of your employment that is subject to this Paragraph 6, your estate or
beneficiaries will be provided with any remaining benefits and rights under this Paragraph 6. 
 7. If you cease to be an employee of the Company prior to
the Scheduled Expiration Date as a result of your death or your Disability (as defined in the Company’s Long Term Disability Plan), and at such time Cause does not exist then, subject (other than in the case of death) to your execution and
delivery, within 60 days after the date of termination of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement, you or your estate or beneficiary shall be
provided with the benefits and rights set forth in Paragraphs 6(b), (d) and (e) above, and each of your outstanding long-term cash awards, if any, granted under the plans of the Company shall immediately vest in full, whether or not subject to
performance criteria and shall be payable on the 90th day after the termination of your employment; provided, that if any such award is subject to any performance criteria, then (i) if the
measurement period for such performance criteria has not yet been fully completed, then the payment amount shall be at the target amount for such award and (ii) if the measurement period for such performance criteria has already been fully
completed, then the payment of such award shall be at the same time and to the extent that other similarly situated executives receive payment as determined by the Compensation Committee (subject to satisfaction of the applicable performance
criteria). 
 8. For purposes hereof, “Separation Agreement” shall mean the Company’s standard severance agreement (modified to reflect the
terms of this Agreement) which will include, without limitation, the provisions set forth in Paragraphs 6, 7 and 9 hereof and Annex A hereto regarding non-compete (limited to one year), non-disparagement, non-hire/non-solicitation, confidentiality (including, without limitation, the last paragraph of Section 3 of
Annex A), and further cooperation obligations and restrictions on you (with Company reimbursement of your associated expenses and payment for your services as described in Annex A in connection with any required post-employment cooperation) as well
as a general release by you of the Company and its affiliates (and their respective directors and officers), but shall otherwise contain no post-employment covenants unless agreed to by you. The Company shall provide you with the form of Separation
Agreement within seven days of your termination of employment. For avoidance of doubt, your rights of indemnification under the Company’s Amended and Restated Certificate of Incorporation, under your indemnification agreement with the Company
and under any insurance policy, or under any other resolution of the Board of Directors of the Company shall not be released, diminished or affected by any Separation Agreement or release or any termination of your employment. 

9. Except as otherwise set forth in Paragraphs 6 and 7 hereof, in connection with any termination of your employment, your then outstanding equity and cash
incentive awards shall be treated in accordance with their terms and, other than as provided in this Agreement, you shall not be eligible for severance benefits under any other plan, program or policy of the Company. Nothing in this Agreement is
intended to limit any more favorable rights that you may be entitled 

 Mr. Mark H. FitzPatrick 

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to under your equity and/or cash incentive award agreements, including, without limitation, your rights in the event of a termination of your employment, a “Going Private Transaction”
or a “Change of Control” (as those terms are defined in the applicable award agreement). 
 10. 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 (1) without your written consent, (A) 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, (B) your title (as in effect from time to time) is diminished, (C) you report to someone other than to the Chief
Executive Officer or the Executive Chairman of the Board of the Company, (D) you are no longer the Company’s most senior financial officer, (E) the Company requires that your principal office be located outside of the Borough of
Manhattan, or (F) the Company materially breaches its obligations to you under this Agreement, (2) you have given the Company written notice, referring specifically to this Agreement and definition, that you do not consent to such action,
(3) the Company has not corrected such action within 15 days of receiving such notice, and (4) you voluntarily terminate your employment with the Company within 90 days following the happening of the action described in subsection
(1) above. 
 11. 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. 
 12. 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 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 (i.e. later payments will be reduced first) until the reduction specified is achieved. If the Company
elects to retain any accounting or similar firm to provide assistance in calculating any such amounts, the Company shall be responsible for the costs of any such firm. 

 Mr. Mark H. FitzPatrick 

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 13. It is intended that this Agreement will comply with Section 409A to the extent this Agreement is
subject thereto, and that this Agreement shall be interpreted on a basis consistent with such intent. 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,
constitutes “non-qualified deferred compensation” subject to 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 your earlier 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, together with interest on such delayed amount at a rate equal to the average of the one-year LIBOR fixed rate equivalent for the
ten business days prior to the date of your employment termination, in a lump sum or provided to you as soon as practicable after the expiration of such six month period. Each payment or benefit provided under this Agreement shall be treated as a
separate payment for purposes of Section 409A to the extent Section 409A applies to such payment. 
 14. 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. 
 15. The Company will not take any
action, or omit to take any action, that would expose any payment or benefit to you to the additional tax of Section 409A, unless (i) the Company is obligated to take the action under an agreement, plan or arrangement to which you are a
party, (ii) you request the action, (iii) the Company advises you in writing that the action may result in the imposition of the additional tax and (iv) you subsequently request the action in a writing that acknowledges you will be
responsible for any effect of the action under Section 409A. The Company will hold you harmless for any action it may take or omission in violation of this Paragraph 15, including any attorney’s fees you may incur in enforcing your
rights. 
 16. It is our intention that the benefits and rights to which you could become entitled in connection with termination of employment be exempt
from or comply with Section 409A. If you or the Company believes, at any time, that any of such benefit or right is not exempt or does not comply, it will promptly advise the other and will negotiate reasonably and in good faith to amend the
terms of such arrangement such that it complies (with the most limited possible economic effect on you and on the Company). 

 Mr. Mark H. FitzPatrick 

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 17. This Agreement is personal to you and without the prior written consent of the Company shall not be
assignable by you. 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. The rights or obligations
of the Company under this Agreement may only be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of Company;
provided, however, that the assignee or transferee is the successor to all or substantially all of the assets of Company and such assignee or transferee assumes the liabilities and duties of Company, as contained in this Agreement, either
contractually or as a matter of law. 
 18. 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 (including the covenants set forth in Annex A hereof). 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. 
 19. 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 in each case located in the City of New York, Borough of Manhattan, solely in respect of the interpretation and enforcement of the provisions of this Agreement, and each party hereby waives, and agrees
not to assert, as a defense that either party, as appropriate, is not subject thereto or that the venue thereof may not be appropriate. You and the Company each 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. 
 20. 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. It is the parties’ intention that this Agreement not be construed more strictly with regard to you or the Company. 

21. 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 or agreements relating thereto. This Agreement will automatically terminate, and be null and void ab initio and of no force or effect, if the Distribution of the Company is not completed by June 30, 2020. 

22. This Agreement will automatically terminate, and be of no further force or effect, on the Scheduled Expiration Date; provided, however, that the
provisions of Paragraphs 6 through 9, 12 through 22 and Annex A, and any amounts earned but not yet paid to you pursuant to the terms of this Agreement as of the Scheduled Expiration Date shall survive the termination of the Agreement and remain
binding on you and the Company in accordance with their terms. 

 Mr. Mark H. FitzPatrick 

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	        Sincerely,
	
	        MSG ENTERTAINMENT SPINCO, INC. (to be renamed Madison Square Garden Entertainment Corp.)
	
	        /s/ James L. Dolan                        
                                    
	        By: James L. Dolan
	        Title: Executive Chairman and Chief Executive Officer

 Accepted and Agreed: 

/s/ Mark H.
FitzPatrick                                 

Mark H. FitzPatrick 

 Mr. Mark H. FitzPatrick 

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 ANNEX A 

ADDITIONAL COVENANTS 
 (This Annex
constitutes part of the Agreement) 
 You agree to comply with the following covenants in addition to those set forth in the Agreement. 

1. CONFIDENTIALITY 
 You agree to retain in strict confidence and
not divulge, disseminate, copy or disclose to any third party any Confidential Information, other than for legitimate business purposes of the Company and its subsidiaries. As used herein, “Confidential Information” means any non-public information that is material or of a confidential, proprietary, commercially sensitive or personal nature of, or regarding, the Company or any of its subsidiaries or any current or former director,
officer or member of senior management of any of the foregoing (collectively “Covered Parties”). The term Confidential Information includes 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, guest, fan, vendor, sponsor, marketing affiliate or shareholder lists or data;
(iv) technical or strategic information regarding the Covered Parties’ advertising, entertainment, theatrical, 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, players, coaches, 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. 

If disclosed, Confidential Information or Other Information could have an adverse effect on the Company’s standing in the community, its business
reputation, operations or competitive position or the standing, reputation, operations or competitive position of any of its affiliates, subsidiaries, officers, directors, employees, coaches, consultants or agents or any of the Covered Parties. 

Notwithstanding the foregoing, the obligations of this section, other than with respect to subscriber information, shall not apply to Confidential Information
which is: 

 Mr. Mark H. FitzPatrick 

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 a) already in the public domain or which enters the public domain other than by your breach of this Paragraph
1; 
 b) disclosed to you by a third party with the right to disclose it in good faith; or 

c) specifically exempted in writing by the Company from the applicability of this Agreement. 

Notwithstanding anything elsewhere in this Agreement, including this Paragraph 1 and Paragraph 3 below, you are authorized to make any disclosure required of
you by any federal, state and local laws or judicial, arbitral or governmental agency proceedings (including making truthful statements in connection with a judicial or arbitral proceeding to enforce your rights under this Agreement, to the extent
reasonably required and made in good faith), after, to the extent legal and practicable, providing the Company with prior written notice and an opportunity to respond prior to such disclosure. In addition, this Agreement in no way restricts or
prevents you from providing truthful testimony concerning the Company to judicial, administrative, regulatory or other governmental authorities. 
 2. 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 any Competitive Entity (as defined below). A “Competitive Entity” shall mean any person or entity that (1) has a direct or indirect 10% or greater ownership interest in, or management or control of, any business, person or
entity that competes with any of the Company’s businesses including, without limitation, any arena, stadium, concert venue, concert promoter, theatrical producer, or similar or related business (e.g., Internet sites in connection therewith)
within the United States or within any other country in which the Company has any competing business or from which such business, person or entity competes with any of the Company’s domestic businesses, or (2) is an affiliate of a person
or entity described in clause (1). For purposes of this Paragraph 2, an affiliate of an entity (including, without limitation, the Company) shall mean an entity that directly or indirectly controls, is controlled by, or under common control with,
such entity. An entity shall be deemed to compete with the on-line content business of the Company, or any of its affiliates only if the entity directly competes against the
on-line content business of the Company, or its affiliate; provided, however, that an entity’s business shall not be deemed to directly compete merely by the fact that the business sells ads on-line, unless the business specifically targets such ads to the same customers or potential customers as being targeted by the on-line content business of the

 Mr. Mark H. FitzPatrick 

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Company, its subsidiary or affiliate. 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. 
 3. ADDITIONAL UNDERSTANDINGS 
 You agree, for
yourself and others acting on your behalf, that you (and they) have not disparaged and 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 or any of its incumbent or former officers, directors, agents, consultants, employees, successors and assigns or any of the Covered Parties. 

The Company agrees that, except as necessary to comply with applicable law or the rules of the New York Stock Exchange or any other stock exchange on which
the Company’s stock may be traded (and any public statements made in good faith by the Company in connection therewith), it and its corporate officers and directors, employees in its public relations department or third party public relations
representatives retained by the Company will not disparage you or make negative statements in the press or other media which are damaging to your business or personal reputation. In the event that the Company so disparages you or makes such negative
statements, then notwithstanding the “Additional Understandings” provision to the contrary, you may make a proportional response thereto. 
 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, 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 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. 
 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 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. Notwithstanding the foregoing, you shall be entitled to retain your contacts, calendars and personal diaries and any materials needed for your tax return preparation or related to your compensation. 

 Mr. Mark H. FitzPatrick 

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 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, periodical story, movie, play, or other similar 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 (other than identifying your biographical information),
without the prior written consent of the Company. 
 4. FURTHER COOPERATION 

Following the date of termination of your employment with the Company (the “Expiration Date”), 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 cooperate fully with the Company in connection with any matter with which you were involved prior to the Expiration Date, or in any litigation or
administrative proceedings or appeals (including any preparation therefore) where the Company believes that your personal knowledge, attendance and participation could be beneficial to the Company. This cooperation includes, without limitation,
participation on behalf of the Company in any litigation or administrative proceeding brought by any former or existing Company employees, representatives, agents or vendors. The Company will pay you for your services rendered under this provision
at the rate of $5,450 per day for each day or part thereof, within 30 days of the approval of the invoice therefor. 
 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 such expense before you incur the same. 

5. NON-HIRE OR SOLICIT 

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 person who is or was in the prior six months an employee of the Company, or any of its subsidiaries, until the first anniversary of the date of your
termination of employment with the Company. This restriction does not 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. If you
remain continuously employed with the Company through the Scheduled Expiration Date, then this agreement not to hire or solicit will expire on the Scheduled Expiration Date. 

 Mr. Mark H. FitzPatrick 

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 6. ACKNOWLEDGMENTS 

You acknowledge that the restrictions contained in this Annex A, in light of the nature of the Company’s business and your position and responsibilities,
are reasonable and necessary to protect the legitimate interests of the Company. You acknowledge that the Company has no adequate remedy at law and would be irreparably harmed if you breach or threaten to breach the provisions of this Annex A, and
therefore agree that the Company shall be entitled to injunctive relief, to prevent any breach or threatened breach of any of those provisions and to specific performance of the terms of each of such provisions in addition to any other legal or
equitable remedy it may have. You further agree that you will not, in any equity proceeding relating to the enforcement of the provisions of this Annex A, raise the defense that the Company has an adequate remedy at law. Nothing in this Annex A
shall be construed as prohibiting the Company from pursuing any other remedies at law or in equity that it may have or any other rights that it may have under any other agreement. If it is determined that any of the provisions of this Annex A or any
part thereof, is unenforceable because of the duration or scope (geographic or otherwise) of such provision or because of applicable rules of professional responsibility, it is the intention of the parties that the duration or scope of such
provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced. 

7. SURVIVAL 
 The provisions of this Annex A shall survive any
termination of your employment by the Company or the expiration of the Agreement except as otherwise provided herein.EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 INCREMENTAL
TERM LOAN COMMITMENT AGREEMENT 
 April 17, 2020 

Silgan Holdings Inc. 
 4 Landmark Square 

Suite 400 
 Stamford, Connecticut 06901 

Re: Incremental Term Loan Commitments 
 Ladies and
Gentlemen: 
 Reference is hereby made to the Amended and Restated Credit Agreement, dated as of March 24, 2017 (as further amended,
supplemented and/or modified from time to time, the “Credit Agreement”), among Silgan Holdings Inc. (“Silgan”), Silgan Containers LLC (“Containers”), Silgan Plastics LLC
(“Plastics”), Silgan Containers Manufacturing Corporation (“Manufacturing”), Silgan Plastics Canada Inc. (“Silgan Canada”), Silgan International Holdings B.V. (“Silgan International
B.V.”), each other Borrower from time to time party thereto (together with Silgan, Containers, Plastics, Manufacturing, Silgan Canada and Silgan International B.V., the “Borrowers”, and each, a “Borrower”),
the lenders from time to time party thereto (the “Lenders”, and each, a “Lender”) and Wells Fargo Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent. Unless
otherwise defined herein, capitalized terms used herein shall have the respective meanings set forth in the Credit Agreement. 
 Each Lender
(each an “Incremental Term A-1 Loan Lender”) party to this letter agreement (this “Agreement”) hereby severally agrees to provide the Incremental Term Loan Commitment set
forth opposite its name on Annex I attached hereto (for each such Incremental Term A-1 Loan Lender, its “Incremental Term A-1 Loan Commitment”).
Each Incremental Term A-1 Loan Commitment provided pursuant to this Agreement shall be subject to all of the terms and conditions set forth in the Credit Agreement, including, without limitation, Sections
2.01(d) and 2.14 thereof. 
 Each Incremental Term A-1 Loan Lender, Silgan and the
Administrative Agent acknowledge and agree that the Incremental Term A-1 Loan Commitments provided pursuant to this Agreement shall constitute Incremental Term A-1 Loan
Commitments of the respective Tranche specified in Annex I attached hereto and, upon the incurrence of Incremental Term A-1 Loans (as defined in Annex I) pursuant to such Incremental Term A-1 Loan Commitments, shall constitute Incremental Term Loans under such specified Tranche for all purposes of the Credit Agreement and the other applicable Credit Documents. Each Incremental Term A-1 Loan Lender, Silgan and the Administrative Agent further agree that, with respect to the Incremental Term A-1 Loan Commitment provided by each Incremental Term A-1 Loan Lender pursuant to this Agreement, such Incremental Term A-1 Loan Lender shall receive from Silgan such upfront fees, unutilized commitment fees and/or other fees, if
any, as may be separately agreed to in writing with Silgan and acknowledged by the Administrative Agent, all of which fees shall be due and payable to such Incremental Term A-1 Loan Lender on the terms and
conditions set forth in each such separate agreement. 
 Furthermore, each of the parties to this Agreement hereby agree to the terms and
conditions set forth on Annex I hereto in respect of each Incremental Term A-1 Loan Commitment provided pursuant to this Agreement. 

  
 1 

 Each Incremental Term A-1 Loan Lender party to this
Agreement, to the extent not already a party to the Credit Agreement as a Lender thereunder, (i) shall be deemed to be a “Lender” as defined in the Credit Agreement, (ii) agrees it will be bound as a “Lender” by all of
the terms, provisions and conditions contained in the Credit Agreement and the other Credit Documents, (iii) confirms that it has received a copy of the Credit Agreement and the other Credit Documents, together with copies of the financial
statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and to become a Lender under the Credit Agreement, (iv) agrees that
it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking
action under the Credit Agreement and the other Credit Documents, (v) appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement
and the other Credit Documents as are delegated to the Administrative Agent and the Collateral Agent, as the case may be, by the terms thereof, together with such powers as are reasonably incidental thereto, (vi) agrees that it will perform in
accordance with their terms all of the obligations which by the terms of the Credit Agreement and the other Credit Documents are required to be performed by it as a Lender, (vii) shall be entitled to the benefits, rights and remedies as such
set forth in the Credit Agreement, and (viii) in the case of each Incremental Term A-1 Loan Lender organized under the laws of a jurisdiction outside the United States, has provided the forms and/or
Certificates referred to in Section 5.04(b) of the Credit Agreement, certifying as to its entitlement as of the date hereof to a complete exemption from United States withholding taxes with respect to all payments to be
made to it by Silgan under the Credit Agreement and the other Credit Documents. 
 Upon the date of (i) the execution of a counterpart
of this Agreement by each Incremental Term A-1 Loan Lender, the Administrative Agent, Silgan and each US Guarantor, (ii) the delivery to the Administrative Agent of a fully executed counterpart (including
by way of facsimile) hereof, together with all Annexes hereto, (iii) the payment of any fees then due and payable in connection herewith and (iv) the satisfaction of any other conditions precedent set forth in
Section 10 of Annex I hereto (such date, the “Agreement Effective Date”), each Incremental Term A-1 Loan Lender party hereto (i) shall be obligated to
make the Incremental Term A-1 Loans provided to be made by it as provided in this Agreement on the terms, and subject to the conditions, set forth in the Credit Agreement and in this Agreement and (ii) to
the extent provided in this Agreement, shall have the rights and obligations of a Lender thereunder and under the other applicable Credit Documents. 

Silgan acknowledges and agrees that (i) it shall be liable for all Obligations with respect to the Incremental Term A-1 Loan Commitments provided hereby including, without limitation, all Incremental Term A-1 Loans made pursuant thereto, and (ii) all such Obligations (including all
such Incremental Term A-1 Loans) shall be entitled to the benefits of the respective Security Documents and Guaranties as, and to the extent, provided in the Credit Agreement and in such other Credit
Documents. 
 Each US Guarantor acknowledges and agrees that all Obligations with respect to the Incremental Term A-1 Loan Commitments provided hereby and all Incremental Term A-1 Loans made pursuant thereto shall (i) be fully guaranteed pursuant to the respective Guaranties as, and
to the extent, provided therein and in the Credit Agreement and (ii) be entitled to the benefits of the respective Security Documents as, and to the extent, provided therein and in the Credit Agreement. 

The Obligations to be incurred pursuant to the Incremental Term A-1 Loan Commitments provided
hereunder are in accordance with, will not violate the provisions of, the Senior Notes Documents and any Additional Permitted Indebtedness Document (in each case, to the extent that any of the foregoing are in

  
 2 

 
effect), and will constitute “Senior Indebtedness” and “Designated Senior Indebtedness” (or any comparable terms) for the purpose of any Permitted Subordinated Indebtedness to
the extent in effect. 
 You may accept this Agreement by signing in the space provided below, and returning one copy of same to us before
the close of business on April 17, 2020. If you do not so accept this Agreement by such time, our Incremental Term A-1 Loan Commitments set forth in this Agreement shall be deemed canceled. 

After the execution and delivery to the Administrative Agent of a fully executed copy of this Agreement (including by way of counterparts and
by facsimile transmission) by the parties hereto, this Agreement may only be changed, modified or varied by written instrument in accordance with the requirements for the modification of Credit Documents pursuant to
Section 12.12 of the Credit Agreement. 
 In the event of any conflict between the terms of this Agreement and
those of the Credit Agreement, the terms of the Credit Agreement shall control. 
 ***** 

  
 3 

 THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE
STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES. 
  

			
	Very truly yours,
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent and an Incremental Term A-1 Loan Lender

			
		
	By	 	 /s/ Kay Reedy

	Name:	 	Kay Reedy
	Title	 	Managing Director

  
 Silgan Holdings Inc.

 Incremental Term Loan Commitment Agreement 

Signature Page 

			
	Bank of America, N.A., as an Incremental Term A-1 Loan Lender
		
	By	 	 /s/ Erron Powers

	Name:	 	Erron Powers
	Title:	 	Director

  
 Silgan Holdings Inc.

 Incremental Term Loan Commitment Agreement 

Signature Page 

			
	Mizuho Bank, Ltd., as an Incremental Term A-1 Loan Lender
		
	By	 	 /s/ Donna DeMagistris

	Name:	 	Donna DeMagistris
	Title	 	Authorized Signatory

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	 GOLDMAN SACHS BANK USA,
 as an
Incremental Term A-1 Loan Lender

		
	By	 	 /s/ Thomas M Manning

	Name:	 	Thomas M Manning
	Title:	 	Authorized Signatory

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	Coöperative Rabobank U.A., New York Branch, as an Incremental Term A-1 Loan Lender
		
	By	 	 /s/ Claire Laury

	Name:	 	Claire Laury
	Title:	 	Executive Director
		
	By	 	 /s/ Irene Stephens

	Name:	 	Irene Stephens
	Title:	 	Executive Director

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	CoBank, ACB, as an Incremental Term A-1 Loan Lender
		
	By	 	 /s/ Gustave Radcliffe

	Name:	 	Gustave Radcliffe
	Title:	 	Executive Director

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	SUMITOMO MITSUI BANKING CORPORATION, as an Incremental Term A-1 Loan Lender
		
	By	 	 /s/ Jun Ashley

	Name:	 	Jun Ashley
	Title:	 	Director

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	TD BANK, N.A., as an Incremental Term A-1 Loan Lender
		
	By	 	 /s/ Uk-Sun Kim

	Name:	 	Uk-Sun Kim
	Title:	 	Senior Vice President

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	JPMorgan Chase Bank, N.A., as an Incremental Term A-1 Loan Lender
		
	By	 	 /s/ Alicia Schreibstein

	Name:	 	Alicia Schreibstein
	Title:	 	Executive Director

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

 
			
	COMPEER FINANCIAL, PCA, as an Incremental Term A-1 Loan Lender
		
	By	 	 /s/ Daniel J. Best

	Name:	 	Daniel J. Best
	Title:	 	Director, Capital Markets

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	AgCountry Farm Credit Services, PCA (f/k/a FCS Commercial Finance Group, for AgCountry Farm Credit Services, PCA), as Incremental Term A-1 Loan Lender
		
	By	 	 /s/ Warren Shoen

	Name:	 	Warren Shoen
	Title:	 	Senior Vice President

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	Capital One, National Association, as an Incremental Term A-1 Loan Lender
		
	By	 	 /s/ Patrick J. McCarthy

	Name:	 	Patrick J. McCarthy
	Title:	 	Senior Vice President

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	 The Bank of East Asia, Limited, New York Branch,

as an Incremental Term A-1 Loan Lender

		
	By	 	 /s/ James Hua

	Name:	 	James Hua
	Title:	 	SVP
		
	By	 	 /s/ Kitty Sin

	Name:	 	Kitty Sin
	Title:	 	SVP

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	BANCO DE SABADELL, S.A., MIAMI BRANCH, as an Incremental Term A-1 Loan Lender
		
	By:	 	 /s/ Ignacio Alcaraz

	Name:	 	Ignacio Alcaraz
	Title	 	Head of Structured Finance Americas

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	People’s United Bank, National Association as an Incremental Term A-1 Loan Lender
		
	By	 	 /s/ Darci Buchanan

	Name:	 	Darci Buchanan
	Title:	 	Senior Vice President

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

							
		 	Raiffesien Bank International AG, as an Incremental Term A-1 Loan Lender
				
		 	By	 	 /s/ Valerie Croy-Markones
	 	 /s/ Mag.M.A. ZIETZ Andreas

		 	Name:	 	Valerie Croy-Markones	 	Mag.M.A. ZIETZ Andreas
		 	Title	 	Head of Corporate Customers Mid Office	 	Head of LIC Corporate & FI East

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	Agreed and Accepted:
	
	SILGAN HOLDINGS INC.
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Senior Vice President, General Counsel and Secretary

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

 Each US Guarantor acknowledges and agrees to each the foregoing provisions of this
Incremental Term Loan Commitment Agreement and to the incurrence of the Incremental Term A-1 Loans to be made pursuant thereto. 

 

			
	SILGAN CONTAINERS LLC, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary
	
	SILGAN PLASTICS LLC, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President, General Counsel and Secretary
	
	SILGAN CONTAINERS MANUFACTURING CORPORATION, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary
	
	SILGAN HOLDINGS LLC, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Senior Vice President, General Counsel and Secretary
	
	SILGAN CLOSURES INTERNATIONAL HOLDING COMPANY, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	
	SILGAN EQUIPMENT COMPANY, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary
	
	SILGAN TUBES HOLDING COMPANY, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President, General Counsel and Secretary
	
	SILGAN PLASTICS CORPORATION, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President, General Counsel and Secretary
	
	SILGAN WHITE CAP LLC, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary
	
	SILGAN WHITE CAP CORPORATION, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page 

			
	
	SILGAN WHITE CAP AMERICAS LLC, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary
	
	SILGAN IPEC CORPORATION, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary
	
	SILGAN PLASTIC FOOD CONTAINERS CORPORATION, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary
	
	PORTOLA PACKAGING LLC, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary
	
	SILGAN CORPORATION, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Senior Vice President, General Counsel and Secretary

Silgan Holdings Inc. 
 Incremental
Term Loan Commitment Agreement 
 Signature Page 

			
	
	SILGAN DISPENSING SYSTEMS CORPORATION, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary
	
	SILGAN DISPENSING SYSTEMS SLATERSVILLE LLC, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary
	
	SILGAN DISPENSING SYSTEMS HOLDINGS COMPANY, as a Guarantor
		
	By:	 	 /s/ Frank W. Hogan, III

	Name:	 	Frank W. Hogan, III
	Title:	 	Vice President and Secretary

 Silgan Holdings Inc. 

Incremental Term Loan Commitment Agreement 

Signature Page

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