Document:

New Director Compensation Program

 EXHIBIT 10.4 
 New Director Compensation Program 
 The Board of Directors approved a new
compensation plan as of the first Board and committee meetings following the Annual Meeting on May 19, 2011. Under the new compensation plan, the Director’s annual retainer of $40,000 remains unchanged, however, directors will no longer be
required to receive a minimum of 25% of their annual retainers in Class A Common Stock. 
 The annual fee paid to the
chairpersons of the Audit Committee, Compensation Committee and Finance Committee will be $20,000. The annual fee paid to the chairpersons of the Nominating and Corporate Governance Committee (the “Governance Committee”) will be $10,000.
The annual fee paid to the Lead Director will remain at $20,000. The fees for Board and Audit Committee, Compensation Committee and Governance Committee meetings in which a director participates in person will be $1,500. Telephonic Board meeting and
telephonic Audit Committee, Compensation Committee and Governance Committee meeting fees will be $1,000. Finance Committee members will receive $5,000 per month. 
 In addition, each non-employee director will receive an equity-based grant of $50,000 of value upon appointment or election/re-election to the Board comprised entirely of restricted stock units
(“RSUs”) representing the right to one share of our Class A Common Stock. The RSUs will be priced at the closing on the date of issuance. All grants related to a director’s appointment or election/re-election to the Board will
vest on the first anniversary of the grant. Grants under the directors’ compensation plan are issued pursuant to The Martha Stewart Living Omnimedia Omnimedia, Inc. Omnibus Stock and Option Compensation Plan.Amendment No. 1 to the Credit Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
 AMENDMENT NO. 1 TO THE 

CREDIT AGREEMENT 
 Dated as of April 15, 2011 
 AMENDMENT NO. 1 TO THE CREDIT AGREEMENT
(the “Amendment”) among MADISON SQUARE GARDEN, L.P., a Delaware limited partnership (the “Company”), the Guarantors (as defined in the Credit Agreement (as defined below)), the banks, financial institutions and
other institutional lenders parties to the Credit Agreement referred to below (collectively, the “Lenders”) and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as agent (the “Administrative Agent”) for the Lenders.

 PRELIMINARY STATEMENTS: 
 (1) The Company, the Guarantors, the Lenders and the Administrative Agent have entered into that certain Credit Agreement dated as of January 28, 2010 (as amended, supplemented or otherwise modified
through the date hereof, the “Credit Agreement”). Capitalized terms not otherwise defined in this Amendment have the same meanings as specified in the Credit Agreement. 

(2) The Company and the Required Lenders have agreed to amend the Credit Agreement as hereinafter set forth. 

SECTION 1. Amendments to Credit Agreement. The Credit Agreement is, effective as of the date hereof and subject to the
satisfaction of the conditions precedent set forth in Section 2, hereby amended so that Section 7.14(x) thereof is amended in full to read as follows: 
 “(x) Indebtedness of the Company and its Restricted Subsidiaries in respect of Capitalized Lease Obligations in an aggregate principal amount not to exceed $25,000,000 at any time outstanding.”

 SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of the date first above written when
each of the conditions precedent set forth below in this Section 2 shall be satisfied: 
 (a) the Administrative
Agent shall have received counterparts of this Amendment executed by the Company, the Guarantors and the Required Lenders or, as to any of the Lenders, advice satisfactory to the Administrative Agent that such Lender has executed this Amendment, and

 (b) (i) as of the date first above written, no Default or Event of Default shall have occurred and be continuing or would
result from the Amendment; and (ii) the representations and warranties of the Company and each other Loan Party in Article VI of the Credit Agreement shall be true and correct, in all material respects, on and as of the date first above written
with the 

  
 MSG Amendment
No. 1 

 
same force and effect as if made on and as of the date first above written, except to the extent that such representations and warranties expressly relate to an earlier date, in which case they
shall be true and correct, in all material respects, as of such earlier date, and except that the representations and warranties contained in Section 6.04(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent
statements furnished pursuant to Section 7.01(a) and (b) of the Credit Agreement, respectively. 
 SECTION 3.
Reference to and Effect on the Credit Agreement and the Loan Documents. (a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”
or words of like import referring to the Credit Agreement, and each reference in the Notes to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be
a reference to the Credit Agreement, as amended by this Amendment. 
 (b) The Credit Agreement, as specifically amended by this
Amendment, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed. 
 (c) The
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under the Credit Agreement, nor constitute a waiver
of any provision of the Credit Agreement. 
 SECTION 4. Consent and Affirmation of the Guarantors. Each Guarantor (prior
to, and after giving effect to, this Amendment) hereby consents to the amendment of the Credit Agreement effected hereby and confirms and agrees that (a) notwithstanding the effectiveness of this Amendment, the Credit Agreement (including the
Guaranty therein) and the other Loan Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, except that, on and after the effectiveness of this Amendment, each reference in the Credit
Agreement or any other Loan Document to the “Credit Agreement”, “thereunder”, “thereof” or words of like import shall mean and be a reference to the Credit Agreement, as amended by this Amendment, and (b) the
Collateral Documents to which such Guarantor is a party and all of the Collateral described therein do, and shall continue to, secure the payment of all of the Obligations. For greater certainty and without limiting the foregoing, each Guarantor
hereby confirms that the existing security interests granted by such Guarantor in favor of the Secured Parties pursuant to the Loan Documents in the Collateral described therein shall continue to secure the obligations of such Guarantor under the
Loan Documents 
 SECTION 5. Costs, Expenses. The Company agrees to pay on demand all reasonable out-of-pocket expenses
of the Administrative Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation,
the reasonable fees and expenses of counsel for the Administrative Agent) in accordance with the terms of Section 10.04 of the Credit Agreement. 
 SECTION 6. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature 

  

					
		  	2	  	MSG Amendment No. 1

 
page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 
 SECTION 7. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. 

[Signature Pages Follow] 

  

					
		  	3	  	MSG Amendment No. 1

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	 MADISON SQUARE GARDEN, L.P.

	
	By: MSG EDEN CORPORATION, as its
	General Partner
		
	By:	 	 /s/ Bob Lynn

	Name:	 	Bob Lynn
	Title:	 	SVP, Treasury & Investor Relations
	
	FUSE HOLDINGS LLC,
	FUSE NETWORKS LLC,
	GARDEN PROGRAMMING, L.L.C.,
	MADISON SQUARE GARDEN CT, LLC,
	MSG BOSTON THEATRICAL, L.L.C.,
	MSG CHICAGO LLC,
	MSG NATIONAL PROPERTIES LLC,
	MSG VAUDEVILLE, LLC,
	MSG WINTER PRODUCTIONS, LLC,
	RADIO CITY PRODUCTIONS LLC,
	SPORTSCHANNEL ASSOCIATES,
	THE 31st STREET COMPANY, L.L.C., and
	 THE GRAND TOUR, LLC,
 as Guarantors

	
	By: MSG EDEN CORPORATION, as the
	General Partner of Madison Square Garden, L.P.
		
	By:	 	 /s/ Bob Lynn

	Name:	 	Bob Lynn
	Title:	 	SVP, Treasury & Investor Relations
	
	 FUSE PROGRAMMING, INC.,
 as Guarantor

		
	By:	 	 /s/ Bob Lynn

	Name:	 	Bob Lynn
	Title:	 	SVP, Treasury & Investor Relations

  
 [MSG Amendment
No. 1 – Signature Page] 

 
			
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,
	as Administrative Agent and as a Lender
		
	By	 	 /s/ John Kowalczuk

		 	Name: John G. Kowalczuk
		 	Title:   Executive Director

  
 [MSG Amendment
No. 1 – Signature Page] 

 
			
	 Bank of America, N.A., as a Lender

		
	By	 	 /s/ Michael Makaitis

		 	Name: Michael Makaitis
		 	Title:   Vice President

  
 [MSG Amendment
No. 1 – Signature Page] 

 
			
	BARCLAYS BANK PLC, as a Lender
		
	By	 	 /s/ Diane Rolfe

		 	Name: Diane Rolfe
		 	Title:   Director

  
 [MSG Amendment
No. 1 – Signature Page] 

 
			
	Citibank, N.A.
		
	By	 	 /s/ Laura Fogarty

		 	Name: Laura Fogarty
		 	Title:   Vice President

  
 [MSG Amendment
No. 1 – Signature Page] 

 
					
	CREDIT SUISSE AG,
	CAYMAN ISLANDS BRANCH
			
	By	 	 /s/ Doreen Barr
	  	 /s/ Vipul Dhadda

		 	Name: Doreen Barr	  	Name: Vipul Dhadda
		 	Title:   Director	  	Title:   Associate

  
 [MSG Amendment
No. 1 – Signature Page] 

 
			
	GOLDMAN SACHS BANK USA
		
	By	 	 /s/ Gabriela Giacomin

		 	Name: Gabriela Giacomin
		 	Title:   Authorized Signatory

  
 [MSG Amendment
No. 1 – Signature Page] 

 
			
	Morgan Stanley Bank, N.A., as a Lender
		
	By:	 	 /s/ Sharon Bazbaz

		 	Name: Sharon Bazbaz
		 	Title:   Authorized Signatory

  
 [MSG Amendment
No. 1 – Signature Page] 

 
			
	The Royal Bank of Scotland plc,
	as a Lender
		
	By	 	 /s/ Alex Daw

		 	Name: Alex Daw
		 	Title:   Director

  
 [MSG Amendment
No. 1 – Signature Page] 

 
			
	SUNTRUST BANK, as a Lender
		
	By	 	 /s/ Michael Vegh

		 	Name: Michael Vegh
		 	Title:   Director

  
 [MSG Amendment
No. 1 – Signature Page] 

 
			
	UBS Loan Finance LLC, as a Lender
		
	By	 	 /s/ Irja R. Otsa

		 	Name: Irja R. Otsa
		 	Title:   Associate Director
		
	By	 	 /s/ Mary E. Evans

		 	Name: Mary E. Evans
		 	Title:   Associate Director

  
 [MSG Amendment
No. 1 – Signature Page] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a
Lender
		
	By	 	 /s/ Gail F. Scannell

		 	Name: Gail F. Scannell
		 	Title:   Senior Vice President

  
 [MSG Amendment
No. 1 – Signature Page]

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