Document:

EX-10.12

 Exhibit 10.12 

FORM OF PERFORMANCE RESTRICTED STOCK UNITS AGREEMENT 

Dear [Participant Name]: 
 Pursuant to the 2020
Employee Stock Plan (the “Plan”), you have been selected by the Compensation Committee of the Board of Directors (as more fully described in Section 12, the “Committee”) of The Madison Square Garden Company
(formerly known as MSG Entertainment Spinco, Inc.) (the “Company”), effective as of [Grant Date] (the “Grant Date”) to receive a performance restricted stock unit award (the “Award”). The Award is granted
subject to the terms and conditions set forth below and in the Plan. 
 Capitalized terms used but not defined in this agreement (this
“Agreement”) have the meanings given to them in the Plan. The Award is subject to the terms and conditions set forth below: 

1.    Awards. In accordance with the terms of this Agreement, the target amount of your contingent
Award is [#RSUs] restricted stock units (the “Target Award”), which number of units may be increased or decreased to the extent the performance criteria (the “Objectives”) set forth in Annex 2 attached
hereto have been attained in respect of the period from July 1,              through June 30,
             (the “Performance Period”). Each unit shall represent an unfunded, unsecured promise by the Company to deliver to you one share of the Company’s
Class A Common Stock, par value $.01 per share (“Share”) on the Delivery Date. The Award, calculated in accordance with Annex 2 attached hereto, will vest upon the later of (i) September 15,
             and (ii) the date on which the Committee (as defined in Section 12 below) determines the Company’s performance against the Objectives (the
“Vesting Date”) provided, that you have remained in the continuous employ of the Company or one of its Subsidiaries from the Effective Date through the Vesting Date. In accordance with Section 10(b) of the Plan, in the
discretion of the Committee, in lieu of all or any portion of the Shares otherwise deliverable in respect of your Award, the Company may deliver a cash amount equal to the number of such Shares multiplied by the Fair Market Value of a Share on the
date when Shares would otherwise have been issued, as determined by the Committee. 

2.    Vesting. Subject to Sections 3 and 4, if, on or prior to the Vesting Date, your continuous
employment by the Company or one of its Subsidiaries ends for any reason, other than as a result of your death [or][,] disability [or retirement]1, then you will automatically forfeit all
of your rights and interest in the Award regardless of whether the Objectives are attained. 
 3.    Vesting in
the Event of Death [or][,] Disability[, or Retirement].2  

(a)    If your employment is terminated as a result of your death on or prior to the Vesting Date, then the
Target Award will vest as of the termination date. If, after June 30,              but prior to the Vesting Date, your employment is terminated as a result of your death,
then your estate will receive the Award, if any, to which you would have been entitled on the Vesting Date had your employment not been so terminated. 

 

	1 	 To be included on a
case-by-case basis as determined by the Compensation Committee in its sole discretion. 

	2 	 See footnote 1. 

 (b)    If your employment is terminated while you are
Disabled, and Cause does not then exist, the Award will remain subject to vesting on the Vesting Date in accordance with Section 1. 

(c)    [If your employment is terminated on or after the date that you become Retirement Eligible, and
Cause does not then exist, and you enter into the Company’s then-current form of separation agreement (which shall include, without limitation, a covenant not to compete), the Award will remain subject to vesting on the Vesting Date in
accordance with Section 1.]3 
 (d)    For
purposes of this Agreement: 
  

	 	(i)	 “Disabled” means that you received short term disability income replacement payments for six months,
and thereafter (A) have been determined to be disabled in accordance with the Company’s long term disability plan in which employees of the Company are generally able to participate, if one is in effect at such time, or (B) to the
extent no such long term disability plan exists, have been determined to have a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12
months as determined by the department or vendor directed by the Company to determine eligibility for unpaid medical leave. 

  

	 	(ii)	 “Cause” means, as determined by the Committee, in its sole discretion, your (A) 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 (B) 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. 

  

	 	(iii)	 [“Retirement Eligible” means that you are either (A) at least 55 years old with at least 10
years of continuous service with the Company or MSG Sports Inc. (formerly known as The Madison Square Garden Company) or their respective Subsidiaries, or (B) at least 60 years old with at least five years of continuous service with the Company
or MSG Sports Inc. or their respective Subsidiaries.]4 

  

	3 	 See footnote 1. 

	4 	 See footnote 1. 

  
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 4.    Change of Control/Going Private Transaction.
As set forth in Annex 1 attached hereto, your entitlement to the Award may be affected in the event of a Change of Control of the Company or a going-private transaction (each as defined in Annex 1
attached hereto). 
 5.    Transfer Restrictions. You may not transfer, assign, pledge or otherwise
encumber the units, other than to the extent provided in the Plan. 
 6.    Unfunded Obligation. The Plan
will at all times be unfunded and, except as set forth in Annex 1 attached hereto, no provision will at any time be required to be made with respect to segregating any assets of the Company or any of its Subsidiaries for payment of any
benefits under the Plan, including, without limitation, those covered by this Agreement. Your right or that of your estate to receive delivery or payment under this Agreement shall be an unsecured claim against the general assets of the Company,
including any rabbi trust established pursuant to Annex 1. Neither you nor your estate shall have any rights in or against any specific assets of the Company other than the assets held by the rabbi trust established pursuant to Annex
1. 
 7.    Right to Vote and Receive Dividends. You shall not be deemed to be the holder of,
or have any of the rights of a stockholder with respect to any units unless and until the Company shall have issued and delivered Shares to you and your name shall have been entered as a stockholder of record on the books of the Company. Pursuant to
Section 10(c) of the Plan, all ordinary (as determined by the Committee in its sole discretion) cash dividends that would have been paid upon any Shares underlying your units had such Shares been issued will be retained by the Company for your
account until your units vest and such dividends will be paid to you (without interest) on the Delivery Date to the extent that your units vest. 

8.    Tax Representations and Tax Withholding. You hereby acknowledge that you have reviewed with your own
tax advisors the federal, state and local tax consequences of receiving the units. You hereby represent to the Company that you are relying solely on such advisors and not on any statements or representations of the Company, its Affiliates or any of
their respective agents. If, in connection with the units, the Company is required to withhold any amounts by reason of any federal, state or local tax, such withholding shall be effected in accordance with Section 16 of the Plan. If your Units
vest prior to payment in accordance with Section 3(b)[ or (c)]5, then you agree to cooperate with the Company to satisfy any tax withholding obligations, in such manner as determined by the
Committee in its sole discretion. 
 9.    Section 409A. It is the
Company’s intent that payments under this Agreement shall comply with Section 409A of the Internal Revenue Code (“Section 409A”) to the extent applicable, and that the Agreement be administered
accordingly. Notwithstanding anything to the contrary contained in this Agreement or any employment agreement you have entered into with the Company, to the extent that any payment or benefit under this Agreement is determined by the Company to
constitute “non-qualified deferred compensation” subject to Section 409A and is payable to you by reason of termination of your employment, then (a) such payment or benefit shall be made or
provided to you only upon a “separation from service” as 
  

	5 	 See footnote 1. 

  
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defined for purposes of Section 409A under applicable regulations and (b) if you are a “specified employee” (within the meaning of Section 409A and 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). Each payment under this Agreement shall be treated as a separate payment under
Section 409A. 
 10.    Delivery. Subject to Sections 8, 11 and 14 and Annex 1 and
except as otherwise provided in this Agreement, the Shares will be delivered in respect of vested units (if any) on the first to occur of the following events (i) to you on or promptly after the Vesting Date (but in no case more than 15 days
after such date) and (ii) in the event of your death to your estate after your death and during the calendar year in which your death occurs (or such later date as may be permitted under Section 409A) (the “Delivery
Date”). Unless otherwise determined by the Committee, delivery of the Shares at the Delivery Date will be by book-entry credit to an account in your name that the Company has established at a custody agent (the
“custodian”). The Company’s transfer agent, Wells Fargo Bank, N.A. shall act as the custodian of the Shares; however, the Company may in its sole discretion appoint another custodian to replace Wells Fargo Bank, N.A. On
the Delivery Date, if you have complied with your obligations under this Agreement and provided that your tax obligations with respect to the vested units are appropriately satisfied, we will instruct the custodian to electronically transfer
your Shares to a brokerage or other account on your behalf (or make such other arrangements for the delivery of the Shares to you as we reasonably determine). 

11.    Right of Offset. You hereby agree that the Company shall have the right to offset against its
obligation to deliver shares of Class A Common Stock, cash or other property under this Agreement to the extent that it does not constitute “non-qualified deferred compensation” pursuant to
Section 409A, any outstanding amounts of whatever nature that you then owe to the Company or any of its Subsidiaries. 

12.    The Committee. For purposes of this Agreement, the term “Committee” means the Compensation
Committee of the Board of Directors of the Company or any replacement committee established under, and as more fully defined in, the Plan. 

13.    Committee Discretion. The Committee has full discretion with respect to any actions to be taken or
determinations to be made in connection with this Agreement, and its determinations shall be final, binding and conclusive. 

14.    Amendment. The Committee reserves the right at any time to amend the terms and conditions set
forth in this Agreement, except that the Committee shall not make any amendment or revision in a manner unfavorable to you (other than if immaterial), without your consent. No consent shall be required for amendments made pursuant to Section 12
of the Plan, except that, for purposes of Section 19 of the Plan, Section 4 and Annex 1 of this Agreement are deemed to be “terms of an Award Agreement expressly refer[ring] to an Adjustment Event.” Any amendment of this
Agreement shall be in writing and signed by an authorized member of the Committee or a person or persons designated by the Committee. 

15.    Units Subject to the Plan. The units covered by this Agreement are subject to the Plan. 

  
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 16.    Subsidiaries. For purposes of this
Agreement, “Subsidiaries” shall mean any entities that are controlled, directly or indirectly, by the Company, or in which the Company owns, directly or indirectly, more than 50% of the equity interests. 

17.    Entire Agreement. Except for any employment agreement between you and the Company or any of
its Subsidiaries in effect as of the date of the grant hereof (as such employment agreement may be modified, renewed or replaced), this Agreement and the Plan constitute the entire understanding and agreement of you and the Company with respect to
the units covered hereby and supersede all prior understandings and agreements. Except as provided in Sections 9 and 16, in the event of a conflict among the documents with respect to the terms and conditions of the units covered hereby, the
documents will be accorded the following order of authority: the terms and conditions of the Plan will have highest authority followed by the terms and conditions of your employment agreement, if any, followed by the terms and conditions of this
Agreement. 
 18.    Successors and Assigns. The terms and conditions of this Agreement shall be
binding upon, and shall inure to the benefit of, the Company and its successors and assigns. 
 19.    Governing
Law. This Agreement shall be deemed to be made under, and in all respects be interpreted, construed and governed by and in accordance with, the laws of the State of New York without regard to conflict of law principles. 

20.    Jurisdiction and Venue. You irrevocably submit to the jurisdiction of the courts of the State
of New York and the Federal courts of the United States located in the Southern District of the State of New York in respect of the interpretation and enforcement of the provisions of this Agreement, and hereby waive, and agree not to assert, as a
defense that you are not subject thereto or that the venue thereof may not be appropriate. You agree that the mailing of process or other papers in connection with any action or proceeding in any manner permitted by law shall be valid and sufficient
service. 
 21.    Waiver. No waiver by the Company at any time of any breach by you of, or compliance
with, any term or condition of this Agreement or the Plan to be performed by you shall be deemed a waiver of the same term or condition, or of any similar or any dissimilar term or condition, whether at the same time or at any prior or subsequent
time. 
 22.    Severability. The provisions of this Agreement shall be deemed severable and the
invalidity or unenforceability of any term or condition hereof shall not affect the validity or enforceability of the other terms and conditions set forth herein. 

23.    Exclusion from Compensation Calculation. By acceptance of this Agreement, you shall be deemed to be
in agreement that the units covered hereby shall be considered special incentive compensation and will be exempt from inclusion as “wages” or “salary” in pension, retirement, life insurance and other employee benefits
arrangements of the Company and its Affiliates, except as determined otherwise by the Company. In addition, each of your beneficiaries shall be deemed to be in agreement that all such shares be exempt from inclusion in “wages” or
“salary” for purposes of calculating benefits of any life insurance coverage sponsored by the Company or any of its Affiliates. 

  
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 24.    No Right to Continued Employment. Nothing contained
in this Agreement or the Plan shall be construed to confer on you any right to continue in the employ of the Company or any Affiliate, or derogate from the right of the Company or any Affiliate, as applicable, to retire, request the resignation of,
or discharge you, at any time, with or without cause. 
 25.    Headings. The headings in this
Agreement are for purposes of convenience only and are not intended to define or limit the construction of the terms and conditions of this Agreement. 

26.    Effective Date. Upon execution by you, this Agreement shall be effective from and as of the
Grant Date. 

  
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 27.    Signatures. Execution of this Agreement by
the Company may be in the form of an electronic, manual or similar signature (including, without limitation, an electronic acknowledgement of acceptance), and such signature shall be treated as an original signature for all purposes. 

 

			
	THE MADISON SQUARE GARDEN COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

 By your electronic acknowledgement of acceptance, you (i) acknowledge that a complete copy of the
Plan and an executed original of this Agreement have been made available to you and (ii) agree to all of the terms and conditions set forth in the Plan and this Agreement. 

  
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 Annex 1 

PERFORMANCE RESTRICTED STOCK UNITS AGREEMENT 

1.    In the event of a “going private transaction,” as defined below, your entitlement to the Award shall be as follows: 

(A)    The Committee shall, no later than the effective date of the transaction which results in a going private
transaction, deem the Objectives to be satisfied at the target level and convert your Target Award into an amount of cash equal to (i) the number of your unvested units multiplied by (ii) the “offer price per share,” the
“acquisition price per share” or the “merger price per share,” each as defined below, whichever of such amounts is applicable. 

(B)    Provided that you remain continuously employed with the Company, one of its Subsidiaries or the Surviving Entity
through the date of the earliest event described in any of (i), (ii) or (iii) below, any award provided for in Paragraph 1(A) shall become payable to you (or your estate) at or promptly after (but in no event more than 15 days after) the
earlier of (i) the date on which your Award would otherwise have vested had it continued in effect, (ii) the date of your death, or (iii) the date on which your employment with the Company, one of its Subsidiaries or the Surviving
Entity is terminated (a) by the Company, one of its Subsidiaries or the Surviving Entity other than for Cause (as defined below) or (b) by you for “good reason,” (as defined below). Notwithstanding the foregoing, if you become
entitled to payment of an award by virtue of a termination in accordance with (iii)(a) or (iii)(b) of this Paragraph 1(B) and are determined by the Company to be a “specified employee” within the meaning of Section 409A of
the Internal Revenue Code of 1986, as amended (“Section 409A of the IRC”), the award shall be paid to you on the earlier of: (i) July 1, _____, (ii) the date that is six months from your date of
employment termination and (iii) any other date on which such payment or any portion thereof would be a permissible distribution under Section 409A of the IRC. In the event of such a determination, the Company shall promptly following the
date of your employment termination set aside such amount for your benefit in a “rabbi trust” that satisfies the requirements of Revenue Procedure 92-64, and on a monthly basis shall deposit
into such trust interest in arrears (compounded quarterly at the rate provided below) until such time as such amount, together with all accrued interest thereon, is paid to you in full pursuant to the previous sentence; provided, that no
payment will be made to such rabbi trust if it would be contrary to law or cause you to incur additional tax under Section 409A of the IRC. The initial interest rate shall be the average of the one-year
LIBOR fixed rate equivalent for the ten business days prior to the date of your employment termination. 
 2.    In the event of a
“Change of Control” of the Company, as defined below, provided you have remained continuously employed with the Company or one of its Subsidiaries through the effective date of the transaction that results in the Change of Control, you
will be entitled to the payment of the Target Award whether or not the Objectives have been attained. 
 (A)    If the
actual Change of Control: 
  

	 	(i)	 is a permissible distribution event under Section 409A of the IRC or payment of the Award promptly upon
such event is otherwise permissible under Section 409A of the IRC (including, for the avoidance of doubt, by 

  
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reason of the inapplicability of Section 409A of the IRC to the Award), then the Target Award shall be paid to you by the Company promptly following the Change of Control; or

  

	 	(ii)	 is not a permissible distribution event under Section 409A of the IRC and payment of the Award promptly
upon such event is not otherwise permissible under Section 409A of the IRC, then: 

  

	 	(a)	 (1) if the Company or the Surviving Entity has shares of common stock (or partnership units) traded on a
national stock exchange or on the over-the-counter market as reported on the New York Stock Exchange or any other stock exchange, then the Committee shall, no later than
the effective date of the Change of Control, either (i) convert your Target Award into an amount of cash equal to (a) the number of your unvested units multiplied by (b) the “offer price per share,” the “acquisition
price per share” or the “merger price per share,” each as defined below, whichever of such amounts is applicable or (ii) arrange to have the Surviving Entity grant to you an award of restricted stock units (or partnership units)
for shares of the surviving entity on the same terms and with a value equivalent to your Target Award which will, in the good faith determination of the Committee, provide you with an equivalent profit potential or 

(2) if the Company or the Surviving Entity does not have shares of common stock (or partnership units) traded on a national stock exchange or
on the over-the-counter market as reported on the New York Stock Exchange or any other stock exchange, then the Award will be treated in accordance with Paragraph 1(A)
above; 
  

	 	(b)	 any cash award or substitute restricted stock unit award of the Surviving Entity provided for in Paragraph
2(A)(ii)(a) will be fully vested and will be paid to you (or your estate), at the earliest to occur of: (1) any subsequent date on which you are no longer employed by the Company, one of its Subsidiaries or the Surviving Entity for any reason
other than termination of your employment by one of such entities for Cause (provided that if you are determined by the Company to be a “specified employee” within the meaning of Section 409A of the IRC, six months from such date),
(2) any other date on which such payment or any portion thereof would be a permissible distribution under Section 409A of the IRC, or (3) July 1,             .

  

	 	(c)	 the Company shall promptly following the Change of Control set aside cash (or shares in the event a substitute
restricted stock unit award is made) for your benefit in a “rabbi trust” that satisfies the requirements of Revenue Procedure 92-64, and on a monthly basis

  
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shall deposit into such trust interest in arrears (compounded quarterly at the rate provided below) until such time as such amount, together with all accrued interest thereon, is paid to you in
full pursuant to Paragraph 2(A)(ii)(b) above); provided, that no payment will be made to such rabbi trust if it would be contrary to law or cause you to incur additional tax under Section 409A of the IRC. The initial interest rate
shall be the average of the one-year LIBOR fixed rate equivalent for the ten business days prior to the date of the Change of Control and shall adjust annually based on the average of such rate for the ten
business days prior to each anniversary of the Change of Control. 

 3.    As used herein, 

“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 any of its Affiliates, 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. 
 “Change of Control” means
the acquisition, in a transaction or a series of related transactions, by any person or group, other than Charles F. Dolan or members of the immediate family of Charles F. Dolan or trusts for the benefit of Charles F. Dolan or his immediate family
(or an entity or entities controlled by any of them) or any employee benefit plan sponsored or maintained by the Company, of the power to direct the management of the Company or substantially all its assets (as constituted immediately prior to such
transaction or transactions). 
 “Surviving Entity” means the entity that owns, directly or indirectly,
after consummation of any transaction, substantially all of the Company’s assets (as constituted immediately prior to such transaction). If any such entity is at least majority-owned, directly or indirectly, by any entity (a “parent
entity”) which has shares of common stock (or partnership units) traded on a national stock exchange or the over-the-counter market, as reported on the New York
Stock Exchange or any other stock exchange, then such parent entity shall be deemed to be the Surviving Entity provided that it there shall be more than one such parent entity, the parent entity closest to ownership of the Company’s assets
shall be deemed to be the Surviving Entity. 
 “Going private transaction” means a transaction involving the
purchase of Company securities described in Rule 13e-3 to the Securities and Exchange Act of 1934. 

“Good reason” means 

a.    without your express written consent any reduction in your base salary or target bonus opportunity,
or any material impairment or material adverse change in your working conditions (as the same may from time to time have been improved or, with your written consent, otherwise altered, in each case, after the

  
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Grant Date) at any time after or within ninety (90) days prior to the Change of Control including, without limitation, any material reduction of your other compensation, executive
perquisites or other employee benefits (measured, where applicable, by level or participation or percentage of award under any plans of the Company), or material impairment or material adverse change of your level of responsibility, authority,
autonomy or title, or to your scope of duties; 
 b.    any failure by the Company to comply with any of
the provisions of this Agreement, other than an insubstantial or inadvertent failure remedied by the Company promptly after receipt of notice thereof given by you; 

c.    the Company’s requiring you to be based at any office or location more than thirty-five
(35) miles from your location immediately prior to such event except for travel reasonably required in the performance of your responsibilities; or 

d.    any failure by the Company to obtain the assumption and agreement to perform this Agreement by a
successor as contemplated by Paragraph 1 or Paragraph 2(A)(ii)(a). 
 “Offer price per share” shall mean, in
the case of a tender offer or exchange offer which results in a Change of Control or going private transaction (an “Offer”), the greater of (i) the highest price per share of common stock paid pursuant to the Offer, or
(ii) the highest fair market value per share of common stock during the ninety-day period ending on the date of a Change of Control or going private transaction. Any securities or property which are part
or all of the consideration paid for shares of common stock in the Offer shall be valued in determining the Offer Price per Share at the higher of (A) the valuation placed on such securities or property by the Company, person or other entity
making such offer or (B) the valuation placed on such securities or property by the Committee. 
 “Merger price
per share” shall mean, in the case of a merger, consolidation, sale, exchange or other disposition of assets that results in a Change of Control or going private transaction (a “Merger”), the greater of (i) the
fixed or formula price for the acquisition of shares of common stock occurring pursuant to the Merger, and (ii) the highest fair market value per share of common stock during the ninety-day period ending
on the date of such Change of Control or going private transaction. Any securities or property which are part or all of the consideration paid for shares of common stock pursuant to the Merger shall be valued in determining the merger price per
share at the higher of (A) the valuation placed on such securities or property by the Company, person or other entity which is a party with the Company to the Merger, or (B) the valuation placed on such securities or property by the
Committee. 
 “Acquisition price per share” shall mean the greater of (i) the highest price per share
stated on the Schedule 13D or any amendment thereto filed by the holder of twenty percent (20%) or more of the Company’s voting power which gives rise to the Change of Control or going private transaction, and (ii) the highest fair market
value per share of common stock during the ninety-day period ending on the date of such Change of Control or going private transaction. 

  
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 Annex 2 

The Madison Square Garden Company Objectives 

  
 -12-EX-10.13

 Exhibit 10.13 

FORM OF OPTION AGREEMENT 

Dear [Participant Name]: 

Pursuant to the 2020 Employee Stock Plan (the “Plan”) of The Madison Square Garden Company (formerly known as MSG
Entertainment Spinco, Inc.) (the “Company”), on [Date] (the “Effective Date”) you have been awarded nonqualified options (the “Options”) to purchase
             shares of the Company’s Class A Common Stock, par value $.01 per share (“Class A Common Stock”) at a price of
$             per share. The Award is granted subject to the terms and conditions set forth below and in the Plan. 

Capitalized terms used but not defined in this agreement (this “Agreement”) have the meanings given to them in the Plan. The
Options are granted subject to the terms and conditions set forth below: 
 1.    Vesting. Your Options will vest
and become exercisable in accordance with Appendix 1, provided, that you have remained in the continuous employ of the Company or one of its Subsidiaries from the Effective Date through the applicable vesting date(s). 

2.    Exercise. You may exercise the Options that become vested and exercisable by following such procedures as
established by the Company, specifying the number of shares of Class A Common Stock as to which the Options are being exercised (the “Exercise Notice”). Unless the Compensation Committee of the Board of Directors of the Company
(the “Committee”) chooses to settle such exercise in cash, shares of Class A Common Stock, or a combination thereof pursuant to Paragraph 3, you will be required to deliver to the Company, or such person as the Company may
designate, within such time period as the Company may require, payment in full of the exercise price and any taxes due on account of such exercise. 

3.    Option Spread. Upon receipt of the Exercise Notice, the Committee may elect, in lieu of issuing shares of
Class A Common Stock, to settle the exercise covered by such notice by paying you an amount equal to the product obtained by multiplying (i) the excess of the Fair Market Value of one (1) share of Class A Common Stock on the date
of exercise over the per share exercise price of the Options (the “Option Spread”) by (ii) the number of shares of Class A Common Stock specified in the Exercise Notice. The amount payable to you in these circumstances may
be paid by the Company either in cash or in shares of Class A Common Stock having a Fair Market Value equal to the Option Spread, or a combination thereof, as the Company shall determine. Class A Common Stock used to pay the Option Spread
pursuant to this Paragraph 3 will be valued at the Fair Market Value as of the day the Exercise Notice is received by the Company. 

4.    Expiration. The Options will terminate automatically and without further notice on
            , or at any of the following dates, if earlier: 

(A)    with respect to those Options which are then unexercisable, the date upon which you are no longer employed by the
Company or any of its Subsidiaries, unless as a result of your death, in which case, subject to execution and non-revocation of a release of claims if required pursuant to the terms of an applicable employment
agreement between you and the Company, all of your Options granted under this Agreement shall become immediately exercisable; 

  
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 (B)    with respect to those Options which are then exercisable,
(1) in the event of a termination of your employment by the Company or its Subsidiary without Cause (other than due to your Disability) or your resignation of employment from the Company and its Subsidiaries (other than due to Retirement, in
which case the Options will remain exercisable until _______), ninety (90) days following the date upon which you are no longer employed by the Company or any of its Subsidiaries or (2) in the event of your death or a termination of your
employment with the Company and its Subsidiaries due to Disability, the first anniversary of your death or the date upon which you are no longer employed by the Company or any of its Subsidiaries, as applicable; or 

(C)    with respect to all your then outstanding Options, whether exercisable or unexercisable, the date upon which your
employment with the Company is terminated for Cause. 
 5.    Definitions. For purposes of this Agreement: 

(A)    “Cause” means, as determined by the Committee, 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, 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. 

(B)    “Disability” means your inability to perform for six (6) continuous months substantially all
the essential duties of your occupation, as determined by the Committee. 
 (C)    “Retirement” means
the voluntary termination by you of your employment with the Company and its Subsidiaries at such time as (i) you have attained at least the age of fifty-five (55) and (ii) you have been employed by the Company or MSG Sports Inc.
(formerly known as The Madison Square Garden Company) or their respective Subsidiaries for at least five (5) years in the aggregate, provided that the Company may nevertheless decide, in its sole discretion, not to treat your termination
of employment as a “Retirement” hereunder. Treatment of your termination of employment as a “Retirement” hereunder shall be further subject to your execution (and the effectiveness) of a “retirement agreement” to the
Company’s satisfaction, including, without limitation (to the extent desired by the Company), non-compete, non-disparagement,
non-solicitation, confidentiality and further cooperation obligations/restrictions on you as well as a general release by you of the Company and its Subsidiaries. The above definition of “Retirement”
is solely for purposes of this Agreement and shall not, in any way, create or imply any obligations of the Company or any of its Subsidiaries (under any other agreement or otherwise) with respect to any such termination of your employment. 

6.    Change of Control/Going Private Transaction. As set forth in Appendix 2 attached hereto, the
Options may be affected in the event of a Change of Control or a going private transaction (each as defined in Appendix 2 attached hereto) of the Company. 

  
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 7.    Tax Representations and Tax Withholding. You hereby
acknowledge that you have reviewed with your own tax advisors the federal, state and local tax consequences of exercising the Options and receiving shares of Class A Common Stock and cash. You hereby represent to the Company that you are
relying solely on such advisors and not on any statements or representations of the Company, its Affiliates or any of their respective agents. If, in connection with the exercise of the Options, the Company is required to withhold any amounts by
reason of any federal, state or local tax, such withholding shall be effected in accordance with Section 16 of the Plan. 

8.    Section 409A. It is the Company’s intent that payments under this Agreement are
exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and that the Agreement be administered accordingly. Notwithstanding anything to the contrary contained in this Agreement, if and to the
extent that any payment or benefit under this Agreement is determined by the Company to constitute “non-qualified deferred compensation” subject to Section 409A of the 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 and 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). 

9.    Transfer Restrictions. You may not transfer, assign, pledge or otherwise encumber the Options, other than to
the extent provided in the Plan. 
 10.    Non-Qualification as ISO. The
Options are not intended to qualify as “incentive stock options” within the meaning of Section 422A of the Code. 

11.    Securities Law Acknowledgments. You hereby acknowledge and confirm to the Company that (i) you are
aware that the shares of Class A Common Stock are publicly-traded securities and (ii) the shares of Class A Common Stock issuable upon exercise of the Options may not be sold or otherwise transferred unless such sale or transfer is
registered under the Securities Act of 1933, as amended, and the securities laws of any applicable state or other jurisdiction, or is exempt from such registration. 

12.    Governing Law. This Agreement shall be deemed to be made under, and in all respects shall be interpreted,
construed and governed by and in accordance with, the laws of the State of New York. 
 13.    Jurisdiction and
Venue. 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 the Southern District and Eastern District of the State of New York in respect of
the interpretation and enforcement of the provisions of this Agreement, and hereby waive, and agree not to assert, as a defense that you are not subject thereto or that the venue thereof may not be appropriate. You 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. 

  
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 14.    Right of Offset. You hereby agree that the Company shall
have the right to offset against its obligation to deliver shares of Class A Common Stock, cash or other property under this Agreement to the extent that it does not constitute “non-qualified
deferred compensation” pursuant to Section 409A, any outstanding amounts of whatever nature that you then owe to the Company or a Subsidiary of the Company. 

15.    The Committee. For purposes of this Agreement, the term “Committee” means the Compensation
Committee of the Board of Directors of the Company or any replacement committee established under, and as more fully defined in, the Plan. 

16.    Committee Discretion. The Committee has full discretion with respect to any actions to be taken or
determinations to be made in connection with this Agreement, and its determinations shall be final, binding and conclusive. 

17.    Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this
Agreement, except that the Committee shall not make any amendment or revision in a manner unfavorable to you (other than if immaterial), without your consent. No consent shall be required for amendments made pursuant to Section 12 of the Plan,
except that, for purposes of Section 19 of the Plan, Section 6 and Appendix 2 of this Agreement are deemed to be “terms of an Award Agreement expressly referring to an Adjustment Event.” Any amendment
of this Agreement shall be in writing and signed by an authorized member of the Committee or a person or persons designated by the Committee. 

18.    Options Subject to the Plan. The Options granted by this Agreement are subject to the Plan. 

19.    Entire Agreement. Except for any employment agreement between you and the Company or any of its Affiliates
in effect as of the date of the grant hereof (as such employment agreement may be modified, renewed or replaced, provided that such modification, renewal or replacement shall not extend the time any Options may be exercised beyond the time
provided herein or in such original employment agreement), this Agreement and the Plan constitute the entire understanding and agreement of you and the Company with respect to the Options covered hereby and supersede all prior understandings and
agreements. In the event of a conflict among the documents with respect to the terms and conditions of the Options covered hereby, the documents will be accorded the following order of authority: the terms and conditions of the Plan will have
highest authority followed by the terms and conditions of your employment agreement, if any, followed by the terms and conditions of this Agreement. 

20.    Successors and Assigns. The terms and conditions of this Agreement shall be binding upon, and shall inure to
the benefit of, the Company and its successors and assigns. 
 21.    Waiver. No waiver by the Company at any
time of any breach by you of, or compliance with, any term or condition of this Agreement or the Plan to be performed by you shall be deemed a waiver of the same, any similar or any dissimilar term or condition at the same or at any prior or
subsequent time. 

  
 4 

 22.    Severability. The terms or conditions of this Agreement
shall be deemed severable and the invalidity or unenforceability of any term or condition hereof shall not affect the validity or enforceability of the other terms and conditions set forth herein. 

23.    Exclusion from Compensation Calculation. By acceptance of this Agreement, you shall be considered in
agreement that all shares of Class A Common Stock and cash received upon each exercise of the Options shall be considered special incentive compensation and will be exempt from inclusion as “wages” or “salary” in pension,
retirement, life insurance and other employee benefits arrangements of the Company and its Subsidiaries. In addition, each of your beneficiaries shall be deemed to be in agreement that all such shares of Class A Common Stock and cash will be
exempt from inclusion in “wages” or “salary” for purposes of calculating benefits of any life insurance coverage sponsored by the Company or any of its Subsidiaries. 

24.    No Right to Continued Employment. Nothing contained in this Agreement or the Plan shall be construed to
confer on you any right to continue in the employ of the Company or any of its Subsidiaries, or derogate from the right of the Company or any Subsidiary, as applicable, to retire, request the resignation of, or discharge you, at any time, with or
without cause. 
 25.    Subsidiaries. For purposes of this Agreement, “Subsidiaries” shall
mean any entities that are controlled, directly or indirectly, by the Company, or in which the Company owns, directly or indirectly, more than 50% of the equity interests. 

26.    Headings. The headings in this Agreement are for purposes of convenience only and are not intended to define
or limit the construction of the terms and conditions of this Agreement. 
 27.    Effective Date. Upon execution
by you, this Agreement shall be effective from and as of the Effective Date. 
 28.    Signatures. Execution of
this Agreement by the Company may be in the form of an electronic, manual or similar signature (including, without limitation, an electronic acknowledgement of acceptance), and such signature shall be treated as an original signature for all
purposes. 
 [Remainder of the page intentionally left blank] 

  
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	THE MADISON SQUARE GARDEN COMPANY
		
	By	 	  

		 	Name:
		 	Title:

 By your electronic acknowledgement of acceptance, you (i) acknowledge that a complete copy of the
Plan and an executed original of this Agreement have been made available to you and (ii) agree to all of the terms and conditions set forth in the Plan and this Agreement. 

  
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 APPENDIX 1 

TO 
 OPTION AGREEMENT 

  
 7 

 APPENDIX 2 

TO 
 OPTION AGREEMENT 

1.    In the event of a “Change of Control” or a “going private transaction,” as defined below, your
entitlement to exercise the Options shall be as follows: 
 a.    If the Company or the “surviving entity,” as
defined below, has shares of common stock (or partnership units) traded on a national stock exchange or on the over-the-counter market as reported on New York Stock
Exchange or any other stock exchange, the Committee shall, to the extent that the Options have not been exercised and have not expired (the “Outstanding Options”), no later than the effective date of the transaction which results in
a Change of Control or going private transaction, either (i) convert your rights in the Outstanding Options into a right to receive an amount of cash equal to (a) the number of common shares subject or relating to the Outstanding Options
multiplied by (b) the excess of (x) the “offer price per share,” the “acquisition price per share” or the “merger price per share,” each as defined below, whichever of such amounts is applicable, over
(y) the exercise price of the shares subject or relating to the Outstanding Options, or (ii) arrange to have the surviving entity grant to you in substitution for your Outstanding Options an award of options for shares of common stock (or
partnership units) of the surviving entity on the same terms with a value equivalent to the Outstanding Options and which will, in the good faith determination of the Committee, provide you with an equivalent profit potential, as determined in a
manner compliant with Section 409A. 
 b.    If the Company or the surviving entity does not have shares of common
stock (or partnership units) traded on a national stock exchange or on the over-the-counter market as reported on New York Stock Exchange or any other stock exchange,
the Committee shall convert your rights in the Outstanding Options into a right to receive an amount of cash equal to the amount calculated as per Paragraph 1(a)(i) above. 

c.    The cash award provided in Section 1(a)(i) or 1(b) shall become payable to you, and the substitute options of
the surviving entity provided in Section 1(a)(ii) will become exercisable (1) with respect to the Outstanding Options that were not exercisable on the effective date of the Change of Control or going private transaction, as the case may
be, at the earlier of (a) the date on which the Outstanding Options would otherwise have become exercisable hereunder had they continued in effect or (b) the date on which (i) your employment with the Company or the surviving entity
is terminated by the Company or the surviving entity other than for Cause, if such termination occurs within three (3) years of the Change of Control or going private transaction, (ii) your employment with the Company or the surviving
entity is terminated by you for “good reason,” as defined below, if such termination occurs within three (3) years of the Change of Control or going private transaction or (iii) your employment with the Company or the surviving
entity is terminated by you for any reason at least six (6) months, but not more than nine (9) months after the effective date of the Change of Control or going private transaction; provided that clause (iii) herein shall not
apply in the event that your rights in the Outstanding Options are converted into a right to receive an amount of cash in accordance with Section 1(a)(i), or (2) with respect to the Outstanding Options that were exercisable on the

  
 8 

 
effective date of the Change of Control or going private transaction, the substitute options shall become exercisable immediately and the cash awards shall become payable promptly. The amount
payable in cash shall be payable together with interest from the effective date of the Change of Control or going private transaction until the date of payment at (a) the weighted average cost of capital of the Company immediately prior to the
effectiveness of the Change of Control or going private transaction, or (b) if the Company (or the surviving entity) sets aside the funds in a trust or other funding arrangement, the actual earnings of such trust or other funding arrangement.

 For the avoidance of doubt, any Options that are “underwater” as of a Change of Control or going private transaction (i.e., the exercise price
equals or exceeds the “offer price per share,” the “acquisition price per share” or the “merger price per share,” as applicable), may be cancelled for no consideration as of the consummation of the Change of Control or
going private transaction. 
 2.    As used herein, 

“Acquisition price per share” shall mean the greater of (i) the highest price per share stated on the Schedule 13D or any
amendment thereto filed by the holder of twenty percent (20%) or more of the Company’s voting power which gives rise to the Change of Control or going private transaction, and (ii) the highest fair market value per share of common stock
during the ninety-day period ending on the date of such Change of Control or going private transaction. 

“Going private transaction” means a transaction involving the purchase of Company securities described in Rule 13e-3 to the Securities and Exchange Act of 1934. 
 “Good reason” means 

(i)    without your express written consent any reduction in your base salary or bonus potential, or any material
impairment or material adverse change in your working conditions (as the same may from time to time have been improved or, with your written consent, otherwise altered, in each case, after the Effective Date) at any time after or within ninety
(90) days prior to a Change of Control, including, without limitation, any material reduction of your other compensation, executive perquisites or other employee benefits (measured, where applicable, by level or participation or percentage of
award under any plans of the Company), or material impairment or material adverse change of your level of responsibility, authority, autonomy or title, or to your scope of duties; 

(ii)    any failure by the Company to comply with any of the provisions of this Agreement, other than an insubstantial or
inadvertent failure remedied by the Company, promptly after receipt of notice thereof given by you; 
 (iii)    the
Company’s requiring you to be based at any office or location more than thirty-five (35) miles from your location immediately prior to such event except for travel reasonably required in the performance of your responsibilities; or 

(iv)    any failure by the Company to obtain the assumption and agreement to perform this Agreement by a successor as
contemplated by Paragraph 1, if applicable. 

  
 9 

 “Merger price per share” shall mean, in the case of a merger,
consolidation, sale, exchange or other disposition of assets that results in a Change of Control or going private transaction (a “Merger”), the greater of (i) the fixed or formula price for the acquisition of shares of common
stock occurring pursuant to the Merger, and (ii) the highest fair market value per share of common stock during the ninety-day period ending on the date of such Change of Control or going private
transaction. Any securities or property which are part or all of the consideration paid for shares of common stock pursuant to the Merger shall be valued in determining the merger price per share at the higher of (A) the valuation placed on
such securities or property by the Company, person or other entity which is a party with the Company to the Merger, or (B) the valuation placed on such securities or property by the Committee. 

“Surviving Entity” means the entity that owns, directly or indirectly, after consummation of any transaction, substantially
all of the Company’s assets (as constituted immediately prior to such transaction). If any such entity is at least majority-owned, directly or indirectly, by any entity (a “parent entity”) which has shares of common stock (or
partnership units) traded on a national stock exchange or the over-the-counter market, as reported on the New York Stock Exchange or any other stock exchange, then such
parent entity shall be deemed to be the Surviving Entity provided that if there shall be more than one such parent entity, the parent entity closest to ownership of the Company’s assets shall be deemed to be the Surviving Entity. 

“Offer price per share” shall mean, in the case of a tender offer or exchange offer which results in a Change of Control or
going private transaction (an “Offer”), the greater of (i) the highest price per share of common stock paid pursuant to the Offer, or (ii) the highest fair market value per share of common stock during the ninety-day period ending on the date of a Change of Control or going private transaction. Any securities or property which are part or all of the consideration paid for shares of common stock in the Offer shall be
valued in determining the Offer Price per share at the higher of (A) the valuation placed on such securities or property by the Company, person or other entity making such offer or (B) the valuation placed on such securities or property by
the Committee. 
 “Change of Control” means the acquisition, in a transaction or a series of related transactions, by any
person or group, other than Charles F. Dolan or members of the immediate family of Charles F. Dolan or trusts for the benefit of Charles F. Dolan or his immediate family (or an entity or entities controlled by any of them) or any employee benefit
plan sponsored or maintained by the Company, of the power to direct the management of the Company or substantially all its assets (as constituted immediately prior to such transaction or transactions). 

  
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