Common use of Excess Cash Balance Pension Plan Clause in Contracts

Excess Cash Balance Pension Plan. (a) No later than the Distribution Date, Spinco shall establish and make payments pursuant to a non-qualified defined benefit pension plan (the “Spinco Excess Cash Balance Plan”) to provide non-qualified retirement benefits to eligible Spinco Employees and shall assume the Liabilities of the MSG Holdings, L.P. Excess Cash Balance Plan relating to Spinco Employees. For the avoidance of doubt, Spinco shall not assume, and MSG Networks shall remain responsible for, any Liabilities of the MSG Holdings, L.P. Excess Cash Balance Plan relating to any individual who is no longer employed by the MSG Networks Group or the Spinco Group as of the Distribution Date. (b) As of the effective date of the Spinco Excess Cash Balance Plan, Spinco (acting directly or through its Subsidiaries) shall cause the Spinco Excess Cash Balance Plan to recognize and maintain all existing beneficiary designations with respect to Spinco Employees under the MSG Holdings, L.P. Excess Cash Balance Plan. (c) The Parties agree that the Liabilities of the MSG Holdings, L.P. Excess Cash Balance Plan relating to Spinco Employees shall be transferred to the Spinco Excess Cash Balance Plan effective as of the Distribution Date. (d) The Parties acknowledge that prior to the Distribution Date, the MSG Holdings, L.P. Excess Cash Balance Plan and the Spinco Excess Cash Balance Plan have each been amended to freeze each respective plan to new participants and future benefit accruals effective as of December 31, 2015.

Excess Cash Balance Pension Plan. (a) No later than the Distribution DateEffective as of January 1, Spinco 2010, MSG shall establish and make payments pursuant to a non-qualified defined benefit pension plan (the “Spinco MSG Excess Cash Balance Plan”) to provide non-qualified retirement benefits to eligible Spinco Employees MSG Participants and shall assume the Liabilities of the MSG Holdings, L.P. Cablevision Excess Cash Balance Plan relating to Spinco Employees. For the avoidance of doubt, Spinco shall not assume, and MSG Networks shall remain responsible for, any Liabilities of the MSG Holdings, L.P. Excess Cash Balance Plan relating to any individual who is no longer employed by the MSG Networks Group or the Spinco Group as of the Distribution DateParticipants. (b) As of the effective date of the Spinco Excess Cash Balance PlanJanuary 1, Spinco 2010, MSG (acting directly or through its SubsidiariesSubsidiaries or Affiliates) shall cause the Spinco MSG Excess Cash Balance Plan to recognize and maintain all existing beneficiary designations with respect to Spinco Employees MSG Participants under the MSG Holdings, L.P. Cablevision Excess Cash Balance Plan. (c) The Beginning January 1, 2010 and ending on a date agreed upon by the Parties agree that (which date shall be no later than December 31, 2010), the Liabilities recordkeeping of the MSG Holdings, L.P. Excess Cash Balance Plan relating to Spinco Employees shall will be transferred to maintained under the Spinco existing Cablevision Excess Cash Balance Plan effective as of Plan. During this period, MSG will pay CVC the Distribution Dateadministrative and other recordkeeping expenses with respect to the MSG Excess Cash Balance Plan, if and to the extent such payment is consistent with past practice. (d) The Beginning January 1, 2010 and ending on a date agreed upon by the Parties acknowledge that prior (which date shall be no later than December 31, 2010), any payments payable to the Distribution Date, a MSG Employee or Former MSG Employee under the MSG Holdings, L.P. Excess Cash Balance Plan and the Spinco Excess Cash Balance Plan have each been amended to freeze each respective plan to new participants and future benefit accruals effective as of December 31, 2015will be paid by MSG.