Common use of Excess Cash Balance Pension Plan Clause in Contracts

Excess Cash Balance Pension Plan. (a) No later than the Distribution Date, MSGS shall establish and make payments pursuant to a non-qualified defined benefit pension plan (the “MSGS Excess Cash Balance Plan”) to provide non-qualified retirement benefits to MSGS Employees (including Shared Executives) who, immediately prior to the effective date of the MSGS Excess Cash Balance Plan, were entitled to future benefits under the MSG Sports & Entertainment, LLC Excess Cash Balance Plan (the “Spinco Excess Cash Balance Plan”) and shall assume the Liabilities as of the Distribution Date of the Spinco Excess Cash Balance Plan relating to MSGS Employees, Former MSGS Employees and Shared Executives. (b) As of the effective date of the MSGS Excess Cash Balance Plan, MSGS (acting directly or through its Subsidiaries) shall cause the MSGS Excess Cash Balance Plan to recognize and maintain all existing beneficiary designations with respect to MSGS Employees, Former MSGS Employees and Shared Executives under the Spinco Excess Cash Balance Plan. (c) The Parties agree that the Liabilities of the Spinco Excess Cash Balance Plan relating to MSGS Employees, Former MSGS Employees and Shared Executives shall be transferred to the MSGS Excess Cash Balance Plan effective as of the Distribution Date.

Excess Cash Balance Pension Plan. (a) No later than the Distribution Date, MSGS Spinco shall establish and make payments pursuant to a non-qualified defined benefit pension plan (the “MSGS “ Spinco Excess Cash Balance PlanPlan ”) to provide non-qualified retirement benefits to MSGS eligible Spinco Employees (including Shared Executives) who, immediately prior to the effective date of the MSGS Excess Cash Balance Plan, were entitled to future benefits under the MSG Sports & Entertainment, LLC Excess Cash Balance Plan (the “Spinco Excess Cash Balance Plan”) and shall assume the Liabilities as of the Distribution Date of the Spinco MSG Holdings, L.P. Excess Cash Balance Plan relating to MSGS Spinco Employees. For the avoidance of doubt, Former MSGS Employees Spinco shall not assume, and Shared ExecutivesMSG 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 MSGS Spinco Excess Cash Balance Plan, MSGS Spinco (acting directly or through its Subsidiaries) shall cause the MSGS Spinco Excess Cash Balance Plan to recognize and maintain all existing beneficiary designations with respect to MSGS Employees, Former MSGS Spinco Employees and Shared Executives under the Spinco MSG Holdings, L.P. Excess Cash Balance Plan. (c) The Parties agree that the Liabilities of the Spinco MSG Holdings, L.P. Excess Cash Balance Plan relating to MSGS Employees, Former MSGS Spinco Employees and Shared Executives shall be transferred to the MSGS 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.