{"id":39037,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-continued-employment-cablevision-systems.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-continued-employment-cablevision-systems","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-continued-employment-cablevision-systems.html","title":{"rendered":"Employment Agreement &#8211; Continued Employment &#8211; Cablevision Systems Corp."},"content":{"rendered":"<p>February 1, 2012<\/p>\n<\/p>\n<\/p>\n<\/p>\n<p>Mr. David G. Ellen<\/p>\n<\/p>\n<p>Cablevision Systems Corporation<\/p>\n<\/p>\n<p>1111 Stewart Avenue<\/p>\n<\/p>\n<p>Bethpage, NY 11714<\/p>\n<\/p>\n<\/p>\n<p>Dear David:<\/p>\n<\/p>\n<\/p>\n<p>This letter agreement (the &#8220;Agreement&#8221;), effective on the date hereof, will<br \/>\nconfirm the terms of your continued employment by Cablevision Systems<br \/>\nCorporation (the &#8220;Company&#8221;).<\/p>\n<\/p>\n<\/p>\n<p>1. Your title continues to be Executive Vice President and General Counsel<br \/>\nand you will continue to report to the Chief Executive Officer of the Company.<br \/>\nYou agree to continue to devote your business time and attention to the business<br \/>\nand affairs of the Company and to perform your duties in a diligent, competent,<br \/>\nprofessional and skillful manner and in accordance with applicable law.<\/p>\n<\/p>\n<\/p>\n<p>2. Your current base salary is $850,000 annually, paid bi-weekly, subject to<br \/>\nannual review and potential increase by the Compensation Committee of the Board<br \/>\nof Directors of the Company (the &#8220;Compensation Committee&#8221;) in its discretion.<br \/>\nWith respect to the annual review for 2012 anticipated to be conducted by the<br \/>\nCompensation Committee in February or March of 2012, the expectation is that you<br \/>\nwill receive the same percentage increase, if any, in base salary, annual target<br \/>\nbonus opportunity and\/or aggregate LTIP target value that is granted by the<br \/>\nCompensation Committee other similarly situated executives (such as the CFO)<br \/>\nreceive.<\/p>\n<\/p>\n<\/p>\n<p>3. You will also continue to participate in our discretionary annual bonus<br \/>\nprogram with an annual target bonus opportunity equal to not less than 95% of<br \/>\nyour annual base salary. Bonus payments are based on actual salary dollars paid<br \/>\nduring the year and depend on a number of factors including Company, unit and<br \/>\nindividual performance. However, the decision of whether or not to pay a bonus,<br \/>\nand the amount of that bonus, if any, is made by the Compensation Committee in<br \/>\nits sole discretion. Bonuses are typically paid early in the subsequent calendar<br \/>\nyear. Except as otherwise provided herein, in order to receive a bonus, you must<br \/>\nbe employed by the Company at the time bonuses are being paid.<\/p>\n<\/p>\n<\/p>\n<p>4. You will also continue to be eligible, subject to your continued<br \/>\nemployment by the Company and actual grant by the Compensation Committee, to<br \/>\nparticipate in such equity and other long-term incentive programs that are made<br \/>\navailable in the future to similarly situated executives at the Company. In<br \/>\ncalendar year 2012, for example, you will be entitled to receive one or more<br \/>\nlong-term cash and\/or equity awards with an aggregate target value of not less<br \/>\nthan $2,200,000, all as determined by the Compensation Committee in its<br \/>\ndiscretion. Both types of awards are expected to be subject to three year cliff<br \/>\nvesting. Any such awards, in addition to being subject to actual grant by the<br \/>\nCompensation Committee, would be pursuant to the applicable plan document and<br \/>\nwould be subject to any terms and conditions established by the Compensation<br \/>\nCommittee in its sole discretion that would be detailed in separate agreements<br \/>\nyou would receive after any award is actually made.<\/p>\n<\/p>\n<\/p>\n<hr>\n<\/p>\n<p>Mr. David G. Ellen<\/p>\n<\/p>\n<p>Page 2<\/p>\n<\/p>\n<\/p>\n<p>5. You will also continue to be eligible to participate in our standard<br \/>\nbenefits program, subject to meeting the relevant eligibility requirements,<br \/>\npayment of the required premiums, and the terms of the plans themselves. We<br \/>\ncurrently offer medical, dental, vision, life, and accidental death and<br \/>\ndismemberment insurance; short- and long-term disability insurance; a savings<br \/>\nand retirement program; and ten paid holidays. You will also continue to be<br \/>\neligible for four (4) weeks of vacation to be accrued and used in accordance<br \/>\nwith Company policy.<\/p>\n<\/p>\n<\/p>\n<p>6. If your employment with the Company is terminated prior to December 31,<br \/>\n2016 (the &#8220;Scheduled Expiration Date&#8221;) (i) by the Company (other than for<br \/>\n&#8220;Cause&#8221;); or (ii) by you for &#8220;Good Reason&#8221; (other than if &#8220;Cause&#8221; then exists);<br \/>\nthen, subject to your execution and delivery, within 60 days after the date of<br \/>\ntermination of your employment, and non-revocation (within any applicable<br \/>\nrevocation period) of the Separation Agreement (as defined below), the Company<br \/>\nwill provide you with the following:<\/p>\n<\/p>\n<\/p>\n<table style=\"width: 100%;\" width=\"100%\" cellpadding=\"0\" class=\" \" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"48\" valign=\"top\"><\/td>\n<td width=\"48\" valign=\"top\">\n<p>(a)<\/p>\n<\/td>\n<td valign=\"top\">\n<p>Severance in an amount (the &#8220;Severance Amount&#8221;) equal to two (2) times the<br \/>\nsum of your annual base salary and your annual target bonus as in effect at the<br \/>\ntime your employment terminates. Sixty percent (60%) of the Severance Amount<br \/>\nwill be payable to you on the six-month anniversary of the date your employment<br \/>\nso terminates (the &#8220;Termination Date&#8221;) and the remaining forty percent (40%) of<br \/>\nthe Severance Amount will be payable to you on the twelve-month anniversary of<br \/>\nthe Termination Date;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n<table style=\"width: 100%;\" width=\"100%\" cellpadding=\"0\" class=\" \" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"48\" valign=\"top\"><\/td>\n<td width=\"48\" valign=\"top\">\n<p>(b)<\/p>\n<\/td>\n<td valign=\"top\">\n<p>Any unpaid annual bonus for the calendar year prior to the calendar year<br \/>\nwhich includes your Termination Date, which will be paid to you when such<br \/>\nbonuses are generally paid to similarly situated active employees and will be<br \/>\ncalculated on the same basis as if you remained an active employee at the time<br \/>\nof determination and payment of such bonuses; and a <em>pro rated<\/em> bonus<br \/>\nbased on the amount of your base salary actually earned by you during the<br \/>\ncalendar year through the Termination Date, <em>provided<\/em> that such bonus<br \/>\npayment, if any, will be payable to you if and when such bonuses are generally<br \/>\npaid to similarly situated active employees and will be based on your then<br \/>\ncurrent annual target bonus as well as Company and your business unit<br \/>\nperformance as determined by the Company in its sole discretion, but without<br \/>\nadjustment for your individual performance;<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n<table style=\"width: 100%;\" width=\"100%\" cellpadding=\"0\" class=\" \" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"48\" valign=\"top\"><\/td>\n<td width=\"48\" valign=\"top\">\n<p>(c)<\/p>\n<\/td>\n<td valign=\"top\">\n<p>Each of your outstanding long-term cash awards granted under the plans of the<br \/>\nCompany shall immediately vest in full and shall be payable to you at the same<br \/>\ntime as such awards are paid to active employees of the Company and the payment<br \/>\namount of such award shall be to the same extent that other similarly situated<br \/>\nactive executives receive payment as determined by the Compensation Committee<br \/>\n(subject to satisfaction of any applicable performance criteria); provided,<br \/>\nhowever, that (i) in the event of a &#8220;Going Private Transaction&#8221;, as such term is<br \/>\ndefined in your respective long-term cash performance award agreements, then any<br \/>\nmore favorable provisions set forth in such agreements (including with respect<br \/>\nto timing of payment) with respect to treatment of outstanding awards in the<br \/>\nevent of a Going Private Transaction shall be applicable in lieu of the<br \/>\nforegoing provisions; and (ii) for the avoidance of doubt, in the event of a<br \/>\n&#8220;Change of Control&#8221;, as such term is defined in your respective long-term cash<br \/>\nperformance award agreements, your outstanding long-term awards shall be paid to<br \/>\nyou at the same time as such awards are paid to active employees of the Company,<br \/>\nif such time is earlier than you otherwise would have been paid such awards<br \/>\npursuant hereto.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n<hr>\n<\/p>\n<p>Mr. David G. Ellen<\/p>\n<\/p>\n<p>Page 3<\/p>\n<\/p>\n<\/p>\n<table style=\"width: 100%;\" width=\"100%\" cellpadding=\"0\" class=\" \" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"48\" valign=\"top\"><\/td>\n<td width=\"48\" valign=\"top\">\n<p>(d)<\/p>\n<\/td>\n<td valign=\"top\">\n<p>Each of your outstanding restricted stock or restricted stock unit awards<br \/>\ngranted to you under the plans of the Company shall continue to vest in<br \/>\naccordance with their original vesting schedule and payments or deliveries with<br \/>\nrespect to your restricted stock and restricted stock units shall be made on the<br \/>\noriginal vesting date (or, in the case of restricted stock units, on the<br \/>\noriginal distribution date); provided, however, that at the time of your<br \/>\ntermination from employment, the Company shall withhold and settle a portion of<br \/>\neach of your outstanding restricted stock awards in an amount sufficient to fund<br \/>\nthe minimum statutory tax withholding requirements (including, federal, state<br \/>\nand local income and employment taxes) resulting from the recognition of income<br \/>\nin respect of each such outstanding restricted stock award, <strong>and make a<br \/>\npayroll tax contribution in such amount on your behalf<\/strong>; and<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n<table style=\"width: 100%;\" width=\"100%\" cellpadding=\"0\" class=\" \" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"48\" valign=\"top\"><\/td>\n<td width=\"48\" valign=\"top\">\n<p>(e)<\/p>\n<\/td>\n<td valign=\"top\">\n<p>Each of your outstanding stock options and stock appreciation awards under<br \/>\nthe plans of the Company shall continue to vest in accordance with their<br \/>\noriginal vesting schedule and you shall have the right to exercise each of those<br \/>\noptions and stock appreciation awards for the remainder of the term of such<br \/>\noption or award.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n<p>If you die after a termination of your employment that is subject to this<br \/>\nParagraph 6, your estate or beneficiaries will be provided with any remaining<br \/>\nbenefits and rights under this Paragraph 6.<\/p>\n<\/p>\n<\/p>\n<p>7. If you cease to be an employee of the Company prior to the Scheduled<br \/>\nExpiration Date as a result of your death or your physical or mental disability,<br \/>\nand at such time Cause does not exist then, subject (other than in the case of<br \/>\ndeath) to your execution and delivery, within 60 days after the date of<br \/>\ntermination of your employment, and non-revocation (within any applicable<br \/>\nrevocation period) of the Separation Agreement, you or your estate or<br \/>\nbeneficiary shall be provided with the benefits and rights set forth in<br \/>\nParagraphs 6(b), (d) and (e) above, and each of your outstanding long-term cash<br \/>\nawards granted under the plans of the Company shall immediately vest in full,<br \/>\nwhether or not subject to performance criteria and shall be payable on the 90th<br \/>\nday after the termination of your employment; provided, that if any such award<br \/>\nis subject to any performance criteria, then (i) if the measurement period for<br \/>\nsuch performance criteria has not yet been fully completed, then the payment<br \/>\namount shall be at the target amount for such award and (ii) if the measurement<br \/>\nperiod for such performance criteria has already been fully completed, then the<br \/>\npayment of such award shall be at the same time and to the extent that other<br \/>\nsimilarly situated executives receive payment as determined by the Compensation<br \/>\nCommittee (subject to satisfaction of the applicable performance criteria).<\/p>\n<\/p>\n<\/p>\n<hr>\n<\/p>\n<p>Mr. David G. Ellen<\/p>\n<\/p>\n<p>Page 4<\/p>\n<\/p>\n<\/p>\n<p>8. For purposes hereof, &#8220;Separation Agreement&#8221; shall mean the Company153s<br \/>\nstandard severance agreement (modified to reflect the terms of this Agreement)<br \/>\nwhich will include, without limitation, the provisions set forth in Annex A<br \/>\nhereto regarding non-compete (limited to one year), non-disparagement,<br \/>\nnon-solicitation, confidentiality and further cooperation obligations and<br \/>\nrestrictions on you (with Company reimbursement of your associated expenses in<br \/>\nconnection with any required post-employment cooperation) as well as a general<br \/>\nrelease by you of the Company and its affiliates (and their respective directors<br \/>\nand officers).<\/p>\n<\/p>\n<\/p>\n<p>9. Except as otherwise set forth in Paragraphs 6, and 7 hereof, in connection<br \/>\nwith any termination of your employment, your then outstanding equity and cash<br \/>\nincentive awards shall be treated in accordance with their terms and, other than<br \/>\nas provided in this Agreement, you shall not be eligible for severance benefits<br \/>\nunder any other plan, program or policy of the Company.<\/p>\n<\/p>\n<\/p>\n<p>10. For purposes of this Agreement, &#8220;<em>Cause<\/em>&#8221; means your (i)<br \/>\ncommission of an act of fraud, embezzlement, misappropriation, willful<br \/>\nmisconduct, gross negligence or breach of fiduciary duty against the Company or<br \/>\nan affiliate thereof, or (ii) commission of any act or omission that results in<br \/>\na conviction, plea of no contest, plea of <em>nolo<\/em> <em>contendere<\/em>, or<br \/>\nimposition of unadjudicated probation for any crime involving moral turpitude or<br \/>\nany felony.<\/p>\n<\/p>\n<\/p>\n<p>For purposes of this Agreement, &#8220;<em>Good Reason<\/em>&#8221; means that (1) without<br \/>\nyour written consent, (A) your base salary or annual target bonus (as each may<br \/>\nbe increased from time to time in the Company153s sole discretion) is reduced, (B)<br \/>\nyour title (as in effect from time to time) is diminished, (C) you report<br \/>\ndirectly to someone other than the Chief Executive Officer of the Company, (D)<br \/>\nthe Company requires that your principal office be located outside of Nassau<br \/>\nCounty or the Borough of Manhattan, (E) the Company materially breaches its<br \/>\nobligations to you under this Agreement; or (F) your responsibilities as in<br \/>\neffect immediately after the date hereof are thereafter materially diminished,<br \/>\n(2) you have given the Company written notice, referring specifically to this<br \/>\nAgreement and definition, that you do not consent to such action, (3) the<br \/>\nCompany has not corrected such action within 15 days of receiving such notice,<br \/>\n<u>and<\/u> (4) you voluntarily terminate your employment with the Company within<br \/>\n90 days following the happening of the action described in subsection (1) above.\n<\/p>\n<\/p>\n<\/p>\n<p>11. This Agreement does not constitute a guarantee of employment for any<br \/>\ndefinite period. Your employment is at will and may be terminated by you or the<br \/>\nCompany at any time, with or without notice or reason.<\/p>\n<\/p>\n<\/p>\n<p>12. The Company may withhold from any payment due to you any taxes required<br \/>\nto be withheld under any law, rule or regulation. If any payment otherwise due<br \/>\nto you hereunder would result in the imposition of the excise tax imposed by<br \/>\nSection 4999 of the Internal Revenue Code, the Company will instead pay you<br \/>\neither (i) such amount or (ii) the maximum amount that could be paid to you<br \/>\nwithout the imposition of the excise tax, depending on whichever amount results<br \/>\nin your receiving the greater amount of after-tax proceeds. In the event that<br \/>\nthe payments and benefits payable to you would be reduced as provided in the<br \/>\nprevious sentence, then such reduction will be determined in a manner which has<br \/>\nthe least economic cost to you and, to the extent the economic cost is<br \/>\nequivalent, such payments or benefits will be reduced in the inverse order of<br \/>\nwhen the payments or benefits would have been made to you (<em>i.e.<\/em> later<br \/>\npayments will be reduced first) until the reduction specified is achieved.<\/p>\n<\/p>\n<\/p>\n<hr>\n<\/p>\n<p>Mr. David G. Ellen<\/p>\n<\/p>\n<p>Page 5<\/p>\n<\/p>\n<\/p>\n<p>13. It is intended that this Agreement will comply with Section 409A of the<br \/>\nCode and Section 409A to the extent the Agreement is subject thereto, and the<br \/>\nAgreement shall be interpreted on a basis consistent with such intent. If and to<br \/>\nthe extent that any payment or benefit under this Agreement, or any plan, award<br \/>\nor arrangement of the Company or its affiliates, constitutes &#8220;non-qualified<br \/>\ndeferred compensation&#8221; subject to Section 409A and is payable to you by reason<br \/>\nof your termination of employment, then (a) such payment or benefit shall be<br \/>\nmade or provided to you only upon a &#8220;separation from service&#8221; as defined for<br \/>\npurposes of Section 409A under applicable regulations and (b) if you are a<br \/>\n&#8220;specified employee&#8221; (within the meaning of Section 409A as determined by the<br \/>\nCompany), such payment or benefit shall not be made or provided before the date<br \/>\nthat is six months after the date of your separation from service (or your<br \/>\nearlier death). Any amount not paid or benefit not provided in respect of the<br \/>\nsix month period specified in the preceding sentence will be paid to you,<br \/>\ntogether with interest on such delayed amount at a rate equal to the average of<br \/>\nthe one-year LIBOR fixed rate equivalent for the ten business days prior to the<br \/>\ndate of your employment termination, in a lump sum or provided to you as soon as<br \/>\npracticable after the expiration of such six month period. Any such payment or<br \/>\nbenefit shall be treated as a separate payment for purposes of Section 409A to<br \/>\nthe extent Section 409A applies to such payments.<\/p>\n<\/p>\n<p>14. To the extent you are entitled to any expense reimbursement from the<br \/>\nCompany that is subject to Section 409A, (i) the amount of any such expenses<br \/>\neligible for reimbursement in one calendar year shall not affect the expenses<br \/>\neligible for reimbursement in any other taxable year (except under any lifetime<br \/>\nlimit applicable to expenses for medical care), (ii) in no event shall any such<br \/>\nexpense be reimbursed after the last day of the calendar year following the<br \/>\ncalendar year in which you incurred such expense, and (iii) in no event shall<br \/>\nany right to reimbursement be subject to liquidation or exchange for another<br \/>\nbenefit.<\/p>\n<\/p>\n<\/p>\n<p>15. The Company will not take any action, or omit to take any action, that<br \/>\nwould expose any payment or benefit to you to the additional tax of Section<br \/>\n409A, unless (i) the Company is obligated to take the action under an agreement,<br \/>\nplan or arrangement to which you are a party, (ii) you request the action, (iii)<br \/>\nthe Company advises you in writing that the action may result in the imposition<br \/>\nof the additional tax and (iv) you subsequently request the action in a writing<br \/>\nthat acknowledges you will be responsible for any effect of the action under<br \/>\nSection 409A. The Company will hold you harmless for any action it may take or<br \/>\nomission in violation of this Paragraph 15, including any attorney153s fees you<br \/>\nmay incur in enforcing your rights.<\/p>\n<\/p>\n<\/p>\n<p>16. It is our intention that the benefits and rights to which you could<br \/>\nbecome entitled in connection with termination of employment comply with Section<br \/>\n409A. If you or the Company believes, at any time, that any of such benefit or<br \/>\nright does not comply, it will promptly advise the other and will negotiate<br \/>\nreasonably and in good faith to amend the terms of such arrangement such that it<br \/>\ncomplies (with the most limited possible economic effect on you and on the<br \/>\nCompany).<\/p>\n<\/p>\n<hr>\n<\/p>\n<p>Mr. David G. Ellen<\/p>\n<\/p>\n<p>Page 6<\/p>\n<\/p>\n<\/p>\n<p>17. This Agreement is personal to you and without the prior written consent<br \/>\nof the Company shall not be assignable by you. This Agreement shall inure to the<br \/>\nbenefit of and be enforceable by your legal representatives. This Agreement<br \/>\nshall inure to the benefit of and be binding upon the Company and its successors<br \/>\nand assigns.<\/p>\n<\/p>\n<\/p>\n<p>18.<strong> To the extent permitted by law, you and the Company waive any and<br \/>\nall rights to a jury trial with respect to any matter relating to this Agreement<br \/>\n(including the covenants set forth in Annex A hereof). This Agreement will be<br \/>\ngoverned by and construed in accordance with the law of the State of New York<br \/>\napplicable to contracts made and to be performed entirely within that<br \/>\nState.<\/strong><\/p>\n<\/p>\n<\/p>\n<p>19. Both the Company and you hereby irrevocably submit to the jurisdiction of<br \/>\nthe courts of the State of New York and the federal courts of the United States<br \/>\nof America in each case located in the City of New York , Borough of Manhattan,<br \/>\nsolely in respect of the interpretation and enforcement of the provisions of<br \/>\nthis Agreement, and each party hereby waives, and agrees not to assert, as a<br \/>\ndefense that either party, as appropriate, is not subject thereto or that the<br \/>\nvenue thereof may not be appropriate. You and the Company each agree that<br \/>\nmailing of process or other papers in connection with any such action or<br \/>\nproceeding in any manner as may be permitted by law shall be valid and<br \/>\nsufficient service thereof.<\/p>\n<\/p>\n<\/p>\n<p>20. This Agreement may not be amended or modified otherwise than by a written<br \/>\nagreement executed by the parties hereto or their respective successors and<br \/>\nlegal representatives. The invalidity or unenforceability of any provision of<br \/>\nthis Agreement shall not affect the validity or enforceability of any other<br \/>\nprovision of this Agreement. It is the parties153 intention that this Agreement<br \/>\nnot be construed more strictly with regard to you or the Company.<\/p>\n<\/p>\n<\/p>\n<p>21. You agree to keep this Agreement and its terms strictly confidential<br \/>\n(unless it is made public by the Company); <em>provided<\/em> that (1) you are<br \/>\nauthorized to make any disclosure required of you by any federal, state or local<br \/>\nlaws or judicial proceedings, after providing the Company with prior written<br \/>\nnotice and an opportunity to respond to such disclosure (unless such notice is<br \/>\nprohibited by law) and (2) you are authorized to disclose this Agreement and its<br \/>\nterms to your legal, financial and tax advisors so long as such advisors agree<br \/>\nto maintain the confidentiality of this Agreement.<\/p>\n<\/p>\n<\/p>\n<p>22. This Agreement reflects the entire under -standing and agreement of you<br \/>\nand the Company with respect to the subject matter hereof and supersedes all<br \/>\nprior understandings or agreements relating thereto, including the prior<br \/>\nemployment agreement between you and the Company (the &#8220;Original Agreement&#8221;)<br \/>\nwhich shall automatically terminate and be of no further force and effect upon<br \/>\nthe execution hereof: provided, however, that you shall continue to be entitled<br \/>\nto any compensation, payments or other benefits to which you became entitled<br \/>\nprior to the date hereof pursuant to the Original Agreement which have not been<br \/>\npaid or delivered to you as of the date hereof (without duplication of any<br \/>\ncompensation, payment or other benefit payable to you pursuant to this<br \/>\nAgreement).<\/p>\n<\/p>\n<hr>\n<\/p>\n<p>Mr. David G. Ellen<\/p>\n<\/p>\n<p>Page 7<\/p>\n<\/p>\n<\/p>\n<p>23. This Agreement will automatically terminate, and be of no further force<br \/>\nor effect, on December 31, 2016; provided, however, that the provisions of<br \/>\nParagraphs 6 through 9, 12 through 23 and Annex A shall survive the termination<br \/>\nof the Agreement and remain binding on you and the Company in accordance with<br \/>\ntheir terms.<\/p>\n<\/p>\n<\/p>\n<hr>\n<\/p>\n<table style=\"width: 100%;\" width=\"100%\" cellpadding=\"0\" class=\" \" border=\"0\" cellspacing=\"0\">\n<tbody>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\">\n<p>Sincerely,<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\">\n<p>CABLEVISION SYSTEMS CORPORATION<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\">\n<p>\/s\/ James L. Dolan<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\">\n<p>By: James L. Dolan<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\">\n<p>Title: Chief Executive Officer<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>Accepted and Agreed:<\/p>\n<\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>\/s\/ David G. Ellen<\/p>\n<\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\"><\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\"><\/td>\n<\/tr>\n<tr>\n<td width=\"45%\" valign=\"top\">\n<p>David G. Ellen<\/p>\n<\/td>\n<td width=\"5%\" valign=\"top\"><\/td>\n<td width=\"50%\" valign=\"top\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/p>\n<hr>\n<\/p>\n<p>Mr. David G. Ellen<\/p>\n<\/p>\n<p>Page 9<\/p>\n<\/p>\n<\/p>\n<p align=\"center\">ANNEX A<\/p>\n<p align=\"center\">\n<p align=\"center\">ADDITIONAL COVENANTS<\/p>\n<p align=\"center\">\n<p align=\"center\">(This Annex constitutes part of the Agreement)<\/p>\n<p align=\"center\">\n<\/p>\n<p>You agree to comply with the following covenants in addition to those set<br \/>\nforth in the Agreement.<\/p>\n<\/p>\n<\/p>\n<p>1. CONFIDENTIALITY<\/p>\n<\/p>\n<\/p>\n<p>You agree to retain in strict confidence and not divulge, disseminate, copy<br \/>\nor disclose to any third party any Confidential Information, other than for<br \/>\nlegitimate business purposes of the Company and its subsidiaries. As used<br \/>\nherein, &#8220;Confidential Information&#8221; means any non-public information that is<br \/>\nmaterial or of a confidential, proprietary, commercially sensitive or personal<br \/>\nnature of, or regarding, the Company or any of its subsidiaries or any current<br \/>\nor former director, officer or member of senior management of any of the<br \/>\nforegoing (collectively &#8220;Covered Parties&#8221;). The term Confidential Information<br \/>\nincludes information in written, digital, oral or any other format and includes,<br \/>\nbut is not limited to (i) information designated or treated as confidential;<br \/>\n(ii) budgets, plans, forecasts or other financial or accounting data; (iii)<br \/>\nsubscriber, customer, fan, vendor or shareholder lists or data; (iv) technical<br \/>\nor strategic information regarding the Covered Parties153, cable, data, telephone,<br \/>\nprogramming, advertising, film production, motion picture exhibition, newspaper,<br \/>\nmultichannel video data and distribution services or other businesses; (v)<br \/>\nadvertising, business, sales or marketing tactics and strategies; (vi) policies,<br \/>\npractices, procedures or techniques; (vii) trade secrets or other intellectual<br \/>\nproperty; (viii) information, theories or strategies relating to litigation,<br \/>\narbitration, mediation, investigations or matters relating to governmental<br \/>\nauthorities; (ix) terms of agreements with third parties and third party trade<br \/>\nsecrets; (x) information regarding employees, agents, consultants, advisors or<br \/>\nrepresentatives, including their compensation or other human resources policies<br \/>\nand procedures; and (xi) any other information the disclosure of which may have<br \/>\nan adverse effect on the Covered Parties153 business reputation, operations or<br \/>\ncompetitive position, reputation or standing in the community.<\/p>\n<\/p>\n<\/p>\n<p>If disclosed, Confidential Information or Other Information could have an<br \/>\nadverse effect on the Company153s standing in the community, its business<br \/>\nreputation, operations or competitive position or the standing, reputation,<br \/>\noperations or competitive position of any of its affiliates subsidiaries,<br \/>\nofficers, directors, employees, consultants or agents.<\/p>\n<\/p>\n<\/p>\n<p>Notwithstanding the foregoing, the obligations of this section, other than<br \/>\nwith respect to subscriber information, shall not apply to Confidential<br \/>\nInformation which is:<\/p>\n<\/p>\n<\/p>\n<p>a) already in the public domain;<\/p>\n<\/p>\n<\/p>\n<p>b) disclosed to you by a third party with the right to disclose it in good<br \/>\nfaith; or<\/p>\n<\/p>\n<\/p>\n<hr>\n<\/p>\n<p>Mr. David G. Ellen<\/p>\n<\/p>\n<p>Page 10<\/p>\n<\/p>\n<\/p>\n<p>c) specifically exempted in writing by the Company from the applicability of<br \/>\nthis Agreement.<\/p>\n<\/p>\n<\/p>\n<p>Notwithstanding anything elsewhere in this Agreement, you are authorized to<br \/>\nmake any disclosure required of you by any federal, state and local laws or<br \/>\njudicial, arbitral or governmental agency proceedings, after providing the<br \/>\nCompany with prior written notice and an opportunity to respond prior to such<br \/>\ndisclosure. In addition, this Agreement in no way restricts or prevents you from<br \/>\nproviding truthful testimony concerning the Company to judicial, administrative,<br \/>\nregulatory or other governmental authorities.<\/p>\n<\/p>\n<\/p>\n<p>2. NON-COMPETE<\/p>\n<\/p>\n<\/p>\n<p>You acknowledge that due to your executive position in the Company and your<br \/>\nknowledge of the Company153s confidential and proprietary information, your<br \/>\nemployment or affiliation with certain entities would be detrimental to the<br \/>\nCompany. You agree that, without the prior written consent of the Company and to<br \/>\nthe extent permissible under applicable rules of professional responsibility,<br \/>\nyou will not represent, become employed by, consult to, advise in any manner or<br \/>\nhave any material interest in any business directly or indirectly in any<br \/>\nCompetitive Entity (as defined below). A &#8220;Competitive Entity&#8221; shall mean (1) any<br \/>\nperson or entity that competes with any of the Company153s or its affiliates153<br \/>\ncable television, telephone, on-line data, on-line content, or newspaper<br \/>\nbusinesses or that competes with any of the Company153s or its affiliates153<br \/>\nprogramming businesses, nationally or regionally or that competes with any other<br \/>\nbusiness of the Company or its affiliates that produced greater than 10% of the<br \/>\nCompany153s revenues in the calendar year immediately preceding the year in which<br \/>\nthe determination is made; or (2) any trade or professional association<br \/>\nrepresenting any of the companies covered by this paragraph, other than the<br \/>\nNational Cable Television Association and any state cable television<br \/>\nassociation. For purposes of this Agreement, an affiliate of the Company shall<br \/>\nmean an entity that directly or indirectly controls or is controlled by the<br \/>\nCompany. An entity shall be deemed to compete with the on-line content business<br \/>\nof the Company, or any of its affiliates only if the entity directly competes<br \/>\nagainst the on-line content business of the Company, or its affiliate; provided,<br \/>\nhowever, that an entity153s business shall not be deemed to directly compete<br \/>\nmerely by the fact that the business sells ads on-line, unless the business<br \/>\nspecifically targets such ads to the same customers or potential customers as<br \/>\nbeing targeted by the on-line content business of the Company, its subsidiary or<br \/>\naffiliate. Ownership of not more than 1% of the outstanding stock of any<br \/>\npublicly traded company shall not be a violation of this paragraph. This<br \/>\nagreement not to compete will expire upon the one year anniversary of the date<br \/>\nof your termination of employment with the Company.<\/p>\n<\/p>\n<\/p>\n<p>3. ADDITIONAL UNDERSTANDINGS<\/p>\n<\/p>\n<\/p>\n<p>You agree, for yourself and others acting on your behalf, that you (and they)<br \/>\nhave not disparaged and will not disparage, make negative statements about or<br \/>\nact in any manner which is intended to or does damage to the good will of, or<br \/>\nthe business or personal reputations of the Company or any of its incumbent or<br \/>\nformer officers, directors, agents, consultants, employees, or successors and<br \/>\nassigns.<\/p>\n<\/p>\n<\/p>\n<hr>\n<\/p>\n<p>Mr. David G. Ellen<\/p>\n<\/p>\n<p>Page 11<\/p>\n<\/p>\n<\/p>\n<p>Unless the Company determines in good faith that you have committed any<br \/>\nmalfeasance during your employment by the Company, the Company agrees that its<br \/>\ncorporate officers and directors, employees in its public relations department<br \/>\nor third party public relations representatives retained by the Company will not<br \/>\ndisparage you or make negative statements in the press or other media which are<br \/>\ndamaging to your business or personal reputation. In the event that the Company<br \/>\nso disparages you or makes such negative statements, then notwithstanding the<br \/>\n&#8220;Additional Understandings&#8221; provision to the contrary, you may make a<br \/>\nproportional response thereto.<\/p>\n<\/p>\n<\/p>\n<p>In addition, you agree that the Company is the owner of all rights, title and<br \/>\ninterest in and to all documents, tapes, videos, designs, plans, formulas,<br \/>\nmodels, processes, computer programs, inventions (whether patentable or not),<br \/>\nschematics, music, lyrics and other technical, business, financial, advertising,<br \/>\nsales, marketing, customer or product development plans, forecasts, strategies,<br \/>\ninformation and materials (in any medium whatsoever) developed or prepared by<br \/>\nyou or with your cooperation during the course of your employment by the Company<br \/>\n(the &#8220;Materials&#8221;). The Company will have the sole and exclusive authority to use<br \/>\nthe Materials in any manner that it deems appropriate, in perpetuity, without<br \/>\nadditional payment to you.<\/p>\n<\/p>\n<\/p>\n<p>4. FURTHER COOPERATION<\/p>\n<\/p>\n<\/p>\n<p>Following the date of termination of your employment with the Company (the<br \/>\n&#8220;Expiration Date&#8221;), you will no longer provide any regular services to the<br \/>\nCompany or represent yourself as a Company agent. If, however, the Company so<br \/>\nrequests, you agree to cooperate fully with the Company in connection with any<br \/>\nmatter with which you were involved prior to the Expiration Date, or in any<br \/>\nlitigation or administrative proceedings or appeals (including any preparation<br \/>\ntherefore) where the Company believes that your personal knowledge, attendance<br \/>\nand participation could be beneficial to the Company. This cooperation includes,<br \/>\nwithout limitation, participation on behalf of the Company in any litigation or<br \/>\nadministrative proceeding brought by any former or existing Company employees,<br \/>\nrepresentatives, agents or vendors. The Company will pay you for your services<br \/>\nrendered under this provision at the rate of $6,800 per day for each day or part<br \/>\nthereof, within 30 days of approved invoice therefor.<\/p>\n<\/p>\n<\/p>\n<p>The Company will provide you with reasonable notice in connection with any<br \/>\ncooperation it requires in accordance with this section and will take reasonable<br \/>\nsteps to schedule your cooperation in any such matters so as not to materially<br \/>\ninterfere with your other professional and personal commitments. The Company<br \/>\nwill reimburse you for any reasonable out-of-pocket expenses you reasonably<br \/>\nincur in connection with the cooperation you provide hereunder as soon as<br \/>\npracticable after you present appropriate documentation evidencing such<br \/>\nexpenses. You agree to provide the Company with an estimate of such expense<br \/>\nbefore you incur the same.<\/p>\n<\/p>\n<\/p>\n<p>5. NON-HIRE OR SOLICIT<\/p>\n<\/p>\n<\/p>\n<p>You agree not to hire, seek to hire, or cause any person or entity to hire or<br \/>\nseek to hire (without the prior written consent of the Company), directly or<br \/>\nindirectly (whether for your own interest or any other person or entity153s<br \/>\ninterest) any then current employee of the Company, or any of its subsidiaries<br \/>\nor affiliates (other than The Madison SquareGarden Company and its subsidiaries<br \/>\nor AMC Networks, Inc. or its subsidiaries), until the first anniversary of the<br \/>\ndate of your termination of employment with the Company. This restriction does<br \/>\nnot apply to<\/p>\n<\/p>\n<p>any employee who was discharged by the Company. In addition, this restriction<br \/>\nwill not prevent you from providing references.<\/p>\n<\/p>\n<hr>\n<\/p>\n<p>Mr. David G. Ellen<\/p>\n<\/p>\n<p>Page 12<\/p>\n<\/p>\n<\/p>\n<p>6. ACKNOWLEDGMENTS<\/p>\n<\/p>\n<\/p>\n<p>You acknowledge that the restrictions contained in this Annex A, in light of<br \/>\nthe nature of the Company153s business and your position and responsibilities, are<br \/>\nreasonable and necessary to protect the legitimate interests of the Company. You<br \/>\nacknowledge that the Company has no adequate remedy at law and would be<br \/>\nirreparably harmed if you breach or threaten to breach the provisions of this<br \/>\nAnnex A, and therefore agree that the Company shall be entitled to injunctive<br \/>\nrelief, to prevent any breach or threatened breach of any of those provisions<br \/>\nand to specific performance of the terms of each of such provisions in addition<br \/>\nto any other legal or equitable remedy it may have. You further agree that you<br \/>\nwill not, in any equity proceeding relating to the enforcement of the provisions<br \/>\nof this Annex A, raise the defense that the Company has an adequate remedy at<br \/>\nlaw. Nothing in this Annex A shall be construed as prohibiting the Company from<br \/>\npursuing any other remedies at law or in equity that it may have or any other<br \/>\nrights that it may have under any other agreement. If it is determined that any<br \/>\nof the provisions of this Annex A or any part thereof, is unenforceable because<br \/>\nof the duration or scope (geographic or otherwise) of such provision or because<br \/>\nof applicable rules of professional responsibility, it is the intention of the<br \/>\nparties that the duration or scope of such provision, as the case may be, shall<br \/>\nbe reduced so that such provision becomes enforceable and, in its reduced form,<br \/>\nsuch provision shall then be enforceable and shall be enforced.<\/p>\n<\/p>\n<\/p>\n<p>7. SURVIVAL<\/p>\n<\/p>\n<\/p>\n<p>The provisions of this Annex A shall survive any termination of your<br \/>\nemployment by the Company or the expiration of the Agreement.<\/p>\n<\/p>\n<hr><\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6984],"corporate_contracts_industries":[9465],"corporate_contracts_types":[9539,9544],"class_list":["post-39037","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-cablevision-systems-corp","corporate_contracts_industries-media__broadcasting","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39037"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39037"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39037"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}