Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On June 19, 2020, Madison Square Garden Sports Corp. (the "Company") entered
into a letter agreement with Lawrence J. Burian, Executive Vice President and
General Counsel of the Company.
Pursuant to the agreement with the Company, solely for purposes of Mr. Burian's
"Good Reason" rights which arose as a result of the changes to his employment at
the time of the spinoff by the Company of Madison Square Garden Entertainment
Corp. (the "Distribution"), the Company extended the date by which Mr. Burian
may voluntarily terminate his employment for Good Reason (as defined in his
Employment Agreement, dated as of September 6, 2018 (the "Employment Agreement")
with the Company) to September 16, 2020, or such later date as may be mutually
agreed by the parties (such a termination, a "Spin Termination").
As consideration for the changes to the Employment Agreement, Mr. Burian agreed
that any ordinary course long-term incentive awards granted to him by the
Company after the date of the agreement will not be eligible to vest pursuant to
the Employment Agreement solely in the event of his Spin Termination, unless the
Company otherwise determines. The parties also agreed that upon his Spin
Termination, Paragraph 2 of Annex B to Mr. Burian's Employment Agreement will
not apply.
The above description does not purport to be complete and is qualified in its
entirety by reference to the letter agreement, which is attached as Exhibit 10.1
hereto and incorporated into this Item 5.02 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.1 Letter Agreement, dated June 19, 2020, between Madison Square Garden
Sports Corp. and Lawrence J. Burian.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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