UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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| 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 |
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| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MADISON SQUARE GARDEN SPORTS CORP. | ||
| (Registrant) | ||
| By: |
/s/ Mark C. Cresitello | |
| Name: |
Mark C. Cresitello | |
| Title: |
Senior Vice President, Associate General Counsel and Secretary | |
Dated: June 19, 2020