EX-10.3





 Exhibit 10.3 
  

 
  

TAX DISAFFILIATION AGREEMENT 

BETWEEN 
 THE MADISON
SQUARE GARDEN COMPANY 
 (TO BE RENAMED MADISON SQUARE GARDEN SPORTS CORP.) 

AND 
 MSG ENTERTAINMENT
SPINCO, INC. 
 (TO BE RENAMED MADISON SQUARE GARDEN ENTERTAINMENT CORP.) 

dated as of March 31, 2020 
  

 
  












 TABLE OF CONTENTS 
  

									
	 SECTION 1.
	 	 Definition of Terms
	  	 	2	 
			
	 SECTION 2.
	 	 Allocation of Taxes and Tax-Related
Losses
	  	 	10	 
				
		 	 2.1
	 	 Allocation of Taxes
	  	 	10	 
				
		 	 2.2
	 	 Special Allocation of Certain Taxes
	  	 	11	 
				
		 	 2.3
	 	 Tax Payments
	  	 	12	 
			
	 SECTION 3.
	 	 Preparation and Filing of Tax Returns
	  	 	12	 
				
		 	 3.1
	 	 Combined Returns
	  	 	12	 
				
		 	 3.2
	 	 Separate Returns
	  	 	12	 
				
		 	 3.3
	 	 Agent
	  	 	12	 
				
		 	 3.4
	 	 Provision of Information
	  	 	13	 
				
		 	 3.5
	 	 Special Rules Relating to the Preparation of Tax Returns
	  	 	13	 
				
		 	 3.6
	 	 Refunds, Credits, Offsets, Tax Benefits
	  	 	13	 
				
		 	 3.7
	 	 Carrybacks
	  	 	14	 
				
		 	 3.8
	 	 Amended Returns
	  	 	14	 
				
		 	 3.9
	 	 Compensatory Equity Interests
	  	 	15	 
			
	 SECTION 4.
	 	 Tax Payments
	  	 	15	 
				
		 	 4.1
	 	 Payment of Taxes to Tax Authority
	  	 	15	 
				
		 	 4.2
	 	 Indemnification Payments
	  	 	15	 
				
		 	 4.3
	 	 Interest on Late Payments
	  	 	15	 
				
		 	 4.4
	 	 Tax Consequences of Payments
	  	 	16	 
				
		 	 4.5
	 	 Adjustments to Payments
	  	 	16	 
				
		 	 4.6
	 	 Section 336(e) Election
	  	 	16	 
				
		 	 4.7
	 	 Certain Final Determinations
	  	 	17	 
			
	 SECTION 5.
	 	 Cooperation and Tax Contests
	  	 	17	 
				
		 	 5.1
	 	 Cooperation
	  	 	17	 
				
		 	 5.2
	 	 Notices of Tax Contests
	  	 	17	 
				
		 	 5.3
	 	 Control of Tax Contests
	  	 	18	 
				
		 	 5.4
	 	 Cooperation Regarding Tax Contests
	  	 	18	 
			
	 SECTION 6.
	 	 Tax Records
	  	 	18	 
				
		 	 6.1
	 	 Retention of Tax Records
	  	 	18	 
				
		 	 6.2
	 	 Access to Tax Records
	  	 	19	 
				
		 	 6.3
	 	 Confidentiality
	  	 	19	 


  
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	 SECTION 7.
	 	 Representations and Covenants
	  	 	19	 
				
		 	 7.1
	 	 Covenants of MSG and Spinco
	  	 	19	 
				
		 	 7.2
	 	 Covenants of Spinco
	  	 	20	 
				
		 	 7.3
	 	 Covenants of MSG
	  	 	20	 
				
		 	 7.4
	 	 Exceptions
	  	 	21	 
				
		 	 7.5
	 	 Injunctive Relief
	  	 	22	 
				
		 	 7.6
	 	 Further Assurances
	  	 	22	 
			
	 SECTION 8.
	 	 General Provisions
	  	 	22	 
				
		 	 8.1
	 	 Construction
	  	 	22	 
				
		 	 8.2
	 	 Ancillary Agreements
	  	 	22	 
				
		 	 8.3
	 	 Counterparts
	  	 	22	 
				
		 	 8.4
	 	 Notices
	  	 	22	 
				
		 	 8.5
	 	 Amendments
	  	 	23	 
				
		 	 8.6
	 	 Assignment
	  	 	23	 
				
		 	 8.7
	 	 Successors and Assigns
	  	 	23	 
				
		 	 8.8
	 	 Change in Law
	  	 	23	 
				
		 	 8.9
	 	 Authorization, Etc.
	  	 	23	 
				
		 	 8.10
	 	 Termination
	  	 	24	 
				
		 	 8.11
	 	 Subsidiaries
	  	 	24	 
				
		 	 8.12
	 	 Third-Party Beneficiaries
	  	 	24	 
				
		 	 8.13
	 	 Double Recovery
	  	 	24	 
				
		 	 8.14
	 	 Titles and Headings
	  	 	24	 
				
		 	 8.15
	 	 Governing Law
	  	 	24	 
				
		 	 8.16
	 	 Waiver of Jury Trial
	  	 	24	 
				
		 	 8.17
	 	 Severability
	  	 	24	 
				
		 	 8.18
	 	 No Strict Construction; Interpretation
	  	 	24	 
			
	 SCHEDULE A
	 		  			

  

  
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 TAX DISAFFILIATION AGREEMENT 

THIS TAX DISAFFILIATION AGREEMENT (the “Agreement”) is dated as of March 31, 2020, by and between The Madison Square Garden
Company (to be renamed Madison Square Garden Sports Corp. at the Effective Time (as defined below)), a Delaware corporation (“MSG”), and MSG Entertainment Spinco, Inc. (to be renamed Madison Square Garden Entertainment Corp. at the
Effective Time), a Delaware corporation and a direct wholly-owned subsidiary of MSG (“Spinco” and, together with MSG, the “Parties”, and each, a “Party”). Unless otherwise indicated, all
“Section” references in this Agreement are to sections of the Agreement. 
 RECITALS 

WHEREAS, the Board of Directors of MSG determined that, based on the Corporate Business Purposes (as defined below), it is in the best
interests of MSG and its stockholders to separate the businesses of Spinco, all as more fully described in Spinco’s registration statement on Form 10, from MSG’s other businesses on the terms and conditions set forth in the
Distribution Agreement between MSG and Spinco dated on or about the date hereof (the “Distribution Agreement”); 
 WHEREAS,
pursuant to the Contribution Agreement (as defined below), (a) MSG Sports & Entertainment, LLC (to be renamed MSG Entertainment Group, LLC), a Delaware limited liability company and a direct wholly-owned subsidiary of MSG (“MSG
Entertainment”), intends to complete the Sports Assignments (as defined below), and (b) MSG intends to complete the Entertainment Assignments (as defined below); 

WHEREAS, the Board of Directors of MSG has authorized the distribution to the holders of the issued and outstanding shares of Class A
Common Stock, par value $0.01 per share, and Class B Common Stock, par value $0.01 per share, of MSG (collectively, the “MSG Shares”) as of the record date for the distribution of all the issued and outstanding shares of
Class A Common Stock, par value $0.01 per share, and Class B Common Stock, par value $0.01 per share, of Spinco (each, a “Spinco Share” and collectively, the “Spinco Shares”), respectively, on the basis of
one Spinco Share for every one MSG Share (the “Distribution”); 
 WHEREAS, MSG and Spinco intend the Recapitalization (as
defined below) to qualify as a tax-free transaction under section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended (as defined below); 

WHEREAS, MSG and Spinco intend the Contribution (as defined below) and Distribution to qualify for the
Tax-Free Status (as defined below); 
 WHEREAS, the Boards of Directors of MSG and Spinco have each
determined that the Distribution and the other transactions contemplated by the Distribution Agreement, and the Ancillary Agreements (as defined below) are in furtherance of and consistent with the Corporate Business Purposes and, as such, are in
the best interests of their respective companies and stockholders or sole stockholder, as applicable, and have approved the Distribution Agreement, and each of the Ancillary Agreements; 












 WHEREAS, the Parties set forth in the Distribution Agreement the principal arrangements
between them regarding the separation of the Spinco Group (as defined below) from the MSG Group (as defined below); and 
 WHEREAS, the
Parties desire to provide for and agree upon the allocation between the Parties of liabilities for Taxes (as defined below) arising prior to, as a result of, and subsequent to the Distribution, and to provide for and agree upon other matters
relating to Taxes; 
 NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, the Parties hereby agree as
follows: 
 SECTION 1. Definition of Terms. For purposes of this Agreement (including the recitals hereof), the following
terms have the following meanings: 
 “Affiliate” has the meaning set forth in the Distribution Agreement. For the avoidance of
doubt, the term “Affiliate” as it applies to Spinco shall include the Spinco Company Entities. 
 “Agreed Treatment”
means the treatment of (i) the Sports Assignments as a transaction that is disregarded for U.S. federal income Tax purposes, (ii) the Recapitalization as a tax-free transaction to which section
368(a)(1)(E) of the Code applies, and (iii) the Contribution and the Distribution in accordance with the Tax-Free Status. 

“Agreement” has the meaning set forth in the preamble hereof. 

“Ancillary Agreements” means the agreements encompassed by such term in the Distribution Agreement. 

“Business Day” has the meaning set forth in the Distribution Agreement. 

“Code” has the meaning set forth in the recitals hereof. 

“Combined Return” means a consolidated, combined or unitary Tax Return that includes, by election or otherwise, one or more members
of the MSG Group and one or more members of the Spinco Group. 
 “Companies” means MSG and Spinco. 

“Company” means MSG or Spinco, as the context requires. 

“Compensatory Equity Interests” means options, stock appreciation rights, restricted stock, restricted stock units or other rights
with respect to MSG Common Shares or Spinco Shares that are granted by MSG, Spinco or any of their respective Subsidiaries in connection with employee or director compensation or other employee benefits. 

“Compensatory Equity Net Share Settlements” means “net share settlement” transactions with respect to Compensatory Equity
Interests between either Party (or any of their respective Subsidiaries) on the one hand and the employee (or director, as the case may be) of such Party or the other Party (or any of their respective Subsidiaries) on the other hand, in each case
pursuant to the terms of the relevant agreement with respect to such Compensatory Equity Interests. 

  
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 “Contribution Agreement” means the Contribution Agreement between MSG, Spinco and
MSG Entertainment dated on or about the date hereof. 
 “Contribution” means the Entertainment Assignments. 

“Controlling Party” means, with respect to a Tax Contest, the Person that has responsibility, control and discretion in handling,
defending, settling or contesting such Tax Contest. 
 “Corporate Business Purposes” means the Corporate Business Purposes as set
forth in the Tax Opinion Representations (including any appendices thereto) and the “Reasons for the Distribution” in Spinco’s registration statement on Form 10, as amended. 

“Deconsolidation Taxes” means any Taxes imposed on any member of the MSG Group or the Spinco Group as a result of or in connection
with the Sports Assignments, the Contribution and the Distribution (or any portion thereof), but excluding any Transfer Taxes and Distribution Taxes. 

“Disclosing Party” has the meaning set forth in Section 6.3. 

“Distribution” has the meaning set forth in the recitals hereof. 

“Distribution Agreement” has the meaning set forth in the recitals hereof. 

“Distribution Date” has the meaning set forth in the Distribution Agreement. 

“Distribution Taxes” means any Taxes arising from a Final Determination that the Contribution and the Distribution failed to be tax-free to MSG in accordance with the requirements of section 355 or section 368(a)(1)(D) of the Code (including any Taxes resulting from the application of section 355(d) or (e) to the Distribution), or
that any stock of Spinco failed to qualify as “qualified property” within the meaning of section 355(c)(2) or 361(c)(2) of the Code (including as a result of the application of section 355(d) or 355(e) of the Code to the Distribution)
or where applicable, failed to be stock permitted to be received without recognition of gain or loss under section 361(a) of the Code, and shall include any Taxes resulting from an election under section 336(e) of the Code in the circumstances
set forth in Section 4.6 hereof. 
 “Due Date” has the meaning set forth in Section 4.3. 

“Entertainment Assignments” has the meaning set forth in the Contribution Agreement. 

“Effective Time” means 11:59 p.m., New York City time, on the Distribution Date. 

  
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 “Employee Matters Agreement” means the Employee Matters Agreement by and between
MSG and Spinco entered into on or about the date hereof. 
 “Escheat Liability” means any unclaimed property or escheat liability,
including any interest, penalty, administrative charge, or addition thereto and further including all costs of responding to or defending against an audit, examination, or controversy with respect to such liability, imposed by or on behalf of a
governmental entity with respect to any property or obligation (including, without limitation, uncashed checks to vendors, customers, or employees and non-refunded overpayments). 

“Excess Taxes” means the excess of (x) the Taxes for which MSG Group is liable if an election is made pursuant to section
336(e) of the Code under Section 4.6 of this Agreement, over (y) the Taxes for which MSG Group is liable if such an election is not made, in each case taking into account the allocation of Taxes that is otherwise applicable in this
Agreement but without regard to Section 4.6 hereof. 
 “Expert Law Firm” means a law firm nationally recognized for its
expertise in the matter for which its opinion is sought. 
 “Fifty-Percent Equity Interest” means, in respect of any corporation
(within the meaning of the Code), stock or other equity interests of such corporation possessing (i) at least fifty percent (50%) of the total combined voting power of all classes of stock or equity interests entitled to vote, or (ii) at
least fifty percent (50%) of the total value of shares of all classes of stock or of the total value of all equity interests. 

“Filer” means the Company that is responsible for filing the applicable Tax Return pursuant to Sections 3.1 or 3.2. 

“Final Determination” means a determination within the meaning of section 1313 of the Code or any similar provision of state or
local Tax Law. 
 “Group” means the MSG Group or the Spinco Group, as the context requires. 

“Income Tax” or “Income Taxes” means any Tax that is imposed on or measured by or referred to as income, gross income,
gross receipts, profits, capital stock, franchise or other similar Tax. 
 “Indemnified Party” has the meaning set forth in
Section 4.5. 
 “Indemnifying Party” has the meaning set forth in Section 4.5. 

“Interest Rate” means (x) the “Applicable Rate” as set forth in the Distribution Agreement, or (y) if
higher and if with respect to a payment to indemnify for a Tax to which the “large corporate underpayment” provision within the meaning of section 6621(c) of the Code applies, such interest rate that would be applicable at such time
to such “large corporate underpayment.” 
 “IRS” means the Internal Revenue Service. 

  
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 “MSG” has the meaning set forth in the preamble hereof. 

“MSG Business” has the meaning ascribed to the term “MSG Business” in the Tax Opinion Representations that constitutes an
active trade or business (within the meaning of section 355(b) of the Code) of the separate affiliated group (as defined in section 355(b)(3)(B) of the Code) of MSG. 

“MSG Group” has the meaning ascribed to the term “MSG Group” in the Distribution Agreement. 

“MSG Indemnified Party” includes each member of the MSG Group, each of their representatives and Affiliates, each of their
respective directors, officers, managers and employees, and each of their heirs, executors, trustees, administrators, successors and assigns. 

“MSG Restricted Action” means any action by MSG or any of its Subsidiaries inconsistent with the covenants set forth in
Section 7.4(a); and, for the avoidance of doubt, an action shall be and remain a MSG Restricted Action even if MSG or any of its Subsidiaries is permitted to take such an action pursuant to Section 7.5(b). 

“MSG Shares” has the meaning set forth in the recitals to this Agreement. 

“MSG Tainting Act” means any breach of a representation or covenant made by MSG in Section 7.1 of this Agreement or the taking
of a MSG Restricted Action, if as a result of such breach or taking of a MSG Restricted Action a Final Determination is made that the Contribution and the Distribution failed to be tax-free by reason of
(i) failing to qualify as a transaction described in section 355 and section 368(a)(1)(D) of the Code, or (ii) any stock of Spinco failing to qualify as “qualified property” within the meaning of section 355(c)(2) or
361(c)(2) of the Code (including as a result of the application of section 355(d) or 355(e) of the Code to the Distribution) or where applicable, failing to be stock permitted to be received without recognition of gain or loss under
section 361(a) of the Code. 
 “Non-Controlling Party” has the meaning set forth in
Section 5.3(a). 
 “Non-Filer” means any Company that is not responsible for filing
the applicable Tax Return pursuant to Sections 3.1 or 3.2. 
 “Non-Income Tax” or “Non-Income Taxes” means any Tax that is not an Income Tax. 
 “Other Party” has the
meaning set forth in Section 4.6(b). 
 “Party” has the meaning set forth in the preamble hereof. 

“Parties” has the meaning set forth in the preamble hereof. 

“Payment Date” means (x) with respect to any U.S. federal income tax return, the date on which any required installment of
estimated taxes determined under section 6655 of the Code is due, the date on which (determined without regard to extensions) filing the return determined under section 6072 of the Code is required, and the date the return is filed, and
(y) with respect to any other Tax Return, the corresponding dates determined under the applicable Tax Law. 

  
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 “Periodic Taxes” means Taxes imposed on a periodic basis that are not based upon
or related to income or receipts. Periodic Taxes include property Taxes and similar Taxes. 
 “Permitted Acquisition” means any
acquisition (as a result of the Distribution) of Spinco Shares solely by reason of holding MSG Shares, but does not include such an acquisition if such MSG Shares, before such acquisition, were themselves acquired in a manner to which the flush
language of section 355(e)(3)(A) of the Code applies (thus causing, for the avoidance of doubt, section 355(e)(3)(A)(i), (ii), (iii) or (iv) of the Code not to apply). 

“Person” means any individual, corporation, company, limited liability company, partnership, trust, incorporated or unincorporated
association, joint venture or other entity of any kind. 
 “Post-Distribution Period” means any Tax Year or other taxable period
beginning after the Distribution Date and, in the case of any Straddle Period, that part of the Tax Year or other taxable period that begins at the beginning of the day after the Distribution Date. 

“Pre-Distribution Period” means any Tax Year or other taxable period that ends on or before
the Distribution Date and, in the case of any Straddle Period, that part of the Tax Year or other taxable period through the end of the day on the Distribution Date. 

“Preparer” means the Company that is responsible for the preparation and filing of the applicable Tax Return pursuant to
Sections 3.1 or 3.2. 
 “Recapitalization” means the issuance of all Spinco Shares to MSG in exchange for all of the Spinco Pre-Recapitalization Shares held by MSG. 
 “Receiving Party” has the meaning set forth in
Section 6.3. 
 “Responsible Party” has the meaning set forth in Section 4.6(b). 

“Restriction Period” means the period beginning on the Distribution Date and ending twenty-four (24) months after the
Distribution Date. 
 “Satisfactory Guidance” means either a ruling from the IRS or an Unqualified Opinion, in either case
reasonably satisfactory to MSG or Spinco (as the context dictates) in both form and substance. 
 “Separate Return” means
(a) in the case of any Tax Return required under relevant Tax Law to be filed by any member of the MSG Group (including any consolidated, combined or unitary Tax Return), any such Tax Return that does not include any member of the Spinco Group,
and (b) in the case of any Tax Return required under relevant Tax Law to be filed by any member of the Spinco Group (including any consolidated, combined or unitary Tax Return), any such Tax Return that does not include any member of the MSG
Group. 

  
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 “Spinco” has the meaning set forth in the preamble hereof. 

“Spinco Business” has the meaning ascribed to the term “Spinco Business” in the Tax Opinion Representations that
constitutes an active trade or business (within the meaning of section 355(b) of the Code) of the separate affiliated group (as defined in section 355(b)(3)(B) of the Code) of Spinco. 

“Spinco Share” or “Spinco Shares” has the meaning set forth in the recitals to this Agreement. 

“Spinco Company Entities” means, collectively, the entities listed on Schedule A of the Distribution Agreement. 

“Spinco Group” has the meaning ascribed to the term “Spinco Group” in the Distribution Agreement. 

“Spinco Indemnified Party” includes each member of the Spinco Group, each of their representatives and Affiliates, each of their
respective directors, officers, managers and employees, and each of their heirs, executors, trustees, administrators, successors and assigns. 

“Spinco Pre-Recapitalization Shares” means the single class of issued and outstanding common
stock, par value $0.01 per share, of Spinco. 
 “Spinco Restricted Action” means any action by Spinco or any of its Subsidiaries
inconsistent with the covenants set forth in Section 7.3; and, for the avoidance of doubt, an action shall be and remain a Spinco Restricted Action even if Spinco or any of its Subsidiaries is permitted to take such an action pursuant to
Section 7.5(a). 
 “Spinco Shares” has the meaning set forth in the recitals to this Agreement. 

“Spinco Tainting Act” means any breach of a representation or covenant made by Spinco in Section 7.1 of this Agreement or the
taking of a Spinco Restricted Action, if as a result of such breach or taking of a Spinco Restricted Action a Final Determination is made that the Contribution and the Distribution failed to be tax-free by
reason of (i) failing to qualify as a transaction described in section 355 and section 368(a)(1)(D) of the Code, or (ii) any stock of Spinco failing to qualify as “qualified property” within the meaning of section 355(c)(2)
or 361(c)(2) of the Code (including as a result of the application of section 355(d) or 355(e) of the Code to the Distribution) or where applicable, failing to be stock permitted to be received without recognition of gain or loss under
section 361(a) of the Code. 
 “Sports Assignments” has the meaning set forth in the Contribution Agreement. 

“Straddle Period” means any taxable period beginning on or prior to, and ending after, the Distribution Date. 

  
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 “Subsidiary” when used with respect to any Person, means (i)(A) a corporation a
majority in voting power of whose share capital or capital stock with voting power, under ordinary circumstances, to elect directors is at the time, directly or indirectly, owned by such Person, by one or more Subsidiaries of such Person, or by such
Person and one or more Subsidiaries of such Person, whether or not such power is subject to a voting agreement or similar encumbrance, (B) a partnership or limited liability company in which such Person or a Subsidiary of such Person is, at the
date of determination, (1) in the case of a partnership, a general partner of such partnership with the power affirmatively to direct the policies and management of such partnership or (2) in the case of a limited liability company, the
managing member or, in the absence of a managing member, a member with the power affirmatively to direct the policies and management of such limited liability company, or (C) any other Person (other than a corporation) in which such Person, one
or more Subsidiaries of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof, has or have (1) the power to elect or direct the election of a majority of the members
of the governing body of such Person, whether or not such power is subject to a voting agreement or similar encumbrance, or (2) in the absence of such a governing body, at least a majority ownership interest or (ii) any other Person of
which an aggregate of 50% or more of the equity interests are, at the time, directly or indirectly, owned by such Person and/or one or more Subsidiaries of such Person. For the avoidance of doubt, the term “Subsidiary” as it applies to
Spinco shall include the Spinco Company Entities. 
 “Tax” or “Taxes” means any income, gross income, gross receipts,
profits, capital stock, franchise, withholding, payroll, social security, workers’ compensation, employment, unemployment, disability, property, ad valorem, stamp, excise, severance, occupation, service, sales, use, license, lease, transfer,
import, export, value added, alternative minimum, estimated or other similar tax (including any fee, assessment, or other charge in the nature of or in lieu of any tax) imposed by any Tax Authority, any Escheat Liability, abandoned, or unclaimed
property law, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing, together with any reasonable expenses, including attorneys’ fees, incurred in defending against any such tax. 

“Tax Adjustment” has the meaning set forth in Section 4.7. 

“Tax Authority” means, with respect to any Tax, the governmental entity or political subdivision, agency, commission or authority
thereof that imposes such Tax, and the agency, commission or authority (if any) charged with the assessment, determination or collection of such Tax for such entity or subdivision. 

“Tax Benefit” means a reduction in the Tax liability of a taxpayer (or of the Group of which it is a member) for any taxable period.
Except as otherwise provided in this Agreement, a Tax Benefit shall be deemed to have been realized or received from a Tax Item in a taxable period only if and to the extent that the Tax liability of the taxpayer (or of the Group of which it is a
member) for such period, after taking into account the effect of the Tax Item on the Tax liability of such taxpayer in the current period and all prior periods, is less than it would have been if such Tax liability were determined without regard to
such Tax Item. 
 “Tax Contest” means an audit, review, examination, or any other administrative or judicial proceeding with the
purpose, potential or effect of redetermining Taxes of any member of either Group (including any administrative or judicial review of any claim for refund). 

  
 8 













 “Tax Counsel” means the advisors listed in Schedule A. 

“Tax-Free Status” means the qualification of the Contribution and the
Distribution (a) as a transaction described in section 355 and section 368(a)(1)(D) of the Code, (b) as a transaction in which the stock of Spinco distributed by MSG is “qualified property” for purposes of sections
355(c)(2), 355(d), 355(e) and 361(c) of the Code, and (c) a transaction in which shareholders of MSG will not recognize income, gain or loss upon the Distribution under section 355(a) of the Code (except with respect to cash received in lieu of
fractional shares). 
 “Tax Item” means, with respect to any Tax, any item of income, gain, loss, deduction, credit, adjustment in
basis, or other attribute that may have the effect of increasing or decreasing any Tax. 
 “Tax Law” means the law of any
governmental entity or political subdivision thereof, and any controlling judicial or administrative interpretations of such law, relating to any Tax. 

“Tax Opinion” means the opinion (or opinions) to be delivered by Tax Counsel to MSG in connection with the Distribution to the
effect that (i) MSG will not recognize gain or loss upon the Distribution under section 355(c) or section 361(c) of the Code, and (ii) shareholders of MSG will not recognize gain or loss upon the Distribution under section 355(a) of
the Code, and no amount will be included in such shareholders’ income, except in respect of cash received in lieu of fractional Spinco Shares. 

“Tax Opinion Representations” means the written and signed representations delivered to Tax Counsel in connection with the Tax
Opinion. 
 “Tax Records” means Tax Returns, Tax Return work papers, documentation relating to any Tax Contests, and any other
books of account or records required to be maintained under applicable Tax Laws (including but not limited to section 6001 of the Code) or under any record retention agreement with any Tax Authority. 

“Tax Return” means any report of Taxes due, any claims for refund of Taxes paid, any information return with respect to Taxes, or
any other similar report, statement, declaration, or document filed or required to be filed (by paper, electronically or otherwise) under any applicable Tax Law, including any attachments, exhibits, or other materials submitted with any of the
foregoing, and including any amendments or supplements to any of the foregoing. 
 “Tax Year” means, with respect to any Tax, the
year, or shorter period, if applicable, for which the Tax is reported as provided under applicable Tax Law. 
 “Transactions”
means the transactions contemplated by the Contribution Agreement and the Distribution Agreement and includes, for the avoidance of doubt, (i) the Sports Assignments, (ii) the Contribution, (iii) the Recapitalization, and
(iv) the Distribution. 
 “Transfer Taxes” means all U.S. federal, state, local or foreign sales, use, privilege, transfer,
documentary, gains, stamp, duties, recording, and similar Taxes and fees (including any penalties, interest or additions thereto) imposed upon any Party hereto or any of its Affiliates in connection with the Distribution. 

  
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 “Transition Services Agreement” means the transition services agreement between
MSG and Spinco dated on or about the date hereof. 
 “Treasury Regulations” means the regulations promulgated from time to time
under the Code as in effect for the relevant Tax Year. 
 “Unqualified Opinion” means an unqualified “will” opinion of
an Expert Law Firm that permits reliance by MSG or Spinco (as the context dictates). For the avoidance of doubt, an Unqualified Opinion must be based on factual representations and assumptions that are reasonably satisfactory to MSG or Spinco (as
the context dictates). 
 “Arena License Agreements” means (i) the Arena License Agreement between MSG Arena, LLC and New
York Knicks, LLC dated on or about the date hereof, and (ii) the Arena License Agreement between MSG Arena, LLC and New York Rangers, LLC dated on or about the date hereof. 

SECTION 2. Allocation of Taxes and Tax-Related Losses. 

2.1 Allocation of Taxes. Except as provided in Section 2.2, Taxes shall be allocated as follows: 

(a) MSG shall be liable for and shall be allocated (i) any Taxes attributable to members of the MSG Group for all periods, and
(ii) any Income Taxes attributable to members of the Spinco Group for any Pre-Distribution Period. 

(b) Spinco shall be liable for and shall be allocated (i) any Taxes attributable to members of the Spinco Group for any Post-Distribution
Period, and (ii) any Non-Income Taxes attributable to members of the Spinco-Group for any Pre-Distribution Period. 

(c) In applying the provisions of Sections 2.1(a) and 2.1(b) (but subject to the provisions of Section 2.2): 

(i) Any Taxes, other than Periodic Taxes, in respect of a Straddle Period shall be allocated between the Pre-Distribution Period and the Post-Distribution Period on a “closing of the books” basis by assuming that the books of the members of the MSG Group and the members of the Spinco Group were closed on the
Distribution Date. For purposes of the foregoing, depreciation and amortization deductions with respect to property placed in service after the Distribution Date shall be allocated to the Post-Distribution Period, and all other depreciation and
amortization deductions shall be allocated on a per diem basis. 
 (ii) Any Periodic Taxes in respect of a Straddle Period
shall be allocated to the Pre-Distribution Period in an amount equal to such Periodic Taxes for the entire Straddle Period multiplied by a fraction the numerator of which is the number of calendar days in the
period ending on the Distribution Date and the denominator of which is the number of calendar days in the entire period. The portion of any Periodic Taxes in respect of a Straddle Period not allocated to the
Pre-Distribution Period shall be allocated to the Post-Distribution Period. For the avoidance of doubt, if a Party has prepaid Periodic Taxes that are allocated to the other Party under any provisions of this
Agreement, the second Party shall reimburse the first Party to the extent so allocated. 

  
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 (iii) Taxes attributable to any transaction or action taken by or with
respect to any member of the Spinco Group before the Effective Time on the Distribution Date shall be allocated to the Pre-Distribution Period, and Taxes attributable to any transaction or action taken by or
with respect to any member of the Spinco Group after the Effective Time on the Distribution Date shall be allocated to the Post-Distribution Period. 

(iv) In determining the allocation of any Escheat Liability, the liability shall be allocated to the Party whose Group members
actually hold (or are required to hold) the property subject to the Escheat Liability at the time a payment or remittance in respect of such liability is required to be made to the applicable governmental entity. 

2.2 Special Allocation of Certain Taxes. Notwithstanding any other provision of this Agreement: 

(a) Any and all Deconsolidation Taxes shall be borne by MSG. 

(b) Spinco shall indemnify and hold harmless each MSG Indemnified Party from and against any liability of MSG for Distribution Taxes to the
extent such Distribution Taxes are attributable to a Spinco Tainting Act, provided, however, that Spinco shall have no obligation to indemnify any MSG Indemnified Party hereunder if there has occurred, prior to such Spinco Tainting
Act, a MSG Tainting Act and such Distribution Taxes are attributable to such MSG Tainting Act. It is understood and agreed that, in determining the amounts payable under this Section 2.2(b), there shall be included all costs, expenses and
damages associated with shareholders litigation or controversies and any amount paid by MSG in respect of the liability of its shareholders, whether paid to its shareholders or to any Tax Authority, in connection with liability that may arise to
shareholders as a result of receiving or accruing an amount payable under this Section 2.2(b), and all reasonable costs and expenses associated with such payments. 

(c) MSG shall indemnify and hold harmless each Spinco Indemnified Party from and against any liability of Spinco for Distribution Taxes to the
extent that Spinco is not liable for such Taxes pursuant to Section 2.2(b). 
 (d) In the case of any conflict between this Agreement
and any of the Arena License Agreements in relation to any Tax matters addressed by such Arena License Agreement, the applicable Arena License Agreement shall prevail unless such Arena License Agreement explicitly states that this Agreement shall
control. 
 (e) The Companies shall cooperate with each other and use their commercially reasonable efforts to reduce and/or eliminate any
Transfer Taxes. If any Transfer Tax remains payable after application of the first sentence of this Section 2.2(d) and notwithstanding any other provision in this Section 2, all Transfer Taxes shall be allocated to MSG. 

  
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 2.3 Tax Payments. Each Company shall be liable for and shall pay the Taxes allocated
to it by this Section 2 either to the applicable Tax Authority or to the other Company in accordance with Section 4 and the other applicable provisions of this Agreement. 

SECTION 3. Preparation and Filing of Tax Returns. 

3.1 Combined Returns. 
 (a)
MSG shall be responsible for preparing and filing (or causing to be prepared or filed) all Combined Returns for any Tax Year. For any such return, Spinco shall furnish any relevant information, including pro forma returns, disclosures, apportionment
data and supporting schedules, relating to any member of the Spinco Group necessary for completing any such return in a format suitable for inclusion in such return, provided that Spinco shall have the right to review and approve items on
such returns if and to the extent such items directly relate to Taxes for which Spinco would be liable under Section 2, such approval not to be unreasonably delayed, conditioned or withheld by Spinco. 

(b) For the period in which the Transition Services Agreement is in effect, Spinco shall assist in the preparation of any Tax Returns which may
be requested by MSG in accordance with the terms of the Transition Services Agreement (even if, for the avoidance of doubt, the responsibility for preparation such Tax Return may be allocated to MSG under other provisions of this Agreement). Nothing
in this Section 3.1(b) shall be construed to affect MSG’s right or responsibility to file the Tax Returns whose filing is allocated to MSG under other provisions of this Agreement. 

3.2 Separate Returns. 

(a) Tax Returns to be Prepared by MSG. MSG shall be responsible for preparing and filing (or causing to be prepared and filed) all
Separate Returns which relate to one or more members of the MSG Group and for which Spinco is not responsible under Section 3.2(b). 

(b) Tax Returns to be Prepared by Spinco. Spinco shall be responsible for preparing and filing (or causing to be prepared and filed) all
Separate Returns which relate to one or more members of the Spinco Group for any Tax Year, provided, however, that in the case of such returns in respect of any Pre-Distribution Period or
Straddle Period, MSG shall have the right to review and approve such returns, such approval not to be unreasonably delayed, conditioned or withheld by MSG. 

3.3 Agent. Subject to the other applicable provisions of this Agreement (including, without limitation, Section 5), MSG and Spinco
(and their respective Affiliates) shall designate the other Party as its agent and attorney-in-fact to take such action (including execution of documents) as such other
Party may deem reasonably appropriate in matters relating to the preparation or filing of any Tax Return described in Sections 3.1 and 3.2. 

  
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 3.4 Provision of Information. 

(a) MSG shall provide to Spinco, and Spinco shall provide to MSG, any information about members of the MSG Group or the Spinco Group,
respectively, that the Preparer reasonably requires to determine the amount of Taxes due on any Payment Date with respect to a Tax Return for which the Preparer is responsible pursuant to Section 3.1 or 3.2 and to properly and timely file all
such Tax Returns. 
 (b) If a member of the Spinco Group supplies information to a member of the MSG Group, or a member of the MSG Group
supplies information to a member of the Spinco Group, and an officer of the requesting member intends to sign a statement or other document under penalties of perjury in reliance upon the accuracy of such information, then a duly authorized officer
of the member supplying such information shall certify, to the best of such officer’s knowledge, the accuracy of the information so supplied. 

3.5 Special Rules Relating to the Preparation of Tax Returns. 

(a) In General. All Tax Returns that include any members of the MSG Group or Spinco Group, or any of their respective Affiliates, shall
be prepared in a manner that is consistent with the Tax Opinion (including, for the avoidance doubt, the Tax Opinion Representations). Except as otherwise set forth in this Agreement, all Tax Returns for which MSG has the right to prepare, review,
approve or file under Sections 3.1 and 3.2 shall be prepared (x) in accordance with elections, Tax accounting methods and other practices used with respect to such Tax Returns filed prior to the Distribution Date (unless such past
practices are not permissible under applicable law), or (y) to the extent any items are not covered by past practices (or in the event such past practices are not permissible under applicable Tax Law), in any reasonable manner, in accordance
with the preparation, review, approval and filing responsibilities of Sections 3.1 and 3.2; provided, however, that in each case of (x) and (y) to the extent that a change in such elections, methods or practices could not
reasonably be expected to result in any adverse impact on MSG and would not be inconsistent with applicable law, such Tax Returns shall be prepared in accordance with reasonable practices selected by Spinco. 

(b) Election to File Consolidated, Combined or Unitary Tax Returns. Subject to Spinco’s reasonable approval, MSG shall elect to
file any Tax Return on a consolidated, combined or unitary basis, if such Tax Return would include at least one member of each Group and the filing of such Tax Return is elective under the relevant Tax Law. 

3.6 Refunds, Credits, Offsets, Tax Benefits  

(a) Any refunds, credits, or offsets with respect to Taxes allocated to MSG pursuant to this Agreement shall be for the account of MSG. Any
refunds, credits or offsets with respect to Taxes allocated to Spinco pursuant to this Agreement shall be for the account of Spinco. 
 (b)
MSG shall forward to Spinco, or reimburse Spinco for, any such refunds, credits or offsets, plus any interest received thereon, net of any Taxes incurred with respect to the receipt or accrual thereof and any expenses incurred in connection
therewith, that are for the account of Spinco within fifteen (15) Business Days from receipt thereof by MSG or any of its Affiliates. Spinco shall forward to MSG, or reimburse MSG for, any refunds, credits or offsets,


  
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plus any interest received thereon, net of any Taxes incurred with respect to the receipt or accrual thereof and any expenses incurred in connection therewith, that are for the account of MSG
within fifteen (15) Business Days from receipt thereof by Spinco or any of its Affiliates. Any refunds, credits or offsets, plus any interest received thereon, or reimbursements not forwarded or made within the fifteen (15) Business Day
period specified above shall bear interest from the date received by the refunding or reimbursing party (or its Affiliates) through and including the date of payment at the Interest Rate (treating the date received as the Due Date for purposes of
determining such interest). If, subsequent to a Tax Authority’s allowance of a refund, credit or offset, such Tax Authority reduces or eliminates such allowance, any refund, credit or offset, plus any interest received thereon, forwarded or
reimbursed under this Section 3.6 shall be returned to the party who had forwarded or reimbursed such refund, credit or offset and interest upon the request of such forwarding party in an amount equal to the applicable reduction, including any
interest received thereon. 
 (c) For the avoidance of doubt, no Party shall be required to reimburse the other Party under this
Section 3.6 for the use of a refund, credit or offset or other Tax Benefit, calculated by reference to the Tax allocated to the other Party, including but not limited to a “dividends received deduction” set forth under section 243 of
the Code and an unincorporated business tax credit as currently provided by Section 11-604 of the New York City Administrative Code or any successor thereto, if such deduction, credit or offset is not
available to reduce the Tax liability of such other Party for any Tax Year. 
 3.7 Carrybacks. To the extent permitted under
applicable Tax Laws, the Spinco Group shall make the appropriate elections in respect of any Tax Returns to waive any option to carry back any net operating loss, any credits or any similar item from a Post-Distribution Period to any Pre-Distribution Period or to any Straddle Period. Any refund of or credit for Taxes resulting from any such carryback by a member of the Spinco Group that cannot be waived shall be payable to Spinco net of any
Taxes incurred with respect to the receipt or accrual thereof and any expenses incurred in connection therewith. 
 3.8 Amended
Returns. Any amended Tax Return or claim for Tax refund, credit or offset with respect to any member of the MSG Group or Spinco Group may be made only by the Company (or its Affiliates) responsible for filing the original Tax Return with
respect to such member pursuant to Sections 3.1 or 3.2 (and, for the avoidance of doubt, subject to the same preparation, review, approval and filing rights set forth in Sections 3.1 or 3.2, to the extent applicable). Such Company (or its
Affiliates) shall not, without the prior written consent of the other Company (which consent shall not be unreasonably withheld or delayed), file, or cause to be filed, any such amended Tax Return or claim for Tax refund, credit or offset to the
extent that such filing, if accepted, is likely to increase the Taxes allocated to, or the Tax indemnity obligations under this Agreement of, such other Company for any Tax Year (or portion thereof); provided, however, that such
consent need not be obtained if the Company filing the amended Tax Return by written notice to the other Company agrees to indemnify the other Company for the incremental Taxes allocated to, or the incremental Tax indemnity obligation resulting
under this Agreement to, such other Company as a result of the filing of such amended Tax Return. 

  
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 3.9 Compensatory Equity Interests. Matters relating to Taxes and/or Tax Items
with respect to Compensatory Equity Interests shall be governed by the Employee Matters Agreement. 
 SECTION 4. Tax Payments. 

4.1 Payment of Taxes to Tax Authority. MSG shall be responsible for remitting to the proper Tax Authority the Tax shown on any
Tax Return for which it is responsible for filing pursuant to Section 3.1 or Section 3.2, and Spinco shall be responsible for remitting to the proper Tax Authority the Tax shown on any Tax Return for which it is responsible for filing
pursuant to Section 3.2. 
 4.2 Indemnification Payments. 

(a) Tax Payments Made by the MSG Group. If any member of the MSG Group is required to make a payment to a Tax Authority for Taxes
allocated to Spinco under this Agreement, Spinco will pay the amount of Taxes allocated to it to MSG not later than the later of (i) five (5) Business Days after receiving notification requesting such amount, and (ii) five
(5) Business Days prior to the date such payment is required to be made to such Tax Authority. Notwithstanding the preceding sentence, if any member of the MSG Group has made a prepayment of Periodic Taxes that are allocated to Spinco under
this Agreement, Spinco will pay the amount of such Taxes allocated to it to MSG not later than thirty (30) Business Days after the Distribution Date. 

(b) Tax Payments Made by the Spinco Group. If any member of the Spinco Group is required to make a payment to a Tax Authority for Taxes
allocated to MSG under this Agreement, MSG will pay the amount of Taxes allocated to it to Spinco not later than the later of (i) five (5) Business Days after receiving notification requesting such amount, and (ii) five
(5) Business Days prior to the date such payment is required to be made to such Tax Authority. Notwithstanding the preceding sentence, if any member of the Spinco Group has made a prepayment of Periodic Taxes that are allocated to MSG under
this Agreement, MSG will pay the amount of such Taxes allocated to it to Spinco not later than thirty (30) Business Days after the Distribution Date. 

4.3 Interest on Late Payments. Payments pursuant to this Agreement that are not made by the date prescribed in this Agreement or,
if no such date is prescribed, not later than five (5) Business Days after demand for payment is made (the “Due Date”) shall bear interest for the period from and including the date immediately following the Due Date through
and including the date of payment at the Interest Rate. Such interest will be payable at the same time as the payment to which it relates. Interest will be calculated on the basis of a year of 365 days and the actual number of days for which
due. Any payments of interest made under this Section 4.3 shall be treated as taxable or deductible, as the case may be, to the Party entitled under this Agreement to retain such payment or required under this Agreement to make such payment, in
either case except as otherwise required by applicable law. 

  
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 4.4 Tax Consequences of Payments. For all Tax purposes and to the extent
permitted by applicable Tax Law, the parties hereto shall treat any payment (except as provided in Section 4.3) made pursuant to this Agreement as a capital contribution or a distribution, as the case may be, immediately prior to the Distribution or
as payments of an assumed or retained liability. 
 4.5 Adjustments to Payments. The amount of any payment made pursuant to
this Agreement shall be adjusted as follows: 
 (a) If the receipt or accrual of any indemnity amounts for which any Party hereto (the
“Indemnifying Party”) is required to pay another Party (the “Indemnified Party”) under this Agreement causes, directly or indirectly, an increase in the taxable income of the Indemnified Party under one or more
applicable Tax Laws, such payment shall be increased so that, after the payment of any Taxes with respect to the payment, the Indemnified Party shall have realized the same net amount it would have realized had the payment not resulted in taxable
income. For the avoidance of doubt, any liability for Taxes due to an increase in taxable income described in the immediately preceding sentence shall be governed by this Section 4.5(a) and not by Section 2.2. 

(b) To the extent that Taxes for which the Indemnifying Party is required to pay to the Indemnified Party pursuant to this Agreement gives rise
to a deduction, credit or other Tax Benefit (including as a result of any election set forth in Section 4.6) to the Indemnified Party or any of its Affiliates, the amount of any payment made to the Indemnified Party by the Indemnifying Party
shall be decreased by taking into account any resulting reduction in Taxes actually realized by the Indemnified Party or any of its Affiliates resulting from such Tax Benefit (including as a result of any election set forth in Section 4.6). If
such a reduction in Taxes of the Indemnified Party occurs following the payment made to the Indemnified Party with respect to the relevant indemnified Taxes, the Indemnified Party shall promptly repay the Indemnifying Party the amount of such
reduction when actually realized. If the Tax Benefit arising from the foregoing reduction of Taxes described in this Section 4.5(b) is subsequently decreased or eliminated, then the Indemnifying Party shall promptly pay the Indemnified Party
the amount of the decrease in such Tax Benefit. This Section 4.5(b) shall not apply to the extent that Section 3.6(d) would also apply to cause recovery of the same amounts to the Indemnifying Party. 

4.6 Section 336(e) Election.  

(a) Upon request by MSG, Spinco shall join with MSG in making a protective election under section 336(e) of the Code (and any similar election
under state or local law) with respect to the Distribution in accordance with Treasury Regulations section 1.336-2(h) and (j) (and any applicable provisions under state and local law), provided that
Spinco shall indemnify MSG for any cost to the MSG Group of making such an election (but it being understood that any such cost arising from Taxes shall be limited to Excess Taxes). MSG and Spinco shall cooperate in the timely completion and/or
filings of such elections and any related filings or procedures (including filing or amending any Tax Returns to implement an election that becomes effective). This Section 4.6 is intended to constitute a binding, written agreement to make an
election under section 336(e) of the Code with respect to the Distribution. 

  
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 (b) If Taxes are allocated to a Party (the “Responsible Party”) as a result
of any election set forth in Section 4.6, then to the extent that such Taxes give rise to a Tax Benefit, other than a refund, credit or offset as described in Section 3.6(b), to the other Party (the “Other Party”) or any
of its Affiliates, and such Tax Benefit results in an actual reduction in Taxes (determined on a with and without basis) of the Other Party or any of its Affiliates in any Tax Year, the Other Party shall pay to the Responsible Party in the relevant
Tax Year an amount equal to such reduction in Taxes (determined on a with and without basis); provided, however, that this provision shall not apply to the extent that the actual reduction in Taxes for the relevant Tax Year and any
unpaid reduction in Taxes for all prior Tax Years is less than $50,000. 
 4.7 Certain Final Determinations. If an adjustment
(a “Tax Adjustment”) pursuant to a Final Determination in a Tax Contest initiated by a Tax Authority results in a Tax greater than the Tax shown on the relevant Tax Return for any
Pre-Distribution Period, the Indemnified Party shall pay to the Indemnifying Party an amount equal to any Tax Benefit as and when actually realized by such Indemnified Party as a result of such Tax Adjustment.
The Parties agree that if an Indemnified Party is required to make a payment to an Indemnifying Party pursuant to this Section 4.7, the Parties shall negotiate in good faith to set off the amount of such payment against any indemnity payments
owed by the Indemnifying Party to the Indemnified Party, taking into account time value and similar concepts as appropriate. 
 SECTION
5. Cooperation and Tax Contests. 
 5.1 Cooperation. In addition to the obligations enumerated in Sections 3.4 and
5.4, MSG and Spinco will cooperate (and cause their respective Subsidiaries and Affiliates to cooperate) with each other and with each other’s agents, including accounting firms and legal counsel, in connection with Tax matters, including
provision of relevant documents and information in their possession and making available to each other, as reasonably requested and available, personnel (including officers, directors, employees and agents of the Parties or their respective
Subsidiaries or Affiliates) responsible for preparing, maintaining, and interpreting information and documents relevant to Taxes, and personnel reasonably required as witnesses or for purposes of providing information or documents in connection with
any administrative or judicial proceedings relating to Taxes. 
 5.2 Notices of Tax Contests. Each Company shall provide
prompt notice to the other Company of any pending or threatened Tax audit, assessment or proceeding or other Tax Contest of which it becomes aware relating to (i) Taxes for which it is or may be indemnified by such other Company hereunder or
(ii) Tax Items that may affect the amount or treatment of Tax Items of such other Company. Such notice shall contain factual information (to the extent known) describing any asserted Tax liability in reasonable detail and shall be accompanied
by copies of any notice and other documents received from any Tax Authority in respect of any such matters; provided, however, that failure to give such notification shall not affect the indemnification provided hereunder except, and
only to the extent that, the indemnifying Company shall have been actually prejudiced as a result of such failure. Thereafter, the indemnified Company shall deliver to the indemnifying Company such additional information with respect to such Tax
Contest in its possession that the indemnifying Company may reasonably request. 

  
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 5.3 Control of Tax Contests. 

(a) Controlling Party. Subject to the limitations set forth in Section 5.3(b), each Filer (or the appropriate member of its Group)
shall, at its own cost and expense, be the Controlling Party with respect to any Tax Contest involving a Tax reported (or that, it is asserted, should have been reported) on a Tax Return for which such Company is responsible for filing (or causing
to be filed) pursuant to Section 3 of this Agreement (it being understood, for the avoidance of doubt but subject to the other provisions of this Section 5.3(a), that MSG shall be the Controlling Party with respect to any Tax Contest
involving Distribution Taxes), in which case any Non-Filer that could have liability under this Agreement for a Tax to which such Tax Contest relates shall be treated as the “Non-Controlling Party.” Notwithstanding the immediately preceding sentence, if a Non-Filer (x) acknowledges to the Filer in writing its full liability under this
Agreement to indemnify for any Tax, and (y) provides to the Filer evidence (that is satisfactory to the Filer as determined in the Filer’s reasonable discretion) of the Non-Filer’s financial
readiness and capacity to make such indemnity payment, then thereafter with respect to the Tax Contest relating solely to such Tax the Non-Filer shall be the Controlling Party (subject to Section 5.3(b))
and the Filer shall be treated as the Non-Controlling Party. 
 (b)
Non-Controlling Party Participation Rights. With respect to a Tax Contest of any Tax Return that could result in a Tax liability that is allocated under this Agreement, (i) the Non-Controlling Party shall, at its own cost and expense, be entitled to participate in such Tax Contest and to provide comments and suggestions to the Controlling Party, such comments and suggestions not to be
unreasonably rejected, (ii) the Controlling Party shall keep the Non-Controlling Party updated and informed, and shall consult with the Non-Controlling Party,
(iii) the Controlling Party shall act in good faith with a view to the merits in connection with the Tax Contest, and (iv) the Controlling Party shall not settle or compromise such Tax Contest without the prior written consent of the Non-Controlling Party (which consent shall not be unreasonably withheld). 
 5.4 Cooperation Regarding
Tax Contests. The Parties shall provide each other with all information relating to a Tax Contest which is needed by the other Party or Parties to handle, participate in, defend, settle or contest the Tax Contest. At the request of any
party, the other Parties shall take any action (e.g., executing a power of attorney) that is reasonably necessary in order for the requesting Party to exercise its rights under this Agreement in respect of a Tax Contest. Spinco shall assist
MSG, and MSG shall assist Spinco, in taking any remedial actions that are necessary or desirable to minimize the effects of any adjustment made by a Tax Authority. The Indemnifying Party or Parties shall reimburse the Indemnified Party or Parties
for any reasonable out-of-pocket costs and expenses incurred in complying with this Section 5.4. 

SECTION 6. Tax Records. 

6.1 Retention of Tax Records. Each of MSG and Spinco shall preserve, and shall cause their respective Subsidiaries to preserve,
all Tax Records that are in their possession, and that could affect the liability of any member of the other Group for Taxes, for as long as the contents thereof may become material in the administration of any matter under applicable Tax Law, but
in any event until the later of (x) the expiration of any applicable statute of limitations, as extended, and (y) seven years after the Distribution Date. 

  
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 6.2 Access to Tax Records. Spinco shall make available, and cause its
Subsidiaries to make available, to members of the MSG Group for inspection and copying the portion of any Tax Record in their possession that relates to a Pre-Distribution Period or Post-Distribution Period
and which is reasonably necessary for the preparation, review, approval or filing of a Tax Return by a member of the MSG Group or any of their Affiliates or with respect to any Tax Contest with respect to such return. MSG shall make available, and
cause its Subsidiaries to make available, to members of the Spinco Group for inspection and copying the portion of any Tax Record in their possession that relates to a Pre-Distribution Period and which is
reasonably necessary for the preparation, review, approval or filing of a Tax Return by a member of the Spinco Group or any of their Affiliates or with respect to any Tax Contest with respect to such return. 

6.3 Confidentiality. Each party hereby agrees that it will hold, and shall use its reasonable best efforts to cause its officers,
directors, employees, accountants, counsel, consultants, advisors and agents to hold, in confidence all records and information prepared and shared by and among the Parties in carrying out the intent of this Agreement, except as may otherwise be
necessary in connection with the filing of Tax Returns or any administrative or judicial proceedings relating to Taxes or unless disclosure is compelled by a governmental authority. Information and documents of one Party (the “Disclosing
Party”) shall not be deemed to be confidential for purposes of this Section 6.3 to the extent that such information or document (i) is previously known to or in the possession of the other Party or Parties (the “Receiving
Party”) and is not otherwise subject to a requirement to be kept confidential, (ii) becomes publicly available by means other than unauthorized disclosure under this Agreement by the Receiving Party or (iii) is received from a
third party without, to the knowledge of the Receiving Party after reasonable diligence, a duty of confidentiality owed to the Disclosing Party. 

SECTION 7. Representations and Covenants. 

7.1 Covenants of MSG and Spinco. 

(a) MSG hereby covenants that, to the fullest extent permissible under U.S. federal income and state Tax Laws, it will, and will cause
the members of the MSG Group to, treat the applicable Transactions in accordance with the Agreed Treatment. Spinco hereby covenants that, to the fullest extent permissible under U.S. federal income and state Tax Laws, it will, and will cause each
Subsidiary of Spinco to, treat the applicable Transactions in accordance with the Agreed Treatment. 
 (b) MSG further covenants that, as of
and following the date hereof, MSG shall not and shall cause the members of the MSG Group not to take any action that (or fail to take any action the omission of which) would be inconsistent with the applicable Transactions qualifying for the Agreed
Treatment or that would preclude the applicable Transactions from qualifying for the Agreed Treatment. 
 (c) Spinco further covenants that,
as of and following the date hereof, Spinco shall not and shall cause its Subsidiaries not to take any action that (or fail to take any action the omission of which) would be inconsistent with the applicable Transactions qualifying for the Agreed
Treatment or that would preclude the applicable Transactions from qualifying for the Agreed Treatment. 

  
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 7.2 Covenants of Spinco. 

(a) Without limiting the generality of the provisions of Section 7.1, Spinco, on behalf of itself and its Subsidiaries, agrees and
covenants that Spinco and each of its Subsidiaries will not, directly or indirectly, during the Restriction Period, (i) take any action that would result in Spinco’s ceasing to be engaged in the active conduct of the Spinco Business with
the result that Spinco is not engaged in the active conduct of a trade or business within the meaning of section 355(b)(2) of the Code, (ii) redeem or otherwise repurchase (directly or through an Affiliate of Spinco) any of Spinco’s
outstanding stock, other than through stock purchases meeting the requirements of section 4.05(1)(b) of Revenue Procedure 96-30, 1996-1 C.B. 696 (but it being
understood, for the avoidance of doubt, that no agreement or covenant under this Section 7.3(a)(ii) is being entered with respect to Compensatory Equity Net Share Settlements), (iii) amend the certificate of incorporation (or other
organizational documents) of Spinco that would affect the relative voting rights of separate classes of Spinco’s stock or would convert one class of Spinco’s stock into another class of its stock, (iv) liquidate (within the meaning of
section 331 of the Code and the Treasury Regulations promulgated thereunder) or partially liquidate Spinco, (v) merge Spinco with any other corporation (other than in a transaction that does not affect the relative shareholding of Spinco
shareholders), sell or otherwise dispose of (other than in the ordinary course of business) the assets of Spinco and its Subsidiaries, or take any other action or actions if such merger, sale, other disposition or other action or actions in the
aggregate would have the effect that one or more Persons acquire (or have the right to acquire), directly or indirectly, as part of a plan or series of related transactions, assets representing one-half or
more of the asset value of the Spinco Group, or (vi) take any other action or actions that in the aggregate would have the effect that one or more Persons acquire (or have the right to acquire), directly or indirectly, as part of a plan or
series of related transactions, stock of Spinco representing a Fifty-Percent Equity Interest in Spinco (as determined for purposes of section 355(e) of the Code), other than a Permitted Acquisition. 

7.3 Covenants of MSG. 

(a) Without limiting the generality of the provisions of Section 7.1, MSG, on behalf of itself and each member of the MSG Group,
agrees and covenants that MSG and each member of the MSG Group will not, directly or indirectly, during the Restriction Period, (i) take any action that would result in MSG’s ceasing to be engaged in the active conduct of the MSG Business
with the result that MSG is not engaged in the active conduct of a trade or business within the meaning of section 355(b)(2) of the Code, (ii) redeem or otherwise repurchase (directly or through an Affiliate of MSG) any of MSG’s
outstanding stock, other than through stock purchases meeting the requirements of section 4.05(1)(b) of Revenue Procedure 96-30, 1996-1 C.B. 696 (but it being
understood, for the avoidance of doubt, that no agreement or covenant under this Section 7.4(a)(ii) is being entered with respect to Compensatory Equity Net Share Settlements), (iii) amend the certificate of incorporation (or other
organizational documents) of MSG that would affect the relative voting rights of separate classes of MSG’s stock or would convert one class of MSG’s stock into another class of its stock, (iv) liquidate (within the meaning of
section 331 of the Code and the Treasury Regulations promulgated 

  
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thereunder) or partially liquidate MSG, (v) merge MSG with any other corporation (other than in a transaction that does not affect the relative shareholding of MSG shareholders), sell or
otherwise dispose of (other than in the ordinary course of business) the assets of MSG and its Subsidiaries, or take any other action or actions if such merger, sale, other disposition or other action or actions in the aggregate would have the
effect that one or more Persons acquire (or have the right to acquire), directly or indirectly, as part of a plan or series of related transactions, assets representing one-half or more of the asset value of
the MSG Group, or (vi) take any other action or actions that in the aggregate would have the effect that one or more Persons acquire (or have the right to acquire), directly or indirectly, as part of a plan or series of related transactions,
stock of MSG representing a Fifty-Percent Equity Interest in MSG (as determined for purposes of section 355(e) of the Code). 
 (b)
Nothing in this Section 7 shall be construed to give Spinco or any Affiliates of Spinco any right to remedies other than indemnification for any increase in the actual Tax liability (and/or decrease in Tax Benefit) of Spinco or any Affiliate of
Spinco that results from MSG Group’s failure to comply with the covenants and representations in this Section 7. 
 7.4
Exceptions. 
 (a) Exceptions with Respect to Spinco. 

(i) Notwithstanding Section 7.3 above, Spinco or any of its Subsidiaries may take a Spinco Restricted Action if MSG
consents in writing to such Spinco Restricted Action, or if Spinco provides MSG with Satisfactory Guidance concluding that such Spinco Restricted Action will not alter the Tax-Free Status of the Distribution
in respect of MSG and MSG’s shareholders. 
 (ii) Spinco and each of its Subsidiaries agree that MSG and each MSG
Affiliate are to have no liability for any Tax resulting from any Spinco Restricted Actions permitted pursuant to this Section 7.5(a) and, subject to Section 2.2, agree to indemnify and hold harmless each MSG Indemnified Party against any
such Tax. Spinco shall bear all costs incurred by it, and all reasonable costs incurred by MSG, in connection with requesting and/or obtaining any Satisfactory Guidance. 

(b) Exceptions with Respect to MSG. 

(i) Notwithstanding Section 7.4(a) above, MSG or any of its Subsidiaries may take a MSG Restricted Action if Spinco
consents in writing to such MSG Restricted Action, or if MSG provides Spinco with Satisfactory Guidance concluding that such MSG Restricted Action will not alter the Tax-Free Status of the Distribution in
respect of Spinco and Spinco’s shareholders. 
 (ii) MSG and each of its Subsidiaries agree that Spinco and each Spinco
Affiliate are to have no liability for any Tax resulting from any MSG Restricted Actions permitted pursuant to this Section 7.5(b) and, subject to Section 2.2, agree to indemnify and hold harmless each Spinco Indemnified Party against any
such Tax. MSG shall bear all costs incurred by it, and all reasonable costs incurred by Spinco, in connection with requesting and/or obtaining any Satisfactory Guidance. 

  
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 7.5 Injunctive Relief. For the avoidance of doubt, MSG shall have the right to
seek injunctive relief to prevent Spinco or any of its Subsidiaries from taking any action that is not consistent with the covenants of the Spinco or any of its Subsidiaries under Section 7.1 or 7.3. 

7.6 Further Assurances. For the avoidance of doubt, (i) neither MSG nor a member of the MSG Group shall take any action on the
Distribution Date that would result in an increase of the actual Tax liability (and/or decrease of any Tax Benefit) of Spinco or any of its Subsidiaries, other than in the ordinary course of business, except for actions undertaken in connection with
the Distribution, which actions are described in the Tax Opinion or the Tax Opinion Representations, and (ii) neither Spinco nor any of its Subsidiaries shall take any action on the Distribution Date that would result in an increase of the
actual Tax liability (and/or decrease of any Tax Benefit) of MSG or a member of the MSG Group, other than in the ordinary course of business, except for actions undertaken in connection with the Distribution, which actions are described in the Tax
Opinion or the Tax Opinion Representations. 
 SECTION 8. General Provisions. 

8.1 Construction. This Agreement shall constitute the entire agreement (except insofar and to the extent that it specifically and
expressly references the Distribution Agreement and any other Ancillary Agreement) between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject
matter. 
 8.2 Ancillary Agreements. This Agreement is not intended to address, and should not be interpreted to address, the
matters specifically and expressly covered by the Distribution Agreement or any other Ancillary Agreement. 
 8.3 Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the
other Party. 
 8.4 Notices. All notices and other communications hereunder shall be in writing, shall reference this Agreement
and shall be hand delivered or mailed by registered or certified mail (return receipt requested) to the Parties at the following addresses (or at such other addresses for a Party as shall be specified by like notice) and will be deemed given on the
date on which such notice is received: 
 To MSG: 

The Madison Square Garden Company (or, after the applicable name change, Madison Square Garden Sports Corp.) 

11 Penn Plaza 
 New York, New York
10001 
 Attention: General Counsel 

  
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 with copy to: 

MSG Entertainment Spinco, Inc. (or, after the applicable name change, Madison Square Garden Entertainment Corp.) 

Two Penn Plaza 
 New York, New
York 10121 
 Attention: General Counsel 

To Spinco: 
 MSG Entertainment
Spinco, Inc. (or, after the applicable name change, Madison Square Garden Entertainment Corp.) 
 Two Penn Plaza 

New York, New York 10121 

Attention: General Counsel 
 8.5
Amendments. This Agreement may not be modified or amended except by an agreement in writing signed by each of the Parties. 

8.6 Assignment. This Agreement shall not be assignable, in whole or in part, directly or indirectly, by any Party without the
prior written consent of the other Party, and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be void; provided that, subject to compliance with Section 7, if applicable, either
Party may assign this Agreement to a purchaser of all or substantially all of the properties and assets of such Party so long as such purchaser expressly assumes, in a written instrument in form reasonably satisfactory to the non-assigning Party, the due and punctual performance or observance of every agreement and covenant of this Agreement on the part of the assigning Party to be performed or observed. 

8.7 Successors and Assigns. The provisions to this Agreement shall be binding upon, inure to the benefit of and be enforceable by
the Parties and their respective successors and permitted assigns. 
 8.8 Change in Law. Any reference to a provision of the
Code or any other Tax Law shall include a reference to any applicable successor provision or law. 
 8.9 Authorization, Etc.
Each of the Parties hereto hereby represents and warrants that it has the power and authority to execute, deliver and perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such
Party, that this Agreement constitutes a legal, valid and binding obligation of such Party and that the execution, delivery and performance of this Agreement by such Party does not contravene or conflict with any provision of law or the Party’s
charter or bylaws or any agreement, instrument or order binding such Party. 

  
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 8.10 Termination. This Agreement may be terminated at any time prior to the
Distribution by and in the sole discretion of MSG without the approval of Spinco or the stockholders of MSG. In the event of such termination, no Party shall have any liability of any kind to any other Party or any other Person. After the
Distribution, this Agreement may not be terminated except by an agreement in writing signed by the Parties. 
 8.11
Subsidiaries. Each of the Parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any entity that is contemplated to be a Subsidiary of
such Party after the Distribution Date. 
 8.12 Third-Party Beneficiaries. Except with respect to MSG Indemnified Parties and
Spinco Indemnified Parties, and in each case, only where and as indicated herein, this Agreement is solely for the benefit of the Parties and their respective Subsidiaries and Affiliates and should not be deemed to confer upon any other Person any
remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. Notwithstanding anything in this Agreement to the contrary, this Agreement is not intended to confer upon any
Spinco Indemnified Parties any rights or remedies against Spinco hereunder, and this Agreement is not intended to confer upon any MSG Indemnified Parties any rights or remedies against MSG hereunder. 

8.13 Double Recovery. Nothing in this Agreement is intended to confer to or impose upon any Party a duplicative right,
entitlement, obligation or recovery with respect to any matter arising out of the same facts and circumstances. 
 8.14 Titles and
Headings. Titles and headings to Sections herein are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

8.15 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York
applicable to contracts made and to be performed in the State of New York. 
 8.16 Waiver of Jury Trial. The Parties hereby
irrevocably waive any and all right to trial by jury in any legal proceeding arising out of or related to this Agreement or the transactions contemplated hereby. 

8.17 Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

8.18 No Strict Construction; Interpretation. 

(a) Each of MSG and Spinco acknowledges that this Agreement has been prepared jointly by the Parties hereto and shall not be strictly construed
against any Party hereto. 

  
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 (b) The table of contents and headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by
the words “without limitation”. The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement. All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. The definitions contained in this Agreement are
applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or statute defined or referred to herein or in any agreement or
instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by
succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by the respective
officers as of the date set forth above. 
  

					
	 THE MADISON SQUARE GARDEN COMPANY

(To be renamed Madison Square Garden Sports Corp.)

		
	By:	 	 /s/ Andrew Lustgarten

		 	Name:	 	Andrew Lustgarten
		 	Title:	 	President
	
	 MSG ENTERTAINMENT SPINCO, INC.
 (To
be renamed Madison Square Garden Entertainment Corp.)

		
	By:	 	 /s/ James L. Dolan

		 	Name:	 	James L. Dolan
		 	Title:	 	Executive Chairman and Chief Executive Officer


 [Signature Page to Tax Disaffiliation Agreement] 












 SCHEDULE A 

Tax Counsel to The Madison Square Garden Company 

Sullivan & Cromwell LLP 
 KPMG LLP