# EDGAR Filing Document

**Accession Number:** 0001795250
**File Stem:** 0001104659-26-021789
**Filing Date:** 2026-2
**Character Count:** 250918
**Document Hash:** ff02fa712ba33e27c350ee61591ab55c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-021789.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001104659-26-021789

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sphere Entertainment Co.
- **CENTRAL INDEX KEY:** 0001795250
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 843755666
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91488
- **FILM NUMBER:** 26703114

**BUSINESS ADDRESS:**
- **STREET 1:** TWO PENNSYLVANIA PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10121
- **BUSINESS PHONE:** 725-258-0001

**MAIL ADDRESS:**
- **STREET 1:** TWO PENNSYLVANIA PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Madison Square Garden Entertainment Corp.
- **DATE OF NAME CHANGE:** 20200417

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MSG ENTERTAINMENT SPINCO, INC.
- **DATE OF NAME CHANGE:** 20191126
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DOLAN JAMES LAWRENCE
- **CENTRAL INDEX KEY:** 0000933028

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** BAKER BOTTS L.L.P.
- **STREET 2:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

## Ex-99.A2

**Exhibit A.2**

**<u>Supplemental Beneficial Ownership Information</u>**

*Capitalized terms used and not defined herein have the definitions given to them in the Schedule 13D*

James L. Dolan may be deemed to beneficially own an aggregate of 3,479,807 shares of Class A Common Stock, including (i) 1,235,503 shares of Class A Common Stock (including options to purchase 191,110 shares of Class A Common Stock that are exercisable within sixty days of this filing) and (ii) 2,244,304 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. This aggregate amount represents approximately 11.2% of the shares of Class A Common Stock currently outstanding. He may be deemed to have (a) the sole power to vote or direct the vote of and to dispose of or to direct the disposition of 1,451,276 shares of Class A Common Stock (including 977,837 shares of Class A Common Stock owned personally, options to purchase 191,110 shares of Class A Common Stock that are exercisable within 60 days of this filing, an aggregate of 746 shares of Class A Common Stock held as custodian for minor children or by household members and 281,583 shares of Class B Common Stock and the equal number of shares of Class A Common Stock issuable upon conversion thereof owned personally) and (b) the current shared power to vote or direct the vote of and to dispose of or direct the disposition of 2,028,531 shares of Class A Common Stock (including 631 shares of Class A Common Stock owned jointly with his spouse, 14,119 shares of Class A Common Stock owned personally by his spouse, 44,342 shares of Class A Common Stock owned by the Dolan Children Trust for his benefit, 6,718 shares of Class A Common Stock owned by the 2009 Family Trust for his benefit, 916,156 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned of record by the Dolan Children Trust for his benefit and 1,046,565 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trust for his benefit). He disclaims beneficial ownership of an aggregate 746 shares of Class A Common Stock held as custodian for minor children or by household members, 14,119 shares of Class A common Stock owned of record personally by his spouse, 44,342 shares of Class A Common Stock owned by the Dolan Children Trust for his benefit, 6,718 shares of Class A Common Stock owned by the 2009 Family Trust for his benefit, 916,156 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trust for his benefit, 1,046,565 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trust for his benefit and 4,622,450 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that such person is the beneficial owner of such securities. See Exhibit B.

Kathleen M. Dolan may be deemed to beneficially own an aggregate of 3,693,479 shares of Class A Common Stock, including (i) 196,412 shares of Class A Common Stock and (ii) 3,497,067 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. This aggregate amount represents approximately 11.5% of the shares of Class A Common Stock currently outstanding. She may be deemed to have (a) the sole power to vote or direct the vote of and to dispose of or to direct the disposition of 18,632 shares of Class A Common Stock (including 2,378 shares of Class A Common Stock owned personally and 936 shares of Class A Common Stock held as custodian for minor children or by household members and an aggregate of 15,318 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Ryan Dolan 1989 Trust and the Tara Dolan 1989 Trust) and (b) the current shared power to vote or direct the vote of and to dispose of or direct the disposition of 3,674,847 shares of Class A Common Stock (including an aggregate of 137,059 shares of Class A Common Stock owned by the Dolan Children Trusts, 6,718 shares of Class A Common Stock owned by the 2009 Family Trust for her benefit, 49,321 shares of Class A Common Stock owned by the Green Mountain Foundation Inc., an aggregate of 2,810,212 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trusts, 614,590 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trust for her benefit and 56,947 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Kathleen M. Dolan 2012 Descendants Trust). She disclaims beneficial ownership of 936 shares of Class A Common Stock held as custodian for minor children or by household members, 49,321 shares of Class A Common Stock owned by the Green Mountain Foundation Inc., an aggregate of 137,059 shares of Class A Common Stock owned by the Dolan Children Trusts, 6,718 shares of Class A Common Stock owned by the 2009 Family Trust for her benefit, an aggregate of 2,810,212 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trusts, an aggregate of 15,318 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Ryan Dolan 1989 Trust and the Tara Dolan 1989 Trust, 614,590 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trust for her benefit, 56,947 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Kathleen M. Dolan 2012 Descendants Trust and 3,369,687 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that such person is the beneficial owner of such securities. See Exhibit B.

Marianne Dolan Weber may be deemed to beneficially own an aggregate of 1,245,357 shares of Class A Common Stock, including (i) 91,831 shares of Class A Common Stock and (ii) 1,153,526 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. This aggregate amount represents approximately 4.2% of the shares of Class A Common Stock currently outstanding. She may be deemed to have (a) the sole power to vote or direct the vote of and to dispose of or to direct the disposition of 11,606 shares of Class A Common Stock owned personally, and (b) the current shared power to vote or direct the vote of and to dispose of or to direct the disposition of 1,233,751 shares of Class A Common Stock (including 49,320 shares of Class A Common Stock owned by the Heartfelt Wings Foundation Inc., 24,187 shares of Class A Common Stock owned by the Dolan Children Trust for her benefit, 6,718 shares of Class A Common Stock owned by the 2009 Family Trust for her benefit, 450,152 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trust for her benefit, 646,426 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trust for her benefit and 56,948 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Marianne E. Dolan Weber 2012 Descendants Trust). She disclaims beneficial ownership of 49,320 shares of Class A Common Stock owned by the Heartfelt Wings Foundation Inc., 24,187 shares of Class A Common Stock owned by the Dolan Children Trust for her benefit, 6,718 shares of Class A Common Stock owned by the 2009 Family Trust for her benefit, 450,152 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trust for her benefit, 646,426 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trust for her benefit, 56,948 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Marianne E. Dolan Weber 2012 Descendants Trust and 5,713,228 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that such person is the beneficial owner of such securities. See Exhibit B.

Deborah A. Dolan-Sweeney may be deemed to beneficially own an aggregate of 1,224,555 shares of Class A Common Stock, including (i) 141,686 shares of Class A Common Stock and (ii) 1,082,869 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. This aggregate amount represents approximately 4.1% of the shares of Class A Common Stock currently outstanding. She may be deemed to have (a) the sole power to vote or direct the vote of and to dispose of or to direct the disposition of 10,419 shares of Class A Common Stock owned personally, and (b) the current shared power to vote or direct the vote of and to dispose of or direct the disposition of 1,214,136 shares of Class A Common Stock (including 22,427 shares of Class A Common Stock owned personally by her spouse, 3,414 shares of Class A Common Stock held by trusts for which her spouse serves as co-trustee, 74,521 shares of Class A Common Stock owned by the Beathra Foundation, 24,187 shares of Class A Common Stock owned by the Dolan Children Trust for her benefit, 6,718 shares of Class A Common Stock owned by the 2009 Family Trust for her benefit, 511,089 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trust for her benefit and 571,780 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trust for her benefit). She disclaims beneficial ownership of 22,427 shares of Class A Common Stock owned personally by her spouse, 3,414 shares of Class A Common Stock held by trusts for which her spouse serves as co-trustee, 74,521 shares of Class A Common Stock owned by the Beathra Foundation, 24,187 shares of Class A Common owned by the Dolan Children Trust for her benefit, 6,718 shares of Class A Common owned by the 2009 Family Trust for her benefit, 511,089 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trust for her benefit, 571,780 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trust for her benefit and 5,783,885 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that such person is the beneficial owner of such securities. See Exhibit B.

Patrick F. Dolan may be deemed to beneficially own an aggregate of 58,022 shares of Class A Common Stock, including (i) 1,075 shares of Class A Common Stock and (ii) 56,947 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. This aggregate amount represents approximately 0.2% of the shares of Class A Common Stock currently outstanding. He may be deemed to have (a) the sole power to vote or direct the vote of and to dispose of or to direct the disposition of 1,075 shares of Class A Common Stock owned personally, and (b) the current shared power to vote or direct the vote of and to dispose of or direct the disposition 56,947 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trust for his benefit. He disclaims beneficial ownership of 56,947 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trust for his benefit and 6,809,807 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that such person is the beneficial owner of such securities. See Exhibit B.

Corby Dolan Leinauer may be deemed to beneficially own an aggregate of 3,682,059 shares of Class A Common Stock, including (i) 36,313 shares of Class A Common Stock and (ii) 3,645,746 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. This aggregate amount represents approximately 11.4% of the shares of Class A Common Stock currently outstanding. She may be deemed to have (a) the sole power to vote or direct the vote of and to dispose of or to direct the disposition of 192 shares of Class A Common Stock held as custodian for one or more minor children and (b) the current shared power to vote or direct the vote of and to dispose of or direct the disposition of 3,681,867 shares of Class A Common Stock (including 154 shares of Class A Common Stock owned jointly with her spouse, 685 shares of Class A Common Stock owned by the Leinauer Family Education Trust, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Aidan J. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Quentin F. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Marianne R. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Kevyn A. Dolan, an aggregate of 33,590 shares of Class A Common Stock owned by the 2009 Family Trusts, and an aggregate of 3,645,746 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trusts). She disclaims beneficial ownership of 192 shares of Class A Common Stock held as custodian for one or more minor children, 685 shares of Class A Common Stock owned by the Leinauer Family Education Trust, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Aidan J. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Quentin F. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Marianne R. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Kevyn A. Dolan, an aggregate of 33,590 shares of Class A Common Stock owned by the 2009 Family Trusts, an aggregate of 3,645,746 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trusts and 3,221,008 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that she is the beneficial owner of such securities. See Exhibit B.

Mary S. Dolan may be deemed to beneficially own an aggregate of 4,280,651 shares of Class A Common Stock, including (i) 66,869 shares of Class A Common Stock and (ii) 4,213,782 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. This aggregate amount represents approximately 13.0% of the shares of Class A Common Stock currently outstanding. She may be deemed to have (a) the sole power to vote or direct the vote and to dispose of or direct the disposition of 3,453 shares of Class A Common Stock held as custodian for one or more minor children and (b) the current shared power to vote or direct the vote of and to dispose of or direct the disposition of 4,277,198 shares of Class A Common Stock (including 3,947 shares of Class A Common Stock owned jointly with her spouse, 24,187 shares of Class A Common Stock owned by the Dolan Children Trust for the benefit of Deborah Dolan-Sweeney, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Aidan J. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Quentin F. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Marianne R. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Kevyn A. Dolan, an aggregate of 33,590 shares of Class A Common Stock owned by the 2009 Family Trusts, 511,089 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trust for the benefit of Deborah Dolan-Sweeney, an aggregate of 3,645,746 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trusts and 56,947 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Kathleen M. Dolan 2012 Descendants Trust). She disclaims beneficial ownership of 3,453 shares of Class A Common Stock held as custodian for one or more minor children, 24,187 shares of Class A Common Stock owned by the Dolan Children Trust for the benefit of Deborah Dolan-Sweeney, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Aidan J. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Quentin F. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Marianne R. Dolan, 423 shares of Class A Common Stock owned by the CFD 2012 Grandchildren Trust FBO Kevyn A. Dolan, an aggregate of 33,590 shares of Class A Common Stock owned by the 2009 Family Trusts, 511,089 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trust for the benefit of Deborah Dolan-Sweeney, an aggregate of 3,645,746 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the 2009 Family Trusts, 56,947 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Kathleen M. Dolan 2012 Descendants Trust and 2,652,972 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that such person is the beneficial owner of such securities. See Exhibit B.

Paul J. Dolan may be deemed to beneficially own an aggregate of 1,552,631 shares of Class A Common Stock, including (i) 115,136 shares of Class A Common Stock, and (ii) 1,437,495 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. This aggregate amount represents approximately 5.2% of the shares of Class A Common Stock currently outstanding. He may be deemed to have (a) the sole power to vote or direct the vote of and to dispose of or to direct the disposition of 398 shares of Class A Common Stock owned personally and 46,209 shares of Class A Common Stock owned by the CFD Trust No. 10 and (b) the current shared power to vote or direct the vote of and to dispose of or direct the disposition of 1,506,024 shares of Class A Common Stock (including an aggregate of 68,529 shares of Class A Common Stock owned by the Dolan Children Trusts for the benefit of Kathleen M. Dolan and James L. Dolan, an aggregate of 1,380,548 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trusts for the benefit of Kathleen M. Dolan and James L. Dolan and 56,947 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Kathleen M. Dolan 2012 Descendants Trust). He disclaims beneficial ownership of 46,209 shares of Class A Common Stock owned by the CFD Trust No. 10, an aggregate of 68,529 shares of Class A Common Stock owned by the Dolan Children Trusts for the benefit of Kathleen M. Dolan and James L. Dolan, an aggregate of 1,380,548 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trusts for the benefit of Kathleen M. Dolan and James L. Dolan, 56,947 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Kathleen M. Dolan 2012 Descendants Trust and 5,429,259 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that he is the beneficial owner of such securities. See Exhibit B.

The Charles F. Dolan Children Trust FBO Kathleen M. Dolan may be deemed to beneficially own an aggregate of 488,579 shares of Class A Common Stock, including (i) 24,187 shares of Class A Common Stock and (ii) 464,392 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,402,362 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Kathleen M. Dolan and Paul J. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

The Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney may be deemed to beneficially own an aggregate of 535,276 shares of Class A Common Stock, including (i) 24,187 shares of Class A Common Stock and (ii) 511,089 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,355,665 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Kathleen M. Dolan and Mary S. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

The Charles F. Dolan Children Trust FBO Marianne Dolan Weber may be deemed to beneficially own an aggregate of 474,339 shares of Class A Common Stock, including (i) 24,187 shares of Class A Common Stock and (ii) 450,152 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,416,602 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Kathleen M. Dolan and Matthew J. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

The Charles F. Dolan Children Trust FBO Thomas C. Dolan may be deemed to beneficially own an aggregate of 488,579 shares of Class A Common Stock, including (i) 20,156 shares of Class A Common Stock and (ii) 468,423 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,398,331 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Kathleen M. Dolan and Matthew J. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

The Charles F. Dolan Children Trust FBO James L. Dolan may be deemed to beneficially own an aggregate of 960,498 shares of Class A Common Stock, including (i) 44,342 shares of Class A Common Stock and (ii) 916,156 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 5,950,598 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Kathleen M. Dolan and Paul J. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

The 2009 Family Trust FBO James L. Dolan may be deemed to beneficially own an aggregate of 1,053,283 shares of Class A Common Stock, including (i) 6,718 shares of Class A Common Stock and (ii) 1,046,565 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 5,820,189 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Corby Dolan Leinauer and Mary S. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

The 2009 Family Trust FBO Thomas C. Dolan may be deemed to beneficially own an aggregate of 716,156 shares of Class A Common Stock, including (i) 6,718 shares of Class A Common Stock and (ii) 709,438 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,157,316 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Corby Dolan Leinauer and Mary S. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

The 2009 Family Trust FBO Kathleen M. Dolan may be deemed to beneficially own an aggregate of 621,308 shares of Class A Common Stock, including (i) 6,718 shares of Class A Common Stock and (ii) 614,590 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,252,164 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Corby Dolan Leinauer and Mary S. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

The 2009 Family Trust FBO Marianne E. Dolan Weber may be deemed to beneficially own an aggregate of 653,144 shares of Class A Common Stock, including (i) 6,718 shares of Class A Common Stock and (ii) 646,426 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,220,328 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Corby Dolan Leinauer and Mary S. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

The 2009 Family Trust FBO Deborah A. Dolan-Sweeney may be deemed to beneficially own an aggregate of 578,498 shares of Class A Common Stock, including (i) 6,718 shares of Class A Common Stock and (ii) 571,780 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,294,974 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Corby Dolan Leinauer and Mary S. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

The 2009 Family Trust FBO Patrick F. Dolan may be deemed to beneficially own an aggregate of 56,947 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,809,807 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Corby Dolan Leinauer and Mary S. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

The Ryan Dolan 1989 Trust may be deemed to beneficially own an aggregate of 7,659 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,859,095 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Kathleen M. Dolan is the trustee and has the sole power to vote and dispose of the shares held by the trust.

The Tara Dolan 1989 Trust may be deemed to beneficially own an aggregate of 7,659 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,859,095 shares of Class A Common Stock, issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Kathleen M. Dolan is the trustee and has the sole power to vote and dispose of the shares held by the trust.

The Marianne E. Dolan Weber 2012 Descendants Trust may be deemed to beneficially own an aggregate of 56,948 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,809,806 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Richard Baccarri is the trustee and has the sole power to vote and dispose of the shares held by the trust.

The Kathleen M. Dolan 2012 Descendants Trust may be deemed to beneficially own an aggregate of 56,947 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. The trust disclaims beneficial ownership of 6,809,807 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that the trust is the beneficial owner of such securities. Paul J. Dolan and Mary S. Dolan are the trustees and have the shared power to vote and dispose of the shares held by the trust.

Matthew J. Dolan may be deemed to beneficially own an aggregate of 964,932 shares of Class A Common Stock, including (i) 46,357 shares of Class A Common Stock and (ii) 918,575 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. This aggregate amount represents approximately 3.3% of the shares of Class A Common Stock currently outstanding. He may be deemed to have (a) the sole power to vote or direct the vote of and to dispose of or to direct the disposition of 1,206 shares of Class A Common Stock (including 619 shares of Class A Common Stock owned personally and 587 shares of Class A Common Stock held as custodian for a minor child) and (b) the current shared power to vote or direct the vote of and to dispose of or direct the disposition of 963,726 shares of Class A Common Stock (including 480 shares of Class A Common Stock owned jointly with his spouse, 328 shares of Class A Common Stock held by his spouse as custodian for a minor child and an aggregate of 44,343 shares of Class A Common stock owned by the Dolan Children Trusts for the benefit of Marianne Dolan Weber and Thomas C. Dolan and an aggregate of 918,575 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trusts for the benefit of Marianne Dolan Weber and Thomas C. Dolan). He disclaims beneficial ownership of 587 shares of Class A Common Stock held as custodian for a minor child, 328 shares of Class A Common Stock held by his spouse as custodian for a minor child, an aggregate of 44,343 shares of Class A Common Stock owned by the Dolan Children Trusts for the benefit of Marianne Dolan Weber and Thomas C. Dolan, an aggregate of 918,575 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Dolan Children Trusts for the benefit of Marianne Dolan Weber and Thomas C. Dolan and 5,948,179 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that such person is the beneficial owner of such securities. See Exhibit B.

Richard Baccari may be deemed to beneficially own an aggregate of 56,948 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Marianne E. Dolan Weber 2012 Descendants Trust. This aggregate amount represents approximately 0.2% of the shares of Class A Common Stock currently outstanding. He disclaims beneficial ownership of 56,948 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by the Marianne E. Dolan Weber 2012 Descendants Trust and 6,809,806 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock owned by other Reporting Persons hereto, and this report shall not be deemed to be an admission that such person is the beneficial owner of such securities. See Exhibit B.

The foregoing information does not include 107,586 unvested restricted stock units or the target amount of 4,009,192 unvested performance-based stock options granted by the Issuer to James L. Dolan. The foregoing information also does not include restricted stock units granted by the Issuer to its directors and which units settle 90 days following the person's separation from the Issuer: Paul J. Dolan, 25,762 units; Thomas C. Dolan, 28,786 units; Brian G. Sweeney (Deborah A. Dolan-Sweeney's spouse), 28,786 units; Kristin A. Dolan (James L. Dolan's spouse), 23,214 units; and Marianne Dolan Weber, 19,154 units.

## Ex-99.D2

Exhibit D.2

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including additional amendments thereto) with respect to the shares of Class A Common Stock, $0.01 par value, of Sphere Entertainment Co. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

Date: February 27, 2026

---

| |
|:---|
| /s/ James L. Dolan |
| James L. Dolan |
| \* |
| Kathleen M. Dolan |
| \* |
| Marianne Dolan Weber |
| \* |
| Deborah A. Dolan-Sweeney |
| \*\* |
| Patrick F. Dolan |
| \* |
| Corby Dolan Leinauer |
| \* |
| Mary S. Dolan |
| /s/ Paul J. Dolan |
| Paul J. Dolan |

---

---

| | |
|:---|:---|
| Charles F. Dolan Children Trust FBO Kathleen M. Dolan | Charles F. Dolan Children Trust FBO Kathleen M. Dolan |
| Charles F. Dolan Children Trust FBO James L. Dolan | Charles F. Dolan Children Trust FBO James L. Dolan |
| \* | \* |
| By: | Kathleen M. Dolan, Trustee |
| /s/ Paul J. Dolan | /s/ Paul J. Dolan |
| By: | Paul J. Dolan, Trustee |
| Charles F. Dolan Children Trust FBO Marianne Dolan Weber | Charles F. Dolan Children Trust FBO Marianne Dolan Weber |
| Charles F. Dolan Children Trust FBO Thomas C. Dolan | Charles F. Dolan Children Trust FBO Thomas C. Dolan |
| \* | \* |
| By: | Kathleen M. Dolan, Trustee |
| \* | \* |
| By: | Matthew J. Dolan, Trustee |
| Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney | Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney |
| \* | \* |
| By: | Kathleen M. Dolan, Trustee |
| \* | \* |
| By: | Mary S. Dolan, Trustee |
| CHARLES F. DoLAN 2009 Family Trust FBO Kathleen M. Dolan | CHARLES F. DoLAN 2009 Family Trust FBO Kathleen M. Dolan |
| CHARLES F. DoLAN 2009 Family Trust FBO Deborah A. Dolan-Sweeney | CHARLES F. DoLAN 2009 Family Trust FBO Deborah A. Dolan-Sweeney |
| CHARLES F. DoLAN 2009 Family Trust FBO Marianne E. Dolan Weber | CHARLES F. DoLAN 2009 Family Trust FBO Marianne E. Dolan Weber |
| CHARLES F. DoLAN 2009 Family Trust FBO Thomas C. Dolan | CHARLES F. DoLAN 2009 Family Trust FBO Thomas C. Dolan |
| CHARLES F. DoLAN 2009 Family Trust FBO James L. Dolan | CHARLES F. DoLAN 2009 Family Trust FBO James L. Dolan |
| CHARLES F. DOLAN 2009 FAMILY TRUST FBO PATRICK F. DOLAN | CHARLES F. DOLAN 2009 FAMILY TRUST FBO PATRICK F. DOLAN |
| \* | \* |
| By: | Mary S. Dolan, Trustee |
| \* | \* |
| By: | Corby Dolan Leinauer, Trustee |

---

---

| | |
|:---|:---|
| Ryan Dolan 1989 Trust | Ryan Dolan 1989 Trust |
| Tara Dolan 1989 Trust | Tara Dolan 1989 Trust |
| \* | \* |
| By: | Kathleen M. Dolan, Trustee |

---

---

| | |
|:---|:---|
| MARIANNE E. DOLAN WEBER 2012 DESCENDANTS TRUST | MARIANNE E. DOLAN WEBER 2012 DESCENDANTS TRUST |
| \* | \* |
| By: | Richard Baccari, Trustee |

---

---

| | |
|:---|:---|
| KATHLEEN M. DOLAN 2012 DESCENDANTS TRUST | KATHLEEN M. DOLAN 2012 DESCENDANTS TRUST |
| /s/ Paul J. Dolan | /s/ Paul J. Dolan |
| By: | Paul J. Dolan, Trustee |
| \* | \* |
| By: | Mary S. Dolan, Trustee |

---

---

| | |
|:---|:---|
| \*By: | /s/ Brian G. Sweeney |
|  | Brian G. Sweeney |
|  | as Attorney-in-Fact |
| \*\*By: | /s/ Dennis H. Javer |
|  | Dennis H. Javer |
|  | as Attorney-in-Fact |

---

## Ex-99.E

**Exhibit E**

![](tm267441d3_ex99-eimg01.jpg)

**SECURED MARGIN LINE OF CREDIT NOTE**

**CERTAIN CONFIDENTIAL PORTIONS HAVE BEEN REDACTED FROM THIS EXHIBIT BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. INFORMATION THAT HAS BEEN OMITTED HAS BEEN IDENTIFIED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK "[\*\*\*]".**

---

| | |
|:---|:---|
| $100000000.00 | Dated as of February 25, 2026 |

---

For value received, James L. Dolan, an individual (the "Borrower"), promises to pay to JPMorgan Chase Bank, N.A. (the "Bank"), the principal amount of each margin loan made by the Bank to the Borrower or, if less, the total unpaid principal amount of all Variable Margin Loans and Short-Term Fixed Margin Loans (each, a "Margin Loan" and, collectively, the "Margin Loans") made to the Borrower by the Bank under this Secured Margin Line of Credit Note (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, the "Note"), up to an aggregate principal amount of up to One Hundred Million Dollars and Zero Cents ($100,000,000.00), or such other Line Amount as set forth in the most recent Statement of Key Margin Line of Credit Terms issued by the Bank in connection with this Note (the "Margin Loan Terms Statement"), on the Maturity Date (as defined below) of each such Margin Loan, together with interest at such rates and payable on such dates as set forth below. All capitalized terms used but not defined in this Note shall be used as defined in the Margin Loan Terms Statement. The Margin Loan Terms Statement is incorporated by reference into this Note.

**The Borrower acknowledges and agrees that, notwithstanding any provision of this Note or any other Facility Document, the Bank has no obligation to make a Margin Loan under the margin line of credit evidenced by this Note (the "Margin Line of Credit") and this Note does not create any contractual or other commitment to lend by the Bank. Any Margin Loan made by the Bank hereunder matures on its applicable Maturity Date and the Bank has no commitment to convert or renew any such Margin Loan or make a new Margin Loan. This Note is executed and delivered by the Borrower to the Bank to evidence any Margin Loans that the Bank may extend to the Borrower in the Bank's sole discretion.**

Requests for Margin Loans shall be made in accordance with the procedures outlined in Section 2. The Margin Loan Type section in the Margin Loan Terms Statement sets forth the type(s) of Margin Loans the Borrower may request. Provisions in Section 2 related to a conversion of a Variable Margin Loan will only apply in the event that Short-Term Fixed Margin Loans are an available Margin Loan Type and/or there is more than one Base Rate available for Variable Margin Loans. The initial Margin Loan made under this Note must be in an amount at least equal to the Minimum Initial Margin Loan Amount. A Short-Term Fixed Margin Loan, if made, must be in an amount at least equal to the Short-Term Fixed Margin Loan Minimum Amount. If there is more than one Base Rate set forth in the Margin Loan Terms Statement, then the Base Rate applicable to each Margin Loan shall be selected by the Borrower from the options set forth in the Margin Loan Terms Statement. Each Margin Loan, if made, shall bear interest at the Interest Rate identified in the Margin Loan Terms Statement. If a Base Rate becomes temporarily or permanently unavailable, it will be replaced in accordance with the provisions of Section 6.

**Section 1. Definitions.**

As used in this Note, the following terms have the meaning specified below:

**"$"**, **"USD"** and **"dollars"** denote lawful money of the United States of America.

**"Acceptable Collateral"** means any items of Collateral and Third Party Pledgor Collateral that the Bank determines in its sole discretion from time to time are eligible to secure the Obligations and are satisfactorily pledged hereunder or under any Third Party Pledge Agreement; **[\*\*\*]** (a) (i) the 293,432 MSGE Shares in the Account or in any account pledged by the Borrower or a Third Party Pledgor; (ii) the 206,104 MSGS Shares in the Account or in any account pledged by the Borrower or a Third Party Pledgor, and (iii) the 949,358 SPHR Shares in the Account or in any account pledged by the Borrower or a Third Party Pledgor, each on the date hereof, in each case held and fully paid for by the Borrower or the applicable Third Party Pledgor for at least one (1) year, shall **[\*\*\*]** be Acceptable Collateral **[\*\*\*]**.

**"Account"** means, that certain securities account of the Borrower identified on the Margin Loan Terms Statement established and maintained by the Bank or an Intermediary or any successor entity maintaining the Account, including any subaccount or substitute, successor or replacement account in or to which any Collateral is now or hereafter held or credited.

**"Account Control Agreement"** means a master securities account control agreement or other similar agreement with any Intermediary, as amended from time to time.

**"Aggregate Collateral Share Value"** means, at any time, the aggregate Collateral Value of all Collateral Shares that constitute Acceptable Collateral at such time.

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**"Aggregate Other Acceptable Collateral Adjusted Value"** means, at any time, the sum of the Lending Value of each unit of Other Acceptable Collateral at such time.

**"Applicable Margin"** has the meaning set forth in the Margin Loan Terms Statement.

**"Bank"** is defined in the first paragraph of this Note.

**"Banking Day"** has the meaning set forth in the Margin Loan Terms Statement.

**"Bankruptcy Code"** means Title 11 of the United States Code, as amended.

**"Base Rate"** has the meaning set forth in the Margin Loan Terms Statement.

**"Borrower"** has the meaning set forth in the Margin Loan Terms Statement and in the first paragraph of this Note.

**"Cash"** means all cash in USD.

**[\*\*\*]**.

**"Clearing System"** means the Depository Trust Company, Cedel Bank, societe anonyme, the Euroclear system and such other clearing or safekeeping system that may be used in connection with transactions relating to or the custody of any Securities, and any depository for any of the foregoing.

**"Closing Sale Price"** means, on any Scheduled Trading Day for any Shares, the closing sale price (or if no closing sale price is reported, the average of the last bid and ask prices or, if more than one last bid or ask price in either case, the average of the last bid and the last ask prices, in each case, at the scheduled closing time) per Share on the Exchange for such Shares on such Scheduled Trading Day, as determined by the Bank in its sole discretion.

**"Collateral"** means: (i) the Account and the Collateral Shares and all other property and financial assets from time to time held in or credited to the Account, (ii) all additions to, and proceeds, renewals, investments, reinvestments and substitutions of, the foregoing and (iii) all certificates, receipts and other instruments evidencing any of the foregoing.

**"Collateral Currency"** is defined in Section 10.

**"Collateral Shares"** means any Shares held in the Account and all security entitlements with respect to the foregoing.

**"Collateral Shortfall"** means, as of the close of any Scheduled Trading Day for the Shares, that the Maintenance Available Collateral is less than zero.

**"Collateral Value"** means, **[\*\*\*]**.

**"Continuance"** and **"Continuing"** means, with respect to an Event of Default, that such Event of Default has not been waived in writing by the Bank or otherwise cured in accordance with an express right herein to cure such Event of Default.

**"Cure Time"** means, **[\*\*\*]**.

**"Default Rate"** means, **[\*\*\*]**.

**"Delisting"** means, with respect to any of the Shares, that such Shares are no longer listed or admitted for trading on any Designated Exchange.

**"Designated Exchange"** means any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or, in each case, any successor thereto).

**"Disrupted Day"** means, with respect to any Shares, any Scheduled Trading Day for such Shares on which, due to any failure of the Exchange for such Shares to open for trading during its regular trading session or the occurrence or existence of a Market Disruption Event for such Shares or otherwise, the Bank is unable to determine the Closing Sale Price of such Shares.

**"Electronic Note"** is defined in Section 22.

**"Event of Default"** means an event described in Section 12.

**"Exchange"** means, with respect to any Shares, The New York Stock Exchange (or any successor thereto) or, if any such Shares are not listed for trading on such exchange, the Designated Exchange that is the primary trading market for such Shares.

**"Exchange Act"** means the Securities Exchange Act of 1934, as amended.

OUTSIDE COUNSEL SECURED MARGIN LINE OF CREDIT NOTE Page 2 of 17 UCN: 140983594000 FAC: 202933194 <br> Third Party Pledge US851.1.1

**"Facility Documents"** means this Note, the Margin Loan Terms Statement, any Third Party Pledge Agreement and any other documents or instruments executed as security or collateral for, or a guarantee of, the Margin Loans, or in connection with or as support of, any of the foregoing, whether by the Borrower or a Third Party, and any updates or renewals thereof.

**"Fed Funds Effective Rate"** means the rate calculated by the NYFRB based on federal funds transactions by depository institutions. The Fed Funds Effective Rate is displayed on the NYFRB's website and is effective for the Banking Day prior to the date of publication. If the Fed Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Note.

**"FINRA"** means the Financial Industry Regulatory Authority, Inc.

**"Governing Law"** has the meaning set forth in the Margin Loan Terms Statement.

**"Impacted Base Rate"** is defined in Section 6(b).

**"Initial Aggregate Total Lending Value"** means, **[\*\*\*]**.

**"Initial Available Collateral"** means, at any time, the difference of (a) the Initial Aggregate Total Lending Value and (b) the Obligations, in each case, at such time.

**[\*\*\*]**.

**"Interest Payment Date**" has the meaning set forth in the Margin Loan Terms Statement.

**"Interest Rate"** has the meaning set forth in the Margin Loan Terms Statement.

**"Intermediary"** means any party acting as a financial intermediary or securities intermediary, including, without limitation, affiliates of the Bank that are parties to any Account Control Agreement.

**"Interpolated Rate"** means, at any time:

&nbsp;&nbsp;&nbsp;&nbsp;(i) in relation to the Base Rate for a Variable Margin Loan, the rate per annum determined by the Bank from
interpolating on a linear basis between the nearest shortest and nearest longest published rate maturities which are available for the
reference rate from which such Base Rate is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) in relation to the Base Rate for a Short-Term Fixed Margin Loan, the rate per annum determined by the
Bank from interpolating on a linear basis between (a) the longest published rate maturity which is available for the reference rate
from which such Base Rate is derived that is shorter than the Short-Term Fixed Tenor of such Margin Loan and (b) the shortest published
rate maturity which is available for the reference rate from which such Base Rate is derived that exceeds such Short-Term Fixed Tenor.

If the Interpolated Rate is less than zero, then such rate shall be deemed to be zero for purposes of this Note. The Interpolated Rate will be rounded to the same number of decimal places as the Base Rate of such Margin Loan. Any determination of the Interpolated Rate by the Bank shall be conclusive and binding absent manifest error.

**"Issuer"** means each of Madison Square Garden Sports Corp., a Delaware corporation, Madison Square Garden Entertainment Corp., a Delaware corporation, and Sphere Entertainment Co., a Delaware corporation.

**"Issuer Event"** means the occurrence of one or more of the following with respect to any Issuer:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the announcement of a Delisting or any event or transaction that, if consummated or completed, would constitute
a Delisting, or the occurrence of a Delisting without any announcement;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time the number of Collateral Shares of any Issuer shall constitute more than nine percent (9.0%)
of the number of outstanding Shares of such Issuer, or the announcement of any transaction or event that, if consummated or completed,
would result in the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Shares shall have been suspended from trading on the Exchange for two (2) consecutive Scheduled
Trading Days or the Shares shall have not traded on the Exchange for any other reason for two (2) consecutive Scheduled Trading Days;
or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) **[\*\*\*]** the imposition of any restriction on the pledge of the Collateral Shares by the Borrower
or on the sale of the Collateral Shares (other than (i) any restriction imposed by this Note or any other Facility Document, and
(ii) **[\*\*\*]** or the announcement of any transaction or event that, if consummated, effected or completed, would reasonably be
expected to result in any such imposition.

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**"JPMorgan Contact Information"** has the meaning set forth in the Margin Loan Terms Statement.

**"Lending Value"** means, with respect to any unit of Other Acceptable Collateral at any time, the total amount of Obligations that such unit of Other Acceptable Collateral may secure at such time, as determined by the Bank in its sole discretion; provided that at no time shall the Lending Value of any unit of Other Acceptable Collateral exceed the maximum percentage of the "current market value" of such unit of Other Acceptable Collateral that a broker-dealer registered with the Securities and Exchange Commission and member of FINRA would be permitted to assign to such unit of Other Acceptable Collateral if such broker-dealer were acting in compliance with the minimum initial and maintenance margin requirements of Regulation T of the Board of Governors of the Federal Reserve System and FINRA Rule 4210.

**"Liabilities"** means all Margin Loans to, and all indebtedness, obligations, and liabilities of any kind of, the Borrower arising under any Facility Document or otherwise with respect to the Margin Loans, now or in the future, absolute or contingent, direct or indirect, joint or several, due or not due, arising by operation of law or otherwise, and costs and expenses (including reasonable and documented out-of-pocket legal fees) incurred by the Bank in connection with the Collateral, this Note or any other Facility Document.

**"Liability Currency"** is defined in Section 10.

**"Line Amount"** has the meaning set forth in the Margin Loan Terms Statement.

**"Maintenance Aggregate Total Lending Value"** means, **[\*\*\*]**.

**"Maintenance Available Collateral"** means, at any time, the difference of (a) the Maintenance Aggregate Total Lending Value and (b) the Obligations, in each case, at such time.

**[\*\*\*]**

**"Margin Line of Credit"** is defined in the second paragraph of this Note.

**"Margin Loan"** and **"Margin Loans"** are defined in the first paragraph of this Note.

**"Margin Loan Terms Statement"** is defined in the first paragraph of this Note.

**"Margin Loan Type"** has the meaning set forth in the Margin Loan Terms Statement.

**"Market Price"** means, at any time, the most recent Closing Sale Price of the applicable Shares; provided that the "Market Price" on any Disrupted Day for such Shares shall be the Value of such Shares, expressed on a per Share basis.

**"Maturity Date"** means, with respect to (i) any Variable Margin Loan, the immediately succeeding Banking Day after the date such Margin Loan was made or renewed and (ii) any Short-Term Fixed Margin Loan, the last day of the Maturity Period of such Margin Loan; provided, that if any Maturity Date of a Short-Term Fixed Margin Loan would be a day that is not a Banking Day, then such Maturity Date shall be the immediately succeeding Banking Day, unless such immediately succeeding Banking Day would fall in the next calendar month, in which case such Maturity Date shall be the immediately preceding Banking Day.

**"Maturity Period"** means, for a Short-Term Fixed Margin Loan, the period commencing on the date such Short-Term Fixed Margin Loan is made and ending on the numerically corresponding day in a subsequent calendar month or months, as determined by the Short-Term Fixed Tenor selected by the Borrower. In the case of a renewal of an existing Short-Term Fixed Margin Loan or the conversion of a Variable Margin Loan (or portion thereof) to a Short-Term Fixed Margin Loan, the Maturity Period shall commence on the effective date of such renewal or conversion. Notwithstanding the foregoing, any Maturity Period of a Short-Term Fixed Margin Loan which commences on the last Banking Day of a calendar month (or on any day for which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Banking Day of the appropriate calendar month.

**"Minimum Initial Margin Loan Amount"** has the meaning set forth in the Margin Loan Terms Statement.

**[\*\*\*]**.

**"MSGE Shares"** means the shares of Class A common stock of Madison Square Garden Entertainment Corp. (NYSE: MSGE).

**"MSGS Shares"** means the shares of Class A common stock of Madison Square Garden Sports Corp. (NYSE: MSGS).

**"Note"** has the meaning set forth in the Margin Loan Terms Statement and the first paragraph hereof.

**"NYFRB"** means the Federal Reserve Bank of New York (or any successor thereto).

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**"Obligations"** means, at any time, the then-outstanding principal amount of all Margin Loans hereunder and all accrued and unpaid interest thereon.

**[\*\*\*]**

**"Paper-Based Note"** is defined in Section 22.

**"Person"** means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity.

**"Prime Rate"** means the rate of interest per annum announced from time to time by the Bank as its prime rate. Each change in the Prime Rate shall be effective from and including the date the change is announced as being effective. The Prime Rate is a reference rate and may not be the Bank's lowest rate. If the Prime Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Note.

**"Regulation D"** means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System.

**"Regulatory Change"** means the occurrence after the date of this Note of (i) the adoption of any law, rule, regulation, or treaty, (ii) any change in any law, rule, regulation, or treaty, or in the interpretation or application thereof by any governmental or regulatory authority, or (iii) compliance by the Bank with any request, guideline, or directive (whether or not having the force of law and whether domestic or foreign) of any governmental or regulatory authority made or issued after the date of this Note.

**"Relevant Governing Body"** means the Federal Reserve Board, the NYFRB (or any successor thereto), and/or a committee they officially endorse or convene.

**"Replacement Base Rate"** means:

&nbsp;&nbsp;&nbsp;&nbsp;(i) for an Impacted Base Rate, (a) for Variable Margin Loans, the other Base Rate option for Variable
Margin Loans, if any, identified in the Margin Loan Terms Statement, and (b) for Short-Term Fixed Margin Loans, the other Base Rate
option for Short-Term Fixed Margin Loans, if any, identified in the Margin Loan Terms Statement; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) if a Replacement Base Rate cannot be determined in accordance with clause (i) because the applicable
Margin Loan Type does not have another Base Rate option identified in the Margin Loan Terms Statement, then the Replacement Base Rate
shall be the Base Rate option, regardless of Margin Loan Type, identified in the Margin Loan Terms Statement that is not an Impacted Base
Rate (or, as determined by the Bank in its sole discretion, an overnight rate, forward-looking term rate, and/or compounded rate that
is based on or derived therefrom); or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) if all Base Rates identified in the Margin Loan Terms Statement are Impacted Base Rates, then the Replacement
Base Rate shall be the sum of: (a) an alternate benchmark rate selected by the Bank, and (b) a spread adjustment (which may
be a positive, negative, or zero value, but, for the avoidance of doubt, will not have an impact on the corresponding Applicable Margin)
selected by the Bank, in each case, after giving due consideration to (I) any replacement rate and/or spread adjustment, or method
for determining such replacement rate or spread adjustment, that is identified as such by a Relevant Governing Body, and/or (II) any
evolving or then-prevailing market convention for determining a rate of interest and spread adjustment as a replacement to the Impacted
Base Rate(s) for credit facilities, at such time, that are denominated in USD and similar to the credit facility established under
the Facility Documents.

If the Replacement Base Rate would be less than zero, the Replacement Base Rate will be deemed to be zero for purposes of this Note.

**"Replacement Base Rate Changes"** is defined in Section 6(b).

**"Replacement Event"** is defined in Section 6(b).

**"Reuters"** is defined in Section 10.

**"Scheduled Trading Day"** means, with respect to any Shares, any day on which the Exchange for such Shares is scheduled to be open for its regular trading session or, in the event that such Shares are not listed, traded or quoted on any Designated Exchange, any Banking Day.

**"Securities"** means Collateral consisting of stocks, bonds and other instruments and securities and all securities entitlements with respect to the foregoing.

**"Shares"** means individually and collectively, the MSGE Shares, the MSGS Shares and the SPHR Shares.

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**"Short-Term Fixed Margin Loan"** has the meaning set forth in the Margin Loan Terms Statement.

**"Short-Term Fixed Margin Loan Minimum Amount"** has the meaning set forth in the Margin Loan Terms Statement.

**"Short-Term Fixed Tenor"** has the meaning set forth in the Margin Loan Terms Statement.

**"SPHR Shares"** means the shares of Class A common stock of Sphere Entertainment Co. (NYSE: SPHR).

**"Temporary Impacted Base Rate"** is defined in Section 6(a).

**"Temporary Replacement Base Rate"** means, **[\*\*\*]**.

**"Third Party"** means any party liable with respect to, or otherwise granting support for, this Note, whether by guarantee, subordination, grant of security or otherwise, including, without limitation, any Third Party Pledgor and any party that is identified as a "Guarantor" in the Margin Loan Terms Statement.

**"Third Party Pledge Agreement"** means, individually and collectively, any collateral agreement or other pledge agreement, security agreement or other similar agreement, executed by any Third Party Pledgor in favor of the Bank to secure the Liabilities.

**"Third Party Pledgor"** means any party identified as a "Third Party Pledgor" in the Margin Loan Terms Statement and any other party who has executed a Third Party Pledge Agreement in favor of the Bank to secure the Liabilities.

**"Third Party Pledgor Collateral"** means any and all "Collateral" under and as defined in any Third Party Pledge Agreement and pledged by the Third Party Pledgor to the Bank thereunder.

**"UCC"** means the Uniform Commercial Code in effect in the State of New York. Unless the context otherwise requires, all terms used in this Note which are defined in the UCC will have the meanings stated in the UCC.

**"Value"** means, **[\*\*\*]**.

**"Variable Margin Loan"** has the meaning set forth in the Margin Loan Terms Statement.

**Section 2. Requests for Margin Loans, Conversions and Renewals.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Requests for a Variable Margin Loan need to be received not later than **[\*\*\*]**. Requests for a Short-Term
Fixed Margin Loan need to be received not later than **[\*\*\*]**. Proceeds of any Margin Loan extended under this Note shall be (i) credited
to an account of the Borrower maintained with the Bank or (ii) credited to another account as directed by the Borrower to the extent
permitted by the Bank and subject to such conditions as the Bank may require in its sole discretion; provided, that the Bank is entitled
to rely on information provided by the Borrower without investigation.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The outstanding principal balances of Variable Margin Loans utilizing the same Base Rate shall be aggregated.
If a Variable Margin Loan has an outstanding principal balance equal to or in excess of the Short-Term Fixed Margin Loan Minimum Amount
and Short-Term Fixed Margin Loans are identified as a Margin Loan Type in the Margin Loan Terms Statement, such Variable Margin Loan may
be entirely or partially (if such portion is at least equal to the Short-Term Fixed Margin Loan Minimum Amount) converted to a Short-Term
Fixed Margin Loan upon the Borrower's request. The Base Rate of an outstanding Variable Margin Loan may, upon the Borrower's
request, be converted to another Base Rate that is identified as an option for Variable Margin Loans in the Margin Loan Terms Statement.
All requests to convert the Base Rate of a Variable Margin Loan to another Base Rate identified as an option for Variable Margin Loans
in the Margin Loan Terms Statement need to be received not later than **[\*\*\*]**. All requests for a conversion to a Short-Term Fixed
Margin Loan need to be received not later than **[\*\*\*]**. All conversion requests of any kind must be made in accordance with this
Section 2 and procedures and requirements established by the Bank from time to time. The Bank is not obligated to honor a conversion
request.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank may, but shall not be obligated to, renew (i) a Variable Margin Loan as a Variable Margin
Loan with the same Base Rate and a Short-Term Fixed Margin Loan with an outstanding balance less than the Short-Term Fixed Margin Loan
Minimum Amount as a Variable Margin Loan and, if available, with a Base Rate derived from the same reference rate, in each case, unless
a request to the contrary is received from the Borrower not later than noon, New York City time on the Maturity Date of such Margin Loan,
and (ii) a Short-Term Fixed Margin Loan with an outstanding balance at least equal to the Short-Term Fixed Margin Loan Minimum Amount
as a Short-Term Fixed Margin Loan with the same Base Rate for a Maturity Period with a duration equal to that then ending, unless a request
to the contrary is received from the Borrower not later than **[\*\*\*]** (it being understood that no such renewal would involve a new
extension of credit hereunder, including (without limitation) for purposes of clauses (a) and (b) above and (d) below).

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&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to such conditions and procedures as the Bank may require in its sole discretion, requests described
above can be made by telephone, in writing, electronically or through an Internet portal provided by the Bank. Any request shall be irrevocable
and specify: (i) in the case of a Margin Loan request, the amount and Margin Loan Type requested, which shall be a Margin Loan Type
identified in the Margin Loan Terms Statement, and the borrowing date of such requested Margin Loan, which shall be a Banking Day; (ii) in
the case of a Variable Margin Loan request, the Base Rate requested; (iii) in the case of a Short-Term Fixed Margin Loan request,
the Short-Term Fixed Tenor requested; and (iv) in the case of a conversion request permitted under clause (b), the Margin Loan (or
portion thereof in the case of a Variable Margin Loan converting to a Short-Term Fixed Margin Loan) to be converted, the date of the proposed
conversion, which shall be a Banking Day, the Margin Loan Type to be converted into and Base Rate requested, and, if applicable, the Short-Term
Fixed Tenor requested; provided, that, in the case of clauses (iii) and (iv), in respect of a Short-Term Fixed Margin Loan, if no
Short-Term Fixed Tenor is specified, then the Borrower shall be deemed to have selected a Short-Term Fixed Tenor of one (1) month.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower acknowledges that the Bank will use reasonable procedures to determine that a request described
in this Section 2 was provided by the Borrower or someone the Borrower authorized. The Borrower agrees that it shall be bound by
any such request or notice that the Bank, in good faith, believes was provided by the Borrower or someone the Borrower authorized, regardless
of how such request or notice was transmitted to the Bank and the Bank will not be liable for any loss, cost or expense for acting on
such request or notice.

&nbsp;&nbsp;&nbsp;&nbsp;(f) **[\*\*\*]**.

**Section 3. Interest; Repayment of Margin Loans.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal amount of each Margin Loan made in the Bank's discretion and outstanding under this
Note, together with accrued interest thereon, shall be due and payable (i) on its Maturity Date if such Margin Loan is not renewed,
(ii) so long as (A) no Event of Default has occurred and is Continuing or (B) no Collateral Shortfall has occurred **[\*\*\*]** following receipt by the Borrower of a termination notice from the Bank, if the Margin Line of Credit is terminated by the Bank, or (iii) on
the next Banking Day (whether or not such day is its Maturity Date) following receipt by the Bank of a termination notice from the Borrower,
if the Margin Line of Credit is terminated by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower promises to pay interest on each Interest Payment Date on the unpaid balance of the principal
amount of each Margin Loan from the date such Margin Loan is made, renewed or converted until such Margin Loan, together with accrued
interest thereon, is repaid in full. Upon the occurrence and during the Continuance of an Event of Default, the Bank may, at its option,
by notice to the Borrower (which notice may be revoked at the option of the Bank), declare that all Margin Loans shall bear interest at
the Default Rate from and including the date of such Event of Default until such Margin Loans are paid in full, such interest to be payable
on demand.

&nbsp;&nbsp;&nbsp;&nbsp;(c) All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed
by reference to the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and, in each case, shall
be payable for the actual number of days elapsed (including the first day, but excluding the last day).

&nbsp;&nbsp;&nbsp;&nbsp;(d) All payments (including any prepayments) hereunder shall be made in lawful money of the United States
and in immediately available funds. Any extension of time for the payment of the principal of this Note resulting from the due date falling
on a non-Banking Day shall be included in the computation of interest. The Bank may (but shall not be obligated to) debit the amount of
any payment under this Note that is not made when due from any deposit account of the Borrower with the Bank.

**Section 4. Prepayments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;(b) **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;(c) **[\*\*\*]**.

**Section 5. Additional Costs.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) If as a result of any Regulatory Change which (i) imposes, modifies, or deems applicable any reserve
(including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement
(including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently
referred to as "Eurocurrency liabilities" in Regulation D)), special deposit, deposit insurance or assessments, minimum capital
or liquidity, capital ratios or similar requirements relating to any extension of credit or other assets of, or any deposits with or other
liabilities of the Bank or its holding company, or (ii) imposes any other condition affecting this Note, the Bank reasonably determines
(which determination shall be conclusive absent manifest error) that the cost to it of making or maintaining a Margin Loan is increased
or any amount received or receivable by the Bank under this Note is reduced, then the Borrower will pay to the Bank within **[\*\*\*]** of its request an additional amount that the Bank reasonably determines will compensate it for the increased cost or reduction in amount.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the effect of the foregoing provisions of this Section 5 (but without duplication),
the Borrower shall pay to the Bank from time to time within **[\*\*\*]** of its request such amounts as the Bank may reasonably determine
to be necessary to compensate the Bank for any costs which it reasonably determines are attributable to the maintenance by it or any of
its affiliates of capital in respect of the Margin Loans hereunder pursuant to any law or regulation of any jurisdiction or any interpretation,
directive or request (whether or not having the force of law and whether in effect on the date of this Note or thereafter) of any court
or governmental or monetary authority. Any such compensation shall include, without limitation, an amount equal to any reduction in return
on assets or equity of the Bank to a level below that which it could have achieved but for such law, regulation, interpretation, directive
or request. **[\*\*\*]**.

**Section 6. Base Rate Unavailability.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Temporary.** If the Bank determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adequate and reasonable means do not exist for ascertaining a Base Rate for a Variable Margin Loan or
for the applicable Short-Term Fixed Tenor of a Short-Term Fixed Margin Loan, including, without limitation, by means of the Interpolated
Rate; provided, that no Replacement Event (defined in clause (b) below) has occurred at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Base Rate will not adequately and fairly reflect the cost to the Bank of making or maintaining the applicable
Margin Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is unlawful for the Bank to maintain any Margin Loan at the Base Rate selected by the Borrower;

THEN, such Base Rate shall be considered a "Temporary Impacted Base Rate" and the Bank shall give the Borrower prompt notice thereof. Until the Bank notifies the Borrower that the circumstances giving rise to such notice no longer exist, (A) the Temporary Impacted Base Rate is deemed not to be available and will be replaced with the Temporary Replacement Base Rate, (B) all references to "Base Rate" in respect of the Temporary Impacted Base Rate only, shall be deemed to be references to the "Temporary Replacement Base Rate", and (C) if the Temporary Impacted Base Rate applies to any existing Short-Term Fixed Margin Loan, then the Temporary Replacement Base Rate will apply at the end of such Short-Term Fixed Margin Loan's Maturity Period unless the circumstances in clause (iii) have arisen, in which case the Temporary Replacement Base Rate shall apply immediately.

&nbsp;&nbsp;&nbsp;&nbsp;(b) **Permanent.** Notwithstanding anything to the contrary herein or in any other Facility Document, a
Base Rate is deemed no longer to be available and will be replaced if any of the following events (each, a "Replacement Event")
occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a public statement is made or there is publication of information by or on behalf of the administrator
of a Base Rate, the regulatory supervisor for the administrator of a Base Rate, the U.S. Federal Reserve System, an insolvency official
or resolution authority with jurisdiction over the administrator of a Base Rate, or a court or an entity with similar insolvency or resolution
authority over the administrator of a Base Rate, in each case, which states that such administrator has ceased or will cease to provide
such Base Rate, permanently or indefinitely, provided that, at that time, there is no successor administrator that will continue to provide
such Base Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a public statement is made or there is publication of information by the regulatory supervisor for the
administrator of a Base Rate announcing that such Base Rate is no longer representative.

If a Replacement Event occurs in respect of a Base Rate, then such Base Rate shall be considered an "Impacted Base Rate" and the Bank shall give the Borrower prompt notice thereof. After a Replacement Event occurs, (A) an Impacted Base Rate is deemed not to be available as a Base Rate option and will be replaced with the applicable Replacement Base Rate, (B) all references to "Base Rate" in respect of the Impacted Base Rate only, shall be deemed to be references to the "Replacement Base Rate", (C) if the Impacted Base Rate applies to any existing Short-Term Fixed Margin Loan, then the applicable Replacement Base Rate will apply at the end of such Short-Term Fixed Margin Loan's Maturity Period, and (D) if the applicable Replacement Base Rate is determined based on clauses (i) or (ii) of the definition of Replacement Base Rate, then the Applicable Margin for such Replacement Base Rate shall be the Applicable Margin that corresponds to the Base Rate option upon which such Replacement Base Rate is based. Refer to Section 1 of this Note for the definition of Replacement Base Rate.

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The Bank will have the right, from time to time, by notice to the Borrower, to make any technical, administrative, or operational changes (including, without limitation, (I) changes to the definitions of Banking Day and Interest Payment Date, (II) timing and frequency of determining rates and making payments of interest, (III) inclusion of compounding methodologies and conventions if applicable, and (IV) other administrative matters (collectively, "Replacement Base Rate Changes")) that the Bank decides in its reasonable discretion may be appropriate to reflect the adoption and implementation of the Replacement Base Rate. The Replacement Base Rate, together with all such Replacement Base Rate Changes as specified in any notice, shall become effective on the date specified by the Bank in the notice, without any further action or consent of the Borrower. The Base Rate options set forth in the Margin Loan Terms Statement could be replaced more than once during the term of this Note based on the events described in this clause (b). Until a Replacement Base Rate shall be determined and only to the extent the Impacted Base Rate is not available or published or permitted to be utilized at such time on a current basis, the last paragraph of clause (a) above shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;(c) **Determinations**. Any determination, decision, or election that may be made by the Bank pursuant
to clauses (a) or (b) of this Section 6, including any conclusion that it is not possible to determine the Interpolated
Rate, any determination with respect to a rate or adjustment or the occurrence or non-occurrence of an event, circumstance or date, and
any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its sole
discretion and without consent from the Borrower.

**Section 7. Grant of Security Interest.**

As security for the payment of all the Liabilities, the Borrower pledges, transfers and assigns to the Bank and grants to the Bank a continuing first priority security interest in and lien on, and a right of setoff against, the Collateral and agrees to be bound by the terms of any Account Control Agreement.

**Section 8. Agreements of the Borrower and Rights of the Bank.**

The Borrower agrees as follows and authorizes the Bank to exercise the rights listed below with respect to the Collateral, for its own benefit, either in its own name or in the name of the Borrower, and appoints the Bank as its attorney-in-fact to take all action permitted under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Securities:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Bank may, upon the occurrence and during the Continuance of an Event of Default: (A) transfer
to the account of the Bank any Securities whether in the possession of, or registered in the name of, any Clearing System or held otherwise,
(B) transfer to the account of the Bank with any Federal Reserve Bank any Securities held in book entry form with any such Federal
Reserve Bank and (C) transfer to the name of the Bank or its nominee any Securities registered in the name of the Borrower and held
by the Bank and complete and deliver any necessary stock powers or other transfer instruments; **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower grants to the Bank an irrevocable proxy to vote any and all Securities and give consents,
waivers and ratifications in connection with those Securities upon the occurrence and during the Continuance of an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Upon the occurrence and during the Continuance of an Event of Default, all payments, distributions and
dividends in securities or cash in respect of the Collateral shall be paid directly to and, at the discretion of the Bank, retained by
the Bank, until applied as provided in this Note, as additional Collateral. Until an Event of Default has occurred and is Continuing,
cash dividends on the Collateral paid in the ordinary course will be paid to the Borrower, and any in-kind dividends on the Collateral
paid in the ordinary course will be paid to and retained by the Bank as additional Collateral; **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;(b) **General:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Bank may, in its name, or in the name of the Borrower: (A) execute and file financing statements
under the UCC or any other filings or notices necessary or desirable to create, perfect or preserve its security interest, all without
notice (except as required by applicable law and not waivable) and without liability except to account for property actually received
by it, (B) upon the occurrence and during the Continuance of an Event of Default, demand, sue for, collect or receive any money or
property at any time payable or receivable on account of or in exchange for, or make any compromise or settlement deemed desirable with
respect to, any item of the Collateral (but shall be under no obligation to do so), (C) make any notification (to the issuer of any
certificate or Security, or otherwise, including giving any notice of exclusive control to the Intermediary) or take any other action
in connection with the perfection or preservation of its security interest or, upon the occurrence and during the Continuance of an Event
of Default, any enforcement of remedies, and retain any documents evidencing the title of the Borrower to any item of the Collateral and
(D) upon the occurrence and during the Continuance of an Event of Default, issue entitlement orders with respect to any of the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower agrees that it will not (A) file or permit to be filed any termination statement with
respect to the Collateral or any financing or like statement with respect to the Collateral in which the Bank is not named as the sole
secured party, **[\*\*\*]**, (B) consent or be a party to any Account Control Agreement with respect to the Account to which the
Bank is not also a party or (C) sell or otherwise dispose of, grant any option with respect to, or otherwise encumber the Collateral; *provided* that the Borrower may withdraw Collateral (1) so long as (x) no Event of Default has occurred and is Continuing,
and no Collateral Shortfall has occurred **[\*\*\*]** or would result therefrom, and (y) such withdrawal would be permitted if the
Bank were a broker-dealer registered with the Securities and Exchange Commission and member of FINRA, acting in compliance with the margin
withdrawal requirements of Regulation T of the Board of Governors of the Federal Reserve System and FINRA Rule 4210 and (2) subject
to the other provisions of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) At the request of the Bank the Borrower agrees to do all other things which the Bank may deem reasonably
necessary or advisable in order to perfect and preserve its security interest and operational control and to give effect to the rights
granted to the Bank under this Note or enable the Bank to comply with any applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding the foregoing, the Bank, by its acceptance of this Note, does not assume any duty with
respect to the Collateral and is not required to take any action to collect, preserve or protect its or the Borrower's rights in any item
of the Collateral. If any Collateral is held in an investment management account or investment advisory account for which the Bank (or
an affiliate of the Bank) acts as investment manager or investment advisor, then the Bank's (or such affiliate's) duties to
the Borrower as investment manager or investment advisor, including the duty to act in the Borrower's best interests, may conflict
with its rights as a secured party hereunder and, in connection with any liquidation, sale or transfer of the Collateral pursuant to the
Facility Documents, or other exercise of the Bank's remedies under the Facility Documents in respect of the Collateral, the Bank
shall have no obligation to act in accordance with any fiduciary duty it (or its affiliates) may owe to the Borrower as investment manager
or investment advisor. Furthermore, an exercise of remedies by the Bank under this Note may cause such investment management or investment
advisory accounts to no longer conform to applicable investment guidelines and may affect the performance of such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Borrower releases the Bank and agrees to hold the Bank harmless from any claims, causes of action
and demands at any time arising with respect to this Note as it pertains to the security interest granted hereby, the use or disposition
of any item of the Collateral or any action taken or omitted to be taken by the Bank with respect thereto, except in any case where the
claim, cause of action or demand results from the gross negligence or willful misconduct of the Bank. The Borrower releases each Intermediary
and agrees to hold each Intermediary harmless from any claims, causes of action and demands at any time arising with respect to any instruction
made by Bank to any Intermediary purporting to be made under this Note or any Account Control Agreement, except (A) in any case where
the claim, cause of action or demand results from the gross negligence or willful misconduct of the Bank or the Intermediary, it being
understood that no Intermediary shall have any duty to investigate Bank's right to issue any such instruction or any other matter
related to any such instruction and (B) with respect to any breach by the Bank or the Intermediary under this Note, any Account Control
Agreement or any other Facility Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The rights granted to the Bank pursuant to this Note are in addition to the rights granted to the Bank
in any custody, investment management, Account Control Agreement or similar agreement. In case of conflict between the provisions of this
Note and of any other such agreement, the provisions of this Note will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Borrower shall not interfere with the exercise by the Bank of any remedies with respect to the Collateral
pursuant to, and in accordance with the terms of, this Note and applicable law.

**Section 9. Collateral Shortfall.**

The Borrower agrees that at all times the amount of Maintenance Available Collateral shall be greater than or equal to zero. If a Collateral Shortfall occurs, **[\*\*\*]**. **[\*\*\*]** the Borrower shall, prior to the applicable Cure Time, at the Bank's direction, determined in the Bank's sole and absolute discretion **[\*\*\*]**, supplement the Collateral or cause the Third Party Pledgor Collateral to be supplemented, by delivering to the Bank, for credit to the Account, or causing to be delivered to the Bank by any Third Party Pledgor, such additional Acceptable Collateral (which may not consist of additional Shares) and/or making, or causing to be made, a prepayment pursuant to Section 4(a) (without regard to notice requirements specified therein), in an aggregate amount sufficient to cause the Initial Available Collateral (determined immediately after such delivery of additional Acceptable Collateral and/or prepayment, as applicable) to be greater than or equal to zero. After expiration of the Cure Time, any remaining Collateral Shortfall also enables the Bank to **[\*\*\*]** sell or otherwise liquidate any Collateral and/or Third Party Pledgor Collateral the Bank selects in its sole discretion and apply the proceeds towards repayment of the Obligations. **[\*\*\*]**.

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**Section 10. Currency Conversion.**

For calculation purposes, any currency in which the Collateral is denominated (the "Collateral Currency") will be converted into the currency of the Liabilities (the "Liability Currency") determined by using the rate of exchange for the purchase of the Liability Currency with the Collateral Currency last provided (either by publication or otherwise provided to the Bank) by the applicable Thomson Reuters Corp., Refinitiv, or any successor thereto ("Reuters") source on the Banking Day (New York City time) immediately preceding the date of determination or if such service ceases to be available, or ceases to or for any reason does not provide a rate of exchange for the purchase of the Liability Currency with the Collateral Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in place of Reuters chosen by the Bank in its sole discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in the Liability Currency as determined by the Bank using any method of determination it deems appropriate in its sole discretion).

**Section 11. Representations and Warranties.**

The Borrower represents and warrants as of the date of this Note, and as of the date of any request for a Margin Loan, making of a Margin Loan, or renewal or conversion thereof, that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) no Collateral Shortfall has occurred that has not been cured pursuant to Section 9 of this
Note or would result from the requested action and (ii) in the case of any request for a Margin Loan, immediately after giving effect
to the requested Margin Loan, the Initial Available Collateral, as determined on the date of such requested Margin Loan, shall not be
less than zero;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Facility Documents constitute valid, enforceable and binding agreements, except as may be limited
by bankruptcy, insolvency, or other similar laws affecting the enforcement of creditors' rights generally and by general principles of
equity;

&nbsp;&nbsp;&nbsp;&nbsp;(c) **[\*\*\*]**;

&nbsp;&nbsp;&nbsp;&nbsp;(d) **[\*\*\*]**;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the Borrower is the sole owner of the Collateral and the Collateral is free of all encumbrances except

&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) the Collateral Shares and any other Securities are fully paid and non-assessable, (ii) there
are no restrictions on pledge of the Collateral Shares or any other Securities by the Borrower as contemplated hereby **[\*\*\*]** on
sale of the Collateral Shares or any other Securities by the Bank (whether pursuant to securities laws or regulations or shareholder,
lock-up or other similar agreements) as contemplated hereby and (iii) **[\*\*\*]** the Collateral Shares **[\*\*\*]** and any other
Securities are fully marketable by the Bank as pledgee, without regard to any holding period, manner of sale, volume limitation, public
information or notice requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;(g) the state listed as "Governing Law" in the Margin Loan Terms Statement: (i) is the state
of the Borrower's legal residence; or (ii) notwithstanding the Borrower's state of legal residence, has been requested
by the Borrower, after consultation with the Borrower's legal and financial advisors to the extent the Borrower deemed it appropriate
and in the Borrower's own independent judgment, because the natural persons comprising the Borrower have legal residences in different
states or the state whose law governs the trust agreement of a trust co-Borrower is different from the state of a natural person co-Borrower's
legal residence.

**Section 12. Events of Default.**

If any one or more of the following events shall occur (each an "Event of Default"):

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower fails to pay (i) the principal of this Note as and when due and payable, or (ii) interest
on this Note, or any other amount payable under this Note (other than principal) **[\*\*\*]** (including without limitation if the Margin
Line of Credit is terminated and any applicable notice period expressly set forth herein has expired);

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower or any Third Party (i) fails to observe or perform any term or agreement contained in
(A) **[\*\*\*]** this Note or **[\*\*\*]** any Third Party Pledge Agreement **[\*\*\*]**; (ii) fails to observe or perform any
other term or agreement of any of the Facility Documents **[\*\*\*]**; (iii) makes any materially incorrect or misleading representation
to the Bank; (iv) fails to pay when due (whether by scheduled maturity, acceleration, demand or otherwise, and after giving effect
to any applicable notice and/or cure periods) any of its indebtedness (including, but not limited to, indebtedness for borrowed money)
owing to parties other than the Bank or its affiliates or any interest or premium thereon when due **[\*\*\*]**; or (iv) fails to
comply with, or perform, in any material respect, any term under any agreement (other than the Facility Documents), now or hereafter in
effect, with the Bank or any affiliate of the Bank;

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&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower or any Third Party: (i) becomes insolvent or unable to pay its debts as they become
due, (ii) makes an assignment for the benefit of creditors, (iii) commences any proceeding under any bankruptcy, reorganization,
liquidation, insolvency or similar laws, (iv) **[\*\*\*]**, (v) has had a receiver, custodian or trustee appointed for all or
a substantial part of its property, or (vi) takes any action effectuating, approving or consenting to any of the events described
in clauses (i) through (v);

&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower or any Third Party who is a natural person dies, or is determined or adjudged incompetent
or otherwise incapacitated by a court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;(e) any entity Third Party fully distributes, decants, divides its assets, liabilities and/or obligations
(whether pursuant to a "plan of division" or similar arrangement), dissolves or for any reason ceases to be in existence or
merges or consolidates, or if there is a change in the direct or indirect beneficial ownership of any entity Third Party;

&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) the Borrower or any Third Party is involved in a proceeding which is likely to result in a forfeiture
of all or a substantial part of its assets; or (ii) one or more final non-appealable judgments are entered against the Borrower or
any Third Party **[\*\*\*]**;

&nbsp;&nbsp;&nbsp;&nbsp;(g) there is **[\*\*\*]** a material adverse change in the business or financial condition of the Borrower
or any Third Party;

&nbsp;&nbsp;&nbsp;&nbsp;(h) any Facility Document granting a security interest at any time and for any reason ceases to create a valid
and perfected first priority security interest in and to any Collateral, any Third Party Pledgor Collateral, or any other property purported
to be subject to the lien granted under such Facility Document, or ceases to be in full force and effect or is declared null and void,
or the validity or enforceability of any Facility Document is contested by any party to the Facility Document, or such signatory to the
Facility Document denies it has any further liability or obligation under the Facility Document, or, if applicable, an "Issuer Event"
as defined in any Third Party Pledge Agreement occurs;

&nbsp;&nbsp;&nbsp;&nbsp;(i) other than those in favor of the Bank hereunder or under any other Facility Document, any lien, security
interest or other encumbrance at any time arises on or attaches to the Account or any Collateral therein;

&nbsp;&nbsp;&nbsp;&nbsp;(j) the Borrower fails to furnish any financial information with respect to the Borrower, any Third Party
or the Collateral or the transactions contemplated by this Note and the other Facility Documents that the Bank may reasonably request
from time to time promptly upon the Bank's request;

&nbsp;&nbsp;&nbsp;&nbsp;(k) the Borrower or any Third Party resides, at any time, in a jurisdiction that is located outside the United
States, or the organization documents of any Third Party are, at any time, governed by a jurisdiction that is located outside of the United
States; or

&nbsp;&nbsp;&nbsp;&nbsp;(l) the Bank determines, in its sole discretion, that an Issuer Event has occurred;

THEN, the Bank may, by notice to the Borrower, declare this Note to be due and payable, without presentment, demand, protest, notice of acceleration or intention to accelerate or further notice of any kind, all of which are expressly waived, provided that in the case of an Event of Default described in clause (c) above, this Note shall be immediately due and payable without notice, provided further that in the case of an Event of Default described in clause (d) above due to the death of the Borrower, any Third Party or grantor of a revocable trust Borrower or revocable trust Third Party (and provided that no other Event of Default has occurred), the Bank shall not accelerate amounts payable under this Note for a period of **[\*\*\*]**, but the Bank shall not make any additional Margin Loans during such **[\*\*\*]** period.

**Section 13. Remedies.** Upon the occurrence and during the Continuance of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank will have the rights and remedies under the UCC and the other rights granted to the Bank under
this Note and may exercise its rights without regard to any premium or penalty from liquidation of any Collateral and without regard to
the Borrower's basis or holding period for any Collateral or any Third Party Pledgor's basis or holding period for any Third
Party Pledgor Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank may sell in the Borough of Manhattan, New York City, or elsewhere, in one or more sales, at the
price as the Bank deems best, for cash or on credit or for other property, for immediate or future delivery, any item of the Collateral
or Third Party Pledgor Collateral, at any broker's board or at public or private sale, in any reasonable manner permissible under the
UCC (except that, to the extent permissible under the UCC, the Borrower waives any requirements of the UCC) and the Bank or anyone else
may be the purchaser of the Collateral and hold it free from any claim or right including, without limitation, any equity of redemption
of the Borrower, which right the Borrower expressly waives.

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&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank may also, in its sole discretion: (i) convert any part of the Collateral Currency into the
Liability Currency, (ii) hold any monies or proceeds representing the Collateral in a cash collateral account in the Liability Currency
or other currency that the Bank reasonably selects, (iii) invest such monies or proceeds on behalf of the Borrower and (iv) apply
any portion of the Collateral, first, to all reasonable and documented out-of-pocket costs and expenses of the Bank, second, to the payment
of interest on the Liabilities and any fees or commissions to which the Bank may be entitled, third, to the payment of principal of the
Liabilities, whether or not then due, and fourth, to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower will take any action requested by the Bank to allow it to sell or dispose of the Collateral.
Notwithstanding that the Bank may continue to hold the Collateral and Third Party Pledgor Collateral and regardless of the value of the
Collateral and the Third Party Pledgor Collateral, the Borrower will remain liable for the payment in full of any unpaid balance of the
Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower acknowledges and agrees that any sale or disposition of Collateral initiated by the Bank
during the Continuance of an Event of Default shall be deemed to have occurred during such Continuance of such Event of Default, notwithstanding
that the settlement date or effective date of such sale or disposition may occur after such Event of Default is no longer Continuing.

**Section 14. Expenses.**

The Borrower will pay to the Bank all reasonable costs and expenses (including reasonable and documented out-of-pocket attorneys' fees and legal expenses) incurred by the Bank in connection with the preparation or modification of the Facility Documents and performance thereof and the exercise of any of the Bank's rights, remedies or obligations under the Facility Documents.

**Section 15. Governing Law.**

This Note shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflict of laws principles, and with the laws of the United States of America as applicable.

**Section 16. Jurisdiction.**

To the extent not prohibited, the Borrower: (i) agrees that all claims related to this Note may be adjudicated by a state or federal court in the state identified in the "Governing Law" section of the Margin Loan Terms Statement, (ii) agrees that any proceeding brought against the Bank shall be brought only in a state or federal court in the City of New York, and (iii) agrees that the Bank may comply with service of process requirements in any such proceeding by mailing (via prepaid registered or certified U.S. mail) documents to be served in accordance with the notice provisions of Section 18(f). The Borrower agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in any other jurisdiction and waives any defense on the basis of an inconvenient forum. Nothing herein shall affect the right of the Bank to serve legal process in any other manner permitted by law or affect the right of the Bank to bring any action or proceeding against the Borrower or its property in the courts of any other jurisdiction.

**Section 17. WAIVER OF JURY TRIAL. EACH OF THE BORROWER AND THE BANK IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS NOTE OR ANY OTHER FACILITY DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).**

**Section 18. Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Note are intended to be severable. If any provision of this Note is held invalid
or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent
of such invalidity or unenforceability without affecting the validity or enforceability thereof in any other jurisdiction or the remaining
provisions thereof in any jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for (i) any permanent change to a Base Rate and accompanying Applicable Margin or any change
to the Margin Loan Terms Statement, in either case, as a result of events described in Section 6 of this Note, (ii) Replacement
Base Rate Changes, and (iii) any other change set forth in a new Margin Loan Terms Statement sent by the Bank to the Borrower (x) that
incorporates a change requested by the Borrower in a documented communication and agreed to by the Bank or (y) whereby an option
is added by the Bank, including, without limitation, an additional Base Rate or Short-Term Fixed Tenor (together with technical, administrative
or operational changes of the type contemplated by the defined term "Replacement Base Rate Changes"), no amendment or modification
of any provision of this Note shall be effective unless the same shall be executed by the Borrower and the Bank. A waiver by the Bank
of a provision of this Note shall not constitute a waiver of the Bank's right to otherwise demand strict compliance with that provision
or any other provision of this Note. Whenever the consent of the Bank is required under this Note, the granting of such consent shall
not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted
or withheld in the Bank's sole discretion. The Bank shall not be deemed to have waived any rights under this Note unless such waiver
is in writing and signed by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;(c) No delay on the part of the Bank in the exercise of any right or remedy waives that right or remedy. No
single or partial exercise by the Bank of any right or remedy precludes any other future exercise of it or the exercise of any other right
or remedy. The rights and remedies in this Note are cumulative and not exclusive of any rights and remedies which the Bank may have under
law or under other agreements or arrangements with the Borrower. **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;(d) If the term "Borrower" is defined to include more than one party, then the obligations, representations
and warranties of the Borrower hereunder shall be joint and several regardless of any change in business relations, divorce, legal separation
or other legal proceedings and regardless of any agreement that may affect liabilities between or among such parties, and the Bank shall
be entitled to act on notices and requests from any one of the parties without the consent of the other party(ies).

&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Borrower under this Note shall be subject to the limitation that payments of interest
shall not be required to the extent that receipt thereof would be contrary to provisions of law applicable to the Bank limiting rates
of interest which may be charged or collected by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as otherwise permitted in this Note, notices (including, without limitation, interest statements)
shall be addressed to the Bank as set forth in the "JPMorgan Contact Information" section of the Margin Loan Terms Statement
and to the Borrower at the mailing address that the Bank has on file for the Borrower as its legal address or any email address that the
Borrower has provided to the Bank as the Borrower's email address (or at such other number or address as shall be designated by
one party to the other by telephone or in the manner provided for in this Section) and either given electronically or in writing by hand,
overnight courier, certified or registered mail, or regular mail. Notices sent by hand, overnight courier, certified or registered mail,
or regular mail shall be deemed to have been given when delivered. Notices sent to an email address shall be deemed received when sent,
provided, that, if such notice is not sent during normal business hours, such notice shall be deemed to have been sent and received at
the opening of business on the next Banking Day. All notices by the Bank properly addressed to the Borrower and sent in accordance with
this clause (f) shall be deemed to have been personally delivered to the Borrower whether actually received or not. If the Bank needs
to contact the Borrower by telephone, then the Bank will use the phone number the Bank has on file for such Borrower as its primary phone
number.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Sections 3(d), 4(c), 5, 14, 15, 16 and 17 hereof shall survive the repayment of the Margin Loans.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Each reference to the Bank shall be deemed to include its successors, endorsees and permitted assigns,
in whose favor the provisions hereof shall inure. Each reference to the Borrower shall be deemed to include the heirs, executors, administrators,
legal representatives, successors and assigns of the Borrower, all of whom shall be bound by the provisions hereof. This Note shall be
binding on the Borrower and shall inure to the benefit of the Bank. **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;(i) This Note, any amendment to this Note, and any agreement, notice or other communication required by this
Note to be "written" or "in writing" may be executed in any number of counterparts, including counterparts that
are executed on paper and counterparts that are electronic records and are executed using electronic signatures generated through the
electronic execution process provided by the Bank or such other electronic execution process acceptable to the Bank in its sole discretion.
Each counterpart of such document, when so executed, shall be deemed an original but all such counterparts shall constitute one and the
same document. Delivery of a manually executed counterpart of a signature page of such document by emailed PDF or JPEG from the Borrower's
e-mail address on file with the Bank, or any other electronic means acceptable to the Bank in its sole discretion that reproduces an image
of such manually executed signature page, shall each be effective as delivery of a manually executed counterpart of such document; provided,
that, the Bank, in its sole discretion, can require subsequent delivery of the manually executed counterpart of a signature page.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The date, amount, Margin Loan Type of, Base Rate of, Maturity Date of, Short-Term Fixed Tenor of, Applicable
Margin of, and the Interest Rate with respect to, each Margin Loan evidenced hereby, all payments of principal and/or interest thereof,
and any conversion of a Margin Loan to a different Margin Loan Type or conversion of a Base Rate, shall, in each case, be evidenced by
records maintained by the Bank in the ordinary course of business and such records shall be presumptively correct absent manifest error
and any failure to so record or any error in doing so shall not limit or otherwise affect the obligation of the Borrower hereunder to
pay any amount owing with respect to any Margin Loan made hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;(k) The parties acknowledge and agree that the Account is a "securities account" and all assets
from time to time credited thereto, including without limitation cash, will be treated as "financial assets" within the meaning
of Section 8-102 of the UCC.

**Section 19. Use of Proceeds.**

The Borrower agrees that it will not, directly or indirectly, use the proceeds of any Margin Loan under this Note or make available such proceeds to any person or entity: (i) to fund any activities or business of or with any person or entity, or in any country or territory, that, at the time of such funding is the subject of any economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government, including the U.S. Department of the Treasury's Office of Foreign Assets Control or the U.S. Department of State or (ii) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money or anything else of value, to any person in violation of any applicable laws, rules, or regulations relating to bribery or corruption.

**Section 20. [\*\*\*].**

**[\*\*\*]**.

**Section 21. Bankruptcy Code Acknowledgment.**

The Borrower and the Bank acknowledge and agree that (a) this Note is intended to constitute a "margin loan", (b) to the extent a Third Party Pledge Agreement is in effect, such Third Party Pledge Agreement is intended to constitute a "security agreement or arrangement or other credit enhancement related to a "margin loan" or to "any other agreement or transaction that is similar to" a margin loan, and (c) therefore the Facility Documents, individually and collectively, constitute a "securities contract" within the meaning of Section 741(7) of the Bankruptcy Code, and that each delivery, transfer, payment and grant of a security interest made or required to be made hereunder or under any other Facility Document or contemplated hereby or thereby, or made, required to be made or contemplated in connection herewith or therewith is a "transfer" and a "margin payment" or a "settlement payment" within the meaning of Section 362(b)(6) and/or (27), Sections 546(e) and/or (j), and Sections 741(5) and/or 741(8) of the Bankruptcy Code. In addition, all obligations under or in connection with the Facility Documents represent obligations in respect of "termination values," "payment amounts" or "other transfer obligations" within the meaning of Sections 362 and 561 of the Bankruptcy Code. The Borrower and the Bank further acknowledge and agree that the Facility Documents collectively constitute a "master netting agreement" within the meaning of the Bankruptcy Code.

**Section 22. Conversion From Electronic Note to Paper-Based Note.**

If this Note is executed electronically ("Electronic Note"), the Bank and any person to whom this Electronic Note is later transferred shall have the right to convert this Electronic Note at any time into a paper-based Note ("Paper-Based Note"). In the event this Electronic Note is converted into a Paper-Based Note:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Paper-Based Note will be an effective, enforceable and valid instrument;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution of this Electronic Note will be deemed issuance and delivery of the Paper-Based Note;

&nbsp;&nbsp;&nbsp;&nbsp;(c) the printing of the representation of the electronic signature for the Borrower upon the Paper-Based Note
from the system in which the Electronic Note is stored will be deemed the original signature for the Borrower on the Paper-Based Note
and will serve to indicate the Borrower's present intention to authenticate the Paper-Based Note;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the Paper-Based Note will be a valid original writing for all legal purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) upon conversion to a Paper-Based Note, the Borrower's obligations in the Electronic Note shall automatically
transfer to, and be contained in, the Paper-Based Note, and the Borrower intends to be bound by such obligations.

**Section 23. Execution and Use of Electronic Records and Signatures.**

If the Borrower has received and reviewed this Note electronically, then the Borrower agrees that this Note may be in the form of an electronic record and may be executed using electronic signatures generated through the electronic execution process provided by the Bank or such other electronic execution process acceptable to the Bank in its sole discretion. Any electronic signature on or associated with this Note and accepted by the Bank shall be valid and binding on the signer to the same extent as a manual signature and upon application thereof, this Note will constitute a legal, valid, and binding obligation enforceable in accordance with its terms to the same extent as if manually executed. Notwithstanding any other provision of this Note, at the Bank's option and in the Bank's sole discretion, any agreement, amendment, notice or other communication required by this Note to be "written" or "in writing" may be in the form of an electronic record and may be executed using electronic signatures generated through the electronic execution process provided by the Bank or such other electronic execution process acceptable to the Bank in its sole discretion.

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**Section 24. Financial Information.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) If, in connection with the Bank granting or continuing the Margin Line of Credit, the Borrower or any
Third Party provides or has provided to the Bank: (i) personal financial statements and supporting schedules; (ii) tax returns
including, but not limited to schedules, K-1s, and/or proof of tax return extensions; (iii) brokerage or bank statements for significant
assets held at institutions other than the Bank; (iv) schedules of contingent liabilities, including unfunded capital commitments
to private equity funds; and/or (v) schedules of restricted stock/deferred compensation (each of (i)-(v) individually and collectively,
"Financial Information"), then the Borrower hereby acknowledges and agrees that the Bank has relied on, and is relying on,
such Financial Information (including the designation made as to the ownership of property) in deciding to grant or continue the Margin
Line of Credit, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower represents and warrants that at the time such Financial Information was provided to the Bank
that it was true and complete in all material respects, and that the Bank may consider such Financial Information as continuing to be
true and complete in all material respects until a written notice of a change is given to the Bank by the Borrower.

**Section 25. Margin Loan Disclosure Statement.**

The Borrower acknowledges that it has received and reviewed the Bank's "Margin Loan Disclosure Statement" and understands the risks of securities-based borrowing as described in said disclosure statement.

[NO FURTHER TEXT; SIGNATURE PAGE FOLLOWS]

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---

| |
|:---|
| **<u>Borrower</u>** |
| **JAMES L. DOLAN, AN INDIVIDUAL** |
| /s/ James L. Dolan |
| Signature |
| James L. Dolan |
| Name (print) |

---

---

| | |
|:---|:---|
| **Acknowledged and agreed:** | **Acknowledged and agreed:** |
| **<u>BANK</u>** | **<u>BANK</u>** |
| **JPMORGAN CHASE BANK, N.A.** | **JPMORGAN CHASE BANK, N.A.** |
| Signature | Signature |
| Name (print) | Title |

---

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**MARGIN LOAN DISCLOSURE STATEMENT**

JPMorgan Chase Bank, N.A. (the "Bank") is furnishing this document to you to provide some basic facts about the margin loan(s) contemplated in your margin loan documentation. Your securities account will be pledged as collateral for margin loan(s) that may be extended by the Bank under your margin loan documentation. It is important that you fully understand the risks involved with any margin loans extended by the Bank. These risks include the following:

· **You may be required to deposit additional assets or pay down your margin loan(s).** If the securities in your account collateralizing the margin loan(s) decrease in value (whether due to a market downturn,
market volatility or otherwise) and are no longer sufficient to support the margin loan(s), then a "collateral shortfall"
has occurred. To cure the collateral shortfall, you will need to deposit additional securities or pay down the margin loan(s), possibly
through a liquidation of assets. The value of assets collateralizing the margin loan(s) is the value assigned by the Bank in its
sole discretion to each of the securities and other assets in your account.

· **The Bank can force the sale of securities or other assets in your account.** If the outstanding amount of the margin loan(s) ever exceeds the aggregate value of the collateral for the margin loan(s), the Bank
can sell the securities or other assets in your account to cover the deficiency in value. You also will continue to be responsible for
any remaining balance of the margin loan(s) after such a sale.

· **The Bank can sell your securities or other assets without contacting you**.
It is not the case that the Bank must contact you first if there is a collateral shortfall. While the Bank may attempt to notify you of
a collateral shortfall, it is not required to do so. Furthermore, even if the Bank has contacted you and provided a specific date by which
you can cure the collateral shortfall, the Bank can still take the necessary steps to protect its financial interests, including immediately
selling the securities or other assets in your account without further notice to you. This is especially true in times of market volatility.

· **You are not entitled to choose which securities or other assets in your account are liquidated or sold to cure a collateral shortfall**. Because the securities and other assets are collateral for the margin
loan(s), the Bank has the right to decide which securities or other assets to sell in order to cure a collateral shortfall. The sale of
your securities or assets could result in adverse tax consequences.

· **Eligible collateral and collateral values may change**. The Bank at
any time can change the eligibility of the securities and other assets in your account for purposes of determining collateral value and
can, as set forth in your margin loan documentation, increase or decrease the value assigned to the securities and other assets, and is
not required to provide you advance notice. These changes in the collateral value often take effect immediately and could result in a
collateral shortfall. Your failure to cure the collateral shortfall by either providing additional collateral or paying down the margin
loan(s) may cause the Bank to liquidate or sell securities or other assets in your account.

Before entering into a margin loan or margin line of credit facility, you should carefully review the margin loan and collateral documents provided to you by the Bank, and consult the Bank regarding any questions or concerns you may have about the margin loan or margin line of credit.

If the margin loan(s) is/are subject to a floating interest rate option, you should consider that changes in interest rates can lead to a higher or lower cost of borrowing for you. Increases in interest rates can increase the cost of borrowing, which will negatively impact the economics of the margin loan(s).

Before entering into a margin loan or margin line of credit facility, you should consider alternatives such as using available cash or proceeds from the sale of securities or other assets. In addition, you should consider, among other things, your investment objectives and risk tolerance, the interest costs of borrowing against your account, fees and charges for selling assets, the tax consequences of selling assets or borrowing, and the loss of potential appreciation on any assets sold. It is important to note that the Bank and its affiliates may earn more if you borrow against your securities and other assets rather than liquidate assets to meet your cash needs.

**In the event of a conflict between any statement in this Margin Loan Disclosure Statement and the terms of your margin loan and collateral documents, the terms of the margin loan and collateral documents shall govern.**

If the borrower and collateral provider are different persons or entities, they will have distinct rights and obligations under the margin loan and collateral documents, and you should bear that in mind when reading this document.

**JPMorgan Chase and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.**

MARGIN LOAN DISCLOSURE STATEMENT UCN: 140983594000 FAC: 202933194 <br> USC51.1.1

## Ex-99.F

**Exhibit F**

![](tm267441d3_ex99-fimg001.jpg)

**MARGIN LINE OF CREDIT COLLATERAL AGREEMENT**

**CERTAIN CONFIDENTIAL PORTIONS HAVE BEEN REDACTED FROM THIS EXHIBIT BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. INFORMATION THAT HAS BEEN OMITTED HAS BEEN IDENTIFIED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK "[\*\*\*]".** 

Reference is made herein to that certain Secured Margin Line of Credit Note of even date herewith executed and delivered by James L. Dolan, an individual (the "Borrower" and, if more than one, collectively, the "Borrower") to JPMORGAN CHASE BANK, N.A. or any of its subsidiaries or affiliates (the "Bank") (as such may be amended, modified, supplemented or restated from time to time, the "Note"). Capitalized terms used but not defined herein shall have the meanings given such terms in the Note. For valuable consideration, the receipt and sufficiency of which are hereby acknowledged and agreed, the undersigned identified as "Third Party Pledgors" in the Margin Loan Terms Statement (individually and collectively, the "undersigned", and each individually, a "Third Party Pledgor") and the Bank agree as of February 25, 2026, as follows:

**Section 1. Definitions.**

**"Acceptable Collateral"** means any items of Collateral, Other Third Party Pledgor Collateral and Borrower Collateral that the Bank determines in its sole discretion from time to time are eligible to secure the Obligations and are satisfactorily pledged hereunder or under any Other Third Party Pledge Agreement and under the Note; **[\*\*\*]** (a) (i) the 293,432 MSGE Shares in the Account or in any account pledged by the Borrower or a Third Party Pledgor; (ii) the 206,104 MSGS Shares in the Account or in any account pledged by the Borrower or a Third Party Pledgor, and (iii) the 949,358 SPHR Shares in the Account or in any account pledged by the Borrower or a Third Party Pledgor, each on the date hereof, in each case held and fully paid for by the Borrower or the applicable Third Party Pledgor for at least one (1) year, shall **[\*\*\*]** be Acceptable Collateral **[\*\*\*]**.

**"Account"** means, collectively, that certain securities account No. **[\*\*\*]**, and that certain securities account No. **[\*\*\*]**, in each case established and maintained by the Bank or an Intermediary or any successor entity maintaining the Account, including in each case any subaccount or substitute, successor or replacement account in or to which any Collateral is now or hereafter held or credited.

**"Account Control Agreement"** means a master securities account control agreement or other similar agreement with any Intermediary, as amended from time to time.

**"Aggregate Collateral Share Value"** means, at any time, the aggregate Collateral Value of all Collateral Shares that constitute Acceptable Collateral at such time.

**"Aggregate Other Acceptable Collateral Adjusted Value"** means, at any time, the sum of the Lending Value of each unit of Other Acceptable Collateral at such time.

**"Agreement"** means this Margin Line of Credit Collateral Agreement, as amended, restated, supplemented or otherwise modified from time to time.

**"Banking Day"** means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed.

**"Bankruptcy Code"** means Title 11 of the United States Code, as amended.

**"Borrower Collateral"** means any and all "Collateral" under and as defined in the Note and pledged by the Borrower to the Bank thereunder.

**"Cash"** means all cash in USD.

**[\*\*\*]**

**"Clearing System"** means The Depository Trust Company, Cedel Bank, societe anonyme, the Euroclear system and such other clearing or safekeeping system that may be used in connection with transactions relating to, or the custody of, any Securities, and any depository for any of the foregoing.

**"Closing Sale Price"** means, on any Scheduled Trading Day for any Shares, the closing sale price (or if no closing sale price is reported, the average of the last bid and ask prices or, if more than one last bid or ask price in either case, the average of the last bid and the last ask prices, in each case, at the scheduled closing time) per Share on the Exchange for such Shares on such Scheduled Trading Day, as determined by the Bank in its sole discretion.

**"Collateral"** (i) the Account and the Collateral Shares and all other property and financial assets from time to time held in or credited to the Account, (ii) all additions to, and proceeds, renewals, investments, reinvestments and substitutions of, the foregoing and (iii) all certificates, receipts and other instruments evidencing any of the foregoing.

MARGIN LOAN COLLATERAL AGREEMENT UCN: 140983594000 FAC: 202933194 <br> US506.1.1

**"Collateral Currency"** is defined in Section 5.

**"Collateral Shares"** means any Shares held in the Account and all security entitlements with respect to the foregoing.

**"Collateral Shortfall"** means, as of the close of any Scheduled Trading Day for the Shares, that the Maintenance Available Collateral is less than zero.

**"Collateral Value"** means, **[\*\*\*]**.

**"Continuance"** and **"Continuing"** means, with respect to an Event of Default, that such Event of Default has not been waived in writing by the Bank or otherwise cured in accordance with an express right herein to cure such Event of Default.

**"Cure Time"** means, **[\*\*\*]**.

**"Delisting"** means, with respect to any of the Shares, that such Shares are no longer listed or admitted for trading on any Designated Exchange.

**"Designated Exchange"** means any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or, in each case, any successor thereto).

**"Disrupted Day"** means, with respect to any Shares, any Scheduled Trading Day for such Shares on which, due to any failure of the Exchange for such Shares to open for trading during its regular trading session or the occurrence or existence of a Market Disruption Event for such Shares or otherwise, the Bank is unable to determine the Closing Sale Price of such Shares.

**"Event of Default"** has the meaning assigned thereto in the Note.

**"Exchange"** means, with respect to the MSGE Shares, the MSGS Shares and the SPHR Shares, The New York Stock Exchange (or any successor thereto) or, if any such Shares are not listed for trading on such exchange, the Designated Exchange that is the primary trading market for such Shares.

**"Exchange Act"** means the Securities Exchange Act of 1934, as amended.

**"FINRA"** means the Financial Industry Regulatory Authority, Inc.

**"Initial Aggregate Total Lending Value"** means, **[\*\*\*]**.

**"Initial Available Collateral"** means, at any time, the difference of (a) the Initial Aggregate Total Lending Value and (b) the Obligations, in each case, at such time.

**[\*\*\*]**

**"Intermediary"** means any party acting as a financial intermediary or securities intermediary, including, without limitation, affiliates of the Bank that are parties to any Account Control Agreement.

**"Issuer"** means each of Madison Square Garden Sports Corp., a Delaware corporation, Madison Square Garden Entertainment Corp., a Delaware corporation, and Sphere Entertainment Co., a Delaware corporation.

**"Issuer Event"** means the occurrence of one or more of the following with respect to any Issuer:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the announcement of a Delisting or any event or transaction that, if consummated or completed, would constitute
a Delisting, or the occurrence of a Delisting without any announcement;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time the number of Collateral Shares of any Issuer shall constitute more than nine percent (9.0%)
of the number of outstanding Shares of such Issuer, or the announcement of any transaction or event that, if consummated or completed,
would result in the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Shares shall have been suspended from trading on the Exchange for two (2) consecutive Scheduled
Trading Days or the Shares shall have not traded on the Exchange for any other reason for two (2) consecutive Scheduled Trading Days;
or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) **[\*\*\*]** the imposition of any restriction on the pledge of the Collateral Shares by the undersigned
or on the sale of the Collateral Shares (other than (i) any restriction imposed by this Agreement or any other Liability Document,
and (ii) **[\*\*\*]** or the announcement of any transaction or event that, if consummated, effected or completed, would reasonably
be expected to result in any such imposition.

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**"Lending Value"** means, with respect to any unit of Other Acceptable Collateral at any time, the total amount of Obligations that such unit of Other Acceptable Collateral may secure at such time, as determined by the Bank in its sole discretion; provided that at no time shall the Lending Value of any unit of Other Acceptable Collateral exceed the maximum percentage of the "current market value" of such unit of Other Acceptable Collateral that a broker-dealer registered with the Securities and Exchange Commission and member of FINRA would be permitted to assign to such unit of Other Acceptable Collateral if such broker-dealer were acting in compliance with the minimum initial and maintenance margin requirements of Regulation T of the Board of Governors of the Federal Reserve System and FINRA Rule 4210.

**"Liabilities"** means all Margin Loans to, and all indebtedness, obligations, and liabilities of any kind of, the Borrower arising under any Liability Document or otherwise with respect to the Margin Loans, now or in the future, absolute or contingent, direct or indirect, joint or several, due or not due, arising by operation of law or otherwise, and costs and expenses (including reasonable and documented out-of-pocket legal fees) incurred by the Bank in connection with the Collateral, the Note, this Agreement or any other Liability Document.

**"Liability Currency"** is defined in Section 5.

**"Liability Documents"** means the Note, the Margin Loan Terms Statement, this Agreement, and any other documents or instruments executed as security or collateral for, or a guarantee of, the Margin Loans, or in connection with or as support of, any of the foregoing, whether by the Borrower, the undersigned, or any other person or entity, and any updates or renewals thereof and "Liability Document" means any one of the foregoing.

**"Liability Party"** means the undersigned or any party liable on or for any of the Liabilities (including but not limited to the Borrower).

**"Maintenance Aggregate Total Lending Value"** means, **[\*\*\*]**.

**"Maintenance Available Collateral"** means, at any time, the difference of (a) the Maintenance Aggregate Total Lending Value and (b) the Obligations, in each case, at such time.

**[\*\*\*]**

**"Margin Line of Credit"** means the margin line of credit evidenced by the Note.

**"Margin Loan"** and **"Margin Loans"** have the meaning given to them in the Note.

**"Market Price"** means, at any time, the most recent Closing Sale Price of the applicable Shares; provided that the "Market Price" on any Disrupted Day for such Shares shall be the Value of such Shares, expressed on a per Share basis.

**"MSGE Shares"** means the shares of Class A common stock of Madison Square Garden Entertainment Corp. (NYSE: MSGE).

**"MSGS Shares"** means the shares of Class A common stock of Madison Square Garden Sports Corp. (NYSE: MSGS).

**"Obligations"** means, at any time, the then-outstanding principal amount of all Margin Loans extended under the Note and all accrued and unpaid interest thereon.

**[\*\*\*]**

**"Other Third Party Pledge Agreement"** means, individually and collectively, any collateral agreement or other pledge agreement, security agreement or other similar agreement, executed by any Other Third Party Pledgor in favor of the Bank to secure the Liabilities of the Borrower.

**"Other Third Party Pledgor"** means any party, other than the undersigned, who has executed an Other Third Party Pledge Agreement in favor of the Bank to secure the Liabilities of the Borrower.

**"Other Third Party Pledgor Collateral"** means any and all "Collateral" under and as defined in any Other Third Party Pledge Agreement and pledged by the Other Third Party Pledgor to the Bank thereunder.

**"Reuters"** is defined in Section 5.

**"Scheduled Trading Day"** means, with respect to any Shares, any day on which the Exchange for such Shares is scheduled to be open for its regular trading session or, in the event that such Shares are not listed, traded or quoted on any Designated Exchange, any Banking Day.

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**"Securities"** means Collateral consisting of stocks, bonds and other instruments and securities and all securities entitlements with respect to the foregoing.

**"Shares"** means individually and collectively, the MSGE Shares, the MSGS Shares and the SPHR Shares.

**"SPHR Shares"** means the shares of Class A common stock of Sphere Entertainment Co. (NYSE: SPHR).

**"Third Party Pledge Agreement"** means, individually and collectively, any collateral agreement or other pledge agreement, security agreement or other similar agreement, executed by any Third Party Pledgor in favor of the Bank to secure the Liabilities.

**"Third Party Pledgor"** means any party identified as a "Third Party Pledgor" in the Margin Loan Terms Statement and any other party who has executed a Third Party Pledge Agreement in favor of the Bank to secure the Liabilities.

**"UCC"** means the Uniform Commercial Code in effect in the State of New York. Unless the context otherwise requires, all terms used in this Agreement which are defined in the UCC will have the meanings stated in the UCC.

**"Value"** means, **[\*\*\*]**.

**Section 2. Grant of Security Interest.**

As security for the payment of all the Liabilities, the undersigned pledges, transfers and assigns to the Bank and grants to the Bank a continuing first priority security interest in and lien on, and a right of setoff against, the Collateral and agrees to be bound by the terms of any Account Control Agreement.

**Section 3. Agreements of the Undersigned and Rights of the Bank.**

The undersigned agrees as follows and authorizes the Bank to exercise the rights listed below with respect to the Collateral, for its own benefit, either in its own name or in the name of the undersigned, and appoints the Bank as its attorney-in-fact to take all action permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Securities:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Bank may, upon the occurrence and during the Continuance of an Event of Default: (A) transfer
to the account of the Bank any Securities whether in the possession of, or registered in the name of, any Clearing System or held otherwise,
(B) transfer to the account of the Bank with any Federal Reserve Bank any Securities held in book entry form with any such Federal
Reserve Bank and (C) transfer to the name of the Bank or its nominee any Securities registered in the name of the undersigned and
held by the Bank and complete and deliver any necessary stock powers or other transfer instruments; **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The undersigned grants to the Bank an irrevocable proxy to vote any and all Securities and give consents,
waivers and ratifications in connection with those Securities upon the occurrence and during the Continuance of an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Upon the occurrence and during the Continuance of an Event of Default, all payments, distributions and
dividends in securities or cash in respect of the Collateral shall be paid directly to and, at the discretion of the Bank, retained by
the Bank, until applied as provided in this Agreement, as additional Collateral. Until an Event of Default has occurred and is Continuing,
cash dividends on the Collateral paid in the ordinary course will be paid to the undersigned, and any in-kind dividends on the Collateral
paid in the ordinary course will be paid to and retained by the Bank as additional Collateral; **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;(b) **General:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Bank may, in its name, or in the name of the undersigned: (A) execute and file financing statements
under the UCC or any other filings or notices necessary or desirable to create, perfect or preserve its security interest, all without
notice (except as required by applicable law and not waivable) and without liability except to account for property actually received
by it, (B) upon the occurrence and during the Continuance of an Event of Default, demand, sue for, collect or receive any money or
property at any time payable or receivable on account of or in exchange for, or make any compromise or settlement deemed desirable with
respect to, any item of the Collateral (but shall be under no obligation to do so), (C) make any notification (to the issuer of any
certificate or Security, or otherwise, including giving any notice of exclusive control to the Intermediary) or take any other action
in connection with the perfection or preservation of its security interest or, upon the occurrence and during the Continuance of an Event
of Default, any enforcement of remedies, and retain any documents evidencing the title of the undersigned to any item of the Collateral
and (D) upon the occurrence and during the Continuance of an Event of Default, issue entitlement orders with respect to any of the
Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The undersigned agrees that it will not (A) file or permit to be filed any termination statement
with respect to the Collateral or any financing or like statement with respect to the Collateral in which the Bank is not named as the
sole secured party **[\*\*\*]**, (B) consent or be a party to any Account Control Agreement with respect to the Account, to which
the Bank is not also a party or (C) sell or otherwise dispose of, grant any option with respect to, or otherwise encumber the Collateral;
provided that the undersigned may withdraw Collateral (1) so long as (x) no Event of Default has occurred and is Continuing,
and no Collateral Shortfall has occurred **[\*\*\*]** or would result therefrom, and (y) such withdrawal would be permitted if the
Bank were a broker-dealer registered with the Securities and Exchange Commission and member of FINRA, acting in compliance with the margin
withdrawal requirements of Regulation T of the Board of Governors of the Federal Reserve System and FINRA Rule 4210 and (2) subject
to the other provisions of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) At the request of the Bank, the undersigned agrees to do all other things which the Bank may deem necessary
or advisable in order to perfect and preserve its security interest and operational control and to give effect to the rights granted to
the Bank under this Agreement or enable the Bank to comply with any applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding the foregoing, the Bank, by its acceptance of this Agreement, does not assume any duty
with respect to the Collateral and is not required to take any action to collect, preserve or protect its or the undersigned's rights
in any item of the Collateral. If any Collateral is held in an investment management account or investment advisory account for which
the Bank (or an affiliate of the Bank) acts as investment manager or investment advisor, then the Bank's (or such affiliate's)
duties to the undersigned as investment manager or investment advisor, including the duty to act in the undersigned's best interests,
may conflict with its rights as a secured party hereunder and, in connection with any liquidation, sale or transfer of the Collateral,
or other exercise of the Bank's remedies, the Bank shall have no obligation to act in accordance with any fiduciary duty it (or
its affiliates) may owe to the undersigned as investment manager or investment advisor. Furthermore, an exercise of remedies by the Bank
under this Agreement may cause such investment management or investment advisory accounts to no longer conform to applicable investment
guidelines and may affect the performance of such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The undersigned releases the Bank and agrees to hold the Bank harmless from any claims, causes of action
and demands at any time arising with respect to this Agreement as it pertains to the security interest granted hereby, the use or disposition
of any item of the Collateral or any action taken or omitted to be taken by the Bank with respect thereto, except in any case where the
claim, cause of action or demand results from the gross negligence or willful misconduct of the Bank. The undersigned releases each Intermediary
and agrees to hold each Intermediary harmless from any claims, causes of action and demands at any time arising with respect to any instruction
made by Bank to any Intermediary purporting to be made under this Agreement or any Account Control Agreement, except (A) in any case
where the claim, cause of action or demand results from the gross negligence or willful misconduct of the Bank or the Intermediary, it
being understood that no Intermediary shall have any duty to investigate Bank's right to issue any such instruction or any other
matter related to any such instruction and (B) with respect to any breach by the Bank or the Intermediary under this Agreement, any
Account Control Agreement or any other Liability Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The rights granted to the Bank pursuant to this Agreement are in addition to the rights granted to the
Bank in any custody, investment management, Account Control Agreement or similar agreement. In case of conflict between the provisions
of this Agreement and of any other such agreement, the provisions of this Agreement will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The undersigned shall not interfere with the exercise by the Bank of any remedies with respect to the
Collateral pursuant to, and in accordance with the terms of, this Agreement and applicable law.

**Section 4. Collateral Shortfall.**

The undersigned agrees that at all times the amount of Maintenance Available Collateral shall be greater than or equal to zero. If a Collateral Shortfall occurs, **[\*\*\*]**. **[\*\*\*]** the undersigned shall, prior to the applicable Cure Time, at the Bank's direction, determined in the Bank's sole and absolute discretion **[\*\*\*]**, supplement the Collateral, or cause the Other Third Party Pledgor Collateral to be supplemented, by delivering to the Bank, for credit to the Account, additional Acceptable Collateral (which may not consist of additional Shares) and/or making, or causing to be made, a prepayment pursuant to Section 4(a) of the Note (without regard to notice requirements specified therein), in an aggregate amount sufficient to cause the Initial Available Collateral (determined immediately after such delivery of additional Acceptable Collateral and/or prepayment, as applicable) to be greater than or equal to zero. After expiration of the Cure Time, any remaining Collateral Shortfall also enables the Bank to **[\*\*\*]** sell or otherwise liquidate any Collateral and/or Other Third Party Pledgor Collateral the Bank selects in its sole discretion and apply the proceeds towards repayment of the Obligations. **[\*\*\*]**.

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**Section 5. Currency Conversion.**

For calculation purposes, any currency in which the Collateral is denominated (the "Collateral Currency") will be converted into the currency of the Liabilities (the "Liability Currency") determined by using the rate of exchange for the purchase of the Liability Currency with the Collateral Currency last provided (either by publication or otherwise provided to the Bank) by the applicable Thomson Reuters Corp., Refinitiv, or any successor thereto ("Reuters") source on the Banking Day (New York City time) immediately preceding the date of determination or if such service ceases to be available, or ceases to or for any reason does not provide a rate of exchange for the purchase of the Liability Currency with the Collateral Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in place of Reuters chosen by the Bank in its sole discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in the Liability Currency as determined by the Bank using any method of determination it deems appropriate in its sole discretion).

**Section 6. Representations and Warranties.**

The undersigned represents and warrants as of the date hereof and at all times while the Liabilities are outstanding that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement constitutes a valid, enforceable and binding agreement, except as may be limited by bankruptcy,
insolvency, or other similar laws affecting the enforcement of creditors' rights generally and by general principles of equity;

&nbsp;&nbsp;&nbsp;&nbsp;(b) **[\*\*\*]**;

&nbsp;&nbsp;&nbsp;&nbsp;(c) **[\*\*\*]**;

&nbsp;&nbsp;&nbsp;&nbsp;(d) if the undersigned is not a Borrower, then in executing and delivering this Agreement, the undersigned
has (i) without reliance on the Bank or any information received from the Bank and based upon such documents and information it deems
appropriate, made an independent investigation of the transactions contemplated in this Agreement, the Borrower, the Borrower's
business, assets, operations, prospects and condition (financial or otherwise), and any circumstances which may bear upon such transactions,
the Borrower or the obligations and risks undertaken herein with respect to the Liabilities, (ii) adequate means to obtain from the
Borrower, on a continuing basis, information concerning the Borrower and the undersigned acknowledges that the Bank has no duty to provide
such information to the undersigned, (iii) full and complete access to the Liability Documents, (iv) not relied, and will not
rely, upon any representations or warranties of the Bank not embodied in this Agreement or any acts taken by the Bank before or after
the date of this Agreement (including but not limited to any review by the Bank of the affairs of the Borrower) and (v) determined
that this Agreement will, directly or indirectly, benefit the undersigned;

&nbsp;&nbsp;&nbsp;&nbsp;(e) if the undersigned is a partnership, limited liability partnership, corporation or limited liability company,
then (i) the undersigned is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization,
(ii) the undersigned has all requisite power and authority to execute, deliver and perform its obligations under this Agreement and
the execution, delivery and performance of this Agreement are in furtherance of its organizational purposes and have been approved by
its partners, directors, shareholders, managers, and/or members, as applicable, and (iii) each person/entity signing this Agreement
on behalf of the undersigned, in a duly completed entity certificate or entity resolution certificate on file with the Bank (such certificate
in form and substance acceptable to the Bank in all respects) ("Certificate"), either (A) is designated as an "Authorized
Signer", or (B) is otherwise entitled to execute this Agreement on behalf of the undersigned in the capacity of Authorized
Signer, and in either case such person/entity holds the specific title(s) set forth in the Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;(f) the undersigned is the sole owner of the Collateral and the Collateral is free of all encumbrances except

&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) the Collateral Shares and any other Securities are fully paid and non-assessable, (ii) there
are no restrictions on pledge of the Collateral Shares or any other Securities by the undersigned as contemplated hereby **[\*\*\*]** on
sale of the Collateral Shares and any other Securities by the Bank (whether pursuant to securities laws or regulations or shareholder,
lock-up or other similar agreements) as contemplated hereby and (iii) **[\*\*\*]** the Collateral Shares **[\*\*\*]** and any other
Securities are fully marketable by the Bank as pledgee, without regard to any holding period, manner of sale, volume limitation, public
information or notice requirements.

**Section 7. Event of Default.** Any "Event of Default" under and as defined in the Note shall be an Event of Default hereunder.

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**Section 8. Remedies.** Upon the occurrence and during the Continuance of an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank will have the rights and remedies under the UCC and the other rights granted to the Bank under
this Agreement and may exercise its rights without regard to any premium or penalty from liquidation of any Collateral and without regard
to the undersigned's basis or holding period for any Collateral, the Borrower's basis or holding period for any Borrower Collateral
or any Other Third Party Pledgor's basis or holding period for any Other Third Party Pledgor Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank may sell in the Borough of Manhattan, New York City, or elsewhere, in one or more sales, at the
price as the Bank deems best, for cash or on credit or for other property, for immediate or future delivery, any item of the Collateral,
Borrower Collateral or Other Third Party Pledgor Collateral, at any broker's board or at public or private sale, in any reasonable manner
permissible under the UCC (except that, to the extent permissible under the UCC, the undersigned waives any requirements of the UCC) and
the Bank or anyone else may be the purchaser of the Collateral and hold it free from any claim or right including, without limitation,
any equity of redemption of the undersigned, which right the undersigned expressly waives.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank may also, in its sole discretion: (i) convert any part of the Collateral Currency into the
Liability Currency, (ii) hold any monies or proceeds representing the Collateral in a cash collateral account in the Liability Currency
or other currency that the Bank reasonably selects, (iii) invest such monies or proceeds on behalf of the undersigned and (iv) apply
any portion of the Collateral, first, to all reasonable and documented out-of-pocket costs and expenses of the Bank, second, to the payment
of interest on the Liabilities and any fees or commissions to which the Bank may be entitled, third, to the payment of principal of the
Liabilities, whether or not then due, and fourth, to the undersigned.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The undersigned will take any action requested by the Bank to allow it to sell or dispose of the Collateral.
Notwithstanding that the Bank may continue to hold Collateral, the Borrower Collateral and Other Third Party Pledgor Collateral and regardless
of the value of the Collateral, the Borrower Collateral and Other Third Party Pledgor Collateral, the applicable Liability Party will
remain liable for the payment in full of any unpaid balance of the Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The undersigned acknowledges and agrees that any sale or disposition of Collateral initiated by the Bank
during the Continuance of an Event of Default shall be deemed to have occurred during such Continuance of such Event of Default, notwithstanding
that the settlement date or effective date of such sale or disposition may occur after such Event of Default is no longer Continuing.

**Section 9. Expenses.**

The undersigned will pay to the Bank all reasonable costs and expenses (including reasonable and documented out-of-pocket attorneys' fees and legal expenses) incurred by the Bank in connection with the preparation or modification of this Agreement or the Liability Documents and performance thereof and the exercise of any of the Bank's rights, remedies or obligations under this Agreement or the Liability Documents.

**Section 10. Governing Law.**

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles, and with the laws of the United States of America as applicable.

**Section 11. Jurisdiction.**

To the extent not prohibited, the undersigned: (i) agrees that all claims related to this Agreement may be adjudicated by a state or federal court in New York, (ii) agrees that any proceeding brought against the Bank shall be brought only in a state or federal court in the City of New York and (iii) agrees that the Bank may comply with service of process requirements in any such proceeding by mailing (via prepaid registered or certified U.S. mail) documents to be served in accordance with the notice provisions of Section 13. The undersigned agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in any other jurisdiction and waives any defense on the basis of an inconvenient forum. Nothing herein shall affect the right of the Bank to serve legal process in any other manner permitted by law or affect the right of the Bank to bring any action or proceeding against the undersigned or its property in the courts of any other jurisdiction.

**Section 12. WAIVER OF JURY TRIAL. EACH OF THE UNDERSIGNED AND THE BANK IRREVOCABLY WAIVES, TO THE FULLEST EXTEND PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS AGREEMENT OR ANY OTHER LIABILITY DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).**

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**Section 13. Notices.**

Except as otherwise permitted in this Agreement, notices shall be addressed to (i) the Bank at the email address or mailing address as set forth on the signature page to this Agreement (or at such other number or address as shall be designated by the Bank to the undersigned in the manner provided for in this Section) and (ii) the undersigned at the mailing address that the Bank has on file for the undersigned as its legal address or any email address that the undersigned has provided to the Bank as the undersigned's email address (or at such other number or address as shall be designated by the undersigned to the Bank in the manner provided for in this Section) and either given electronically or in writing by hand, overnight courier, certified or registered mail, or regular mail. Notices sent by hand, overnight courier, certified or registered mail or regular mail shall be deemed to have been given when delivered. Notices sent to an email address shall be deemed received when sent, provided, that, if such notice is not sent during normal business hours, such notice shall be deemed to have been sent and received at the opening of business on the next Banking Day. All notices by the Bank properly addressed to the undersigned shall be deemed to have been personally delivered to the undersigned whether actually received or not. If the Bank needs to contact the undersigned by telephone, then the Bank will use the phone number the Bank has on file for the undersigned as its primary phone number.

**Section 14. Unconditional Obligations; Solvency.**

The undersigned's obligations under this Agreement are absolute and unconditional irrespective of: (a) any change in the amount, time, manner or place of payment of, or in any other term of, all or any of the Liability Documents or the Liabilities, or any other amendment or waiver of or any consent to departure from any of the terms of any Liability Document or the Liabilities, (b) any release or amendment or waiver of, or consent to departure from, any other guaranty or support document, or any exchange, release or non-perfection of any item of the Collateral, for all or any of the Liability Documents or the Liabilities, (c) any present or future law, regulation or order of any jurisdiction (whether of right or in fact) or of any agency thereof purporting to reduce, amend, restructure or otherwise affect any term of any Liability Document or the Liabilities, (d) without being limited by the foregoing, any lack of validity or enforceability of any Liability Document or the Liabilities and (e) any other defense, setoff or counterclaim whatsoever (in any case, whether based on contract, tort or any other theory) with respect to the Liability Documents or the transactions contemplated thereby which might constitute a legal or equitable defense available to, or discharge of, the Borrower or a guarantor, other than payment and satisfaction in full of the Liabilities. As of the date of this Agreement, the undersigned is not insolvent, nor would it be made insolvent by entering into this Agreement or performing its obligations under this Agreement.

**Section 15. Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement are intended to be severable. If any provision of this Agreement is held
invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the
extent of such invalidity or unenforceability without affecting the validity or enforceability thereof in any other jurisdiction or the
remaining provisions thereof in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment or modification of any provision of this Agreement shall be effective unless the same shall
be executed by the undersigned and by the Bank, at its election. A waiver by the Bank of a provision of this Agreement shall not constitute
a waiver of the Bank's right to otherwise demand strict compliance with that provision or any other provision of this Agreement.
Whenever the consent of the Bank is required under this Agreement, the granting of such consent shall not constitute continuing consent
to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the Bank's sole
discretion. The Bank shall not be deemed to have waived any rights under this Agreement unless such waiver is in writing and signed by
the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;(c) No delay on the part of the Bank in the exercise of any right or remedy waives that right or remedy. No
single or partial exercise by the Bank of any right or remedy precludes any other future exercise of it or the exercise of any other right
or remedy. The rights and remedies in this Agreement are cumulative and not exclusive of any rights and remedies which the Bank may have
under law or under other agreements or arrangements with the undersigned or any Liability Party. **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;(d) If the term "undersigned" includes more than one party, then the obligations, representations
and warranties of the undersigned hereunder shall be joint and several regardless of any change in business relations, divorce, legal
separation or other legal proceedings and regardless of any agreement that may affect liabilities between or among such parties, and the
Bank shall be entitled to act on notices and instructions from any one of the parties without the consent of the other party(ies).

&nbsp;&nbsp;&nbsp;&nbsp;(e) Each reference to the Bank shall be deemed to include its successors and assigns, in whose favor the provisions
hereof shall inure. Each reference to the undersigned shall be deemed to include the heirs, executors, administrators, legal representatives,
successors and assigns of the undersigned, all of whom shall be bound by the provisions hereof. This Agreement shall be binding on the
undersigned and shall inure to the benefit of the Bank. **[\*\*\*]**.

MARGIN LINE OF CREDIT COLLATERAL AGREEMENT Page 8 UCN: 140983594000 FAC: 202933194 <br> US506.1.1

&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement, any amendment to this Agreement, and any agreement, notice or other communication required
by this Agreement to be "written" or "in writing" may be executed in any number of counterparts, including counterparts
that are executed on paper and counterparts that are electronic records and are executed using electronic signatures generated through
the electronic execution process provided by the Bank or such other electronic execution process acceptable to the Bank in its sole discretion.
Each counterpart of such document, when so executed, shall be deemed an original but all such counterparts shall constitute one and the
same document. Delivery of a manually executed counterpart of a signature page of such document by emailed PDF or JPEG from the undersigned's
e-mail address on file with the Bank or any other electronic means acceptable to the Bank in its sole discretion that reproduces an image
of such manually executed signature page, shall each be effective as delivery of a manually executed counterpart of such document; provided,
that, the Bank, in its sole discretion, can require subsequent delivery of the manually executed counterpart of a signature page. Any
counterpart may be converted from paper to electronic form, or from electronic form to paper, at the discretion of the Bank, and such
converted counterpart shall be deemed an original.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The parties acknowledge and agree that the Account is a "securities account" and all assets from time to time credited
thereto, including ,without limitation, cash, will be treated as "financial assets" within the meaning of Section 8-102
of the UCC.

**Section 16. Bankruptcy Code Acknowledgment.**

The undersigned acknowledges and agrees that (a) the Note is intended to constitute a "margin loan", (b) this Agreement is intended to constitute a "security agreement or arrangement or other credit enhancement related to a "margin loan" or to "any other agreement or transaction that is similar to" a margin loan, and (c) therefore, the Liability Documents, individually and collectively, constitute a "securities contract" within the meaning of Section 741(7) of the Bankruptcy Code and that each delivery, transfer, payment and grant of a security interest made or required to be made under the Note, this Agreement or any other Liability Document or otherwise contemplated hereby or made, required to be made or contemplated in connection therewith or herewith is a "transfer" and a "margin payment" or a "settlement payment" within the meaning of Section 362(b)(6) and/or (27), Sections 546(e) and/or (j) and Sections 741(5) and/or 741(8) of the Bankruptcy Code. In addition, all obligations under or in connection with the Liability Documents represent obligations in respect of "termination values," "payment amounts" or "other transfer obligations" within the meaning of Sections 362 and 561 of the Bankruptcy Code. The undersigned and the Bank further acknowledge and agree that the Liability Documents collectively constitute a "master netting agreement" within the meaning of the Bankruptcy Code.

**Section 17. Execution and Use of Electronic Records and Signatures.**

If the undersigned has received and reviewed this Agreement electronically, then the undersigned agrees that this Agreement may be in the form of an electronic record and may be executed using electronic signatures generated through the electronic execution process provided by the Bank or such other electronic execution process acceptable to the Bank in its sole discretion. Any electronic signature on or associated with this Agreement and accepted by the Bank shall be valid and binding on the signer to the same extent as a manual signature and upon application thereof, this Agreement will constitute a legal, valid, and binding obligation enforceable in accordance with its terms to the same extent as if manually executed. Notwithstanding any other provision of this Agreement, at the Bank's option and in the Bank's sole discretion, any agreement, amendment, notice or other communication required under this Agreement to be "written" or "in writing" may be in the form of an electronic record and may be executed using electronic signatures generated through the electronic execution process provided by the Bank or such other electronic execution process acceptable to the Bank in its sole discretion.

**Section 18. Margin Line of Credit Disclosure Statement.**

The undersigned acknowledges that it has received and reviewed the Bank's "Margin Line of Credit Disclosure Statement" and understands the risks of the transactions contemplated herein as described in said disclosure statement.

[NO FURTHER TEXT; SIGNATURE PAGE FOLLOWS]

MARGIN LINE OF CREDIT COLLATERAL AGREEMENT Page 9 UCN: 140983594000 FAC: 202933194 <br> US506.1.1

**Address for notices to the Bank:**

JPMorgan Chase Bank, N.A.

**[\*\*\*]**

**<u>THIRD PARTY PLEDGORS</u>**

**CFD 2009 Family Trust LLC**

**BY: Mary s. dolan and corby dolan leinauer AS TRUSTEES OF the cfd 2009 family trust fbo james l. dolan, as its AUTHORIZED SIGNER**

---

| |
|:---|
| /s/ Mary S. Dolan |
| Signature |
| Mary S. Dolan, Trustee |
| Name (print) |

---

---

| |
|:---|
| /s/ Corby Dolan Leinauer |
| Signature |
| Corby Dolan Leinauer, Trustee |
| Name (print) |

---

**CFD 2009 Children's Trust LLC**

**BY: Kathleen M. Dolan and Paul J. Dolan AS TRUSTEES OF THE CHARLES F. DOLAN CHILDREN'S TRUST FBO JAMES L. DOLAN, as its AUTHORIZED SIGNER**

---

| |
|:---|
| /s/ Kathleen M. Dolan |
| Signature |
| Kathleen M. Dolan, Trustee |
| Name (print) |

---

---

| |
|:---|
| /s/ Paul J. Dolan |
| Signature |
| Paul J. Dolan, Trustee |
| Name (print) |

---

MARGIN LINE OF CREDIT COLLATERAL AGREEMENT Page 10 UCN: 140983594000 FAC: 202933194 <br> US506.1.1

![](tm267441d3_ex99-fimg001.jpg)

**Acknowledged and agreed:** 

**<u>BANK</u>**

**JPMORGAN CHASE BANK, N.A.**

---

| | |
|:---|:---|
| Signature | Signature |
| Name (print) | Title |

---

MARGIN LOAN COLLATERAL AGREEMENT UCN: 140983594000 FAC: 202933194 <br> US506.1.1

![](tm267441d3_ex99-fimg001.jpg)

**EXHIBIT A**

COLLATERAL ACCOUNTS

Account Number(s):

**[\*\*\*]** 

**[\*\*\*]**

MARGIN LOAN COLLATERAL AGREEMENT UCN: 140983594000 FAC: 202933194 <br> US506.1.1

**MARGIN LOAN DISCLOSURE STATEMENT**

JPMorgan Chase Bank, N.A. (the "Bank") is furnishing this document to you to provide some basic facts about the margin loan(s) contemplated in your margin loan documentation. Your securities account will be pledged as collateral for margin loan(s) that may be extended by the Bank under your margin loan documentation. It is important that you fully understand the risks involved with any margin loans extended by the Bank. These risks include the following:

· **You may be required to deposit additional assets or pay down the margin loan(s).** If the securities in your account collateralizing the margin loan(s) decrease in value
(whether due to a market downturn, market volatility or otherwise) and are no longer sufficient to support the margin loan(s), then a
"collateral shortfall" has occurred. To cure the collateral shortfall, you will need to deposit additional securities or pay
down the margin loan(s), possibly through a liquidation of assets. The value of assets collateralizing the margin loan(s) is the
value assigned by the Bank in its sole discretion to each of the securities and other assets in your account.

· **The Bank can force the sale of securities or other assets in your account.** If the outstanding amount of the margin loan(s) ever exceeds the aggregate value of the collateral
for the margin loan(s), the Bank can sell the securities or other assets in your account to cover the deficiency in value. You also will
continue to be responsible for any remaining balance of the margin loan(s) after such a sale.

· **The Bank can sell your securities or other assets without contacting you.** It is not the case that the Bank must contact you first if there is a collateral shortfall. While the
Bank may attempt to notify you of a collateral shortfall, it is not required to do so. Furthermore, even if the Bank has contacted you
and provided a specific date by which you can cure the collateral shortfall, the Bank can still take the necessary steps to protect its
financial interests, including immediately selling the securities or other assets in your account without further notice to you. This
is especially true in times of market volatility.

· **You are not entitled to choose which securities or other assets in your account are liquidated or sold to cure a collateral shortfall.** Because the securities and other assets are
collateral for the margin loan(s), the Bank has the right to decide which securities or other assets to sell in order to cure a collateral
shortfall. The sale of your securities or assets could result in adverse tax consequences.

· **Eligible collateral and collateral values may change.** The Bank at any time can change the eligibility of the securities and other assets in your account for purposes of determining
collateral value and can, as set forth in your margin loan documentation, increase or decrease the value assigned to the securities and
other assets, and is not required to provide you advance notice. These changes in the collateral value often take effect immediately and
could result in a collateral shortfall. Your failure to cure the collateral shortfall by either providing additional collateral or paying
down the margin loan(s) may cause the Bank to liquidate or sell securities or other assets in your account.

Before entering into a margin loan or margin line of credit facility, you should carefully review the margin loan and collateral documents provided to you by the Bank, and consult the Bank regarding any questions or concerns you may have about the margin loan or margin line of credit.

If the margin loan(s) is/are subject to a floating interest rate option, you should consider that changes in interest rates can lead to a higher or lower cost of borrowing for you. Increases in interest rates can increase the cost of borrowing, which will negatively impact the economics of the margin loan(s).

Before entering into a margin loan or margin line of credit facility, you should consider alternatives such as using available cash or proceeds from the sale of securities or other assets. In addition, you should consider, among other things, your investment objectives and risk tolerance, the interest costs of borrowing against your account, fees and charges for selling assets, the tax consequences of selling assets or borrowing, and the loss of potential appreciation on any assets sold. It is important to note that the Bank and its affiliates may earn more if you borrow against your securities and other assets rather than liquidate assets to meet your cash needs.

**In the event of a conflict between any statement in this Margin Loan Disclosure Statement and the terms of your margin loan and collateral documents, the terms of the margin loan and collateral documents shall govern.**

If the borrower and collateral provider are different persons or entities, they will have distinct rights and obligations under the margin loan and collateral documents, and you should bear that in mind when reading this document.

**JPMorgan Chase and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.**

MARGIN LINE OF CREDIT DISCLOSURE STATEMENT UCN: 140983594000 FAC: 202933194 <br> US506.1.1

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 7)**

**Sphere Entertainment Co.**

*(Name of Issuer)*

**Class A Common Stock, par value $.01 per share**

*(Title of Class of Securities)*

**55826T102**

*(CUSIP Number)*

**Samantha H. Crispin**<br>Baker Botts L.L.P.<br>30 Rockefeller Plaza<br>New York NY 10112<br>212-408-2500

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**02/25/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**James L. Dolan** | Name of reporting person<br>**James L. Dolan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1451276.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2028531.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1451276.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2028531.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3479807.00** | Aggregate amount beneficially owned by each reporting person<br>**3479807.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.2%** | Percent of class represented by amount in Row (11)<br>**11.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Excludes 4,622,450 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which James L. Dolan disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kathleen M. Dolan, individually and as Trustee of certain trusts described herein** | Name of reporting person<br>**Kathleen M. Dolan, individually and as Trustee of certain trusts described herein** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**18632.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3674847.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**18632.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3674847.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3693479.00** | Aggregate amount beneficially owned by each reporting person<br>**3693479.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.5%** | Percent of class represented by amount in Row (11)<br>**11.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Excludes 3,369,687 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Kathleen M. Dolan disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Marianne Dolan Weber** | Name of reporting person<br>**Marianne Dolan Weber** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**11606.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1233751.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**11606.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1233751.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1245357.00** | Aggregate amount beneficially owned by each reporting person<br>**1245357.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.2%** | Percent of class represented by amount in Row (11)<br>**4.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Excludes 5,713,228 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Marianne Dolan Weber disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Deborah A. Dolan-Sweeney** | Name of reporting person<br>**Deborah A. Dolan-Sweeney** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**10419.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1214136.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**10419.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1214136.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1224555.00** | Aggregate amount beneficially owned by each reporting person<br>**1224555.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.1%** | Percent of class represented by amount in Row (11)<br>**4.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Excludes 5,783,885 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Deborah A. Dolan-Sweeney disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Patrick F. Dolan** | Name of reporting person<br>**Patrick F. Dolan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1075.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**56947.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1075.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**56947.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**58022.00** | Aggregate amount beneficially owned by each reporting person<br>**58022.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Excludes 6,809,807 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Patrick F. Dolan disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Corby Dolan Leinauer, as Trustee of certain trusts described herein** | Name of reporting person<br>**Corby Dolan Leinauer, as Trustee of certain trusts described herein** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**192.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3681867.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**192.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3681867.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3682059.00** | Aggregate amount beneficially owned by each reporting person<br>**3682059.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.4%** | Percent of class represented by amount in Row (11)<br>**11.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Excludes 3,221,008 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Corby Dolan Leinauer disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Mary S. Dolan, as Trustee of certain trusts described herein** | Name of reporting person<br>**Mary S. Dolan, as Trustee of certain trusts described herein** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**3453.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**4277198.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**3453.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**4277198.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**4280651.00** | Aggregate amount beneficially owned by each reporting person<br>**4280651.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.0%** | Percent of class represented by amount in Row (11)<br>**13.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Excludes 2,652,972 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Mary S. Dolan disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Paul J. Dolan, as a Trustee of certain trusts described herein** | Name of reporting person<br>**Paul J. Dolan, as a Trustee of certain trusts described herein** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**46607.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1506024.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**46607.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1506024.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1552631.00** | Aggregate amount beneficially owned by each reporting person<br>**1552631.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.2%** | Percent of class represented by amount in Row (11)<br>**5.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Excludes 5,429,259 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Paul J. Dolan disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charles F. Dolan Children Trust FBO Kathleen M. Dolan** | Name of reporting person<br>**Charles F. Dolan Children Trust FBO Kathleen M. Dolan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**488579.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**488579.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**488579.00** | Aggregate amount beneficially owned by each reporting person<br>**488579.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.7%** | Percent of class represented by amount in Row (11)<br>**1.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,402,362 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan Children Trust FBO Kathleen M. Dolan disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney** | Name of reporting person<br>**Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**535276.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**535276.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**535276.00** | Aggregate amount beneficially owned by each reporting person<br>**535276.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.8%** | Percent of class represented by amount in Row (11)<br>**1.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,355,665 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charles F. Dolan Children Trust FBO Marianne Dolan Weber** | Name of reporting person<br>**Charles F. Dolan Children Trust FBO Marianne Dolan Weber** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**474339.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**474339.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**474339.00** | Aggregate amount beneficially owned by each reporting person<br>**474339.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.6%** | Percent of class represented by amount in Row (11)<br>**1.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,416,602 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan Children Trust FBO Marianne Dolan Weber disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charles F. Dolan Children Trust FBO Thomas C. Dolan** | Name of reporting person<br>**Charles F. Dolan Children Trust FBO Thomas C. Dolan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**488579.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**488579.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**488579.00** | Aggregate amount beneficially owned by each reporting person<br>**488579.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.7%** | Percent of class represented by amount in Row (11)<br>**1.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,398,331 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan Children Trust FBO Thomas C. Dolan disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charles F. Dolan Children Trust FBO James L. Dolan** | Name of reporting person<br>**Charles F. Dolan Children Trust FBO James L. Dolan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**960498.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**960498.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**960498.00** | Aggregate amount beneficially owned by each reporting person<br>**960498.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.3%** | Percent of class represented by amount in Row (11)<br>**3.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 5,950,598 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan Children Trust FBO James L. Dolan disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO James L. Dolan** | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO James L. Dolan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1053283.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1053283.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1053283.00** | Aggregate amount beneficially owned by each reporting person<br>**1053283.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**3.5%** | Percent of class represented by amount in Row (11)<br>**3.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 5,820,189 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO James L. Dolan disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO Thomas C. Dolan** | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO Thomas C. Dolan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**716156.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**716156.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**716156.00** | Aggregate amount beneficially owned by each reporting person<br>**716156.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.4%** | Percent of class represented by amount in Row (11)<br>**2.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,157,316 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO Thomas C. Dolan disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO Kathleen M. Dolan** | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO Kathleen M. Dolan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**621308.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**621308.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**621308.00** | Aggregate amount beneficially owned by each reporting person<br>**621308.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.1%** | Percent of class represented by amount in Row (11)<br>**2.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,252,164 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO Kathleen M. Dolan disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO Marianne E. Dolan Weber** | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO Marianne E. Dolan Weber** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**653144.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**653144.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**653144.00** | Aggregate amount beneficially owned by each reporting person<br>**653144.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.2%** | Percent of class represented by amount in Row (11)<br>**2.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,220,328 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO Marianne E. Dolan Weber disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO Deborah A. Dolan-Sweeney** | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO Deborah A. Dolan-Sweeney** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**578498.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**578498.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**578498.00** | Aggregate amount beneficially owned by each reporting person<br>**578498.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**2.0%** | Percent of class represented by amount in Row (11)<br>**2.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,294,974 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO Deborah A. Dolan-Sweeney disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO Patrick F. Dolan** | Name of reporting person<br>**Charles F. Dolan 2009 Family Trust FBO Patrick F. Dolan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**56947.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**56947.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**56947.00** | Aggregate amount beneficially owned by each reporting person<br>**56947.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,809,807 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO Deborah A. Dolan-Sweeney disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ryan Dolan 1989 Trust** | Name of reporting person<br>**Ryan Dolan 1989 Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7659.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7659.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7659.00** | Aggregate amount beneficially owned by each reporting person<br>**7659.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,859,095 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Ryan Dolan 1989 Trust disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tara Dolan 1989 Trust** | Name of reporting person<br>**Tara Dolan 1989 Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7659.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7659.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7659.00** | Aggregate amount beneficially owned by each reporting person<br>**7659.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.1%** | Percent of class represented by amount in Row (11)<br>**0.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,859,095 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Tara Dolan 1989 Trust disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Marianne E. Dolan Weber 2012 Descendants Trust** | Name of reporting person<br>**Marianne E. Dolan Weber 2012 Descendants Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**56948.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**56948.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**56948.00** | Aggregate amount beneficially owned by each reporting person<br>**56948.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,809,806 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Marianne E. Dolan Weber 2012 Descendants Trust disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

| **CUSIP No.** | **55826T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kathleen M. Dolan 2012 Descendants Trust** | Name of reporting person<br>**Kathleen M. Dolan 2012 Descendants Trust** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**56947.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**56947.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**56947.00** | Aggregate amount beneficially owned by each reporting person<br>**56947.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.2%** | Percent of class represented by amount in Row (11)<br>**0.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Excludes 6,809,807 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Kathleen M. Dolan 2012 Descendants Trust disclaims beneficial ownership.  This report shall not be construed as an admission that such person is the beneficial owner of such securities.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Common Stock, par value $.01 per share

**(b) Name of Issuer:**
Sphere Entertainment Co.

**(c) Address of Issuer's Principal Executive Offices:**
TWO PENNSYLVANIA PLAZA, NEW YORK, NY, 10121

This Amendment No. 7 to Schedule 13D ("Amendment No. 7") is being filed jointly by (i) the individuals (in their individual capacity and/or as trustee or co-trustee of specified trusts) and trusts listed in Item 2(a) below (the "Group Members") who may be deemed to beneficially own all of the shares of Class B Common Stock, par value $0.01 per share (the "Class B Common Stock"), of Sphere Entertainment Co. (the "Issuer"), which shares of Class B Common Stock are convertible share for share at the option of the holder into Class A Common Stock of the Issuer, par value $0.01 per share (the "Class A Common Stock," and together with the Class B Common Stock, the "Common Stock"), and a certain number of shares of Class A Common Stock, in each case as described herein, and (ii) certain trustees of such Group Members (the persons referred to in clauses (i) and (ii) collectively, the "Reporting Persons") to report, among other things, changes to the Reporting Persons' beneficial ownership of Class A Common Stock as a result of certain matters described in Item 6.

The Schedule 13D filed by the original Reporting Persons on April 24, 2020, as amended and supplemented by Amendment No. 1 filed on March 30, 2021, Amendment No. 2 filed on July 14, 2021, Amendment No. 3 filed on March 1, 2024, Amendment No. 4 filed on December 31, 2024, Amendment No. 5 filed on February 4, 2025 and Amendment No. 6 filed on September 10, 2025 (as amended, the "Schedule 13D"), is hereby amended and supplemented as set forth below in this Amendment No. 7.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The disclosure in Item 5(a) and (b) is hereby amended and supplemented as follows:

(a) and (b) As of February 27, 2026, the Group Members may be deemed to beneficially own an aggregate of 8,698,719 shares of Class A Common Stock as a result of their beneficial ownership of (i) 1,831,965 shares of Class A Common Stock (inclusive of exercisable options, restricted stock units vesting within 60 days of the date hereof and shares held by the Dolan Family Foundation, for which certain Group Members serve as director), and (ii) 6,866,754 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock. This aggregate amount represents approximately 24.4% of the total shares of Common Stock deemed to be currently outstanding. Group Members in the aggregate may be deemed to have the current shared power to vote or direct the vote of and to dispose of or direct the disposition of 6,866,754 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock (representing all outstanding Class B Common Stock) because of the terms of the Class B Stockholders' Agreement (as previously defined in the Schedule 13D). Reporting Persons and individuals who are not Group Members but are trustees of trusts that are Group Members may be deemed to beneficially own an additional 58,744 shares of Class A Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities held by the other Reporting Persons, and this report shall not be deemed to be an admission that any such person is the beneficial owner of such securities.

The percentages used herein with respect to the ownership of Class A Common Stock are calculated based on 28,635,366 outstanding shares of Class A Common Stock as of January 31, 2026, as reported by the Issuer in its Annual Report on Form 10-K that was filed with the SEC on February 12, 2026.

See the responses to Items 7 through 13 of each cover page to this Amendment No. 7, which are incorporated by reference. See Exhibit A for supplemental information regarding the beneficial ownership of Class A Common Stock by the Group Members and other individuals who are not Group Members but are trustees of trusts that are Group Members. See Exhibit B for additional information regarding the Reporting Persons that are trusts.

**(b)**
See Item 5(a) above, Exhibit A and Exhibit B.

**(c)**
On February 17, 2026 James L. Dolan exercised 108,630 stock options for Class A Common Stock through cashless exercise that were also settled in cash. In connection with the exercise of the stock options, 21,670 shares of Class A Common Stock were withheld to satisfy tax withholding obligations and 63,761 shares of Class A Common Stock were withheld to satisfy the exercise price.

The information contained in Item 6 of this Amendment No. 7 is incorporated by reference.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The disclosure in Item 6 is hereby amended by adding the following at the end thereof:

On February 25, 2026, the CFD 2009 Family Trust FBO James L. Dolan contributed 6,717 shares of Class A Common Stock of the Issuer to CFD 2009 Family Trust LLC and the Charles F. Dolan Children Trust FBO James L. Dolan contributed 44,342 shares of Class A Common Stock of the Issuer to CFD 2009 Children's Trust LLC.  On February 25, 2026, James L. Dolan entered into a Secured Margin Line of Credit Note (the "Note") and each of CFD 2009 Family Trust LLC and CFD 2009 Children's Trust LLC entered into a Margin Line of Credit Collateral Agreement (the "Collateral Agreement"), in each case, with JPMorgan Chase Bank, N.A. ("JPM"). In connection therewith, James L. Dolan agreed to pledge to JPM 977,835 shares of Class A Common Stock of the Issuer, CFD 2009 Family Trust LLC agreed to pledge to JPM 6,717 shares of Class A Common Stock of the Issuer and CFD 2009 Children's Trust LLC agreed to pledge to JPM 44,342 shares of Class A Common Stock of the Issuer (all such pledged shares of Class A Common Stock collectively, the "Collateral") to secure obligations under the Note pursuant to the Note and the Collateral Agreement. Upon the occurrence of certain events that are customary with this type of transaction, JPM may exercise its rights to foreclose on, and dispose of, the Collateral in accordance with the Note and the Collateral Agreement. Copies of the Note and the Collateral Agreement are attached as Exhibits to this Schedule 13D and are incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** James L. Dolan

**Signature:** /s/ James L. Dolan

**Name/Title:** James L. Dolan

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Kathleen M. Dolan, individually and as Trustee of certain trusts described herein

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Marianne Dolan Weber

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Deborah A. Dolan-Sweeney

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Patrick F. Dolan

**Signature:** /s/ Dennis H. Haver

**Name/Title:** Dennis H. Javer as Attorney-in-Fact

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Corby Dolan Leinauer, as Trustee of certain trusts described herein

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Mary S. Dolan, as Trustee of certain trusts described herein

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Paul J. Dolan, as a Trustee of certain trusts described herein

**Signature:** /s/ Paul J. Dolan

**Name/Title:** Paul J. Dolan

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Charles F. Dolan Children Trust FBO Kathleen M. Dolan

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Charles F. Dolan Children Trust FBO Marianne Dolan Weber

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Charles F. Dolan Children Trust FBO Thomas C. Dolan

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Charles F. Dolan Children Trust FBO James L. Dolan

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Charles F. Dolan 2009 Family Trust FBO James L. Dolan

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Charles F. Dolan 2009 Family Trust FBO Thomas C. Dolan

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Charles F. Dolan 2009 Family Trust FBO Kathleen M. Dolan

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Charles F. Dolan 2009 Family Trust FBO Marianne E. Dolan Weber

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Charles F. Dolan 2009 Family Trust FBO Deborah A. Dolan-Sweeney

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Charles F. Dolan 2009 Family Trust FBO Patrick F. Dolan

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Ryan Dolan 1989 Trust

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tara Dolan 1989 Trust

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Marianne E. Dolan Weber 2012 Descendants Trust

**Signature:** /s/ Brian G. Sweeney

**Name/Title:** Brian G. Sweeney as Attorney-in-Fact for Richard Baccari, Trustee

**Date:** 02/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Kathleen M. Dolan 2012 Descendants Trust

**Signature:** /s/ Paul J. Dolan

**Name/Title:** Paul J. Dolan, Trustee

**Date:** 02/27/2026