Document:

EX-10.18

 Exhibit 10.18 

CERTAIN CONFIDENTIAL INFORMATION, IDENTIFIED BY BRACKETED ASTERISKS “[*****]”, HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT
MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 MSG SPHERE AT THE VENETIAN 

CONSTRUCTION AGREEMENT 

Date: May 31, 2019 

 CONSTRUCTION AGREEMENT 

CONSTRUCTION AGREEMENT 
  

TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
			
	 1.1
	  	 Defined Terms
	  	 	1	 
	 1.2
	  	 Interpretation
	  	 	8	 
	 1.3
	  	 Correlation and Intent of Contract Documents
	  	 	8	 
		
	 ARTICLE 2 RELATIONSHIP OF THE PARTIES; ROLES OF MSG, ARCHITECT AND PROJECT
MANAGER
	  	 	10	 
			
	 2.1
	  	 Cooperation with Project Development Team; Coordination Obligations
	  	 	10	 
	 2.2
	  	 General Role of MSG
	  	 	11	 
	 2.3
	  	 Information and Services Required of MSG
	  	 	11	 
	 2.4
	  	 MSG’s Right to Stop the Work
	  	 	12	 
	 2.5
	  	 MSG’s Right to Carry Out the Work
	  	 	12	 
	 2.6
	  	 General Role of Project Manager
	  	 	12	 
	 2.7
	  	 General Role of Architect
	  	 	13	 
	 2.8
	  	 Administration of the Agreement by Project Manager
	  	 	13	 
	 2.9
	  	 Role of the Lender
	  	 	14	 
		
	 ARTICLE 3 CONTRACTOR’S GENERAL RESPONSIBILITIES
	  	 	14	 
			
	 3.1
	  	 Standard of Care; Applicable Laws
	  	 	14	 
	 3.2
	  	 Review of the Contract Documents
	  	 	15	 
	 3.3
	  	 Staffing; Contractor’s Personnel; Key Construction Team Members
	  	 	16	 
	 3.4
	  	 Taxes
	  	 	17	 
	 3.5
	  	 Quality Control and Quality Management
	  	 	17	 
	 3.6
	  	 Consents and Approvals
	  	 	18	 
	 3.7
	  	 Schedules
	  	 	18	 
	 3.8
	  	 Value Engineering
	  	 	19	 
	 3.9
	  	 Supervision and Construction Procedures
	  	 	19	 
	 3.10
	  	 Communication
	  	 	20	 
	 3.11
	  	 Meetings; Reports; Construction Schedule Updates
	  	 	20	 
	 3.12
	  	 Labor and Materials
	  	 	21	 
	 3.13
	  	 Equipment
	  	 	22	 
	 3.14
	  	 Permits, Fees and Notices
	  	 	23	 
	 3.15
	  	 Substitutions
	  	 	24	 
	 3.16
	  	 Documents and Samples at the Site
	  	 	24	 
	 3.17
	  	 Shop Drawings, Product Data and Samples
	  	 	24	 
	 3.18
	  	 Use of Site; Utilities
	  	 	26	 
	 3.19
	  	 Cutting and Patching of Work
	  	 	27	 
	 3.20
	  	 Cleaning Up; Recycling
	  	 	27	 
	 3.21
	  	 Project Close-Out
	  	 	27	 
	 3.22
	  	 Survey Marks
	  	 	27	 
	 3.23
	  	 Inspection and Testing
	  	 	28	 
	 3.24
	  	 Pre-Term Work
	  	 	28	 
		
	 ARTICLE 4 PRICING METHODOLOGY AND PRICING COMPONENTS
	  	 	28	 
			
	 4.1
	  	 Pricing Overview
	  	 	28	 
	 4.2
	  	 Early Work Packages
	  	 	29	 
	 4.3
	  	 [Not used]
	  	 	29	 
	 4.4
	  	 Incentive Benchmark Proposal Development
	  	 	29	 

  
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	 4.5
	  	 Incentive Benchmark Proposal
	  	 	29	 
	 4.6
	  	 Incentive Benchmark Amendment
	  	 	31	 
	 4.7
	  	 [Not Used]
	  	 	31	 
	 4.8
	  	 Cost of the Work
	  	 	31	 
	 4.9
	  	 General Conditions Costs and General Requirements Work Expenses
	  	 	32	 
	 4.10
	  	 Allocation
	  	 	32	 
	 4.11
	  	 Allowance Amounts
	  	 	33	 
	 4.12
	  	 [Not Used]
	  	 	33	 
	 4.13
	  	 Subcontract Buy-Out
	  	 	33	 
		
	 ARTICLE 5 TIME AND DELAYS
	  	 	34	 
			
	 5.1
	  	 Definitions
	  	 	34	 
	 5.2
	  	 Progress and Completion
	  	 	34	 
	 5.3
	  	 Delays and Extensions of Time
	  	 	34	 
	 5.4
	  	 Contractor’s Recovery Plan
	  	 	36	 
	 5.5
	  	 Liquidated Damages
	  	 	36	 
		
	 ARTICLE 6 CHANGES IN THE WORK
	  	 	37	 
			
	 6.1
	  	 Changes Directed by MSG
	  	 	37	 
	 6.2
	  	 Review of Change Proposal
	  	 	37	 
	 6.3
	  	 Construction Change Directives
	  	 	38	 
	 6.4
	  	 Changes Requested by Contractor
	  	 	38	 
	 6.5
	  	 Change Orders
	  	 	38	 
	 6.6
	  	 Unauthorized Changes
	  	 	38	 
	 6.7
	  	 Change Orders Final
	  	 	39	 
	 6.8
	  	 Unit Prices
	  	 	39	 
	 6.9
	  	 Accounting
	  	 	39	 
		
	 ARTICLE 7 SITE CONDITIONS AND SUBSURFACE CONDITIONS
	  	 	39	 
			
	 7.1
	  	 Site Conditions
	  	 	39	 
	 7.2
	  	 Subsurface Conditions
	  	 	39	 
		
	 ARTICLE 8 LIENS
	  	 	40	 
		
	 ARTICLE 9 OWNERSHIP OF DOCUMENTS; ROYALTIES AND PATENTS
	  	 	40	 
	 9.1
	  	 Documents Prepared by or for Architect
	  	 	40	 
	 9.2
	  	 Documents Prepared by or for Contractor
	  	 	40	 
	 9.3
	  	 Royalties and Patents
	  	 	41	 
	 9.4
	  	 Access
	  	 	41	 
		
	 ARTICLE 10 SECURITY FOR PERFORMANCE AND PAYMENT
	  	 	41	 
			
	 10.1
	  	 Performance and Payment Bonds
	  	 	41	 
		
	 ARTICLE 11 SUBCONTRACTORS
	  	 	42	 
			
	 11.1
	  	 Subcontracting—General
	  	 	42	 
	 11.2
	  	 Procurement of Subcontractor Bids
	  	 	42	 
	 11.3
	  	 Analysis of Subcontractor Bids
	  	 	43	 
	 11.4
	  	 Subcontracts With Subcontractors
	  	 	44	 
	 11.5
	  	 Conditional Assignment of Subcontracts with Subcontractors
	  	 	45	 
	 11.6
	  	 Self-Performed Work
	  	 	46	 
	 11.7
	  	[*****].	  	 	46	 
		
	 ARTICLE 12 WORK BY MSG OR BY SEPARATE CONTRACTORS
	  	 	46	 
			
	 12.1
	  	 MSG’s Right to Perform Work and to Award Separate Contracts
	  	 	46	 
	 12.2
	  	 Mutual Responsibility
	  	 	47	 
	 12.3
	  	 Changes to Construction Schedule
	  	 	47	 
	 12.4
	  	 MSG’s Right to Clean Up
	  	 	47	 

  
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	 ARTICLE 13 PAYMENTS AND COMPLETION
	  	 	48	 
			
	 13.1
	  	 Payment Process
	  	 	48	 
	 13.2
	  	 Schedule of Values
	  	 	48	 
	 13.3
	  	 Progress Payments; Applications for Payment
	  	 	48	 
	 13.4
	  	 Certificates For Payment
	  	 	51	 
	 13.5
	  	 Calculation of Progress Payments
	  	 	51	 
	 13.6
	  	 Withholding
	  	 	51	 
	 13.7
	  	 Contractor’s Use of Payments
	  	 	52	 
	 13.8
	  	 Late Application for Payment
	  	 	53	 
	 13.9
	  	 Retainage
	  	 	53	 
	 13.10
	  	 Discounts, Rebates and Refunds
	  	 	53	 
	 13.11
	  	 Interest
	  	 	53	 
	 13.12
	  	 Payment Not Evidence
	  	 	53	 
	 13.13
	  	 Failure of Payment and Right to Stop Work
	  	 	53	 
	 13.14
	  	 Audit Rights
	  	 	53	 
	 13.15
	  	 Substantial Completion
	  	 	54	 
	 13.16
	  	 Final Completion and Final Payment
	  	 	54	 
		
	 ARTICLE 14 PROTECTION OF PERSONS AND PROPERTY
	  	 	55	 
			
	 14.1
	  	 Hazardous Materials
	  	 	55	 
	 14.2
	  	 Safety Precautions and Programs
	  	 	56	 
	 14.3
	  	 Emergencies
	  	 	57	 
	 14.4
	  	 Security
	  	 	57	 
	 14.5
	  	 Trade Monitoring
	  	 	57	 
		
	 ARTICLE 15 INDEMNIFICATION
	  	 	58	 
			
	 15.1
	  	 Indemnification
	  	 	58	 
		
	 ARTICLE 16 INSURANCE
	  	 	58	 
			
	 16.1
	  	 Insurance Requirements
	  	 	58	 
		
	 ARTICLE 17 UNCOVERING AND CORRECTION OF WORK
	  	 	59	 
			
	 17.1
	  	 Uncovering of Work
	  	 	59	 
	 17.2
	  	 Correction of Work
	  	 	59	 
		
	 ARTICLE 18 TERMINATION OF THE CONTRACT
	  	 	61	 
			
	 18.1
	  	 Contractor Events of Default
	  	 	61	 
	 18.2
	  	 Remedies of MSG upon a Contractor Event of Default
	  	 	61	 
	 18.3
	  	 Contractor Suspension and Termination Rights
	  	 	62	 
	 18.4
	  	 Remedies of Contractor upon Termination by Contractor
	  	 	63	 
	 18.5
	  	 Injunctive Relief
	  	 	63	 
	 18.6
	  	 Termination for Convenience
	  	 	63	 
	 18.7
	  	 Suspension for Convenience
	  	 	63	 
	 18.8
	  	 Termination of the Ground Lease
	  	 	64	 
		
	 ARTICLE 19 NOTICES
	  	 	64	 
		
	 ARTICLE 20 CONFIDENTIALITY
	  	 	65	 
			
	 20.1
	  	 Confidentiality
	  	 	65	 
	 20.2
	  	 Publicity/Promotion Prohibition
	  	 	65	 
	 20.3
	  	 Remedy for Breach or Threatened Breach
	  	 	66	 

  
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	 ARTICLE 21 REPRESENTATIONS AND WARRANTIES
	  	 	66	 
			
	 21.1
	  	 Representations And Warranties
	  	 	66	 
	 21.2
	  	 Licensing Requirements
	  	 	66	 
	 21.3
	  	 Survival.
	  	 	66	 
		
	 ARTICLE 22 DISPUTE RESOLUTION
	  	 	67	 
			
	 22.1
	  	 Dispute Resolution Procedures
	  	 	67	 
		
	 ARTICLE 23 CLAIMS
	  	 	67	 
		
	 ARTICLE 24 ETHICAL OBLIGATIONS
	  	 	69	 
			
	 24.1
	  	 Equal Opportunity
	  	 	69	 
	 24.2
	  	 Harassment or Offensive Behavior
	  	 	69	 
	 24.3
	  	 Ethical Standards
	  	 	69	 
		
	 ARTICLE 25 MISCELLANEOUS PROVISIONS
	  	 	70	 
			
	 25.1
	  	 Governing Law
	  	 	70	 
	 25.2
	  	 Entire Agreement
	  	 	70	 
	 25.3
	  	 Schedules
	  	 	70	 
	 25.4
	  	 Relationship of the Parties
	  	 	70	 
	 25.5
	  	 Third Parties
	  	 	70	 
	 25.6
	  	 Counterparts
	  	 	70	 
	 25.7
	  	 Remedies
	  	 	70	 
	 25.8
	  	 Successors and Assigns
	  	 	70	 
	 25.9
	  	 Assignment
	  	 	70	 
	 25.10
	  	 Liability
	  	 	70	 
	 25.11
	  	 Survival
	  	 	71	 
	 25.12
	  	 Severability
	  	 	71	 
	 25.13
	  	 No Waiver
	  	 	71	 

  
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CONSTRUCTION AGREEMENT 
  

 SCHEDULES 
  

					
			
	 Schedule A
	  	—	  	 Applicable Provisions of Ground Lease

			
	 Schedule B
	  	—	  	 Description of Site / Land Details

			
	 Schedule C
	  	—	  	 Insurance Requirements

			
	 Schedule D
	  	—	  	 Key Construction Team Members

			
	 Schedule E-1
	  	—	  	 Contractor’s Fee and Allocation

			
	 Schedule E-2
	  	—	  	 Key Performance Indicators

			
	 Schedule F
	  	—	  	 Allocation

			
	 Schedule G
	  	—	  	 Change Order Pricing

			
	 Schedule H
	  	—	  	 Form of Incentive Benchmark Amendment

			
	 Schedule I
	  	—	  	 Liquidated Damages

			
	 Schedule J
	  	—	  	 Change Order Form

			
	 Schedule K
	  	—	  	 Substantial Completion Details

			
	 Schedule L
	  	—	  	 Designated Representative

			
	 Schedule M
	  	—	  	 Form of Lien Waiver and Release

			
	 Schedule N
	  	—	  	 Form of Subcontract

			
	 Schedule O
	  	—	  	 Authorization Matrix

			
	 Schedule P
	  	—	  	 Form of Certificate of Substantial Completion

			
	 Schedule Q
	  	—	  	 General Conditions Labor Rates

  
 v 

 CONSTRUCTION AGREEMENT 

THIS CONSTRUCTION AGREEMENT (this “Agreement”) is made as of May 31, 2019 (the “Effective
Date”), by and between MSG Las Vegas, LLC (“MSG”), and Hunt Construction Group Inc. (d/b/a AECOM Hunt), (“Contractor”) (individually, a Party and, collectively, the Parties). 

 

			
	MSG:	  	 MSG Las Vegas, LLC
 c/o MSG Sports &
Entertainment, LLC
 Two Penn Plaza
 New York, NY
10121

		
	Contractor:	  	 Hunt Construction Group Inc. (d/b/a AECOM Hunt)

2450 South Tibbs Avenue
 Indianapolis, IN 46241

		
	Project Manager:	  	 Rider Levett Bucknall
 Two Financial Center,
Suite 810,
 60 South St, Boston, MA 02111

		
	Architect:	  	 Populous Architects, P.C.
 4800 Main Street

Suite 300
 Kansas City, MO 64112

		
	Project:	  	MSG Sphere at the Venetian, Las Vegas, Nevada
		
	RECITALS:	  	

 A. WHEREAS, Sands Arena Landlord, LLC (the “Lessor”) is the owner of certain real property
located in unincorporated Clark County, Nevada and described in Schedule B hereto (the “Land”). 
 B. WHEREAS, on
July 16, 2018, Sands Arena Landlord LLC entered into a ground lease with MSG and MSG Sports & Entertainment, LLC, a Delaware limited liability company which is an affiliate of MSG (“MSG S&E”) and Venetian Casino
Resort, LLC (“VCR”), pursuant to which MSG and MSG S&E shall lease the Land (and perform other obligations set forth therein) for a term of fifty (50) years (as may be modified or amended in accordance with its terms, the
“Ground Lease”). 
 C. WHEREAS, further pursuant to the Ground Lease, MSG has agreed to procure the development of a
multi-function, first class event venue together with such other on-site or off-site improvements as may be agreed between MSG and the Lessor, as more fully described in
the Contract Documents (the “Project”). 
 D. WHEREAS, Contractor is skilled and experienced in performing the work
necessary to complete the Project. 
 E. WHEREAS, MSG seeks to engage Contractor, and Contractor agrees to be engaged, to perform the Work
(as defined herein) pursuant to the terms of this Agreement. 
 NOW, THEREFORE, in consideration of the covenants and agreements contained
herein, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

ARTICLE 1 
 DEFINITIONS 

 

	1.1	 Defined Terms. 

Capitalized terms used herein shall have the meanings given to such terms in this Section 1.1. Terms that are not defined herein,
but have well-known technical or construction industry meanings are used in this Agreement with such recognized meanings. 

  
 1 

 “ADA” shall mean, collectively, the Americans with
Disabilities Act of 1990, the regulations promulgated thereunder, the Americans with Disabilities Act Accessibility Guidelines for Buildings and Facilities, Standards for Accessible Design, 28 C.F.R. Part 36 Appendix A, and the Americans with
Disabilities Act Accessibility Guidelines for Buildings and Facilities, 36 C.F.R. Part 1191 Appendix A, as each may be amended from time to time. 

“Adjacent Property” shall mean all land adjoining the Site, including streets, sidewalks and buildings
situated thereon. 
 “Affiliate” shall mean (i) any Entity controlling, controlled by, or under
common control with the Company or any other Affiliate and (ii) any Entity in which the Company owns at least five percent of the outstanding equity interest of such Entity. 

“Agreement” shall mean this Construction Agreement between MSG and Contractor. 

“Allocation” means the amount set forth in Schedule F which shall be utilized strictly in accordance with the
terms of Section 4.10 and Schedule F. The Allocation shall not be subject to adjustment. 

“Allowance” has the meaning in Section 4.11.1. 

“Allowance Amounts” means the value(s) of the Allowance Items. 

“Applicable Law(s)” shall mean, to the extent applicable to the Contractor’s performance of the
Work, all: (a) applicable federal, state or local law, enactment, statute, treaty, code, ordinance, charter, permit, consent, certificate, approval, resolution, order, rule, regulation, guideline, authorization, interpretation or other
direction or requirement of any Governmental Authority enacted, adopted, promulgated, entered or issued (including the requirements of the ADA and environmental laws relating to the Project); and (b) judgment, decision, decree, injunction,
writ, order or like action of any court, arbitrator or Governmental Authority with respect to any of the foregoing, the enforceability of which has not been stayed or appealed. 

“Application for Payment” shall mean Contractor’s certified request for payment for completed
portions of the Work in the form required by the Contract Documents. 
 “Architect” means Populous
Architects P.C. or any successor designated by MSG in writing. 
 “As-Built Drawings” shall mean the Drawings revised
to show the “as-built” condition of the Work and other changes made during the construction process. 
 “Authorization
Matrix” means the authorization matrix set forth in Schedule O. 
 “Bid Package” shall
mean each of the bid packages (which may be “phased” bid packages) for each trade category included within the Work. 

“Building Information Modeling” shall mean a digital representation of physical and functional characteristics of the
Work that shows geometry, spatial relationships, and properties of the Facility building components. 
 “Business
Day” shall mean any Day other than any weekend Day or any national or local holiday during which United States federal government agencies in Nevada are closed. 

“Buy-Out Savings” has the meaning in Section 4.13.1.

 “Certificate of Final Completion” has the meaning in Section 13.16.1. 

“Certificate of Substantial Completion” has the meaning in Section 13.15.3. 

“Change” shall have the meaning given to such term in Section 6.1.1. 

“Change Order” shall have the meaning given to such term in Section 6.5. 

“Change Proposal” shall have the meaning given to such term in Section 6.1.1.

 “Change Request” shall have the meaning given to such term in
Section 6.1.1. 
 “Claim(s)” means a demand, claim, liability, loss, cost,
expense, action, cause of action, damage, suit, fine, penalty or judgment, and all reasonable expenses (including reasonable fees, charges and disbursements of attorneys, experts and consultants, regardless of whether the applicable demand, claim,
action, cause of action or suit is voluntarily withdrawn or dismissed) incurred in investigating or resisting the same. 
 “Clerk
of Works” has the meaning in Section 2.2.3. 
 “Concealed
Conditions” shall have the meaning given to such term in Section 7.1.2. 

  
 2 

 “Construction Change Directive” shall have the meaning
given to such term in Section 6.3.1. 
 “Construction Documents” shall mean as the case may
be: (a) the Incentive Benchmark Drawings and Specifications, and the 100% Construction Documents prepared by Architect that set forth in detail the requirements for constructing the Work. 

“Construction Plan” shall mean Contractor’s plan for construction of the Work that will include:
(a) the construction staging plan setting forth construction scheduling, laydown areas and storage, trailer areas, trailer locations, priorities as to Site use, ingress/egress and other similar Site logistic matters for the Work as approved by
MSG; and (b) procedures for the assignment of responsibilities for safety precautions and programs for the Work. 

“Construction Schedule” shall mean a detailed, comprehensive, computer-generated, logic-driven,
precedence-style construction schedule prepared by Contractor, in a form and using a software program satisfactory to MSG, that utilizes a critical path method (CPM) network and is in conformance with accepted industry standards for projects of the
size, scope and complexity of the Work. The Construction Schedule shall contain space for notations and revisions and shall show: (a) the complete sequence of the Work by activity; (b) the estimated time of each major element and phase of
the Work with sufficient detail as reasonably determined by MSG; (c) a break-down of each element or phase of the Work by trade; and (d) early and late start dates for each element or phase of the Work so that all “float” time
will be accurately identified. A reference to the Construction Schedule means the Construction Schedule as updated in accordance with Section 3.11.2. The Construction Schedule shall be issued to MSG and Project Manager in
the source files electronic format. 
 “Contract Documents” shall mean, collectively: (a) this Agreement and all
Schedules hereto; (b) the Incentive Benchmark Documents; (c) the Construction Documents and the Construction Plan; (d) the Incentive Benchmark Amendments and all Schedules thereto; and (e) all written modifications/amendments to
this Agreement signed by both MSG and Contractor (including Change Orders) and Construction Change Directives issued by MSG in accordance with the terms of this Agreement. The Contract Documents do not include bidding documents such as the
advertisement or invitation to bid, any instructions to bidders, sample forms, Contractor’s bid or portions of addenda relating to any of these, or any other documents unless specifically stated to be Contract Documents in this Agreement. 

“Contractor” shall have the meaning set forth in the Recitals. 

“Contractor Employee” shall have the meaning set forth in Section 3.3.3. 

“Contractor Events of Default” shall have the meaning given to such term in
Section 18.1.1. 
 “Contractor Party” shall mean Contractor or any Subcontractor of
Contractor (except as modified by Section 11.7.4) or anyone directly or indirectly employed or engaged by any of them, or anyone for whose acts any of them may be liable. 

“Contractor’s Fee” or “Fee” shall mean the fee set forth in Schedule E. 

“Contractor’s Plant” means the vehicles, plant and equipment that Contractor or its Subcontractors bring to the
site in connection with the performance of the Work (whether owned, hired, leased or otherwise acquired or held by Contractor or a Subcontractor). 

“Cost of the Work” shall have the meaning given in Section 4.8. 

“Daily Delay Liquidated Damages” has the meaning in Section 1 of Schedule I. 

“Day” shall mean a calendar day. 

“Defective Work” shall mean any Work that does not comply with the requirements of the Contract Documents
or Applicable Law, as reasonably determined by MSG, Project Manager or Architect, or is damaged. 
 “Design Team”
means Architect and any other design consultants engaged by MSG or Architect to provide design-related services for the Project. 

“Dispute” has the meaning in Section 22.1.2. 

“Drawings” shall mean the graphic and pictorial portions of the Contract Documents showing the design,
location and dimensions of the Work, generally including plans, elevations, sections, details, schedules and diagrams. 
 “Early
Work Packages” has the meaning in Section 4.2.1. 
 “Early Work Authorization
Agreement” has the meaning in Section 4.2.1. 
 “Effective Date” shall have
the meaning set forth in the Recitals. 
 “Entity” shall mean any business, corporation, partnership, limited
liability company or other entity. 
 “Extraordinary Measures” shall have the meaning given to such
term in Section 5.4.1. 

  
 3 

 “Facility” means the completed and operational entertainment venue.

 “Final Completion” shall mean the stage in the progress of the Work when the Work has achieved
Substantial Completion and Contractor has satisfied all of its other obligations under the Contract Documents, including completion or correction of all Punchlist Items, provision of the Project Closeout Documents and satisfaction of the
requirements of Sections 3.21 and 13.16.2; provided, however, that Final Completion does not require the satisfaction of obligations that are expressly contemplated to be performed after Final Completion such as
warranty corrective work that may be required, if any. 
 “Force Majeure” means (i) severe,
adverse weather conditions that are abnormal, based on “NOAA” historical data for the preceding ten (10) years, that delays performance of the Work on the critical path of the Construction Schedule; (ii) war or national conflicts
or government intervention arising therefrom; (iii) fires; (iv) floods; (v) sabotage; (vi) acts of terror; (vii) incidences of disease or other illness that reaches epidemic, endemic, and/or pandemic proportions;
(viii) hurricanes; (ix) earthquakes, earth movement and earth subsidence (including sink holes); (x) acts of God; (xi) industry wide strikes and industry-wide labor disputes; (xii) civil disturbances; and
(xiii) unavoidable casualties; provided, however, that each of the foregoing is (a) outside the control of each Contractor Party, and (b) is not caused by any Contractor Party. 

“GAAP” shall have the meaning given to such term in Section 13.14.1. 

“General Conditions Costs” are the costs for the General Conditions Work, and include the labor rates set forth in
Schedule Q. 
 “General Conditions Work” shall mean the personnel and all related incidental costs to be
provided directly by Contractor as part of the Cost of the Work. 
 “General Requirements Work” shall
mean the labor, materials, equipment and services to be provided directly by Contractor as part of the Cost of the Work. 

“General Requirements Work Expenses” shall mean the costs and expenses incurred in connection with the
General Requirements Work. 
 “Governmental Authority(ies)” shall mean any federal, state, county, municipal or other
governmental department, entity, authority, commission, board, bureau, court agency, or any instrumentality of any of them having jurisdiction with respect to the Parties, the Work, the Project or the Site. 

“Ground Lease” has the meaning in the Recitals. 

“Guarantee” means the guarantee delivered to MSG by the Guarantor guaranteeing the performance of Contractor’s
obligations under this Agreement. 
 “Guarantor” means the Person providing the Guarantee in respect of this
Agreement. 
 “Hazardous Materials” shall mean hazardous waste, toxic substance, asbestos containing
material, petroleum product, or related materials including substances defined as “hazardous substances” or “toxic substances” in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, 42
U.S.C. Sec. 9061 et seq.; Hazardous Materials Transportation Act, as amended, 49 U.S.C. Sec. 1802 et seq.; the Resource Conservation and Recovery Act, as amended, 42 U.S.C. Sec. 6901 et seq.; and the corresponding regulations
(as amended) issued pursuant to these acts, whether in the surface water, groundwater, land surface and subsurface strata. 

“Holoplot” means Holoplot GmbH of Ringbahnstrasse 12 (10-14) /
A2, 12099 Berlin, Germany or a subsidiary thereof. 
 “Incentive Benchmark” shall mean the Incentive Benchmark for
performance of the Work. 
 “Incentive Benchmark Amendment” shall mean the amendment to this Agreement executed by
the Parties establishing the Incentive Benchmark, as contemplated by Section 4.6, the form of which is attached as Schedule H. 

“Incentive Benchmark Development Phase” means a phase corresponding to the period of time beginning when
MSG or Architect delivers the Incentive Benchmark Drawings and Specifications to Contractor and ending when the Incentive Benchmark Amendment is executed. 

“Incentive Benchmark Documents” shall mean: (a) the Incentive Benchmark Drawings and Specifications; (b) the
Incentive Benchmark Qualifications and Assumptions; (c) the Construction Schedule; and (d) the other documents listed in the Incentive Benchmark Amendment. 

“Incentive Benchmark Drawings and Specifications” shall mean the Drawings and Specifications prepared by Architect and
utilized by the Contractor to prepare the Incentive Benchmark Proposal, as listed in the Incentive Benchmark Amendment, which Drawings and Specifications shall be at the stage of one hundred percent (100%) design development. 

“Incentive Benchmark Proposal” shall have the meaning set forth in Section 4.5. 

  
 4 

 “Incentive Benchmark Qualifications and Assumptions” shall mean the
written statement of qualifications and assumptions based upon the Incentive Benchmark Drawings and Specifications included in the executed Incentive Benchmark Amendment. 

“Initial Incentive Benchmark” [*****] 

“Key Construction Team Members” shall have the meaning given to such term in Section 3.3.5.

 “Key Performance Indicators” mean the Key Performance Indicators in Schedule
E-2. 
 “Land” has the meaning in the Recitals. 

“Lender” means either the Person or Persons who may provide construction and/or permanent financing, or guarantors of
such financing, for the Project. 
 “Lessor” has the meaning in the Recitals. 

“Liquidated Damages” means the Daily Delay Liquidated Damages and the Long Stop Completion Liquidated Damages. 

“LNTP” means the limited notice to proceed with the Work issued by MSG to the Contractor dated January 11, 2019.

 “LNTP Work” means the scope of the Work performed by Contractor as authorized in the LNTP. 

“Long Stop Completion Liquidated Damages” has the meaning in Section 3 of Schedule I.

 “Long Stop Development Completion Date” means the date that is six (6) months after the date of Substantial
Completion as certified pursuant to Section 13.15. Reference to the Long Stop Development Completion Date means the Long Stop Development Completion Date as adjusted in accordance with the terms of this Agreement. 

“Materials” shall mean all materials, supplies, appliances, equipment, fixtures and other items to be
incorporated into the Work or used in connection with the Work. 
 “MSG” shall have the meaning given to such
term in the Recitals. 
 “MSG Act” shall mean: (a) failure of MSG, Architect, Project Manager or a
Separate Contractor, or anyone employed or engaged by any of them, to perform any of their respective obligations set forth in the Contract Documents by the times required by the Contract Documents (including any applicable cure periods but subject
to the Contractor’s express obligations to coordinate and mitigate as set forth in this Agreement); or (b) any negligence or intentional misconduct by MSG, Architect, Project Manager or a Separate Contractor, or any of their respective
agents, subcontractors, subconsultants or employees. The concept of an MSG Act shall apply and be used only in the context of Article 5 and Section 18.3.2 hereof. 

“MSG Events of Default” shall have the meaning given to such term in
Section 18.3. 
 “MSG Parties” means MSG, MSG Sports &
Entertainment, LLC, The Madison Square Garden Company, Venetian Casino Resort, LLC, Sands Arena Landlord LLC, Project Manager, (each) Lender and each of their respective trustees, subsidiaries, affiliated and parent companies, respective successors
and assigns, members, partners, officers, board members, directors, managers, shareholders, employees, attorneys, and agents. 

“Overages” shall have the meaning given to such term in Section 13.14.3. 

“Permits” shall mean all permits, consents, approvals, authorizations, variances, waivers, certificates
and approvals from all Governmental Authorities and utility companies and any other Person which are required for the planning, design, construction, furnishing, equipping, completion, use and occupancy of the Work. 

“Person” shall mean any individual, Entity, voluntary association, trust, or any other entity or
organization, including any Governmental Authority. 
 “Preconstruction Agreement” means the agreement
entered into by MSG and Contractor dated February 26, 2018 for performance of the Preconstruction Services, and subsequently amended and updated by the parties thereto. 

“Preconstruction Services” means those services performed by Contractor pursuant to the Preconstruction
Agreement. 
 “Product Data” shall mean illustrations, standard schedules, performance charts,
instructions, brochures, diagrams and other information furnished by Contractor to illustrate a Material, product or system for some portion of the Work. 

  
 5 

 “Progress Report” shall mean a monthly progress report
to be prepared by Contractor in a format and level of detail to be approved by MSG that will contain the following: (a) listing of actual costs for completed activities and estimates for incomplete tasks; (b) identification of variances
between actual and budgeted or estimated costs and a comparison of such amounts with the Incentive Benchmark; (c) progress photos; (d) a Submittal log showing all Submittals to date, anticipated Submittals and their status, all via the
Submittal Schedule; (e) a log of all RFIs and discussion of pending items and existing or anticipated problems; (f) a safety and accident report; (g) information on each Subcontractor and each Subcontractor’s performance of the
Work as well as the entire Work, showing percentages of completion and the hours worked by each Subcontractor broken down into a level of detail reasonably required by MSG; (h) the number and amounts of approved Change Orders and Construction
Change Directives; (i) an updated Construction Schedule in the un-amended electronic source file format and a comparison of the Construction Schedule and the updated Construction Schedule, together with a
narrative describing construction progress during the preceding month; (j) a list of all Claims and any threatened claims and issues (including of Subcontractors’) that, in the reasonable judgment of Contractor, may potentially become
Claims; (k) any change in the critical path; (l) a discussion of all material issues/concerns that could affect the achievement of Substantial Completion by the Substantial Completion Date, along with plans as to how to remediate each
issue; (m) significant activities and actions for the next month; (n) a look-ahead schedule; (o) reports and certifications for tests and inspections undertaken during the prior month; and (p) such other relevant information as
may be reasonably required by MSG or Project Manager from time to time. 
 “Project” shall mean the
project described in the Recitals. 
 “Project Closeout Documents” shall mean: (a) the As-Built Drawings (three (3) original printed sets and one (1) electronic set in their native digital format); (b) two (2) printed sets and one (1) electronic set of all maintenance and
operating manuals; (c) all warranties and guarantees provided by Contractor and all Subcontractors and all other Persons performing the Work on behalf of Contractor; and (d) all training manuals, records and approved Shop Drawings and
Submittals relating to the Work. 
 “Project Development Team” shall mean, collectively, MSG,
Architect, Project Manager, Contractor and such other members as may be designated by MSG from time to time. 
 “Project
Manager” shall mean Rider Levett Bucknall or any successor designated by MSG in writing. 

“Punchlist” shall mean the list of Punchlist Items prepared by Contractor, supplemented by Architect and
approved by Project Manager and MSG. 
 “Punchlist Items” means items of Work that are minor and
insubstantial details of construction that: (a) in MSG’s view, do not prevent the Work from being used for the purpose for which it is intended; and (b) will not prevent the issuance of a temporary certificate of occupancy.

 “QA/QC Plan” shall mean the comprehensive construction quality assurance and quality control
plan described in Section 3.5. 
 “Records and Reports” shall have the
meaning given to such term in Section 13.14.1. 
 “Recovery Plan” shall mean
the written plan prepared by Contractor that addresses an anticipated or actual delay to an item on the critical path of the Construction Schedule that will delay the Substantial Completion Date. In addition, the Recovery Plan shall describe in
detail how the Work will be completed by the Substantial Completion Date notwithstanding such anticipated or actual delay. 

“Reporting Person” shall have the meaning given to such term in
Section 13.14.1. 
 “Saco” means Saco Technologies Inc. of 7809 TransCanada,
Montreal, Quebec, QC, Canada H4S 1L3 or a subsidiary thereof. 
 “Safety Program” shall have the
meaning given to such term in Section 14.2.1. 
 “Samples” shall mean
physical examples that illustrate Materials, equipment or workmanship and establish standards by which the Work will be judged. 

“Schedule of Values” shall mean the statement furnished by Contractor
reflecting the portions of the Incentive Benchmark allocated to the various portions of the Work and, when reviewed by Project Manager and approved by MSG, used as the basis for reviewing Applications for Payment. 

“Self-Performed Work” shall mean Work (other than General Conditions Work and the General Requirements
Work) performed directly by Contractor’s own labor forces or the labor forces of any Affiliate of Contractor, as permitted under Section 11.6. 

“Separate Contractor” shall mean any entity other than Contractor hired by MSG to perform any
construction services for the Project. 

  
 6 

 “Shop Drawings” shall mean drawings, diagrams,
illustrations, schedules, performance charts, and other data specifically prepared for the Project by Contractor or any Subcontractor and if prepared by a Subcontractor, then reviewed by Contractor for completeness and correctness, which illustrate
how specific portions of the Work shall be fabricated or installed. 
 “Site” shall mean the area of
land on which the Project is to be located, as set forth in Schedule B. 
 “Site
Conditions” has the meaning in Section 7.1. 

“Specifications” shall mean that portion of the Contract Documents consisting of the written requirements
for Materials, equipment, systems, standards and workmanship for the Work, and performance of related services. 

“Staffing Plan” shall have the meaning given to such term in Section 3.3.2.

 “Standard of Care” shall mean the standard of care, skill, diligence and quality that prevails among
sophisticated construction firms that are experienced in, and specialize in, the construction of the specified first class, state of the art performance venues and other buildings of a similar level of structural and technical complexity to the
Project, similarly time sensitive and in comparable urban areas throughout the United States, which meet the state of the art level of quality specified in the Contract Documents and which are constructed in a first class manner. 

“Subcontract” shall mean any contract or agreement between Contractor and a Subcontractor for performance
of a portion of the Work and includes purchase orders. 
 “Subcontract
Buy-Out” has the meaning in Section 4.13.2. 

“Subcontract Buy-Out Log” has the meaning in
Section 4.13.2. 
 “Subcontractor” shall mean a Person who has a direct
contract with Contractor to perform any of the Work (including, equipment leases and Material purchase agreements) as well as Suppliers, distributors, manufacturers, distributors and sub-subcontractors of
Subcontractors. A reference to “Subcontractor” includes the above-referenced parties at any tier. 

“Submittal” shall mean Shop Drawings, Product Data, Samples and similar submittals. 

“Submittal Schedule” means the schedule of submittals to be prepared by Contractor pursuant to
Section 4.5.2.6 and in accordance with Section 3.7.3. 
 “Substantial
Completion” shall mean when all of the following have occurred: (i) the Work has progressed to the stage of completion so that a full capacity, full priced public entertainment event can be held at the Project and the
Facility is functional and operational in accordance with the Contract Documents to permit such event to take place using the full spectrum of state of the art elements specified by the Contract Documents, subject to the terms of Section 11.7
hereof; (ii) all income-generating areas and all areas serving the general public are operational in accordance with the Contract Documents without material inconvenience or discomfort; (iii) a temporary Certificate of Occupancy and all
necessary permits have been issued by the appropriate Governmental Authorities; (iv) the Work is in conformance with the Contract Documents so that it can be used for its intended purpose; (v) all commissioning and pre-commissioning of the Work, or portions thereof, have been completed in satisfaction of the requirements of the Contract Documents; (vi) all keys, manuals and operating and maintenance books necessary to
operate the venue as specified in the Contract Documents have been delivered to MSG, and (vii) Contractor has removed all equipment and Material not necessary to complete the Punchlist Items and any remaining Contractor activities or equipment
and Materials shall not impede event operations. 
 “Substantial Completion Date” shall mean the date set forth in
the Initial Benchmark Amendment, as thereafter adjusted pursuant to the terms of the Contract Documents. 

“Substitution” shall mean any substitute product or process other than that specified in the Contract
Documents that fulfills the requirements of the Contract Documents or is approved by MSG. 
 “Subsurface Conditions”
has the meaning in Section 7.1.2. 
 “Supplier” shall mean a Person who has
an agreement with Contractor or its Subcontractors or sub-subcontractors to supply by sale or lease or distribution, directly or indirectly, any materials or equipment for the Work. 

“Technology” has the meaning in Section 11.7.1. 

“Technology Delivery Date(s)” means the date(s) specified in the Construction Schedule to be the agreed
date(s) for delivery of the Technology to the Technology Delivery Site (which dates will be different for each of Saco and Holoplot). 

“Technology Delivery Site” means a warehouse to be identified by Contractor, which warehouse shall not be
more than 45 miles’ distance from the Site. 

  
 7 

 “Technology Subcontractors” has the meaning set forth in
Section 11.7.1. 
 “Technology Work” has the meaning set forth in
Section 11.7.1. 
 “Value Engineering” shall mean the process of reviewing
the systems, equipment and materials included in the Drawings and Specifications and identifying those systems, equipment and materials that can be replaced by alternative systems, equipment and materials that can be obtained at a lower price than
those specified in the Drawings and Specifications. Value Engineering provided by or through the Contractor shall not be considered as providing design. All Value Engineering acceptable to MSG shall be added to the Contract Documents by appropriate
Change Order and incorporated into the Drawings and Specifications by Architect. 
 “Warranty Period” means the one
(1) year period after the date of Substantial Completion of the Work; provided, however, that this period of one (1) year shall be extended with respect to portions of the Work first performed after Substantial Completion of the
Work to the date that is one (1) year after satisfactory completion of such extended Work; and provided, further, that the foregoing one year duration shall not operate to limit any Subcontractor warranty, or warranty specified in the
Contract Documents, that is in excess of one (1) year. 
 “Work” shall mean the furnishing of all
Materials, labor, detailing, layout, equipment, supplies, plants, tools, scaffolding, transportation, temporary construction, superintendence, demolition, and all other services, facilities and items, reasonably necessary for the full and proper
performance and completion of the construction requirements for the Project as set forth in the Contract Documents, and items reasonably inferable therefrom, and consistent therewith for the proper execution and completion of the construction and
other services required of Contractor by the Contract Documents, whether provided or to be provided by Contractor or a Subcontractor, or any other entity for whom Contractor is responsible, and whether or not performed or located on or off of the
Site. 
  

	1.2	 Interpretation. 

 

	 	1.2.1	 The definition of any term herein shall apply equally to the singular and plural forms of such term. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without
limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise: (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified; (b) any reference herein to any Person shall be construed to include such
person’s permitted successors and assigns and, in the case of Governmental Authorities, persons succeeding to such Governmental Authorities’ respective functions and capacities; (c) the words “herein,” “hereof” and
“hereunder,” and words of similar import, shall, with respect to the Contract Document in which such reference is found, be construed to refer to such Contract Document in its entirety and not to any particular provision of such Contract
Document; and (d) all references herein to Articles, Sections, Schedules, and Schedules in a Contract Document shall be construed to refer to Articles and Sections of, and Schedules and Schedules to, such Contract Document. The captions
contained in the Contract Documents are for convenience and reference only and in no way define, describe, extend or limit the scope or intent of the Contract Documents or the intent of any provision contained herein. 

 

	 	1.2.2	 The terms “knowledge,” “recognize,” and “discover,” their respective derivatives,
and similar terms in the Contract Documents, as used in reference to Contractor, shall mean (unless otherwise expressly stated) that which Contractor knows, recognizes or discovers in exercising the Standard of Care. Analogously, the expression
“reasonably inferable” and similar terms in the Contract Documents shall be interpreted to mean reasonably inferable by a contractor exercising the Standard of Care. When the word “provide,” including derivatives, is used, it
shall mean to fabricate properly, complete transport, deliver, install, erect, construct, test, and furnish all labor, materials, equipment, apparatus, appurtenances, and all other items necessary to properly complete in place, ready for operations
or use under the terms of the Construction Documents. 

  

	1.3	 Correlation and Intent of Contract Documents. 

 

	 	1.3.1	 The Contract Documents represent the entire and integrated agreement between Contractor and MSG hereto and
supersede all prior negotiations, representations or agreements, either written or oral. The Contract Documents shall not be construed to create a contractual relationship of any kind: (a) between Contractor and Architect or Architect’s
consultants; (b) between Contractor and Project Manager; (c) between MSG and a Subcontractor or a sub-subcontractor (except as provided for in Section 11.4.1.19); or (d) between any Persons
other than MSG and Contractor. 

  
 8 

	 	1.3.2	 The Contract Documents are complementary and are intended to include all items necessary for the execution and
performance of the Work by Contractor. Contractor shall perform all Work indicated in or reasonably inferable from and consistent with the Contract Documents for the proper execution and completion of the Work. In all instances where Contractor
discovers any inconsistency in the quality or quantity of Work required under the Contract Documents, before Contractor executes the Work, Contractor shall promptly bring such inconsistency to the attention of MSG and Project Manager (and which
inconsistency shall be resolved in accordance with the order of precedence set forth in Section 1.3.5). 

  

	 	1.3.3	 The Specifications are separated into titled sections for convenience only and shall not control
Contractor in dividing the Work among Subcontractors or in establishing the extent of Work to be performed by any trade. No responsibility is assumed by MSG, Architect or Project Manager for defining the limits of any Subcontractor’s work or
the work of any trade by reason of the arrangement of the Specifications or the Drawings. Such separation shall not relieve Contractor from the responsibility for the satisfactory coordination and completion of the entire Work.

  

	 	1.3.4	 Whenever a product is specified in accordance with a Federal Specification, an ASTM Standard, an American
National Standards Institute Specification, or other similar standard, Contractor shall present an affidavit from the manufacturer, when requested by MSG or required in the Specifications, certifying that the product complies with the particular
standard or specification in effect on the date of execution of the Incentive Benchmark Amendment. When requested by MSG or specified, supporting test data shall be submitted to substantiate compliance. 

 

	 	1.3.5	 Notwithstanding any incorporations by reference, to the extent of any direct conflict or inconsistency between
any of the Contract Documents, Contractor shall proceed with the Work and give precedence to the Contract Documents in the following order of priority: 

  

	 	1.3.5.1	 Written modifications/amendments to this Agreement signed by both MSG and Contractor (including Change Orders,
the Incentive Benchmark Amendment and Schedules thereto) and Construction Change Directives issued by MSG in accordance with the terms of this Agreement, with subsequently dated items controlling over earlier dated items; 

 

	 	1.3.5.2	 The Agreement; 

  

	 	1.3.5.3	 The Drawings and Specifications; and 

 

	 	1.3.5.4	 All Schedules to the Agreement; 

provided, however, that notwithstanding anything herein or in any other Contract Document to the contrary: (a) the
Incentive Benchmark Qualifications and Assumptions may not modify or contradict any terms or conditions set forth in the Agreement relating to warranties, insurance requirements, indemnities, or any other terms or conditions of the Agreement
relating to Contractor’s obligation to correct Defective Work; and (b) to the extent any provision of the Incentive Benchmark Qualifications and Assumptions purports to modify or contradict any such terms or conditions, the terms or
conditions of the Agreement, as applicable, without application of such provision of the Incentive Benchmark Qualifications and Assumptions, shall control. 
  

	 	1.3.6	 Except to the extent set forth in the Incentive Benchmark Qualifications and Assumptions, and irrespective of
the document priorities elsewhere in the Contract Documents, in the event the Drawings disagree in themselves or with the Specifications, the Contractor shall, unless otherwise directed in writing by MSG, perform to the extent reasonably inferable
from the Contract Documents, as a whole, as being necessary to conform to the Contract Documents to provide the greater or higher level of quality of material, equipment or Work specified in the Contract Documents. 

 

	 	1.3.7	 Notwithstanding the above, figured dimensions on the Drawings shall take precedence over scaled dimensions, and
large-scale Drawings shall take precedence over small-scale Drawings. All indications or notations which apply to one or a number of substantially identical situations, materials, or processes shall be deemed to apply to all such situations,
materials or processes wherever they appear in the Work, except where a contrary result is clearly stated in the Contract Documents. Work for which no explicit quality or standards of materials and/or workmanship is defined in the Contract Documents
shall be of good quality for the intended use, and consistent with the quality of surrounding work and of the construction of the Project generally. All manufactured articles, materials and equipment shall be applied, installed, connected, erected,
used, cleaned, and conditioned in accordance with the manufacturers’ written instructions, unless specifically stated otherwise in the Contract Documents. 

  
 9 

	 	1.3.8	 The Drawings are generally made to scale, but all working dimensions shall be taken from the figured
dimensions, or by actual measurements taken at the job, and not by scaling the Drawings. Whether or not an error is believed to exist, material deviation from the Drawings and the dimensions given thereon shall be made only after approval in writing
from Architect. Where the Work is to fit with existing conditions or work to be performed by others, Contractor shall fully and completely coordinate and join the Work with such conditions or work, unless otherwise specified. 

 

	 	1.3.9	 Contractor acknowledges and agrees that its obligations and liabilities under the Contract Documents, remain
unaffected and it will bear and continue to bear full liability and responsibility for: 

  

	 	1.3.9.1	 the performance of the Work in accordance with this Agreement; 

 

	 	1.3.9.2	 all construction means, methods or proposed methods of work, techniques, equipment and labor levels,
procedures, safety and other matters employed or to be employed by Contractor in the performance of the Work, unless the Contract Documents give other specific instructions concerning these matters; provided, however that it shall be incumbent on
the Contractor to review and verify the suitability of the instructions therein; and 

  

	 	1.3.9.3	 any errors or omissions in, or other non-compliances with this
Agreement of, any documents or other information submitted by Contractor, 

 notwithstanding: 

 

	 	1.3.9.4	 any receipt, vetting or review of, or comment on, or consent to, or permission in connection with, or
rejection, non-rejection or approval of, or expression of satisfaction or dissatisfaction with: 

  

	 	1.3.9.4.1	 any documents or other information provided by Contractor; or 

 

	 	1.3.9.4.2	 any submission, proposal, plan, request or recommendation by Contractor, 

by MSG, Project Manager or Architect; or 
  

	 	1.3.9.5	 any failure by MSG, Project Manager or Architect to identify an error or omission in, or other non-compliance with this Agreement of: 

  

	 	1.3.9.5.1	 any document or other information provided by Contractor; or 

 

	 	1.3.9.5.2	 any submission, proposal, plan, request or recommendation by Contractor. 

ARTICLE 2 
 RELATIONSHIP OF THE
PARTIES; ROLES OF MSG, ARCHITECT AND PROJECT MANAGER 
  

	2.1	 Cooperation with Project Development Team; Coordination Obligations. 

 

	 	2.1.1	 Throughout the term of this Agreement, Contractor shall communicate with MSG, Project Manager, Architect and
the other members of the Project Development Team. MSG may, from time to time, designate in writing other persons or entities as being part of the Project Development Team. 

 

	 	2.1.2	 Contractor shall coordinate all of Contractor’s activities with those of the Project Development Team.
Contractor, Project Manager and Architect agree to cooperate and effectively communicate with one another and with MSG in order to achieve the timely completion of the Work in accordance with the Contract Documents. 

 

	 	2.1.3	 During construction, Contractor shall schedule and conduct regular meetings at which the Project Development
Team shall discuss the status of the Work, including look-ahead schedules, quality of Work and cost and specifically address whether (a) the Work is proceeding according to the Construction Schedule, (b) discrepancies, conflicts or
ambiguities exist in the Contract Documents that require resolution, (c) health and safety issues exist in connection with the Work, and (d) there are other items that require resolution so as not to jeopardize Contractor’s ability to
complete the Work within the Incentive Benchmark and by the Substantial Completion Date. Contractor shall prepare and promptly distribute meeting minutes to the Project Development Team and all other meeting attendees. 

  
 10 

	 	2.1.4	 Without limiting Article 12, MSG may have Separate Contractors working on the Project and the Site concurrently
with Contractor’s performance of the Work. Contractor shall coordinate its performance of the Work with such Separate Contractors and shall otherwise cooperate with such Separate Contractors so as not to delay or interfere with their work, as
further set out in Section 12.2. 

  

	 	2.1.5	 Consistent with Section 2.1.4, Contractor hereby agrees to cooperate fully with MSG, Separate Contractors,
Lessor and other parties, as necessary, to manage and coordinate the: (1) availability of parking and utilities, (2) ingress and egress to the Site, (3) maintenance and protection of both vehicular and pedestrian traffic at or
adjacent to the Site, (4) safety of workers and visitors of the Site, and (5) scheduling, coordination and sequencing of the Work. 

  

	2.2	 General Role of MSG. 

 

	 	2.2.1	 Contractor acknowledges that MSG is procuring the Project in satisfaction of MSG’s obligations pursuant to
the Ground Lease, insofar as they relate to the Project. Contractor further acknowledges that Lessor may have rights of inspection and approval over certain elements of the Work and will cooperate with MSG and Lessor in all respects in relation to
the Work. 

  

	 	2.2.2	 During the course of the Work, MSG shall render approvals and decisions with reasonable promptness to prevent
delay in the orderly progress of the Work; provided, however, that where the Lessor is afforded a specific amount of time to grant approvals relating to the Work under the Ground Lease, the same time plus ten (10) Days shall be afforded to MSG,
except as otherwise agreed by the Parties as to any particular approval. It shall be Contractor’s responsibility to advise MSG in writing of all time requirements and restraints with respect to such approvals and decisions. It is acknowledged
and agreed that no provision of the Contract Documents that provides for any approval, review or similar participation by MSG shall be construed or interpreted to limit Contractor’s obligations and responsibilities to complete the Work in
accordance with the Contract Documents. 

  

	 	2.2.3	 MSG may hire a “Clerk of Works” who shall perform the role of an inspector and assessor of the
performance of the Work throughout the term of this Agreement. The Clerk of Works shall be engaged by MSG and shall be a daily on-site representative of MSG. The Clerk of Works shall, among other activities,
inspect the workmanship, quality and safety of the Work, monitor headcount and worker activity and inspect headcount records and may raise with Contractor these and other aspects of the performance of the Work. The Clerk of Works shall not give
instructions or directions to Contractor, other than through MSG or Project Manager. 

  

	2.3	 Information and Services Required of MSG. 

 

	 	2.3.1	 MSG shall furnish to Contractor within fifteen (15) Days after receipt of a written request, information
necessary and relevant for Contractor to evaluate, give notice of or enforce mechanic’s lien rights. Such information shall include a correct statement of the record legal title to the property on which the Project is located, usually referred
to as the “Site”, and MSG’s interest therein. 

  

	 	2.3.2	 Upon written request of Contractor, MSG shall furnish surveys describing the physical characteristics, legal
limitations and utility locations for the Site, and a legal description of the Site, all to the extent necessary for proper performance of the Work. 

  

	 	2.3.3	 Upon written request of Contractor, information under MSG’s control, and reasonably required for proper
performance of the Work, shall be furnished by MSG with reasonable promptness to avoid delay in the orderly progress of the Work. 

  

	 	2.3.4	 Contractor is entitled to reasonably rely upon the accuracy and completeness of any information furnished by
MSG to Contractor. Notwithstanding the previous sentence, Contractor shall review and analyze such information and, within ten (10) Business Days of receipt of such information, notify MSG of any errors, omissions, ambiguities, inconsistencies,
discrepancies or areas of concern within such information that are discovered by Contractor. Contractor waives any right to recover as a Cost of the Work, or to request an adjustment to the Substantial Completion Date or the Incentive Benchmark,
from any such discovered error, inconsistency, discrepancy or area of concern not notified in accordance with this Section 2.3.4, except to the extent Contractor can demonstrate that such loss, damage or schedule or cost impact could not have
been avoided if Contractor had notified MSG as required under this Section 2.3.4. Contractor shall incorporate the necessary elements of information furnished by MSG into the Work. It is understood that Contractor’s review of information
furnished by MSG pursuant to this Section 2.3.4 is in the capacity of a contractor and not a design professional. 

  
 11 

	2.4	 MSG’s Right to Stop the Work. 

 

	 	2.4.1	 If Contractor fails to correct defective Work as required by Article 19, fails to carry out the Work in
accordance with the Contract Documents, or fails to comply with the Contract Documents, and in each case fails to promptly cure any such failure within ten (10) Business Days after written notice to the Contractor (or if such failure cannot be
cured within ten (10) Business Days, the Contractor has commenced to cure and is diligently continuing to cure), MSG, by a written order signed by MSG, may order Contractor to stop the Work, or any portion thereof, until the cause for such
order has been eliminated; provided, however, that this right of MSG to stop the Work shall not give rise to any duty on the part of MSG to exercise this right for the benefit of Contractor or any other Person. MSG’s exercise of its right to
stop the Work shall not give rise to an entitlement of Contractor to terminate this Agreement pursuant to Section 18.3.2. MSG’s exercise of its right to stop the Work shall not relieve Contractor of any of its responsibilities and
obligations under or pursuant to the Contract Documents and Contractor shall not be entitled to recover any costs incurred as a Cost of the Work, or receive an adjustment to the Incentive Benchmark or an adjustment to the Substantial Completion
Date, as a result thereof. 

  

	2.5	 MSG’s Right to Carry Out the Work. 

 

	 	2.5.1	 If Contractor defaults or neglects to carry out the Work in accordance with the Contract Documents, and fails
within ten (10) Business Days after written notice from MSG or Project Manager to cure (or if such default or neglect cannot be cured within ten (10) Business Days, Contractor has failed to commence and continue correction of such default
or neglect with diligence and promptness), MSG may, after such ten (10) Business Day period, and without prejudice to any other remedy, perform and/or complete such correction itself or through others. In such case, MSG shall be entitled to
recover the costs of such correction from the Contractor as a reimbursement or as a set off against amounts to be paid to Contractor. 

  

	2.6	 General Role of Project Manager. 

 

	 	2.6.1	 MSG has retained Project Manager to provide project management and various contract administration services in
connection with the development of the Project pursuant to separate agreements. MSG may change Project Manager by written notice to Contractor at least three (3) Days in advance of such change. Project Manager is not responsible for design or
construction and none of the activities of Project Manager supplants or conflicts with any services or responsibilities customarily furnished by Architect or required of Contractor. 

 

	 	2.6.2	 MSG and Contractor shall generally communicate with each other through MSG’s Project Manager about matters
arising out of or relating to the Project. Project Manager shall provide Contractor with instructions relating to Contractor’s performance of the Work; provided, however, that any such instructions shall be in writing and shall be
simultaneously delivered to MSG and, to the extent necessary, to Architect. MSG is not liable to, and has no obligation to pay Contractor in connection with any Construction Change Directive or Change Order that is not signed by MSG in advance of
the change in the Work being performed, except that, Contractor shall be paid its reasonable costs for a change in the Work performed on an emergency basis provided that the emergency was not caused by the Contractor and the change in the Work was
required to be performed on an expedited basis. Contractor shall be entitled to rely on the accuracy of information and instructions received from Project Manager. 

 

	 	2.6.3	 [Not Used] 

  

	 	2.6.4	 [Not Used] 

  

	 	2.6.5	 Instructions by MSG to Contractor relating to performance of the Work will generally be issued or made through
Project Manager in writing, with copies to Architect. All communications and Submittals of Contractor to MSG shall be issued or made through Project Manager, with copies to Architect and MSG. Project Manager has authority to establish procedures,
consistent with the Contract Documents, to be followed by Contractor and Subcontractors with respect to communications and the submission of Submittals. Communications by or with Subcontractors shall be through Contractor. 

 

	 	2.6.6	 Project Manager shall not be liable to Contractor or any Subcontractor with respect to any agreement or
obligation of MSG contained in the Contract Documents or otherwise arising out of the Work. 

  
 12 

	2.7	 General Role of Architect. 

 

	 	2.7.1	 MSG has retained Architect to provide design and various construction administrative services in connection
with the development of the Project pursuant to separate agreements. MSG may change Architect by written notice to Contractor. None of the activities of Architect supplants or conflicts with any services or responsibilities required of Contractor.

  

	 	2.7.2	 Contractor shall reasonably cooperate and coordinate with Architect in connection with the performance of the
Work and the administration of this Agreement. 

  

	 	2.7.3	 The term “Architect” means Architect or Architect’s authorized representative. Wherever the word
“Architect” appears in the Contract Documents, it shall include Architect’s consultants, including engineers, landscape architects and others engaged by Architect. All communications, directives, instructions, interpretations and
actions required of Architect shall be issued or taken only by or through the individual identified as Architect in the Agreement or Architect’s authorized representative. 

 

	 	2.7.4	 The authorized representative of Architect may be one or more representatives designated in writing by
Architect and authorized to perform the duties and carry out the responsibilities of Architect. 

  

	2.8	 Administration of the Agreement by Project Manager. 

 

	 	2.8.1	 Project Manager will provide administration of the Agreement in conjunction with MSG as described in this
Section 2.8.1. Project Manager will have authority to act on behalf of MSG only to the extent permitted by MSG. In the event Contractor receives conflicting directions from MSG and Project Manager, Contractor shall comply with the direction
from MSG unless MSG instructs otherwise. 

  

	 	2.8.2	 Project Manager will be MSG’s representative during construction and until final payment to Contractor and
all Subcontractors. 

  

	 	2.8.3	 Project Manager, with the assistance of Architect, will determine in general that the Work of Contractor is
being performed in accordance with the Contract Documents, and will endeavor to guard MSG against defects and deficiencies in the Work of Contractor. Project Manager will be MSG’s
day-to-day representative at the Site with whom Contractor may consult and through whom Contractor shall obtain all instructions and actions required of MSG or Architect
by the Contract Documents. Project Manager and Architect will keep MSG informed of the progress of the Work and will be MSG’s advisors concerning all instructions and actions requested of MSG during the course of the Work.

  

	 	2.8.4	 Project Manager will be present on the Site to administer this Agreement and to determine in general if the
Work is proceeding in accordance with the Contract Documents. 

  

	 	2.8.5	 Neither Project Manager nor Architect shall be: 

 

	 	2.8.5.1	 responsible for or have control or charge of construction means, methods, techniques, sequences or procedures,
or for safety precautions and programs in connection with the Work, unless and to the extent Architect specifies the use of any of the foregoing in the Construction Documents; 

 

	 	2.8.5.2	 responsible for Contractor’s failure to carry out the Work in accordance with the Contract Documents; or

  

	 	2.8.5.3	 responsible for or have control or charge over the acts or omissions of Contractor, Subcontractors, or any of
their agents or employees, or any other persons performing any of the Work. 

  

	 	2.8.6	 Architect and Project Manager shall at all times have reasonable access to the Work wherever it is in
preparation and progress. Contractor shall provide facilities for such access so that Architect and Project Manager may perform their functions under the Contract Documents. Architect and Project Manager shall at all times comply with
Contractor’s reasonable rules for the Site, including the Project safety program. 

  

	 	2.8.7	 [Not Used] 

  

	 	2.8.8	 [Not Used] 

  

	 	2.8.9	 [Not Used] 

  
 13 

	 	2.8.10	 Project Manager, in consultation with Architect and MSG, will have authority to reject Work that does not
conform to the Contract Documents to require special inspection or testing and to reject Work that does not conform to the Contract Documents. Whenever, in Project Manager’s opinion, it is considered necessary or advisable for the
implementation of the intent of the Contract Documents, Project Manager will have authority to require special inspection or testing of the Work in accordance with Section 3.23 whether or not such Work be then fabricated, installed or
completed. However, neither Project Manager’s authority to act under this Section 2.8.10, nor any decision made by Project Manager in good faith either to exercise or not to exercise such authority shall give rise to any duty or
responsibility of MSG or Project Manager to Contractor, any Subcontractor, any of their agents or employees, or any other Person performing any of the Work. 

  

	 	2.8.11	 Project Manager will receive from Contractor and review all Submittals, and coordinate them with information
contained in related documents. Such actions shall be taken with reasonable promptness so as to cause no delay and shall be consistent with the time periods set forth in any submittal schedule agreed to by Contractor and Project Manager.

  

	 	2.8.12	 Project Manager will assist MSG and Architect in conducting inspections to determine the dates of Substantial
Completion and Final Completion. Project Manager will receive from Contractor and forward to MSG for MSG’s review written warranties and related documents required by the Contract Documents and assembled by Contractor. Project Manager will
issue a final Certificate for Payment upon compliance with the requirements of Section 9.9. 

  

	 	2.8.13	 The duties, responsibilities and limitations of authority of Architect and Project Manager as MSG’s
representatives during construction as set forth in the Contract Documents may be modified, curtailed or extended by MSG in its sole discretion. Contractor shall be notified in writing of any such modification or extension within ten
(10) Business Days after that decision. 

  

	 	2.8.14	 In no event shall an act or omission on the part of Project Manager or Architect relieve Contractor from its
obligation to perform the Work in full compliance with the Contract Documents. 

  

	2.9	 Role of the Lender 

 

	 	2.9.1	 Contractor acknowledges that the Work may be financed (in whole or in part) by a Lender. If required by a
Lender, Contractor shall enter into an agreement allowing, among other things, the Lender to step in and take over MSG’s role under this Agreement in the event of an event of default specified in Section 18.3. Contractor shall execute,
acknowledge and deliver any and all further documents which may be necessary to satisfy the reasonable requests of one or more Lenders in connection with the financing or refinancing of the Project. For clarification, a reasonable request shall be
one that does not increase Contractor’s risk or liability under the Contract Documents. In addition, the Contractor will work with the Lender and MSG in good faith to convert the cost of performing the Work, or components thereof, into a fixed
price if so requested by the Lender. 

 ARTICLE 3 

CONTRACTOR’S GENERAL RESPONSIBILITIES 
  

	3.1	 Standard of Care; Applicable Laws. 

 

	 	3.1.1	 Contractor accepts the relationship of trust and confidence established under this Agreement. Contractor shall
furnish efficient business administration and supervision so as to complete the Work in accordance with the Contract Documents. In addition to Contractor’s other obligations under the Contract Documents, all Work and other professional services
performed by Contractor in connection with the Project shall be performed in accordance with the Standard of Care. 

  

	 	3.1.2	 Contractor shall perform the Work in accordance with Applicable Laws. If Contractor performs any Work that is
contrary to any Applicable Laws, then Contractor shall assume full responsibility therefor and shall bear all costs attributable thereto. Notwithstanding the foregoing, Contractor shall not be responsible for the cost of corrections or additions to
the Work that are required because the design of the Work as set forth in the Contract Documents violates Applicable Laws, unless Contractor knows that such design was contrary to Applicable Laws and Contractor fails to notify MSG of the same (in
which case, Contractor shall be liable for 

  
 14 

	 	
the costs that could have been avoided had it notified MSG). Notwithstanding anything herein to the contrary, in the event of any change in any Applicable Law that occurs after the date the
Incentive Benchmark Amendment is executed by the Parties and results in increased cost or time of performance of the Work, the Incentive Benchmark and/or the Substantial Completion Date shall be equitably adjusted by Change Order (provided that the
Contractor complies with the requirements of Article 6) and Contractor may seek to recover such additional cost as a Cost of the Work. 

  

	 	3.1.3	 Contractor shall perform the Work in accordance with, and comply with, the applicable provisions of the Ground
Lease set forth in Schedule A. To the extent the Contractor breaches this Agreement, which breach causes MSG to be in breach of the Ground Lease, the Contractor shall indemnify, defend and hold harmless MSG and the MSG Parties from and against any
claim, liability, proceeding, loss, damage, fine, fees (including reasonable attorneys’ fees) or expenses arising out of such breach. Notwithstanding the foregoing, MSG’s remedies for Contractor’s failure to achieve Substantial
Completion by the Long Stop Development Completion Date are as set forth in this Agreement. Nothing in this Section 3.1.3 shall impact the remedies of MSG set forth in this Agreement for the Contractor’s failure to achieve Substantial
Completion by the Substantial Completion Date or by the Long Stop Development Completion Date. Neither the provisions of Schedule A, nor any other term of this Agreement, shall be construed to create a contractual relationship of any kind between
Contractor and the Lessor. Furthermore, MSG’s enforcement of the terms of the Ground Lease against Lessor shall be in the sole discretion of MSG. 

  

	3.2	 Review of the Contract Documents. 

 

	 	3.2.1	 Before Contractor delivers the Incentive Benchmark Proposal to MSG, Contractor shall carefully study the
Contract Documents and shall notify Architect and MSG in writing of any errors, inconsistencies, ambiguities or omissions Contractor has identified therein. 

  

	 	3.2.2	 Contractor shall not be liable to MSG, Architect or Project Manager with respect to any error, inconsistency or
omission in the Contract Documents except to the extent Contractor: (a) knew of such error, inconsistency or omission based on its review of the Contract Documents; and (b) failed to notify MSG or Architect in writing of such error,
inconsistency or omission before Contractor delivered the Incentive Benchmark Proposal to MSG. In such event, Contractor shall be liable for the cost that would have otherwise been avoided had Contractor reported such error, inconsistency or
omission to MSG and Architect as required under this Section 3.2.2 and shall not be entitled to recover such cost as a Cost of the Work or an adjustment to the Substantial Completion Date. 

 

	 	3.2.3	 In the event that errors, inconsistencies or omissions are discovered by Contractor in the Contract Documents,
Contractor shall not proceed with the affected portions of the Work until Contractor has submitted an RFI to, and received written interpretation with respect thereto from, Architect. An unanswered RFI shall not become a reason by itself for an
extension of time unless Architect fails to respond to such RFI within ten (10) Business Days after receipt thereof and Contractor can otherwise demonstrate that such failure to respond results in a delay to the critical path of the Work. If
Contractor: (a) delivers an RFI with respect to an error, inconsistency or omission in the Contract Documents, but proceeds with Work involving such error, inconsistency or omission prior to receiving clarification from Architect; or
(b) knows that an error, inconsistency or omission exists in the Contract Documents but nonetheless proceeds with Work involving such error, inconsistency or omission without submitting an RFI to Architect, then Contractor shall correct such
Work performed to comply with Architect’s reasonable interpretation of the Contract Documents and Contractor shall not be entitled to recover the cost of such correction as a Cost of the Work or an adjustment to the Substantial Completion Date.

  

	 	3.2.4	 Contractor shall: (a) verify the dimensions shown on the Drawings before laying out the Work; (b) be
responsible for the accuracy of all lines, grades and measurements prepared by Contractor; and (c) protect and preserve all permanent bench and other markers. Checking of the dimensions or lay-out by
Architect shall not relieve Contractor of its responsibility to do so. These obligations are for the purpose of facilitating construction by Contractor and are not for the purpose of discovering errors, omissions or inconsistencies in the Contract
Documents; provided, however, that any errors, inconsistencies or omissions discovered by Contractor shall be reported promptly to Architect as an RFI in such form as Architect may require. 

  
 15 

	 	3.2.5	 Unless otherwise noted by Contractor to MSG in writing, commencement of any particular portion of the Work
shall constitute a representation by Contractor that Contractor has reviewed the Contract Documents associated with such portion of the Work, and that to the best of Contractor’s knowledge: (a) the Contract Documents including the Drawings
and Specifications are sufficiently detailed and complete to permit Contractor to commence that portion of the Work; and (b) nothing contained in the Contract Documents or the Drawings and Specifications would materially hinder or prevent
Contractor from completing that portion of the Work in accordance with the Contract Documents. 

  

	3.3	 Staffing; Contractor’s Personnel; Key Construction Team Members. 

 

	 	3.3.1	 Contractor shall maintain, and shall ensure the Subcontractors maintain, an experienced and competent full time
staff at the Site to coordinate and provide supervision of the Work. In addition, Contractor and Subcontractors shall assign sufficient numbers of duly qualified personnel to the Work to the extent necessary to ensure that its obligations under the
Contract Documents are timely carried out with respect to the performance of the Work. 

  

	 	3.3.2	 Contractor shall submit, for MSG’s review and approval, a detailed staffing plan (the “Staffing
Plan”) with respect to the Work to be performed pursuant to the Contract Documents by Contractor. The Staffing Plan shall provide: (a) a listing of individuals assigned to the Work; (b) the background, experience and qualifications of
such individuals; (c) a description of roles/responsibilities for such individuals; and (d) the anticipated time to be expended by such individuals in performing the Work. The approval by MSG of any Project personnel shall not relieve
Contractor of any responsibility for such personnel. 

  

	 	3.3.3	 In addition to MSG’s rights pursuant to Section 3.12.3, if MSG finds the work of any employee of
Contractor or of Contractor’s agents or Subcontractors (of any tier), or of any independent contractor of any Subcontractor, who is performing the Work or any services in connection with the Project (a “Contractor Employee”) to be
unsatisfactory or substandard, or determines that such Contractor Employee imposes a safety hazard, a quality hazard or a material risk to the timely completion of the Work, then MSG may request by written notice to Contractor that Contractor
replace, or cause the applicable agent, Subcontractor or independent contractor to replace, such Contractor Employee. Within ten (10) Business Days after Contractor receives such notice from MSG (or in the case of a Contractor Employee that is
determined to pose a safety hazard, immediately after receiving such notice from MSG (which notice in such case shall be written)), Contractor shall, or shall cause the applicable agent, Subcontractor or independent contractor to, remove such
Contractor Employee from the Site (if applicable) and replace such Contractor Employee with another individual who is reasonably satisfactory to MSG. 

  

	 	3.3.4	 Contractor represents that all of its employees are, and for the duration of the Work, will be, duly licensed
under the laws of the State of Nevada to the extent such licensing is required by law. Contractor further represents and warrants that it possesses, and for the duration of the Work, will possess, all licenses and permits under Nevada law necessary
to perform the Work under this Agreement, including a contractor’s license with the appropriate classifications issued in accordance with NRS 624.240, et. seq. 

 

	 	3.3.5	 Contractor and MSG agree that there are certain members of Contractor’s proposed team that are invaluable
to the development of the Project (the “Key Construction Team Members”). The Key Construction Team Members are set forth in Schedule D. Contractor acknowledges that MSG wants to ensure that the Key Construction Team Members are assigned to
the Project as outlined in Schedule D, regardless of Contractor’s current and future work on other projects. The assignment, and duration of assignment, of the Key Construction Team Members to the Project as outlined in the Staffing Plan is a
material requirement of this Agreement. Consequently, notwithstanding anything to the contrary in this Section 3.3 or in any other provision of the Contract Documents, and except to the extent otherwise approved by MSG, for each of the
following Key Construction Team Members, if any such Key Construction Team Member is not assigned to the Project in accordance with such Key Construction Team Member’s responsibilities and for the respective durations as set forth in the
Staffing Plan (as reasonably determined by MSG), then Contractor shall pay to MSG, with respect to each such Key Construction Team Member that is not assigned to the Project in accordance with his/her responsibilities under the Staffing Plan, a one-time payment of liquidated damages equal to [*****] per Key Construction Team Member. 

  

  
 16 

	 	3.3.6	 The Parties agree that the damages that MSG would suffer as the result of the foregoing are difficult or hard
to determine and that the liquidated damages amounts set forth above are reasonable approximations of the actual damages that MSG would suffer. Neither the Key Construction Team Members, nor their responsibilities and respective durations as
outlined in the Staffing Plan, may be changed without the prior approval of MSG. Any liquidated damages assessed under this Section 3.3 may be recovered by MSG through a reduction in the Contractor’s Fee. Contractor’s commitment to
provide the Key Construction Team Members and commitment to pay liquidated damages as set forth above is only subject to the unavailability of such Key Construction Team Members due to serious illness, termination or cessation of such Key
Construction Team Members’ employment by Contractor, or an extraordinary personal or family issue/event (serious spouse, child, or parent illness, etc.). The nomination of any Person to replace any Key Construction Team Member in accordance
with this Agreement (because, for example, such Key Construction Team Person is ill or is no longer employed by Contractor) will be subject to the prior written approval by MSG, which approval will not be unreasonably withheld or delayed.

  

	 	3.3.7	 Contractor shall notify MSG in writing of its appointment of a representative who shall be the Lessor’s
“24 hour emergency” contact and whose telephone numbers shall be provided to the Lessor for such purpose. 

  

	3.4	 Taxes 

  

	 	3.4.1	 Contractor shall pay sales, consumer, use, commercial activity, and similar taxes for the Work provided by or
on behalf of Contractor. Such taxes shall be reimbursed as Cost of the Work in accordance with Section 4.8.1.6 hereof. A failure to comply with the foregoing tax obligations, or any other tax obligations required by this Agreement, shall
constitute a material breach of this Agreement. 

  

	3.5	 Quality Control and Quality Management. 

 

	 	3.5.1	 No later than thirty (30) Days after the execution of the Agreement, Contractor shall provide to MSG and
Project Manager for their review and approval a “QA/QC Plan”. Contractor shall incorporate into the QA/QC Plan all reasonable comments and changes to the QA/QC Plan proposed by MSG or Project Manager. The goal of the QA/QC Plan shall be to
ensure that construction of the Work is in accordance with the requirements of the Contract Documents. The QA/QC Plan shall also ensure that appropriate procedures are implemented to verify and document compliance with the Contract Documents. The
QA/QC Plan shall include at a minimum: (a) the allocation of quality control and assurance responsibilities to the various participants in the Work; (b) an inspection and testing plan for each critical component of the Work; (c) field
monitoring and inspection reports, documenting the results of inspection; (d) a plan to audit Subcontractors quality control and assurance efforts; (e) identification and reporting procedures for
non-conforming Work; and (f) a tracking system to monitor correction of non-conforming Work. The QA/QC Plan shall be updated as appropriate during the course of the
Work. 

  

	 	3.5.2	 Contractor shall implement the QA/QC Plan, which implementation shall include reviewing the Work of
Subcontractors to determine if the Work of each Subcontractor is being performed in accordance with the requirements of the Contract Documents, and to determine if there are any defects and deficiencies in the Work. MSG may engage an independent
consultant to perform inspections of Contractor’s and Subcontractors’ conformance with the QA/QC Plan. Any instances of a failure to comply with the QA/QC Plan, whether identified by the independent consultant or otherwise, shall be
notified by MSG or Project Manager to Contractor (provided that any failure on the part of MSG or Project Manager to notify Contractor shall not impact on Contractor’s obligation to fulfill its obligations regarding quality and conformance to
the QA/QC Plan) and Contractor shall rectify such failure without recovery as a Cost of the Work and without adjustment to the Incentive Benchmark or the Substantial Completion Date. Contractor shall promptly bring all such material defects and
deficiencies that are not subject to correction in the normal course of construction to the attention of the applicable Subcontractor and notify MSG thereof. Communications between Contractor and Subcontractors with regard to quality management and
assurance shall not in any way be construed as releasing Contractor or its Subcontractors from performing their Work in accordance with the terms of the Contract Documents. 

  
 17 

	 	3.5.3	 Contractor shall participate in regular coordination and quality review meetings with MSG, Project Manager and
Architect. During such meetings Contractor shall provide information, estimates, schemes, guidance and recommendations regarding: (i) missing data or details needed to complete the design; (ii) site conditions, site surveys and soils
reports with respect to site challenges and mitigation measures; (iii) constructability; (iv) construction operations planning; (v) construction materials and systems; (vi) means and methods; (vii) phased construction
opportunities and constraints; (viii) scheduling, sequencing and coordination; (ix) Value Engineering options consistent with the requirements of Section 3.8; and (x) costs to provide the Work in accordance with the Standard of
Care and within the Construction Schedule for the Work. 

  

	3.6	 Consents and Approvals. 

 

	 	3.6.1	 Unless otherwise set forth herein, Contractor shall assist MSG in obtaining all consents and approvals required
to be obtained from any Governmental Authority or third party relating to the Work, together with any approvals required to be obtained from the Lessor. 

  

	3.7	 Schedules. 

  

	 	3.7.1	 Preliminary Construction Schedule 

 

	 	3.7.1.1	 The Preliminary Construction Schedule prepared by Contractor detailing the schedule for the completion of the
Work by the Substantial Completion Date has been provided to MSG under the previously issued LNTP. The Preliminary Construction Schedule shall include a schedule for the purchase of long-lead-time materials and equipment. The Preliminary
Construction Schedule shall be further revised and refined by Contractor prior to the submission of the Incentive Benchmark Proposal by Contractor and shall be the basis of the proposed Construction Schedule to be established as part of the
Incentive Benchmark Amendment. 

  

	 	3.7.2	 Construction Schedule 

 

	 	3.7.2.1	 The Construction Schedule shall be established as part of the Incentive Benchmark Amendment. The Construction
Schedule shall include the Substantial Completion Date and the Long Stop Development Completion Date. Once established, the Substantial Completion Date and the Long Stop Development Completion Date may only be modified by a Change Order or
Construction Change Directive signed by MSG. 

  

	 	3.7.2.2	 At MSG’s written request, Contractor also shall provide various conceptual master planning schedules that
include not only the Work covered under this Agreement, but also “other components” of the Project (e.g., off-site transportation improvements, off-site
utility extensions, etc.) in order to assist MSG in its planning of the overall development. MSG shall provide Contractor with information regarding these “other components.” 

 

	 	3.7.3	 Submittal Schedule 

 

	 	3.7.3.1	 Submittals are not Contract Documents. Their purpose is to demonstrate, for those portions of the Work for
which Submittals are required, how Contractor proposes to conform to the information given and the design concept expressed in the Contract Documents. By preparing, reviewing and presenting submittals, Contractor represents that Contractor has
determined and verified all materials, field measurements and field construction criteria related thereto and has checked and coordinated the information contained within such submittals with the requirements of the Contract Documents.

  

	 	3.7.3.2	 Contractor shall prepare and submit to Project Manager and MSG for their review and approval a proposed
submittal schedule for the construction of the Work (“Submittal Schedule”) pursuant to Section 4.5.2.6. The Submittal Schedule shall be coordinated with the Construction Schedule, shall identify the dates for the submission and
return of all Submittals, and shall indicate the Submittal designation, description, and Drawing and Specification reference. The Submittal Schedule shall afford Architect at least ten (10) Business Days to review and return each Submittal.
Contractor shall make allowance in the Submittal Schedule for mailing of Submittals unless Contractor provides other means of delivery. Late or untimely Submittals shall not reduce Architect’s review time. 

  
 18 

	 	3.7.3.3	 Contractor shall review, stamp “Reviewed,” and submit to Architect, all Submittals required by the
Contract Documents. Submittals that are not stamped “Reviewed” by Contractor shall be returned, without further consideration, for resubmission in accordance with these requirements. Submittals shall be provided in accordance with the
Submittal Schedule. Submittals made by Contractor, which are not required by the Contract Documents, may be returned without action. Submission of Submittals to Architect must include a statement, in writing, identifying any deviations from the
Drawings and Specifications. By stamping a Submittal “Reviewed” and submitting it to Architect, Contractor represents that it has determined or verified materials and field measurements and conditions related thereto, and that it has
checked and coordinated the information contained within such Submittal with the requirements of the Contract Documents and with the Submittals for related Work. 

 

	 	3.7.3.4	 No Work requiring a Submittal shall be performed by Contractor until the Submittal has been reviewed by
Architect and Architect has either approved it or affirmatively stated in writing that no exceptions have been taken. Submittals shall be returned in accordance with the Submittal Schedule. To the extent a Submittal is not covered by the Submittal
Schedule, Contractor shall afford Architect as long as necessary (but in any event at least fifteen (15) Business Days) for review of Submittals, or longer for Submittals that are lengthy or complex. 

 

	 	3.7.3.5	 Review of Submittals by Architect, Project Manager or MSG will be general and for conformance with design
intent, and shall not relieve Contractor from its sole responsibility for proper fitting and construction of the Work, nor from furnishing materials and Work required by Contractor, which may not be indicated on the reviewed Submittals. Contractor
shall remain solely responsible, notwithstanding MSG’s, Project Manager’s or Architect’s review or approval of Submittals, for deviations (including without limitation those arising from standard shop practice) from requirements of
the Contract Documents, unless Contractor has specifically informed MSG, Project Manager and Architect in writing of such deviation at the time of transmitting the Submittal and Architect has given specific written approval of such deviation. No
recovery as a Cost of the Work nor adjustment to the Incentive Benchmark or Substantial Completion Date shall be permitted with respect to any such deviations that are noted in writing by Contractor but as to which Architect takes no exception or
does not approve. Architect’s approval of a Submittal shall not constitute approval of safety precautions, means, methods, techniques, sequences or procedures. Architect’s approval of a specific item shall not constitute approval of an
assembly of which the item is a component. 

  

	3.8	 Value Engineering. 

 

	 	3.8.1	 Contractor will assist Architect in providing life-cycle analyses and shall provide cost-reduction and Value
Engineering analyses on major construction components, such as, but not restricted to: (1) structural systems; (2) the exterior envelope; (3) mechanical systems; (4) lighting; and (5) power service. When reasonably requested
by MSG and Project Manager, Contractor shall conduct Value Engineering analysis workshops prior to and during the Incentive Benchmark Development Phase and prior to the completion of the 100% Construction Documents to develop cost-saving ideas for
the Work. A formal report analyzing the Value Engineering will be prepared by Contractor following these workshops and distributed to the Project Development Team. 

 

	3.9	 Supervision and Construction Procedures. 

 

	 	3.9.1	 Contractor shall develop and be responsible for implementing and enforcing the Construction Plan. Contractor
shall comply with all directions of MSG and Project Manager with respect to coordination of the Construction Plan with the Lessor and any other Person having a property interest in the Site, the Adjacent Property, or facilities traversing the Site.
Contractor shall administer the Construction Plan so as to cause no material disruption or damage to the property, or fixtures thereon, of the foregoing interests. 

 

	 	3.9.2	 Contractor shall provide administrative, management and related services as required: (a) to supervise and
direct the performance of the Work by all Subcontractors; and (b) to coordinate such work with the activities and responsibilities of MSG, Project Manager and Architect. 

  
 19 

	 	3.9.3	 Contractor shall be solely responsible for all construction means, methods, techniques, sequences and
procedures, including those employed by Subcontractors and sub-subcontractors in the performance of the Work. If the Contract Documents give specific instructions concerning construction means, methods,
techniques, sequences or procedures, Contractor shall evaluate the jobsite safety thereof and shall be fully and solely responsible for the jobsite safety of such means, methods, techniques, sequences or procedures. If Contractor determines that
such means, methods, techniques, sequences or procedures may not be safe, Contractor shall give timely written notice to MSG, Project Manager and Architect and shall not proceed with that portion of the Work without further written instruction from
MSG. 

  

	 	3.9.4	 Contractor shall coordinate all relevant aspects of the Work with Lessor, Wynn Resorts, LLC, Las Vegas Monorail
Company and all Governmental Authorities and utility companies to the extent they may be implicated in the Work, but is not responsible for the acts or omissions of any of the foregoing Persons. 

 

	 	3.9.5	 Contractor shall be responsible to MSG for the acts and omissions of Contractor’s employees,
Subcontractors and their agents, and any other persons performing any of the Work under a contract with Contractor or its Subcontractors. 

  

	 	3.9.6	 Contractor shall not be relieved from Contractor’s obligations to perform the Work in accordance with the
Contract Documents either by the activities or duties of Project Manager or Architect in their administration of the Agreement, or by inspections, tests or approvals required or performed under Section 3.23 by persons other than Contractor.

  

	 	3.9.7	 Contractor shall not be responsible for or have control or charge over the acts or omissions or the performance
or non-performance of MSG, Architect, Project Manager (subject to the performance of Contractor’s coordination and scheduling obligations pursuant to Article 12) any Separate Contractor, or any of their
respective agents or employees, or any other persons performing work or services on the Project through any of them; provided, however, that the foregoing shall not relieve Contractor of its obligations to provide notices, or follow up notices in
the event no response is received, as required by the terms of this Agreement. 

  

	3.10	 Communication. 

 

	 	3.10.1	 Contractor shall develop, in conjunction with MSG, Project Manager and Architect, procedures acceptable to MSG,
Project Manager and Architect for implementing, documenting, reviewing and processing field questions and responses, field variance authorizations and directives, and minor changes. Contractor shall submit all RFIs in good faith and each RFI shall
identify Contractor’s proposed answer to the request, unless the requesting party, in good faith, has not identified a proposed solution. The foregoing or the submission or preparation by Contractor of a proposed answer or proposed solution
shall not be deemed to create any liability on Contractor for design or for the adequacy of the proposed answer or proposed solution. 

  

	3.11	 Meetings; Reports; Construction Schedule Updates. 

 

	 	3.11.1	 Contractor shall schedule and conduct construction and progress meetings to discuss such matters as procedures,
progress, problems and scheduling. Contractor shall hold progress and coordination meetings with MSG, Project Manager and Architect, at least weekly throughout the construction period. In the event that Project Manager does not attend a meeting,
Contractor shall prepare and promptly distribute minutes of such meetings to MSG and to all persons or organizations in attendance and properly identified. 

  

	 	3.11.2	 Contractor shall update and distribute (both in hard copy and in a usable native digital format) the
Construction Schedule and the Submittal Schedule to the Project Development Team every month throughout the duration of the Work; provided, however, that Contractor will provide MSG and Project Manager weekly schedule updates with a thirty
(30) Day look ahead. Each such update shall accurately reflect progress to date, the activities of Contractor and its Subcontractors, including the processing of Submittals and delivery of products requiring long-lead-time procurement, current
conditions and revisions required by actual experience, and any new or revised logic or activities. Each such monthly update also shall include a graphic representation of the Construction Schedule, together with such reports as reasonably requested
by MSG. 

  

	 	3.11.2.1	 The updates of the Construction Schedule shall include a list of material changes made to the schedule
from previous updates, including activity durations and activity logic or relationship changes. 

  

	 	3.11.2.2	 The updates of the Construction Schedule required under this Section 3.11 shall be included in the
monthly Progress Report. 

  
 20 

	 	3.11.2.3	 Submission of a update to the Construction Schedule by Contractor shall not constitute approval by MSG of a
change to the Substantial Completion Date or the Long Stop Development Completion Date (which shall only be accomplished by Change Order or Construction Change Directive) or approval by MSG of a change by Contractor to any activity duration or
activity logic or relationship change set forth in the weekly update. 

  

	 	3.11.3	 No later than thirty (30) Days after the Effective Date, Contractor shall submit to MSG and Architect for
their review, comment and approval a form of Progress Report that complies with the requirements of this Agreement. Upon acceptance by MSG and Architect, the form Progress Report shall establish the standard of detail required for the remainder of
the Work and shall be delivered to Project Manager and MSG monthly in hard copy and simultaneously be available online. The Progress Report shall be indexed, bound and tabulated in a manner acceptable to Project Manager and MSG. The Progress Report
shall be delivered with each monthly Application for Payment. 

  

	 	3.11.4	 Contractor shall keep a daily log containing a record of weather, Subcontractor’s and sub-subcontractor’s Work on the Site, number of workers, Work accomplished, problems encountered, and other similar relevant data as MSG may reasonably require. This log shall be available to MSG, Project
Manager and the Clerk of Works at the Site during regular business hours and online at all hours. 

  

	 	3.11.5	 Contractor shall inspect the Work on an ongoing basis and shall maintain an ongoing log of Defective Work that
has been installed. The log shall record any items that have been noted as Defective Work by Governmental Authorities, MSG, Project Manager, Architect, or Architect’s Consultants. Such log shall be available to MSG and Project Manager at the
Site during regular business hours and shall be included in Contractor’s monthly Progress Report. 

  

	 	3.11.6	 Contractor shall maintain a spreadsheet-based concrete placement log and shall regularly and diligently enter
all concrete placement yardage for all pours broken down by footings, slab on grade, columns, beams, shear walls and elevated slabs in a format acceptable to Project Manager and MSG and such log shall be available to MSG and Project Manager at the
Site during regular business hours. 

  

	 	3.11.7	 Contractor shall maintain a log of: (a) recordable OSHA incidents; and (b) recordable lost time
accidents, in a format that is acceptable to Project Manager and MSG. Such log shall be available to MSG and Project Manager at the Site during regular business hours. 

 

	 	3.11.8	 Contractor shall maintain a log of all Submittals in a format that is acceptable to MSG and Project Manager.
Such log shall be available to MSG and Project Manager at the Site during regular business hours. 

  

	 	3.11.9	 Prior to submitting the Incentive Benchmark Proposal, Contractor shall prepare and submit to MSG and Architect
for review, comment and approval a quality control matrix, in a format approved by MSG, based upon the requirements of the Drawings, Specifications and Applicable Laws and listing all testing, inspections and Submittals relating to the Work with
specific reference to the source of the requirement. Such matrix shall be updated as appropriate during the course of the Work. The maintenance of such matrix shall be part of Contractor’s duties in connection with implementing the QA/QC Plan
referenced in Section 3.5. 

  

	 	3.11.10	 A senior representative of MSG, Project Manager, Contractor and Architect, will meet at least every month to
review: (1) the progress of the Work; (2) the Cost of the Work to date against the Incentive Benchmark; (3) the Construction Schedule; (4) the Submittal Schedule, (5) any pending Claims for additional time or an adjustment
to the Incentive Benchmark; and (6) any other pertinent information concerning the Project or the Work. 

  

	3.12	 Labor and Materials. 

 

	 	3.12.1	 Unless otherwise provided in the Contract Documents, Contractor shall provide and pay, as a Cost of the Work,
for all labor, Materials, equipment, tools, construction equipment and machinery, water, heat, utilities, transportation and other facilities and services necessary for the proper execution and completion of the Work, whether temporary or permanent
and whether or not incorporated or to be incorporated in the Work. 

  

	 	3.12.2	 It is the policy of MSG to promote and maintain harmonious relationships in connection with the Project.
Contractor and its Subcontractors shall follow this policy and shall utilize only qualified persons or organizations in the performance of the Work. A qualified person or organization is one: which is not likely to promote labor unrest on the
Project; which shall abide by all local, state and federal labor and employment relations rules, regulations and laws; whose financial stability is reasonably assured through the duration of the Agreement; and whose commitments to other projects are
not likely to interfere with its ability to perform its portion of the Work efficiently and cost effectively. 

  
 21 

	 	3.12.3	 Contractor shall at all times enforce strict discipline and good order among Contractor’s and
Subcontractor’s employees and shall not employ on the Work at the Site any unfit Person (including any employee who reports for work under the influence of alcoholic beverages or drugs, who drinks alcoholic beverages or illegally uses drugs on
the Site) or anyone not skilled in the task assigned them. The Site shall be an alcohol and drug free work zone. In addition, Contractor and its Subcontractors shall comply with all reasonable protocols, policies, rules and procedures imposed by MSG
from time to time with respect to (i) safety, (ii) harassment and discrimination, and (iii) substance abuse. MSG shall have the right to (a) undertake investigations into the behavior or conduct of persons employed by Contractor or
its Subcontractors, and (b) deny access to the site to any person it has a reasonable objection to and/or fails to satisfy the requirements of this Section 3.12.3. 

 

	 	3.12.4	 Contractor shall promote and endeavor to maintain a workable and cooperative relationship among Subcontractors.
Contractor shall take all steps necessary and appropriate to enforce the Subcontracts as needed to perform the Work to be performed thereunder. 

  

	 	3.12.5	 Contractor is obligated to man the job and properly and timely perform the Work in a diligent manner. Upon
notification of expected or actual labor disputes or job disruption, the expiration of any union or trade agreement or any other cause, Contractor and its Subcontractors shall cooperate with MSG concerning any legal, practical or contractual actions
to be taken by MSG in response thereto and shall perform any actions reasonably requested by MSG to eliminate, neutralize or mitigate the effects of such actions on the progress of the Work and the impact of such actions on the public access to the
Site and Adjacent Property. 

  

	 	3.12.6	 Subject to the terms of this Section 3.12.6, it is Contractor’s obligation,
without recovering as a Cost of the Work or being entitled to an adjustment to the Incentive Benchmark, to take all commercially reasonable steps available to prevent any persons performing the Work from engaging in any disruptive activities such as
strikes, picketing, slowdowns, job actions or work stoppages of any nature or ceasing to work due to picketing or other such activities, which steps shall include, without limitation, (a) execution of an appropriate project agreement with
appropriate trade unions prohibiting all such activities on or about the Site, (b) working with any trade unions to avoid any labor interruptions or delays, (c) establishing a neutral or reserved gate in the event of a picket or strike,
(d) engaging temporary replacement labor to overcome any picket or strike, and (e) taking all steps to prevent a Subcontractor or its employees from taking labor action (including striking, picketing or otherwise causing labor disharmony)
during the performance of the Work, including enforcing the terms of Subcontracts against Subcontractors. Strikes and pickets by employees of Contractor or Subcontractors in sympathy with other striking or picketing unions shall not be permitted by
Contractor. With respect to subsection (d) above, Contractor may seek recourse from the Allocation pursuant to Section 2.1(b) of Schedule F. Nothing in this Section 3.12.6 deprives
Contractor of its rights with respect to the occurrence of an event described in clause (xi) of the definition of Force Majeure. 

  

	 	3.12.7	 The Project will be subject to a project labor agreement (“PLA”), and all references in the PLA to
the “Primary Employer” shall be deemed to mean Contractor. Contractor shall be responsible for arranging for the PLA. Contractor shall sign a Letter of Assent to the PLA before performing any Work and thereafter comply with the PLA in its
performance of the Work and shall ensure that all parties subject to the PLA comply with the PLA in their performance of the Work. Contractor shall indemnify, defend and hold harmless the MSG Parties from and against all Claims arising out of or
resulting from the failure of any Contractor Party to comply with the PLA. 

  

	3.13	 Equipment. 

  

	 	3.13.1	 Contractor acknowledges and agrees that: 

 

	 	3.13.1.1	 it is responsible for the care of Contractor’s Plant; 

 

	 	3.13.1.2	 it must ensure that Contractor’s Plant: 

 

	 	3.13.1.2.1	 is in accordance with the manufacturer’s specifications, in good repair, fit for purpose and, where
relevant, suitably licensed for operation and permitted by any relevant Governmental Authorities; 

  

	 	3.13.1.2.2	 is properly maintained and repaired (as necessary) so that it is available to operate or use in an efficient,
effective and safe manner at all times; and 

  

	 	3.13.1.2.3	 is used only for the purpose for which it was designed; 

  
 22 

	 	3.13.1.3	 it must produce on request by MSG appropriate documentation to confirm that Contractor’s Plant has been
inspected within the previous six (6) months by a competent person and is in a safe, serviceable condition and complies with Applicable Law; 

  

	 	3.13.1.4	 in addition to the requirements of Section 3.13.1.3, before bringing any
Contractor’s Plant to the Site, and at any other times required by MSG, Contractor’s Plant will be subject to and must pass a mechanical and safety inspection; 

 

	 	3.13.1.5	 in addition to ensuring that all other inspections required by this Section 3.13 are
carried out, it must also ensure that: 

  

	 	3.13.1.5.1	 regular mechanical and safety inspections are performed on Contractor’s Plant; and 

 

	 	3.13.1.5.2	 checklists or forms used for mechanical and safety inspections are presented to MSG before maintenance takes
place and the completed checklists or forms are presented to MSG after the maintenance is completed; 

  

	 	3.13.1.6	 before operating any Contractor’s Plant on the Site or changing any operator of any Contractor’s
Plant on the Site, it must provide documentary evidence to MSG that the operator of Contractor’s Plant has successfully completed a competency assessment, which is aligned with a nationally recognized standard, for the operation of
Contractor’s Plant. The documentation to be provided must include details of the: 

  

	 	3.13.1.6.1	 plant manufacturer; 

  

	 	3.13.1.6.2	 type of plant; 

  

	 	3.13.1.6.3	 model of plant; and 

  

	 	3.13.1.6.4	 type of operation (different uses of the plant); 

 

	 	3.13.1.7	 used for earthmoving (if applicable), it must ensure that operator protective devices are fitted to the plant,
that the protective devices are maintained and used appropriately and that the structure of the protective devices complies with all Applicable Law; 

  

	 	3.13.1.8	 the passing of, or the failure of any Contractor’s Plant to pass, an inspection required by this
Section 3.13 will in no way limit or change any obligation or liability of Contractor, including Contractor’s obligations under this Section 3.13; 

 

	 	3.13.1.9	 it must ensure that all slings, chains, tools and ancillary equipment used in conjunction with operating a
piece of plant or equipment is tagged for compliance (and current) as required by Applicable Law before being used on the Site; and 

  

	 	3.13.1.10	 it must obtain MSG’s prior written consent before bringing on to the Site, any Contractor’s Plant
that is of such a size that it is likely to disrupt or interfere with Contractor’s activities on the Site or on an Adjacent Property. 

  

	3.14	 Permits, Fees and Notices. 

 

	 	3.14.1	 Contractor shall prepare applications, obtain and pay for all applicable Permits and governmental fees,
licensing costs and inspection costs that are customarily secured after signing of a construction contract, that are legally required at the time the Incentive Benchmark Amendment is executed, and that are necessary for the proper execution and
completion of the Work. Such costs shall be a Cost of the Work and included in the Incentive Benchmark. 

  

	 	3.14.2	 All Permits obtained by Contractor shall be in the name of MSG and shall be issued on MSG’s behalf as
required by Applicable Laws. 

  

	 	3.14.3	 Except for Permits and fees that are the responsibility of Contractor under the Contract Documents, including
Section 3.14.1, MSG shall secure and pay for necessary approvals, easements, assessments and charges required for construction, use or occupancy of permanent structures or for permanent changes in existing facilities. 

 

	 	3.14.4	 In addition to its responsibilities under this Agreement, Contractor shall give all notices required by
Governmental Authorities and comply with all Applicable Laws bearing on the performance of the Work. 

  
 23 

	 	3.14.5	 If Contractor observes that any of the Contract Documents are at variance with any Permits or Applicable Laws
in any respect, Contractor shall promptly notify MSG, Architect and Project Manager in writing. After consultation with Architect and Project Manager, to the extent that MSG determines that changes to the Contract Documents are necessary, then any
such changes shall be accomplished by appropriate Change Order in accordance with Article 6. 

  

	3.15	 Substitutions. 

 

	 	3.15.1	 When several products or manufacturers are specified by the Contract Documents as being equally acceptable,
Contractor has the option of using any product and manufacturer combination listed. When only one product or manufacturer is specified, no Substitution will be permitted, except as provided in this Section 3.15. 

 

	 	3.15.2	 The Materials, products and equipment described in the Contract Documents establish the standard, required
function, size, type, appearance and quality to be met by any proposed Substitution. Should Contractor wish to substitute a product by another manufacturer, Contractor shall submit a written request to MSG, Project Manager and Architect for approval
of such product prior to incorporation into the Work. Each such request shall include the information required by this Agreement and the Specifications. 

  

	 	3.15.3	 When a particular manufacturer’s product or process is specified for an item of Work without designation
of “or equal,” no Substitution shall be made, and any Substitution is unacceptable except as provided herein, and MSG shall have no obligation to consider or accept such Substitution. However, if, in the judgment of Contractor, one of the
conditions enumerated below exists with respect to any item so specified, Contractor may offer for MSG’s consideration a Substitution. Substitutions will only be considered when such Substitution, in the opinion of MSG, is in the best interest
of MSG. Architect and Project Manager will make recommendations to MSG regarding Substitutions offered by Contractor and MSG may, in its sole and absolute discretion, reject or approve such Substitution. 

 

	 	3.15.4	 Requests for Substitutions of products or processes other than those specified in the Contract Documents shall
be timely (so as not to delay the Construction Schedule), fully documented in writing and accompanied by evidence about the proposed Substitution including: (a) quality and serviceability to the specified item; (b) changes in details and
construction of related work; (c) design and artistic effect; and (d) additional costs to MSG, if any. Contractor’s submission of a request for Substitution shall be deemed its representation that the Substitution meets or exceeds the
standards and qualities of the specified item being substituted, except to the extent such submission clearly explains in detail the deviation from such standards and qualities in clear, unequivocal prose. Adjustments to the Incentive Benchmark, if
any, shall be described in an accompanying Change Request. Contractor shall furnish with its request such drawings, specifications, samples, performance data and other information as required to assist MSG, Project Manager and Architect in making
their decision. 

  

	 	3.15.5	 In responding to Contractor’s request for a Substitution, MSG, Project Manager and Architect shall
consider whether such requested Substitution is: (a) permitted by the bidding documents; (b) proposed as alternates to specified items; and (c) provides a more economical solution, system or material without compromising quality.

  

	3.16	 Documents and Samples at the Site. 

 

	 	3.16.1	 Contractor shall maintain at the Site (or such other place as approved by MSG)
up-to-date copies of: (a) all contracts entered into by Contractor for the Work (including this Agreement, all purchase orders, and all Subcontracts); (b) all
Drawings, Specifications, Construction Change Directives, and Change Orders in good order and marked to record all changes made during construction; (c) Submittals; (d) As-Built Drawings; (e) the most recent Construction Schedule and
Submittal Schedule; (f) applicable handbooks, maintenance and operating manuals and instructions; and (g) other related documents that arise out of such contracts or the Work. Contractor shall maintain records, in duplicate, of principal
building layout lines, elevations of the bottom of footings, floor levels and key site elevations. Contractor shall make all such records available to MSG, Project Manager and Architect during normal business hours. 

 

	3.17	 Shop Drawings, Product Data and Samples. 

 

	 	3.17.1	 Contractor shall cooperate with MSG, Project Manager and Architect to develop an “online” system to
be used by Architect, Contractor, MSG and Project Manager to facilitate quick and accurate communications and to provide for an up to date Submittal Schedule accessible by MSG, Project Manager and Architect. 

 

	 	3.17.2	 Shop Drawings shall show dimensions, note whether they are based on field measurements, and indicate compliance
with standards and special coordination requirements. 

  
 24 

	 	3.17.3	 Before transmitting any Submittal to Architect, Contractor shall: (a) check such Submittal for conformity
with the Contract Documents; (b) ensure that all errors, omissions or deviations contained in such Submittal are corrected; (c) obtain a written certification from any Subcontractor that prepared the Submittal or a portion thereof that its
work identified in the Submittal conforms to the requirements of the Contract Documents; and (d) affix Contractor’s review stamp to such Submittal. Architect will annotate and correct the sepia, stamp the Shop Drawings with indication of
Architect’s action as appropriate, and return the sepia and one print to Contractor. 

  

	 	3.17.4	 Corrected drawings resubmitted for review and approval shall have no changes other than those called for in the
review notes on the previous submission. If Contractor shall alter any information on previously submitted Shop Drawings, besides the notations called for by the reviewing parties, Contractor must circle this new information to bring it to
Architect’s attention as well as fully explain it in writing with the resubmission. 

  

	 	3.17.5	 [Not Used] 

  

	 	3.17.6	 Contractor shall prepare (or cause to be prepared), review and submit to Architect, on the dates and in the
sequence set forth in the Submittal Schedule so as to cause no delay in the Work or in the work of MSG or any Separate Contractor, all Submittals (a) required by the Contract Documents, (b) set forth in the Submittal Schedule, or
(c) requested by Architect. Contractor shall coordinate Contractor’s Submittals with those of other Separate Contractors to ensure consistency and timely submission of Submittals. 

 

	 	3.17.7	 By preparing, reviewing and presenting Submittals, Contractor represents that Contractor has determined and
verified all Materials, field measurements and field construction criteria related thereto and has checked and coordinated the information contained within such Submittals with the requirements of the Contract Documents. 

 

	 	3.17.8	 Contractor shall not be relieved of responsibility for any deviation from the requirements of the Contract
Documents by Architect’s review of Submittals for design conformance with the requirements of the Contract Documents, unless Contractor has specifically informed Architect in writing of such deviation at the time of submission and Architect has
given written approval to the specific deviation. Contractor shall not be relieved from responsibility for errors or omissions in the Submittals by Architect’s approval of them. 

 

	 	3.17.9	 Contractor shall direct specific attention, in writing or on resubmitted Submittals, to revisions other than
those requested by Architect on previous Submittals. 

  

	 	3.17.10	 No portion of the Work requiring submission of Submittals shall be commenced until the Submittal has been
reviewed by Architect for design conformance with the Contract Documents. All such portions of the Work shall be in accordance with the reviewed Submittals. 

  

	 	3.17.11	 Without limiting the foregoing provisions of this Section 3.17, Submittals must also satisfy the
requirements of and be submitted in accordance with the terms and conditions set forth in the Specifications. 

  

	 	3.17.12	 Shop Drawings shall be complete, sharp, clear and easily readable. Shop Drawings within a set shall be of
uniform size, each with a title block and a space for review stamps, all in the lower right hand corner. All items shall be clearly identified with the name of the manufacturer, fabricator and installer, item designation, project name and location.
Each submission shall clearly show the date of the original submission and of each subsequent revisions or resubmission. Shop Drawings shall indicate model numbers and other designations and shall reflect relations to related work and equipment. A
clear space, approximately 4 x 4 inches in size, shall be provided on each print or transparency for Contractor and Architect’s review stamp. Each Person reviewing Shop Drawings and/or affixing a review stamp shall include on such
stamp the name of the reviewing party, the date, outcome of the review and required further action (if any), among other items. The stamp which reflects Architect’s review shall also include, or if not included, shall be deemed to include, the
following: 

 “Checking is only for conformance with the design concept of the Project expressed in the Contract
Documents and compliance with the information given in the Contract Documents. Contractor is responsible for dimensions to be confirmed and correlated at the Site, for information that pertains solely to the fabrication process or to techniques of
construction, and for coordination of the Work of all trades. 
 Architect’s stamp does not imply that the Work shown on Shop Drawings
is all-inclusive of Contractor’s responsibilities.” 

  
 25 

	 	3.17.13	 Contractor shall submit Shop Drawings only for complete systems. Partial submissions will not be permitted
without the prior approval of Architect. Shop Drawings will be returned to Contractor without checking if they have been submitted in violation of specified procedures, have been inadequately checked by Contractor, are inadequate, or contain
substantial error. 

  

	 	3.17.14	 Contractor shall submit a minimum of six (6) copies of all Product Data, brochures, illustrations, printed
charts, schedules and other such pre-prepared data. Contractor shall ensure that all such Submittals have been clearly marked to show the particular characteristics or model of the product to be approved, are
properly labeled with the following information, and that all such information on such labels is true and correct: 

Project name and location; 

Name of Contractor; 
 Name of
Subcontractor and manufacturer; 
 Name, finish and composition of the Material; 

Location or applicability to the Work; and 

Reference to specification section and drawing sheet number. 

The labels shall include blank spaces sufficient for Contractor’s and Architect’s approval stamps. Upon approval, such Submittals
will be stamped or labeled to indicate approval and two such Submittals will be returned to Contractor. Any approved Submittal retained by Architect will constitute the standard of quality and appearance of all Materials of the type represented by
such Submittal. In the event any such Submittals are not approved, Contractor will be given reasons for disapproval and Contractor shall re-submit such Submittals until approval is obtained. 

 

	 	3.17.15	 Contractor shall prepare and submit to Architect for approval, all Samples as required by the various technical
sections of the Specifications. If not otherwise specified as to size, all samples shall be large enough to clearly represent all physical characteristics which have a bearing on the selection and appearance of the Material. Unless specified
otherwise, Samples shall be submitted in quadruplicate. Contractor shall submit a minimum of six (6) copies of all Samples to Architect and shall submit such Samples in sufficient time to allow Architect reasonable time for consideration and so
as not to delay progress of the Work in the event re-submission should be required. Contractor shall label each Sample with the following information, and shall ensure that all such information on such labels
is true and correct: 

 Project name and location; 

Name of Contractor; 
 Name of
Subcontractor and manufacturer; 
 Name, finish and composition of the Material; 

Location or applicability to the Work; and 

Reference to specification section and drawing sheet number. 

The labels shall include blank spaces sufficient for Contractor’s and Architect’s approval stamps. Upon approval, the Samples will
be stamped or labeled to indicate approval and two samples will be returned to Contractor. The approved Sample retained by Architect will constitute the standard of quality and appearance of all Materials of the type represented by the Sample to be
installed. In the event Samples are not approved, Contractor will be given reasons for disapproval and Contractor shall re-submit Samples until approval is obtained. 

 

	3.18	 Use of Site; Utilities. 

 

	 	3.18.1	 Contractor shall confine operations at the Site to areas permitted by Applicable Law, the Ground Lease,
ordinances, Permits, the Contract Documents, and as otherwise reasonably directed by MSG or Project Manager, so as to avoid unreasonably encumbering the Site with Materials and equipment. 

 

	 	3.18.2	 Contractor shall coordinate all of Contractor’s operations with, and secure approval from, MSG and Project
Manager before using any portion of the Site. 

  
 26 

	 	3.18.3	 All Work required by the Contract Documents shall be conducted in such manner as to cause as little
interference with the continuous conduct of business on and within, or disruption to, Adjacent Property as is reasonably possible, and in such manner as will seek to reduce to a minimum any inconvenience to those occupying such Adjacent Property,
their patrons, employees and other invitees. 

  

	 	3.18.4	 Contractor shall be wholly responsible for all storage and safekeeping of its tools, equipment and Materials at
all times. 

  

	 	3.18.5	 Signs, placards, posters, or other advertising material will not be allowed on any part of the Site without the
prior written permission of MSG. 

  

	 	3.18.6	 Contractor shall arrange, construct or cause to be constructed all necessary utility connections to service the
Facility in accordance with the Drawings and Specifications. Contractor shall be responsible for providing necessary temporary utilities (including but not limited to electricity, water, sanitary facilities and communication/technology facilities)
to perform the Work. 

  

	3.19	 Cutting and Patching of Work. 

 

	 	3.19.1	 Contractor shall be responsible for all cutting, fitting or patching that may be required to complete the Work
or to make its several parts fit together properly. Contractor shall not damage or endanger any portion of the Work, the existing improvements, or the work of MSG or any Separate Contractors by cutting, patching or otherwise altering any work, or by
excavation. Contractor shall not cut or otherwise alter the work of MSG or any Separate Contractor except with the written consent of MSG and of such Separate Contractor. Contractor shall not unreasonably withhold from MSG or any Separate Contractor
consent to cutting or otherwise altering the Work. MSG and Separate Contractors shall have reciprocal obligations as contained in this Section 3.19.1 to Contractor. 

 

	3.20	 Cleaning Up; Recycling. 

 

	 	3.20.1	 Contractor shall be responsible for the overall cleanliness and neatness of Work and portions of the Site
affected by the performance of the Work. Contractor shall: (a) at all times keep all areas affected by the Work free from accumulation of waste materials, rubbish and debris caused by the operations of Contractor, Subcontractors and sub-subcontractors; (b) leave the Work neat and broom clean at the end of each Day; and (c) establish and enforce a clean-up and recycling program for every Person
performing Work on the Site. Contractor shall use commercially reasonable efforts to prevent dust from accumulating on, or otherwise affecting, the Site or Adjacent Property. 

 

	 	3.20.2	 Contractor shall maintain and keep the sidewalks and other areas adjacent to or above the Project Site in safe
order, repair and condition (including the prompt repair of potentially hazardous or dangerous cracks therein and the maintenance of an even level thereof on portions accessible by the public) to the extent the foregoing is impacted by
Contractor’s performance of the Work. 

  

	3.21	 Project Close-Out. 

 

	 	3.21.1	 At the date of Substantial Completion, Contractor shall have coordinated, scheduled and observed the checkout
of utilities, operational systems and equipment for readiness by each of its Subcontractors and shall have completed their initial start-up, personnel training and testing as required by the Contract Documents. 

 

	 	3.21.2	 Upon the Substantial Completion of the Work, Contractor shall remove from and about the Project Site and
surrounding areas Contractor’s tools, construction equipment, machinery, surplus materials, waste materials and rubbish. 

  

	 	3.21.3	 After the date of Substantial Completion but before Final Completion, Contractor shall furnish to MSG and
Project Manager the As-Built and Record Drawings. Such As-Built Drawings shall note all deviations between the Work and the Drawings and Specifications, including those
deviations resulting from Change Orders. 

  

	3.22	 Survey Marks. 

 

	 	3.22.1	 In this Section 3.22, “survey mark” means a survey peg, bench mark,
reference mark, signal alignment, level mark or other mark used for the purpose of setting out, checking or measuring the Work. 

  

	 	3.22.2	 Unless stated otherwise in this Agreement, MSG must supply to Contractor the information and survey marks
necessary to enable Contractor to set out the Work. It is Contractor’s responsibility to accurately set out the Work based on these survey marks and information, after verifying their correctness. 

  
 27 

	 	3.22.3	 Contractor must rectify any disturbance or obliteration of MSG’s survey marks unless the disturbance or
obliteration was caused by MSG or someone for whom MSG is responsible. 

  

	3.23	 Inspection and Testing. 

 

	 	3.23.1	 MSG, Architect and Project Manager or their nominee may inspect the Work, on reasonable notice to Contractor at
any time, including any inspection or test to determine whether the Work complies with the Drawings and Specifications. Inspections and tests by MSG, Architect or Project Manager shall not be constructed as acceptance of the Work nor a waiver of any
of MSG’s rights under this Agreement. 

  

	 	3.23.2	 Contractor shall develop a checking and testing procedure, subject to MSG’s review and approval, that will
ensure that all systems are adequately tested and balanced prior to their acceptance by MSG. Such checking and testing procedure shall include all tests and inspections required by the Contract Documents. Contractor shall cooperate with all other
Persons providing testing in connection with the Project. Contractor shall keep an accurate record of all tests, inspections conducted, findings, and test reports for the Work to the extent prepared by or on behalf of Contractor or provided to
Contractor. 

  

	 	3.23.3	 If the Contract Documents or Applicable Laws require any portion of the Work to be inspected, tested or
approved, Contractor shall give MSG, Architect and Project Manager timely notice (but in no event less than five (5) Business Days) of its readiness so Architect, MSG and/or Project Manager may observe such inspection, testing or approval.

  

	 	3.23.4	 If MSG, Architect or Project Manager determines that any Work requires special inspection, uncovering, testing
or approval not identified in the Contract Documents, then Project Manager will, upon written authorization from MSG, instruct Contractor to order such special inspection, uncovering, testing or approval, and Contractor shall give notice of such
special inspection, testing or approval. If such special inspection or testing reveals a failure of the Work to comply with the requirements of the Contract Documents, Contractor shall correct such failure without recovery as a Cost of the Work and
without an increase to the Incentive Benchmark or an adjustment to the Substantial Completion Date; otherwise MSG shall bear such costs, and an appropriate Change Order shall be issued. 

 

	 	3.23.5	 Required certificates of inspection, testing or approval shall be secured by Contractor and Contractor shall
promptly deliver them to Project Manager and Architect. 

  

	3.24	 Pre-Term Work. 

 

	 	3.24.1	 The Parties agree that the terms and conditions of this Agreement shall apply on a retroactive basis to the
Preconstruction Services and the LNTP Work. The Parties further agree that the Preconstruction Agreement and the LNTP are deemed to have automatically terminated as of the date hereof and are of no further force or effect. 

 

	 	3.24.2	 Any amounts paid by MSG to the Contractor pursuant to the LNTP or the Preconstruction Services Agreement shall
be represented in the Incentive Benchmark Proposal as a credit to MSG. 

 ARTICLE 4 

PRICING METHODOLOGY AND PRICING COMPONENTS 
  

	4.1	 Pricing Overview. 

 

	 	4.1.1	 The pricing methodology to be used for performance of the Work is based on a “cost of the work plus a
fee” as part of an overall Incentive Benchmark, subject to the pricing of Subcontracts which will be as set forth in Section 11.1.1. The “Cost of the Work” is defined in Section 4.8
and the Contractor’s Fee is defined in Schedule E-1. Contractor and MSG shall work together pursuant to the terms of this Article 4 and in accordance with the Incentive Benchmark Development
Schedule, so as to develop the Incentive Benchmark Proposal and enter into the Incentive Benchmark Amendment (provided, however, that MSG has no obligation to accept the Incentive Benchmark Proposal or enter into the Incentive Benchmark
Amendment). 

  

	 	4.1.2	 Contractor acknowledges and accepts that MSG requires an open and transparent pricing model. Contractor agrees,
and shall require its Subcontractors to agree in their Subcontracts, that Contractor and each Subcontractor shall provide the level of transparency and detail required by MSG. 

  
 28 

	 	4.1.3	 Contractor also acknowledges and accepts that, except as otherwise approved by MSG, MSG desires that all of the
elements of the Work be the subject of competition and shall take all commercially reasonable steps to ensure that each element of the Incentive Benchmark is as low as possible. 

 

	 	4.1.4	 Contractor acknowledges that MSG’s agreement to the Incentive Benchmark is not a recognition of what the
Cost of the Work will ultimately be and that the purpose of the Incentive Benchmark is to determine the Contractor’s Fee. 

  

	4.2	 Early Work Packages 

 

	 	4.2.1	 The Work may be divided into one or more phases or packages which will be ready for commencement of
construction before the Incentive Benchmark for the entire Work has been agreed. Or, MSG may require certain preliminary Work to be performed in preparation for the balance of the Work. If MSG elects to proceed with a particular portion of the Work
before the Parties arrive at the Incentive Benchmark, Contractor shall develop proposals for any such phases or packages of the Work (“Early Work Packages”). For each Early Work Package, MSG and the Contractor shall enter into an
“Early Work Authorization Agreement” in a mutually acceptable format (including in the form of a field order) executed by both MSG and Contractor and which (a) describes the Work to be performed thereunder, (b) establishes
at MSG’s direction, pricing on a time and materials, fixed price or unit price basis for that portion of the Work, and (c) establishes a Substantial Completion Date for that portion of the Work. Notwithstanding anything in this Agreement
or the Contract Documents to the contrary, MSG acknowledges and agrees that the Incentive Benchmark is not guaranteed by Contractor, except to the extent components of the Incentive Benchmark are fixed or guaranteed pursuant to the terms of the
Subcontracts (but subject to the rights of adjustment of the fixed or guaranteed price that exist under any such Subcontracts). 

  

	 	4.2.2	 The price and scope of Work that is the subject of the Early Work Authorization Agreement will be included in
the Incentive Benchmark Proposal developed pursuant to Section 4.5 and the Early Work Authorization Agreement shall be of no further force and effect and shall be superseded by the Incentive Benchmark Amendment.

  

	 	4.2.3	 Unless otherwise stated in the Early Work Authorization Agreement, execution by MSG and delivery to Contractor
of the Early Work Authorization Agreement shall constitute notice to proceed for the Work specified therein. 

  

	4.3	 [Not used] 

  

	4.4	 Incentive Benchmark Proposal Development 

 

	 	4.4.1	 MSG shall cause Architect to deliver to Contractor the Incentive Benchmark Drawings and Specifications. Prior
to submitting the Incentive Benchmark Proposal, Contractor shall carefully review the Incentive Benchmark Drawings and Specifications and carefully compare all existing conditions to the requirements of the Incentive Benchmark Drawings and
Specifications. Based on such review and the work performed by, and knowledge gained by, Contractor during the Preconstruction Services and the LNTP Work, Contractor shall promptly notify MSG in writing: (a) of all known errors, inconsistencies
or omissions in the Incentive Benchmark Drawings and Specifications; and (b) if Contractor believes the Incentive Benchmark Drawings and Specifications are not sufficient to enable Contractor to proceed with performance of the Work and
otherwise fulfill its obligations under the Contract Documents. 

  

	4.5	 Incentive Benchmark Proposal 

 

	 	4.5.1	 Contractor shall prepare the Incentive Benchmark Proposal in accordance with the Standard of Care, to reflect
Contractor’s best estimate of what the Cost of the Work will ultimately be, without any allowance for contingencies or reserves (other than the Allowances provided for in Section 4.11.1). Contractor acknowledges
receipt of the Incentive Benchmark Drawings and Specifications by electronic transmittal on May 18, 2019 and shall deliver the Incentive Benchmark Proposal to MSG on or before July 17, 2019. 

  
 29 

	 	4.5.2	 The Incentive Benchmark Proposal shall include, in addition to the Incentive Benchmark Qualifications and
Assumptions: 

  

	 	4.5.2.1	 a detailed schedule of values detailing: 

 

	 	4.5.2.1.1	 the estimated Cost of the Work to be incurred by Contractor organized by trade categories (which shall include
any Costs of the Work incurred under the LNTP and under any Early Work Package Agreements (including to the extent such Work has been fully bought out or completed)); 

 

	 	4.5.2.1.2	 all estimated Allowances listed in accordance with Section 4.5.2.4;

  

	 	4.5.2.1.3	 estimated General Conditions Costs and General Requirements Work Expenses, including wages, rates and burdens
(based on the rates set forth in Schedule Q together with any other wages, rates and burdens to be agreed to with MSG); 

  

	 	4.5.2.1.4	 the Allocation; and 

  

	 	4.5.2.1.5	 the Contractor’s Fee, as set forth in Schedule E, 

 

	 	4.5.2.2	 a statement of the proposed Incentive Benchmark, which proposed Incentive Benchmark will equal the sum of the
amounts listed in the detailed schedule of values described in Section 4.5.2.1; 

  

	 	4.5.2.3	 Contractor’s Incentive Benchmark Qualifications and Assumptions; 

 

	 	4.5.2.4	 a list of proposed Allowances and for each such Allowance, the estimated amount for such Allowance and a
statement of its basis, as more fully described in Section 4.11; 

  

	 	4.5.2.5	 a schedule of applicable alternate prices (for alternates requested by MSG); 

 

	 	4.5.2.6	 a proposed Construction Schedule and a proposed Submittal Schedule; 

 

	 	4.5.2.7	 a schedule of unit prices to be used in the calculation of Change Order amounts; provided that the
failure of the Parties to agree on such unit prices will not affect the effectiveness of the remainder of the Incentive Benchmark Proposal; 

  

	 	4.5.2.8	 a proposed Staffing Plan (which Staffing Plan shall include the staff of major Subcontractors as agreed between
the Parties); 

  

	 	4.5.2.9	 the time limit for validity of the Incentive Benchmark Proposal (which shall not be less than ninety
(90) Days and may be extended by the Parties by mutual agreement); and 

  

	 	4.5.2.10	 any not to exceed amounts required by MSG with respect to individual trade packages or other packages of the
Work. 

  

	 	4.5.3	 To the extent that the Incentive Benchmark Drawings and Specifications are anticipated to require further
development by Architect, Contractor shall provide in the Incentive Benchmark Proposal for such further development consistent with the Contract Documents. 

  

	 	4.5.4	 MSG shall be entitled to full access to all details of the process of preparing the Incentive Benchmark
Proposal. Contractor shall comply with the requirements of Article 11, including making available to MSG upon request all Subcontractor bids and underlying documentation upon which the Incentive Benchmark Proposal is based. It is the intent
of this Agreement that the Incentive Benchmark will minimize the Allowances, assumptions, clarifications and any other elements that could lead to Change Orders or to the actual Cost of the Work exceeding the Incentive Benchmark.

  

	 	4.5.5	 Promptly after Contractor delivers the Incentive Benchmark Proposal to MSG, the Project Development Team shall
meet to review and confer about the Incentive Benchmark Proposal. If MSG, Project Manager, or Architect discovers any inconsistencies or inaccuracies in the Incentive Benchmark Proposal, then they shall promptly notify Contractor, who shall make
appropriate adjustments to the Incentive Benchmark Proposal. The reconciliation shall be documented by an addendum to the Incentive Benchmark Qualifications and Assumptions that shall be approved in writing by MSG and Contractor. The Project
Development Team shall work cooperatively in a diligent manner to review and assess the Incentive Benchmark within twenty-one (21) Days after Contractor provides the Incentive Benchmark Proposal to MSG;
provided that MSG may extend such time (subject to the time limit specified in Section 4.5.2.9 above), if necessary. 

  
 30 

	 	4.5.6	 If, within the twenty-one (21) day (or such longer) period, MSG
(in its sole discretion) rejects the Incentive Benchmark Proposal, MSG may, at its election: (a) terminate this Agreement within seven (7) days’ notice of termination for convenience and without cause pursuant to
Section 18.6.1; (b) direct Contractor to perform Value Engineering in accordance with the following paragraph, or (c) direct Contractor to perform certain packages of the Work selected by MSG on the terms set forth in
this Agreement; provided that, in the context of (c) Contractor’s Fee shall be the flat rate identified in Section B of Schedule E-1 hereto. 

 

	 	4.5.7	 If MSG so requests pursuant to Section 4.5.6(b) above, Contractor shall notify the Project Development
Team promptly and thereafter, diligently work with Project Manager, MSG, and Architect to develop Value Engineering and other cost-saving alternatives to reduce the proposed Incentive Benchmark to an amount acceptable to MSG and within the time
requested by MSG; provided, however, that MSG has no obligation to incorporate into the Drawings and Specifications any alternatives proposed by the Contractor (except to the extent any such alternatives are accepted in writing by MSG). If
MSG still does not approve the Incentive Benchmark Proposal (whether with or without any of the Value Engineering or other cost-saving alternatives developed by Contractor), then at MSG’s request, MSG and Contractor will meet and confer in good
faith to discuss such modifications to the Incentive Benchmark Proposal that will make the Incentive Benchmark Proposal acceptable to MSG and Contractor. 

  

	4.6	 Incentive Benchmark Amendment 

 

	 	4.6.1	 MSG and Contractor shall use good faith efforts to promptly negotiate the Incentive Benchmark Amendment. If MSG
approves the Incentive Benchmark Proposal, MSG and Contractor will enter into a “Incentive Benchmark Amendment” based upon the approved Incentive Benchmark Proposal, including the associated Incentive Benchmark Drawings and Specifications,
Incentive Benchmark Qualifications and Assumptions, Construction Schedule and other agreed to documents. Upon execution of the Incentive Benchmark Amendment, the Incentive Benchmark Amendment and its Schedules shall become part of the Contract
Documents and shall have the same effect as a Schedule to this Agreement. Upon execution of the Incentive Benchmark Amendment, the proposed Construction Schedule attached thereto shall become the “Construction Schedule”.

  

	 	4.6.2	 The Incentive Benchmark and Construction Schedule, once established, shall be modified only upon the issuance
of properly-authorized Change Orders or Construction Change Directives signed by MSG. The Incentive Benchmark shall be based upon completion of the Work pursuant to the Substantial Completion Date, the Long Stop Development Completion Date and other
dates set forth in the Construction Schedule. 

  

	4.7	 [Not Used] 

  

	4.8	 Cost of the Work. 

 

	 	4.8.1	 [*****] 

  

	 	4.8.2	 [*****] 

  

	 	4.8.3	 Notwithstanding the breakdown or categorization of any costs to be reimbursed in this
Article 4 or elsewhere in the Contract Documents, there shall be no duplication of payment if any particular item for which payment is requested can be characterized as falling into more than one of the types of compensable
or reimbursable categories. Whenever Contractor has been paid, as a Cost of the Work or otherwise, amounts that are recovered from any other source (e.g., a Subcontractor, any insurer, surety or other third party), Contractor shall credit MSG with
any amounts recovered. 

  

	 	4.8.4	 Whenever additional overtime, extra-shift work or similar premium Work is used on the Project, Contractor shall
implement such Work in a cost efficient manner. Before commencing any additional overtime, extra-shift work or similar premium work, Contractor shall obtain the prior written consent of MSG; provided that such consent may be sought and obtained
through look ahead schedules or other mechanisms that avoid the need for individual consents. 

  

	 	4.8.5	 The actual Cost of the Work shall be adjusted to reflect any and all discounts, including trade, quantity and
cash discounts, rebates, refunds and other similar considerations; provided, however, that MSG provides any funds when needed to obtain such considerations. Such considerations shall accrue exclusively to the benefit of MSG unless MSG does
not provide funds, in which case it accrues to Contractor. Contractor agrees to use commercially reasonable efforts to secure such considerations on behalf of MSG. 

  
 31 

	 	4.8.6	 Upon Substantial Completion, Contractor shall submit a list of any tools, equipment, or office equipment
purchased for the Project above the value of Five Hundred Dollars ($500.00) and for which MSG has paid as a Cost of the Work. If MSG so elects, any such tools or equipment shall be delivered to MSG at the end of the Project. If MSG elects not to
take title to any such tools or equipment, then MSG shall be credited with the fair market value thereof as a deduction against the Cost of the Work via the following Application for Payment. 

 

	 	4.8.7	 Contractor shall not be entitled to recover the Contractor’s Fee for the Cost of the Work for
Contractor’s own insurance premiums, the premium for or any other payments or costs associated with the CoCIP program referred to in Schedule C or the premium for bonds (if required by MSG). 

 

	 	4.8.8	 Except to the extent expressly permitted by Section 4.8.1, Contractor shall only
invoice MSG for internal or third party costs that are directly attributable to this Project. 

  

	4.9	 General Conditions Costs and General Requirements Work Expenses. 

 

	 	4.9.1	 With each of its monthly invoices, Contractor shall provide MSG and Project Manager with a detailed spreadsheet
that identifies the General Conditions Costs and General Requirements Work Expenses that Contractor has incurred for that month and all previous months, broken out by the specific types of General Conditions and in the level of detail reasonably
requested by MSG. To the extent the General Conditions Costs and/or General Requirements Work Expenses exceed the estimate provided by Contractor to MSG, Contractor shall provide written reasons for such overruns. 

 

	 	4.9.2	 Included in the General Conditions Costs will be an amount equal to [*****] of the actual Cost of the Work (the
“Staff Incentive Amount”), which will be distributed by Contractor, at its sole discretion, as bonuses to Contractor’s staff and personnel that have been involved with the Project (regardless of whether such involvement was full time,
part time, on Site or at the home office). Contractor shall not be entitled to any Fee or any other markups or overhead of any kind, on any portion of the Staff Incentive Amount. 

 

	4.10	 Allocation 

  

	 	4.10.1	 Subject to the other provisions of this Section 4.10, Contractor may use the
Allocation in accordance with Schedule F. Contractor may not use any portion of the Allocation without first obtaining MSG’s prior written approval (which approval shall not be unreasonably withheld) except where Contractor is entitled
to use the Allocation without MSG’s prior consent, as set forth in Schedule F. 

  

	 	4.10.2	 To the extent MSG’s prior written approval to an Allocation expenditure is required, Contractor shall
provide written notice to MSG of its intent to use the Allocation, which notice shall include a description and amount of the Cost of the Work to be covered by said expenditure, the efforts made to avoid the expenditure and the efforts Contractor
will make to replenish the Allocation. MSG shall either provide approval or state the reasons for its disapproval in writing within five (5) Business Days after MSG receives a request from Contractor to use the Allocation. Subject to the terms
in this Agreement, MSG’s approval of such request shall not unreasonably delay the performance of the Work. 

  

	 	4.10.3	 Contractor shall not be entitled to any Fee, General Conditions Costs, General Requirement Work Expenses, or
any other markups or overhead of any kind, on any portion of the Allocation that is not used. In addition, Contractor shall not be entitled to any Fee, General Conditions Costs, General Requirement Work Expenses, or any other markups or overhead of
any kind, on any portion of the Allocation that is used for legal expenses as described in Section 2.1(c) of Schedule F. 

  

	 	4.10.4	 Whenever Contractor has been paid out of the Allocation, and such amounts paid may be recoverable from a third
party, such as a Subcontractor, insurance company or surety, Contractor shall diligently and in good faith pursue recovery and any recovery obtained by Contractor shall be credited back to the Allocation. Contractor shall keep MSG informed of the
status of its recovery efforts, and will not cease in its pursuit without first obtaining MSG’s consent, which consent shall not be unreasonably withheld. 

 

	 	4.10.5	 Contractor shall provide monthly written reports to MSG and Project Manager of its use of the Allocation (and
any replenishment thereof). 

  
 32 

	4.11	 Allowance Amounts. 

 

	 	4.11.1	 The Incentive Benchmark Amendment may contain allowances as part of the Cost of the Work only if the Incentive
Benchmark Drawings and Specifications do not include sufficient specificity, detail or certainty for Contractor to incorporate pricing into the Incentive Benchmark Amendment (“Allowance”). For these Allowances, Contractor shall
propose its estimates of the cost for the Allowance item and accounting for the unique features of this Project, its location, information available, local labor rates and MSG’s directions. 

 

	 	4.11.2	 The estimate of the cost for each Allowance item shall be subject to Contractor’s Fee (calculated in
accordance with Schedule E-1). No work shall be performed on any Allowance without the Contractor first obtaining MSG’s approval. Contractor represents to MSG that the estimate of the cost for each
Allowance item is reasonable based on the information known by Contractor at the time of the Incentive Benchmark Amendment. Unless otherwise noted in the Contract Documents, the Cost of the Work for any Allowance in the Incentive Benchmark shall
include all labor, material, equipment, taxes, transportation, Subcontractor overhead and profit, and insurance associated with the applicable Allowance. Contractor’s overall project management and overhead and its General Conditions Costs
associated with any Allowance are deemed to be included in the Incentive Benchmark set forth in the Incentive Benchmark Amendment, and are not subject to adjustment, regardless of the actual amount of the Allowance. 

 

	 	4.11.3	 Contractor shall continue to work with other members of the Project Development Team to develop a final price
for each portion of the Work covered by an Allowance promptly after MSG has finalized its selection of items and Architect has completed all related Contract Documents associated with any such Allowance. Contractor shall give notice to MSG of the
final amount. MSG thereafter shall promptly elect to either: 

  

	 	4.11.3.1	 Issue a Change Order increasing or reducing the Incentive Benchmark (with any associated increase or decrease
in the Contractor’s Fee) by the difference between the estimate of the cost for each Allowance item set forth in the Incentive Benchmark Amendment and the final amount agreed upon by Contractor and MSG to furnish or construct the Allowance
item. For any such Change Order reducing the Incentive Benchmark, such reduction shall accrue solely to MSG; and/or 

  

	 	4.11.3.2	 Direct Architect to undertake the redesign of the Allowance item or any other item of Work in such a manner
that the Allowance item can be installed without the Incentive Benchmark being exceeded or the Construction Schedule being extended. If MSG elects to so redesign, Contractor agrees to cooperate with MSG, Architect, and any other consultant of MSG in
order to reduce the cost of constructing or furnishing the Allowance item or any other item of Work. Contractor shall not be responsible for consultant fees incurred by MSG in the event of a redesign effort. 

 

	4.12	 [Not Used] 

  

	4.13	 Subcontract Buy-Out. 

 

	 	4.13.1	 Through bidding and negotiation with Subcontractors pursuant to Article 11, Contractor shall use its
best efforts to obtain the best value for the Work which shall be reflected in Subcontracts entered into by Contractor for performance of the Work. Where a Subcontract price is selected by MSG pursuant to Section 11.1.1 to
be a fixed price, the difference between (i) the fixed price of the Subcontract amounts in the estimate used to establish the Incentive Benchmark, and (ii) the fixed price of the actual Subcontract amounts entered into by Contractor for
performance of the Work (taking into consideration any early payment or similar discounts) shall hereinafter be referred to as “Buy-Out Savings”. 

 

	 	4.13.2	 Buy-Out Savings shall be tracked and calculated by Contractor and
reported to MSG and Project Manager in a “Subcontract Buy-Out Log” as each Subcontract is entered into and upon Substantial Completion of the Work (such process referred to as the
“Subcontract Buy-Out”). The Subcontract Buy-Out Log shall be prepared on a line item basis in a form reasonably acceptable to MSG and Project Manager
which identifies the specific scope of Work and Subcontractor in each line item for which the pricing has been fixed in the Subcontract and the amount of such pricing, the scope and estimated Cost of the Work in each line item that has not been
fixed in the Subcontract, and any “savings” or amounts not reasonably anticipated by Contractor to be required for payment for Cost of the Work under the respective line item. 

 

	 	4.13.3	 Prior to the issuance of an Early Work Authorization Agreement or the Incentive Benchmark Amendment, Contractor
shall provide updated copies of the Subcontractor Buy-Out Log on a monthly basis. Thereafter, a copy of the updated Subcontract Buy-Out Log shall be furnished with
Contractor’s Application for Payment, until the Subcontract Buy-Out is complete. 

  
 33 

	 	4.13.4	 Contractor shall report to MSG and Project Manager the proposed adjustments to the Schedule of Values to
reflect the difference between the sum of the Subcontract amounts in the Schedule of Values used to establish the Incentive Benchmark and the sum of the actual amounts of the Subcontracts entered into by Contractor for performance of the Work. The
Incentive Benchmark shall be reduced by an amount equal to the total Buy-Out Savings. Contractor’s Subcontract Buy-Out Log shall be revised to accurately reflect
such adjustments and transfers. Buy-Out Savings shall be separately tracked in the Schedule of Values. 

  

	 	4.13.5	 Notwithstanding anything herein to the contrary, it is expressly acknowledged and agreed that the Incentive
Benchmark agreed upon in the Incentive Benchmark Amendment will not be based upon and will not establish individual guaranteed line items for the various components of the Work which make up the Incentive Benchmark, nor is the Incentive Benchmark
itself guaranteed; provided, however, that to the extent one or more portions of the Incentive Benchmark are fixed or guaranteed pursuant to the Subcontracts, such fixed or guaranteed amounts will appear as fixed or guaranteed individual line items
and be tracked in the Subcontract Buy-Out Log. 

 ACTICLE 5 

TIME AND DELAYS 
  

	5.1	 Definitions. 

  

	 	5.1.1	 TIME IS OF THE ESSENCE OF THIS AGREEMENT. Contractor shall perform the Work in accordance with the Construction
Schedule so as to achieve Substantial Completion on or before the Substantial Completion Date. Notwithstanding anything to the contrary in the Contract Documents and notwithstanding the fact that, except as set out in
Section 4.2.1, the Incentive Benchmark is not a guaranteed cap, the Substantial Completion Date and the Long Stop Development Completion Date shall not be adjusted except by a properly executed Change Order or Construction
Change Directive signed by MSG. 

  

	 	5.1.2	 The date of Substantial Completion is the date certified by Project Manager pursuant to
Section 13.15 when Substantial Completion has been achieved pursuant to the terms of this Agreement. The date of Final Completion is the date certified by Project Manager pursuant to Section 13.16
when Final Completion has been achieved pursuant to the terms of this Agreement. 

  

	5.2	 Progress and Completion. 

 

	 	5.2.1	 Contractor shall perform the Work expeditiously and shall achieve Substantial Completion by the Substantial
Completion Date. The Substantial Completion Date shall only be adjusted in accordance with this Agreement. Where there is an adjustment to the Substantial Completion Date, the Long Stop Development Completion Date shall be equally adjusted on a day
for day basis; provided, however, that Contractor shall use all commercially reasonable efforts to avoid the need for an adjustment to the Long Stop Development Completion Date by accelerating or resequencing the Work, the costs of which shall be
dealt with in accordance with Section 5.4 below. 

  

	5.3	 Delays and Extensions of Time. 

 

	 	5.3.1	 To the extent the performance by Contractor of any activity on the critical path of the Construction Schedule
is delayed by reason of, and only by reason of, an MSG Act, an event of Force Majeure or another event expressly identified in this Agreement as giving Contractor the right to seek an adjustment, then the Substantial Completion Date may be extended
as provided in this Section 5.3; provided that in each instance the notice provisions and other conditions and requirements of this Section 5.3 are satisfied as a precondition to any
entitlement of Contractor to the adjustments set forth herein. Any adjustment to the Substantial Completion Date shall be limited to the period of time that an activity on the critical path of the Construction Schedule is actually delayed by the MSG
Act, the other events giving Contractor the right to seek an adjustment or the event of Force Majeure described in such notice. For periods of delay caused by reason of: 

 

	 	5.3.1.1	 an MSG Act, Contractor shall be entitled, subject to the requirements of Article 6, to an adjustment to
the Incentive Benchmark based upon any actual and proven increase in the Cost of the Work as a result of the MSG Act; 

  

	 	5.3.1.2	 an event of Force Majeure, the provisions of Section 5.3.6 shall apply with respect
to any cost recovery entitlement of Contractor; and 

  
 34 

	 	5.3.1.3	 an event expressly identified in this Agreement as giving Contractor the right to recover additional cost in
addition to an adjustment to the Substantial Completion Date, then the terms of the relevant provision shall apply, 

  

	 	5.3.1.4	 provided, however, that any claim by Contractor for an adjustment to the Incentive Benchmark or for
additional Cost of the Work shall be subject to audit by MSG and Contractor shall make all of its and its Subcontractors’ books and records available to MSG or its nominee for such audit, upon MSG’s request. 

 

	 	5.3.2	 As a precondition to any entitlement to an adjustment to the Substantial Completion Date in accordance with
this Section 5.3, Contractor shall use reasonable efforts: (x) to mitigate the effects and duration of, and costs arising from, any suspension or delay in the performance of its obligations under the Contract
Documents; (y) to the extent reasonably possible, continue to perform its obligations under the Contract Documents; and (z) to the extent reasonably possible, remedy its inability to perform the Work or a portion thereof.

  

	 	5.3.3	 Contractor shall notify MSG and Project Manager in writing of any MSG Act for which it seeks an adjustment to
the Substantial Completion Date no later than ten (10) Business Days after Contractor has knowledge of the event that caused the delay for which it seeks an adjustment, or reasonably should have had knowledge, in accordance with the Standard of
Care, of the event that caused the delay for which it seeks an adjustment, whichever is sooner. 

  

	 	5.3.4	 Within a further ten (10) Business Days of Contactor’s initial written notice of the MSG Act that
caused the delay for which Contractor seeks an adjustment, Contractor shall provide a written estimate of the probable effect of such delay on the progress of the Work to the extent then known. 

 

	 	5.3.5	 If Contractor is entitled to an adjustment to the Substantial Completion Date under this
Section 5.3 due to an MSG Act or an event of Force Majeure, then the Substantial Completion Date shall be adjusted pursuant to a Change Order in accordance with Section 5.3.8 to the extent
Contractor demonstrates using critical path analysis and the most recent monthly update of the Construction Schedule approved by MSG that the performance of the Work or the achievement of Substantial Completion, as applicable, will be delayed by
such MSG Act or event of Force Majeure, despite Contractor’s notification of the event to MSG. 

  

	 	5.3.6	 If Contractor experiences one or more events of Force Majeure, the following provisions shall apply:

  

	 	5.3.6.1	 Contractor shall give written notice of the occurrence of the event of Force Majeure to MSG and Project Manager
within five (5) Business Days and shall take all steps required by this Agreement to protect the Work. 

  

	 	5.3.6.2	 If MSG agrees that an event of Force Majeure has occurred then, within five (5) Business Days of receipt
of such notice, Contractor and MSG shall meet and discuss whether, based on the probable magnitude and duration of the impact of the event of Force Majeure, the delay to the Work for that particular event of Force Majeure is likely to exceed sixty
(60) Days. 

  

	 	5.3.6.3	 If the impact of the event of Force Majeure is likely to continue for sixty (60) Days, MSG may direct
Contractor and its Subcontractors to demobilize from the Site and MSG shall pay [*****] of the reasonable and actual costs of demobilization of Contractor and its Subcontractors. Contractor shall be responsible for the other [*****] of such costs.

  

	 	5.3.6.4	 Subject to Section 5.3.6.5, if, after the cessation of the impact of the event of
Force Majeure, MSG directs Contractor to remobilize, MSG shall pay [*****] of the reasonable and actual costs of remobilization of Contractor and its Subcontractors. Contractor shall be responsible for the other [*****] of such costs.

  

	 	5.3.6.5	 If the impacts of the event of Force Majeure continue for longer than the ninety (90) consecutive Days,
MSG may terminate this Agreement for its convenience in accordance with Section 18.6.1 hereof and shall owe no further amounts to Contractor or its Subcontractors, other than amounts described in
Section 18.6.2 hereof. 

  

	 	5.3.7	 Notwithstanding any other provision of the Contract Documents to the contrary, Contractor shall not be entitled
to an increase in the Incentive Benchmark, or to recover as a Cost of the Work, to the extent that an MSG Act or event of Force Majeure occurs concurrently with a delay attributable to Contractor; or on account of the delay of any Work not on the
critical path. 

  
 35 

	 	5.3.8	 The requirements set forth in this Section 5.3 are express conditions precedent to
Contractor’s right to pursue a claim for an adjustment to the Substantial Completion Date or additional cost. Any adjustment to the Construction Schedule shall be set forth in a Change Order executed by MSG and Contractor.

  

	5.4	 Contractor’s Recovery Plan. 

 

	 	5.4.1	 In the event that at any time: (a) Contractor, MSG or Project Manager determines, or (b) the
Construction Schedule indicates, that Substantial Completion is unlikely to be achieved on or before the Substantial Completion Date, MSG may request Contractor to provide a Recovery Plan within five (5) Business Days of such determination or
indication. Such Recovery Plan shall be subject to approval by MSG and shall set forth a reasonably detailed description of the corrective measures Contractor intends to take to recover and expedite the progress of the Work, including, without
limitation: (x) working additional shifts or overtime or resequencing the Work; (y) supplying additional manpower, equipment, and facilities; and (z) other similar measures (referred to collectively as “Extraordinary
Measures”). 

  

	 	5.4.2	 MSG shall respond within five (5) Business Days of the receipt of the Recovery Plan. MSG shall not
unreasonably withhold, condition or delay MSG’s approval of the submitted Recovery Plan. If MSG disapproves the Recovery Plan (or a portion thereof), Contractor shall resubmit the revised Recovery Plan within five (5) Business Days of the
disapproval. 

  

	 	5.4.3	 Contractor shall diligently implement each approved Recovery Plan and provide weekly updates thereto to MSG.
Such Extraordinary Measures shall continue until the progress of the Work complies with the stage of completion required by the Construction Schedule. MSG’s right to require Extraordinary Measures is solely for the purpose of ensuring
Contractor’s compliance with the Construction Schedule. 

  

	 	5.4.4	 Unless an entitlement to an adjustment to the Substantial Completion Date exists pursuant to
Section 5.3, Contractor shall not be entitled to an adjustment to the Incentive Benchmark or the Substantial Completion Date in connection with Extraordinary Measures required by MSG under or pursuant to this
Section 5.4; provided, however, that Contractor may have the right to seek to use the Allocation pursuant to Section 4.10. To the extent Contractor is entitled to an adjustment to the Substantial
Completion Date, MSG shall issue a Change Order that reflects an adjustment to the Incentive Benchmark based on the Cost of the Work incurred in connection with Extraordinary Measures, which payment shall be in lieu of the adjustment to the
Substantial Completion Date. 

  

	 	5.4.5	 MSG may exercise the rights furnished to MSG under or pursuant to this Section 5.4 as
frequently as MSG deems reasonably necessary to ensure that Contractor’s performance of the Work will comply with the Construction Schedule and ensure the Work achieves Substantial Completion by the Subs. 

 

	5.5	 Liquidated Damages. 

 

	 	5.5.1	 Contractor acknowledges that: 

 

	 	5.5.1.1	 MSG is incurring substantial and unprecedented costs to construct the Project as a first class, state of the
art entertainment venue; 

  

	 	5.5.1.2	 to warrant the incurrence of such costs and the risks being undertaken in connection with the design and
construction of the Project, MSG has developed a business plan that will generate substantial revenues and provide substantial new business opportunities that cannot be fully realized if Substantial Completion does not occur by the Substantial
Completion Date; 

  

	 	5.5.1.3	 as an essential part of the consideration from Contractor under this Agreement, Contractor has committed to
achieve Substantial Completion not later than the Substantial Completion Date, which will allow MSG, among other things, the opportunity to use and enjoy the Facility fully from and after that date; to book, announce and ticket events at the
Facility; and to ensure that the Facility can be opened and operated from the date of the first public event, which is essential to the preservation of the goodwill and reputation of MSG, the fulfillment of MSG’s obligations under the Ground
Lease and the long term financial success of the Project; 

  

	 	5.5.1.4	 if Substantial Completion does not occur by the Substantial Completion Date, MSG will suffer substantial harm,
the damages for which are incapable or very difficult to estimate accurately; will entail substantial cost and inconvenience; and will be difficult for the Parties to prove and calculate; and 

  
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	 	5.5.1.5	 the elements of such harm are expected to include, but may not be limited to: (1) lost or substantially
diminished revenues from contracts that cannot be performed fully (or at all), and business opportunities that cannot be realized or exploited fully (or at all); (2) substantial harm and damage to the reputation of MSG; (3) substantial harm to
the relationships of MSG with fans, advertisers and sponsors which, among other things, may adversely affect the ability to sell Project inventory (including, but not limited to, booking, announcing and ticketing of admissions, naming rights,
advertising, sponsorship, parking and concessions), and to renew sales of Project inventory, at the highest possible prices; (4) diversion of management time; and (5) loss of full and timely use of the Facility and its components to their
maximum potential from and after the Substantial Completion Date. 

  

	 	5.5.2	 In light of the acknowledgements set forth in Section 5.5.1, and including without
limitation, the difficulty in calculating precisely the damages that MSG would incur, the Parties have agreed that if Substantial Completion is not achieved by the Substantial Completion Date, Contractor shall pay to MSG (by direct payment or offset
at the election of MSG) the amounts set forth in Schedule I as liquidated damages, and not as a penalty. 

  

	 	5.5.3	 This Section 5.5 and Schedule I shall survive Final Completion or termination
of this Agreement. The Liquidated Damages are intended to be MSG’s sole and exclusive remedy for delay, including any failure by Contractor to achieve Substantial Completion on or before the Substantial Completion Date and/or the Long Stop
Completion Date, but shall not: (w) be deemed to cover the cost of completion of the Work; (x) limit any non-delay related damages resulting from Defective Work; (y) limit in any way MSG’s
remedies for any other non-delay related breach of this Agreement; or (z) in any way preclude MSG from terminating the Agreement pursuant to Article 18 of this Agreement. 

 

	 	5.5.4	 Contractor specifically acknowledges that the Liquidated Damages are: (1) a reasonable forecast of just
compensation for the harm that would be caused to MSG by the failure to achieve Substantial Completion by the Substantial Completion Date and/or the Long Stop Completion Date; (2) reasonable in light of the anticipated or actual harm to be
caused to MSG for such failure; (3) accepted practice in the construction industry; and (4) not intended as a penalty. 

ARTICLE 6 
 CHANGES IN THE WORK

  

	6.1	 Changes Directed by MSG. 

 

	 	6.1.1	 MSG may direct a change that would alter, add to or deduct from the scope of Work (each such change, a
“Change”) by submitting to Contractor a written request setting forth in reasonable detail the nature of the requested change (each such request, a “Change Request”). 

 

	 	6.1.2	 Promptly after receiving a Change Request from MSG (but in no event later than ten (10) Business Days
after receiving such Change Request), Contractor shall provide to MSG Contractor’s reasonable written estimate (a “Change Proposal”) of: (a) the impact of the Change Request, if any, on the Construction Schedule, the
Substantial Completion Date and the Long Stop Development Completion Date as demonstrated by critical path analysis; and (b) any effect of the Change Request on Contractor’s ability to comply with any of its obligations hereunder,
including any warranty obligations under the Contract Documents. 

  

	 	6.1.3	 The cost of the Change, if any, shall be determined in accordance with Schedule G.

  

	6.2	 Review of Change Proposal. 

 

	 	6.2.1	 Within seven (7) Days after receiving a Change Proposal in accordance with
Section 6.1.2, MSG shall: 

  

	 	6.2.1.1	 accept the Change Proposal and issue a Change Order to Contractor in accordance with
Section 6.5; 

  

	 	6.2.1.2	 notify Contractor that additional information is required for MSG to evaluate such Change Proposal;

  

	 	6.2.1.3	 issue a Construction Change Directive for that portion of the Change Proposal that MSG accepts; or

  

	 	6.2.1.4	 reject the Change Proposal. 

  
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	6.3	 Construction Change Directives. 

 

	 	6.3.1	 If: (a) a Change Proposal is rejected pursuant to Section 6.2.1.4; (b) the
Parties are unable to agree to a modification of such Change Proposal within five (5) Business Days of such rejection; and (c) the requested Change is generally consistent with the scope of services typically provided by similarly-situated
contractors for similar projects, then MSG shall have the right to direct Contractor to comply with such Change by delivering a signed, written notice to Contractor (a “Construction Change Directive”). 

 

	 	6.3.2	 MSG shall compensate Contractor on a
time-and-materials or unit rates basis in accordance with the compensation rates set forth in the Incentive Benchmark Amendment for the Work performed by Contractor in
connection with such Construction Change Directive that are undisputed by MSG. Upon receipt of a Construction Change Directive, Contractor shall promptly proceed with the Change involved. The amount of credit to which MSG is entitled for a Change
under a Construction Change Directive that results in a net decrease in the Incentive Benchmark shall be the actual net cost. When both additions and credits covering related Work or substitutions are involved in a Change, the allowance for overhead
and profit shall be figured on the basis of net increase, if any, with respect to that change. Contractor may submit in its Application for Payment only the cost of the changed Work not in dispute by MSG as set forth in the Construction Change
Directive. 

  

	 	6.3.3	 The Parties shall diligently negotiate in good faith and as expeditiously as possible to convert the
Construction Change Directive into final terms under a Change Order for the cost and schedule impact associated with the Construction Change Directive. 

  

	 	6.3.4	 [*****] 

  

	6.4	 Changes Requested by Contractor. 

 

	 	6.4.1	 If (a) Contractor considers that a direction by MSG constitutes a Change, or (b) Contractor considers
that a direction by MSG is likely to prevent Contractor from fulfilling any of its obligations, Contractor must notify MSG in what respect it considers the direction to involve a Change or that it is likely to prevent it from fulfilling its
obligations. Such notice must be given within ten (10) Business Days of the date of the direction and before Contractor proceeds with the direction and must contain sufficient detail for MSG to assess the request. If Contractor fails to submit
such notice as required, Contractor will not be entitled to submit any claim for a Change Order, recover as a Cost of the Work or be entitled to an adjustment to the Incentive Benchmark or to the Substantial Completion Date with respect to the
direction. 

  

	 	6.4.2	 Within thirty (30) Days of receipt of the notice in Section 6.4.1 above, and
which notice complies with the requirements of Section 6.4.1, MSG shall: 

  

	 	6.4.2.1	 issue a Change Order pursuant to Section 6.5; or 

 

	 	6.4.2.2	 issue a written response to Contractor of the reasons the request for a Change Order is unreasonable or explain
that additional information and time are necessary to make a determination regarding the request. 

  

	 	6.4.3	 [*****] 

  

	6.5	 Change Orders. 

 

	 	6.5.1	 Upon accepting a Change Proposal, MSG shall issue a formal change order setting forth: (a) the nature of
the Change; (b) an adjustment to the Incentive Benchmark (consistent with the adjustments set forth in such Change Proposal), if any; and (c) an adjustment to the Substantial Completion Date, if any, and the Long Stop Development
Completion Date, if any (a “Change Order”). All Change Orders shall be executed in writing by MSG and Contractor and shall be in the form attached hereto as Schedule J. All Change Order are subject to the Authorization Matrix
in Schedule O. 

  

	6.6	 Unauthorized Changes. 

 

	 	6.6.1	 No changes to the scope of Work, the Incentive Benchmark or the Substantial Completion Date shall be made, and
Contractor shall not be entitled to compensation with respect to such changes to the extent permitted by this Agreement, except in accordance with: (a) a duly issued Change Order executed by both MSG and Contractor; or (b) a Construction
Change Directive issued and signed by MSG. 

  
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	 	6.6.2	 Notwithstanding anything contained in the Contract Documents to the contrary, Contractor shall have no duty to
proceed with Changes issued by MSG pursuant to Section 6.1 to the scope of the Work until such time as there is a fully executed Change Order or Construction Change Directive executed by MSG. 

 

	6.7	 Change Orders Final. 

 

	 	6.7.1	 Contractor agrees that a Change Order constitutes the full and final adjustment for all direct and indirect
costs, delays, disruptions, inefficiencies, accelerations, schedule impacts, and other consequences arising from the event or Change that is the subject of the Change Order, as well as the cumulative effect of all Change Orders that have been made
up through the date of the Change Order, and that no further adjustments in compensation or time shall be sought or made with respect to such event, Change or cumulative effect. 

 

	6.8	 Unit Prices. 

  

	 	6.8.1	 If unit prices are stated in the Contract Documents or subsequently agreed upon, and if the quantities
originally contemplated are so changed in a proposed Change Order or Construction Change Directive that application of the agreed unit prices to the quantities of Work proposed will cause substantial inequity to MSG or Contractor, the applicable
unit prices shall be equitably adjusted. 

  

	6.9	 Accounting. 

  

	 	6.9.1	 Contractor and all Subcontractors affected by a Change Order or Construction Change Directive being charged on
the basis of costs incurred shall maintain itemized accounts showing all relevant charges and credits for additions to, deletions from, or other changes in the Work ordered by MSG which shall at all times be open to inspection by MSG, Project
Manager, and Architect. 

 ARTICLE 7 

SITE CONDITIONS AND SUBSURFACE CONDITIONS 
  

	7.1	 Site Conditions. 

 

	 	7.1.1	 Contractor represents that it has taken steps in accordance with the Standard of Care to ascertain the nature
and location of the Work, and that it (a) has investigated and satisfied itself as to the general and local conditions and constraints that are applicable to the Work, such as: (i) conditions bearing on access, transportation, disposal,
handling and storage of materials; (ii) the availability of labor, water, power and roads; (iii) normal weather conditions; (iv) physical conditions at, over and adjacent to the Site; (v) the surface conditions of the Site; and
(vi) the character of equipment and facilities needed prior to and during the performance of the Work; and (b) has reviewed all documentation and reports provided by or on behalf of MSG, together with documents, reports and other
information that are publicly available (collectively, the “Site Conditions”). 

  

	 	7.1.2	 Contractor acknowledges that during performance of the Preconstruction Agreement and LNTP, it was given the
opportunity to perform a thorough review of the Site Conditions referred to in Section 7.1 and the surrounding areas to familiarize itself with the conditions on, above and adjacent to the Site, consistent with the Standard
of Care. In the event Contractor failed to undertake such a thorough review of the type set out in this Section 7.1.2, Contractor shall be deemed to have known of those Site Conditions which a thorough review reasonably
would have detected 

  

	7.2	 Subsurface Conditions 

 

	 	7.2.1	 If Contractor encounters subsurface conditions that were not included in any geotechnical or other reports for
the Site provided by MSG and (x) differ materially from those actually known by Contractor on the date the Incentive Benchmark Amendment is executed or should have been known by a Contractor acting in accordance with the Standard of Care; and
(y) constitutes an unknown subsurface condition of an unusual nature that differs materially from those ordinarily found to exist in the location of the Site (the “Subsurface Conditions”), then Contractor shall notify MSG
promptly before the alleged Subsurface Conditions are disturbed, and in no event later than ten (10) Business Days after the first observance of the alleged Subsurface Conditions. 

 

	 	7.2.2	 If Contractor complies with the foregoing notice period and MSG and Project Manager agree that the encountered
condition is a Subsurface Conditions, Contractor shall be entitled to recover its actual additional costs as a Cost of the Work, as well as an adjustment to the Incentive Benchmark and the Substantial Completion Date pursuant to
Section 5.3 (to the extent the critical path has been impacted). 

  
 39 

 ARTICLE 8 

LIENS 
  

	8.1	 To the fullest extent permitted by law, Contractor shall not permit any laborer’s, materialmen’s,
mechanic’s or other similar liens to be recorded, filed or otherwise imposed on any part of the Work or the property on which the Work is performed by its Subcontractors except for any such laborer’s, materialmen’s, mechanic’s or
other similar liens filed or imposed on any part of the Work, or the real property on which the Work is situated, to the extent of MSG’s failure to pay Contractor amounts that are due and owing (and not disputed) in accordance with the Contract
Documents. 

  

	8.2	 If any such laborer’s, materialmen’s, mechanic’s, or other similar lien or claim is recorded or
filed and if Contractor does not cause such lien to be released or discharged (by payment, bonding or otherwise) within ten (10) Days after written notice from MSG, then MSG shall have the right to pay all sums necessary to obtain such release
or discharge and recover such sums from Contractor, including via setoff against amounts to be paid to Contractor. 

  

	8.3	 In the event a lien of any type is recorded or filed against the Work, or the real property on which the Work
is situated, MSG has the unconditional right to investigate the reason for said lien. If MSG exercises such right, then Contractor shall fully disclose the circumstances surrounding the lien, and Contractor shall require all Subcontractors to comply
with this requirement. Contractor shall immediately notify any bonding company or other surety, as applicable, of any lien. 

  

	8.4	 Contractor agrees to fully indemnify, defend and hold harmless the MSG Parties from and against any and all
Claims resulting from such lien, claim, security interest or other encumbrance. MSG may withhold from any undisputed amount due or to become due to Contractor an amount sufficient to remove and discharge such encumbrance until Contractor has removed
and discharged such encumbrance as required by this Article 8. 

  

	8.5	 If Contractor has not removed and discharged a lien, claim, security interest or other encumbrance covered by
this Article 8 within ten (10) Days after being notified of the same, MSG may cause the encumbrance to be removed and discharged, whereupon for purposes of this Agreement, all amounts reasonably paid to discharge the encumbrance and all
amounts reasonably incurred by MSG in connection with the encumbrance (including, but not limited to, reasonable attorney’s fees) shall be recoverable by MSG from Contractor, as a reimbursement or as a set off against amounts to be paid to
Contractor. 

  

	8.6	 Contractor’s obligations and MSG’s rights under this Article 8 shall not apply if the lien,
claim, security interest or other encumbrance is based upon an amount that MSG owes Contractor and which MSG has not paid Contractor (other than as a result of the payment being disputed). 

ARTICLE 9 
 OWNERSHIP OF
DOCUMENTS; ROYALTIES AND PATENTS 
  

	9.1	 Documents Prepared by or for Architect. 

 

	 	9.1.1	 Any and all Drawings and Specifications and other documents prepared by or for Architect in connection with the
Project, including reports, surveys, and electronic data, are the property of MSG. The Drawings and Specifications, and other documents prepared by Architect, and copies thereof furnished to Contractor, are for use solely with respect to this
Project and are not to be used by Contractor or any Subcontractor on other projects or for additions to this Project after Final Completion without the specific written consent of MSG. Contractor and Subcontractors are granted a limited license to
appropriately use and reproduce applicable portions of the Drawings and Specifications and other documents prepared by Architect for use in the execution of the Work. 

 

	 	9.1.2	 If Drawings and Specifications and other documents prepared by Architect contain a statutory copyright notice,
all copies made under this license shall also bear such statutory copyright notice. Submittal or distribution to meet official regulatory requirements or for other purposes in connection with this Project is not to be construed as publication in
derogation of MSG’s copyright or other reserved rights. 

  

	9.2	 Documents Prepared by or for Contractor. 

 

	 	9.2.1	 The drawings, specifications, design documents and other documents (collectively “Documents”) and any
computer tapes, disks, electronic data, or CAD files (collectively “Data”) prepared by Contractor alone or together with others in connection with performance of the Work, are instruments of service. Upon completion of the Work, or
termination of this Agreement, all of the Documents and Data shall become MSG’s property, along with any copyrights, patents or other property rights embodied therein, for marketing the Project, for the construction, maintenance, repair,
modification or expansion of the Facility, and for any other similar Project issues. 

  
 40 

	 	9.2.2	 In furtherance of the above, Contractor agrees to, and hereby does, unconditionally and irrevocably, transfer
and assign to MSG full and exclusive ownership of the Documents and Data and all rights in and to the same, including, without limitation, all patents, copyrights, trademarks, service marks and other intellectual property rights in the Documents and
Data. Contractor agrees that it shall obtain from each of its Subcontractors a written assignment of rights consent to transfer such Subcontractor’s intellectual property rights to effectuate the foregoing. Contractor shall not use, and shall
not grant to any other Person the right to use, any unique or distinctive architectural or aesthetic components of the Project on a different project. 

  

	 	9.2.3	 MSG and its Affiliates and assignees may utilize the Documents and Data for marketing the Project, for the
construction, maintenance, repair, modification or expansion of the Facility, and for any other similar Project purposes. In either circumstance, MSG’s (a) alteration of Contractor’s Work Product, or (b) use of the Documents or
Data, for other projects unrelated to the Project without the involvement of Contractor is at MSG’s sole risk and without liability or legal exposure to Contractor or anyone working by or through Contractor, and MSG agrees to indemnify, defend
and hold harmless Contractor and anyone working by or through Contractor from any such liability (including for reasonable attorneys’ fees). 

  

	 	9.2.4	 Notwithstanding anything to the contrary contained herein, all intellectual property of Contractor developed
during the usual course of its business or anyone working by or through Contractor including, but not limited to, any computer software (object code and source code), tools, systems, equipment or other information used by Contractor or anyone
working by or through Contractor in the course of performance of the Work hereunder, and any know-how, methodologies or processes used by Contractor or anyone working by or through Contractor in connection
with performance of the Work, including, without limitation, all copyrights, trademarks, patents, trade secrets and any other proprietary rights inherent therein and appurtenant thereto, that was developed prior to commencement, and independent, of
the Project (collectively referred to as the “Background Material”) shall remain the sole and exclusive property of Contractor or the applicable party working by or through Contractor. Contractor grants to MSG a perpetual, royalty-free, non-exclusive, sub-licensable and irrevocable right and license to use, modify, and copy such Background Material. 

 

	9.3	 Royalties and Patents. 

 

	 	9.3.1	 Subject to Section 9.3.2, Contractor shall defend and hold the MSG Parties harmless
from all Claims for infringement (whether actual or alleged) of any patent, copyright, or other intellectual property rights, or the use of the equipment or Materials furnished by Contractor pursuant to this Agreement, or the processes or action
employed by or on behalf of Contractor in connection with the performance of the Work and shall indemnify, save, and hold harmless the MSG Parties from Claims on account thereof. 

 

	 	9.3.2	 In instances where the Contract Documents mandate a particular design, process or the product of a particular
manufacturer or manufacturers, MSG shall pay all royalties and license fees and shall indemnify, save and hold harmless Contractor from all suits or claims for actual infringement of any patent, copyright, or other intellectual property rights on
account thereof (including for reasonable attorneys’ fees except insofar as MSG opts to assume the defense of such Claim). 

  

	 	9.3.3	 Notwithstanding the foregoing, if Contractor has reason to believe that a design, process or product required
by the Contract Documents infringes a patent, copyright, or other intellectual property rights, Contractor shall be responsible for promptly notifying MSG and Architect. 

 

	9.4	 Access. 

  

	 	9.4.1	 Project Manager, MSG and the Clerk of Works shall have access at all reasonable times to the Drawings and
Specifications, the Data and any non-confidential documents produced by Contractor, Subcontractors or Architect for this Project, including all reports, surveys or electronic data relating to this Project.

 ARTICLE 10 

SECURITY FOR PERFORMANCE AND PAYMENT 
  

	10.1	 Performance and Payment Bonds. 

 

	 	10.1.1	 Contractor shall procure from each Subcontractor (unless Contractor recommends and MSG approves an alternative
security arrangement for particular Subcontractors) a payment bond and a performance bond initially in the amount of the Subcontract amount and thereafter adjusted for Change Orders, each of which shall meet all statutory requirements of the State
of Nevada and the following specific requirements: 

  

	 	10.1.1.1	 Each bond shall be in a form acceptable to MSG and shall be properly completed. 

 

  
 41 

	 	10.1.1.2	 Each bond shall be executed by a responsible surety licensed in Nevada having policy holder ratings not lower
than “A” and financing ratings not lower than “X” under A.M. Best. The surety shall also be included in the most current version of the Department of Treasury’s Listing of Approved Sureties. 

 

	 	10.1.2	 Contractor shall require that all Subcontractors providing such bonds require the attorney-in-fact who executes the bonds on behalf of the surety to affix thereto a certified and current copy of such person’s power of attorney indicating the monetary
limit of such power. 

  

	 	10.1.3	 The following terms shall apply to such bonds (as the case may be): 

 

	 	10.1.3.1	 The performance bond shall be a multiple obligee bond under which both MSG and any Lender shall be obligees
under such bond. 

  

	 	10.1.3.2	 Upon execution of any Change Orders increasing the Subcontract amount, the applicable payment bond and the
performance bond shall each be increased in the amount that equals the increased Subcontract amount and each bond shall continue to comply with the requirements of this Section 10.1. 

 

	 	10.1.3.3	 There shall be no affiliation between Subcontractor and its bonding company. All performance bonds shall cover
all warranties and guarantees of Subcontractor. 

  

	 	10.1.3.4	 Upon the request of any Person appearing to be a potential beneficiary of bonds covering payment of obligations
arising under the Subcontract, Contractor shall promptly arrange for a copy of the bonds to be furnished to said Person. 

  

	 	10.1.3.5	 The cost of performance and payment bonds (or any alternative security approved by MSG under
Section 10.1.1) provided by Subcontractors pursuant to this Section 10.1 shall be considered a Cost of the Work. 

ARTICLE 11 
 SUBCONTRACTORS

  

	11.1	 Subcontracting—General. 

 

	 	11.1.1	 It is contemplated that substantially all of the Work will be carried out by Subcontractors and that those
Subcontractors will be procured by competitive sealed bidding or competitive negotiations. The Subcontractors will be engaged by Contractor pursuant to the Subcontracts. The Subcontract pricing will be based on a time and materials, fixed price or
unit price basis as selected by MSG prior to Contractor entering into the Subcontract. A Subcontract may reflect a combination of the foregoing pricing options, as selected by MSG. To the extent a Subcontract price is based on time and materials
and/or unit prices, each bid shall be fully transparent, with all component pricing being open book. 

  

	11.2	 Procurement of Subcontractor Bids. 

 

	 	11.2.1	 Contractor shall develop bidder interest in the Project and shall competitively bid the Work of the various
Subcontractors in accordance with an open, competitive procurement process and in accordance with the requirements of Applicable Law. Contractor shall structure the bidding process in a manner that is most advantageous to the Project, taking into
account all relevant factors including the Incentive Benchmark. The bidding for construction, equipment and Materials must be conducted so as to achieve maximum competition among qualified bidders in order to obtain the most reasonable price, but
only from responsive and responsible bidders that can ensure the successful completion of the Work. In the event there are insufficient bidders to create the competition required by MSG, as determined by MSG, Contractor shall seek bids from non-local bidders as well as non-union bidders, to the extent permissible by the terms of the PLA (if any) as mutually agreed upon by MSG and Contractor.

  
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	 	11.2.2	 Contractor shall be responsible for dividing the Work into the Bid Packages, so that all of the Bid Packages
taken together provide for the complete performance of the Work, without omissions or gaps, and so that obtaining bids from suitable potential Subcontractors is facilitated. Contractor shall develop and discuss with MSG and Project Manager lists of
suitable bidders who should be invited to bid on each Bid Package. Contractor shall not solicit bids from any Person to whom MSG or Project Manager has made reasonable and timely objection. In addition to Subcontractors MSG and Project Manager
approve from the foregoing list, Contractor shall solicit bids from any Subcontractor proposed by MSG or Project Manager unless Contractor has a reasonable objection to such proposed Subcontractor and provides MSG and Project Manager with a written
statement of such objection within seven (7) Days after MSG or Project Manager has proposed such Subcontractor. 

  

	 	11.2.3	 Contractor shall administer actual solicitation of bids from potential Subcontractors in accordance with the
timing and scheduling requirements of MSG and Project Manager. Unless MSG and Project Manager agree otherwise in writing, Contractor shall use best efforts to obtain bids from at least three (3) Subcontractors for Subcontracts where the
budgeted amount for the Subcontract is in excess of [*****]. Contractor shall open all quotes, bids and proposals submitted by potential Subcontractors in real time with MSG and Project Manager. 

 

	 	11.2.4	 Contractor shall carefully document its procedures for making available Bid Packages to potential bidders, the
contents of each Bid Package, discussions with bidders at any pre-bid meetings, bidders’ compliance with bid requirements, all bids received, Contractor’s evaluations of all bids, and the basis for
Contractor’s recommendation as to which bidders should be chosen. MSG and Project Manager shall be afforded access to all such records at all reasonable times so that, among other things, they may independently confirm Contractor’s
adherence to these requirements. 

  

	 	11.2.5	 Contractor shall develop for MSG’s and Project Manager’s review and approval pre-qualification criteria to be used in evaluating bidder suitability in each of the trade categories. Contractor shall prepare for MSG’s and Project Manager’s review and approval a “Request for Pre-Determination of Bidder Qualifications” based upon the approved pre-qualification criteria to be used to solicit bidder responses. 

 

	 	11.2.6	 With respect to any Work on which Contractor or any of its Affiliates shall bid in accordance with
Section 11.6, MSG and Project Manager shall approve both the pre-qualification criteria and the list of qualified bidders. 

 

	 	11.2.7	 Contractor shall procure a written statement from each bidder that “the bidder, being duly sworn on oath,
represents that he/she has not, nor has any other officer, director, representative, or agent of the bidder represented by him or her, entered into any combination, collusion or other anti-competitive agreement with any person relative to the price
to be bid by the bidder, or anyone, for the work or service, nor to prevent any person from bidding, nor to include anyone to refrain from bidding, and that this bid is made without reference to any other bid and without any agreement, understanding
or combination with any other person in reference to such bidding. He/she further represents that no person, company or corporation has received or will receive directly or indirectly, any rebate, fee gift, kickback, commission or thing of value on
account of such bid.” 

  

	11.3	 Analysis of Subcontractor Bids. 

 

	 	11.3.1	 All bids and responses shall be opened by Contractor in the presence of Project Manager and MSG, and will be
made available for review by MSG, Project Manager and Architect. 

  

	 	11.3.2	 All bids and responses shall be treated as confidential by the Project Development Team. Specifically,
Contractor shall assist MSG in evaluating all responses to the Request for Pre-Determination of Bidder Qualifications. Contractor shall receive bids and responses, prepare bid and response analyses and consult
with MSG, Project Manager, and Architect regarding the award of Subcontracts or rejection of bids. Bid analyses shall include, without limitation, a budget comparison with budget assumptions. 

 

	 	11.3.3	 Contractor shall award Work to Subcontractors based on the bid that represents the best value to the Project,
as determined by Contractor in its professional judgment after consultation with MSG, unless MSG or Project Manager objects to such bid within five (5) Business Days after receiving Contractor’s determination with respect to such bid.

  

	 	11.3.4	 If MSG timely rejects Contractor’s preferred bid and requests the selection of another bid, then
Contractor shall comply with such request so long as such other bid substantially complies with the bidding requirements, and shall not, as a result thereof, be entitled to an adjustment to the Incentive Benchmark or the Substantial Completion Date.

  
 43 

	 	11.3.5	 MSG may, in its reasonable discretion, reject any or all quotes, bids and proposals received for any Bid
Package, and may require Contractor to obtain new or revised quotes, bids or proposals. MSG must exercise this right within seven (7) Days of receiving the quote, bid or proposal. 

 

	 	11.3.6	 Contractor shall make no substitution for any Subcontractor previously selected without the consent of MSG.

  

	11.4	 Subcontracts With Subcontractors. 

 

	 	11.4.1	 Unless otherwise waived in writing by MSG, all Subcontracts with Subcontractors shall contain the following
provisions (which provisions do not form an exhaustive list); provided, however, that MSG and Contractor may agree that certain Subcontracts or types of Subcontracts (e.g., purchase orders) do not require the full extent of the following provisions:

  

	 	11.4.1.1	 a provision providing that MSG may, at reasonable times, request joint meetings with Contractor and
Subcontractor to discuss Subcontractor’s Work; provided, that in no event, prior to any assignment of the Subcontract to MSG, shall Subcontractor take instructions directly from MSG; 

 

	 	11.4.1.2	 a provision requiring all Work under such Subcontract to be performed in accordance with the Contract
Documents; 

  

	 	11.4.1.3	 a provision requiring the Subcontractor under such Subcontract to remove any employee or independent contractor
of such Subcontractor used in the performance of the Work or in such Subcontractor’s warranty obligations within ten (10) Business Days after receiving notice from MSG to remove such employee or independent contractor if: (a) MSG
determines that such employee creates a material risk: (i) that Substantial Completion will not be achieved by the Substantial Completion Date; or (ii) of non-performance by Subcontractor in
accordance with this Agreement; and (b) Subcontractor has not corrected such risk identified in clause (a) to the reasonable satisfaction of MSG during such ten (10) Business Day period; 

 

	 	11.4.1.4	 a provision requiring the Subcontractor to remove immediately upon written notice from MSG or Project Manager
(to be delivered to Subcontractor through Contractor) any employee or independent contractor of such Subcontractor used in the Work or in such Subcontractor’s warranty obligations if MSG makes a determination pursuant to
Section 3.12.3; 

  

	 	11.4.1.5	 a provision requiring that the Subcontractor warrant for at least one (1) year (or such longer period of
time as may be required in the Specifications) its work after the date of Substantial Completion of all Work; 

  

	 	11.4.1.6	 a provision requiring Subcontractor to promptly disclose to Contractor any defect, omission, error or
deficiency in the Drawings, Specifications or the Work of which it has knowledge; 

  

	 	11.4.1.7	 a provision requiring Subcontractor to maintain insurance in accordance with the Contract Documents;

  

	 	11.4.1.8	 a provision providing that the Subcontract with the Subcontractor shall be terminable for default or
convenience upon no more than ten (10) Days’ prior written notice by Contractor (provided that Contractor shall notify MSG prior to terminating any Subcontract), or, if the Subcontract has been assigned to MSG, by MSG, and if such
Subcontract is terminated before Substantial Completion of the Work for any reason, then the Subcontractor shall not be entitled to any amount, fee or profit, or compensation for lost profits, for Work not required to be performed;

  

	 	11.4.1.9	 requiring Subcontractor to comply with and pass down to sub-subcontractors the requirements of this Agreement;

  

	 	11.4.1.10	 requiring Subcontractor to comply with all Applicable Laws and maintain all files, records, accounts of
expenditures for Subcontractor’s portion of the Work to the standards required by the Contract Documents; and 

  

	 	11.4.1.11	 requiring Subcontractor to comply with the record retention and audit provisions set forth in
Section 13.16. 

  

	 	11.4.1.12	 that, if it comes to MSG’s attention that a Subcontractor has not been paid in a timely fashion (other
than for disputed amounts or Work for which MSG has not paid Contractor), and if Contractor fails to cure the non-payment within five (5) Days after MSG provides it written notice of the non-payment, MSG may make payments to the Subcontractor and Contractor by joint check; 

  
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	 	11.4.1.13	 that the Subcontractor shall not be entitled to payment for defective or nonconforming Work, Materials or
equipment, and shall be obligated promptly to repair or replace non-conforming Work, Materials or equipment at its own cost; 

 

	 	11.4.1.14	 requiring that Subcontractors promptly pay their sub-subcontractors and
Suppliers at lower tiers in accordance with Applicable Law, imposing upon the Subcontractors a duty to pay interest on late payments, and barring reimbursement for interest paid to lower tier Subcontractors due to a Subcontractor’s failure to
pay them in timely fashion; 

  

	 	11.4.1.15	 substantially similar to Sections 6.4.2 and 6.4.3, requiring that Subcontractors promptly respond
to change order requests from their sub-subcontractors and Suppliers at lower tiers. 

  

	 	11.4.1.16	 that the Subcontractor or Supplier is not in privity with MSG or Lessor and is not entitled to and shall not
seek compensation directly from MSG or Lessor on any third-party beneficiary, quantum meruit, or unjust enrichment claim, or otherwise; 

  

	 	11.4.1.17	 that the Subcontractor expressly makes the same representations as Contractor makes in
Section 3.3.4 as well as the representation that the Subcontractor is financially solvent, able to pay all debts as they mature, and possesses sufficient working capital to complete the Work and perform all obligations
under the Subcontract; 

  

	 	11.4.1.18	 that in the event of an assignment of the Subcontract pursuant to Section 11.5, MSG
shall only be responsible to the Subcontractor for those obligations that accrue subsequent to MSG’s exercise of any rights under this conditional assignment; 

 

	 	11.4.1.19	 that MSG is a third-party beneficiary of the Subcontract and is entitled to enforce any rights thereunder for
its benefit at any time. 

  

	 	11.4.2	 Contractor shall require each Subcontractor, to the extent of the Work to be performed by the Subcontractors,
to be bound to Contractor by the terms of the Contract Documents, and to assume toward Contractor all of the obligations and responsibilities, including the provisions governing the allowability of costs and including the responsibility for safety
of the Subcontractor’s Work, which Contractor, by the Contract Documents, assumes toward MSG. 

  

	 	11.4.3	 The forms of Subcontract and purchase orders attached hereto as Schedule N shall be Contractor’s
standard form Subcontract as amended for this Project and the requirements of this Agreement. Any material variations therefrom must be approved in writing in advance by MSG, said approval not to be unreasonably withheld. Contractor shall supply MSG
with copies of all executed Subcontracts including, to the extent requested by MSG, purchase orders. 

  

	11.5	 Conditional Assignment of Subcontracts with Subcontractors. 

 

	 	11.5.1	 Pursuant to this Agreement, Contractor has conditionally assigned to MSG all the rights, title and interest of
Contractor in, to and under any and all Subcontracts. The assignment is exercisable by MSG, at its election, in the event that: (a) MSG has exercised its right to terminate this Agreement due to a Contractor Event of Default, or (b) MSG
has exercised its right to terminate this Agreement for convenience pursuant to Section 18.6; or (c) Contractor has exercised its right to terminate this Agreement pursuant to Section 18.3.

  

	 	11.5.2	 Following any assignment, MSG may reassign Subcontracts to another contractor or any other Person, and such
assignee may exercise MSG’s rights under the Subcontracts. Each Subcontractor shall, upon written notice of MSG’s exercise by MSG of its rights of assignment (or the portion thereof applicable to the Materials, equipment or services being
furnished by such Subcontractor), continue to perform all of such Subcontractor’s obligations, covenants and agreements under such Subcontract for the benefit of MSG. 

 

	 	11.5.3	 To the extent Contractor has received payment from MSG for Work performed and/or Materials and labor supplied
by its Subcontractors prior to any such Subcontract assignments, Contractor remains responsible to pay any and all such Subcontractors for all Work performed and/or Materials and labor supplied to Contractor for the Work prior to the date of such
assignment unless MSG has elected to make such payment itself, in which case the amount of any such payment shall be paid by Contractor to MSG. When MSG takes assignment of a Subcontract, MSG assumes Contractor’s rights and obligations under
the Subcontract from the date of assignment but not for any Claims against Contractor. Notwithstanding the assignment, where MSG’s 

  
 45 

	 	
termination is for a Contractor Event of Default, MSG shall not be responsible for, or release Contractor from, any alleged performance failures that accrued or occurred prior to the date of
assignment and Contractor shall indemnify, defend and hold the MSG Parties harmless from and against any and all such Claims or performance failures. 

  

	 	11.5.4	 Each Subcontract entered into by Contractor in connection with the Work shall contain the consent of each
Subcontractor to the foregoing assignment and the agreement of each such Subcontractor that, upon written notice from MSG that it has assumed the Subcontract and exercised its rights under this Section 11.5 or portion
thereof applicable to the Materials, equipment or services being furnished by such Subcontractor, such Subcontractor, as so requested by MSG, shall continue to perform all of such Party’s obligations, covenants and agreements under
Subcontractor’s Subcontract with Contractor for the benefit of MSG. 

  

	11.6	 Self-Performed Work. 

 

	 	11.6.1	 Neither Contractor nor any of its Affiliates shall bid on any Bid Package unless MSG has given its express
prior written approval. If MSG does approve such bidding by Contractor or any of its Affiliates, Contractor, or its Affiliates, shall be permitted to submit a sealed bid for such Work pursuant to the competitive bidding procedures applicable to all
bidders. Also, in such instance, the opening, review and advice with respect to award and/or rejection of such bids shall be handled solely by MSG and Project Manager. The following requirements shall also apply if Contractor or its Affiliates
desire to bid on a Bid Package: 

  

	 	11.6.1.1	 Contractor or its Affiliate shall review the Work included in such Bid Package (including the bid packaging
plan) with MSG and Architect prior to finalizing the Bid Package; 

  

	 	11.6.1.2	 there shall be a strict separation of the personnel of Contractor or its Affiliate involved with bidding on
such Work and Contractor’s other personnel involved in the Project, and Contractor shall, by written policy distributed to all affected personnel (a copy of which shall be delivered to MSG), strictly prohibit any communication prior to bid
award among personnel involved with the estimating, bidding, management or other services in connection with such Work and personnel working on other aspects of this Project pursuant to this Agreement (other than such communication as is permitted
by all bidders); 

  

	 	11.6.1.3	 if less than two other bids from responsible bidders are submitted for such Work, MSG, at its option, may
disqualify Contractor or its Affiliate from award of the bid for such Work and, in MSG’s discretion, may cause the Bid Package with respect to such Work to be re-bid; 

 

	 	11.6.1.4	 Contractor shall not participate in the analysis and/or recommendations with respect to the award of any
Subcontract for such Work, and all inquiries shall be forwarded to MSG or Project Manager; 

  

	 	11.6.1.5	 Contractor or its Affiliate shall not, in its bid, use any of the General Conditions Work to support such Work
or use the General Conditions Work for such Work, on any terms or conditions different from the terms or conditions on which such General Conditions Work are made available to all other bidders; and 

 

	 	11.6.1.6	 the solicitation for bids for such Work shall specifically state that Contractor or its Affiliate shall have
the right to submit a sealed bid on such Work. 

  

	 	11.6.2	 If the foregoing procedures are not strictly followed, then MSG shall have the right to reject the bid of
Contractor or its Affiliates for such Work. Any rejection of a bid or required re-bid under this Section 11.6 shall not be the basis for recovery as a Cost of the Work or an
adjustment to the Incentive Benchmark or the Date for Substantial Completion or the Long Stop Completion Date. 

  

	11.7	 [*****] 

ARTICLE 12 
 WORK BY MSG OR BY
SEPARATE CONTRACTORS 
  

	12.1	 MSG’s Right to Perform Work and to Award Separate Contracts. 

 

	 	12.1.1	 MSG reserves the right to perform work related to the Project with MSG’s own forces, and to award separate
contracts in connection with other portions of the Project or other work on the Site. 

  
 46 

	 	12.1.2	 When separate contracts are awarded for different portions of the Project or work on the Site, the term
“Contractor” in the Contract Documents with respect to such portions of the Project or other work shall mean the Separate Contractor who executes each separate contract with MSG. 

 

	 	12.1.3	 If Separate Contractors are retained by MSG to perform work at the Project, the Separate Contractors shall be
required to comply with Contractor’s safety program and Site security requirements. The requirements under this Section 12.1.3 shall be included by MSG in any agreements with Separate Contractors performing work at the
Project. 

  

	12.2	 Mutual Responsibility. 

 

	 	12.2.1	 This Section 12.2 is without limitation of Section 2.1.
Contractor shall coordinate performance of the Work by the Contractor Parties with the work of MSG’s Separate Contractors so as to minimize delay or disruption to the Work. Contractor shall afford Separate Contractors reasonable opportunity for
the introduction and storage of their materials and equipment on Site and for the execution of their services, and shall properly connect and coordinate the Work with the services of such Separate Contractors. 

 

	 	12.2.2	 If any part of the Work depends upon the proper performance of work of any Separate Contractor, Contractor
shall, prior to proceeding with that portion of the Work, inspect and measure the work of the Separate Contractor and promptly report to MSG and Project Manager any apparent discrepancy or defects in such other work that are actually discovered by
Contractor. Contractor’s failure to inspect and make such report shall constitute an acceptance of the Separate Contractor’s work as fit and proper for the proper execution of the Work by Contractor, except for latent or concealed defects.

  

	 	12.2.3	 Contractor shall reimburse MSG for costs MSG incurs that are payable to a Separate Contractor because of
Contractor’s delays, improperly timed activities or defective construction; provided, however, that the Separate Contractors have fulfilled their obligations to coordinate their work pursuant to the terms of their separate contracts. MSG shall
be responsible to Contractor for costs Contractor incurs because of a Separate Contractor’s delays, improperly timed activities, damage to the Work or defective construction; provided, however, that Contractor has fulfilled its obligations to
coordinate performance of the Work pursuant to Section 12.2.1. 

  

	 	12.2.4	 If a Contractor Party causes damage to the Work or the property of MSG or the work on property of a Separate
Contractor, then, notwithstanding any builder’s risk insurance, Contractor shall promptly remedy such damage as provided in Section 14.2; provided, however, that nothing herein prevents either Party’s right to
recover the proceeds from insurance. 

  

	 	12.2.5	 If any Separate Contractor sues or initiates a court proceeding against any MSG Party on account of any delay,
damage or loss alleged to have been caused by a Contractor Party, then MSG shall notify Contractor, who shall defend such proceedings at Contractor’s expense, and if any judgment or award against an MSG Party arises therefrom, then Contractor
shall pay or satisfy the portion of such judgment or award attributable to the delay, damage or loss determined to have been caused by a Contractor Party, and Contractor shall reimburse the MSG Party for attorneys’ fees and costs for defending
any action and court or arbitration costs which the MSG Party has incurred as a result of a delay, damage or loss determined to have been caused by a Contractor Party; provided, however, that Contractor’s liability with respect to any
such indemnification obligations shall be reduced to the extent the MSG Party actually receives proceeds from the builder’s risk or any other applicable insurance maintained with respect to the Project. 

 

	12.3	 Changes to Construction Schedule. 

 

	 	12.3.1	 MSG shall have the right to direct a postponement or rescheduling of any date or time for the performance of
any part of the Work that may interfere with the operations of Separate Contractors or MSG’s agents or employees. Contractor shall, upon request by MSG or Project Manager, reschedule any portion of the Work affecting Separate Contractors.
Contractor may be entitled to an equitable adjustment to the Substantial Completion Date and Incentive Benchmark in connection with any such postponement, rescheduling, or performance of the Work under this Section 12.3.

  

	12.4	 MSG’s Right to Clean Up. 

 

	 	12.4.1	 If a dispute arises between Contractor and Separate Contractors as to their responsibility for cleaning up as
required by Section 3.20, MSG may clean up and allocate the cost thereof among those responsible therefor as MSG reasonably determines to be just. 

  
 47 

 ARTICLE 13 

PAYMENTS AND COMPLETION 
  

	13.1	 Payment Process. 

 

	 	13.1.1	 Contractor shall submit its Application for Payments to and receive payment from MSG as set forth in this
Article 13. 

  

	 	13.1.2	 With regard to its Subcontractors, Contractor will be utilizing the Textura-CPMTM payment management system. All Applications for Payment and supporting documentation (including but not limited to lien waivers, sworn statements, and the like) for Subcontractors shall be in
electronic format and shall be submitted to Contractor using the Textura-CPMTM payment management system. Throughout the performance of the Work and for a period of three (3) years after
Final Completion of the Work, Contractor shall provide MSG online access to the Textura-CPMTM payment management system including for purposes of reviewing the Subcontractors’ payment
submissions, together with all supporting documentation, and reviewing the status of payments to Subcontractors generally. Fees directly attributable to the use by Contractor and its Subcontractors of the Textura-CPMTM payment management system on the Project are recoverable as a Cost of the Work; provided, however, that (a) MSG shall not be charged any incremental cost for MSG’s or MSG’s
representatives’ use of the Textura-CPMTM payment management system, and (b) Contractor shall not be entitled to recover any Fee on such Cost of the Work. 

 

	13.2	 Schedule of Values. 

 

	 	13.2.1	 Before the first Application for Payment, Contractor shall submit to MSG and Project Manager a Schedule of
Values allocated to the various portions of the Work, prepared in the form required by the Agreement and the Specifications. The Schedule of Values shall be prepared in such form and supported by such data to substantiate its accuracy as MSG and
Project Manager may require. This Schedule of Values, unless objected to by Project Manager or MSG, shall be used only as a basis for reviewing Contractor’s Applications for Payment. 

 

	 	13.2.2	 The Schedule of Values: 

 

	 	13.2.2.1	 shall be prepared in such a manner that each major item of Work is shown as a single line item;

  

	 	13.2.2.2	 shall allocate the entire Incentive Benchmark among the various portions of the Work, except that each of the
Contractor’s Fee, the General Conditions Costs, the General Requirements Expenses and all Allowances, shall be shown as a single, separate item. Contractor will provide a listing of the Work items and the code costing items to be shown on the
Schedule of Values, which listing shall meet the approval and shall be subject to revision by MSG and Project Manager. 

  

	13.3	 Progress Payments; Applications for Payment. 

 

	 	13.3.1	 The period covered by each Application for Payment shall be one calendar month ending on the last Day of the
month. 

  

	 	13.3.2	 On or before the twenty-fifth (25th) Day of each month (or if the twenty-fifth (25th) Day is a weekend, the
first Business Day thereafter), Contractor shall submit to MSG, Project Manager and Architect a pencil draft Application for Payment for the then current month, together with the required supporting data, for the Work performed and expected to be
performed through the end of the then current month. Contractor shall revise the pencil draft Application for Payment based on any comments received from Project Manager or MSG and submit the final Application for Payment by the first (1st) Day of
the following month (or if the first (1st) Day is a weekend, the first Business Day thereafter) to MSG and Project Manager, together with the required supporting data, for all Work performed through the end of the previous month.

  

	 	13.3.3	 Applications for Payment shall not include requests for payment for portions of the Work for which Contractor
does not intend to pay a Subcontractor, unless such Work has been performed by others whom Contractor intends to pay in lieu of the original Subcontractor. Applications for Payment shall be reflective of all taxes specified in
Section 4.8.1.4. Contractor shall not submit for Project Manager’s and MSG’s review and approval any Application for Payment which is incomplete, inaccurate or lacks the detail, specificity or supporting
documentation required in this Agreement. 

  
 48 

	 	13.3.4	 Unless otherwise provided in the Contract Documents, payments shall be made on account of Materials and
equipment to be incorporated into the Work when advance procurement of such Materials and equipment is needed to maintain the sequence of the Work and such Materials and equipment have been delivered to and safely stored and protected at the Site.
Payments may similarly be made for such Materials or equipment suitably stored and protected at a location other than the Site if and only to the extent that MSG has first approved in writing the storage of such Materials and equipment at such other
location, with such approval being conditioned on Contractor’s representation that (a) Contractor has inspected the Material and found it to be free from defects and otherwise in conformity with the Contract Documents; and (b) the
Materials are insured, under the builder’s all risk policy or otherwise. Payments for Materials or equipment stored on or off the Site in accordance with this Section 13.3.4 shall be conditioned upon submission by
Contractor of bills of sale or such other procedures satisfactory to MSG to establish MSG’s title to such Materials or equipment and to otherwise protect MSG’s interest therein and to provide MSG with a perfected first priority security
interest in such Materials or equipment to the extent MSG’s title in such Materials or equipment is deemed to create a security interest or is otherwise sufficient to secure MSG’s absolute right and title to such Materials and equipment,
including applicable insurance and transportation to the Site for those Materials and equipment stored off the Site. 

  

	 	13.3.5	 Without limiting its obligations pursuant to Section 14.2.4, Contractor shall bear
the risk of loss of such Materials and equipment at all times while such Materials and equipment are stored off the Site and during transportation to the Site, and Contractor shall be responsible for the proper care, storage, preservation,
protection and (to the extent required by this Agreement) insurance of all such Materials and equipment. Materials and equipment stored off the Site shall be appropriately tagged and segregated in order to further protect MSG’s interest therein
prior to delivery thereof to the Site. To the extent MSG has paid Contractor for such Materials and equipment, Contractor hereby absolutely and unconditionally guarantees to MSG delivery of all Materials and equipment stored off the Site as
aforesaid, free and clear of all liens and encumbrances, and Contractor shall indemnify, defend and hold harmless the MSG Parties from and against all Claims arising or resulting, directly or indirectly, from such storage of Materials and equipment off-the Site or from the failure of any such Subcontractor, materialman or Supplier to deliver such Materials and equipment to MSG as and when called for by MSG or Contractor. Contractor waives and releases any
Claims it may have against MSG, either directly or indirectly (including through any right of subrogation), for damage to, destruction of, or loss of, Materials or equipment stored off the Site. Nothing in this
Section 13.3.5 is intended to prevent either Party’s rights to recover the proceeds of insurance. 

  

	 	13.3.6	 Contractor warrants and guarantees that title to all Work, Materials, and equipment covered by an Application
for Payment, regardless of whether then incorporated in the Project, will, and such title shall, pass to MSG free and clear of all liens, claims, security interests or encumbrances (other than any statutory liens arising as an operation of law) no
later than the time of payment for such Work, Materials, or equipment. 

  

	 	13.3.7	 Contractor further warrants that upon submittal of an Application for Payment, all Work for which Certificates
for Payment have been previously issued and paid shall, to the best of Contractor’s knowledge, information and belief, be free and clear of liens, claims, security interests or encumbrances in favor of Contractor, Subcontractors, or other
persons or entities making a claim by reason of having provided labor, Materials and equipment relating to the Work. 

  

	 	13.3.8	 Without MSG’s prior written consent, Contractor shall not: (x) remove any Materials or equipment from
the Site; or (y) attempt to sell, donate, lease or otherwise convey to itself or a third party title in any Materials or equipment that: (i) constitute a portion of the Work; (ii) are the property of MSG; or (iii) existed at the
Site prior to Contractor’s commencement of the Work. 

  

	 	13.3.9	 Nothing in this Section 13.3 shall be construed as relieving Contractor of any
obligation or liability with respect any Work for which payment has been made, or any obligation to restore any damaged Work that may exist, or as a waiver of the right of MSG to require the fulfillment of any requirement of the Contract Documents.
Regardless of payment hereunder, until any item of Work, any Material, or any piece of equipment is accepted by MSG in accordance with the express terms of this Agreement, Contractor shall have custody over such item of Work, such Material, or such
piece of equipment, as applicable, and shall bear the risk of loss with respect thereto, except to the extent of any insurance proceeds received by MSG in connection with any such loss. 

  
 49 

	 	13.3.10	 At the request of MSG from time to time, Contractor shall provide a written statement to MSG for the benefit of
Project Manager, Architect and MSG that sets forth the total estimated cost of all remaining Work that needs to be completed to achieve Final Completion with respect to the entire Work. Such statement shall contain sufficient information to allow
Project Manager, Architect and MSG to reasonably determine whether or not the Work can be completed for the remaining unpaid portion of the Incentive Benchmark. No such statement shall relieve Contractor of its obligations to complete the Work by
the Substantial Completion Date. 

  

	 	13.3.11	 Documents to be Submitted with Each Application for Payment. Contractor shall include the following with
each Application for Payment, together with any other information and documentation as may be reasonably requested by MSG: 

  

	 	13.3.11.1	 (a) a conditional waiver and release of lien upon progress payment from Contractor, in the form attached hereto
as Schedule M, in the total amount of the progress payment being requested; (b) a conditional waiver and release of lien upon progress payment from each Subcontractor (and sub-subcontractors) with
a Subcontract value of Fifty Thousand Dollars ($50,000.00) or more, in the form attached hereto as Schedule M, for the amount sought by Contractor for each Subcontractor; (c) an unconditional waiver and release of lien upon progress
payment from Contractor, in the form attached hereto as Schedule M; and (d) an unconditional waiver and release of lien upon progress payment from each Subcontractor (and sub-subcontractors)
with a Subcontract value of Fifty Thousand Dollars ($50,000.00) or more, in the form attached hereto as Schedule M. For the avoidance of doubt, the foregoing threshold for Subcontractor lien waivers and releases does not limit
Contractor’s obligations pursuant to Article 8; 

  

	 	13.3.11.2	 a sworn statement listing: (a) the names, addresses, and federal taxpayer identification numbers of all
parties furnishing materials, labor or services in connection with the Work, (b) the materials, labor or services to be furnished by each such party; (c) the amounts actually paid to each party furnishing materials, labor or services;
(d) the amounts due or to become due to each such party; (e) the taxes required to be paid pursuant to Section 4.8.1.4 (and that such taxes are reflective of all the taxes required to be paid), and (f) a
statement that said sworn statement is made in order to induce MSG to make the payment requested; 

  

	 	13.3.11.3	 payrolls, petty cash accounts, receipted invoices or invoices with check vouchers attached, and any other
evidence reasonably required by MSG to demonstrate that cash disbursements already made by Contractor on account of Cost of the Work, including those made prior to the execution of the Incentive Benchmark Amendment, equal or exceed:
(a) progress and other payments already received by Contractor, including those made prior to the execution of the Incentive Benchmark Amendment; less (b) that portion of those payments attributable to Contractor’s Fee;
plus (c) payrolls for the period covered by the present Application for Payment; plus (d) retainage withheld in accordance with Section 13.9, if any, applicable to prior progress
payments (including any retainage withheld prior to the execution of the Incentive Benchmark Amendment), less back-charges or other credits or offsets for Contractor pursuant to Subcontracts; 

 

	 	13.3.11.4	 a statement by Contractor certifying that, to the best of its information and belief no Subcontractor has a
Claim or has asserted a Claim arising from or in connection with the Work, other than any Claim that has been fully paid and duly released or is included in the current Application for Payment, or, if Contractor knows or believes that there present
facts or circumstances that could give rise to a Claim or that a Claim has been or may be asserted or made, the statement shall disclose the estimated amount of any potential Claim and/or disclose the Claim to the extent known by stating the name of
the claimant or potential claimant, a description of the Work for which payment is claimed and the amount of such Claim if known; 

  

	 	13.3.11.5	 an updated Schedule of Values showing all committed Subcontracts and expenses to date;

  

	 	13.3.11.6	 a copy of the application for payment from each Subcontractor for whom payment is being sought; and

  

	 	13.3.11.7	 permit logs, insurance logs (for Contractor and Subcontractors of all tiers) and logs showing receipt of the
lien waivers required by Section 13.16.4. 

  
 50 

	 	13.3.12	 Incomplete/Uncertified Applications for Payment. Only that portion of an Application for Payment that is
supported by the documentation required under Section 13.3.11 shall be processed for payment. No payment on the account of any Application for Payment shall be made until MSG has approved and Project Manager has issued a
Certificate for Payment with respect to such Application for Payment or a portion thereof. A complete and certified Application for Payment, or a portion thereof, shall be referred to as an “Approved Application for
Payment.” 

  

	13.4	 Certificates For Payment. 

 

	 	13.4.1	 Following assessment of the Application for Payment by MSG, Project Manager will, within twelve (12) Days
after the receipt of the Application for Payment: (a) issue a Certificate for Payment to MSG for distribution to Contractor for such amounts as Project Manager and MSG have determined are properly due; and/or (b) notify Contractor of the
reasons for withholding certification of all or a portion of the payments requested in such Application for Payment in accordance with Section 13.6. In the event that Project Manager issues a Certificate for Payment to MSG,
MSG will make payment to Contractor of the amounts determined to be properly due and payable (and not disputed) within nine (9) Days of receipt of the Certificate for Payment. 

 

	 	13.4.2	 Upon direction from MSG, Project Manager may withhold a Certificate for Payment in whole or in part or, because
of subsequently discovered evidence, may nullify in whole or in part a Certificate for Payment previously issued, in each case to the extent reasonably necessary to protect MSG from loss or damage for which Contractor is responsible.

  

	13.5	 Calculation of Progress Payments. 

 

	 	13.5.1	 Subject to other provisions of the Contract Documents and the reconciliation set forth in the Incentive
Benchmark Amendment, the amount of each progress payment after the Incentive Benchmark Amendment is executed shall be computed as follows: 

  

	 	13.5.1.1	 Take the Cost of the Work for the Work performed during the month prior to the Application for Payment being
submitted. 

  

	 	13.5.1.2	 Add a portion of the Contractor’s Fee based on the formula set forth in Schedule E-1. 

  

	 	13.5.1.3	 Subtract the shortfall, if any, indicated in the documentation required by
Section 13.3.11 to substantiate prior Applications for Payment, or resulting from errors subsequently discovered by MSG in such documentation. 

 

	 	13.5.1.4	 Subtract amounts, if any, for which MSG is entitled to withhold or offset payment under the Contract Documents.

  

	 	13.5.1.5	 Subtract retainage in accordance with Section 13.9. 

 

	13.6	 Withholding. 

  

	 	13.6.1	 In addition to the retention permitted to be withheld pursuant to Section 13.9, MSG
may withhold the whole or any part of any payment to the Contractor to such extent as MSG reasonably deems necessary to protect it from loss as a result of: 

  

	 	13.6.1.1	 incomplete, defective or damaged Work not remedied or the failure to pay amounts with respect thereto;

  

	 	13.6.1.2	 Contractor back charges; 

 

	 	13.6.1.3	 claims filed or reasonable evidence indicating probable filing of claims, including lien claims, involving or
arising out of the Work under the Agreement; 

  

	 	13.6.1.4	 damage to Separate Contractors’ work; 

 

	 	13.6.1.5	 damage to property for which Contractor or any Subcontractor is responsible; 

 

	 	13.6.1.6	 liens arising in connection with the Work (other than as a result of MSG’s failure to pay an undisputed
amount hereunder); 

  

	 	13.6.1.7	 failure of Contractor to make payments when due to Subcontractors; 

 

	 	13.6.1.8	 reasonable insecurity regarding Contractor’s intention or ability to continue with the proper and timely
performance of the Work; 

  
 51 

	 	13.6.1.9	 failure of Contractor to perform or comply with any of its material obligations under the Contract Documents;

  

	 	13.6.1.10	 expenses arising from frivolous claims asserted by Contractor against MSG; or 

 

	 	13.6.1.11	 an Application for Payment that is not adequately supported. 

 

	 	13.6.2	 In the event that MSG intends to withhold any amount from a payment that is otherwise properly due and payable
(and not disputed) under this Agreement, including for the purpose of withholding retention, MSG will, in accordance with Section 13.6.1, provide written notice to Contractor, on or before the date the payment is due, of
the amount to be withheld with a reasonably detailed explanation of the condition(s) or reason(s) for the withholding with a specific reference to the Agreement, Contract Documents, or Applicable Laws with which Contractor has failed to comply.

  

	 	13.6.3	 Upon receipt of a written notice in accordance with Section 13.6.2, Contractor may
within five (5) Business Days: 

  

	 	13.6.3.1	 give MSG a written notice that it disputes in good faith and for reasonable cause the amount withheld or the
conditions for withholding; or 

  

	 	13.6.3.2	 correct any condition or reason for withholding described in MSG’s notice of withholding and thereafter
provide written notice to MSG of the correction of the condition or reason for withholding. The notice of correction must be sufficient to identify the scope and manner of the correction of the condition or reason for the withholding and be signed
by an authorized representative of Contractor. 

  

	 	13.6.4	 If MSG receives a notice of correction pursuant to Section 13.6.3 above, MSG shall
within five (5) Business Days: 

  

	 	13.6.4.1	 pay Contractor the amount withheld for that condition or reason for the withholding as part of the next payment
application that is due to Contractor; or 

  

	 	13.6.4.2	 object to the scope and manner of the correction of the condition or reason for the withholding on or before
the date the next payment is due to Contractor, in a written statement which sets forth the condition or reason for the objection and which complies with Section 13.6.2. 

 

	 	13.6.5	 If MSG objects to the scope and manner of the correction of a condition or reason for the withholding, MSG
shall nevertheless pay to Contractor, together with payment to be made pursuant to Contractor’s next Application for Payment, the amount withheld for the correction of the conditions or reasons for the withholding to which MSG no longer
objects. 

  

	 	13.6.6	 If MSG receives a written notice pursuant to Section 13.6, then MSG shall respond in
writing to the written notice on or before the date the following Application for Payment is due. 

  

	 	13.6.7	 If MSG makes a timely objection in accordance with Section 13.6.4.2 or
Section 13.6.6, and continues to withhold payment, Contractor may pursue its rights pursuant to Articles 22 and 23 of this Agreement. 

 

	 	13.6.8	 MSG may also at any time on written notice to Contractor offset against any payment due to Contractor under the
Agreement any amount due from Contractor to MSG under this Agreement. 

  

	13.7	 Contractor’s Use of Payments. 

 

	 	13.7.1	 Contractor shall promptly pay its Subcontractors for all labor, services, equipment, Materials, supplies and
other items acquired, performed, furnished or used in connection with the performance of the Work: (1) within thirty (30) Days after the date the Subcontractor submits an Application for Payment to Contractor; or (2) within ten
(10) Days after the date Contractor receives payment from MSG for all or a portion of the Subcontractor’s Work; whichever is earlier. 

  

	 	13.7.2	 Contractor acknowledges and agrees that all payments made by MSG to Contractor are trust funds for the benefit
of all persons or entities that have performed Work or labor, supplied services or supplied Materials for Contractor in connection with the Work. 

  
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	13.8	 Late Application for Payment. 

 

	 	13.8.1	 If a final (i.e., not pencil) Application for Payment for a month is received by Project Manager or MSG after
the date required by Section 13.3.2, then MSG shall pay Contractor all amounts, less any amount subject to withholding, relating to such Application for Payment no later than thirty (30) Days after Project Manager and
MSG receive such Application for Payment. 

  

	13.9	 [*****] 

  

	13.10	 [*****] 

  

	13.11	 Interest. 

  

	 	13.11.1	 Payments of undisputed amounts unpaid under this Agreement shall, from the date that is thirty (30) Days
after an undisputed payment is due and until payment is made, bear simple interest at an annual rate equal to the prime rate of interest reported by The Wall Street Journal (or if more than one such rate is reported, by the average of such rates),
plus one percent (1%), or the maximum rates permitted by law, whichever is less. 

  

	13.12	 Payment Not Evidence. 

 

	 	13.12.1	 Neither a Certificate for Payment nor a progress payment, nor any partial or entire use or occupancy of the
Work prior to Substantial Completion of the Work, shall constitute an acceptance by MSG of any Work that is not in accordance with the Contract Documents. MSG may make payments to Contractor on a “without prejudice” basis, including to
facilitate the continued performance of the Work by Contractor and its Subcontractors, and any such payment made on an expressly “without prejudice” basis shall constitute a full reservation of MSG’s right to (a) later re-assess and/or dispute such payment (in part or in whole) including payments agreed to in a Change Order; and (b) adjust the Certificate for Payment of future payments to accommodate the re-assessed and/or disputed portion or whole of one or more previous invoices. 

  

	 	13.12.2	 Upon any Contractor Event of Default under the Contract Documents, the Parties agree that MSG may, at its sole
option, make payments due under any Application for Payment by joint check to Contractor and to any Subcontractor to whom Contractor has failed to make payment at the time of the default for Work properly performed or Material or equipment suitably
delivered and covered by such Application for Payment. 

  

	13.13	 [*****] 

  

	13.14	 Audit Rights. 

 

	 	13.14.1	 Contractor shall cause all files, records and accounts of expenditures for Materials, equipment, employees and
Subcontracts and the like and other costs of rendering services or performing Work hereunder to be available for review (in hard copy or electronic format) in Las Vegas, Clark County, Nevada. Such records shall be kept on the basis of
generally-accepted accounting principles (“GAAP”) and in accordance with the Contract Documents. Contractor will furnish MSG with statements of such expenditures, together with complete documentary back-up therefor, on a monthly
basis. Contractor shall give MSG and its representatives access to all financial information, materials and data and all labor-related records, reports and data related to the Project (together, “Records and Reports”). Such Records
and Reports shall include, with respect to each Reporting Person, evidence according to GAAP that sufficiently and properly reflects all costs and expenditures of any nature incurred by MSG or any Person in connection with the Project. For the
purposes of this Section 13.14, each Person obligated to maintain Records and Reports as provided herein is referred to as a “Reporting Person”. 

 

	 	13.14.2	 MSG, or MSG’s representatives, shall have full access, within five (5) Business Days of a request,
during regular business hours to all Records and Reports for the purpose of auditing Contractor’s compliance with the Agreement. Such Records and Reports shall be made available at the Reporting Person’s local place of business or at
another location in Clark County, Nevada. Subject to Section 13.14.4, MSG shall pay the cost of copying any Records and Reports. MSG and MSG’s representatives shall have reasonable access to the Reporting Person’s
facilities, shall be allowed to interview all current employees of the Reporting Person to discuss matters pertinent to the performance of the audit, and shall have adequate and appropriate work space in order conduct audits in accordance with the
Agreement. Records and Reports subject to audit shall also include: (x) those records and documents necessary to evaluate and verify direct and indirect costs (including overhead allocations) as they may apply to costs associated with the
Project; and (y) any other records of the Reporting Person that may have a bearing on matters related to the Agreement or the Reporting Person’s dealings with MSG to the extent necessary to adequately permit evaluation and verification of
Contractor’s and each of its Subcontractors’ compliance with the requirements of this Agreement and Applicable Law. 

  
 53 

	 	13.14.3	 [*****] 

  

	 	13.14.4	 All Records and Reports shall be retained by each Reporting Person for five (5) years after Final
Completion. If any litigation, claim or audit relating to any Records and Reports is commenced prior to the expiration of the foregoing five (5) year period, then the affected or related Records and Reports shall be maintained by the Reporting
Party until all litigation, claims or audit findings involving the Records and Reports have been resolved. 

  

	 	13.14.5	 In those situations where records have been generated from computerized data (whether mainframe, mini-computer,
or PC based computer systems), MSG, or MSG’s representative, shall be provided with extracts of data files in computer readable format on data disks or suitable alternative computer exchange formats. 

 

	13.15	 Substantial Completion. 

 

	 	13.15.1	 When Contractor considers the Work (or portions thereof) to have achieved Substantial Completion, Contractor
shall so notify Project Manager and MSG in writing and prepare for Project Manager and MSG: (a) a Punchlist; and (b) a schedule for completing all Punchlist Items on such Punchlist. 

 

	 	13.15.2	 Contractor shall develop, in conjunction with MSG and Project Manager, a schedule setting forth anticipated
dates for inspections of the Work by MSG, Project Manager and Architect in order to determine Substantial Completion of the Work and agree upon the Punchlist Items and the schedule for their completion. Architect, Project Manager and MSG shall
inspect the Work. If, after making such inspection, Architect, Project Manager and MSG determine that the Work has not achieved Substantial Completion or that previously scheduled Punchlist Items have not been completed, then Contractor shall
complete or rectify the elements of the Work that Project Manager, Architect and MSG identified as requiring completion or rectification in order for the Work to achieve Substantial Completion. Contractor shall thereafter notify MSG and Project
Manager that it considers the Work to have achieved Substantial Completion and the process set forth in this Section 13.15.2 shall repeat until such time as Substantial Completion is achieved. 

 

	 	13.15.3	 When Project Manager, Architect and MSG, on the basis of inspections and otherwise, determine all of the
criteria for Substantial Completion have been met, and the Punchlist Items have been agreed, Project Manager will prepare, upon MSG’s direction, a Certificate of Substantial Completion in the form attached hereto as Schedule P that
establishes the date of Substantial Completion and attaches the Punchlist. 

  

	 	13.15.4	 After Substantial Completion, and upon application by Contractor and certification by Architect and Project
Manager, MSG shall make payment for the Work performed in the month preceding Substantial Completion, including the return of retainage pursuant to Section 13.9.2.2. 

 

	 	13.15.5	 After Project Manager issues the Certificate of Substantial Completion, Contractor shall complete the Punchlist
Items as well as any other activities or deliverables for Final Completion within the agreed deadline for Final Completion, which deadline shall be not later than six (6) months from the date of Substantial Completion; provided that Contractor
shall not interfere with MSG’s operations, including the hosting and operation of events, during the period for completion of the Punchlist Items. When Contractor believes that the Punchlist Items have been completed, Contractor shall notify
Project Manager and Architect, who shall then inspect such Punchlist Items. If Project Manager or Architect determines that any such Punchlist Item has not been completed in accordance with the Contract Documents, then Project Manager shall notify
MSG and Contractor and Contractor shall re-perform such Punchlist Items. The process set forth in this Section 13.15.5 shall then be repeated until all Punchlist Items have been
completed in accordance with the Contract Documents. 

  

	 	13.15.6	 Warranties required by the Contract Documents shall commence on the date of Substantial Completion of the
entirety of the Work unless otherwise provided in the Certificate of Substantial Completion. 

  

	13.16	 Final Completion and Final Payment. 

 

	 	13.16.1	 Contractor shall notify MSG, Project Manager and Architect in writing when it believes the Work has achieved
Final Completion and is ready for final inspection and acceptance, and shall also forward to MSG, Project Manager and Architect a final Application for Payment that complies with the requirements of Article 13. Upon
receipt, Architect, Project Manager and MSG will promptly make such inspection. When Architect, Project Manager and MSG find that the Work has achieved Final Completion, Project Manager will, upon MSG’s direction, issue a Certificate of Final
Completion that will approve the final payment due to Contractor and Contractor shall promptly remove any remaining tools, equipment or Materials so as to be completely demobilized from the Site, other than as may be necessary to satisfy its
obligations pursuant to Section 17.2.8 and its warranty obligations. 

  
 54 

	 	13.16.2	 It is a precondition to Final Completion (and thereby MSG’s obligation to make final payment) that
Contractor has furnished to MSG: (a) an affidavit stating that to Contractor’s best knowledge, information and belief, all payrolls, bills for Materials and equipment, and other indebtedness connected with the Work for which MSG or
MSG’s property might be responsible or encumbered (less amounts withheld by MSG) have been paid or otherwise satisfied or will be paid or otherwise satisfied upon receipt of final payment; (b) a certificate evidencing that insurance
required by the Contract Documents to remain in force after final payment is currently in effect and will not be canceled or allowed to expire until at least thirty (30) Days’ prior written notice has been given to MSG; (c) a written
statement that Contractor knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; (d) all Project Closeout Documents; (e) consent of surety, if any, to final payment;
(f) a conditional waiver and release of lien upon final payment from Contractor and each Subcontractor in the form attached as Schedule M, conditioned upon receipt of final payment; and (g) if required by MSG, other reasonable data
establishing payment or satisfaction of obligations, such as receipts, releases and waivers of claims, security interests or encumbrances arising out of the Work, to the extent and in such form as may be reasonably designated by MSG. If any lien
remains unsatisfied after all payments are made, Contractor shall refund to MSG all reasonable costs that the latter may be compelled to pay in discharging such lien, including reasonable attorneys’ fees. Provided all of the foregoing
conditions are satisfied, final payment will be made in thirty (30) Days of receipt of the final Application for Payment. 

  

	 	13.16.3	 Contractor’s final Application for Payment shall be assessed in accordance with
Article 13 and MSG shall make final payment to Contractor in accordance with Article 13, including any retainage still held by MSG. Acceptance of final payment shall constitute a waiver by Contractor and each
Subcontractor of all Claims, except for any Claims identified as unsettled in the final Application for Payment. 

  

	 	13.16.4	 Within ten (10) Business Days after final payment, Contractor shall deliver an unconditional waiver and
release upon final payment from Contractor and each Subcontractor in the form attached hereto as Schedule M. 

ARTICLE 14 
 PROTECTION OF
PERSONS AND PROPERTY 
  

	14.1	 Hazardous Materials. 

 

	 	14.1.1	 Contractor is responsible for compliance with any requirements included in the Contract Documents and all
Applicable Laws regarding Hazardous Materials. To the extent Contractor encounters Hazardous Materials at the Site not addressed in the Contract Documents, Contractor shall notify MSG promptly, and in no event later than three (3) Business Days
after Contractor first encounters such Hazardous Materials and cease performance of the Work. Contractor shall resume the Work immediately following the occurrence of any one of the following events: (a) MSG causes remedial work to be performed
that results in the absence of such materials or substances, or (b) MSG and Contractor, by written agreement, decide to resume performance of the Work, or (c) the Work may safely and lawfully proceed, as determined by an appropriate
governmental authority or as evidenced by a written report to MSG, which is prepared by an environmental engineer reasonable satisfactory to MSG. 

  

	 	14.1.2	 Contractor shall only bring or permit any Subcontractor to bring, Hazardous Materials or explosives to, or use
or store, or permit any Subcontractor to use or store, Hazardous Materials or explosives at, the Site: (a) to the extent Contractor or such Subcontractor must do so in connection with the performance of the Work; (b) in conformance with
all Applicable Laws and standards of the industry regarding any such use or storage; (c) under the supervision of properly qualified personnel; and (d) with respect to explosives, only with the prior written consent of MSG and Project
Manager. Without precluding the foregoing permissible uses, Contractor shall not treat, release or dispose of Hazardous Materials at the Site and shall follow all directions of MSG and Project Manager. 

 

	 	14.1.3	 MSG shall not be responsible under this Section 14.1 for Hazardous Materials
Contractor brings to the Site unless such Hazardous Materials are required by the Contract Documents. MSG shall be responsible for Hazardous Materials or substances required by the Contract Documents, except to the extent of Contractor’s fault
or negligence in the use and handling of such materials or substances. 

  
 55 

	 	14.1.4	 Subject to the terms of this Article 14, Contractor agrees to defend, indemnify and hold harmless the
MSG Parties from Claims arising out of or in connection with (1) remediation of a Hazardous Material Contractor brings to the Site and negligently handles, or (2) Contractor’s failure to perform its obligations under
Section 14.1.1, except to the extent that the cost and expense are due to MSG’s fault or negligence. 

  

	 	14.1.5	 To the fullest extent permitted by Applicable Law, MSG agrees to defend, indemnify and hold harmless the
Contractor Parties from and against Claims arising out of performance of the Work in the affected area if in fact the Hazardous Material has not been rendered harmless in accordance with Section 14.1.1 and causes or is
alleged to have caused bodily injury or death. 

  

	 	14.1.6	 The Substantial Completion Date and Incentive Benchmark shall be adjusted accordingly for time and cost impacts
attributed to Hazardous Materials discovered at the Site pursuant to this Section 14.1 and Contractor shall be entitled to recover the cost as a Cost of the Work as expressly permitted by this
Section 14.1. 

  

	14.2	 Safety Precautions and Programs. 

 

	 	14.2.1	 Contractor shall be responsible for initiating, maintaining and supervising all safety precautions and programs
in connection with the Work. Contractor shall, within thirty (30) Days of the date of this Agreement, submit to MSG for review a comprehensive safety and fire prevention program for the Site consistent with the Standard or Care and Applicable
Law (the “Safety Program”). Contractor shall incorporate into such safety and fire prevention program all reasonable comments and changes proposed by MSG or Project Manager. 

 

	 	14.2.2	 Contractor shall monitor and have overall responsibility for the compliance of its employees, Subcontractors,
and any other Persons on the Site with: (a) the Safety Program; and (b) all applicable regulatory and advisory agency construction safety standards of any Governmental Authority. 

 

	 	14.2.3	 Contractor shall take all reasonable precautions for the safety of: 

 

	 	14.2.3.1	 all Persons involved in performing, overseeing or supervising performance of the Work, all Persons on the Site
and all other Persons who may be affected thereby; 

  

	 	14.2.3.2	 all owners and tenants of Adjacent Property, and their patrons, employees and other invitees, and

  

	 	14.2.4	 Contractor is responsible for the care of the Work until Substantial Completion is achieved, as evidenced by a
Certificate of Substantial Completion, and thereafter for the care of outstanding Work and items to be removed from the Site, and for any damage caused by Contractor or a Subcontractor in the course of completing their obligations under this
Agreement. Nothing herein is intended to deprive the Parties of their rights to recover the proceeds of any applicable insurance. Contractor shall provide all reasonable protection to prevent damage, injury or loss from the Work to:

  

	 	14.2.4.1	 all of the Work, whether in storage on or off the Site, under the care, custody or control of Contractor or any
of Contractor’s Subcontractors; 

  

	 	14.2.4.2	 other property at the Site or on Adjacent Property, including trees, shrubs, lawns, walks, pavements, roadways,
structures, buildings and utilities not designated for removal, relocation or replacement in the course of construction; and 

  

	 	14.2.4.3	 the work of MSG or Separate Contractors. 

 

	 	14.2.5	 Contractor shall give all notices and comply with all Applicable Laws bearing on the safety of Persons or
property or their protection from damage, injury or loss. 

  

	 	14.2.6	 Contractor shall erect and maintain, as required by existing conditions and the progress of the Work, all
reasonable safeguards for safety and protection, including posting danger signs and other warnings against hazards, promulgating safety regulations and notifying owners and users of adjacent utilities. Contractor shall not perform the Work in a
manner that would disrupt or otherwise interfere with the operation of any pipeline, telephone line, electronic transmission line or other structure which may be on the Site or Adjacent Property. 

 

	 	14.2.7	 Contractor shall promptly remedy all damage or loss to any property or Work referred to in
Sections 14.2.4 caused by any Contractor Party, except damage or loss attributable to the acts or omissions of MSG, Architect, Project Manager, Separate Contractors or anyone directly or indirectly employed by any of them,
or by anyone for whose acts any of them may be liable. The foregoing obligations of Contractor are in addition to Contractor’s obligations under Article 15. Nothing in this Section 14.2.7 is intended to deprive
Contractor of its insurance rights or other recovery rights, if any, under the Contract Documents. 

  
 56 

	 	14.2.8	 Contractor shall designate a responsible and qualified member of Contractor’s organization at the Site
whose sole duty shall be the manager of the Safety Program. 

  

	 	14.2.9	 Contractor shall report in writing to MSG, Project Manager and other MSG personnel as may be directed by MSG
from time to time, all accidents arising out of or in connection with the Work which cause death, personal injury or property damage, giving full details and statements of witnesses. Contractor shall submit its report to MSG and Project Manager
within three (3) Days after the occurrence. In addition, if death or serious personal injuries or serious property damage are caused, the accident shall be reported immediately by telephone or messenger to MSG and Project Manager.

  

	 	14.2.10	 Contractor shall review the safety programs of each of the Subcontractors to make sure they comply with the
Safety Program. The performance of such services by Contractor shall not relieve Subcontractor of its responsibility for the safety of persons and property, and for any compliance with all Applicable Laws. Contractor is responsible for any and all
the safety issues relating to the Work on the Project by Contractor and its Subcontractors, including any personal injuries or death. Contractor shall administer and manage the safety program. This will include, but not necessarily be limited to
review of the safety programs of each Subcontractor. Contractor shall monitor the establishment and execution of effective safety practices then known to the industry, as applicable to Work on this Project, and the compliance with all applicable
regulatory and advisory agency construction safety standards. As between Contractor and its Subcontractors, Contractor’s responsibility for review, monitoring and coordination of its Subcontractors’ safety programs shall not extend to
direct control over execution of the Subcontractors’ safety programs. Notwithstanding Contractor’s safety obligations to MSG, it is agreed and understood that each individual Subcontractor shall remain the controlling employer responsible
for the safety programs and precautions applicable to the work of its own employees and the activities of employees of other contractors in areas designated to be controlled by such Subcontractor; provided, however, that nothing herein shall reduce
or impact Contractor’s responsibility with respect to MSG for safety in the performance of the Work. 

  

	 	14.2.11	 Any suspension of Work by MSG related to Contractor’s failure to comply with its safety obligations set
forth under Section 14.2, including the failure of any individual to comply with the Contractor’s Safety Program, shall be considered a suspension for cause. 

 

	14.3	 Emergencies. 

  

	 	14.3.1	 In any emergency affecting the safety of Persons or property or the Work, Contractor shall act, at
Contractor’s discretion, to prevent threatened damage, injury or loss and shall promptly notify MSG and Project Manager. Any additional compensation or extension of time claimed by Contractor on account of emergency work shall be determined in
accordance with Article 6. 

  

	 	14.3.2	 Contractor acknowledges that in the event of an emergency the Lessor will be allowed, and Contractor shall
allow the Lessor, entry to the Site. 

  

	14.4	 Security. 

  

	 	14.4.1	 Contractor is responsible at all times for the Work and for the Project Site regardless of whether or not MSG
has required any insurance coverages (such as builder’s risk insurance) which would have protected the interests of MSG and Contractor. Contractor shall take reasonable precautions against all conditions involving risk of damage, injury, loss
or theft. Contractor shall cooperate with MSG and Lessor on all security matters and requirements established by MSG or Lessor. Such compliance shall not relieve Contractor of its responsibility for maintaining proper security or taking action to
maintain secure conditions at the Site. Contractor shall prepare and maintain accurate reports of incidents of loss, theft or vandalism and shall furnish these reports to MSG in a timely manner. 

 

	14.5	 Trade Monitoring 

 

	 	14.5.1	 Contractor acknowledges that MSG shall have one or more representatives present at the entrance to the Site
through which labor enters and exits. MSG’s representative shall be present at the entrance for the purpose of keeping a log of Persons who enter and exit the Site on a daily basis. Contractor acknowledges that the performance of this role by
MSG’s representative is for MSG’s benefit only and does not detract from any obligation of Contractor under the Contract Documents, including the obligation to retain its own records as to the presence of Subcontractors, or Persons, on the
Site on a daily basis. Nor does MSG’s presence at the gate amount to MSG having control over the gate or the labor entering or exiting through the gate, or for safety requirements, which responsibility and control remains with the Contractor
pursuant to the terms of this Agreement. 

  
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	 	14.5.2	 To the fullest extent permitted by law, MSG may require the labor to wear radio frequency identification or
other recording devices to monitor their presence and movement around the site, which data shall be recorded by resource monitoring and reporting services. MSG may also introduce such other integrity monitoring measures as it deems necessary or
advisable. Contractor shall include in each Subcontract the right of MSG to require the measures set forth in this Section 14.5. 

ARTICLE 15 
 INDEMNIFICATION

  

	15.1	 Indemnification. 

 

	 	15.1.1	 To the fullest extent permitted by law, Contractor shall defend, indemnify and hold harmless the MSG Parties
from and against any and all third party Claims (including for economic loss), to the extent arising out of or resulting from, directly or indirectly (a) any negligent act, omission or other tortious conduct of Contractor or a Contractor Party
provided that such Claim is attributable to bodily injury, personal injury, sickness, disease or death, or to injury to or destruction of or damage to property (other than the Work itself to the extent covered by insurance) or loss of use resulting
therefrom; (b) the gross negligence, willful misconduct or fraud of Contractor or a Contractor Party; or (c) a breach of Applicable Law by Contractor or a Contractor Party. Such obligations shall not be construed to negate, abridge, or
reduce other rights or obligations of indemnity set forth elsewhere in this Agreement. 

  

	 	15.1.2	 [Not Used] 

  

	 	15.1.3	 Contractor shall indemnify the MSG Parties from and defend any MSG Party against any Claim brought or filed
against an MSG Party that allegedly arises out of the conduct set forth in Sections 15.1.1, regardless of whether such Claim is rightfully or wrongfully brought or filed. 

 

	 	15.1.4	 In the event that any Claim is made or an action or proceeding is brought against one or more of the MSG
Parties, any such MSG Party may, by notice to Contractor, require Contractor, at Contractor’s expense, to resist such Claim or take over the defense of any such action or proceeding and employ counsel for such purpose. Any counsel chosen by
Contractor is subject to the MSG Party’s prior written approval, which approval shall not be unreasonably conditioned, delayed or denied. 

  

	 	15.1.5	 Contractor shall not enter into any settlement or compromise in connection with an indemnified claim without
the MSG Party’s prior written consent, which consent shall not be unreasonably withheld or delayed. 

  

	 	15.1.6	 If any Claim is brought against an MSG Party by any employee of any Contractor Party, Contractor’s
obligation to indemnify the MSG Party under this Article 15 shall not be limited in any way by any limitation on the amount or type of damages, compensation or benefits payable by or for Contractor or any Subcontractor under workers’ or
workmen’s compensation acts, disability benefit acts or other employee benefit acts. 

  

	 	15.1.7	 The indemnity obligations set forth under this Article 15: (i) are independent of, and will not be
limited by, any insurance obligations in the Contract Documents (whether or not complied with) or level of damages; (ii) are not diminished or limited in any way by any insurance carried in whole or in part by MSG, which shall in all cases
function as excess of these indemnification obligations; and (iii) will survive the termination of this Agreement until all matters covered by the indemnity obligations under this Article 15 are fully and finally barred by Applicable
Law. To the extent the indemnity obligations under this Article 15 are unenforceable under Applicable Law, the obligations shall not be void but instead shall be modified and amended to the minimum extent necessary to bring such obligations
into conformity with the Applicable Law. The obligations, as modified, shall continue in full force and effect. 

 ARTICLE
16 
 INSURANCE 
  

	16.1	 Insurance Requirements. 

 

	 	16.1.1	 The Parties shall comply with the obligations and responsibilities pertaining to insurance set forth in
Schedule C. 

  
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 ARTICLE 17 

UNCOVERING AND CORRECTION OF WORK 
  

	17.1	 Uncovering of Work. 

 

	 	17.1.1	 If any portion of the Work is covered contrary to the written request of MSG, Architect or Project Manager or
to requirements specifically expressed in the Contract Documents, or prior to any required inspections by Governmental Authorities, then Contractor must, if required in writing by MSG, Architect or Project Manager uncover such portion of the Work
for observation and shall replace and restore such Work at Contractor’s expense and not as a Cost of the Work. 

  

	 	17.1.2	 If any other portion of the Work has been covered, then Architect, Project Manager or MSG may request to see
such Work and it shall be uncovered by Contractor. If such Work is in accordance with the Contract Documents, then the cost of uncovering and replacement shall be a Cost of the Work, and the Incentive Benchmark shall be equitably adjusted via Change
Order. If such Work is not in accordance with the Contract Documents, then Contractor shall pay such costs and shall not be entitled to recover them as a Cost of the Work. 

 

	17.2	 Correction of Work. 

 

	 	17.2.1	 Contractor warrants to MSG that: 

 

	 	17.2.1.1	 any and all materials, equipment and furnishings incorporated into the Work shall be of good quality and new
unless otherwise required or permitted by the Contract Documents; 

  

	 	17.2.1.2	 that the Work shall be free from defects not inherent in the quality required or permitted;

  

	 	17.2.1.3	 and that the Work shall conform with the requirements of Applicable Laws and the Contract Documents;

  

	 	17.2.1.4	 it will not, and will not allow any Subcontractor to, install any product or perform any procedure which voids
any warranty. 

 Work not conforming to these requirements, including substitutions not properly approved and authorized,
shall be considered Defective Work, the cost of rectification of which may be recoverable from the Allocation in accordance with Section 4.10 but otherwise not recoverable as a Cost of the Work. The above warranty excludes:
(a) damage or defect caused by abuse, modifications not executed by Contractor, improper or insufficient maintenance, or improper operation; and (b) normal wear and tear under normal usage. 

 

	 	17.2.2	 Prior to the Substantial Completion Date, Contractor shall correct Work, or cause its Subcontractors to correct
Work, that: (a) MSG, in a written notice delivered to Contractor, reasonably rejects as being Defective Work; or (b) Contractor recognizes is Defective Work. If other portions of the Work are adversely affected or damaged by such Defective
Work, Contractor shall, without adjustment to the Substantial Completion Date, also correct, repair or replace or cause the correction, repair or replacement, of such affected or damaged Work, as appropriate, as well as any other property of MSG or
others damaged by such Defective Work. 

  

	 	17.2.3	 If MSG notifies Contractor of Defective Work before the end of the Warranty Period, then Contractor shall re-execute, correct, repair or replace, as appropriate, or cause such re-execution, correction, repair or replacement by its Subcontractors, all such Defective Work. If other
portions of the Work are adversely affected or damaged by such Defective Work, Contractor shall, without adjustment to the Substantial Completion Date, also correct, repair or replace or cause such correction, repair or replacement, such affected or
damaged Work, as appropriate, as well as any other property of MSG or others damaged by such Defective Work. 

  

	 	17.2.4	 Contractor may seek to use the Allocation pursuant to Section 4.10 to cover the costs
of rectification of Defective Work, in accordance with the terms of Section 4.10 and Schedule F; provided, however, that Contractor shall not be entitled to recover either as a Cost of the Work or otherwise for
Defective Work, including under Sections 17.2.2 and 17.2.3, to the extent the Allocation is not permitted to be used or has been exhausted. 

  

	 	17.2.5	 If, prior to Substantial Completion, MSG does not require Defective Work to be removed or corrected by
Contractor, then MSG may withhold such sums as are just and reasonable from amounts, if any, due Contractor hereunder, unless and until the amount of any such deduction is agreed upon by MSG and Contractor. 

  
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	 	17.2.6	 If Contractor fails to correct Defective Work in accordance with Sections 17.2.2 or 17.2.3, as
applicable, within a reasonable time after written notice from MSG, then MSG may correct such Defective Work. Contractor shall promptly reimburse MSG for the
out-of-pocket costs incurred by MSG as a direct result of the correction of such Defective Work, plus ten percent (10%) of such costs for MSG’s overhead. In such
case, MSG may also remove such Defective Work and store the salvageable materials or equipment at Contractor’s expense. If Contractor does not pay costs of such removal and storage within ten (10) Business Days after receipt of written
notice, then MSG may, upon ten (10) additional Business Days’ written notice, sell such materials and equipment at auction or at private sale, and shall account for the proceeds thereof, after deducting costs and damages that should have
been borne by Contractor, including compensation for services and expenses made necessary thereby. If such proceeds of sale do not cover costs that Contractor should have borne, then Contractor shall pay such excess to MSG or MSG shall the right to
set such amount off against any payments due from MSG to Contractor. If, however, such proceeds are in excess of the costs that Contractor should have borne, then MSG shall pay such excess to Contractor. 

 

	 	17.2.7	 Nothing contained in this Article 17 shall be construed to establish a period of
limitation with respect to any other warranty obligation under the Contract Documents. The Warranty Period relates only to the specific obligation of Contractor to correct Defective Work after Substantial Completion, and has no relationship to the
time within which obligation to comply with the Contract Documents may be sought to be enforced, nor the time within which proceedings may be commenced to establish Contractor’s liability with respect to its obligations other than specifically
to correct Defective Work. The expiration of any guarantee or any obligation of Contractor to correct Work shall not relieve Contractor of the obligation to correct any latent defect in the Work or deficiencies that are not readily ascertained,
including defective Materials and workmanship, defects attributable to Substitutions for specified Materials, and substandard performance of any of the Work otherwise not in compliance with the Contract Documents. 

 

	 	17.2.8	 During the first ten (10) events held at the Project after Substantial Completion, Contractor shall have
personnel reasonably acceptable to MSG stationed at the Site and “on call” to promptly deal with any warranty issues that may occur with respect to any of the Project’s major systems. If any problems with such major systems do arise
during those events, then all such personnel shall remain “on call” until any issues with respect to those major systems are resolved. 

  

	 	17.2.9	 The Contractor shall procure extended warranties, equipment warranties and manufacturers’ warranties from
its Subcontractors as specified in the Contract Documents with respect to the Work or, to the extent not reflected in the Contract Documents, such warranties as manufacturers and suppliers would typically provide. MSG may, at its election, request
to review the terms of such warranties. All such warranties shall commence upon the Date of Substantial Completion. Further, all such warranties shall be assigned to MSG or at the direction of MSG and shall be executed in writing for the benefit of
MSG and/or its nominee (including naming the Lessor as a third-party beneficiary of warranties as required under Schedule A). 

  

	 	17.2.10	 If a manufacturer or Supplier of any plant, equipment, materials, goods, item or other thing
(“product”) to be installed in or otherwise incorporated into the Work stipulates that the warranties and guarantees of its product are conditional or dependent upon the product being installed or applied by an installer or applicator
approved by the manufacturer or Supplier, Contractor: 

  

	 	17.21.10.1	 must ensure that the product is only installed or applied by an installer or applicator approved by the
manufacturer or Supplier; and 

  

	 	17.21.10.2	 must provide written confirmation from the manufacturer or Supplier that the Contractor or the
Contractor’s proposed Subcontractor for the installation or application of the product is an approved installer or applicator of the product. Such written confirmation must be provided to MSG not less than ten (10) Business Days before the
proposed commencement of the installation or application of the product in the Works. 

  

	 	17.2.11	 All warranties arising from this Article 17 and from other provisions of the Contract
Documents shall run directly to MSG. All warranties and guarantees of manufacturers or Subcontractors for any Work shall be fully assignable to MSG or MSG’s designee and shall be assigned to MSG upon Substantial Completion. The warranties and
remedies provided in this Article 17 shall be in addition to and not in limitation of any other warranty or remedy arising by law or by the Contract Documents. Contractor shall, during the Warranty Period, assist MSG in
enforcement of warranties and guarantees from Subcontractors. 

  
 60 

	 	17.2.12	 On or about the date that is [*****] after the date of Substantial Completion, Contractor shall, together with
MSG, Architect and Project Manager, attend a final inspection of the Work to ensure that it comports with all warranties and guarantees. Contractor shall promptly correct any deficiencies noted during such inspection in accordance with this
Section 17.2. 

 ARTICLE 18 

TERMINATION OF THE CONTRACT 
  

	18.1	 Contractor Events of Default. 

 

	 	18.1.1	 The following shall be considered “Contractor Events of Default”: 

 

	 	18.1.1.1	 if Contractor persistently fails or neglects to carry out the Work in accordance with the provisions of the
Contract Documents, and fails, after five (5) Business Days’ notice from MSG, to commence a cure to correct such failure or neglects or fails thereafter to diligently pursue such cure to completion, as reasonably determined by MSG;

  

	 	18.1.1.2	 if Contractor breaches this Agreement and fails, after five (5) Business Days’ notice from MSG, to
commence a cure to correct such breach or fails thereafter to diligently pursue such cure to completion, as reasonably determined by MSG; 

  

	 	18.1.1.3	 if Contractor repeatedly refuses or fails to supply enough properly skilled workers or proper Materials;

  

	 	18.1.1.4	 if Contractor fails to make payment to Subcontractors for materials or labor in accordance with the
Subcontracts; 

  

	 	18.1.1.5	 if Contractor repeatedly disregards Applicable Laws; 

 

	 	18.1.1.6	 if a custodian, trustee or receiver is appointed for Contractor, or if Contractor becomes insolvent or
bankrupt, is generally not paying its debts as they become due or makes an assignment for the benefit of creditors, or Contractor causes or suffers an order for relief to be entered with respect to it under applicable federal bankruptcy law, or
applies for or consents to the appointment of a custodian, trustee or receiver for Contractor, or bankruptcy, reorganization, arrangement or insolvency proceedings, or other proceedings for relief under any bankruptcy or similar law or laws for the
relief of debtors are instituted by or against Contractor, and in any of the foregoing cases such action is not discharged or terminated within sixty (60) Days of its institution; 

 

	 	18.1.1.7	 if Contractor assigns or transfers, or purports to assign or transfer, this Agreement or any right or interest
herein, except as expressly permitted hereunder; and 

  

	 	18.1.1.8	 if Contractor materially fails to perform the Work in accordance with the Construction Schedule.

  

	18.2	 Remedies of MSG upon a Contractor Event of Default. 

 

	 	18.2.1	 Without limiting Section 18.5, upon the occurrence of a Contractor Event of Default,
MSG shall have the right to terminate this Agreement by written notice to Contractor (with simultaneous written notice to the Contractor’s Guarantors, if any). Without prejudice to any other rights or remedies of MSG pursuant to this Agreement,
at law or in equity or the rights that MSG hereby expressly reserves (including the right to collect Liquidated Damages and pursue damages other than damages caused by delays (except as provided in Section 18.2.2(b))), MSG
may take any or all of the following steps: 

  

	 	18.2.1.1	 take possession of the Site and of all materials, equipment, tools and construction equipment thereon owned by
Contractor; 

  

	 	18.2.1.2	 accept assignment and take assumption of the Subcontracts in accordance with the terms of this Agreement;

  

	 	18.2.1.3	 finish and/or correct the Work by whatever reasonable method MSG may deem expedient; 

 

	 	18.2.1.4	 if applicable, collect Liquidated Damages that have accrued through the date of termination.

  

	 	18.2.2	 If MSG terminates the Agreement pursuant to this Section 18.2, MSG shall be entitled
to recover the costs, loss and damage arising from such termination (“Termination Costs”) including but not limited to [*****]. 

  
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	 	18.2.3	 Notwithstanding anything herein, Contractor shall not be entitled to recover any amount, including for lost
profit, on account of the balance of the Work not performed, nor shall Contractor be entitled to recover the demobilization costs of Contractor or its Subcontractors. 

 

	18.3	 Contractor Suspension and Termination Rights 

 

	 	18.3.1	 If Contractor stops Work pursuant to Sections 13.13.1.1, 13.13.1.2, or 13.13.1.3 for a
minimum of twenty (20) consecutive Days, then, subject to Sections 18.3.1.1 and 18.3.1.2 below, Contractor shall issue a second written notice that is personally delivered to the President of The Madison Square Garden Company (at the
address of MSG specified in Section 19.1) which shall contain the following provision in capital letters and bold font: “THIS IS A SECOND NOTICE REQUESTING MSG TO CURE THE BASIS FOR THE STOPPAGE OF WORK PURSUANT TO
SECTION [13.13.1.1, 13.13.1.2 OR 13.13.1.3] OF THE AGREEMENT. FAILURE BY MSG TO CURE SUCH BASIS FOR STOPPAGE OF THE WORK WITHIN FIFTEEN (15) BUSINESS DAYS OF RECEIPT HEREOF (OR WHERE SUCH BASIS FOR THE STOPPAGE OF WORK CANNOT BE CURED WITHIN FIFTEEN
(15) BUSINESS DAYS, MSG HAS FAILED TO COMMENCE AND BE DILIGENTLY PURSUING A CURE), CONTRACTOR SHALL BE ENTITLED TO TERMINATE THE AGREEMENT FIFTEEN (15) DAYS FOLLOWING RECEIPT OF THIS SECOND NOTICE”. 

 

	 	18.3.1.1	 If, however, Contractor is paid the undisputed amount due prior to the expiry of the aggregate time period set
forth in Section 18.3.1, Contractor shall not be entitled to terminate the Agreement and shall resume performance of the Work. 

  

	 	18.3.1.2	 Any payment made to Contractor pursuant to this Section 18.3.1 may include payments
made on a “without prejudice” basis, including to facilitate the continued performance of the Work by Contractor and its Subcontractors, and any such payment made on an expressly “without prejudice” basis shall constitute a full
reservation of MSG’s right to (a) later re-assess and/or dispute such payment (in part or in whole); and (b) adjust the Certificate for Payment of future payments to accommodate the re-assessed and/or disputed portion or whole of one or more previous invoices. 

  

	 	18.3.2	 In addition, if an MSG Act causes the entirety of the Work to be stopped for a period of [*****] or more then,
subject to the proviso below, Contractor may terminate the Agreement if: 

  

	 	18.3.2.1	 Contractor gives written notice of its intention to terminate the Agreement to MSG and Project Manager at least
ten (10) Days before terminating the Agreement; and 

  

	 	18.3.2.2	 MSG fails to allow Contractor to resume the Work within the time set forth in the written notice given pursuant
to Section 18.3.2.1 above; and 

  

	 	18.3.2.3	 Contractor has issued a second notice that is personally delivered to the President of The Madison Square
Garden Company which shall contain the following provision in capital letters and bold font: “THIS IS A SECOND NOTICE REQUESTING MSG TO CURE THE BASIS FOR THE STOPPAGE OF WORK PURSUANT TO SECTION 18.3.2 OF THE AGREEMENT. FAILURE BY MSG TO CURE
SUCH BASIS FOR STOPPAGE OF THE WORK WITHIN FIFTEEN (15) BUSINESS DAYS OF RECEIPT HEREOF (OR WHERE SUCH BASIS FOR THE STOPPAGE OF WORK CANNOT BE CURED WITHIN FIFTEEN (15) BUSINESS DAYS, MSG HAS FAILED TO COMMENCE AND BE DILIGENTLY PURSUING
A CURE), CONTRACTOR SHALL BE ENTITLED TO REFER SUCH STOPPAGE TO A DESIGNATED REPRESENTATIVES MEETING PURSUANT TO SECTION 22.1.3 FIFTEEN (15) DAYS FOLLOWING RECEIPT OF THIS SECOND NOTICE”; and 

 

	 	18.3.2.4	 MSG fails to allow Contractor to resume the Work within the time set forth in the second written notice given
pursuant to Section 18.3.2.3; and 

  

	 	18.3.2.5	 the Parties have scheduled and attended the Designated Representatives Meeting referred to in
Section 22.1.3 but achieved no mutually satisfactory resolution of MSG’s failure to allow Contractor to resume the Work; provided that the written notice of intention to terminate referred to in
Section 18.3.2.1 above shall serve as the “Dispute Notice” referred to in Section 22.1.3, provided, however, that Contractor may not enforce its rights pursuant to
Section 18.3.1 when it is simultaneously seeking relief pursuant to Article 5 for the same MSG Act. 

  
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	 	18.3.3	 If Contractor stops the Work pursuant to Section 13.13.1.1, 13.13.1.2, or
13.13.1.3, MSG may terminate this Agreement by giving Contractor notice of its intent to terminate at least fifteen (15) Days before terminating the Agreement. 

 

	 	18.3.4	 If a custodian, trustee or receiver is appointed for MSG, or if MSG becomes insolvent or bankrupt, is generally
not paying its debts as they become due or makes an assignment for the benefit of creditors, or MSG causes or suffers an order for relief to be entered with respect to it under applicable federal bankruptcy law or applies for or consents to the
appointment of a custodian, trustee or receiver for MSG, or bankruptcy, reorganization, arrangement or insolvency proceedings, or other proceedings for relief under any bankruptcy or similar law or laws for the relief of debtors, are instituted by
or against MSG, and in any of the foregoing cases such action is not discharged or terminated within sixty (60) Days of its institution, Contractor may terminate this Agreement upon fifteen (15) Days written notice to MSG and Project
Manager. 

  

	18.4	 Remedies of Contractor upon Termination by Contractor. 

 

	 	18.4.1	 If Contractor terminates this Agreement in accordance with Section 18.3, such a
termination shall be deemed a termination for convenience by MSG and the provisions of Section 18.6 shall apply. 

  

	18.5	 Injunctive Relief. 

 

	 	18.5.1	 Contractor acknowledges and agrees that MSG will suffer immediate, irreparable harm in the event Contractor
breaches any of its obligations under the covenants and provisions set forth in this Agreement, that monetary damages will be inadequate to compensate MSG for such breach and that MSG shall be entitled to injunctive relief as a remedy for any such
breach (or threatened breach). Such remedy shall not be deemed to be the exclusive remedy in the event of breach by Contractor of any of the covenants or provisions set forth in this Agreement, but shall be in addition to all other remedies
available to MSG at law or in equity. Contractor hereby waives, to the extent permitted by law, any requirement for security or the posting of any bond or other surety in connection with any temporary or permanent award of injunctive or other
equitable relief, and further waives, again to the extent permitted by law, the defense in any action for specific performance or other equitable remedy that a remedy at law would be adequate. 

 

	18.6	 Termination for Convenience. 

 

	 	18.6.1	 MSG may terminate this Agreement for any reason or no reason, without cause, at any time, upon providing
fifteen (15) Days’ prior written notice from MSG to Contractor. Upon receipt of such notice, Contractor shall immediately or on the date set forth in the written notice: (a) terminate performance of the Work; (b) take actions
necessary, or that MSG may direct, for the protection and preservation of the Work; (c) enter into no further Subcontracts; (d) at MSG’s option (except with respect to Work directed to be performed prior to the effective date of the
termination stated in the notice): (i) terminate all existing Subcontracts and purchase orders; or (ii) assign to MSG such Subcontracts and purchase orders identified by MSG; and (e) subject to the terms of
Section 9.2 above, deliver to MSG copies of, and assign (or cause to be assigned) to MSG, at MSG’s request all rights to any and all designs, drawings, specifications, reports, studies and all other plans prepared (or
caused to be prepared) by Contractor in connection with the Project. 

  

	 	18.6.2	 Upon any such termination for convenience, MSG shall pay to Contractor: (a) the Cost of the Work due (and
undisputed) to Contractor for Work performed through the date of the termination, plus Contractor’s Fee thereon; plus (b) actual demobilization, close-out costs, and costs reasonably
incurred to protect or preserve the Work, all of which must be attributable to the termination. All funds due hereunder, including unpaid retainage, shall be released within thirty (30) Days of termination. In the event of such termination for
convenience, Contractor shall not be entitled to any anticipated profits or portions of the Contractor’s Fee attributable to Work not performed, nor any other consequential, indirect or incidental damages relating to such termination.

  

	18.7	 Suspension for Convenience. 

 

	 	18.7.1	 MSG may, without cause, order Contractor in writing to suspend, delay or interrupt the Work in whole or in part
for such period of time as MSG may determine. An adjustment shall be made for actual increases in the cost of, or delay to, performance of the Work, including the Contractor’s Fee on the increased cost of performance, if any, to the extent
caused by the suspension, delay or interruption, in accordance with Article 5; provided that no adjustment shall be made to the extent that: (a) the performance is, was or would have been so suspended, delayed or interrupted by
another cause for which Contractor is responsible; or (b) an adjustment to 

  
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the Incentive Benchmark and/or Construction Schedule is made or denied under another provision of this Agreement. Adjustments made in the cost of performance may have a mutually-agreed fixed or
percentage increase or decrease to the Contractor’s Fee. In the event that the Work is suspended for convenience, Contractor shall not be permitted to terminate the Agreement in accordance with Section 18.3.

  

	18.8	 Termination of the Ground Lease. 

 

	 	18.8.1	 In the event the Ground Lease is terminated prior to Final Completion, this Agreement will automatically
terminate and Contractor’s rights and responsibilities shall be governed by Section 18.6. 

ARTICLE 19 
 NOTICES 

 

	19.1	 Subject to Section 19.2, any notice required to be given by the terms and provisions of this Agreement or
by Applicable Laws or governmental regulation, either by MSG or Contractor, shall be in writing and shall be deemed to have been served and given when sent by either hand delivery, overnight delivery, or email (provided that email is not an
authorized method of delivery of (a) Change Requests, Change Proposals or Construction Change Directives pursuant to Article 6; (b) notifications related to assertions of delay, Recovery Plans or extensions of time pursuant to Section 5.3
or Section 5.4, (c) notices related to payment, non-payment or stopping the Work pursuant to Section 13.13, (d) notices of Claims however arising; or (e) notices of default or termination
pursuant to Article 18 or otherwise, all of which shall be sent by hand or overnight delivery) and addressed as follows: 

  

			
	             If to MSG:
	  	 MSG Las Vegas, LLC
 c/o MSG Sports &
Entertainment, LLC
 Two Penn Plaza
 New York, NY 10121

Attn: Executive Vice President, Development and Construction
  

MSG Las Vegas, LLC
 c/o MSG Sports & Entertainment,
LLC
 Two Penn Plaza
 New York, NY 10121

Attn: General Counsel
  

and
  

Rider Levett Bucknall
 Two Financial Center, Suite 810,

60 South St, Boston, MA 02111

		
	             With a copy to:
	  	 Seyfarth Shaw LLP
 620 Eighth Avenue

New York, New York 10018
 Attention: Alison Ashford,
Esq.

		
	             If to Contractor:
	  	 Hunt Construction Group Inc. (d/b/a AECOM Hunt)

2450 South Tibbs Avenue
 Indianapolis, IN 46241

Attn: Robert May
  

and
  

Hunt Construction Group Inc. (d/b/a AECOM Hunt)
 7720 N. 16th St.,
Suite 100
 Phoenix, AZ 85020
 Attn: Jose Pienknagura,
Esq.

  
 64 

	19.2	 Contractor shall have the right to deliver any plans, reports, communications or other deliveries required or
permitted to be delivered through the online system described in Section 3.17.1 (in lieu of the methods specified in Section 19.1) unless they involve (a) the occurrence of a casualty, commencement of litigation, filing of a
mechanic’s lien or notice of violation of Applicable Law, (b) an allegation of breach of or default under this Agreement, or (c) Claims, including for schedule or cost adjustments pursuant to this Agreement. 

 

	19.3	 Written notices are required whether or not MSG is aware of the existence of any circumstances which might
constitute a basis for a Claim and whether or not MSG has indicated it will consider a Claim. Since merely oral notice may cause disputes as to the existence or substance thereof, and since notice, even if written to other than MSG’s
representative above designated to receive it may not be sufficient to come to the attention of the representative of MSG with the knowledge and responsibility of dealing with the situation, only written notice and information complying with the
express provisions of Article 19 shall be deemed to fulfill a Party’s obligations under this Agreement, even where another term of this Agreement that refer to “notice” is not preceded by the word “written”.

 ARTICLE 20 

CONFIDENTIALITY 
  

	20.1	 Confidentiality. 

 

	 	20.1.1	 The terms of the Contract Documents and any and all information or materials obtained by Contractor from MSG,
Lessor or any agents, representatives or Affiliates of either of them in conjunction with or incidental to performing the Work hereunder are confidential and shall not be disclosed by Contractor, any Subcontractor, or any of their respective
Affiliates, employees, or agents, to any third party without MSG’s or Lessor’s prior written consent; provided that Contractor may disclose such information to a Governmental Authority as may be required to perform the Work or to
Contractor’s employees, attorneys, consultants, insurers, and Subcontractors who have a need to know such information and Contractor shall ensure that its employees, attorneys, consultants, insurers, and Subcontractors maintain the
confidentiality thereof on terms substantially similar to the terms set forth in this Section 20.1. 

  

	 	20.1.2	 Any and all information obtained by MSG from Contractor regarding Contractor’s costs, accounting, or
finances in connection with the Contract Documents is confidential and shall not be disclosed by MSG or by any of its agents, employees or representatives without Contractor’s prior written consent; provided that MSG may disclose such
information to (i) governmental authorities as necessary to complete the Work; (ii) its employees, attorneys, accountants, cost consultants, potential equity investors, and insurers who have a need to know such information, each of whom
must agree to maintain the confidentiality thereof; (iii) the extent disclosure is required or advisable by law, statute, rule, regulation, or judicial process (including, but not limited to, applicable securities laws), and (iv) any
regulator having jurisdiction over the Project including, but not limited to, any securities regulatory authority, including rating agencies and national securities exchanges, to which MSG is subject. 

 

	 	20.1.3	 The provisions of this Section 20.1 shall survive termination of the Contract
Documents. This provision shall not apply to information that comes into the public domain (except to the extent that it comes into the public domain as a result of a disclosure prohibited by the foregoing provisions of this
Section 20.1) or is required to be disclosed by any Applicable Laws. 

  

	20.2	 Publicity/Promotion Prohibition. 

 

	 	20.2.1	 Contractor shall not display or distribute any advertising signs or notices of any kind whatsoever at the Site,
except signs required by law or for public safety, without the prior written permission of MSG in each instance. Any such permission given shall be revocable at any time thereafter without prior notice to Contractor and at the sole discretion of
MSG. Additionally, Contractor hereby covenants and agrees not to use the name of the Project or Site, or any variation thereof, or any other trademarks or logotypes now or hereafter used by the Project or MSG, in any manner without the prior written
approval of MSG. In the event of such approval, Contractor may use the name of the Site or MSG only in the manner and at such times as prescribed in such approval. 

  
 65 

	20.3	 Remedy for Breach or Threatened Breach 

 

	 	20.3.1	 If any Party breaches, or threatens to commit a breach of, any of the provisions of this Article 20, the
other Party shall have all rights and remedies available to such persons at law or in equity under this Agreement or otherwise, including, without limitation, the right and remedy of injunctive relief (without the necessity of posting any bond or
security) and to have each and every one of the restrictive covenants in this Article 20 specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of these restrictive covenants would
cause irreparable injury and that money damages would not provide an adequate remedy. 

 ARTICLE 21 

REPRESENTATIONS AND WARRANTIES 
  

	21.1	 Representations And Warranties. 

 

	 	21.1.1	 Contractor represents and warrants the following to MSG (in addition to any other representations and
warranties contained in the Contract Documents) as a material inducement to MSG to execute this Agreement, which representations and warranties shall be continuing throughout performance of the Work and shall survive the execution and delivery of
this Agreement, any termination of this Agreement and Final Completion of the Work: 

  

	 	21.1.1.1	 Contractor is financially solvent, able to pay all debts as they mature, and possesses sufficient working
capital to complete the Work and perform all obligations hereunder; 

  

	 	21.1.1.2	 Contractor is able to furnish the plant, tools, materials, supplies, equipment, and labor required to complete
the Work and perform its obligations hereunder and has sufficient experience and competence to do so; 

  

	 	21.1.1.3	 Contractor’s execution of this Agreement and performance thereof are within the Contractor’s duly
authorized powers; 

  

	 	21.1.1.4	 Contractor’s duly authorized representative has visited the Site, is familiar with the local conditions
under which the Work is to be performed, and has correlated observations with the requirements of the Contract Documents; and 

  

	 	21.1.1.5	 Contractor is a large, sophisticated contractor who possesses a high level of experience and expertise in the
business administration, construction, and superintendence of projects of the size, complexity, and nature of this particular Project and will perform the Work in accordance with the Standard of Care. 

 

	21.2	 Licensing Requirements. 

 

	 	21.2.1	 Contractor represents and warrants that it is authorized to do business in the State of Nevada and is properly
licensed to perform the Work by all necessary Governmental Authorities (including local governments, counties, cities, and municipalities) having jurisdiction over Contractor, the Work and the Project. Contractor may satisfy licensing requirements
concerning its design and engineering services through the design professionals it retains to perform those services if they are properly licensed. Contractor has no reason to believe that any approval required to be obtained by Contractor from a
Governmental Authority for the execution of the Work will not be granted in due course and thereafter remain in effect so as to enable the Work to proceed in accordance with the Contract Documents. 

 

	21.3	 Survival. 

All of the representations, warranties and indemnifications made in, required by or given in accordance with the Contract Documents, the Work
or the Project, which are expressly stated to survive or which by their nature survive, as well as all continuing obligations under the Contract Documents, shall survive (a) termination of the Agreement, and (b) Final Completion. 

  
 66 

 ARTICLE 22 

DISPUTE RESOLUTION 
  

	22.1	 Dispute Resolution Procedures. 

 

	 	22.1.1	 Any Claim or dispute arising out of or relating to this Agreement shall be resolved in accordance with, the
dispute resolution procedures set forth in this Article 22. 

  

	 	22.1.2	 In the event of any dispute between MSG and Contractor that arises under or in connection with this Agreement
or the Work (a “Dispute”), Contractor shall continue to perform as required under the Agreement notwithstanding the existence of such Dispute. In the event of such a Dispute, MSG shall continue to pay Contractor as provided in this
Agreement, excepting only such amount as may be disputed. 

  

	 	22.1.3	 If any event or circumstance gives rise to a Dispute, the aggrieved party (the “Disputing
Party”) shall promptly notify (each such notice, a “Dispute Notice”) the other party (the “Responding Party”) of such Dispute. At the next project meeting following delivery of such Dispute Notice,
Contractor and MSG shall reserve time at the end of such project meeting to attempt to resolve such Dispute at the field level through discussions between Contractor’s project manager and MSG’s representative (such meeting the
“Initial Meeting”). If any Dispute is not resolved through such discussions within thirty (30) Days after delivery of such Dispute Notice, then Contractor’s Designated Senior Representative and MSG’s Designated Senior
Representative, upon the request of either Party, shall meet as soon as conveniently possible, but in no case later than thirty (30) Days after delivery of such Dispute Notice, to attempt to resolve such Dispute (such meeting the
“Designated Representatives Meeting”). If a Party intends to be accompanied at a meeting by an attorney, the other Party shall be given at least five (5) Days’ notice of such intention and may also be accompanied by an
attorney. Both Parties may change their Designated Senior Representative from time to time upon written notice to the other Party. 

  

	 	22.1.4	 Unless the Parties otherwise agree, if a Dispute has not been settled or resolved within one hundred
(100) Days after delivery of such Dispute Notice, then either Party may initiate litigation. Any litigation based on, or arising out of, under, or in connection with, the Agreement, or any course of conduct, course of dealing, statements
(whether oral or written) or actions of the Parties in connection herewith or therewith, shall be brought and maintained in a court of competent jurisdiction located in Las Vegas, Clark County, Nevada. 

 

	 	22.1.5	 Either Party may commence litigation on any Dispute without complying with the process set forth in Sections
22.1.3, and 22.1.4 if, at the time such litigation is commenced, the applicable statute of limitations period for such Dispute is less than thirty (30) Days from expiring. If a Dispute relates to or is the subject of a
mechanic’s lien, Contractor may proceed in accordance with Applicable Law to comply with the lien notice or filing deadlines. 

  

	 	22.1.6	 In any Dispute between MSG and Contractor, the prevailing Party shall be awarded its reasonable attorneys’
fees and costs. 

  

	 	22.1.7	 THE PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

 

	 	22.1.8	 Nothing herein shall prejudice the right of a Party to commence litigation seeking urgent relief to prevent
imminent irreparable harm in respect of a Dispute arising under or in connection with this Agreement. 

 ARTICLE 23 

CLAIMS 
  

	23.1	 To the extent permitted by law, Contractor agrees that MSG will not be liable to Contractor and Contractor is
not entitled to make any Claim or recover as a Cost of the Work: 

  

	 	23.1.1	 arising out of, or in any way in connection with, any breach of this Agreement by MSG, any direction, consent
or approval by MSG, any other act or omission of MSG or its employees or agents, or the subject matter of this Agreement; 

  

	 	23.1.2	 under any provision of this Agreement; 

  
 67 

	 	23.1.3	 in tort (including for negligence), for strict liability, under any law or statute, for restitution based on
unjust enrichment or for rectification; or 

  

	 	23.1.4	 for payment or compensation on any other legal or equitable basis, 

if Contractor has not given to MSG: 
  

	 	23.1.5	 a prescribed notice for the Claim within ten (10) Business Days of the first day on which Contractor
became aware, or should reasonably have become aware of the breach, direction, consent, approval, act, omission or other event, fact, matter or circumstance on which the Claim is based; and 

 

	 	23.1.6	 in the case where the relevant breach, direction, consent, approval, act, omission or other event, fact, matter
or circumstance is ongoing, weekly (or such other frequency as the Parties may mutually agree) updates of the prescribed notice until the breach, direction, consent, approval, act, omission or other event, fact, matter or circumstance has ceased.

  

	23.2	 A ‘prescribed notice’ is a notice in writing that is endorsed ‘Prescribed Notice under Article
23 and includes particulars of all of the following: 

  

	 	23.2.1	 the breach, act, omission, direction, consent, approval, event, fact, matter or circumstance on which the Claim
is or will be based; 

  

	 	23.2.2	 the provision of this Agreement or other basis for the Claim; 

 

	 	23.2.3	 the quantum or likely quantum of the Claim; and 

 

	 	23.2.4	 any measures taken by Contractor to reduce the impact of the breach, act, omission, direction, consent,
approval, event, fact, matter or circumstance on which the Claim is based. 

  

	23.3	 The amount (if any) of any Claim that Contractor has notified in accordance with this Article 23 will be
valued, and the Incentive Benchmark adjusted, under whichever parts of Article 6 are applicable having regard to the nature of the Claim and after taking into account measures that were reasonably available to Contractor to reduce the impact of the
breach, act, omission, direction, consent, approval, event, fact, matter or circumstance on which the Claim is based. 

  

	23.4	 This Article 23 does not apply to any claim for: 

 

	 	23.4.1	 an Application for Payment pursuant to this Agreement; 

 

	 	23.4.2	 payment of a Construction Change Directive that has been directed in writing by MSG under
Section 6.3; or 

  

	 	23.4.3	 an adjustment to the Substantial Completion Date under Article 5, 

but nothing in this Article 23 limits the operation or effect of any other notice provision,
time-bar provision, condition precedent or limitation or exclusion clause in this Agreement. 
  

	23.5	 MSG and Contractor waive Claims against each other for consequential, indirect and incidental damages arising
out of or relating to this Agreement or the Project; provided, however, that the foregoing waiver shall not apply to: 

  

	 	23.5.1	 MSG’s recovery from Contractor of Daily Delay Liquidated Damages and Long Stop Completion Liquidated
Damages, subject to the caps thereon established in Schedule I; 

  

	 	23.5.2	 the Termination Costs referred to in Section 18.2.2(b), subject to the cap on
Termination Costs established in Section 18.2.2 with respect to Section 18.2.2(b); 

  

	 	23.5.3	 MSG’s recovery from a Contractor Party for a failure by a Contractor Party’s to comply with its tax
obligations hereunder and any fines, levies, fees or expenses imposed by a Governmental Authority against MSG as a result of a Contractor Party’s breach of its obligations under this Agreement; 

 

	 	23.5.4	 such consequential, indirect and incidental damages, losses and costs arising from (a) any third party
claim to the extent a Contractor Party is required to provide indemnification of the MSG Parties pursuant to this Agreement, and (b) any claim (not covered by Section 23.5.4(a)) to the extent a Contractor Party is
required to provide indemnification of the MSG Parties pursuant to this Agreement, with the understanding that this Section 23.5.4(b) shall be subject to a maximum cumulative cap on all such consequential, indirect and
incidental damages, losses and costs equal to [*****]; 

  

	 	23.5.5	 all damages, losses and costs to the extent paid by insurance proceeds from any applicable insurance maintained
by either Party; and 

  
 68 

	 	23.5.6	 a Contractor Party’s or MSG Party’s gross negligence, fraud or willful misconduct.

 ARTICLE 24 

ETHICAL OBLIGATIONS 
  

	24.1	 Equal Opportunity. 

 

	 	24.1.1	 MSG is committed to equal opportunity in employment and in the awarding of contracts for goods and services. It
is the policy of MSG to seek and employ the best-qualified individuals for all job opportunities. MSG prohibits unlawful discrimination against any employee or applicant for employment on the basis of race, color, national origin, ancestry, sex,
sexual orientation, age, religion, physical or mental disability, medical condition, veteran status, marital status, or any other characteristic protected under federal or state law. This policy applies to all areas of employment, including hiring,
awarding contracts, training, promotion, demotion, transfer, layoff, termination, and compensation. Contractor and its Subcontractors are required to abide by any affirmative action requirements imposed upon MSG pursuant to Applicable Law or any
other applicable affirmative action requirements of which MSG has notified Contractor in advance and in writing. 

  

	24.2	 Harassment or Offensive Behavior. 

 

	 	24.2.1	 MSG is committed to maintaining a work environment that is free of harassment and offensive behavior and such
behavior is strictly prohibited by MSG. Neither Contractor nor any of its Subcontractors shall engage in any harassment or offensive behavior in connection with this Agreement or the Project. Contractor shall immediately address any claim of
harassment or offensive behavior involving it or its Subcontractors, properly discipline any person determined to have engaged in such conduct, including dismissal or removal from the Project where appropriate, and use its best efforts to ensure
that such conduct does not reoccur. 

  

	24.3	 Ethical Standards. 

 

	 	24.3.1	 Contractor shall observe high ethical standards and comply with all Applicable Law governing ethical conduct or
conflicts of interest. Neither Contractor, nor any person associated with Contractor (including a Subcontractor), shall provide (or seek reimbursement for) any gift, gratuity, favor, entertainment, loan or other thing of value to any official,
director, employee, agent or representative of MSG not in conformity with Applicable Law. 

  

	 	24.3.2	 Contractor shall not engage the services of any person or persons in the employment of MSG for any services
required, contemplated or performed under this Agreement. Contractor may not assign to any former MSG employee or agent who has joined Contractor’s firm any matter on which the former employees, while in the employ of MSG, had material or
substantial involvement in the matter. Contractor may request a waiver to permit the assignment of such matters to former MSG personnel on a case-by-case basis.
Contractor shall include in every Subcontract a provision substantially similar to this Article so that such provision shall be binding upon each Subcontractor. 

 

	 	24.3.3	 Contractor represents and warrants that it did not, directly or indirectly, engage in any collusive or other
anti-competitive behavior in connection with the award of the Contract and will not engage in any such conduct with respect to the Project or its performance of the Work. Contractor shall procure the same representation and warranty from each
Subcontractor in each Subcontract. 

  

	 	24.3.4	 Contractor shall have in place and follow, and shall ensure that its Subcontractors have in place and follow,
policies and procedures to prevent and detect possible violations described in this Section 24.3. 

  

	 	24.3.5	 Contractor agrees, and shall procure the agreement of its Subcontractors, that MSG shall have the right to
audit Contractor’s and each Subcontractor’s books and records to ensure compliance with this Article 24 and agrees to provide such information and other assurances of compliance with this Article 24 as MSG may request from
time to time. 

  

	 	24.3.6	 This provision shall survive termination of this Agreement. A breach of this Article 24 shall constitute
a material breach of this Agreement. 

  
 69 

 ARTICLE 25 

MISCELLANEOUS PROVISIONS 
  

	25.1	 Governing Law. 

 

	 	25.1.1	 This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada without
regard to principles of conflicts of law. 

  

	25.2	 Entire Agreement. 

 

	 	25.2.1	 The Contract Documents represent the entire and integrated agreement between MSG and Contractor and supersede
all prior negotiations, representations or agreements, either written or oral, including the Preconstruction Services Agreement and the LNTP. The Contract Documents may be amended only by written instrument signed by both MSG and Contractor or a
Construction Change Directive issued by MSG. 

  

	25.3	 Schedules. 

  

	 	25.3.1	 All Schedules (including all attachments to such Schedules) referenced in this Agreement are an integral part
of the Contract Documents. 

  

	25.4	 Relationship of the Parties. 

 

	 	25.4.1	 Contractor is an independent contractor and shall not be deemed an agent, employee or partner of MSG. Nothing
contained in this Agreement shall be construed as constituting a joint venture, partnership or similar relationship between Contractor and MSG for any purpose, including federal, state and local income tax purposes. In no event shall either party
take a position in any tax return or other writing of any kind that a partnership, joint venture or similar relationship exists. 

  

	25.5	 Third Parties. 

 

	 	25.5.1	 Nothing contained herein shall be deemed to give any third party any claim or right of action against MSG or
Contractor that does not otherwise exist without regard to this Agreement. 

  

	25.6	 Counterparts. 

 

	 	25.6.1	 This Agreement may be executed by the Parties in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

  

	25.7	 Remedies. 

  

	 	25.7.1	 Except as otherwise expressly provided in the Contract Documents, all rights and remedies provided to either
Party in the Contract Documents are in addition to all other rights and remedies available to that Party at law or in equity. 

  

	25.8	 Successors and Assigns. 

 

	 	25.8.1	 MSG and Contractor, respectively, bind themselves, their successors and assigns to the other Party to this
Agreement, and to the successors and assigns of such other Party with respect to all covenants and obligations of the Contract Documents. 

  

	25.9	 Assignment. 

  

	 	25.9.1	 Contractor shall not assign or transfer any interest in this Agreement without the prior written consent of
MSG. MSG may, without the consent of Contractor, assign this Agreement to an Affiliate or related party, or any lender or financial or other institution providing funding for the Project. MSG may otherwise assign this Agreement without the consent
of Contractor provided that (i) MSG gives fourteen (14) Days advance notice to Contractor; and (ii) such assignee assumes all of the obligations of MSG as otherwise set forth under this Agreement and is capable of fully satisfying all
obligations owed by MSG, including payment obligations, after the date of assignment. 

  

	25.10	 Liability. 

  

	 	25.10.1	 This Agreement is executed by MSG in its own capacity and not as agent for or representative of any other
Person. Contractor acknowledges and agrees that it shall look only to the funds and property of MSG for payment or satisfaction of any claim arising out of or in connection with this Agreement or the Work. 

  
 70 

	25.11	 Survival. 

  

	 	25.11.1	 The obligations of MSG and Contractor hereunder that are expressly deemed to survive expiration or earlier
termination of this Agreement shall survive such termination or expiration. 

  

	25.12	 Severability. 

 

	 	25.12.1	 If any term, covenant, restriction or condition contained in this Agreement shall, to any extent, be invalid or
unenforceable, the remainder of this Agreement (or the application of such term, covenant restriction or condition to Persons or circumstance, other than those with respect to which it is invalid or unenforceable) shall not be affected thereby and
each term, covenant, restriction and condition of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

  

	25.13	 No Waiver. 

  

	 	25.13.1	 A failure by either Party to insist on the performance of any of the other Party’s obligations under this
Agreement shall not be construed as a waiver, modification or relinquishment of such obligations or right with respect to future performance. The consent or approval by either Party of any act by the other Party requiring such Party’s consent
or approval shall not be construed to waive or render unnecessary the requirement for that Party’s consent or approval of any subsequent similar act by the other Party. The payment by MSG of any amount due hereunder with knowledge of a breach
of any provision of this Agreement shall not be deemed a waiver of such breach. No provision of this Agreement shall be deemed to have been waived unless such waiver shall be in writing signed by the Party to be charged. 

[EXECUTION PAGE TO FOLLOW] 

  
 71 

 IN WITNESS WHEREOF this Agreement has been executed by the Parties as of the day and year
first written above. 
  

			
	MSG LAS VEGAS, LLC
		
	By:	 	/s/ Andrew Lustgarten
		 	Name: Andrew Lustgarten
		 	Title: President

  

			
	HUNT CONSTRUCTION GROUP INC. (D/B/A AECOM HUNT)
		
	By:	 	/s/ Jay Badame
		 	Name: Jay Badame
		 	Title: Director

  
 72 

 SCHEDULE A 

APPLICABLE PROVISIONS OF GROUND LEASE 
  

	 	1.10	 “Bridge Construction Drawings” is defined in Section 5.7.4.

  
  

 

	 	1.11	 “Bridge DD Documents” is defined in Section 5.7.3.

  
  

 

	 	1.12.	 “Bridge Schematic Drawings” is defined in Section 5.7.2.

  
  

 

	 	1.20	 “Construction Commencement Date” is defined in Section 5.3.

  
  

 

	 	1.26.	 “Development” shall mean the construction of the entire Project set forth on the approved
Plans. 

  
  

 

	 	1.27	 “Development Completion” shall mean substantial completion of the Development, as evidenced by
the issuance of a temporary or permanent certificate of occupancy. 

  

 
  

	 	1.28	 “Development Completion Date” shall mean the date upon which Development Completion occurs as
evidenced by a notice from Lessee to Lessor promptly following Development Completion, which notice shall contain a copy of all applicable certificates of occupancy evidencing that the Development Completion Date has occurred. 

 
  

 

	 	1.39.	 “Hazardous Material” shall mean any substance, material or waste (regardless of physical form
or concentration) that is (a) toxic, radioactive, hazardous, explosive, carcinogenic, ignitable, corrosive, reactive or words of similar meaning or regulatory effect under Environmental Laws; or (b) restricted or regulated under any
Environmental Laws. Without limiting the foregoing, “Hazardous Materials” includes petroleum, petroleum products and by-products including gasoline, diesel fuel or other petroleum hydrocarbons;
asbestos and asbestos-containing materials, in any form, whether friable or nonfriable; polychlorinated biphenyls; and radon gas. 

  

 
  

	 	1.46.	 “Interconnection Point” is defined in Section 5.7.1.

  
  

 

	 	1.90.	 “Plans” is defined in Section 5.2. 

 
  

 

	 	1.121.	 “Unpermitted Lien” shall mean any mechanic’s, materialman’s, material
supplier’s, or vendor’s statutory lien or similar lien arising out of work, labor services, equipment or materials supplied to Lessee or on behalf of Lessee in connection with the initial construction or subsequent alterations to the
Property by Lessee, which lien is recorded against Lessor’s interest in the Premises, as owner, or is filed against the leasehold estate and subsequently attaches to the Lessor’s interest in the Premises by operation of law.

  
  

 

	 	4.2.	 Use of Hazardous Materials by Lessee. Lessee shall not, and Lessee shall not permit its tenants, agents,
contractors, employees, or invitees to, generate, treat, store, dispose of, or otherwise deposit Hazardous Materials in, on, under or about or allow Hazardous Materials to emanate from the Property or any portion thereof, including, without
limitation, into the surface waters and subsurface waters thereof in violation of 

  
 A-1 

	 	
Applicable Laws. Hazardous Materials may be transported to and from the Premises, and may be stored, generated, or used and disposed of at the Premises, by Lessee and its agents and employees, so
long as such transport, storage, generation, or use and disposal is (i) ancillary to the ordinary course of business, (ii) in quantities customarily used in the ordinary course of business, and (iii) conducted in full compliance with
all Applicable Laws. 

  
  

 

	 	5.1.	 Delivery of Site; Lessee’s Intention to Construct. On the Lease Commencement Date, Lessor shall
deliver the Premises to Lessee free and clear of all trailers, equipment, or other personal property, and with all existing improvements removed other than paved surface parking, light poles, or perimeter fencing. Lessee shall develop and construct
the Project on the Premises in accordance with the Building Standard, at its sole cost and expense, inclusive of any and all cost overruns, but subject to the TI Allowance. Lessee shall be solely responsible, at its sole cost and expense, for
compliance with all Applicable Laws, including obtaining all necessary zoning changes, conditional use permits, variances, permits, approvals and all other necessary land use approvals, in connection with the construction of any Improvements on the
Premises (it being acknowledged by the parties that Lessee has already obtained the Project Entitlements as of the date hereof, and it being further agreed that, subject to Lessor’s limited approval rights as set forth in the last sentence of
Section 8, Lessor shall cooperate in good faith with Lessee in the processing of any further applications for and pursuit of any of the land use approvals described herein at no out of pocket cost or expense to Lessor).

  
  

 

	 	5.2.	 Plans and Specifications. Lessor acknowledges that in connection with Lessee obtaining the Project
Entitlements, Lessor has previously approved the general architectural character of the exterior building design as set forth on the concept drawings for the Project listed on Schedule J (collectively, the “Plans”) in
accordance with the terms and conditions of the Agreement to Lease. Lessee shall not engage in any Material Modification of the Plans without the prior written approval of Lessor, such approval not to be unreasonably withheld, conditioned, or
delayed. Following completion of the Development of the Premises pursuant to the approved Plans, this Section 5.2 shall no longer apply, and any alterations of and additions to the Project shall be subject to the terms of
Section 8. 

  

 
  

	 	5.3.	 Manner of Construction. Lessee shall be solely responsible for the design and construction of the
Project in material compliance with Applicable Laws and any Permitted Exceptions. Lessee shall also comply with the provisions set forth in Schedule E attached hereto and incorporated herein by reference. Lessee shall record all notices of
completion as may be required under Applicable Laws or good construction practices. Lessee shall commence construction of work on the foundations for the Venue (as opposed to pre-construction activities) no
later than eighteen (18) months after the Lease Commencement Date, subject to extension on a day for day basis for each day of delay due to Force Majeure or Lessor Delay (the “Construction Commencement Date”) (provided,
however, that any Force Majeure delays shall not extend the Construction Commencement Date by more than one hundred eighty (180) days after the date that is eighteen (18) months after the Lease Commencement Date), and shall diligently
pursue construction of the Project thereafter. Lessee shall have achieved Development Completion and the Development Completion Date shall have occurred no later than three (3) years after the earlier to occur of (1) the actual date of
commencement of work on the foundations for the Venue (as opposed to pre-construction activities) and (2) the Construction Commencement Date, subject to extension on a day for day basis for each day of
delay due to Force Majeure or Lessor Delay (the “Outside Development Completion Date”) (provided, however, that Force Majeure extensions shall not be available during the period between (x) the date if any that an arbitrator
determines pursuant to a binding ruling (in accordance with Section 39.15) that Lessee was not diligently pursuing construction of the Project after the Construction Commencement Date in accordance with this Section 5.3, and (y) the
date that Lessee subsequently cures such default and resumes diligent pursuit of the construction). Throughout the construction process, Lessee will consult and coordinate with Lessor (with update meetings to occur no less frequently than
quarterly). 

  
  

 

	 	5.7.	 Pedestrian Bridge. 

 

	 	5.7.1.	 The Plans include a pedestrian bridge (the “Bridge”), to be constructed by Lessee to connect
the Project to the Venetian/Palazzo hotel complex at a point of interconnection (the “Interconnection Point”). 

  
 A-2 

	 	5.7.2.	 Lessor and Lessee shall cooperate in good faith in the implementation of the Bridge at the Interconnection
Point, consistent with the Concept Drawings that were approved as part of the Agreement to Lease. In that regard, Lessee shall prepare and submit to Lessor, at Lessee’s expense, schematic drawings with respect to the design specifications of
the Bridge, including the Interconnection Point (the “Bridge Schematic Drawings”). Within thirty (30) days of receiving the Bridge Schematic Drawings, Lessor shall determine whether to approve (a) the Interconnection Point
and (b) any other points where the Bridge physically connects to the Sands Expo Center improvements or land (collectively, “Other Physical Connection Points”), such approval not to be unreasonably withheld, conditioned, or
delayed. Any disapproval shall be in writing and shall specify the specific reasons for the denial and the changes to the Bridge Schematic Drawings that would render them acceptable, at which time Lessor and Lessee shall promptly meet and confer in
good faith to resolve such issues. If Lessor fails to respond to the above request for approval within thirty (30) days of receipt of the Bridge Schematic Drawings, then Lessee may send Lessor a second notice requesting Lessor’s approval
of the Bridge Schematic Drawings, which notice shall be in accordance with the Deemed Approval Process set forth in Section 34 hereof. If Lessor fails to respond to such second notice within fifteen (15) days, Lessor
shall be deemed to have approved such Bridge Schematic Drawings. Notwithstanding the foregoing, if Lessor, in connection with its review of the Bridge Schematic Drawings, desires to make any changes from what was previously approved by Lessor in the
Concept Drawings that were approved as part of the Agreement to Lease, then any direct incremental cost increases (including the costs of revising the Bridge Schematic Drawings) associated with such relocation shall be borne by Lessor.

  

	 	5.7.3.	 Subsequent to the approval of the Bridge Schematic Drawings in accordance with
Section 5.7.2 above, Lessee shall prepare and submit to Lessor, at Lessee’s expense, design development drawings consistent with the Bridge Schematic Drawings (the “Bridge DD Documents”). Within thirty
(30) days of receiving the Bridge DD Documents, Lessor shall determine whether to approve (a) the Interconnection Point and (b) any Other Physical Connection Points, in each case only to the extent that the Bridge DD Documents
disclose new information not previously shown on the Bridge Schematic Drawings, such approval not to be unreasonably withheld, conditioned, or delayed. Any disapproval shall be in writing and shall specify the specific reasons for the denial and the
changes to the Bridge DD Documents that would render them acceptable, at which time Lessor and Lessee shall promptly meet and confer in good faith to resolve such issues. If Lessor fails to respond to the above request for approval within thirty
(30) days of receipt of the Bridge DD Documents, then Lessee may send Lessor a second notice requesting Lessor’s approval of the Bridge DD Documents, which notice shall be in accordance with the Deemed Approval Process set forth in
Section 34 hereof. If Lessor fails to respond to such second notice within fifteen (15) days, Lessor shall be deemed to have approved such Bridge DD Documents. Notwithstanding the foregoing, if Lessor, in connection
with its review of the Bridge DD Documents, desires to make any changes from what was previously approved by Lessor in the approved Bridge Schematic Drawings, then any direct incremental cost increases (including the costs of revising the Bridge DD
Documents) associated with such relocation shall be borne by Lessor. 

  

	 	5.7.4.	 Subsequent to the approval of the Bridge DD Documents in accordance with
Section 5.7.3 above, Lessee shall prepare and submit to Lessor, at Lessee’s expense, construction drawings with respect to the Bridge, including the Interconnection Point (the “Bridge Construction
Drawings”). Within thirty (30) days of receiving the Bridge Construction Drawings, Lessor shall determine whether to approve (a) the Interconnection Point and (b) any Other Physical Connection Points, in each case only to the
extent that the Bridge Construction Drawings disclose new information not previously shown on the Bridge DD Documents, such approval not to be unreasonably withheld, conditioned, or delayed. Any disapproval shall be in writing and shall specify the
specific reasons for the denial and the changes to the Bridge Construction Drawings that would render them acceptable, at which time Lessor and Lessee shall promptly meet and confer in good faith to resolve such issues. If Lessor fails to respond to
the above request for approval within thirty (30) days of receipt of the Bridge Construction Drawings, then Lessee may send Lessor a second notice requesting Lessor’s approval of the Bridge Construction Drawings, which notice shall be in
accordance with the Deemed Approval Process set forth in Section 34 hereof. If Lessor fails to respond to such second notice within fifteen (15) days, Lessor shall be deemed to have approved such Bridge Construction

  
 A-3 

	 	
Drawings. Notwithstanding the foregoing, if Lessor, in connection with its review of the Bridge Construction Drawings, desires to make any changes from what was previously approved by Lessor in
the approved Bridge DD Documents, then any direct incremental cost increases (including the costs of revising the Bridge Construction Drawings) associated with such relocation shall be borne by Lessor. 

 

	 	5.7.5.	 Throughout the Bridge construction process, Lessee will consult and coordinate with Lessor (with update
meetings to occur no less frequently than quarterly). Without limiting the generality of the foregoing, in the course of construction of the Project in accordance with the terms and conditions of this Lease, Lessor and Lessee shall cooperate in good
faith on issues related to construction staging, crane overhang, and construction parking. 

  

	 	5.7.6.	 Lessee shall use commercially reasonable efforts to cause Lessor to be named as a third-party beneficiary of
any contractor or manufacturer warranties in favor of Lessee in respect of the construction of the Interconnection Point and any other portion of the Bridge located on the Sands Expo Center property. 

 

	 	5.7.7.	 In the course of construction of the Bridge, Lessee shall comply with the terms and conditions of all
agreements with Wynn Sunrise LLC, a Nevada limited liability company (“Wynn”), pertaining to the Bridge and recorded against title to the Premises (collectively, and as may be amended from time to time by Wynn and Lessee, the
“Wynn Bridge Agreements”). Lessor shall reasonably cooperate with Lessee, at no out of pocket cost or expense to Lessor, in connection with any amendments or assignments of or supplements to the Wynn Bridge Agreements necessary for
the construction and operation of the Project, provided that any such amendments do not result in a material adverse impact on the Venetian/Palazzo Resort or the Sands Expo Center. 

 
  

 

	 	5.8.	 Cooperation. Lessor, as the fee owner of the Premises, shall provide the appropriate authorizations and
signatures on applications and other documents so as to permit Lessee to develop, construct, install, maintain, operate, or repair the Project, at no out-of-pocket
expense to Lessor. Lessor shall not (i) take and/or express positions adverse to and/or otherwise interfere with the development, construction, installation, maintenance, operation, and/or repair of the Improvements during the Lease Term except
as expressly permitted under this Lease, or (ii) without the prior approval of Lessee, not to be unreasonably withheld, conditioned, or delayed, initiate contact or participate in any meetings with any governmental authority having jurisdiction
over the Premises or any portion thereof to discuss matters relating to the development of the Premises or the Project; provided, however, that the restriction in this clause (ii) shall not apply during the last year of the Term
of the Lease to the extent that Lessor intends to process any redevelopment approvals for the Premises related to the period from and after the expiration of the Lease. The Parties shall reasonably cooperate and coordinate with one another regarding
construction activities taking place at the Premises and related to construction efforts with respect to the Bridge (including the Interconnection Point), including without limitation the granting of any temporary construction licenses that may be
reasonably required in order for Lessee to access Lessor’s property for such purposes, and Lessor shall, at no out of pocket cost or expense to Lessor, reasonably cooperate with Lessee’s efforts to interconnect all utilities to the
Premises (including the Interconnection Point and Bridge) and reasonably consent to any such interconnections, as required. 

  

 
  

	6.	 Environmental Matters; Premises Use. 

 

	 	6.1.	 Indemnity for Hazardous Materials. Lessor hereby agrees to defend, protect, and indemnify the Lessee
Parties, and to hold the Lessee Parties harmless from and against, any and all claims, demands, causes of action, judgments, losses, liabilities, costs or expenses (including, without limitation, reasonable attorneys’ fees and expenses) arising
from the presence of any Hazardous Material located in, at, on or under the Premises if and to the extent the presence of such Hazardous Material is in violation of any Environmental Law (a) prior to the Lease Commencement Date or (b) as a
result of the actions of Lessor or Lessor’s employees or agents, provided, however, that Lessor’s indemnification obligations hereunder shall not apply to the extent the presence or exacerbation of such Hazardous Materials is as a
result of the actions of Lessee or Lessee’s employees, agents or invitees (it being understood that mere discovery of Hazardous Materials by Lessee shall not be considered exacerbation). Lessee hereby agrees to defend, protect, and indemnify
the Lessor Parties, and to hold the Lessor Parties harmless from and against, any and all claims, demands, causes of action, judgments, 

  
 A-4 

	 	
losses, liabilities, costs or expenses (including, without limitation, reasonable attorneys’ fees and expenses) arising from the presence of any Hazardous Material located in, at, on or
under the Premises (a) as a result of the actions of Lessee or Lessee’s employees, agents, contractors, invitees, tenants or subtenants in violation of any Environmental Law or (b) as prohibited by Section 4.2,
provided, however, that Lessee’s indemnification obligations hereunder shall not apply to the extent the presence of such Hazardous Materials is as a result of the actions of Lessor or Lessor’s employees or agents. For purposes of this
Section 6.1, the indemnifying party shall be referred to as the “Indemnitor” and the indemnified parties shall be referred to collectively as the “Indemnitee.” 

 
  

 

	 	6.2.	 Notwithstanding any provision of this Lease to the contrary, Lessee shall have no obligation to indemnify
Lessor or the Lessor Parties in respect of any contamination of ground water if such contamination was the result of the migration of Hazardous Materials to the Premises from real property other than the Premises, and was not caused by Lessee or
Lessee’s employees, agents, contractors, invitees, tenants or subtenants. Lessee shall provide Lessor with prompt written notice of any contamination issue described in the previous sentence upon Lessee obtaining actual knowledge of same.

  
  

 

	 	6.3.	 Scope of Indemnification. In connection with any claim for indemnification under
Section 6.1 above, Indemnitor shall indemnify and defend Indemnitee with counsel reasonably satisfactory to Indemnitee, to the extent provided in Section 6.1. This indemnification shall include
without limitation (i) personal injury claims, (ii) the payment of liens, fines or penalties, (iii) damages for the loss of or restriction on the use of the Premises, whether temporary or permanent, (iv) sums reasonably paid in
settlement of claims, (v) reasonable attorneys’ fees and experts’ fees, (vi) the reasonable cost of investigation of site environmental conditions required by law, (vii) the reasonable cost of remediation to achieve non-residential environmental cleanup standards required by any governmental authority pursuant to an Environmental Law and related repair and restoration. Subject to Section 6.4, any costs
or expenses incurred by Indemnitee for which Indemnitor is responsible under this Section 6.3 or for which Indemnitor has indemnified Indemnitee shall be paid to Indemnitee in accordance with
Section 6.5, or otherwise on demand. 

  

 
  

	 	6.4.	 Claims for Indemnification. If an Indemnitee believes that it is entitled to indemnification pursuant to
this Section 6, such Indemnitee shall give prompt written notice thereof to Indemnitor. Any such notice shall set forth in reasonable detail and to the extent then known the basis for such claim for indemnification. Each
such claim for indemnification shall expressly state that Indemnitor shall have only the ninety (90) day period referred to in the next sentence to dispute or deny such claim. Indemnitor shall have ninety (90) days following its receipt of
such notice either (a) to acquiesce in such claim and Indemnitor’s responsibility to indemnify Indemnitee in respect thereof in accordance with the terms of this Section 6 by giving Indemnitee written notice of
such acquiescence, or (b) to object to the claim by giving Indemnitee written notice of the objection. If Indemnitor does not acquiesce in such claim for indemnification within such ninety (90) day period, such claim shall be deemed to
have been objected to by Indemnitor. If Indemnitor objects, or is deemed to have objected, to such claim for indemnification within such ninety (90) day period but it is subsequently determined by a court of competent jurisdiction that
Indemnitee is entitled to indemnification from Indemnitor, interest shall be deemed to have accrued on the unpaid amount of such indemnification from the date on which Indemnitee tendered payment in satisfaction of the liability or liabilities
giving rise to such claim for indemnification until full payment of the amount of such indemnification at a rate equal to the lesser of (i) ten percent (10%) per annum and (ii) the maximum amount permitted by law, and Indemnitee shall be
entitled to payment of such interest from Indemnitor. 

  

 
  

	 	6.5.	 Defense of Claims. 

 

	 	6.5.1.	 In connection with any claim which may give rise to indemnity under this Section 6
resulting from or arising out of any claim or proceeding against an Indemnitee by a Person that is not a party to this Lease, Indemnitor may (unless such Indemnitee elects not to seek indemnity hereunder for such claim), upon written notice sent at
any time to the relevant Indemnitee, assume the defense of any such claim or proceeding if Indemnitor acknowledges to Indemnitee Indemnitee’s right to 

  
 A-5 

	 	
indemnity pursuant hereto in respect of the entirety of such claim (as such claim may have been modified through written agreement of the parties) and provides assurances, reasonably satisfactory
to Indemnitee, that Indemnitor will be financially able to satisfy the amount of such claim in full if such claim or proceeding is decided adversely. 

  

	 	6.5.2.	 If Indemnitor assumes the defense of any such claim or proceeding, Indemnitor shall select counsel reasonably
acceptable to Indemnitee to conduct the defense of such claim or proceeding, shall take all steps reasonably necessary in the defense or settlement thereof, shall at all times diligently and promptly pursue the resolution thereof, and shall bear all
costs and expenses in connection with defending against such claim or proceeding. If Indemnitor shall have assumed the defense of any claim or proceeding in accordance with this Section 6.5, Indemnitor may consent to a
settlement of, or the entry of any judgment arising from, any such claim or proceeding only with the prior written consent of Indemnitee, not to be unreasonably withheld, conditioned or delayed; provided, that Indemnitor shall pay or cause to
be paid all amounts arising out of such settlement or judgment either concurrently with the effectiveness thereof or shall obtain and deliver to Indemnitee prior to the execution of such settlement a general release executed by the Person not a
party hereto, which general release shall release Indemnitee from any liability in such matter; provided, further, that Indemnitor shall not be authorized to encumber any of the assets of Indemnitee or to agree to any restriction that
would apply to Indemnitee or to its conduct of business; provided, further, that a condition to any such settlement shall be a complete release of Indemnitee and its Affiliates, trustees, officers, employees, consultants and agents with
respect to such claim. Indemnitee shall be entitled to participate in (but not control) the defense of any such action, with its own counsel and at its own expense. Each Indemnitee shall, and shall cause each of their Affiliates, officers,
employees, consultants and agents to, cooperate fully with Indemnitor in the defense of any claim or proceeding being defended by Indemnitor pursuant to this Section 6.5. 

 

	 	6.5.3.	 If Indemnitor does not assume the defense of any claim or proceeding resulting therefrom in accordance with the
terms of this Section 6.5, Indemnitee may defend against such claim or proceeding in such manner as it may deem appropriate, including settling such claim or proceeding after giving notice of the same to Indemnitor, on such
terms as Indemnitee may deem appropriate. If Indemnitor seeks to question the manner in which Indemnitee defended such claim or proceeding or the amount of or nature of any such settlement, Indemnitor shall have the burden to prove by a
preponderance of the evidence that Indemnitee did not defend such claim or proceeding in a reasonably prudent manner. 

  

	 	6.6.	 Definition of “Lessor Parties” and “Lessee Parties”. The term “Lessor
Parties” shall mean and include each and all of Lessor and Lessor’s trustees, members, managers, shareholders, directors, officers, employees, agents, contractors, assigns and any successors to Lessor’s interest in the Premises,
and (b) “Lessee Parties” shall mean and include each and all of Lessee and Lessee’s trustees, members, managers, shareholders, directors, officers, employees, agents, contractors, assigns and any successors to Lessee’s
interest in the Property. 

  

	 	6.7.	 Notice of Violations/Releases. Each party hereto shall immediately advise the other party in writing of,
and if applicable provide the other party with a copy of: (a) any notices of violation or potential or alleged violation of any Environmental Laws that are received by such party with respect to the Property from any governmental authorities;
(b) any and all inquiries, investigations, enforcement, cleanup, removal, or other governmental or regulatory actions instituted or threatened relating to Hazardous Materials on the Property; (c) all claims made or threatened by any third
party against such party or the Property relating to any Hazardous Materials at or emanating from the Property; and (d) any release of Hazardous Materials on or about the Property that such party knows of or reasonably believes may have
occurred. 

  
  

 

	8.	 Alterations and Additions. Subject to the terms, provisions, covenants and conditions of
this Lease, Lessee at its sole cost and expense may make Improvements on the Premises. In connection therewith, Lessee shall comply with the provisions set forth in Schedule E attached hereto and incorporated herein by reference. Subject to
the terms of Section 21 hereof, Lessee may obtain financing for such Improvements, and any such financing may be secured by Lessee’s interest in the Property. During the Lease Term, all such Improvements shall be and
remain the property of Lessee in accordance with Section 5.4. Lessor shall not have any design approval rights over Improvements except to the extent they relate to (a) the location and design of the Bridge,
(b) the location and design of the Interconnection Point and any Other Physical Connection Points, or (c) a Material Modification, in each case with such approval not to be unreasonably withheld, conditioned, or delayed.

  
 A-6 

  

 

	9.	 Compliance with Applicable Laws. 

 

	 	10.1	 Lessee Compliance. Subject to events of Force Majeure, events of Lessor Delay, and
Section 12 relating to permitted contests and cure rights, Lessee at its sole cost and expense will promptly and diligently comply with all Applicable Laws. 

 
  

 

	11.	 Liens. 

 

	 	11.1	 Generally. Lessee will not directly or indirectly create, or permit the creation of, any mortgage, lien,
security interest, encumbrance or charge on, pledge of or conditional sale or other title retention agreement with respect to the Premises or any part thereof, other than (a) this Lease and ancillary rights in favor of third parties as
permitted herein; (b) a Leasehold Mortgage which is permitted under the terms of Section 21; (c) liens for Impositions not yet payable, or payable without the addition of any fine, penalty, interest or cost for
nonpayment, or being contested as permitted by Section 12; (d) Permitted Exceptions; and (e) Unpermitted Liens, incurred in the ordinary course of business for sums which under the terms of the related contracts are
not at the time due if adequate provision for the payment thereof shall have been made by Lessee. Lessee will provide Lessor with prompt written notice of any lien or notice of lien placed against the Premises, and Lessee will promptly thereafter
remove and discharge any mortgage, lien, security interest, encumbrance or charge created by Lessee (or by any third party as a result of Lessee’s conduct) in violation of the preceding sentence. In the event that Lessee’s leasehold
interest under the Lease is encumbered by a Leasehold Mortgage pursuant to the provisions of Section 21, Lessee shall (i) use commercially reasonable efforts to cause any Leasehold Mortgagee to provide to Lessor copies
of any notices from such Leasehold Mortgagee alleging any non-compliance, breach or default by Lessee in respect of such Leasehold Mortgage (provided that Lessee shall be deemed to satisfy the
requirements of this clause (i) if Lessee delivers to such Leasehold Mortgagee a written request to provide such notices to Lessor; and (ii) within ten (10) days after receipt of any such notice from Leasehold Mortgagee, provide to
Lessor a copy of any such notice from such Leasehold Mortgagee alleging any non-compliance, breach or default under any of the loan documents regarding such Leasehold Mortgage (provided that so long as
Lessor receives such notice pursuant to either clause (i) or (ii) above, Lessee shall be deemed to satisfy the requirements of this clause). Notwithstanding anything to the contrary contained in this Section 11, Lessee
may enter into fixture financing arrangements for fixtures and equipment located on the Property, and Lessor agrees that Lessor’s claims to such fixtures and equipment, if any, shall be subordinate to any such fixture financing arrangements so
long as such arrangements do not encumber Lessor’s interest in the Premises. If Lessee fails to remove, discharge or bond over any lien not otherwise described in (a) through (e) above including without limitation any Unpermitted Lien
within thirty (30) days of its being placed against the Property, Lessor may do so, and Lessee shall reimburse Lessor for all costs incurred by Lessor in connection with removing such lien. 

 
  

 

	 	13.	 Lessor’s Access Rights. Lessor and its agents, employees and representatives shall have the
right to enter the Property at all reasonable times (except while an event is being held at the Premises) upon reasonable prior written notice for the purposes of (1) inspecting the Property for the purposes of determining Lessee’s
compliance with the terms hereof, and (2) during the last twenty four (24) months of the Lease Term, Scheduling the Property to other Persons, provided, however, that any such entry under clause (1) or (2) above shall be conducted in
such a manner as to minimize interference with the business being conducted in and on the Property. A representative of Lessee shall have the right to be present upon any such entry by Lessee, provided Lessee makes such representative reasonably
available for such entry. 

  

 
  

	 	14.	 Mutual Indemnification. 

 

	 	14.1.	 Lessee will defend, protect, indemnify, and hold Lessor harmless from and against all liabilities, obligations,
claims, damages, penalties, causes of action, costs, and expenses (including, without limitation, reasonable attorneys’ fees and expenses) imposed upon or incurred by or asserted against Lessor, the Lessor Parties, or the Property or any
portion thereof, by reason of the occurrence or existence of any of the following: (a) any accident, injury to, or death of persons (including workmen), or loss of or damage to property occurring in, on, under, or about the Property during the
Lease Term, except to the extent caused by the gross negligence or willful misconduct of Lessor or Lessor’s agents, employees, invitees, or contractors; (b) any failure on the part

  
 A-7 

	 	
of Lessee to perform or comply with any of the terms of this Lease; or (c) any non-compliance by Lessee with Applicable Laws, whether or not
Lessee’s non-compliance with Applicable Laws would constitute an Event of Default under Section 24 below. In case any action, suit or proceeding is brought against Lessor by reason of any such
occurrence, Lessor will notify Lessee of such action, suit, or proceeding, and upon Lessor’s request Lessee will, at Lessee’s sole cost and expense, resist and defend such action, suit, or proceeding. Notwithstanding the foregoing, Lessee
shall neither have any liability nor any obligation to indemnify Lessor solely for the discovery of Hazardous Material on the Premises unless and to the extent provided under the terms of Section 6 hereof. 

 

	 	14.2.	 Lessor will defend, protect, indemnify, and hold Lessee harmless from and against all liabilities, obligations,
claims, damages, penalties, causes of action, costs, and expenses (including, without limitation, reasonable attorneys’ fees and expenses) imposed upon or incurred by or asserted against Lessee, the Lessee Parties, or the Property or any
portion thereof, by reason of the occurrence or existence of any of the following: (a) any accident, injury to, or death of persons (including workmen), or loss of or damage to property occurring in, on, under, or about the Property prior to
the Lease Term, except to the extent caused by the gross negligence or willful misconduct of Lessee or Lessee’s agents, employees, invitees, or contractors; or (b) any failure on the part of Lessor to perform or comply with any of the
terms of this Lease. In case any action, suit or proceeding is brought against Lessee by reason of any such occurrence, Lessee will notify Lessor of such action, suit, or proceeding, and upon Lessee’s request Lessor will, at Lessor’s sole
cost and expense, resist and defend such action, suit, or proceeding. 

  

 
  

	 	15.	 Utility Services. Lessee shall be solely responsible (at its sole cost and expense) to
procure and interconnect all utilities to the Premises (including the Interconnection Point and Bridge). Lessor shall, at no out of pocket cost or expense to Lessor, reasonably cooperate with Lessee’s efforts to interconnect all utilities to
the Premises (including the Interconnection Point and Bridge) and reasonably consent to any such interconnections, as required. [*****]. 

  

 
  

	 	18.	 Insurance. 

 

	 	18.1	 Generally. Lessee, at its sole cost and expense, shall procure and keep in full force until all of its
obligations under this Lease have been discharged (or any additional periods described on Schedule I), insurance as set forth on Schedule I attached hereto. Lessor, at its sole cost and expense, shall maintain Commercial General Liability Insurance
for claims arising from its ownership of the Premises with limits in an amount not less than [*****]. Insurance required to be maintained by Lessor or Lessee pursuant to this Section 18.1 may be provided under blanket policies covering other
locations operated by Lessor or Lessee or any Affiliate of Lessor or Lessee. 

  

	 	18.2.	 Delivery of Evidence of Insurance. Upon commencement of the Lease Term, Lessee will deliver to Lessor
certificates of insurance showing the required coverage is in force (provided that Lessee may redact portions of any umbrella policies that are solely applicable to other projects), and thereafter Lessee shall use commercially reasonable efforts to
deliver to Lessor certificates of insurance showing the required coverage is still in force not less than ten (10) days prior to the expiration of any policy required pursuant to this Section 18, but in any event, Lessee shall deliver to
Lessor such certificates prior to the expiration of any policy required pursuant to this Section 18. 

  

	 	18.3.	 Waiver of Subrogation. Neither Lessor nor Lessee shall be liable to the other or to any insurance
company (by way of subrogation or otherwise) insuring the other party for any loss or damage to any building, structure or other tangible property, or any resulting loss of income and benefits (even though such loss or damage might have been
occasioned by the negligence of such party, its agents or employees) if such loss or damage is covered by insurance benefiting the party suffering such loss or damage or is required to be covered by insurance pursuant to this Lease. Lessor and
Lessee agree that deductibles under Lessor’s insurance policies and other amounts that are self-insured by Lessor or Lessee shall be deemed covered by insurance and all claims for recovery thereof are hereby waived. Lessor and Lessee shall
require their respective insurance companies to include a standard waiver of subrogation provision in their respective policies. 

  

	 	18.4.	 No Entry Until Insurance In Place. Lessee shall not be permitted to take possession of any portion of
the Premises until all applicable insurance required under this Lease is in place. 

  

 

  
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	 	19.	 Damage to or Destruction of Property. 

 

	 	19.1.	 Lessee to Give Notice. In case of any damage to or destruction of the Premises or any Improvements, or
any material part thereof, that will materially and adversely affect the operation of the Premises (a “Casualty”), Lessee will promptly give telephonic and written notice thereof to Lessor generally describing the nature and extent
of such Casualty. Lessor shall have no interest in any property insurance proceeds paid to Lessee or Leasehold Mortgagee due to a Casualty or any other damage to the Premises or any Improvements (the “Casualty Proceeds”), except as
expressly provided in this Section 19.1. Following any Casualty, Lessee shall either (i) diligently rebuild and replace such damaged Improvements at the Premises in accordance with the Building Standard
(provided that Lessor’s approval, not to be unreasonably withheld, conditioned or delayed, shall be required with respect to (a) the location and design of the Interconnection Point or any Other Physical Connection Points,
(b) the location and design of the Bridge, and (c) any Material Modification from the Improvements in existence immediately prior to such Casualty), or (ii) elect not to rebuild or replace such damaged Improvements, in which event
Lessee shall cause the distribution of the Casualty Proceeds in the following order and priority, in each case, subject to Leasehold Mortgagee making such Casualty Proceeds available therefor and any other rights of Leasehold Mortgagee:
(1) first, to Leasehold Mortgagee, in accordance with Section 21.2.10; (2) second, to Lessee, to fund the activities described in Section 19.3; (3) third, to Lessor, to
refund an amount equal to (A) that portion of the TI Allowance actually paid to Lessee, multiplied by (B) the Insurance to Replacement Cost Ratio (the “TI Allowance Refund”); and (4) fourth, to Lessee,
as to any balance remaining. Lessee shall be liable to Lessor under clause (ii) above for the TI Allowance Refund regardless of whether Leasehold Mortgagee makes such Casualty Proceeds available therefor or any Casualty Proceeds are
remaining after the payment of the amounts in subclauses (1) and (2) above, which obligation shall survive the termination of this Lease. Lessee shall make its election in writing (the “Casualty Election Notice”)
as to whether or not to rebuild the damaged Improvements no later than one hundred eighty (180) days after any Casualty event. In the event that Lessee elects not to rebuild, repair or replace the damaged Improvements pursuant to clause
(ii) above, and as a consequence of such election not to rebuild the Project would remain completely inoperable (e.g., a total Casualty has occurred), then Lessee’s Casualty Election Notice shall also serve to terminate this Lease.
Notwithstanding any election by Lessee not to rebuild or replace damaged Improvements pursuant to clause (ii) above, (A) all of Lessee’s obligations set forth in this Lease shall remain in full force and effect, including without
limitation Lessee’s obligation to maintain, repair, operate, and manage the Property in accordance with the Building Standard pursuant to Section 7 herein and to construct any alterations or additions to the
Improvements in accordance with Section 8 herein and (B) Lessee shall ensure that the Improvements continue to include an approximately 350,000 square foot, first-class, multi-function event venue with capacity of at
least 16,000 seats. 

  

	 	19.2.	 No Effect on Lease. Except as specifically provided in Section 19.1, this
Lease shall not terminate or be forfeited or be affected in any manner by reason of damage to or total, substantial or partial destruction of the Premises or the Improvements or any part or parts thereof or by reason of the untenantability of the
same or any part thereof, for or due to any reason or cause whatsoever, and Lessee, notwithstanding any law or statute present or future, waives any and all rights to quit or surrender the Premises or any part thereof, Lessee acknowledging and
agreeing that the provisions of this Section 19 shall govern the rights and remedies of the parties in the event of a Casualty. Lessee expressly agrees that its obligations hereunder, including the payment of the
Lessor’s Participation Payment and any other sums due hereunder, shall continue as though said Premises and/or Improvements had not been damaged or destroyed and without abatement, suspension, diminution or reduction of any kind, but with an
appropriate reduction to be made to the Minimum Event Levels as mutually agreed upon in good faith by Lessor and Lessee. 

  

	 	19.3.	 If Lessee terminates this Lease pursuant to Section 19.1, then Lessor may, by written
notice delivered to Lessee, require Lessee, at Lessee’s sole expense, to tear down and remove, prior to the termination of this Lease, all or a portion of the Improvements (at Lessor’s sole option and direction), including the debris
resulting therefrom, and to otherwise clean and restore the area affected by such casualty to a level and clean and reasonably safe and secure condition, which obligation shall survive the termination of this Lease. 

 
  

 

	 	25.4	 Termination by Lessee for Unforeseeable Conditions. Lessee may terminate this Lease upon reasonable
prior written notice to Lessor (an “Unforeseeable Condition Termination”) prior to the Outside Unforeseeable Condition Date if, prior to completion of the excavation of the Premises in connection with the Project, soil,
geotechnical, environmental, or other unknown and reasonably unforeseeable physical conditions of the Premises (“Unforeseen Conditions”) are discovered which are reasonably expected to increase budgeted

  
 A-9 

	 	
Project costs by more than [*****] in Lessee’s good faith and reasonable estimation based on reasonable documentary evidence provided to Lessor, unless (i) within ninety (90) days
of Lessee’s Unforeseeable Condition Termination notice Lessor gives Lessee written notice (Lessor having no obligation to do so) of Lessor’s election to bear the incremental costs above [*****] of such Unforeseen Conditions, which election
shall be in a form reasonably acceptable to Lessee and (ii) such Unforeseen Conditions shall not result in a material delay in the Development Completion Date for the Project. If Lessor elects to cure any Unforeseen Condition, Lessor shall cure
the same within such period to be reasonably agreed upon in writing by Lessor and Lessee based on an independent third party contractor estimate of the time for such cure, and to the extent such cure results in an actual delay in the Development
Completion Date, the Outside Development Completion Date shall be extended by such period. “Outside Unforeseeable Condition Date” shall mean not later than thirty (30) days following completion of excavation and prior to
pouring of the foundation of the Project. In the event of an Unforeseeable Condition Termination, Lessee shall, at its expense, deliver the Premises to Lessor upon such termination in a reasonably safe and secure condition. ANY NOTICE DELIVERED
PURSUANT TO THIS SECTION 25.4 SHALL BE INVALID UNLESS THE SAME CONTAINS A LEGEND IN BOLD CAPITAL LETTERS PROMINENTLY DISPLAYED AT THE TOP OF SUCH NOTICE THAT FAILURE TO RESPOND TO SUCH NOTICE MIGHT RESULT IN THE TERMINATION OF
THE LEASE. 

  

	 	25.5.	 Termination by Lessor for Pre-Existing Hazardous Materials.
Prior to Development Completion, Lessor may terminate this Lease upon reasonable prior written notice to Lessee if Pre-Existing Hazardous Materials are discovered at the Premises that are the obligation of
Lessor to pay for or mitigate and that cost in excess of [*****] in Lessor’s good faith and reasonable estimation based on reasonable documentary evidence provided to Lessee, unless Lessee agrees in writing (Lessee having no obligation to do
so) no later than thirty (30) days after receipt of such notice from Lessor that Lessee will bear the incremental costs associated with such Pre-Existing Hazardous Materials above [*****] which agreement
shall be in a form reasonably acceptable to Lessor. “Pre-Existing Hazardous Materials” shall mean Hazardous Materials in the environment, including surface water, groundwater and land surface
and subsurface strata, in such quantities, concentrations and locations as were present at the Premises prior to the Lease Commencement Date, but shall not include any Hazardous Materials arising as a result of the actions of Lessee or its agents,
contractors, employees or others acting by through or under Lessee. ANY NOTICE DELIVERED PURSUANT TO THIS SECTION 25.5 SHALL BE INVALID UNLESS THE SAME CONTAINS A LEGEND IN BOLD CAPITAL LETTERS PROMINENTLY DISPLAYED AT THE
TOP OF SUCH NOTICE THAT FAILURE TO RESPOND TO SUCH NOTICE MIGHT RESULT IN THE TERMINATION OF THE LEASE. 

  

 

  
 A-10 

 SCHEDULE E 

Additional Provisions Regarding Construction 

In addition to the provisions set forth in the Lease regarding construction, including alterations and additions, the following provisions shall apply in the
event Lessee undertakes any work in, on, under or about the Premises. 
  

	1.	 Intentionally Deleted. 

 

	2.	 Prior to Construction. At least five (5) business days prior to the commencement of construction,
Lessee shall deliver to Lessor the following: 

  

	 	2.1.	 Contact List. A list of names, and regular and 24-hour
“emergency” phone numbers for Lessee’s construction representative and general contractor. 

  

	 	2.2.	 Schedule. A schedule for construction to be performed at the Premises by or on behalf of Lessee or its
agents, employees, contractors, tenants or subtenants including all Improvements (“Lessee’s Work”), including starting and completion dates. 

 

	 	2.3.	 Insurance. Certificates of insurance, to the extent required pursuant to the Lease and Schedule
I. 

  

	 	2.4	 Permits. Photocopy of permit card(s) for Lessee’s Work as issued by governing agencies.

  

	3.	 Construction. Lessee’s Work shall be performed in compliance with all Applicable Laws and in
accordance with the terms of the Lease. Lessor shall be allowed to enter the Premises during construction for emergency purposes. 

  

	 	3.1.	 General Contractor. Lessee shall use a licensed, bondable, general contractor, experienced in commercial
construction for the construction of Lessee’s Work. 

  

	 	3.2.	 Disruptive Conduct. Lessee and Lessee’s contractor(s) shall use good faith, commercially reasonable
efforts to minimize disruption to neighboring land and any portion of the Premises to which such construction does not relate. 

  

	 	3.3.	 Safety. All of Lessee’s Work shall be planned and conducted in an orderly manner, with regard for
the safety of the public, the workers, and the Premises. 

  

	 	3.5.	 Utilities During Construction. Lessee shall arrange and pay for temporary utilities and facilities,
including electricity, water, sanitary facilities, etc., as reasonably necessary for the completion of Lessee’s Work. 

  

	4.	 Completion. Prior to opening any Improvements for business (either as part of the initial construction
of the Project or in connection with any future Improvements), Lessee shall deliver to Lessor a copy of a temporary or permanent Certificate of Occupancy for the Premises, or final inspection sign-off from the
applicable governmental agency(ies), as applicable. 

  

 

  
 A-11 

 SCHEDULE I 

Insurance Requirements 
 Lessee, at its
sole cost and expense, shall procure and keep in full force until all of its obligations have been discharged, insurance against liabilities which may arise directly or indirectly from or in connection with the Property, with insurer(s) lawfully
authorized to do business in the jurisdiction in which the Property is located. 
 The insurance requirements herein are minimum requirements of this Lease
and in no way limit the indemnity covenants hereunder. Lessor in no way warrants that the minimum limits contained herein are sufficient to protect Lessee, its agents, representatives, employees, contractors and/or subcontractors of every tier from
liabilities that might arise directly or indirectly from or in connection with the Property. Lessee, its contactors, and subcontractors MUST provide Lessor with evidence satisfactory to Lessor that the insurance requirements in this Lease have been
met prior to commencement of work or services and/or entry onto the premises of the Property as outlined below. 
 Construction Insurance Requirements

 Prior to commencement of construction of the Project or any other work by Lessee permitted under this Lease, including without limitation, any
Improvements, Lessee shall procure or cause to be procured, and after such dates, shall carry or caused to be carried, until final completion of such work at least the following: 

Builder’s Risk Insurance (standard “All Risk” or equivalent coverage) including without limitation, coverage against perils of
fire (with extended coverage) lightning, windstorm, hail, vehicle impact, explosion, smoke, theft, vandalism, malicious mischief, water damage other than caused by flood, flood, explosion or rupture of pressure vessels, mechanical or electrical
breakdown, collapse, scaffolding and temporary structures, testing and startup, temporary buildings and debris removal including demolition occasioned by enforcement of any applicable legal requirements, in an amount not less than one hundred
percent replacement cost for all materials and equipment incorporated into the buildings and structures forming part of the Property, and all materials and equipment on or about the job site intended for incorporation into the Property, protecting
Lessee, the Lessor, the general contractor, any Fee Mortgagee, and any Leasehold Mortgagee, as their interests may appear; to include rental payment coverage from the date of projected completion and extending the full period of construction or
reconstruction or repair following the casualty and an endorsement for an “extended period of indemnity” for an additional twelve (12) months. 

The Builder’s Risk Insurance shall also include a Permission to Complete and Occupy endorsement as well as coverage for materials stored off-site and in-transit and Business Interruption/Extra Expense coverage. The policy shall be issued in the names of Lessee, Lessor, any Fee Mortgagee, and any Leasehold
Mortgagee, as their interests may appear. Any proceeds received because of a loss covered by such insurance shall be used and applied in the manner required by Section 19. 

Commercial General Liability insurance against claims for bodily injury and property damage including but not limited to death, independent
contractors, blanket contractual liability, personal and advertising injury, broad form property damage, products/products-completed operations, and explosion, collapse and underground property damage (“XCU”) occurring upon, in or about
the Project or other Improvements, and on, in, or about the adjoining sidewalks and passageways (including bodily injury including death, personal injury, and property damage resulting directly or indirectly from any change, alteration, improvement
or repair thereof), or arising out of or in connection with the construction of the Project or other Improvements, with limits of liability in an amount not less than [*****] each occurrence and [*****] in the aggregate. 

Commercial General Liability Insurance may be arranged under a single policy for the full limits required or by a combination of underlying policies with the
balance provided by an Excess or Umbrella Liability policy. Coverage shall be at least as broad as the primary Commercial General Liability Policy to the extent reasonably commercially available to Lessee in the marketplace. 

Commercial Auto Liability insurance covering any automobile (Symbol 1) used in connection with work being performed on or about or for the
Property with limits of liability in an amount not less than [*****] per occurrence. Coverage should include Motor Carrier Act endorsement—hazardous materials clean up (MCS-90), if applicable. Commercial
Auto Liability Insurance may be arranged under a single policy for the full limits required or by a combination of underlying policies with the balance provided by an Excess or Umbrella Liability policy 

Workers’ Compensation insurance in accordance with the Nevada statute with waivers of subrogation in favor of Lessor and all its
Affiliates. Lessee shall cause all contractors and subcontractors of every tier to maintain Workers’ Compensation insurance in accordance with the Nevada statute with waivers of subrogation in favor of Lessor and all its Affiliates. 

  
 A-12 

 Employers’ Liability insurance with limits in an amount not less than: 

 

			
	Each Accident	  	[*****]
	Disease - Each Employee	  	[*****]
	Disease - Policy Limit	  	[*****]

 Pollution Legal Liability insurance providing coverage for claims for bodily injury, property damage, clean-up costs, and related legal defense expense for pollution conditions that result from, or are disrupted by or on behalf of, Lessee or by the services rendered by a contractor or subcontractor of every tier,
whether arising on-site or off-site. Coverage will include extensions for transportation and disposal, and full asbestos, lead, and underground and above ground storage
tanks (as applicable), will include full severability of interests, and will not be restricted by any time element limitations. Coverage will apply to pollution conditions on, at, under, or migrating from the Property with limits in an amount not
less than [*****] each loss and in the aggregate and shall provide coverage for punitive damages, fines, or penalties where allowable by law. 

Contractor’s Protective Professional Indemnity Insurance Policy (CPPI) providing coverage for actual or alleged breach of duty, neglect,
acts, errors, or omissions committed by a property developer, its design consultants, and contractors in the development of the property 
 If Lessee
decides to arrange the Property to be insured under an Owner Controlled Insurance Program (“OCIP”) or Contractor Controlled Insurance Program (“CCIP”) during the construction phase. Lessor and all its Affiliates shall be endorsed
as an additional insured on the “OCIP” / “CCIP” including a waiver of subrogation in favor of Lessor and all its Affiliates. 

Contractors and Subcontractors of All Tiers. Lessee shall require all contractors and subcontractors of all tiers to carry liability insurance
that complies with the requirements of the foregoing sections, with limits complying with a schedule of such limits to be submitted by Lessee and approved by Lessor. Contractors and subcontractors of all tiers shall also (a) supply certificates
of insurance (i) to the fullest extent permitted by law, naming Lessor and its Affiliates as additional insureds with respect to liability arising out of the operations of the contractor or subcontractor, including liability to their employees,
representatives, heirs, and beneficiaries; (ii) providing that their insurance is primary and the insurance of Lessor and each additional insured is secondary and non-contributory to any other that may be
in place; and (iii) waiving any right of subrogation against Lessor and each additional insured; or (b) supply copies of the provisions in or endorsements to their insurance policies that confirm such terms. Lessee shall obtain from the
contractors and subcontractors of all tiers the certificates of insurance and/or policy provisions required by this subparagraph. Lessee shall cause the general contractor to be responsible for identifying and remedying any deficiencies in the
certificates of insurance or policy provisions. Lessee shall make such certificates of insurance and/or policy provisions available to Lessor upon Lessor’s reasonable request. 

Operational Insurance Requirements 
 Property
Insurance covering Lessee’s Improvements and other Improvements located on the Land, and on the FF&E and other property installed or used in, on or about the Property at least equal to the full replacement cost thereof, without
deduction for depreciation, against all risk of direct physical loss or damage as may from time to time be included within the definition of an “All Risk Insurance Policy” and, provided such is available from time to time on commercially
reasonable terms, extended to include coverage against earthquake, earth movement, flood (including back-up of sewers and drains), terrorism (which may be provided by a stand-alone program otherwise meeting
the requirements hereof), sprinkler leakage, breakdown of boilers, machinery and electrical equipment, and such other risks (to the extend obtainable on commercially reasonable terms) as the Lessor may reasonably designate. The All Risk Insurance
Policy shall contain a waiver of subrogation for the benefit of Lessor and all of its Affiliates. 
 Increase Costs: The Property Insurance
policy also shall cover increase cost of construction, demolition and debris removal coverage, arising out of the enforcement of building laws and ordinance governing repair and reconstruction and shall include an agreed amount provision or not
contain a coinsurance clause. The replacement cost of the Property and such other improvements as are located on the Land, and of the FF&E and other property installed or used in, on or about the Property shall be determined at least once every
forty-eight (48) months by Lessee. 
 Loss of Rent/Business Income: The insurance shall also include, at Lessee’s sole cost and
expense, a rent endorsement protecting the Lessor, for all Loss Rent for the full period of reconstruction or repair following the casualty and an endorsement for an “extended period of indemnity” for an additional eighteen
(18) months. 

  
 A-13 

 Stored FF&E: Lessee shall also keep in effect, at its sole cost and expense, insurance on
the FF&E and other property intended for installation or use in, on, or about the Property, while in temporary storage away from the Property, against all risk of loss or damage as would typically be included within an “All Risk
Policy” as then available, in an amount not less than the full replacement cost thereof. 
 Liability Insurance: Lessee shall maintain,
for the mutual benefit of the Lessee and Lessor, and shall add Lessor and all of its Affiliates as an additional insured, Commercial General Liability insurance against claims for bodily injury and property damage including but not limited to
personal & advertising injury, death, premises, independent contractors, blanket contractual liability, broad form property damage, products-completed operations, occurring upon, in or about the Property, and on, in or about the adjoining
sidewalks and passageways (including but not limited to personal injury, death, and property damage resulting directly or indirectly from any change, alteration, improvement or repair thereof), or arising out of or in connection with the ownership
management, maintenance or operations of the Property with limits in an amount not less than [*****] per occurrence and in the aggregate. If Lessee’s liability policy does not contain the standard separation of insureds provision or a
substantially similar clause, the policy shall be endorsed to provide cross-liability coverage. 
 Tenant’s liability insurance policies must provide
the following coverages with minimum limits as indicated (in each case to the extent such coverage is applicable to the Property): 
  

	 	i.	 Liquor Liability insurance covering claims arising from providing, serving, or sale of alcoholic beverages with
limits in an amount not less than [*****] per occurrence and in the aggregate. 

  

	 	ii.	 Liability policy should not exclude coverage for organized racing, speed, or stunting activities.

  

	 	iii.	 Modification of Products Completed Operations Hazards Definition to include bodily injury and/or property
damage arising out of your products manufactured, sold, or distributed. 

  

	 	iv.	 Liability policy should not exclude coverage for Pyrotechnics. 

 

	 	v.	 Liability policy should not exclude coverage for the actions of live or exotic animals. 

 

	 	vi.	 Liability policy should include Participants Legal Liability Endorsement to the extent reasonably commercially
available to Lessee in the market place. 

  

	 	vii.	 Liability policy should include Incidental Medical Errors & Omissions Endorsement.

 Commercial General Liability Insurance may be arranged under a single policy for the full limits required or by a combination of
underlying policies with the balance provided by an Excess or Umbrella Liability policy. Coverage shall be at least as broad as primary Commercial General Liability Policy, to the extent reasonably commercially available to Lessee in the market
place. 
 Errors & Omissions Insurance (including Privacy Liability Coverage, Network Security Coverage, Media and Content Coverage and Software
Copyright Coverage), in an amount not less than [*****] each claim and in the aggregate providing coverage for damages and claims expense arising from any acts, error, or omission of the Insured, and the Insured’s employees and independent
contractors, related to all products and services of the Insured including but not limited to, as applicable, the design, operation, and hosting of a website (including e-commerce) or content posted on the
Internet and including coverage for Network Security / Data Privacy claims including notification and forensics expenses. Coverage shall also include: 
  

	 	i.	 If subject to an Insured versus Insured exclusion, such exclusion must expressly carve out claims by an
additional insured. 

  

	 	ii.	 Coverage for Intellectual Property Infringement including, but not limited to, claims arising out of the actual
or ALLEGED infringement of copyright, trademark, trade name, trade dress, service mark, service name, or software code. 

  

	 	iii.	 Coverage for liability arising from the failure to protect or the loss or disclosure of private / confidential
information no matter how the loss occurs. 

  

	 	iv.	 Coverage for failure to prevent denial of service, unauthorized access to, unauthorized use of, tampering with
or the introduction of malicious or damaging code into firmware, data, software, systems or networks. 

  

	 	v.	 Includes Personal Injury coverage for injury other than bodily injury including defamation, libel, slander,
invasion of or violation of rights to privacy, infliction of emotional distress, outrage, or other tort related to disparagement or harm of the reputation of any person or organization and other Personal Injury coverage for injury other than bodily
injury. 

  

	 	vi.	 Such insurance shall have a retroactive coverage date no later than the Effective Date of this Lease. Coverage
must be kept in force for at least two (2) years after termination of this Lease or an extended reporting period option of at least two (2) years must be purchased. 

  
 A-14 

 Aviation Liability Insurance, if applicable, with limits in an amount not less than [*****] per occurrence
to include war risk and personal injury liability. 
 Comprehensive blanket crime Insurance, in an amount not less than [*****] which shall include coverage
for lease, contract, temporary or seasonal employees and employees of the Property. 
 Employment Practices Liability (EPL) Insurance, in an amount not less
than [*****] which shall include coverage for sexual harassment, discrimination, wrongful termination, breach of employment contract, negligent evaluation, failure to employ or promote, wrongful discipline, deprivation of career opportunity,
wrongful infliction of emotional distress, and mismanagement of employee benefit plan(s) and includes coverage for third party claims by non-employees. 

Commercial Automobile Liability insurance covering all owned, hired, and non-owned vehicles in an amount not less than
[*****] each accident, including all statutory coverage for all states of operation. Commercial Auto Liability Insurance may be arranged under a single policy for the full limits required or by a combination of underlying policies with the balance
provided by an Excess or Umbrella Liability policy 
 Workers’ Compensation insurance in accordance with Nevada statute with waivers of subrogation in
favor of Lessor and all its Affiliates. Lessee shall cause all vendors, contractors and subcontractors to maintain Workers’ Compensation insurance in accordance with Nevada statute with waivers of subrogation in favor of Lessor and all its
Affiliates. 
 Employers’ Liability insurance with limits in an amount not less than: 

 

			
	Each Accident	  	[*****]
	Disease - Each Employee	  	[*****]
	Disease - Policy Limit	  	[*****]

 If Lessee is using its employees as armed or unarmed security for the Property then Liability insurance shall be obtained to
provide coverage for assault and battery, false arrest, libel and/or slander, discrimination, wrongful eviction, and any other related events that would be typically insured by a prudent person and contain no exclusion for use of force. In the event
a third party is used for security at the Property then either MSG’s or such third party’s liability coverage shall cover the same risks and have a limit of not less than [*****] per occurrence and in the aggregate and name Lessor and all
of its Affiliates as additional insureds in the General Liability policy. 
 The following coverage shall only apply to the extent applicable to the
operations on the Property: If Lessee operates, with its employees, a valet service or parking garage then its General Liability shall include garage keepers’ liability and insurance for self-park garages covering all damage to vehicles under
the control of Lessee or its Affiliates. In the event a third party is used to operate the valet or the parking garage, then such third party’s liability coverage shall cover the same risks and have a limit of not less than [*****] per
occurrence and in aggregate and name the Lessor and all of its Affiliates as additional insureds in the General Liability policy. 
 Premise and Operation
insurance covering those exposures to loss that fall outside the defined “products-completed operations hazard,” including liability for injury or damage arising outside of the Property or outside of Lessee’s business operations while
such operations are in progress. 
 The above required minimum policies shall include the following: 

 

	 	1.	 Lessor, all its Affiliates, and its respective directors, officers, employees, and agents is an additional
insured except for Workers’ Compensation/Employer’s Liability/Crime/EPL policies and shall be covered to the full limits of liability purchased by Lessee, even if those limits are in excess of those required by this Lease.

  

	 	2.	 Lessee’s insurance policies shall be primary and non-contributory
with respect to any other insurance available to or maintained by Lessor. 

  

	 	3.	 Each policy will contain “Separation of Insureds” or “Severability of Interest” clause
indicating this insurance applies as if each named insured were the only named insured, and separately to each insured against whom claim is made or suit is brought. 

 

	 	4.	 Waiver of subrogation in favor of Lessor, and all its Affiliates, and its respective agents, officers,
directors, and employees for recovery of damages. 

  
 A-15 

 Other Requirements 

From time to time, Lessor may request other insurance in such amount as Lessee and Lessor in their reasonable judgment deem advisable for protection against
claims, liabilities and losses arising out of or connected with the operations of the Property provided such increases in limits or coverages shall not occur more than once every five years unless required by Lessor’s lender or if a new risk
arises that is not currently anticipated by the existing insurance coverage. 
 Insurance Carriers, Policies: All insurance provided for in this
Lease shall be effected under valid and enforceable policies, issued by insurers of recognized responsibility and having an A.M. Best Rating of “A-, VIII” or better. Notwithstanding the foregoing,
the use of captive insurance companies is permitted in order to obtain commercially reasonable terrorism insurance coverage in satisfaction of the Lessee’s insurance obligations. 

If Lessee fails to purchase and maintain, or to require to be purchased and maintained, any insurance required by this Lease, Lessor may, but shall not be
obligated to, upon five (5) days’ written notice to Lessee, purchase such insurance on behalf of Lessee and shall be reimbursed by Lessee upon demand for all amounts paid by Lessor in connection therewith, or may deduct such amounts from
sums due to Lessee. 
 If Lessee assigns or subleases all or any portion of its rights under this Lease, any assignee or sub lessee of such rights shall be
bound by the insurance and indemnity provisions of this Lease, and Lessor shall obtain from such assignee or sub lessee its express written agreement that it shall comply with such provisions. 

Lessee shall not violate the terms and conditions of Lessor’s insurance policies or engage in conduct that would prejudice or diminish Lessor’s
rights under its policies or result in higher premiums. 
 Lessee shall require that any subcontractor, vendor, or other supplier hired to perform work at
the Property will agree to indemnify, defend and hold harmless Lessee and Lessor from and against any and all claims, allegations, lawsuits, or other causes of actions arising out of such subcontractor’s, vendor’s or supplier’s work
done at the Property on behalf of Lessee due to such party’s negligent acts, errors or omissions. 
 For any claims made policies, such policies shall
have a retroactive coverage date no later than the Effective Date of this Lease. Coverage must be kept in force for at least two (2) years after termination of this Lease or an extended reporting period option of at least two (2) years
must be purchased. 
 Verification of Coverage: Lessee shall furnish Lessor with a certificate of insurance, executed by a duly authorized
representative of each insurer, showing compliance with the insurance requirements set forth herein; the additional insured and waiver of subrogation endorsements shall be attached to the certificate of insurance thereof. 

Lessor shall have the right, but not the obligation, to prohibit Lessee or any contractors/subcontractors from entering the Property until such certificates or
other evidence that insurance has been placed in complete compliance with these requirements is received and approved by Lessor, which shall not be unreasonably withheld. 

Failure of Lessor to demand such certificates or other evidence of full compliance with these insurance requirements or failure of Lessor to identify a
deficiency from evidence that is provided shall not be construed as a waiver of Lessee’s and/or its contractors/subcontractors obligations to maintain such insurance. 

Insurance Separate from Indemnity: For avoidance of doubt, the insurance obligations imposed by this Schedule are separate and distinct from any
indemnification obligations imposed by this Lease. The insurance as required in this Lease shall in no way be interpreted as relieving Lessee and/or its contractor/subcontractor of any indemnification obligation in this Lease. 

  
 A-16 

 SCHEDULE E-1 

CONTRACTOR’S FEE 
  

	A.	 Contractor’s Fee 

 

	1.1	 The Contractor shall be paid the Contractor’s Fee in accordance with the terms of this Schedule and the
Agreement. 

  

	1.2	 The Contractor’s Fee shall be calculated as follows: 

 

	 	(a)	 on the portion of the actual Cost of the Work that is less than or equal to the Initial Incentive Benchmark and
subject to Section 1.3 of this Schedule E-1, Contractor shall be paid the amount of [*****] of the Cost of the Work as the Contractor’s Fee; 

 

	 	(b)	 on the portion, if any, of the actual Cost of the Work that is between the Initial Incentive Benchmark and the
Incentive Benchmark, Contractor shall be paid the amount of [*****] of the Cost of the Work as the Contractor’s Fee, with such Fee to only apply to the Work performed within the foregoing incremental amounts; 

 

	 	(c)	 on the portion, if any, of the actual Cost of the Work that is between the Incentive Benchmark and the amount
that is [*****] above the Incentive Benchmark, Contractor shall be paid the amount of [*****] of the Cost of the Work as the Contractor’s Fee, with such Fee to only apply to the work performed within the foregoing incremental amounts;

  

	 	(d)	 on the portion, if any, of the actual Cost of the Work that is above the number that is [*****] above the
Incentive Benchmark, Contractor shall be paid the amount of [*****] of the Cost of the Work as the Contractor’s Fee, with such Fee to apply to only the Work performed within the foregoing incremental amounts; provided, however, that for every
[*****] above such [*****] amount, the Fee shall reduce by [*****]. 

 Throughout the performance of the Work, at such
times as the actual Cost of the Work causes the Contractor’s Fee to move into the next band in accordance with the above, MSG shall have the right, but not the obligation, to notify Contractor in writing of such fact and shall automatically
apply the Contractor’s Fee for the next band in subsequent Applications for Payment. 
  

	1.3	 In addition to the Contractor’s Fee set forth in Section 1.2(a) of this Schedule
E-1, and subject to the terms of Section 1.4 of this Schedule E-1, Contractor shall be entitled to up to an additional [*****] (i.e., a total
Contractor’s Fee of [*****]) on the Cost of the Work that is less than or equal to the Initial Incentive Benchmark subject to Contractor meeting and showing reasonable evidence of having met, the key performance indicators set forth in Schedule
E-2 (“Key Performance Indicators”). For the avoidance of doubt, the additional [*****] Contractor’s Fee only applies (a) if the Incentive Benchmark has been agreed to and the Incentive
Benchmark Proposal has been executed by both Parties, and (b) to that portion of the Cost of the Work that is less than or equal to the Initial Incentive Benchmark (that is, the maximum amount recoverable by way of the additional fee described
in this Section 1.3 is [*****]). 

  

	1.4	 With each Application for Payment submitted by Contractor pursuant to Article 13, Contractor shall submit
evidence of its satisfaction of the Key Performance Indicators in Section 1.3 of this Schedule E-1. To the extent Contractor can demonstrate at Final Completion, to MSG’s
reasonable satisfaction, that it has satisfied the Key Performance Indicators on a monthly basis, MSG shall increase the Contractor’s Fee in accordance with Section 1.3 above, up to a maximum of [*****], with such
additional Contractor’s Fee to be paid as part of Contractor’s final payment. For the avoidance of doubt, achievement or non-achievement of the KPIs by Contractor, or the payment or non-payment by MSG of the additional Contractor’s Fee, pursuant to this Section 1.4 shall not relieve either Party of their rights or remedies pursuant to, or their obligations to
comply with, the terms of this Agreement. 

  

	B.	 Flat Fee Pursuant to Section 4.5.6(c) of the Agreement 

The flat fee shall be [*****] of the Cost of the Work performed by Contractor (with no increase or decrease in the Contractor’s Fee as outlined in
Section 1.4 of this Schedule E-1). 

  
 E-1-1 

 SCHEDULE E-2 

KEY PERFORMANCE INDICATORS 
  

                 
  

			
	

	  	

 MSG SPHERE AT THE VENETIAN - KEY PERFORMANCE INDICATOR SCORECARD 

 

																																					
	Item	  	Score
Owner	  	Category	  	Description	 	UPI /
Project
Measurement	 	Las Vegas
Duration /
Milestone	 	Q1	 	Q2	 	Q3	 	Q4	 	
UPI
Achieved

(Average)

	
Construction - Project Management
	 	20%	 	 	 	Jan-19	 	Feb-19	 	Mar-19	 	Apr-19	 	May-19	 	Jun-19	 	Jul-19	 	Aug-19	 	Sep-19	 	Oct-19	 	Nov-19	 	Dec-19	 	 
	
1.01
	  	MSG	  	Resource availability	  	Appropriate resources consistently available, effective management of the project, senior management availability / accessibility	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
1.02
	  	MSG	  	Attitude / Professionalism	  	Per staffing plan, proactive management, strong team ethos and positive professional reactions to management requests. Acting in the best interests of the Owner
(to the extent the Contract allows).	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
1.03
	  	MSG	  	Staffing Knowledge & Experience	  	Experience and capabilities of overall staff.	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
1.04
	  	MSG	  	Staff Retention / Attrition	  	Ability to maintain Key / Senior Staff throughout the project in accordance with the Contract / Agreement.	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
1.05
	  	MSG	  	Staff Attributes	  	Compliance with MSG Ethics and Procurement Policy Procedures and/or the Procurement Policy.	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
1.06
	  	MSG	  	Quality of Deliverables	  	Provide quality, accurate and comprehensive deliverables.	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
1.07
	  	MSG	  	Project Interest	  	Acting in the best interests of the Owner (to the extent the Contract allows) to obtain value with all project vendors throughout the life-cycle of the
project	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 
	
Operational: Schedule, Service, Delivery20%
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
2.01
	  	MSG	  	Reporting	  	Issue accurate and timely weekly project meeting minutes with RFI’s, Submittals and Change Order Logs	 	Y/N	 	Weekly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
2.02
	  	MSG	  	Reporting	  	Submit Progress Report with each Application For Payment.	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
2.03
	  	MSG	  	Labor Reporting	  	Effective management of badging / project access system, including availability of online access, monitoring and reporting.	 	Y/N	 	Weekly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
2.04
	  	MSG	  	Schedule	  	Issue project schedule at agreed monthly updates and project milestones quality and accuracy. Clear demonstration of actual progress vs. baseline, project
float, recovery, etc.	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
2.05
	  	MSG	  	Schedule	  	Issue project schedule updates with one-month (4 week) look ahead on a weekly basis.	 	Y/N	 	Weekly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
2.06
	  	MSG	  	Change Management	  	Proactively facilitate the change management process with vetted deliverables.	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
2.07
	  	MSG	  	Change Management	  	Timely response and processing of change requests initiated by MSG.	 	Y/N	 	Weekly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
2.08
	  	MSG	  	Service	  	Effective use of all emerging technologies (BIM, Project Controls, etc.) in the performance of the Work	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
2.09
	  	MSG	  	Closeout	  	Prompt subcontract closeout (after scope completion by subcontractor), includes collation of all pertinent payment applications, final payment, all
certificates, change notices (accepted or rejected), warranties, claims, etc.	 	Y/N	 	180 days (from Substantial Completion)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 
	
Commercial: Budget Management, Trade Buy-Out Log, Cost Savings, Pay
Applications, Risk Management, Value Add20%

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
3.01
	  	MSG	  	Accuracy of Forecast Advice	  	Monthly “Progress Reports” are presented in a professional accurate, comprehensive and timely manor.	 	Y/N	 	Agreed Milestones	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
3.02
	  	MSG	  	Accuracy of Cost Report	  	Issue budget updates and cost reports at agreed milestones (50% SD; 100% DD, etc.), including ACL (Anticipated Cost Log).	 	Y/N	 	Agreed Milestones	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
3.03
	  	MSG	  	Procurement	  	Effective reconciliation of estimate updates against Contractor award values < +/-10% (excluding MSG scope
changes)	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
3.04
	  	MSG	  	Procurement	  	Effective Management of Procurement Matrix/bid event schedule (and associated updates)	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
3.05
	  	MSG	  	Procurement	  	Compliance with MSG/RLB confirmed templates and process for procurement of trades to the extent of the Agreement (To be provided and mutually agreed).	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
3.06
	  	MSG	  	 Requisition & Payment

Processing
	  	Accurate & timely submission of payment applications with supporting documents; payment distribution to all vendors under Contractors remit in
accordance with the Agreement	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N

  
 E-2-1 

  
 

                 
  

			
	

	  	

 MSG SPHERE AT THE VENETIAN - KEY PERFORMANCE INDICATOR SCORECARD 

 

																																					
	Item	  	Score
Owner	  	Category	  	Description	 	KPI / Project
Measurement	 	Las Vegas
Duration /
Milestone	 	Q1	 	Q2	 	Q3	 	Q4	 	
KPI
Achieved

(Average)

	
Safety Management15%

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
4.01
	  	MSG	  	Safety / Incident Log / Register	  	Issue the Safety Program and monthly enforcement	 	Y/N	 	30 days from execution of Agreement / Monthly	 	        	 	        	 	        	 	        	 	        	 	        	 	        	 	        	 	        	 	        	 	        	 	        	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
4.02
	  	MSG	  	Safety / Incident Log / Register	  	Prompt accident reporting	 	Y/N	 	3 days from occurrence	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
4.03
	  	MSG	  	Safety / Incident Log / Register	  	Compare lost time and recordable incident rates with national industry standards.	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
4.04
	  	MSG	  	Safety / Incident Log / Register	  	Proactive monitoring and maintenance of all site security provisions	 	Y/N	 	Daily	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
4.05
	  	MSG	  	Safety / Incident Log / Register	  	Review and report of Subcontractors’ safety programs for compliance with overall Safety Program	 	Y/N	 	As required	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 
	QA/QC Plan / Commissioning15%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
5.01
	  	MSG	  	QA/QC Plan	  	Develop QA/QC Plan and monthly review of the plan and its compliance.	 	Y/N	 	30 days from execution of Agreement / Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
5.02
	  	MSG	  	QA/QC Plan	  	Effective implementation and monitoring of the QA/QC Plan for all work performed under the Agreement.	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
5.03
	  	MSG	  	QA/QC Plan	  	Participate in all regular coordination and quality review meetings with MSG, Project Manager, Architect.	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
5.04
	  	MSG	  	QA/QC Plan	  	Contractor Completion Lists / Punch-list—continuous progress in accordance with project specifications & agreed project milestones / schedule
dates; includes collation of all pertinent certificates, permits, local authority sign-offs in accordance with the Contract Agreement	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
5.05
	  	MSG	  	QA/QC Plan	  	Authority having jurisdiction (AHJ) / identified / corrected/ signed off / to agreed quality in a timely fashion.	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
5.06
	  	MSG	  	Closeout	  	Provision of all required as-built, O&M manuals as required by the Agreement.	 	Y/N	 	180 days (from Substantial Completion)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N
	 
	Summary10%
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
6.01
	  	MSG	  	Overall performance against agreed scope of services	  	MSG perception on the quality of service provision and overall vendor performance	 	Y/N	 	Monthly	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Y/N

  

											
	1.    	  	Construction—Project Management	  	 	20	% 	 	    	  	[*****]
	2.	  	Operational	  	 	20	% 	 		  	[*****]
	3.	  	Commercial	  	 	20	% 	 		  	[*****]
	4.	  	Safety Management	  	 	15	% 	 		  	[*****]
	5.	  	Quality Assurance / Commissioning	  	 	15	% 	 		  	[*****]
	6.	  	Summary	  	 	10	% 	 		  	[*****]
		  	            TOTAL	  	 	100	% 	 		  	[*****]

  
 E-2-2 

 SCHEDULE F 

ALLOCATION 
  

	1.	 Allocation 

1.1 The Allocation is the amount of [*****]. 
  

	2.	 Costs for which Allocation may be used by Contractor 

2.1 Subject to the terms of Section 4.10 of this Agreement, Contractor may have recourse to the Allocation for so
long as the relevant portion of the Allocation has a positive balance, as follows: 
 (a) Defective Work Costs. 

(i) Contractor may use the Allocation to rectify Defective Work; provided, however, (i) that such Defective Work was not caused by
Contractor’s failure to meet the Standard of Care, and (ii) Contractor’s use of the Allocation for rectification of Defective Work is limited to [*****] in the aggregate (except that any costs of rectification recovered by Contractor
from insurance, sureties, Subcontractors, suppliers or others will be credited to the Allocation and the [*****] limit). 
 (ii) Contractor
shall not be required to obtain MSG’s prior written consent pursuant to Section 4.10 to use the Allocation for rectification costs which, in any one instance (or related instances) of rectification, is less than
[*****]; provided, however, that Contractor shall comply with its reporting requirements in Section 4.10.5. 
 (b)
Acceleration Costs. 
 (i) Contractor may use the Allocation for acceleration costs pursuant to
Section 5.4.4 and the measures specified in Section 3.12.6(d) of this Agreement but only when no entitlement to an adjustment to the Substantial Completion Date and/or the Incentive Benchmark
exists. Contractor’s use of the Allocation for acceleration costs is limited to [*****] in the aggregate (except that any costs of acceleration recovered by Contractor from insurance, sureties, Subcontractors, suppliers or others will be
credited to the Allocation and the [*****]. 
 (ii) Contractor shall not be required to obtain MSG’s prior written consent pursuant to
Section 4.10 to use the Allocation for acceleration costs which, in any one instance (or related instances) of acceleration, is less than [*****]; provided, however, that Contractor shall comply with is reporting
requirements in Section 4.10.5. 
 (c) Legal Fees. 

(i) Contractor may use the Allocation for reasonable out of pocket attorneys’ fees incurred by Contractor in the defense of a claim by a
Subcontractor relating to this Project; provided that (i) Contractor may only recover an amount of such attorneys’ fees that is equal to the amount spent by Contractor at any one time for the same litigation matter (by way of example only,
if Contractor wants to use [*****] from the Allocation, it must demonstrate that it has spent—out of pocket—the same amount for the same litigation matter), and (ii) Contractor’s use of the Allocation for such attorneys’
fees shall be limited to [*****] (except that [*****] of any such attorneys’ fees recovered by Contractor from insurance, sureties, Subcontractors, suppliers or others will be credited to the Allocation and the [*****]. 

(ii) Contractor shall provide MSG promptly upon request with copies of all invoices for attorneys’ fees. 

 

	3.	 Allocation Savings 

To the extent there is any unused Allocation at Final Completion, the amount of the unused Allocation shall be [*****] between MSG and
Contractor; provided, however, that Contractor’s recovery of savings shall be capped at [*****]. 

  
 F-1 

 SCHEDULE I 

LIQUIDATED DAMAGES 
  

	1.	 Pursuant to Section 5.5.2 of the Agreement, Contractor shall pay the following
amounts as daily delay liquidated damages (“Daily Delay Liquidated Damages”): 

  

					
	 	 	 Time Period
	  	 Daily Delay Liquidated Damages Amount

		 	For each Day from Day One (1) to Day 30 after the Substantial Completion Date	  	[*****]
		 	For each Day from Day 31 to Day 60 after the Substantial Completion Date	  	[*****]
		 	For each Day from Day 61 to Day 90 after the Substantial Completion Date	  	[*****]
		 	For each Day from Day 91 after the Substantial Completion Date	  	[*****]

  

	2.	 Contractor will be liable to MSG for the cumulative Daily Delay Liquidated Damages. However, subject to
Section 3 immediately below, Contractor’s total liability to MSG for Daily Delay Liquidated Damages shall not exceed and is capped at [*****] of the amount of Contractor’s final Fee under this Agreement.

  

	3.	 In the event Substantial Completion has not been achieved by the Long Stop Completion Deadline, MSG shall be
entitled to a one-time payment of liquidated damages equal to the value that is [*****] of the amount of Contractor’s final Fee under this Agreement (the “Long Stop Completion Liquidated
Damages”). For the avoidance of doubt, the Long Stop Completion Liquidated Damages shall be payable by Contractor in addition to the Daily Delay Liquidated Damages. 

 

	4.	 If Substantial Completion is not achieved by the Long Stop Development Completion Date and the Daily Delay
Liquidated Damages deducted by MSG do not equal [*****] of the amount of Contractor’s final Fee under this Agreement, then in addition to the Daily Delay Liquidated Damages and the Long Stop Completion Liquidated Damages, Contractor shall pay
to MSG the difference between the cumulative Daily Delay Liquidated Damages paid by Contractor and the amount that is equal to [*****] of the amount of Contractor’s final adjusted Fee. 

  
 I-1 

 SCHEDULE K 

SUBSTANTIAL COMPLETION DETAILS 
  

	1.	 The Substantial Completion Date shall be the date set forth in the executed Incentive Benchmark Amendment by
which the Work is required to have achieved Substantial Completion, as such date may be adjusted in accordance with this Agreement, but which date shall not be later than [*****]. 

 

	2.	 Notwithstanding the Substantial Completion Date set forth in the Incentive Benchmark Amendment, Contractor
acknowledges that MSG desires Substantial Completion to be achieved no later than [*****]. Contractor shall use reasonable efforts to achieve Substantial Completion prior to this date. In the event Contractor achieves Substantial Completion on or
before [*****], MSG shall pay Contractor a bonus of [*****]. 

  
 K-1 

 SCHEDULE O 

AUTHORIZATION MATRIX 
  

	1.	 For (i) adjustments to the Substantial Completion Date and the Long Stop Completion Date; and
(ii) adjustments to the Incentive Benchmark or the right to recover additional costs as a Cost of the Work, the certificate, document, Change Order or other signed statement required by the terms of this Agreement must be executed on behalf of
MSG in accordance with the following: 

 (a) All Change Orders to the Substantial Completion Date / Long Stop Completion
Deadline to be executed by the President of The Madison Square Garden Company. 
 (b) All Change Orders and Construction
Change Directives with a cost impact up to [*****] to be executed by Senior Vice President—Project Management Executive. 
 (c) All
Change Orders and Construction Change Directives with a cost impact above [*****] to be executed by the President of the Madison Square Garden Company. 
  

	2.	 Any certificate, document, Change Order or other signed statement not executed in accordance with
Section 1 above shall not be valid and Contractor shall not be entitled to recover the relief it is seeking until such time as the certificate, document, Change Order or other signed statement is duly authorized in accordance with the
Authorization Matrix. 

  

	3.	 The above Authorization Matrix shall not apply to Applications for Payment, which shall be assessed and
certified in accordance with Article 13. MSG may change the Authorization Matrix at any time and shall notify Contractor of any changes. 

  
 O-1EX-10.19

 Exhibit 10.19 

CERTAIN CONFIDENTIAL INFORMATION, IDENTIFIED BY BRACKETED ASTERISKS “[*****]”, HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT
MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 GROUND LEASE 

by and among 
 SANDS ARENA
LANDLORD LLC, 
 a Nevada limited liability company, as Lessor, 

VENETIAN CASINO RESORT, LLC, 

a Nevada limited liability company, 

MSG LAS VEGAS, LLC, 
 a
Delaware limited liability company, as Lessee, 
 and 

MSG SPORTS & ENTERTAINMENT, LLC, 

a Delaware limited liability company 

Dated as of July 16, 2018 

Premises: See Exhibit A attached hereto. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	 Definitions
	  	 	2	 
	 2.
	 	 Lease; Lease Term
	  	 	8	 
	 3.
	 	 Fixed Rent; Lessor’s Participation Payment
	  	 	9	 
	 4.
	 	 Uses
	  	 	10	 
	 5.
	 	 Improvements
	  	 	12	 
	 6.
	 	 Environmental Matters; Premises Use
	  	 	15	 
	 7.
	 	 Maintenance, Repairs and Replacements; Services and Security; Management
	  	 	17	 
	 8.
	 	 Alterations and Additions
	  	 	17	 
	 9.
	 	 Intentionally Deleted
	  	 	18	 
	 10.
	 	 Compliance with Applicable Laws
	  	 	18	 
	 11.
	 	 Liens
	  	 	18	 
	 11.
	 	 No Claims Against Lessor
	  	 	18	 
	 12.
	 	 Permitted Contests
	  	 	18	 
	 13.
	 	 Lessor’s Access Rights
	  	 	19	 
	 14.
	 	 Mutual Indemnification
	  	 	19	 
	 15.
	 	 Utility Services
	  	 	19	 
	 16.
	 	 Quiet Enjoyment
	  	 	19	 
	 17.
	 	 Subordination
	  	 	19	 
	 18.
	 	 Insurance
	  	 	19	 
	 19.
	 	 Damage to or Destruction of Property
	  	 	20	 
	 20.
	 	 Taking
	  	 	21	 
	 21.
	 	 Mortgage of Leasehold Estate
	  	 	22	 
	 22.
	 	 Assignment by Lessee or MSG S&E and Subleases
	  	 	24	 
	 23.
	 	 Performance on Behalf of Lessee
	  	 	26	 
	 24.
	 	 Events of Default
	  	 	26	 
	 25.
	 	 Remedies
	  	 	26	 
	 26.
	 	 Acceptance of Surrender
	  	 	28	 
	 27.
	 	 Brokers
	  	 	28	 
	 28.
	 	 No Merger of Title
	  	 	28	 
	 29.
	 	 Estoppel Certificate
	  	 	28	 
	 30.
	 	 Intentionally Deleted
	  	 	28	 
	 31.
	 	 Representations, Warranties, and Covenants
	  	 	28	 
	 32.
	 	 Intentionally Deleted
	  	 	31	 
	 33.
	 	 Intentionally Deleted
	  	 	31	 
	 34.
	 	 Sale Notice; Restriction on Sale to Competitor
	  	 	31	 
	 35.
	 	 Notices
	  	 	31	 
	 36.
	 	 End of Lease Term
	  	 	32	 
	 37.
	 	 Limitation of Liability
	  	 	32	 
	 38.
	 	 Memorandum of Lease
	  	 	33	 
	 39.
	 	 Miscellaneous
	  	 	33	 

  

 GROUND LEASE 

This GROUND LEASE (this “Lease”), dated as of July 16, 2018 (the “Lease Commencement Date”), is by and
among Sands Arena Landlord LLC, a Nevada limited liability company (together with its permitted successors and assigns, “Lessor”), MSG Las Vegas, LLC, a Delaware limited liability company (together with its permitted
successors and assigns, “Lessee”), Venetian Casino Resort, LLC, a Nevada limited liability company (“VCR”), and MSG Sports & Entertainment, LLC, a Delaware limited liability
company (“MSG S&E”). VCR and MSG S&E join in this Lease for the purposes set forth in Section 2.3. Lessor and Lessee are sometimes referred to herein individually as a “Party” and
collectively as the “Parties.” 
 RECITALS : 

 

	A.	 Lessor is the owner of that certain real property located in the County of Clark, State of Nevada, consisting
of approximately 18.63 acres, as more particularly described in Exhibit A attached hereto (the “Premises”), which Premises for purposes of this Lease excludes mineral rights and groundwater or other water rights.

  

	B.	 Lessor desires to lease the Premises to Lessee, and Lessee desires to hire and lease the Premises from Lessor,
subject to, upon and in accordance with the terms, provisions, covenants and conditions of this Lease, for the purpose of developing and constructing a new, approximately 602,267 square foot, first-class, multi-function event venue with capacity of
at least 16,000 seats (the “Venue”), together with the Bridge, as defined herein (collectively, the “Project”), to be built on the Premises in accordance with the governmental approvals listed on Exhibit F
attached hereto (as may be amended or modified from time to time in accordance with this Lease, collectively, the “Project Entitlements”). 

  

	C.	 Concurrently herewith Lessee is acquiring an interest in Lessor’s right, title and interest in and to such
entitlements, easements, air rights, development rights, and other privileges appurtenant to the Premises as provided herein. 

  

	D.	 Lessee and VCR, as
predecessor-in-interest to Lessor under the Agreement to Lease, previously entered into that certain Agreement dated as of May 20, 2016 (the “Agreement to
Lease”). By its execution of this Lease, each of Lessor and Lessee acknowledges and agrees that all of the conditions precedent to such Party’s obligation to execute this Lease as set forth in the Agreement to Lease have been fulfilled
or waived in writing, and that the Agreement to Lease is of no further force or effect. 

  

	E.	 Concurrently with the execution of this Lease, (1) Lessee, VCR, and Sands Expo & Convention
Center, Inc., a Nevada corporation (“Sands Expo”), have entered into that certain License Agreement (Path of Travel) (the “Path of Travel License”), (2) Lessee and Sands Expo have entered into that certain Parking
License Agreement (the “Parking License”), and (3) Lessee, MSG S&E, and VCR have entered into that certain Cross-Marketing Agreement (the “Cross-Marketing Agreement” and together with this Lease, the Path
of Travel License and the Parking License, the “Arena Documents”). 

NOW, THEREFORE, in reliance on the foregoing and in
consideration of the mutual covenants, agreements and conditions set forth herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do agree as follows: 

 

	1.	 Definitions. As used in this Lease the following terms shall have the following respective
meanings: 

  

	 	1.1.	 “Actual Weekend Event Average” is defined in Section 4.3.1.

  

	 	1.2.	 “Actual Yearly Event Average” is defined in Section 4.3.1.

  

	 	1.3.	 “Affiliate” shall mean any Person directly or indirectly controlling, controlled by or under
common control with another Person. For so long as Lessee is an Affiliate of the Madison Square Garden Company, the term “Affiliate” as applied to Lessee shall mean The Madison Square Garden Company or any entity directly or indirectly
controlled by The Madison Square Garden Company. 

  

	 	1.4.	 “Agreement to Lease” is defined in Recital D. 

 

	 	1.5.	 “Applicable Laws” shall mean any and all codes, laws, rules, regulations, statutes, orders,
resolutions, ordinances, administrative or other requirements, covenants, conditions and restrictions of any governmental or quasi-governmental entity (including but not limited to all applicable anti-corruption laws, anti-money laundering laws, and
fair competition laws) applicable to Lessee (including without limitation the operation of Lessee’s business and the performance of Lessee’s obligations hereunder), this Lease (to the extent applicable to Lessee’s interest in the
Lease) or the Property; provided that when the term “Applicable Laws” is used in Section 10.2, such term shall mean any and all codes, laws, rules, regulations, statutes, orders, resolutions, ordinances,
administrative or other requirements, covenants, conditions and restrictions of any governmental or quasi-governmental entity (including but not limited to all applicable anti-corruption laws, anti-money laundering laws, and fair competition laws)
regarding the operation of Lessor’s business and the performance of Lessor’s obligations hereunder. 

	 	1.6.	 “Approved Transfer” is defined in Section 22.3.

  

	 	1.7.	 “Asset Transferee” is defined in Section 22.8.

  

	 	1.8.	 “Assignment” shall mean any sale, assignment, pledge, mortgage, encumbrance or any other
transfer by Lessee, including transfers as security for obligations of this Lease or of Lessee’s rights and obligations under this Lease or any subletting of all or substantially all of the Property (except for any license or sublease entered
into in connection with an event booking). With respect to Lessee (and not MSG S&E), the term “Assignment” shall also include any direct transfer of the equity interests in such Lessee (or the direct transfer of any other entity where
all or substantially all of such entity’s assets consist of a direct or indirect interest in Lessee). 

  

	 	1.9.	 “Bridge” is defined in Section 5.7.1. 

 

	 	1.10.	 “Bridge Construction Drawings” is defined in Section 5.7.4.

  

	 	1.11.	 “Bridge DD Documents” is defined in Section 5.7.3.

  

	 	1.12.	 “Bridge Schematic Drawings” is defined in Section 5.7.2.

  

	 	1.13.	 “Building Sponsor” shall mean the entity signing a Sponsorship Agreement and any brands being
included in any signage at the Property or marketing materials for the Property pursuant to a Sponsorship Agreement. 

  

	 	1.14.	 “Building Standard” shall mean a first-class facility that is equal to or better than Madison
Square Garden in New York City, New York and the Forum in Inglewood, California (or any successor venues to the same); provided, however, that it is understood and agreed that the Project and other Improvements will not be exactly the
same as any such other facility, and may have, for example, different types, quality and/or numbers of amenities, concessions, VIP areas, suites, media/technology and/or seats, recognizing that each such facility owned and operated by The Madison
Square Garden Company and its affiliates has its own unique history, context, business needs, and commitments. 

  

	 	1.15.	 “Business Day” is defined in Section 39.9. 

 

	 	1.16.	 “Capital Repairs” means, collectively, any capital improvements, repairs, replacements, or
restoration (but expressly excluding any capital upgrades to the extent provided in Section 7 hereof) with respect to the Improvements, including the furniture, fixtures, machinery and equipment thereon, the depreciable
life of which, according to GAAP, is in excess of one year. 

  

	 	1.17.	 “Casualty” is defined in Section 19.1. 

 

	 	1.18.	 “Casualty Proceeds” is defined in Section 19.1.

  

	 	1.19.	 “Consent Agreement” is defined in Section 21.2.12.

  

	 	1.20.	 “Construction Commencement Date” is defined in Section 5.3.

  

	 	1.21.	 “CPI” shall mean the Consumer Price Index (CPI) compiled by the United States Department of
Labor, Bureau of Labor Statistics for all urban consumers (1982-84 = 100). 

  

	 	1.22.	 “Cumulative Post-Tax Net Cash Flows” shall mean
[*****]. 

  

	 	1.23.	 “Cumulative Post-Tax Return” shall mean [*****].

  

	 	1.24.	 “Deemed Approval Process” is defined in Section 35.

  

	 	1.25.	 “Default Rate” shall mean the lesser of (i) two percent (2.0%) in excess of the
“prime rate” then published by Wells Fargo Bank, N.A., or its successors, or (ii) the highest rate permitted by law. 

  

	 	1.26.	 “Development” shall mean the construction of the entire Project set forth on the approved
Plans. 

  

	 	1.27.	 “Development Completion” shall mean substantial completion of the Development, as evidenced by
the issuance of a temporary or permanent certificate of occupancy. 

  

	 	1.28.	 “Development Completion Date” shall mean the date upon which Development Completion occurs as
evidenced by a notice from Lessee to Lessor promptly following Development Completion, which notice shall contain a copy of all applicable certificates of occupancy evidencing that the Development Completion Date has occurred. 

  
 3 

	 	1.29.	 “Environmental Law” shall mean any applicable Federal, state, or local statute, law, rule,
regulation, ordinance, code, order or decree of any governmental authority, and any binding and enforceable judicial interpretation thereof, relating to pollution, protection of the environment and natural resources, or protection of human health or
safety in respect of Hazardous Materials, and including principles of common law such as negligence, strict liability and trespass. 

  

	 	1.30.	 “Event of Default” is defined in Section 24.1.

  

	 	1.31.	 “Event” shall mean an event held at the performance arena within the Improvements with at
least four thousand (4,000) attendees. 

  

	 	1.32.	 “Event Expenses” is defined in Section 4.4. 

 

	 	1.33.	 “Fee Mortgage” is defined in Section 17. 

 

	 	1.34.	 “Fee Mortgagee” is defined in Section 17. 

 

	 	1.35.	 “First Event Test Year” is defined in Section 4.3.1.

  

	 	1.36.	 “Force Majeure” shall mean, whenever any time period or deadline is prescribed in this Lease
(other than the terms of Sections 18 (Insurance) and 39.16 (Holding Over) hereof and except that in no event shall Force Majeure apply to the payment of money, nor shall the inability to pay be a Force Majeure event), such period or
deadline shall be extended by the number of days that completion of an obligation is actually delayed due to acts of nature or of the public enemy; acts of the government; acts of terrorism; fires; floods; tidal waves; epidemics; quarantine
restrictions; freight embargoes; earthquakes; unusually severe weather; strikes or other substantial interruption of work because of labor disputes; inability to obtain materials or acceptable substitute materials on a timely basis; failure or delay
in delivery of utilities serving the Premises not caused by, or outside the reasonable control of, the party claiming an extension; previously unknown environmental conditions discovered on or affecting the Premises or any portion thereof, in each
case including any delay caused or resulting from the investigation or remediation of such conditions; existing unknown or newly discovered geotechnical conditions, including any delay caused or resulting from the investigation or remediation of
such conditions, litigation that enjoins construction or other work on the Premises or any portion thereof, causes a lender to refuse to fund, disburse or accelerate payment on a loan, or prevents or suspends construction work except to the extent
caused by the party claiming an extension; and any action or proceeding before any judicial, adjudicative, or legislative decision-making body, including any administrative appeal, that prevent the action that is being delayed, brought by a third
party that challenges any Project Entitlement or other approval, action or consent required to implement the Project, provided the foregoing events shall only be considered Force Majeure to the extent the same (a) do not arise from the
acts or negligent omissions of the Party claiming Force Majeure delay and (b) are not within the reasonable control of such Party. 

  

	 	1.37.	 “GAAP” shall mean Generally Accepted Accounting Principles, consistently applied.

  

	 	1.38.	 “Gaming License” shall mean any license, franchise or other authorization to own, lease,
operate, or otherwise conduct gaming activities, required pursuant to Nevada or federal law; provided, however, that the uncapitalized term “gaming license” as used in Section 1.58,
Section 31.2.6, and Exhibit G shall mean any license, franchise or other authorization to own, lease, operate, or otherwise conduct gaming activities, required pursuant to local, state, federal, or international law.

  

	 	1.39.	 “Hazardous Material” shall mean any substance, material or waste (regardless of physical form
or concentration) that is (a) toxic, radioactive, hazardous, explosive, carcinogenic, ignitable, corrosive, reactive or words of similar meaning or regulatory effect under Environmental Laws; or (b) restricted or regulated under any
Environmental Laws. Without limiting the foregoing, “Hazardous Materials” includes petroleum, petroleum products and by-products including gasoline, diesel fuel or other petroleum hydrocarbons;
asbestos and asbestos-containing materials, in any form, whether friable or nonfriable; polychlorinated biphenyls; and radon gas. 

  

	 	1.40.	 “Impositions” shall mean all [*****]. 

 

	 	1.41.	 “Improvements” shall mean all buildings and other additions, alterations, modifications and
improvements now or hereafter located on the Premises, and all renewals or replacements thereof, including without limitation the Venue and the Bridge and all other aspects of the Project. 

 

	 	1.42.	 “Income Tax Payments” shall mean income tax payments calculated (i) using a rate equal to
the sum of (A) five percent (5%) plus (B) the highest Nevada state income tax rate then applicable to corporations (if any), as may be adjusted from time to time, plus (C) the highest federal income tax rate then
applicable to corporations, as may be adjusted from time to time and (ii) multiplied by Net Taxable Income. 

  
 4 

	 	1.43.	 “Indemnitee” is defined in Section 6.1. 

 

	 	1.44.	 “Indemnitor” is defined in Section 6.1. 

 

	 	1.45.	 “Insurance to Replacement Cost Ratio” shall mean the ratio of (a) the Casualty Proceeds
divided by (b) the replacement cost of the Project. 

  

	 	1.46.	 “Interconnection Point” is defined in Section 5.7.1.

  

	 	1.47.	 “Investment” shall mean all capital and expense costs incurred by Lessee during pre-construction, construction and residual/post-opening construction incurred to complete the initial full scope of Project development and net of the TI Allowance to the extent paid to Lessee.

  

	 	1.48.	 “Lease” shall mean this Ground Lease, as it may be amended, modified or supplemented from time
to time in the manner provided herein. 

  

	 	1.49.	 “Lease Commencement Date” is defined in the preamble. 

 

	 	1.50.	 “Lease Term” is defined in Section 2.2. 

 

	 	1.51.	 “Leasehold Foreclosure” shall mean judicial foreclosure of a Leasehold Mortgage, sale
under a power of sale given in a Leasehold Mortgage, and all other remedies provided by law or equity or specified in the Leasehold Mortgage and, solely with respect to Leasehold Mortgage that is not a pledge of direct or indirect ownership
interests in the Lessee, enforceable in Nevada at the time of the foreclosure for divesting the obligor of title in the event of the obligor’s default under the Leasehold Mortgage or the obligation it secures. 

 

	 	1.52.	 “Leasehold Mortgage” means a mortgage, deed of trust, pledge, or other encumbrance, together
with such associated financing statements, fixture filings, security agreements and related documentation for the purpose of creating and perfecting a contractual security interest in real property in favor of a Qualified Lender or a pledge of the
direct or indirect owner(s) of Lessee, encumbering Lessee’s interest in this Lease or the Property, or any portion thereof, or the direct and/or indirect ownership interests in Lessee, provided no Leasehold Mortgage shall encumber the
fee interest in the Premises. 

  

	 	1.53.	 “Leasehold Mortgagee” shall mean the mortgagee, beneficiary or other obligee of any
indebtedness secured by a Leasehold Mortgage. 

  

	 	1.54.	 “Lessee” is defined in the preamble. 

 

	 	1.55.	 “Lessee Parties” is defined in Section 6.6. 

 

	 	1.56.	 “Lessee’s Condemnation Value” is defined in Section 20.4.2.

  

	 	1.57.	 “Lessor” is defined in the preamble. 

 

	 	1.58.	 “Lessor Competitor” shall mean, at any time that such determination is made pursuant to
Section 1.98 or Section 22.4, (x) any Person that owns or operates a casino located in Singapore, Macao, the States of Nevada, New Jersey, Massachusetts or Pennsylvania, or any other jurisdiction
in which Lessor or any LVS Affiliate has obtained or applied for a gaming license (or is a controlled Affiliate of such a Person); provided that a passive investment constituting less than ten percent (10%) of the common stock of any such
casino shall not constitute ownership thereof for the purposes of this definition, or (y) any Person that owns or operates a convention facility, trade show facility, conference center facility, or exhibition facility located in Singapore,
Macao, the States of Nevada, New Jersey, Massachusetts or Pennsylvania, or any other jurisdiction in which Lessor or any of its Affiliates owns, operates or is developing a convention facility, trade show facility, conference center facility, or
exhibition facility (or an Affiliate of such a Person); provided that a passive investment constituting less than ten percent (10%) of the common stock of any such convention facility, trade show facility, conference center facility, or
exhibition facility shall not constitute ownership for the purpose of this definition, or (z) any union pension fund. An “LVS Affiliate” shall mean Las Vegas Sands Corp. or any entity directly or indirectly controlled by Las
Vegas Sands Corp. 

  
 5 

	 	1.59.	 “Lessor Delay” shall mean the failure by Lessor or any Lessor Affiliate to perform any of its
obligations pursuant to this Lease or any other Arena Document to the extent such failure causes an actual delay in the date of completion by Lessee of its obligations hereunder beyond the date such obligations would be otherwise complete (taking
into account Force Majeure and Lessee-caused delays). With respect to any Lessor Delay for which a time period is provided in this Lease, no Lessor Delay shall occur unless and until Lessor has received three (3) Business Days written notice of
such Lessor Delay. With respect to any Lessor Delay for which a time period is not provided in this Lease, such delay shall not constitute Lessor Delay unless and until (i) Lessor has failed to respond to Lessee’s notice or request within
ten (10) days or if a response shall reasonably require longer than ten (10) days, Lessor has failed to respond within such reasonable period of time and (ii) Lessee has given Lessor notice of such Lessor Delay. If a Lessor Delay
occurs less than three (3) Business Days prior to the date on which Lessee has an obligation hereunder, then Lessee shall receive an automatic time extension for such obligation for the number of Business Days required to deliver the 3 Business
Day notice described above and to claim such Lessor Delay. 

  

	 	1.60.	 “Lessor Event” is defined in Section 4.4. 

 

	 	1.61.	 “Lessor Parties” is defined in Section 6.6. 

 

	 	1.62.	 “Lessor’s Condemnation Value” is defined in Section 20.4.2.

  

	 	1.63.	 “Lessor’s Participation Payment” is defined in Section 3.2.

  

	 	1.64.	 “LET” is defined in Section 3.4. 

 

	 	1.65.	 “Material Modification” shall mean any modification to the Plans (or, as such term is used in
Section 8 and Section 19.1, with respect to the subject Improvements) (i) as they pertain to the general architectural character of the exterior building design as it relates to (a) the
exterior color palette for, (b) types of exterior construction materials to be used in, (c) primary entrances into the Venue at, (d) location of primary exterior signage at, or (e) the general architectural style or scale of the
Project, or (ii) that would result in the Venue being less than 350,000 square feet in floor area or having less than a 16,000 seat capacity. 

  

	 	1.66.	 “Memorandum of Lease” is defined in Section 38.

  

	 	1.67.	 “Minimum Event Levels” is defined in Section 4.3.1.

  

	 	1.68.	 “Minimum Weekend Event Average” is defined in Section 4.3.1.

  

	 	1.69.	 “Minimum Yearly Event Average” is defined in Section 4.3.1.

  

	 	1.70.	 “Most Recent Performance Year” is defined in Section 4.3.2.

  

	 	1.71.	 “MSG Competitor” shall mean, at any time that such determination is made pursuant to
Section 34, any entity (other than an Affiliate of The Madison Square Garden Company) that meets one of the following criteria: (1) such entity directly or indirectly owns, operates, or manages, or owns a ten
percent (10%) or more interest in an entity which directly or indirectly owns, operates, or manages, either (a) (i) two or more live entertainment venues in North America with at least 3,000 seats each or (ii) one or more professional
sports franchises in North America, or (b) promotes, produces, or schedules musical concerts, performances or entertainment acts, or other family or theatrical productions in New York, Los Angeles, or multiple cities in North America, or
(2) is an entity that is a competitor of The Madison Square Garden Company, based upon evidence of same provided by Lessee to Lessor in accordance with Section 34 below. 

 

	 	1.72.	 “MSG Confidentiality Competitor” is defined in Section 31.2.11.

  

	 	1.73.	 “Nevada Agency” is defined in Section 3.4. 

 

	 	1.74.	 “Nevada Gaming Laws” shall mean any and all codes, laws, rules, regulations, statutes, orders,
resolutions, ordinances, requirements, covenants, conditions and restrictions of any governmental or quasi-governmental entity of the State of Nevada, Clark County, City of Las Vegas or the NGCB applicable to casinos, gaming, or casino or
gaming-related activities. 

  

	 	1.75.	 “Net Taxable Income” shall mean the amount of taxable income calculated as if the Project were
a stand-alone entity (but including any reasonable and customary cost allocations). Taxable income will be determined using tax accounting methods utilized by Lessee in computing their U.S. corporate taxable income. 

 

	 	1.76.	 “NGCB” shall mean the Nevada Gaming Control Board. 

  
 6 

	 	1.77.	 “NRS” shall mean the Nevada Revised Statutes. 

 

	 	1.78.	 “Opening Date” shall mean the date of the first ticketed event held open to the general public
at the Venue. 

  

	 	1.79.	 “Operating Year” shall mean the fiscal year ending on June 30. 

 

	 	1.80.	 “Outside Unforeseeable Conditions Date” is defined in Section 25.4.

  

	 	1.81.	 “Parking License” is defined in Section 2.4. 

 

	 	1.82.	 “Partial Taking” is defined in Section 20.3. 

 

	 	1.83.	 “Path of Travel License” is defined in Section 2.3.

  

	 	1.84.	 “Patriot Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, as amended from time to time. 

  

	 	1.85.	 “Performance Year” is defined in Section 4.3.1.

  

	 	1.86.	 “Permitted Exceptions” shall mean those items listed on Exhibit B attached hereto and
incorporated herein. 

  

	 	1.87.	 “Permitted Transfer” is defined in Section 22.1.

  

	 	1.88.	 “Permitted Uses” is defined in Section 4.1. 

 

	 	1.89.	 “Person” shall mean an individual, a corporation, an association, a partnership, a limited
liability company, a joint venture, an organization, a trust, or any other business entity, or a governmental or political unit or agency. 

  

	 	1.90.	 “Plans” is defined in Section 5.2. 

 

	 	1.91.	 “Pre-Approved Sponsors” is defined in Section 31.2.6(d).

  

	 	1.92.	 “Pre-Approved Sponsor Schedule” is defined in Section 31.2.6(d).

  

	 	1.93.	 “Pre-Existing Hazardous Materials” shall is defined in Section 25.5.

  

	 	1.94.	 “Premises” is defined in Recital A. 

 

	 	1.95.	 “Project” is defined in Recital B. 

 

	 	1.96.	 “Project Development Costs” is defined in Section 5.6.5.

  

	 	1.97.	 “Project Entitlements” is defined in Recital B. 

 

	 	1.98.	 “Property” shall mean the Premises and all Improvements thereon from time to time.

  

	 	1.99.	 “Qualified Lender” shall mean (a) a nationally chartered bank, national association,
federal association bank, savings and loan association, investment bank, state chartered bank, lending institution, pension fund, insurance company or other institutional lender which is duly established and in the business of financing the size and
type of development contemplated hereunder, and shall be an institutional lender that has a credit rating of at least an “A-” or that has a minimum of Five Billion Dollars ($5,000,000,000.00) of
assets on its most recent balance statement or (b) any governmental agency or joint powers authority or indentured trustee acting for or on behalf of such entity or (c) any other entity that Lessor approves in writing in its sole and
absolute discretion; provided a Qualified Lender shall not include a Lessor Competitor or any Affiliate of Lessee or any union pension fund. 

  

	 	1.100.	 “Qualified Transferee” is defined in Section 22.3.

  

	 	1.101.	 “Reduction Event” is defined in Section 4.3.4.

  

	 	1.102.	 “Reporting Period” is defined in Section 4.3.1.

  

	 	1.103.	 “Restricted Venue” is defined in Section 31.2.9.

  

	 	1.104.	 “Return Threshold” is defined in Section 3.2. 

 

	 	1.105.	 “Sale Notice” is defined in Section 34. 

 

	 	1.106.	 “Shortfall Payment” is defined in Section 4.3.3.

  
 7 

	 	1.107.	 “Sponsorship Agreement” shall mean an agreement with Lessee or one of its Affiliates whereby
an entity pays or provides other valuable consideration for the right to include one or more of its brands in signage at the Property or in other marketing materials for the Property. 

 

	 	1.108.	 “Sponsorship Limitations” is defined in Section 31.2.6(a).

  

	 	1.109.	 “Substantial Renovation” is defined in Section 25.3.

  

	 	1.110.	 “Taking” shall mean any transfer during the Lease Term hereof of all or any part of the
Property, or any leasehold or other interest therein or right accruing thereto, as the result of the exercise of the right of condemnation or eminent domain by a governmental entity. 

 

	 	1.111.	 “Taking Award” means all sums, amounts or other compensation for the Property payable to
Lessor or Lessee, as applicable, as a result of, or in connection with, any Taking. 

  

	 	1.112.	 “Tangible Net Worth” shall mean the total assets of the Person less the total liabilities and
all intangibles of the Person, including goodwill, write-ups, and intellectual property, all as would be determined at such time on a consolidated basis in accordance with GAAP, provided that such total
liabilities shall include all guarantees for money borrowed. 

  

	 	1.113.	 “Target Shortfalls” is defined in Section 4.3.3.

  

	 	1.114.	 “TI Allowance” is defined in Section 5.6. 

 

	 	1.115.	 “TI Allowance Refund” is defined in Section 19.1.

  

	 	1.116.	 “TI Holdback” is defined in Section 5.6.3. 

 

	 	1.117.	 “Total Taking” is defined in Section 20.2. 

 

	 	1.118.	 “Uncurable Default” is defined in Section 21.2.4.

  

	 	1.119.	 “Unforeseen Conditions” is defined in Section 25.4.

  

	 	1.120.	 “Unforeseen Condition Termination” is defined in Section 25.4.

  

	 	1.121.	 “Unpermitted Lien” shall mean any mechanic’s, materialman’s, material
supplier’s, or vendor’s statutory lien or similar lien arising out of work, labor services, equipment or materials supplied to Lessee or on behalf of Lessee in connection with the initial construction or subsequent alterations to the
Property by Lessee, which lien is recorded against Lessor’s interest in the Premises, as owner, or is filed against the leasehold estate and subsequently attaches to the Lessor’s interest in the Premises by operation of law.

  

	 	1.122.	 “Wynn” is defined in Section 5.7.7. 

 

	 	1.123.	 “Wynn Bridge Agreements” is defined in Section 5.7.7.

  

	2.	 Lease; Lease Term. 

 

	 	2.1.	 Lease. For good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, including without limitation Lessee’s construction and operation of the Property in accordance with this Lease, Lessor hereby leases to Lessee, and Lessee hereby leases and hires from Lessor, the exclusive right to possess and
use, as tenant, the Premises for the Lease Term and upon the terms and conditions and subject to the requirements set forth herein. 

  

	 	2.1.1.	 Lessee is sophisticated in the acquisition and leasing of real property and is familiar with the Premises.
Lessee acknowledges and agrees that (i) neither Lessor nor any of its agents, brokers or employees has made, or makes, any representations or warranties of any kind whatsoever, whether oral or written, express or implied, with respect to the
Premises except as otherwise expressly provided in the Agreement to Lease or provided herein, and (ii) the Premises are being leased to Lessee in its present “AS IS, WHERE IS” condition, with all faults, Lessee expressly agreeing that
the foregoing relates to all aspects of the condition of the Premises, including without limitation the presence of Hazardous Materials in the soil, groundwater, Improvements or fixtures which may give rise to any liability or responsibility with
respect thereto on the part of Lessor or Lessor Parties under any Environmental Law. 

  
 8 

	 	2.1.2.	 In particular, but without limiting the generality of Section 2.1.1 above, neither
Lessor nor any of its agents, brokers, attorneys or employees has made, and does not make, any representations or warranties, whether oral or written, express or implied, with respect to the economic value of the Premises, adequacy of water, sewage
or other utilities serving the Premises, the fitness or suitability of the Premises for Lessee’s intended uses or the present use of the Premises, or the physical condition, occupation or management of the Premises, the development potential of
the Premises, its compliance with applicable statutes, laws, codes, ordinances, regulations or requirements relating to leasing, zoning, subdivision, planning, building, fire, safety, health or environmental matters (including, without limitation,
the presence or absence of Hazardous Materials), compliance with covenants, conditions and restrictions (whether or not of record), other local, municipal, regional, state or federal requirements, or other statutes, laws, codes, ordinances, rules,
regulations, resolutions, orders or requirements, except as otherwise expressly provided in the Agreement to Lease or provided herein. 

  

	 	2.2.	 Lease Term. The term of this Lease (the “Lease Term”) shall commence upon the Lease
Commencement Date and continue thereafter for a period of fifty (50) years following the Development Completion Date, unless such Lease Term shall sooner terminate as hereinafter provided. 

 

	 	2.3.	 Joint and Several Liability. 

 

	 	2.3.1.	 VCR shall be jointly and severally liable with Lessor for all of Lessor’s obligations pursuant to this
Lease; provided, however, that from and after the date that is the later to occur of (a) the Development Completion Date and (b) the date that the TI Allowance (including without limitation the TI Holdback) has been fully
funded, VCR shall be released from liability hereunder and Lessee shall provide VCR with written evidence of such release. To the extent that Lessor has any obligations set forth in this Lease which expressly survive the expiration or earlier
termination of this Lease and for which VCR was jointly and severally liable at the time of such expiration or termination, the joint and several liability of VCR hereunder shall also survive the expiration or earlier termination of this Lease.

  

	 	2.3.2.	 Subject to the provisions of Section 22, MSG S&E shall be jointly and severally
liable with Lessee for all of Lessee’s obligations pursuant to this Lease. To the extent that Lessee has any obligations set forth in this Lease which expressly survive the expiration or earlier termination of this Lease and for which MSG
S&E was jointly and severally liable at the time of such expiration or termination, the joint and several liability of MSG S&E hereunder shall also survive the expiration or earlier termination of this Lease. 

 

	3.	 Fixed Rent; Lessor’s Participation Payment. 

 

	 	3.1.	 Fixed Rent. No ground rent or similar fixed payment shall be due and payable by Lessee to Lessor or any
of its Affiliates. 

  

	 	3.2.	 Lessor’s Participation Payment. Notwithstanding the provision of
Section 3.1, from and after the time that Lessee achieves a Cumulative Post-Tax Return on its Investment in the Property in excess of [*****] (the “Return
Threshold”), Lessor and Lessee shall share in any Cumulative Post-Tax Net Cash Flows in excess of the Return Threshold as follows: seventy-five percent (75%) to Lessee, and twenty-five percent (25%)
to Lessor (“Lessor’s Participation Payment”). From and after the date that Cumulative Post-Tax Net Cash Flows equal the Investment, within one hundred eighty (180) days of the end of
each Operating Year, Lessee shall deliver to Lessor an annual statement showing Lessee’s calculation of its Cumulative Post-Tax Return on its Investment in the Property and the Cumulative Post-Tax Net Cash Flows for the Property. No more frequently than one time per Operating Year, Lessor shall have the right, exercisable upon written notice to Lessee and following at least thirty
(30) days’ advance notice to Lessee, to inspect, copy, and audit Lessee’s accounting records for the time period covered by such annual statement, at Lessor’s sole cost and expense; provided, however, that in the
event Lessor shall employ or retain a third party accounting firm to inspect Lessee’s accounting records (a “Third Party Auditor”), then as a condition precedent to any such inspection, Lessor shall deliver to Lessee a
copy of Lessor’s written agreement with such Third Party Auditor, which agreement shall include customary confidentiality and non-disclosure provisions Lessee shall furnish Lessor with such reasonable
supporting documentation relating to the subject of the annual statement as Lessor may reasonably request. If Lessor reasonably identifies any issues related to the calculation of Lessor’s Participation Payment, then Lessor shall give prompt
written notice of same to Lessee, and Lessor and Lessee shall meet and confer in good faith within thirty (30) days of such notice to resolve such issues. 

  
 9 

	 	3.3.	 Intentionally Deleted. 

 

	 	3.4.	 Net Lease. In addition to Lessor’s Participation Payment, except as otherwise expressly provided in
this Lease, Lessee shall be solely responsible for all costs and expenses attributable to the development, construction, operation, security, and maintenance of the Property and any other future Improvements installed on the Premises by Lessee or
others acting on behalf of, through, or under Lessee in accordance with this Lease, including the operation and maintenance of the Venue and the Bridge. Without limiting the generality of the foregoing: 

 

	 	3.4.1.	 [*****] 

  

	 	3.4.2.	 [*****] 

  

	 	3.5.	 Live Entertainment Tax. During the Term of this Lease, Lessee will collect any and all live
entertainment taxes (“LET”) associated with the Property and the operations thereon as required under NRS 368A and regulations promulgated thereunder. Lessee will remit all applicable taxes to the appropriate Nevada State agency
(“Nevada Agency”) on or prior to the due date. Upon Lessor’s request, Lessee will provide Lessor with reasonable evidence of such payment within a reasonable time after such payment is made. Lessee shall keep such records and
other documentation as may be required by the Nevada Agency or the Lessee in connection with reporting requirements for LET. Such records shall be made available for inspection upon the written request of Lessor or the Nevada Agency. The obligations
of Lessee set forth in this section shall survive the expiration or earlier termination of this Lease. Lessee shall be responsible for any and all LET, late fees, penalties or interest determined to be payable resulting from untimely payment to the
Nevada Agency, misstated taxable revenues or deficient records. 

  

	4.	 Uses. 

  

	 	4.1.	 Permitted Uses. 

 

	 	4.1.1	 Permitted Uses. [*****] 

 

	 	4.1.2	 Prohibition Against Illegal Uses. Lessee shall not engage in any illegal use in, on or about the
Property or any portion thereof or knowingly permit others to engage in any illegal activity. Lessor acknowledges that the Permitted Uses associated with an entertainment venue of the size and type of the Project will inherently have the potential
to create impacts on the surrounding area (including impacts related to noise and traffic). 

  

	 	4.1.3	 Ongoing Consultations. Notwithstanding the provision of Section 4.1.3, in the
event that Lessor either receives multiple verified complaints from unaffiliated adjacent landowners or itself reasonably identifies issues related to Property operations, then Lessor shall give written notice of same to Lessee, and upon
Lessor’s request, Lessee shall meet and confer in good faith with Lessor within thirty (30) days of such notice to identify potential event management strategies and other best practices to address such issues. 

 

	 	4.1.4	 Nightclubs. In connection with any nightclub or similar use that will occupy in excess of 18,000 square
feet at the Property, Lessee shall deliver a written notice to Lessor thirty (30) days prior to the earlier to occur of (a) Lessee entering into any space lease, license, management agreement, or similar agreement with a sublessee/operator
for such nightclub/use, or (b) Lessee’s submittal of any application for any building permit required for same. 

  

	 	4.2.	 Use of Hazardous Materials by Lessee. Lessee shall not, and Lessee shall not permit its tenants, agents,
contractors, employees, or invitees to, generate, treat, store, dispose of, or otherwise deposit Hazardous Materials in, on, under or about or allow Hazardous Materials to emanate from the Property or any portion thereof, including, without
limitation, into the surface waters and subsurface waters thereof in violation of Applicable Laws. Hazardous Materials may be transported to and from the Premises, and may be stored, generated, or used and disposed of at the Premises, by Lessee and
its agents and employees, so long as such transport, storage, generation, or use and disposal is (i) ancillary to the ordinary course of business, (ii) in quantities customarily used in the ordinary course of business, and
(iii) conducted in full compliance with all Applicable Laws. 

  

	4.3.	 Minimum Event Levels. 

 

	 	4.3.1.	 Definitions. 

(i) The annual average number of Events actually held at the Venue calculated using the actual number of Events which took place in the
Reporting Period shall be referred to herein as the “Actual Yearly Event Average”). 

  
 10 

 (ii) The annual average number of Events actually held at the Venue calculated using the
actual number of Events which took place in the Reporting Period which take place on a Friday or Saturday and which have an attendance of at least [*****] people shall be referred to herein as the “Actual Weekend Event
Average.” 
 (iii) The term “Minimum Yearly Event Average” shall mean [*****] Events. 

(iv) The term “Minimum Weekend Event Average” shall mean [*****] Events. 

(v) The term “Minimum Event Levels” shall mean, collectively, the Minimum Yearly Event Average and the Minimum Weekend Event
Average. 
 (vi) The term “First Event Test Year” shall mean the third (3rd) full Performance Year after the Opening Date.

 (vii) The term “Performance Year” shall mean (x) with respect to the year in which the Venue Opening Date occurs,
the twelve (12) month period commencing on the Opening Date and concluding on the anniversary thereof, and (y) thereafter, each twelve (12) month period commencing on the anniversary date of the Opening Date. 

(viii) The term “Reporting Period” shall mean the Most Recent Performance Year and each of the two Performance Years
immediately preceding the Most Recent Performance Year, if any. 
 (ix) By way of illustration and without limiting the generality of the
foregoing, the calculation of the Actual Yearly Event Average with respect to the First Event Test Year shall be an average of the number of Events held during the first, second, and third full Performance Years, and the calculation of the Actual
Yearly Event Average with respect to the next Performance Year after the First Event Test Year shall be an average of the number of Events held during the second, third, and fourth full Performance Years. 

 

	 	4.3.2.	 Calculation of Minimum Event Levels. On or before the date that is sixty (60) days after the end of
each Performance Year beginning in the First Event Test Year (the “Most Recent Performance Year”), Lessee shall provide to Lessor reasonably sufficient information for Lessor to determine achievement of the Minimum Event Levels,
including a report listing: (x) the number and dates of Events held in the three Performance Years included in the Reporting Period, (y) the number and dates of Events held on a Friday or Saturday with an attendance of at least [*****]
people in the three Performance Years included in the Reporting Period, and (z) such other information as reasonably may be requested by Lessor to calculate the Shortfall Payment, in each case, based on records for such Events maintained by
Lessee in the normal course of operations. 

  

	 	4.3.3.	 Shortfall Payment. If, for a given Performance Year, beginning in the First Event Test Year, Lessee
fails to meet the Minimum Event Levels, then Lessee, as Lessor’s sole and exclusive remedy for such failure, shall pay to Lessor within thirty (30) days of the end of such Performance Year an amount equal to the product of (x) [*****]
times (y) the sum of all Target Shortfalls during such Performance Year (the “Shortfall Payment”). 

As used in this Lease, “Target Shortfalls” means the sum of the following: [*****]. 

Notwithstanding anything to the contrary contained in this Agreement, in no event shall any failure to meet the Minimum Event Levels be
considered an Event of Default hereunder, it being understood that Lessor’s receipt of the Shortfall Payment as calculated in this Section 4.3.3 shall be Lessor’s sole and exclusive remedy hereunder. 

Notwithstanding anything to the contrary contained in this Lease, Lessee shall have no further obligation to make Shortfall Payments hereunder
if Lessor or any Affiliate of Lessor commences to directly or indirectly develop, own (in whole or in part), operate, manage, sponsor, or market any Restricted Venue. 
  

	 	4.3.4.	 Obligation to Meet Minimum Event Covenants Reduced During Certain Times. During any Performance Year in
which a Reduction Event occurs, the Minimum Event Levels will be reduced to reflect the impact of such Reduction Event. Lessor and Lessee shall meet and confer in good faith to mutually agree upon the appropriate reduction in the Minimum Event
Levels. 

  
 11 

 As used in this Lease, “Reduction Event” means, if at any time,
(a) the Venue is closed and/or performances do not take place as a result of (x) a Force Majeure event, or (y) Substantial Renovation (it being understood that Lessee shall use good faith efforts to schedule such Substantial
Renovation so as to not interfere with scheduled Events or the scheduling of Events), or (b) any uncured, material breach by Lessor or its Affiliates of the Cross-Marketing Agreement is continuing thirty (30) days following notice thereof
by Lessee to Lessor. 
  

	5.	 Improvements. 

 

	 	5.1.	 Delivery of Site; Lessee’s Intention to Construct. On the Lease Commencement Date, Lessor shall
deliver the Premises to Lessee free and clear of all trailers, equipment, or other personal property, and with all existing improvements removed other than paved surface parking, light poles, or perimeter fencing. Lessee shall develop and construct
the Project on the Premises in accordance with the Building Standard, at its sole cost and expense, inclusive of any and all cost overruns, but subject to the TI Allowance. Lessee shall be solely responsible, at its sole cost and expense, for
compliance with all Applicable Laws, including obtaining all necessary zoning changes, conditional use permits, variances, permits, approvals and all other necessary land use approvals, in connection with the construction of any Improvements on the
Premises (it being acknowledged by the parties that Lessee has already obtained the Project Entitlements as of the date hereof, and it being further agreed that, subject to Lessor’s limited approval rights as set forth in the last sentence of
Section 8, Lessor shall cooperate in good faith with Lessee in the processing of any further applications for and pursuit of any of the land use approvals described herein at no out of pocket cost or expense to Lessor).

  

	 	5.2.	 Plans and Specifications. Lessor acknowledges that in connection with Lessee obtaining the Project
Entitlements, Lessor has previously approved the general architectural character of the exterior building design as set forth on the concept drawings for the Project listed on Exhibit J (collectively, the “Plans”) in
accordance with the terms and conditions of the Agreement to Lease. Lessee shall not engage in any Material Modification of the Plans without the prior written approval of Lessor, such approval not to be unreasonably withheld, conditioned, or
delayed. Following completion of the Development of the Premises pursuant to the approved Plans, this Section 5.2 shall no longer apply, and any alterations of and additions to the Project shall be subject to the terms of
Section 8. 

  

	 	5.3.	 Manner of Construction. Lessee shall be solely responsible for the design and construction of the
Project in material compliance with Applicable Laws and any Permitted Exceptions. Lessee shall also comply with the provisions set forth in Exhibit E attached hereto and incorporated herein by reference. Lessee shall record all notices of completion
as may be required under Applicable Laws or good construction practices. Lessee shall commence construction of work on the foundations for the Venue (as opposed to pre-construction activities) no later than
eighteen (18) months after the Lease Commencement Date, subject to extension on a day for day basis for each day of delay due to Force Majeure or Lessor Delay (the “Construction Commencement Date”) (provided, however, that any
Force Majeure delays shall not extend the Construction Commencement Date by more than one hundred eighty (180) days after the date that is eighteen (18) months after the Lease Commencement Date), and shall diligently pursue construction of
the Project thereafter. Lessee shall have achieved Development Completion and the Development Completion Date shall have occurred no later than three (3) years after the earlier to occur of (1) the actual date of commencement of work on
the foundations for the Venue (as opposed to pre-construction activities) and (2) the Construction Commencement Date, subject to extension on a day for day basis for each day of delay due to Force Majeure
or Lessor Delay (the “Outside Development Completion Date”) (provided, however, that Force Majeure extensions shall not be available during the period between (x) the date if any that an arbitrator determines pursuant to a
binding ruling (in accordance with Section 39.15) that Lessee was not diligently pursuing construction of the Project after the Construction Commencement Date in accordance with this Section 5.3, and (y) the date
that Lessee subsequently cures such default and resumes diligent pursuit of the construction). Throughout the construction process, Lessee will consult and coordinate with Lessor (with update meetings to occur no less frequently than quarterly).

  

	 	5.4.	 Ownership of Improvements During Lease Term. Until the expiration of the Lease Term or sooner
termination of this Lease, and except as specifically provided herein, Lessee shall own all Improvements. At the request of Lessee, Lessor shall execute a quitclaim deed or other instrument conveying ownership of the Improvements to Lessee. Lessor
shall, throughout the Lease Term and after termination or expiration thereof, own and have fee title to the Premises. At the request of Lessor upon the expiration or sooner termination of this Lease, Lessee shall execute a quitclaim deed or other
instrument conveying ownership of the Improvements to Lessor, and Lessor shall pay any Impositions payable in connection therewith. 

  
 12 

	 	5.5.	 Reversion of Improvements. Upon the expiration of the Lease Term or sooner termination of this Lease,
whether by cancellation, forfeiture or otherwise, Lessee shall surrender and deliver to Lessor the Property (together with plans and specifications for any Improvements that still exist, copies of then-applicable governmental permits, and any and
all other construction or manufacturer’s warranties, documents or agreements that are still effective and applicable to all or any portion of the Property, to the extent in Lessee’s possession or control), in its then as-is, where-is condition ( provided that the Property shall be in a clean, safe, and secure condition in compliance with the terms and conditions of this Lease),
without any representation or warranty, express or implied, and free and clear of all lettings and occupancies, other than the Permitted Exceptions, except as expressly provided below; provided that, Lessee shall have the right, but not the
obligation, to remove such furniture, equipment, and personal property as are not firmly affixed to such Improvements, provided that such personal property can be removed without any damage to the Property or Lessee repairs such damages to the
Property caused by such removal, at Lessee’s expense. Upon the expiration of this Lease, Lessee shall terminate any and all subleases, licenses or other agreements entered into by Lessee during the Lease Term and affecting the Property (except
for those that Lessor requests in writing no later than sixty (60) days prior to the expiration of this Lease that Lessee not terminate), in each case in accordance with this Lease, and Lessee shall deliver to Lessor, not less than six
(6) months prior to the scheduled expiration date of the Lease Term, copies of any agreements affecting the Property then in effect for Lessor’s review to determine which, if any, agreements Lessor desires to retain. Upon the expiration or
earlier termination of this Lease, then to the extent necessary in order for Lessor to acquire record title to, and use of, the Property and any other assets, contracts, rights, approvals, permits, agreements, licenses, entitlements and any other
rights or interests used exclusively in connection with the Property, Lessee shall, upon Lessor’s request, assign, convey, deliver or transfer, as applicable, all such property or rights in and to such property and interests, to the extent
assignable, in their as-is, where-is condition, without representation or warranty of any kind, express or implied, free of all lettings and occupancies (except for
those that Lessor requests in writing no later than sixty (60) days prior to the expiration of this Lease that Lessee not terminate), for a sale price equal to One Dollar ($1.00). Such instrument of conveyance, delivery or transfer will be in
the form of a quitclaim deed (or substantively equivalent instrument of transfer, such as a bill of sale, in respect of any personal property). For the sake of clarity, Lessee shall not be obligated to turn over any information technology or
systems, intellectual property, confidential or proprietary information or personal property (including, without limitation, proprietary equipment) used in connection with the Property; provided, that to the extent any of the foregoing are
necessary to manage or operate the Property or any portion thereof, Lessee shall reasonably cooperate with Lessor to ensure that the transfer back to Lessor may occur without interruption in such management or operation. 

 

	 	5.6.	 Tenant Improvement Allowance. Lessor will fund a tenant improvement allowance in the amount of
Seventy-Five Million and No/100 Dollars ($75,000,000.00) (the “TI Allowance”), to be used to offset Lessee’s Project Development Costs (as defined below). Lessee’s requisitions of TI Allowance shall include third-party
invoices and such other documents and back-up information as Lessor may reasonably request. The TI Allowance shall be available to Lessee as follows: 

 

	 	5.6.1.	 [*****] 

  

	 	5.6.2.	 [*****] 

  

	 	5.6.3.	 Within fifteen (15) Business Days of the date that Lessee evidences to Lessor in writing that Development
Completion and the Opening Date have occurred, Lessor shall remit to Lessee the TI Holdback by wire transfer to an account designated in writing by Lessee ( provided, however, that if any Unpermitted Liens have attached to
Lessor’s fee interest in the Premises, then Lessee must cause the removal of same as a condition to Lessor’s release of the TI Holdback). 

  

	 	5.6.4.	 The right to requisition the TI Allowance shall expire the date that is one (1) year following the Opening
Date. 

  

	 	5.6.5.	 As used herein, the term “Project Development Costs” shall mean all hard and soft costs of
design, governmental approval, and construction of the Project or any portion thereof, including required onsite and offsite improvements. In order to validate the expenditures of Project Development Costs described in the preceding sections, Lessee
shall provide to Lessor, concurrently with the delivery of any request for disbursement of all or a portion of the TI Allowance, reasonable documentary evidence of such Project Development Costs. 

  
 13 

	 	5.7.	 Pedestrian Bridge. 

 

	 	5.7.1.	 The Plans include a pedestrian bridge (the “Bridge”), to be constructed by Lessee to connect
the Project to the Venetian/Palazzo hotel complex at a point of interconnection (the “Interconnection Point”). 

  

	 	5.7.2.	 Lessor and Lessee shall cooperate in good faith in the implementation of the Bridge at the Interconnection
Point, consistent with the Concept Drawings that were approved as part of the Agreement to Lease. In that regard, Lessee shall prepare and submit to Lessor, at Lessee’s expense, schematic drawings with respect to the design specifications of
the Bridge, including the Interconnection Point (the “Bridge Schematic Drawings”). Within thirty (30) days of receiving the Bridge Schematic Drawings, Lessor shall determine whether to approve (a) the Interconnection Point
and (b) any other points where the Bridge physically connects to the Sands Expo Center improvements or land (collectively, “Other Physical Connection Points”), such approval not to be unreasonably withheld, conditioned, or
delayed. Any disapproval shall be in writing and shall specify the specific reasons for the denial and the changes to the Bridge Schematic Drawings that would render them acceptable, at which time Lessor and Lessee shall promptly meet and confer in
good faith to resolve such issues. If Lessor fails to respond to the above request for approval within thirty (30) days of receipt of the Bridge Schematic Drawings, then Lessee may send Lessor a second notice requesting Lessor’s approval
of the Bridge Schematic Drawings, which notice shall be in accordance with the Deemed Approval Process set forth in Section 34 hereof. If Lessor fails to respond to such second notice within fifteen (15) days, Lessor
shall be deemed to have approved such Bridge Schematic Drawings. Notwithstanding the foregoing, if Lessor, in connection with its review of the Bridge Schematic Drawings, desires to make any changes from what was previously approved by Lessor in the
Concept Drawings that were approved as part of the Agreement to Lease, then any direct incremental cost increases (including the costs of revising the Bridge Schematic Drawings) associated with such relocation shall be borne by Lessor.

  

	 	5.7.3.	 Subsequent to the approval of the Bridge Schematic Drawings in accordance with
Section 5.7.2 above, Lessee shall prepare and submit to Lessor, at Lessee’s expense, design development drawings consistent with the Bridge Schematic Drawings (the “Bridge DD Documents”). Within thirty
(30) days of receiving the Bridge DD Documents, Lessor shall determine whether to approve (a) the Interconnection Point and (b) any Other Physical Connection Points, in each case only to the extent that the Bridge DD Documents
disclose new information not previously shown on the Bridge Schematic Drawings, such approval not to be unreasonably withheld, conditioned, or delayed. Any disapproval shall be in writing and shall specify the specific reasons for the denial and the
changes to the Bridge DD Documents that would render them acceptable, at which time Lessor and Lessee shall promptly meet and confer in good faith to resolve such issues. If Lessor fails to respond to the above request for approval within thirty
(30) days of receipt of the Bridge DD Documents, then Lessee may send Lessor a second notice requesting Lessor’s approval of the Bridge DD Documents, which notice shall be in accordance with the Deemed Approval Process set forth in
Section 34 hereof. If Lessor fails to respond to such second notice within fifteen (15) days, Lessor shall be deemed to have approved such Bridge DD Documents. Notwithstanding the foregoing, if Lessor, in connection
with its review of the Bridge DD Documents, desires to make any changes from what was previously approved by Lessor in the approved Bridge Schematic Drawings, then any direct incremental cost increases (including the costs of revising the Bridge DD
Documents) associated with such relocation shall be borne by Lessor. 

  

	 	5.7.4.	 Subsequent to the approval of the Bridge DD Documents in accordance with
Section 5.7.3 above, Lessee shall prepare and submit to Lessor, at Lessee’s expense, construction drawings with respect to the Bridge, including the Interconnection Point (the “Bridge Construction
Drawings”). Within thirty (30) days of receiving the Bridge Construction Drawings, Lessor shall determine whether to approve (a) the Interconnection Point and (b) any Other Physical Connection Points, in each case only to the
extent that the Bridge Construction Drawings disclose new information not previously shown on the Bridge DD Documents, such approval not to be unreasonably withheld, conditioned, or delayed. Any disapproval shall be in writing and shall specify the
specific reasons for the denial and the changes to the Bridge Construction Drawings that would render them acceptable, at which time Lessor and Lessee shall promptly meet and confer in good faith to resolve such issues. If Lessor fails to respond to
the above request for approval within thirty (30) days of receipt of the Bridge Construction Drawings, then Lessee may send Lessor a second notice requesting Lessor’s approval of the Bridge Construction Drawings, which notice shall be in
accordance with the Deemed Approval Process set forth in Section 34 hereof. If Lessor fails to respond to such second notice within fifteen (15) days, Lessor shall be deemed to have approved such Bridge Construction
Drawings. 

  
 14 

	 	
Notwithstanding the foregoing, if Lessor, in connection with its review of the Bridge Construction Drawings, desires to make any changes from what was previously approved by Lessor in the
approved Bridge DD Documents, then any direct incremental cost increases (including the costs of revising the Bridge Construction Drawings) associated with such relocation shall be borne by Lessor. 

 

	 	5.7.5.	 Throughout the Bridge construction process, Lessee will consult and coordinate with Lessor (with update
meetings to occur no less frequently than quarterly). Without limiting the generality of the foregoing, in the course of construction of the Project in accordance with the terms and conditions of this Lease, Lessor and Lessee shall cooperate in good
faith on issues related to construction staging, crane overhang, and construction parking. 

  

	 	5.7.6.	 Lessee shall use commercially reasonable efforts to cause Lessor to be named as a third-party beneficiary of
any contractor or manufacturer warranties in favor of Lessee in respect of the construction of the Interconnection Point and any other portion of the Bridge located on the Sands Expo Center property. 

 

	 	5.7.7.	 In the course of construction of the Bridge, Lessee shall comply with the terms and conditions of all
agreements with Wynn Sunrise LLC, a Nevada limited liability company (“Wynn”), pertaining to the Bridge and recorded against title to the Premises (collectively, and as may be amended from time to time by Wynn and Lessee, the
“Wynn Bridge Agreements”). Lessor shall reasonably cooperate with Lessee, at no out of pocket cost or expense to Lessor, in connection with any amendments or assignments of or supplements to the Wynn Bridge Agreements necessary for
the construction and operation of the Project, provided that any such amendments do not result in a material adverse impact on the Venetian/Palazzo Resort or the Sands Expo Center. 

 

	 	5.8.	 Cooperation. Lessor, as the fee owner of the Premises, shall provide the appropriate authorizations and
signatures on applications and other documents so as to permit Lessee to develop, construct, install, maintain, operate, or repair the Project, at no out-of-pocket
expense to Lessor. Lessor shall not (i) take and/or express positions adverse to and/or otherwise interfere with the development, construction, installation, maintenance, operation, and/or repair of the Improvements during the Lease Term except
as expressly permitted under this Lease, or (ii) without the prior approval of Lessee, not to be unreasonably withheld, conditioned, or delayed, initiate contact or participate in any meetings with any governmental authority having jurisdiction
over the Premises or any portion thereof to discuss matters relating to the development of the Premises or the Project; provided, however, that the restriction in this clause (ii) shall not apply during the last year of the
Term of the Lease to the extent that Lessor intends to process any redevelopment approvals for the Premises related to the period from and after the expiration of the Lease. The Parties shall reasonably cooperate and coordinate with one another
regarding construction activities taking place at the Premises and related to construction efforts with respect to the Bridge (including the Interconnection Point), including without limitation the granting of any temporary construction licenses
that may be reasonably required in order for Lessee to access Lessor’s property for such purposes, and Lessor shall, at no out of pocket cost or expense to Lessor, reasonably cooperate with Lessee’s efforts to interconnect all utilities to
the Premises (including the Interconnection Point and Bridge) and reasonably consent to any such interconnections, as required. 

  

	6.	 Environmental Matters; Premises Use. 

 

	 	6.1.	 Indemnity for Hazardous Materials. Lessor hereby agrees to defend, protect, and indemnify the Lessee
Parties, and to hold the Lessee Parties harmless from and against, any and all claims, demands, causes of action, judgments, losses, liabilities, costs or expenses (including, without limitation, reasonable attorneys’ fees and expenses) arising
from the presence of any Hazardous Material located in, at, on or under the Premises if and to the extent the presence of such Hazardous Material is in violation of any Environmental Law (a) prior to the Lease Commencement Date or (b) as a
result of the actions of Lessor or Lessor’s employees or agents, provided, however, that Lessor’s indemnification obligations hereunder shall not apply to the extent the presence or exacerbation of such Hazardous Materials is
as a result of the actions of Lessee or Lessee’s employees, agents or invitees (it being understood that mere discovery of Hazardous Materials by Lessee shall not be considered exacerbation). Lessee hereby agrees to defend, protect, and
indemnify the Lessor Parties, and to hold the Lessor Parties harmless from and against, any and all claims, demands, causes of action, judgments, losses, liabilities, costs or expenses (including, without limitation, reasonable attorneys’ fees
and expenses) arising from the presence of any Hazardous Material located in, at, on or under the Premises (a) as a result of the actions of Lessee or Lessee’s employees, agents, contractors, invitees, tenants or subtenants in violation of
any Environmental Law or (b) as prohibited by 

  
 15 

	 	
Section 4.2, provided, however, that Lessee’s indemnification obligations hereunder shall not apply to the extent the presence of such Hazardous
Materials is as a result of the actions of Lessor or Lessor’s employees or agents. For purposes of this Section 6.1, the indemnifying party shall be referred to as the “Indemnitor” and the indemnified parties
shall be referred to collectively as the “Indemnitee.” 

  

	 	6.2.	 Notwithstanding any provision of this Lease to the contrary, Lessee shall have no obligation to indemnify
Lessor or the Lessor Parties in respect of any contamination of ground water if such contamination was the result of the migration of Hazardous Materials to the Premises from real property other than the Premises, and was not caused by Lessee or
Lessee’s employees, agents, contractors, invitees, tenants or subtenants. Lessee shall provide Lessor with prompt written notice of any contamination issue described in the previous sentence upon Lessee obtaining actual knowledge of same.

  

	 	6.3.	 Scope of Indemnification. In connection with any claim for indemnification under
Section 6.1 above, Indemnitor shall indemnify and defend Indemnitee with counsel reasonably satisfactory to Indemnitee, to the extent provided in Section 6.1. This indemnification shall include
without limitation (i) personal injury claims, (ii) the payment of liens, fines or penalties, (iii) damages for the loss of or restriction on the use of the Premises, whether temporary or permanent, (iv) sums reasonably paid in
settlement of claims, (v) reasonable attorneys’ fees and experts’ fees, (vi) the reasonable cost of investigation of site environmental conditions required by law, (vii) the reasonable cost of remediation to achieve non-residential environmental cleanup standards required by any governmental authority pursuant to an Environmental Law and related repair and restoration. Subject to Section 6.4, any costs
or expenses incurred by Indemnitee for which Indemnitor is responsible under this Section 6.3 or for which Indemnitor has indemnified Indemnitee shall be paid to Indemnitee in accordance with
Section 6.5, or otherwise on demand. 

  

	 	6.4.	 Claims for Indemnification. If an Indemnitee believes that it is entitled to indemnification pursuant to
this Section 6, such Indemnitee shall give prompt written notice thereof to Indemnitor. Any such notice shall set forth in reasonable detail and to the extent then known the basis for such claim for indemnification. Each
such claim for indemnification shall expressly state that Indemnitor shall have only the ninety (90) day period referred to in the next sentence to dispute or deny such claim. Indemnitor shall have ninety (90) days following its receipt of
such notice either (a) to acquiesce in such claim and Indemnitor’s responsibility to indemnify Indemnitee in respect thereof in accordance with the terms of this Section 6 by giving Indemnitee written notice of
such acquiescence, or (b) to object to the claim by giving Indemnitee written notice of the objection. If Indemnitor does not acquiesce in such claim for indemnification within such ninety (90) day period, such claim shall be deemed to
have been objected to by Indemnitor. If Indemnitor objects, or is deemed to have objected, to such claim for indemnification within such ninety (90) day period but it is subsequently determined by a court of competent jurisdiction that
Indemnitee is entitled to indemnification from Indemnitor, interest shall be deemed to have accrued on the unpaid amount of such indemnification from the date on which Indemnitee tendered payment in satisfaction of the liability or liabilities
giving rise to such claim for indemnification until full payment of the amount of such indemnification at a rate equal to the lesser of (i) ten percent (10%) per annum and (ii) the maximum amount permitted by law, and Indemnitee shall be
entitled to payment of such interest from Indemnitor. 

  

	 	6.5.	 Defense of Claims. 

 

	 	6.5.1.	 In connection with any claim which may give rise to indemnity under this Section 6
resulting from or arising out of any claim or proceeding against an Indemnitee by a Person that is not a party to this Lease, Indemnitor may (unless such Indemnitee elects not to seek indemnity hereunder for such claim), upon written notice sent at
any time to the relevant Indemnitee, assume the defense of any such claim or proceeding if Indemnitor acknowledges to Indemnitee Indemnitee’s right to indemnity pursuant hereto in respect of the entirety of such claim (as such claim may have
been modified through written agreement of the parties) and provides assurances, reasonably satisfactory to Indemnitee, that Indemnitor will be financially able to satisfy the amount of such claim in full if such claim or proceeding is decided
adversely. 

  

	 	6.5.2.	 If Indemnitor assumes the defense of any such claim or proceeding, Indemnitor shall select counsel reasonably
acceptable to Indemnitee to conduct the defense of such claim or proceeding, shall take all steps reasonably necessary in the defense or settlement thereof, shall at all times diligently and promptly pursue the resolution thereof, and shall bear all
costs and expenses in connection with defending against such claim or proceeding. If Indemnitor shall have assumed the defense of any claim or proceeding in accordance with this Section 6.5, Indemnitor may consent to a
settlement of, or the entry of any judgment arising from, any such claim or proceeding only with the prior written consent of Indemnitee, not to be unreasonably withheld, conditioned or delayed; provided, that Indemnitor shall pay or cause to
be paid all amounts arising out of 

  
 16 

	 	
such settlement or judgment either concurrently with the effectiveness thereof or shall obtain and deliver to Indemnitee prior to the execution of such settlement a general release executed by
the Person not a party hereto, which general release shall release Indemnitee from any liability in such matter; provided, further, that Indemnitor shall not be authorized to encumber any of the assets of Indemnitee or to agree to any
restriction that would apply to Indemnitee or to its conduct of business; provided, further, that a condition to any such settlement shall be a complete release of Indemnitee and its Affiliates, trustees, officers, employees,
consultants and agents with respect to such claim. Indemnitee shall be entitled to participate in (but not control) the defense of any such action, with its own counsel and at its own expense. Each Indemnitee shall, and shall cause each of their
Affiliates, officers, employees, consultants and agents to, cooperate fully with Indemnitor in the defense of any claim or proceeding being defended by Indemnitor pursuant to this Section 6.5. 

 

	 	6.5.3.	 If Indemnitor does not assume the defense of any claim or proceeding resulting therefrom in accordance with the
terms of this Section 6.5, Indemnitee may defend against such claim or proceeding in such manner as it may deem appropriate, including settling such claim or proceeding after giving notice of the same to Indemnitor, on such
terms as Indemnitee may deem appropriate. If Indemnitor seeks to question the manner in which Indemnitee defended such claim or proceeding or the amount of or nature of any such settlement, Indemnitor shall have the burden to prove by a
preponderance of the evidence that Indemnitee did not defend such claim or proceeding in a reasonably prudent manner. 

  

	 	6.6.	 Definition of “Lessor Parties” and “Lessee Parties”. The term “Lessor
Parties” shall mean and include each and all of Lessor and Lessor’s trustees, members, managers, shareholders, directors, officers, employees, agents, contractors, assigns and any successors to Lessor’s interest in the Premises,
and (b) “Lessee Parties” shall mean and include each and all of Lessee and Lessee’s trustees, members, managers, shareholders, directors, officers, employees, agents, contractors, assigns and any successors to Lessee’s
interest in the Property. 

  

	 	6.7.	 Notice of Violations/Releases. Each party hereto shall immediately advise the other party in writing of,
and if applicable provide the other party with a copy of: (a) any notices of violation or potential or alleged violation of any Environmental Laws that are received by such party with respect to the Property from any governmental authorities;
(b) any and all inquiries, investigations, enforcement, cleanup, removal, or other governmental or regulatory actions instituted or threatened relating to Hazardous Materials on the Property; (c) all claims made or threatened by any third
party against such party or the Property relating to any Hazardous Materials at or emanating from the Property; and (d) any release of Hazardous Materials on or about the Property that such party knows of or reasonably believes may have
occurred. 

  

	7.	 Maintenance, Repairs and Replacements; Services and Security; Management. 

7.1 Maintenance and Repairs; Services and Security. Lessee shall be solely responsible, at its sole cost and expense, for maintaining
and repairing the Improvements and each portion thereof, including any needed Capital Repairs, throughout the Lease Term in order to maintain the Property in accordance with the Building Standard and in a clean, safe, and orderly manner;
provided, however, that Lessee shall not be obligated to make any capital upgrades to the Property except as may be reasonably necessary at any time to keep the building operational and the buildings systems in good working order.
Lessee acknowledges and agrees that Lessor shall have no responsibility whatsoever for the maintenance, repair or upkeep of the Property or for any utilities or services provided or to be provided to the Property. Lessee shall be solely responsible,
at its sole cost and expense, for providing security for the Property, all in accordance with the Building Standard. Lessee shall not permit any waste in, on, under or about the Property. 

7.2 Operations and Management; Permits. Notwithstanding anything to the contrary in this Lease, during the Term after the Development
Completion Date, Lessee or an Affiliate of The Madison Square Garden Company shall operate and manage the Property in a manner consistent with the Building Standard; provided, however, that nothing herein shall restrict Lessee’s
ability to contract with one or more facilities management companies. During the Term after the Development Completion Date, Lessee shall obtain and maintain all necessary licenses and permits required in connection with the operation of the
Property for the Permitted Uses. Lessee shall promptly provide Lessor with copies of any formal written notices it receives from any governmental authority with jurisdiction over the Property regarding an alleged material violation of Applicable
Laws. Lessee shall obtain and maintain all necessary licenses, approvals and permits required in connection with the operation of the Premises and Improvements. 
  

	8.	 Alterations and Additions. Subject to the terms, provisions, covenants and conditions of this
Lease, Lessee at its sole cost and expense may make Improvements on the Premises. In connection therewith, Lessee shall comply with the provisions set forth in Exhibit E attached hereto and incorporated herein by reference. Subject to the
terms of Section 21 

  
 17 

	 	
hereof, Lessee may obtain financing for such Improvements, and any such financing may be secured by Lessee’s interest in the Property. During the Lease Term, all such Improvements shall be
and remain the property of Lessee in accordance with Section 5.4. Lessor shall not have any design approval rights over Improvements except to the extent they relate to (a) the location and design of the Bridge,
(b) the location and design of the Interconnection Point and any Other Physical Connection Points, or (c) a Material Modification, in each case with such approval not to be unreasonably withheld, conditioned, or delayed. 

 

	9.	 Intentionally Deleted. 

 

	10.	 Compliance with Applicable Laws. 

 

	 	10.1	 Lessee Compliance. Subject to events of Force Majeure, events of Lessor Delay, and
Section 12 relating to permitted contests and cure rights, Lessee at its sole cost and expense will promptly and diligently comply with all Applicable Laws. 

 

	 	10.2	 Lessor Compliance. Subject to events of Force Majeure and Section 12 relating
to permitted contests and cure rights, Lessor at its sole cost and expense will promptly and diligently comply with all Applicable Laws. 

  

	11.	 Liens. 

 

	 	11.1	 Generally. Lessee will not directly or indirectly create, or permit the creation of, any mortgage, lien,
security interest, encumbrance or charge on, pledge of or conditional sale or other title retention agreement with respect to the Premises or any part thereof, other than (a) this Lease and ancillary rights in favor of third parties as
permitted herein; (b) a Leasehold Mortgage which is permitted under the terms of Section 21; (c) liens for Impositions not yet payable, or payable without the addition of any fine, penalty, interest or cost for nonpayment, or being
contested as permitted by Section 12; (d) Permitted Exceptions; and (e) Unpermitted Liens, incurred in the ordinary course of business for sums which under the terms of the related contracts are not at the time due if
adequate provision for the payment thereof shall have been made by Lessee. Lessee will provide Lessor with prompt written notice of any lien or notice of lien placed against the Premises, and Lessee will promptly thereafter remove and discharge any
mortgage, lien, security interest, encumbrance or charge created by Lessee (or by any third party as a result of Lessee’s conduct) in violation of the preceding sentence. In the event that Lessee’s leasehold interest under the Lease is
encumbered by a Leasehold Mortgage pursuant to the provisions of Section 21, Lessee shall (i) use commercially reasonable efforts to cause any Leasehold Mortgagee to provide to Lessor copies of any notices from such
Leasehold Mortgagee alleging any non-compliance, breach or default by Lessee in respect of such Leasehold Mortgage ( provided that Lessee shall be deemed to satisfy the requirements of this clause
(i) if Lessee delivers to such Leasehold Mortgagee a written request to provide such notices to Lessor; and (ii) within ten (10) days after receipt of any such notice from Leasehold Mortgagee, provide to Lessor a copy of any such
notice from such Leasehold Mortgagee alleging any non-compliance, breach or default under any of the loan documents regarding such Leasehold Mortgage ( provided that so long as Lessor receives such
notice pursuant to either clause (i) or (ii) above, Lessee shall be deemed to satisfy the requirements of this clause). Notwithstanding anything to the contrary contained in this Section 11, Lessee may enter into
fixture financing arrangements for fixtures and equipment located on the Property, and Lessor agrees that Lessor’s claims to such fixtures and equipment, if any, shall be subordinate to any such fixture financing arrangements so long as such
arrangements do not encumber Lessor’s interest in the Premises. If Lessee fails to remove, discharge or bond over any lien not otherwise described in (a) through (e) above including without limitation any Unpermitted Lien within thirty
(30) days of its being placed against the Property, Lessor may do so, and Lessee shall reimburse Lessor for all costs incurred by Lessor in connection with removing such lien. 

 

	 	11.2.	 Reserved. 

  

	 	11.3	 Reserved. 

  

	12.	 Permitted Contests. Lessee may, at its sole cost and expense, contest, after prior written notice
to Lessor and by appropriate legal proceedings conducted in good faith and with due diligence, the amount or validity or application, in whole or in part, of any Imposition or any Applicable Laws or the application of any Permitted Exception or the
validity of any lien referred to in Section 11 to the extent the same relate to the Lease Term; provided, however, that: (a) Lessee shall first make all contested payments, under protest if it desires,
unless such proceedings shall operate to suspend the collection thereof from Lessor, or post a bond or other security for the payment thereof reasonably satisfactory to Lessor, (b) neither the Premises nor any part thereof or interest therein
nor any Lessor’s Participation Payment or other sums payable to Lessor hereunder would be in any danger of being sold, forfeited, lost or interfered with; (c) Lessor would not reasonably be expected to be in any material danger of
additional civil or criminal liability in connection therewith; and (d) in the case of an Applicable Law, the Premises would not be subject to the imposition of any lien as a result of such failure to comply therewith. 

  
 18 

	13.	 Lessor’s Access Rights. Lessor and its agents, employees and representatives shall have the
right to enter the Property at all reasonable times (except while an event is being held at the Premises) upon reasonable prior written notice for the purposes of (1) inspecting the Property for the purposes of determining Lessee’s
compliance with the terms hereof, and (2) during the last twenty four (24) months of the Lease Term, exhibiting the Property to other Persons, provided, however, that any such entry under clause (1) or (2) above shall be
conducted in such a manner as to minimize interference with the business being conducted in and on the Property. A representative of Lessee shall have the right to be present upon any such entry by Lessee, provided Lessee makes such representative
reasonably available for such entry. 

  

	14.	 Mutual Indemnification. 

 

	 	14.1.	 Lessee will defend, protect, indemnify, and hold Lessor harmless from and against all liabilities, obligations,
claims, damages, penalties, causes of action, costs, and expenses (including, without limitation, reasonable attorneys’ fees and expenses) imposed upon or incurred by or asserted against Lessor, the Lessor Parties, or the Property or any
portion thereof, by reason of the occurrence or existence of any of the following: (a) any accident, injury to, or death of persons (including workmen), or loss of or damage to property occurring in, on, under, or about the Property during the
Lease Term, except to the extent caused by the gross negligence or willful misconduct of Lessor or Lessor’s agents, employees, invitees, or contractors; (b) any failure on the part of Lessee to perform or comply with any of the terms of
this Lease; or (c) any non-compliance by Lessee with Applicable Laws, whether or not Lessee’s non-compliance with Applicable Laws would constitute an Event of
Default under Section 24 below. In case any action, suit or proceeding is brought against Lessor by reason of any such occurrence, Lessor will notify Lessee of such action, suit, or proceeding, and upon Lessor’s
request Lessee will, at Lessee’s sole cost and expense, resist and defend such action, suit, or proceeding. Notwithstanding the foregoing, Lessee shall neither have any liability nor any obligation to indemnify Lessor solely for the discovery
of Hazardous Material on the Premises unless and to the extent provided under the terms of Section 6 hereof. 

  

	 	14.2.	 Lessor will defend, protect, indemnify, and hold Lessee harmless from and against all liabilities, obligations,
claims, damages, penalties, causes of action, costs, and expenses (including, without limitation, reasonable attorneys’ fees and expenses) imposed upon or incurred by or asserted against Lessee, the Lessee Parties, or the Property or any
portion thereof, by reason of the occurrence or existence of any of the following: (a) any accident, injury to, or death of persons (including workmen), or loss of or damage to property occurring in, on, under, or about the Property prior to
the Lease Term, except to the extent caused by the gross negligence or willful misconduct of Lessee or Lessee’s agents, employees, invitees, or contractors; or (b) any failure on the part of Lessor to perform or comply with any of the
terms of this Lease. In case any action, suit or proceeding is brought against Lessee by reason of any such occurrence, Lessee will notify Lessor of such action, suit, or proceeding, and upon Lessee’s request Lessor will, at Lessor’s sole
cost and expense, resist and defend such action, suit, or proceeding. 

  

	15.	 Utility Services. Lessee shall be solely responsible (at its sole cost and expense) to procure
and interconnect all utilities to the Premises (including the Interconnection Point and Bridge). Lessor shall, at no out of pocket cost or expense to Lessor, reasonably cooperate with Lessee’s efforts to interconnect all utilities to the
Premises (including the Interconnection Point and Bridge) and reasonably consent to any such interconnections, as required. [*****]. 

  

	16.	 Quiet Enjoyment. Subject to Lessor’s termination rights in
Section 25 below, and subject to the Permitted Exceptions, Lessee shall not be hindered or molested by Lessor or anyone claiming through Lessor in its peaceful and quiet possession and enjoyment of the Premises.

  

	17.	 Subordination. This Lease is and shall be subject and subordinate to any mortgage(s), deed(s) of
trust or deeds to secure debt now or subsequently arising upon the fee interest in the Premises, and to all renewals, modifications, refinancings, and extensions thereof (collectively referred to as a “Fee Mortgage”). The party
having the benefit of a Fee Mortgage (a “Fee Mortgagee”) and Lessee shall execute a subordination, non-disturbance, and attornment agreement in form and substance reasonably acceptable to Fee
Mortgagee and Lessee. As an alternative, any Fee Mortgagee shall have the right at any time to subordinate its Fee Mortgage to this Lease. 

  

	18.	 Insurance. 

 

	 	18.1.	 Generally. Lessee, at its sole cost and expense, shall procure and keep in full force until all of its
obligations under this Lease have been discharged (or any additional periods described on Exhibit I ), insurance as set forth on Exhibit I attached hereto. Lessor, at its sole cost and expense, shall maintain Commercial General
Liability Insurance for claims arising from its ownership of the Premises with limits in an amount not less than [*****]. Insurance required to be maintained by Lessor or Lessee pursuant to this Section 18.1 may be provided
under blanket policies covering other locations operated by Lessor or Lessee or any Affiliate of Lessor or Lessee. 

  
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	 	18.2.	 Delivery of Evidence of Insurance. Upon commencement of the Lease Term, Lessee will deliver to Lessor
certificates of insurance showing the required coverage is in force (provided that Lessee may redact portions of any umbrella policies that are solely applicable to other projects), and thereafter Lessee shall use commercially reasonable efforts to
deliver to Lessor certificates of insurance showing the required coverage is still in force not less than ten (10) days prior to the expiration of any policy required pursuant to this Section 18, but in any event,
Lessee shall deliver to Lessor such certificates prior to the expiration of any policy required pursuant to this Section 18. 

  

	 	18.3.	 Waiver of Subrogation. Neither Lessor nor Lessee shall be liable to the other or to any insurance
company (by way of subrogation or otherwise) insuring the other party for any loss or damage to any building, structure or other tangible property, or any resulting loss of income and benefits (even though such loss or damage might have been
occasioned by the negligence of such party, its agents or employees) if such loss or damage is covered by insurance benefiting the party suffering such loss or damage or is required to be covered by insurance pursuant to this Lease. Lessor and
Lessee agree that deductibles under Lessor’s insurance policies and other amounts that are self-insured by Lessor or Lessee shall be deemed covered by insurance and all claims for recovery thereof are hereby waived. Lessor and Lessee shall
require their respective insurance companies to include a standard waiver of subrogation provision in their respective policies. 

  

	 	18.4.	 No Entry Until Insurance In Place. Lessee shall not be permitted to take possession of any portion of
the Premises until all applicable insurance required under this Lease is in place. 

  

	19.	 Damage to or Destruction of Property. 

 

	 	19.1.	 Lessee to Give Notice. In case of any damage to or destruction of the Premises or any Improvements, or
any material part thereof, that will materially and adversely affect the operation of the Premises (a “Casualty”), Lessee will promptly give telephonic and written notice thereof to Lessor generally describing the nature and extent
of such Casualty. Lessor shall have no interest in any property insurance proceeds paid to Lessee or Leasehold Mortgagee due to a Casualty or any other damage to the Premises or any Improvements (the “Casualty Proceeds”), except as
expressly provided in this Section 19.1. Following any Casualty, Lessee shall either (i) diligently rebuild and replace such damaged Improvements at the Premises in accordance with the Building Standard (
provided that Lessor’s approval, not to be unreasonably withheld, conditioned or delayed, shall be required with respect to (a) the location and design of the Interconnection Point or any Other Physical Connection Points,
(b) the location and design of the Bridge, and (c) any Material Modification from the Improvements in existence immediately prior to such Casualty), or (ii) elect not to rebuild or replace such damaged Improvements, in which event
Lessee shall cause the distribution of the Casualty Proceeds in the following order and priority, in each case, subject to Leasehold Mortgagee making such Casualty Proceeds available therefor and any other rights of Leasehold Mortgagee:
(1) first, to Leasehold Mortgagee, in accordance with Section 21.2.10; (2) second, to Lessee, to fund the activities described in Section 19.3; (3) third, to Lessor, to
refund an amount equal to (A) that portion of the TI Allowance actually paid to Lessee, multiplied by (B) the Insurance to Replacement Cost Ratio (the “TI Allowance Refund”); and (4) fourth, to Lessee,
as to any balance remaining. Lessee shall be liable to Lessor under clause (ii) above for the TI Allowance Refund regardless of whether Leasehold Mortgagee makes such Casualty Proceeds available therefor or any Casualty Proceeds are
remaining after the payment of the amounts in subclauses (1) and (2) above, which obligation shall survive the termination of this Lease. Lessee shall make its election in writing (the “Casualty Election Notice”)
as to whether or not to rebuild the damaged Improvements no later than one hundred eighty (180) days after any Casualty event. In the event that Lessee elects not to rebuild, repair or replace the damaged Improvements pursuant to clause
(ii) above, and as a consequence of such election not to rebuild the Project would remain completely inoperable (e.g., a total Casualty has occurred), then Lessee’s Casualty Election Notice shall also serve to terminate this Lease.
Notwithstanding any election by Lessee not to rebuild or replace damaged Improvements pursuant to clause (ii) above, (A) all of Lessee’s obligations set forth in this Lease shall remain in full force and effect, including without
limitation Lessee’s obligation to maintain, repair, operate, and manage the Property in accordance with the Building Standard pursuant to Section 7 herein and to construct any alterations or additions to the
Improvements in accordance with Section 8 herein and (B) Lessee shall ensure that the Improvements continue to include an approximately 350,000 square foot, first-class, multi-function event venue with capacity of at
least 16,000 seats. 

  

	 	19.2.	 No Effect on Lease. Except as specifically provided in Section 19.1, this
Lease shall not terminate or be forfeited or be affected in any manner by reason of damage to or total, substantial or partial destruction of the Premises or the Improvements or any part or parts thereof or by reason of the untenantability of the
same or any part thereof, for or due to any reason or cause whatsoever, and Lessee, notwithstanding any law or statute present or future, waives any and all rights to quit or surrender the Premises or any part thereof, Lessee acknowledging and
agreeing that the provisions of 

  
 20 

	 	
this Section 19 shall govern the rights and remedies of the parties in the event of a Casualty. Lessee expressly agrees that its obligations hereunder, including the
payment of the Lessor’s Participation Payment and any other sums due hereunder, shall continue as though said Premises and/or Improvements had not been damaged or destroyed and without abatement, suspension, diminution or reduction of any kind,
but with an appropriate reduction to be made to the Minimum Event Levels as mutually agreed upon in good faith by Lessor and Lessee. 

  

	 	19.3.	 If Lessee terminates this Lease pursuant to Section 19.1, then Lessor may, by written
notice delivered to Lessee, require Lessee, at Lessee’s sole expense, to tear down and remove, prior to the termination of this Lease, all or a portion of the Improvements (at Lessor’s sole option and direction), including the debris
resulting therefrom, and to otherwise clean and restore the area affected by such casualty to a level and clean and reasonably safe and secure condition, which obligation shall survive the termination of this Lease. 

 

	20.	 Taking. 

 

	 	20.1.	 Party to Give Notice. In case of a Taking of all or any part of the Premises, or the commencement of any
proceedings or negotiations which might result in such Taking, the party against whom such proceedings are commenced will promptly give oral and written notice thereof to the other party generally describing the nature and extent of such Taking or
the nature of such proceedings and negotiations and the nature and extent of the Taking which might result therefrom, as the case may be. Subject to Section 20.4, Lessor and Lessee each shall file and prosecute their
respective separate claims for an award. Subject to Section 20.2, Lessee waives any and all rights it may have under any statute allowing Lessee to terminate this Lease in the event of a Taking, Lessee acknowledging and
agreeing that the provisions of this Section 20 shall govern the rights and remedies of the parties in the event of a Taking. 

  

	 	20.2.	 Total Taking. In case of a Taking of the fee of the entire Premises, other than a temporary taking, this
Lease shall automatically terminate as of the date of such Taking. In case of a Taking of such a substantial part of the Premises or Improvements as shall result in the portion of the Premises and Improvements remaining after such Taking being
unsuitable, as reasonably determined by Lessee and Lessor, for Lessee’s use of the Premises, other than a temporary taking, then Lessee may terminate this Lease by written notice to Lessor given within six (6) months after such Taking,
with such termination to be effective as of a date, within twelve (12) months after such Taking, specified in such notice. Any Taking of the Premises of the character referred to in this Section 20.2 which results in
the termination of this Lease is referred to as a “Total Taking.” 

  

	 	20.3.	 Partial Taking. In case of a Taking of the Premises other than a Total Taking (a “Partial
Taking”), this Lease shall remain in full force and effect as to the portion of the Premises remaining immediately after such Partial Taking, without any abatement or reduction of Lessor’s Participation Payment or any other sum payable
hereunder, but with a proportionate reduction to be made to the Minimum Event Requirements as mutually agreed upon in good faith by Lessor and Lessee. In the event of a Partial Taking, Lessee shall have no obligation to restore, or cause to be
restored, the remaining parts of the Improvements. 

  

	 	20.4.	 Application of Awards and Other Payments. In the event of a Taking, the award (or settlement in lieu
thereof) in connection with such Taking shall be payable in the following manner and order of priority: 

  

	 	20.41.	 first, to pay any and all reasonable
out-of-pocket costs and expenses of Lessor, Lessee, any Leasehold Mortgagee, and any Fee Mortgagee incurred in collecting the award; and 

 

	 	20.42.	 second, (a) to Lessee, [*****] of the Taking Award, and (b) to Lessor, [*****] of the Taking Award;
provided, however, that if such Taking occurs during the last five (5) years of the Term, Lessor and Lessee shall each receive [*****] of the Taking Award. 

Any amount received by Lessee pursuant to Section 20.4.2 may be allocated by Lessee between Lessee and any Leasehold
Mortgagee(s) in accordance with any agreement made between Lessee and such Leasehold Mortgagee(s), provided that Lessor shall have no obligation to ensure the allocation of such proceeds between Lessee and any such Leasehold Mortgagee(s).

 For purposes of this Section 20.4, the Premises or a part thereof, as the case may be, shall be deemed to have
been taken or condemned on the date on which actual possession of the Premises or a part thereof, as the case may be, is acquired by any lawful governmental entity or authority or the date on which title vests therein, whichever is earlier. 

  
 21 

	21.	 Mortgage of Leasehold Estate. 

 

	 	21.1.	 Execution of Leasehold Mortgages. Lessee shall have the right, from time to time, without obtaining
Lessor’s consent, to execute and deliver one or more Leasehold Mortgages encumbering Lessee’s interest in this Lease to one or more Qualified Lenders, the Premises and the Improvements in order to secure any indebtedness or other
obligation of Lessee relating to this Lease or Lessee’s interest in the Premises (including, without limitation, interim, permanent, construction or capital improvements financing) and any direct or indirect owner of Lessee shall have the
right, from time to time, without obtaining Lessor’s consent, to execute and deliver one or more pledges of direct and/or indirect ownership interests in Lessee to one or more Qualified Lenders in order to secure any indebtedness or other
obligation of Lessee’s direct and/or indirect owners (including, without limitation, interim, permanent, construction or capital improvements financing). Any Leasehold Mortgage shall be subordinate to Lessor’s interest in the Premises and
shall be subject to the provisions of this Lease, and no Leasehold Mortgage shall extend to or affect Lessor’s fee interest in the Premises or the reversionary interest and estate of Lessor in and to the Premises or any part thereof. The
execution and delivery of a Leasehold Mortgage by Lessee shall not be deemed to constitute an Assignment or other transfer of this Lease or an interest in Lessee nor shall the holder of any Leasehold Mortgage, as such, be deemed an assignee or
transferee of this Lease so as to require such Leasehold Mortgagee to assume the performance of any of the terms, provisions, covenants or conditions on the part of Lessee to be performed hereunder, unless such Leasehold Mortgagee obtains actual
possession of the Premises following a Leasehold Foreclosure or by agreement of Lessee and Leasehold Mortgagee. Lessor acknowledges and agrees that any collateral assignment and/or pledge to a Leasehold Mortgagee that is a Qualified Lender for
financing purposes is a Permitted Transfer pursuant to Section 22.2 herein. 

  

	 	21.2.	 Covenants of Lessor. If Lessee or any of its direct and/or indirect owners shall execute a Leasehold
Mortgage in favor of a Qualified Lender in accordance with this Section 21, Lessor agrees that so long as such Leasehold Mortgage shall remain unsatisfied of record or until written notice of satisfaction is given by the
holders of any such Leasehold Mortgage to Lessor, the following provisions shall apply: 

  

	 	21.2.1.	 There shall be no cancellation, termination (except in accordance with Section 25.3
and Section 25.5 ), surrender, waiver, acceptance of surrender, amendment, change or modification of this Lease without the prior written consent of each Leasehold Mortgagee. Any action requiring the consent of Leasehold
Mortgagee hereunder that is taken without such written consent, shall be null and void and of no force or effect, and shall not be binding on any Leasehold Mortgagee (or, following a Leasehold Mortgage Foreclosure, Lessee). 

 

	 	21.2.2.	 Lessor shall, upon Lessor (or any Person acting on behalf of Lessor) serving Lessee with any notice which would
lead to an Event of Default or any termination pursuant to Section 25.3 (to the extent that notice to Lessee is required under such section), simultaneously serve (or cause such Person acting on behalf of Lessor to serve) a
copy of such notice upon each Leasehold Mortgagee who has delivered to Lessor a written request for such notices, including an address for notices to such Leasehold Mortgagee. 

 

	 	21.2.3.	 Each Leasehold Mortgagee shall have the right, but not the obligation, at any time prior to termination of this
Lease, to pay all of the Lessor’s Participation Payment or any other charges due hereunder, with all due interest and late charges, to purchase any insurance, to pay any Impositions, to make any repairs, replacements or improvements, to do any
other act or thing required of Lessee hereunder, and to do any act or thing which may be necessary and proper to be done in the performance and observance of the agreements, covenants and conditions hereof, including without limitation those
necessary to prevent termination of this Lease. As against Lessor, any Leasehold Mortgagee and its agents and contractors shall have full access to the Premises for purposes of accomplishing any of the foregoing during the Lease Term,
provided that the Leasehold Mortgagee shall be required to comply with Section 11.3 of this Lease with respect to any work to be performed on the Premises by the Leasehold Mortgagee or its agents or contractors. Any
of the foregoing done by any Leasehold Mortgagee shall be as effective (including without limitation to prevent a termination of this Lease) as the same would have been if done by Lessee. 

 

	 	21.2.4.	 Anything contained in this Lease notwithstanding, if Lessor is entitled to terminate this Lease pursuant to
Section 25.3, Lessor shall not be entitled to terminate this Lease, and any notice of same shall be rendered void, if the Leasehold Mortgagee shall cure the Event of Default described in
Section 25.3 within the time period granted to Lessee hereunder. Notwithstanding anything to the contrary set forth herein, following the date on which the Leasehold Mortgagee (or its Affiliate) obtains title to and
possession of the Premises (or the ownership interests in Lessee, as applicable) any non-monetary default that by its nature is impossible for the Leasehold Mortgagee to cure, despite gaining possession of the
Premises (an “Uncurable Default”) shall 

  
 22 

	 	
be deemed cured for purposes of terminating the Lease, as between Lessor and the Leasehold Mortgagee (or Lessee, as applicable) such that Lessor shall not terminate this Lease by reason of such
Uncurable Default. For the avoidance of doubt, nothing herein shall require any Leasehold Mortgagee to attempt to cure an Uncurable Default in order to comply with and be entitled to the benefits of the rights set forth in
Section 21 with respect to all other monetary defaults and non-monetary defaults. Leasehold Mortgagee shall not be responsible for curing any defaults by Lessee under the
Cross-Marketing Agreement first arising or accruing prior to date on which the Leasehold Mortgagee (or its Affiliate) obtains title to and possession of the Premises (or the ownership interests in Lessee, as applicable), but shall be responsible for
complying with the terms of the Cross-Marketing Agreement from and after such date. 

  

	 	21.2.5.	 The right of Lessor to terminate this Lease for cessation of operations pursuant to
Section 25.3 shall be subject to, and conditioned upon, Lessor having first given to each Leasehold Mortgagee of which Lessor has been advised in writing, including an address for notices to such Leasehold Mortgagee,
written notice of such Event of Default as required under Section 21.2.2 and such Leasehold Mortgagees having failed to remedy such Event of Default or acquire Lessee’s leasehold estate hereunder or commence
foreclosure or other appropriate proceedings in the nature thereof as set forth in Section 21.2.4. 

  

	 	21.2.6.	 If any Leasehold Mortgagee is prohibited from commencing or prosecuting Leasehold Foreclosure or other
appropriate proceedings in the nature thereof by any process or injunction issued by any court or by reason of any action by any court having jurisdiction of any bankruptcy or insolvency proceeding involving Lessee or its direct and/or indirect
owners, the times specified in Section 21.2.4 for commencing or prosecuting Leasehold Foreclosure or other proceedings shall be extended for the period of the prohibition, provided that the Leasehold Mortgagee shall
have fully cured any Event of Default in the payment of any monetary obligations of Lessee under this Lease and shall continue to pay currently those monetary obligations as and when the same fall due. 

 

	 	21.2.7.	 Lessor agrees that the names of each Leasehold Mortgagee may be added by Lessee to the “Mortgagee
Endorsement” of any and all insurance policies required to be carried by Lessee under this Lease on condition that the insurance proceeds are to be applied in the manner specified in this Lease. 

 

	 	21.2.8.	 Leasehold Foreclosure of any Leasehold Mortgage, or any sale thereunder, whether by judicial proceedings or by
virtue of any power contained in the Leasehold Mortgage, or any conveyance of the leasehold estate hereunder from Lessee to any Leasehold Mortgagee or its designee through, or in lieu of, Leasehold Foreclosure or other appropriate proceedings in the
nature thereof, shall not require the consent of Lessor or constitute a breach of any provision of or an Event of Default under this Lease, and upon such Leasehold Foreclosure, sale or conveyance, Lessor shall recognize the purchaser or other
transferee in connection therewith as the Lessee hereunder. 

  

	 	21.2.9.	 In the event any Leasehold Mortgagee or its designee becomes the Lessee under this Lease (or the owner of
direct and/or indirect ownership interests in Lessee, as applicable), such Leasehold Mortgagee or its designee (or the Lessee, as applicable) shall, subject to the foreclosing lender’s obligation to cure all but the Uncurable Defaults, be
personally liable for the obligations of Lessee under this Lease or a new lease only for the period that the Leasehold Mortgagee or its designee remains the actual beneficial holder of the leasehold estate hereunder, and only to the extent provided
in this Lease or such new lease. 

  

	 	21.2.10.	 Subject to Applicable Laws, the senior Leasehold Mortgagee may reserve the right to apply to its Leasehold
Mortgage debt all, or any part, of Lessee’s share of the proceeds from any insurance policies arising from a Casualty pursuant to the debts secured by such Leasehold Mortgage, up to the amount of indebtedness secured by the Leasehold Mortgage.

  

	 	21.2.11.	 Whichever party has the primary obligation to notify any Leasehold Mortgagee hereunder shall give each such
Leasehold Mortgagee of which the parties have been notified (including an address for notices), notice of any litigation, or condemnation proceedings, or of any pending adjustment of insurance claims as each may relate to the Premises, and any
Leasehold Mortgagee shall have the right, at Leasehold Mortgagee’s expense, to intervene therein and to be made a party to such proceedings. The parties hereto do hereby consent to such intervention. In the event that any such Leasehold
Mortgagee shall not elect to intervene or become a party to the proceedings, such Leasehold Mortgagee shall receive notice and a copy of any award 

  
 23 

	 	
or decision made in connection therewith, but any such intervention shall not diminish Lessor’s rights under this Lease. For avoidance of doubt, the parties acknowledge and agree that Lessee
shall have the primary obligation to notify any of its Leasehold Mortgagees under this Section 21.2.11; provided, however, Lessor shall give notices to any such Leasehold Mortgagees as required under this
Lease. 

  

	 	21.2.12.	 If required by Leasehold Mortgagee, Lessor shall execute a written agreement (a “Consent
Agreement”) among Lessor, Lessee and Leasehold Mortgagee, in a commercially reasonable written agreement as reasonably approved by Lessor, for non-recourse financing, as may be required by Lessee or
Leasehold Mortgagee, pursuant to which Lessor shall acknowledge the existence of the Leasehold Mortgage, and, subject to the limitations set forth in Section 21.3 below, make certain commercially reasonable undertakings for
the benefit of the Leasehold Mortgagee thereunder, including, without limitation, providing copies of any notices that Lessor may from time to time deliver to Lessee under this Lease. 

 

	 	21.3.	 Modification of Lease. Lessor shall not unreasonably withhold its consent to any modification to this
Section 21 or any other provision of this Lease relating to the rights of a Leasehold Mortgagee that are reasonably requested by a Leasehold Mortgagee that is a Qualified Lender, provided that (w) such
modification is (i) consistent with the customary requirements of institutional lenders at such time, including those imposed by applicable rating agency guidelines, or (ii) required by banking, insurance or similar laws and regulations
setting forth provisions that must appear in a ground lease in order for such lease to be accepted as security by any Leasehold Mortgagee or prospective Leasehold Mortgagee requesting such modification, (x) such modification does not
(i) adversely affect any of Lessor’s rights, benefits or privileges in any material respect, (ii) increase any of Lessor’s liabilities or obligations in any material respect under this Lease, (iii) create any new material
liability or material obligation of Lessor, or (iv) reduce the Lessor’s Participation Payment or any other charges due hereunder, (y) if such modification requires the consent or approval of any existing Fee Mortgagee, such consent or
approval shall have been obtained (and Lessor shall use commercially reasonable efforts to obtain such consent or approval), and (z) Lessee shall pay any actual reasonable third party costs and expenses (including reasonable attorney’s
fees) incurred by Lessor in connection with any such modification. Lessor shall not be required to review any proposed modification of this Lease unless it is accompanied by a certificate of Lessee representing and warranting that the execution and
effectuation of the requested modification has been approved by all existing Leasehold Mortgagees and requires no further review, consent or approval by any such Leasehold Mortgagee. 

 

	 	21.4.	 Upon a termination of this Lease as to all or any portion of the Premises for any reason whatsoever,
provided that Lessor will notify any Leasehold Mortgagee that is a Qualified Lender of such termination and all amounts then owed to Lessor under this Lease, or upon a rejection of this Lease by Lessee or a trustee in a bankruptcy, such
Leasehold Mortgagee shall have the right, for a period of thirty (30) days after receiving written notice thereof from Lessor, to require Lessor to (and Lessor shall to the extent not prohibited by court order or governmental action from doing
so) enter into a New Lease (as defined below) for the Premises with the Leasehold Mortgagee (or its designee or nominee) in accordance with the terms of this Section 21.4 below within five (5) business days of receipt
of Leasehold Mortgagee’s written request therefor. 

 21.4.1 The Leasehold Mortgagee (or its designee or nominee
becoming the tenant under such New Lease) shall pay to Lessor within thirty (30) days after the execution and delivery of the New Lease all reasonable attorneys’ fees and reasonable court costs, incurred by Lessor in connection with the
preparation of and entry into the New Lease and not otherwise paid by Lessee to Lessor pursuant to the terms of this Lease. 
 21.4.2 Such
New Lease (x) shall be and remain an encumbrance on all or a portion of the Premises demised thereby, having the same lien priority thereon as this Lease; and (y) shall be for the remainder of the Term and, subject to the terms of this
Section 21, shall be on the same terms and conditions as this Lease. 
  

	22.	 Assignment by Lessee or MSG S&E and Subleases. 

 

	 	22.1.	 Except for a Permitted Transfer or an Approved Transfer, neither Lessee nor MSG S&E shall Assign its right,
title, and interest in this Lease without the prior written consent of Lessor, which consent shall be granted by Lessor unless Lessor makes a good faith determination that the proposed transferee is not sufficiently creditworthy or lacks the
experience to comply with the obligations of Lessee or MSG S&E, as applicable, as set forth in this Lease. Following any Permitted Transfer under clause (ii) of Section 22.2 below, any Approved Transfer, or
any Assignment consented to by Lessor pursuant to this Section 22.1, the assignor thereunder shall be released from liability under this Lease, the Path of Travel License, and the Parking License. 

  
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	 	22.2.	 A “Permitted Transfer” shall mean (i) any Assignment by Lessee to The Madison Square
Garden Company or any of its direct or indirect subsidiaries, provided that MSG S&E (or its permitted assigns) shall not be released from liability hereunder upon any such transfer, (ii) any assignment or transfer of Lessee’s or
MSG S&E’s interest in this Lease to any entity that is not an Affiliate or subsidiary of The Madison Square Garden Company and that acquires all or substantially all of the entertainment venues of the Madison Square Garden Company (whether
leased or owned), with or without Madison Square Garden in New York City, New York (provided that in the case of an assignment or transfer by MSG S&E under this clause (ii), a “Permitted Transfer” shall not include an
assignment of an interest in this Lease to an entity for the sole purpose of the equity of that entity being distributed to the shareholders of The Madison Square Garden Company by way of dividend), or (iii) a Leasehold Mortgage of the Premises
in accordance with the terms of Section 21 hereof, provided that MSG S&E (or its permitted assigns) shall not be released from liability hereunder upon any such Leasehold Mortgage or transfer thereunder.

  

	 	22.3.	 An “Approved Transfer” shall mean an Assignment of either Lessee’s or MSG S&E’s
right, title, and interest in this Lease following the Opening Date to a Qualified Transferee ( provided that if both Lessee and MSG S&E are assigning their respective interests in the Lease concurrently, then only the assignee of MSG
S&E must be a Qualified Transferee). A “Qualified Transferee” shall mean an entity which would immediately prior to such transfer (A) if a private company, have a minimum Tangible Net Worth of at least [*****] according to
its most recent audited financial statements; (B) if a public company, (1) have a minimum Tangible Net Worth of at least [*****] according to its most recent financial statements, or (2) have an enterprise value of at least [*****]
according to its most recent financial statements and public equity value based on a 60-day trailing volume-weighted average price; (C) has minimum unrestricted cash of [*****] (subject to an annual
increase of [*****] over the Term of this Lease), according to its most recent audited financial statements; (D) has (or its Controlling Affiliate has) at least [*****] years’ demonstrable experience in operating a live concert and
performance venues of a similar type and scale as the Project; and (E) shall not cause a Regulatory Conflict or Suitability Issue. 

  

	 	22.4.	 In connection with any Assignment of Lessee’s or MSG S&E’s interest in this Lease, Lessee shall
provide Lessor with advance written notice of such Assignment and all information reasonably requested by Lessor that relates to the ability of the assignee or transferee to satisfy the conditions of this Lease including without limitation the terms
of this Section 22. As a condition to any Assignment of Lessee’s or MSG S&E’s interest in this Lease (whether or not Lessor’s consent is required), any assignee or transferee of Lessee’s obligations
shall assume in writing all of the obligations of Lessee or MSG S&E, as applicable, hereunder and under the other Arena Documents. Lessee shall pay Lessor’s reasonable out of pocket costs and expenses (including reasonable out of pocket
attorneys’ fees) in connection with reviewing any requested Assignment (other than a Permitted Transfer or an Approved Transfer). In no event shall any assignee or transferee under an Assignment (whether or not Lessor’s consent is
required) be a Lessor Competitor. 

  

	 	22.5.	 No consent of Lessor hereunder shall relieve Lessee of the obligation to obtain Lessor’s consent to a
subsequent transaction under this Article 22. No Assignment of this Lease or subletting of all or any portion of the Property (excluding any Leasehold Foreclosure of any Leasehold Mortgage, or any sale thereunder, whether by judicial
proceedings or by virtue of any power contained in the Leasehold Mortgage, or any conveyance of the leasehold estate hereunder from Lessee to any Leasehold Mortgagee or its designee through, or in lieu of, Leasehold Foreclosure or other appropriate
proceedings in the nature thereof) shall be permitted without the prior written consent of Lessor, which consent shall not be unreasonably withheld, conditioned or delayed, if at the time of such assignment an Event of Default is continuing.

  

	 	22.6.	 Any Assignment made contrary to the terms of this Section 22 shall be void. In no
event shall either Lessee or MSG S&E be relieved of its liability under this Lease following an Assignment except as expressly permitted under this Article 22. 

 

	 	22.7.	 Any subletting of all or any part of the Property (including without limitation in the form of subleases,
licenses, concessions and occupancy agreements) shall be subject and subordinate to this Lease and the terms and conditions hereof and Lessee shall remain liable for the performance of all of the covenants and agreements to be performed on
Lessee’s part hereunder. 

  

	 	22.8.	 In the event that VCR or MSG S&E or their permitted assigns hereunder, as applicable, remain jointly and
severally liable under this Lease in accordance with Section 2.3 and substantially all of the assets of VCR or MSG S&E or their permitted assigns hereunder are transferred to another entity (an “Asset
Transferee”), then VCR or MSG S&E or their permitted assigns hereunder, as applicable, shall assign its interest in this Lease to such Asset Transferee, subject to the terms hereof. 

  
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	23.	 Performance on Behalf of Lessee. In the event that Lessee shall fail to perform any obligation
required hereunder in connection with removal of liens, procurement of insurance, or maintenance of the Bridge, then, if such failure becomes an Event of Default, Lessor may, but shall be under no obligation to, perform such obligation with the same
effect as if made by Lessee (including, without limitation, insurance under Section 18). Lessee shall, within thirty (30) days following receipt of demand therefor from Lessor, accompanied by documentation reasonably
satisfactory to Lessee of the amounts paid or costs incurred, reimburse Lessor for (i) all sums so paid by Lessor and (ii) all costs and expenses incurred by Lessor in connection with such performance, together with interest thereon at the
Default Rate until paid. Alternatively, Lessor may seek to specifically enforce Lessee’s performance of any of Lessee’s obligations under this Lease. 

 

	24.	 Events of Default. 

 

	 	24.1.	 Any one or more of the following events shall constitute an “Event of Default” hereunder:

  

	 	24.1.1.	 With respect to the non-monetary obligations of Lessee hereunder,
Lessee shall have failed to perform or comply in any material respect with any obligation under this Lease and such failure shall have continued for thirty (30) days after notice thereof from Lessor is duly given pursuant to
Section 35 below, and if the curing of such non-monetary default is not reasonably feasible within such 30-day period, Lessee shall not,
subject to Force Majeure, have commenced the curing of such failure within such thirty (30) day period, or having so commenced, shall thereafter have failed or neglected, for reasons other than Force Majeure, to prosecute or complete the curing
of such Event of Default with diligence and dispatch within ninety (90) days after the original notice thereof or such longer period as may be reasonably necessary to effect such cure; or 

 

	 	24.1.2.	 Either Lessee shall have made a general assignment for the benefit of creditors, or shall have admitted in
writing its inability to pay its debts as they become due or shall have filed a petition in bankruptcy, or shall have been adjudicated bankrupt or insolvent, or shall have filed a petition seeking any reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall have filed an answer admitting, or shall have failed reasonably to contest, the material allegations of a petition filed
against it in any such proceeding, or shall have sought or consented to or acquiesced in the appointment of any trustee, receiver or liquidator of Lessee or any material part of its properties; or 

 

	 	24.1.3.	 Either (i) within ninety (90) days after the commencement of any proceeding against either Lessee or
any trustee, receiver or liquidator of Lessee seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law, rule or regulation, such proceeding shall not have
been dismissed, or (ii) if, within ninety (90) days after the appointment without the consent or acquiescence of either Lessee or any trustee, receiver or liquidator of Lessee or of any material part of its properties, such appointment
shall not have been vacated; or 

  

	 	24.1.4.	 With respect to the monetary obligations of Lessee hereunder that have been reduced to a liquidated amount,
Lessee shall have failed to pay such amounts within ten (10) Business Days after written notice thereof from Lessor is duly given pursuant to Section 35 below. 

 

	 	24.2.	 As to any Event of Default relating to any matter which Lessee is entitled to contest or cure pursuant to
Section 12, the cure periods set forth in Section 24.1.1 shall be deemed extended for so long as Lessee is diligently contesting or curing such matter in good faith in accordance with
Section 12. 

  

	25.	 Remedies. 

 

	 	25.1.	 Remedies of Lessor. Upon the occurrence of any uncured Event of Default Lessor shall have the right to
recover damages, or specifically enforce Lessee’s covenants set forth in this Lease. 

  

	 	25.2.	 No Waiver by Lessor or Lessee. No failure by Lessor or Lessee to insist upon the strict performance of
any term hereof or to exercise any right, power or remedy consequent upon an Event of Default or any breach hereof, and no submission by Lessee or acceptance by Lessor of full or partial Lessor’s Participation Payment during the continuance of
any such breach shall constitute a waiver of any such Event of Default or any such breach or of any such term. No waiver of any Event of Default or breach shall affect or alter this Lease, which shall continue in full force and effect, or the
respective rights of Lessor or Lessee with respect to any other then existing or subsequent breach or Event of Default. 

  
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	 	25.3.	 TERMINATION FOR CESSATION OF OPERATIONS, PROHIBITED USE, OR FAILURE TO ACHIEVE MILESTONE DATE.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS LEASE, AND SUBJECT TO THE PROVISIONS OF SECTIONS 21.2.4 AND 21.2.5, LESSOR SHALL BE ENTITLED TO TERMINATE THIS LEASE PRIOR TO THE EXPIRATION OF THE
LEASE TERM IF LESSEE HAS (A) CEASED TO USE THE PREMISES AS A PERFORMANCE AND EVENT VENUE FOR A CONSECUTIVE PERIOD OF MORE THAN ONE (1) CALENDAR YEAR, SUBJECT TO FORCE MAJEURE AND EXCEPT AS MAY BE REQUIRED TO
ACCOMMODATE SUBSTANTIAL RENOVATION OF THE VENUE, AND SUCH ABANDONMENT CONTINUES FOR THIRTY (30) DAYS AFTER NOTICE THEREOF FROM LESSOR; OR (B) UTILIZED THE PREMISES FOR A PROHIBITED USE AND CONTINUED TO ENGAGE IN
SUCH PROHIBITED USE FOR THIRTY (30) DAYS AFTER NOTICE THEREOF FROM LESSOR; OR (C) FAILED TO COMMENCE CONSTRUCTION OF THE PROJECT BY THE CONSTRUCTION COMMENCEMENT DATE; OR (D) FAILED TO ACHIEVE
DEVELOPMENT COMPLETION BY THE OUTSIDE DEVELOPMENT COMPLETION DATE. IF ANY OF THE EVENTS OF DEFAULT DESCRIBED IN THE PRECEDING SENTENCE REMAINS UNCURED AFTER EXPIRATION OF THE NOTICE AND CURE PERIOD SET FORTH IN THIS SECTION 25.3
(THE PARTIES AGREEING THAT THE NOTICE AND CURE PERIOD SET FORTH IN SECTION 24.1 SHALL NOT APPLY WITH RESPECT TO SUCH EVENTS OF DEFAULT), THEN LESSOR MAY, AT ITS OPTION, UPON WRITTEN NOTICE TO LESSEE, TERMINATE THIS
LEASE. As used herein, “Substantial Renovation” shall mean work having an aggregate cost of not less than [*****] (subject to increase by CPI over the Term of this Lease). If the Lease has terminated in accordance with this
Section 25.3, then Lessor shall have the immediate right to re-enter the Premises and terminate Lessee’s right to possession of the Premises and may, but shall have no obligation
to, remove all persons and property therefrom. Such property may be removed and stored in a warehouse or elsewhere at the sole cost and expense and risk of and for the account of Lessee. ANY NOTICE DELIVERED PURSUANT TO THIS SECTION 25.3
SHALL BE INVALID UNLESS THE SAME CONTAINS A LEGEND IN BOLD CAPITAL LETTERS PROMINENTLY DISPLAYED AT THE TOP OF SUCH NOTICE THAT FAILURE TO RESPOND TO SUCH NOTICE MIGHT RESULT IN THE TERMINATION OF THE LEASE. 

 

	 	25.4.	 Termination by Lessee for Unforeseeable Conditions. Lessee may terminate this Lease upon reasonable
prior written notice to Lessor (an “Unforeseeable Condition Termination”) prior to the Outside Unforeseeable Condition Date if, prior to completion of the excavation of the Premises in connection with the Project, soil,
geotechnical, environmental, or other unknown and reasonably unforeseeable physical conditions of the Premises (“Unforeseen Conditions”) are discovered which are reasonably expected to increase budgeted Project costs by more than
[*****] in Lessee’s good faith and reasonable estimation based on reasonable documentary evidence provided to Lessor, unless (i) within ninety (90) days of Lessee’s Unforeseeable Condition Termination notice Lessor gives Lessee
written notice (Lessor having no obligation to do so) of Lessor’s election to bear the incremental costs above [*****] of such Unforeseen Conditions, which election shall be in a form reasonably acceptable to Lessee and (ii) such
Unforeseen Conditions shall not result in a material delay in the Development Completion Date for the Project. If Lessor elects to cure any Unforeseen Condition, Lessor shall cure the same within such period to be reasonably agreed upon in writing
by Lessor and Lessee based on an independent third party contractor estimate of the time for such cure, and to the extent such cure results in an actual delay in the Development Completion Date, the Outside Development Completion Date shall be
extended by such period. “Outside Unforeseeable Condition Date” shall mean not later than thirty (30) days following completion of excavation and prior to pouring of the foundation of the Project. In the event of an
Unforeseeable Condition Termination, Lessee shall, at its expense, deliver the Premises to Lessor upon such termination in a reasonably safe and secure condition. ANY NOTICE DELIVERED PURSUANT TO THIS SECTION 25.4 SHALL BE
INVALID UNLESS THE SAME CONTAINS A LEGEND IN BOLD CAPITAL LETTERS PROMINENTLY DISPLAYED AT THE TOP OF SUCH NOTICE THAT FAILURE TO RESPOND TO SUCH NOTICE MIGHT RESULT IN THE TERMINATION OF THE LEASE. 

 

	 	25.5.	 Termination by Lessor for Pre-Existing Hazardous Materials.
Prior to Development Completion, Lessor may terminate this Lease upon reasonable prior written notice to Lessee if Pre-Existing Hazardous Materials are discovered at the Premises that are the obligation of
Lessor to pay for or mitigate and that cost in excess of [*****] in Lessor’s good faith and reasonable estimation based on reasonable documentary evidence provided to Lessee, unless Lessee agrees in writing (Lessee having no obligation to do
so) no later than thirty (30) days after receipt of such notice from Lessor that Lessee will bear the incremental costs associated with such Pre-Existing Hazardous Materials above [*****] which agreement
shall be in a form reasonably acceptable to Lessor. “Pre-Existing Hazardous Materials” shall mean Hazardous Materials in the environment, including surface water, groundwater and land surface
and subsurface strata, in such quantities, concentrations and locations as were present at the Premises prior to the Lease 

  
 27 

	 	
Commencement Date, but shall not include any Hazardous Materials arising as a result of the actions of Lessee or its agents, contractors, employees or others acting by through or under Lessee.
ANY NOTICE DELIVERED PURSUANT TO THIS SECTION 25.5 SHALL BE INVALID UNLESS THE SAME CONTAINS A LEGEND IN BOLD CAPITAL LETTERS PROMINENTLY DISPLAYED AT THE TOP OF SUCH NOTICE THAT FAILURE TO RESPOND TO SUCH NOTICE MIGHT RESULT
IN THE TERMINATION OF THE LEASE. 

  

	 	25.6.	 NO TERMINATION BY LESSOR OR LESSEE. EXCEPT AS EXPRESSLY PROVIDED IN SECTIONS 19.1,
20.2, AND 25.4, IN NO EVENT SHALL LESSEE HAVE THE RIGHT TO TERMINATE THIS LEASE UNDER THE TERMS HEREOF, AT LAW OR IN EQUITY, REGARDLESS OF ANY CLAIMS OF HABITABILITY OR CONSTRUCTIVE EVICTION OR OTHERWISE. EXCEPT
AS EXPRESSLY PROVIDED IN SECTIONS 25.3 AND 25.5, IN NO EVENT SHALL LESSOR HAVE THE RIGHT TO TERMINATE THIS LEASE OR PROSECUTE AN EVICTION ACTION UNDER THE TERMS HEREOF, AT LAW OR IN EQUITY,
REGARDLESS OF ANY CLAIMS OF EVENT OF DEFAULT, BREACH, HABITABILITY, OR CONSTRUCTIVE EVICTION OR OTHERWISE. 

  

	26.	 Acceptance of Surrender. Except to the extent otherwise stated herein, no modification,
termination or surrender of this Lease or surrender of the Premises, or any part thereof or of any interest therein, by Lessee shall be valid or effective unless agreed to and accepted in writing by Lessor, and no act by any representative or agent
of Lessor other than such a written agreement and acceptance by Lessor shall constitute an acceptance thereof. 

  

	27.	 Brokers. Lessor and Lessee each represents and warrants to the other that it has not engaged or
dealt with any broker or finder in connection with the transactions contemplated by this Lease. If any individual or entity shall assert a claim to a finder’s fee or commission as a broker or a finder with respect to the Premises or this Lease,
then the party who is alleged to have retained such individual or entity or whose acts, omissions or representations are alleged to give rise to such claim shall defend (with counsel reasonably acceptable to the indemnified party), indemnify and
hold harmless the other party from and against any such claim and all costs, expenses, liabilities and damages incurred in connection with such claim or any action or proceeding brought thereon. 

 

	28.	 No Merger of Title. There shall be no merger of the leasehold estate created by this Lease with
the fee estate in the Premises by reason of the fact that the same Person may own or hold both (a) the leasehold estate created by this Lease or any interest in such leasehold estate and (b) any interest in such fee estate; and no such
merger shall occur (A) unless and until all Persons having any interest in (i) the leasehold estate created by this Lease and (ii) the fee estate in the Premises shall join in a written instrument effecting such merger and shall duly
record the same, and (B) without the prior written consent of each Leasehold Mortgagee and each Fee Mortgagee of all or any portion of the fee estate in the Premises. 

 

	29.	 Estoppel Certificate. Within thirty (30) days after request by any Party (which request may
be from time to time as often as reasonably required by a Party but not more than once every six (6) months), the non-requesting Party shall execute and deliver to the requesting Party, without charge, an
estoppel certificate (the “Estoppel Certificate”) related to the facts pertaining to this Lease in such form as the requesting Party may reasonably request and as reasonably approved by the
non-requesting Party. Any such Estoppel Certificate may be conclusively relied upon by any lender, investor, or subtenant. 

If any Party fails to respond to such request within such thirty (30) day period, then the requesting Party may deliver a second notice to
the other Party using the Deemed Approval Process stating that the failure of the other Party to respond to such request within five (5) business days after receipt of such second request will result in a deemed approval with respect to the
requested matters. The failure to deliver such statement within that five (5) business day period shall (with respect to third parties relying upon such Estoppel Certificate), without limiting any other remedy which the requesting party may
have as a result of such failure, be conclusive upon the Party which fails to deliver such statement that this Lease is in force and effect with only such modifications as have been identified by the requesting Party, and that there are no
outstanding Defaults in the performance of the requesting Party. 
  

	30.	 Intentionally Deleted. 

 

	31.	 Representations, Warranties, and Covenants. 

 

	 	31.1.	 Lessor. Each of Lessor and VCR represents and warrants that it has the legal power, right and authority
to enter into this Lease and to consummate the transaction contemplated hereby. The person(s) executing this Lease on behalf of Lessor and VCR, respectively, have been duly authorized to do so. Lessor is a limited liability company duly organized,
validly existing and in good standing under the laws of the state of Nevada. VCR is a limited liability company duly organized, validly existing and in good standing under the laws of the state of Nevada.

  
 28 

	 	
Neither the entry into nor the performance of this Lease, nor the entering into of the transaction, by Lessor or by VCR will (i) violate, conflict with, result in a breach under, or
constitute a default under, any corporate charter, certificate of incorporation, by-law, partnership agreement, limited liability company agreement, indenture, contract, agreement, permit, judgment, decree or
order to which Lessor or VCR, as applicable, is a party or by which Lessor or VCR, as applicable, is bound, or (ii) require the consent of any third party other than as has already been obtained. 

 

	 	31.1.1.	 No Bankruptcy Proceedings. Neither Lessor nor any Affiliate of Lessor is the subject of any dissolution
proceedings or any voluntary or involuntary case under the federal bankruptcy laws or any other similar federal or state insolvency law, and no receiver, trustee, assignee for the benefit of creditors or other similar official has been appointed
with respect to Lessor or any Affiliate of Lessor, or any of their respective assets. Lessor shall not, and shall not permit any Affiliate of Lessor to, institute proceedings to be adjudicated bankrupt or insolvent, consent to the institution of
bankruptcy or insolvency proceedings against it, or file, or consent to, a petition seeking reorganization relief under any applicable federal or state law relating to bankruptcy or insolvency, or consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of any of its property, or make an assignment for the benefit of creditors, or admit in writing its inability to pay its debts generally as they become due, or take corporate
action in furtherance of any such action. 

  

	 	31.1.2.	 Patriot Act and Related Matters. None of Lessor, nor any owner of a direct or indirect interest in
Lessor, (i) is listed on any Government Lists (as defined below), (ii) is a Person who has been determined by competent authority to be subject to the prohibitions contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any
other similar prohibitions contained in the rules and regulations of OFAC (as defined below) or in any enabling legislation or other Presidential Executive Orders in respect thereof, (iii) has been previously indicted for or convicted of any
felony involving a crime or crimes of moral turpitude or for any Patriot Act Offense (as defined below), or (iv) is currently under investigation by any governmental authority for alleged criminal activity. For purposes hereof, the term
“Patriot Act Offense” means any violation of the criminal laws of the United States of America or of any of the several states, or that would be a criminal violation if committed within the jurisdiction of the United States of
America or any of the several states, relating to terrorism or the laundering of monetary instruments, including any offense under (A) the criminal laws against terrorism; (B) the criminal laws against money laundering, (C) the Bank
Secrecy Act, as amended, (D) the Money Laundering Control Act of 1986, as amended, or the (E) Patriot Act. “Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding and abetting another to commit, a
Patriot Act Offense. For purposes hereof, the term “Government Lists” means (1) the Specially Designated Nationals and Blocked Persons Lists maintained by the Office of Foreign Assets Control (“OFAC”), (2) any
other list of terrorists, terrorist organizations or narcotics traffickers maintained pursuant to any of the rules and regulations of OFAC that Lessee notified Lessor in writing is now included in Government Lists, or (3) any similar lists
maintained by the United States Department of State, the United States Department of Commerce or any other government authority or pursuant to any Executive Order of the President of the United States of America that Lessee notified Lessor in
writing is now included in Government Lists. 

  

	 	31.2.	 Lessee. Each of Lessee and MSG S&E represents and warrants that it has the legal power, right and
authority to enter into this Lease and to consummate the transaction contemplated hereby. The person(s) executing this Lease on behalf of Lessee and MSG S&E, respectively, have been duly authorized to do so. Lessee is a limited liability company
duly organized, validly existing and in good standing under the laws of the state of Delaware. MSG S&E is a limited liability company duly organized, validly existing and in good standing under the laws of the state of Delaware. Neither the
entry into nor the performance of this Lease, nor the entering into of the transaction, by Lessee or MSG S&E will (i) violate, conflict with, result in a breach under, or constitute a default under, any corporate charter, certificate of
incorporation, by-law, partnership agreement, limited liability company agreement, indenture, contract, agreement, permit, judgment, decree or order to which Lessee or MSG S&E, as applicable, is a party or
by which Lessee or MSG S&E, as applicable, is bound, or (ii) require the consent of any third party other than as has already been obtained. 

  

	 	31.2.1.	 No Bankruptcy Proceedings. Neither Lessee nor any Affiliate of Lessee is the subject of any dissolution
proceedings or any voluntary or involuntary case under the federal bankruptcy laws or any other similar federal or state insolvency law, and no receiver, trustee, assignee for the benefit of creditors or other similar official has been appointed
with respect to Lessee or any Affiliate of Lessee, or any of their respective assets. Lessee shall not, and shall not permit any Affiliate of Lessee to, institute proceedings to be adjudicated

  
 29 

	 	
bankrupt or insolvent, consent to the institution of bankruptcy or insolvency proceedings against it, or file, or consent to, a petition seeking reorganization relief under any applicable federal
or state law relating to bankruptcy or insolvency, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of any of its property, or make an assignment for the benefit of creditors, or
admit in writing its inability to pay its debts generally as they become due, or take corporate action in furtherance of any such action. 

  

	 	31.2.2.	 Intentionally Deleted. 

 

	 	31.2.3.	 Patriot Act and Related Matters. None of Lessee, nor any owner of a direct or indirect interest in
Lessee, (i) is listed on any Government Lists, (ii) is a Person who has been determined by a competent authority to be subject to the prohibitions contained in Presidential Executive Order No. 13224 (Sept. 23, 2001) or any other
similar prohibitions contained in the rules and regulations of OFAC or in any enabling legislation or other Presidential Executive Orders in respect thereof, (iii) has been previously indicted for or convicted of any felony involving a crime or
crimes of moral turpitude or for any Patriot Act Offense, or (iv) is currently under investigation by any governmental authority for alleged criminal activity. 

 

	 	31.2.4.	 Compliance with Nevada Gaming Commission Rules and Regulations. The provisions of Exhibit G
attached hereto are incorporated herein by reference. 

  

	 	31.2.5.	 Intentionally Deleted. 

 

	 	31.2.6.	 [*****] 

  

	 	31.2.7.	 [*****] 

  

	 	31.2.8.	 Regular Updates on Bookings. Lessee shall provide Lessor with regular written updates (no less
frequently than monthly) regarding confirmed bookings for all events at the Venue. 

  

	 	31.2.9.	 [*****] 

  

	 	31.2.10.	 Intentionally Deleted. 

 

	 	31.2.11.	 Confidentiality. Each of the parties to this Lease shall maintain the terms and conditions of, and any
information delivered to the other Party in accordance with, this Lease (collectively, “Confidential Information”) in confidence, and, except in accordance with the immediately succeeding sentence, shall not disclose any such
Confidential Information to a third party, other than (i) to its officers, directors, employees, advisors, attorneys, or accountants who need to know and who agree to keep such information confidential; (ii) to its actual or proposed
lenders or other financing sources, actual or proposed purchasers, and actual or proposed investors (excluding any public shareholders), each having been made aware of the restrictions set forth in this Section 31.2.11 and
the confidential nature of the Confidential Information disclosed, and in each case it being understood that, with respect to disclosures to potential purchasers or potential investors only, such Confidential Information shall not be disclosed to
any MSG Confidentiality Competitor (as defined below) or to a Lessor Competitor; (iii) to the extent disclosure is required by law, statute, rule, regulation, or judicial process (including, but not limited to, applicable securities laws); (iv)
upon the lawful demand of any court or agency or regulator having jurisdiction over such Person (including, but not limited to, any securities regulatory authority, including rating agencies and national securities exchanges, to which the disclosing
party is subject); or (v) to any governmental agency with jurisdiction over the Premises. With respect to any disclosure pursuant to clauses (i) or (ii) above, the disclosing Party agrees to use and cause the parties to whom
such Confidential Information was disclosed (the “Disclosure Parties”) to use reasonable care to safeguard and protect the confidentiality of the Confidential Information (but no less than the care that the disclosing Party and the
Disclosure Parties use to safeguard and protect their own confidential information). The disclosing Party agrees to notify the non-disclosing Party in writing immediately upon first obtaining knowledge of the
occurrence of any unauthorized use, disclosure, or other release of any Confidential Information by the disclosing Party or any of the Disclosure Parties or any other breach of this Section 31.2.11 by the disclosing Party
or any of the Disclosure Parties. The disclosing Party further agrees that any failure by any of the Disclosure Parties to comply with any provision of this Section 31.2.11 which applies to the disclosing Party will be
deemed to be a breach of this Section 31.2.11 by the disclosing Party. Information shall not be deemed “confidential” hereunder if (x) such information was available to the public prior to the time of
disclosure or (y) such information is or becomes generally available to the public through no act or omission of the other Party. Notwithstanding the foregoing, either Party may disclose matters

  
 30 

	 	
concerning the Premises to a governmental authority if, (X) such Party is required by law to make such disclosure, and (Y) such Party gives the other Party not less than ten
(10) days’ prior written notice of the proposed disclosure. An “MSG Confidentiality Competitor” shall mean at any time that such determination is made pursuant to this Section 31.2.11, any entity
(other than an Affiliate of The Madison Square Garden Company) that meets one of the following criteria: (1) such entity directly or indirectly operates, manages, or owns a ten percent (10%) or more interest in an entity which directly or
indirectly owns, operates, or manages, either (a) (i) two or more live entertainment venues in North America with at least 3,000 seats each or (ii) one or more professional sports franchises in North America, or (b) promotes,
produces, or schedules musical concerts, performances or entertainment acts, or other family or theatrical productions in New York, Los Angeles, or multiple cities in North America. 

If any Party breaches, or threatens to commit a breach of, any of the provisions of this Section 31.2.11, the other
Party shall have all rights and remedies available to such persons at law or in equity under this Lease or otherwise, including, without limitation, the right and remedy of injunctive relief (without the necessity of posting any bond or security)
and to have each and every one of the restrictive covenants in this Section 31.2.11 specifically enforced by any court of competent jurisdiction, it being agreed that any breach or threatened breach of these restrictive
covenants would cause irreparable injury and that money damages would not provide an adequate remedy. 
  

	32.	 Intentionally Deleted. 

 

	33.	 Intentionally Deleted. 

 

	34.	 Sale Notice; Restriction on Sale to Competitor. Lessor shall deliver a written notice to Lessee
(a “Sale Notice”) (a) prior to the commencement of marketing for sale of all or a portion of Lessor’s right, title, and interest in the Premises and (b) at such time that a potential buyer of Lessor’s right, title,
and interest in the Premises has been identified. Lessor covenants and agrees that in no event shall it sell any of its right, title, and interest in the Premises to an MSG Competitor during the Term of this Lease. Notwithstanding the foregoing,
Lessor shall not be required to deliver a Sale Notice, and shall not be prevented from selling any of its right, title, and interest in the Premises to an MSG Competitor, in the event of (a) a sale to an Affiliate of Lessor, (b) a sale in
connection with the sale of all or substantially all of the casino, hotel, or resort properties owned by Lessor or its Affiliates in Clark County, Nevada, (c) a sale in connection with the sale of all or substantially all of Lessor’s (or
its Affiliates’) casino, hotel, or resort businesses worldwide, or (d) a transfer to a Fee Mortgagee or otherwise in connection with a foreclosure or a deed in lieu of foreclosure). With respect to any Sale Notice identifying a potential
buyer of the Premises, if Lessee believes that such entity is a MSG Competitor, then Lessee shall deliver reasonable evidence of same to Lessor within ten (10) business days of receipt of Lessor’s Sale Notice. If Lessor does not agree that
such buyer is an MSG Competitor, then such disapproval shall be in writing and shall specify the specific reasons for the denial, at which time Lessor and Lessee shall promptly meet and confer in good faith to resolve such issues. If Lessor fails to
respond to the above notice by Lessee within ten (10) business days of receipt of same, then Lessee may send Lessor a second notice requesting Lessor’s response, which notice shall be in accordance with the Deemed Approval Process set
forth in Section 34 hereof. If Lessor fails to respond to such second notice within five (5) business days, then Lessor shall be deemed to have agreed that such potential buyer is an MSG Competitor and that Lessor
shall not sell any of its right, title, and interest in the Premises to such entity. 

  

	35.	 Notices. All notices, requests, demands or other communications hereunder shall be in writing and
shall be addressed as follows: 

 If to Lessee:  MSG Las Vegas, LLC 

2 Penn Plaza 

New York, New York 10121 

Attention: General Counsel 

Phone: (212) 465-6300 

Email: lawrence.burian@msg.com 

with a copy to: 

Gibson Dunn & Crutcher LLP 

333 South Grand Avenue, Suite 4900 

Los Angeles, California 90071 

Attention: Douglas M. Champion 

Phone: (213) 229-7128 

Email: dchampion@gibsondunn.com 

  
 31 

 If to Lessor:  Sands Arena Landlord LLC 

3355 Las Vegas Boulevard South 

Las Vegas, Nevada 89109 

Attention: General Counsel 

Phone: (702) 414-1000 

Email: Carol.Wetzel@sands.com 

with copies to: 

DLA Piper LLP (US) 

500 Eighth Street, NW 

Washington, D.C. 20004 

Attention: Jay Epstien 

Phone: (202) 799-4100 

Email: jay.epstien@dlapiper.com 

and 

DLA Piper LLP (US) 

33 Arch Street, 26th Floor 
 Boston, Massachusetts 02110 

Attention: Anita Agajanian 

Phone: (617) 406-6058 

Email: anita.agajanian@dlapiper.com 

If to MSG S&E:  MSG Sports & Entertainment, LLC 

2 Penn Plaza 

New York, New York 10121 

Attention: General Counsel 

Phone: (212) 465-6300 

Email: lawrence.burian@msg.com 

with a copy to: 

Gibson Dunn & Crutcher LLP 

333 South Grand Avenue, Suite 4900 

Los Angeles, California 90071 

Attention: Douglas M. Champion 

Phone: (213) 229-7128 

Email: dchampion@gibsondunn.com 

or such other addresses as either party from time to time may specify in writing to the other in accordance with this notice provision. All
notices, requests, demands or other communications under this Lease shall be deemed duly given (A) when delivered by hand, (B) one (1) Business Day after being given to an express courier with a reliable system for tracking delivery,
(C) when sent by confirmed electronic mail with a copy sent by another means specified in this Section, or (D) five (5) business days after the day of mailing, when mailed in Clark County, Nevada by United States certified mail,
return receipt requested, postage prepaid. The parties agree that any notices given pursuant to methods (A), (B) and (D) above shall also be confirmed by electronic mail. 

If a notice is sent in accordance with the “Deemed Approval Process”, it shall be in writing and otherwise in accordance with
the terms of this Section 35, with the following language in all bold and capital letters prominently displayed on the envelope and letter: “THIS IS A SECOND NOTICE. FAILURE TO RESPOND WITHIN [____________
(___) BUSINESS] DAYS SHALL RESULT IN YOUR DEEMED APPROVAL” and with the appropriate number of days filled in the blanks. 
  

	36.	 End of Lease Term. Lessee hereby agrees to execute all commercially reasonable and customary
documents as Lessor may deem necessary to evidence any termination of this Lease, other than by expiration of the Lease Term. 

  

	37.	 Limitation of Liability. Each of Lessor and Lessee, on behalf of itself and all of its successors
and assigns, covenants and agrees that, in the exercise of any of such party’s remedies pursuant to this Lease, no direct or indirect trustee, member (other than VCR or MSG S&E as expressly set forth in Section 2.3
herein), officer, director, shareholder, or partner of Lessor or Lessee or their respective Affiliates shall be sued or named as a party in any suit or action (except, in the case of a partnership,

  
 32 

	 	
as may be necessary to secure jurisdiction over the partnership), it being understood that the obligations under this Lease do not constitute personal obligations of the individual direct or
indirect trustees, members, officers, directors, shareholders or partners of Lessor or Lessee or their respective Affiliates, and the parties shall not seek recourse against individual direct or indirect trustees, members, officers, directors,
shareholders or partners of Lessor or Lessee or their respective Affiliates, or any of their personal assets for satisfaction in any liability in respect to this Lease. 

 

	38.	 Memorandum of Lease. Neither party shall record this Lease. Lessor and Lessee agree to execute,
acknowledge and deliver, concurrently with the full execution and delivery of this Lease, a memorandum of this Lease, in the form attached hereto as Exhibit D (the “Memorandum of Lease”), which shall be modified solely to the
extent necessary to make such form suitable for recording in Clark County, and which shall be recorded on or promptly following the Lease Commencement Date. Upon expiration of the Term or earlier termination of this Lease, Lessee shall execute,
acknowledge and deliver a cancellation of the Memorandum of Lease, which may be recorded by Lessor at any time. 

  

	39.	 Miscellaneous. 

 

	 	39.1.	 Sections and Headings; Number and Gender. The headings in this Lease are for purposes of reference only
and shall not limit or define the meaning hereof. Wherever appropriate, each term stated in the singular shall include the plural and vice versa. Words in any gender shall include all other genders, as appropriate. 

 

	 	39.2.	 Counterparts. This Lease may be executed in any number of counterparts, each of which is an original,
but all of which shall constitute one instrument. 

  

	 	39.3.	 Corporate Authority. Each individual executing this Lease on behalf of a corporation, limited liability
company, partnership, trust or other entity represents and warrants that he or she is duly authorized to execute and deliver this Lease on behalf of such corporation, limited liability company, partnership, trust or other entity, in accordance with
a duly adopted resolution of the board of directors or in accordance with the bylaws, operating agreement, partnership agreement, trust agreement or other applicable charter documents of said entity, as applicable, and that this Lease is binding
upon said corporation, limited liability company, partnership, trust or other entity in accordance with its terms. 

  

	 	39.4.	 Modification; Termination. This Lease may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

  

	 	39.5.	 Entire Agreement. This Lease contains all of the representations, understandings and agreements of the
parties with respect to the demise of the Premises, except for those provisions of the Agreement to Lease which expressly survive by their terms. 

  

	 	39.6.	 Exhibits. All Exhibits attached to this Lease are hereby incorporated by reference herein.

  

	 	39.7.	 Governing Law. This Lease shall be governed by and construed in accordance with the laws of the State of
New York, without regard to any choice of law or conflicts of laws provisions thereof, provided that matters related to the creation of liens or statutory remedies of landlords and tenants shall be governed by the laws of the State of Nevada.

  

	 	39.8.	 Intentionally Deleted. 

 

	 	39.9.	 Calendar Days; Business Days. All references shall be to calendar days unless specified to be business
days. “Business days” shall be all days other than Saturdays, Sundays, and any and all federal and state holidays observed in the State of Nevada. 

  

	 	39.10.	 Relationship. Nothing contained in the Lease shall be deemed or construed by the parties or by any third
person to create the relationship of principal and agent, or of partnership, or of joint venture, or of any association between Lessor and Lessor. 

  

	 	39.11.	 Successors and Assigns. Subject to the provisions of Article 22 regarding assignment and
subletting, all of the provisions, terms, covenants and conditions of this Lease shall be binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, successors and assigns. 

 

	 	39.12.	 No Other Beneficiaries. Unless expressly stated herein to the contrary, no third parties shall have any
rights under this Lease. 

  

	 	39.13.	 Attorneys’ Fees. If either party hereto brings an action at law or in equity to enforce, interpret
or seek redress for the breach of this Lease, then the prevailing party in such action shall be entitled to recover all court costs, witness fees and reasonable attorneys’ fees, at trial or on appeal. 

  
 33 

	 	39.14.	 Severability. If any provision of this Lease or any portion of any provision of this Lease shall be
deemed to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall not alter the remaining portion of such provision, or any other provision hereof, as each provision of this Lease shall be deemed severable from
all other provisions hereof. Notwithstanding the foregoing, if any provision of this Lease is deemed to be invalid, illegal or unenforceable and the effect of the invalidity, illegality or unenforceability of such provision would be to materially
alter the fundamental economic relationship of Lessor and Lessee, then the provisions of this Section 39.14 shall not be given effect. 

 

	 	39.15.	 Dispute Resolution. Except as expressly provided herein, in the event of any dispute, claim, or
controversy arising out of or relating to this Lease or the breach, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate (“Dispute”), the Parties
agree to first try in good faith to settle the Dispute by mediation administered by JAMS. If the matter is not resolved through mediation, then it shall be submitted to JAMS, or its successor, for final and binding arbitration pursuant to the
provisions set forth below. 

 Either Party may commence mediation by providing to JAMS and the other Party a written
request for mediation, setting forth the subject of the Dispute and the relief requested. The Parties will cooperate with JAMS and with one another in selecting a mediator from the JAMS panel of neutrals and in scheduling the mediation proceedings.
The Parties agree that they will participate in the mediation in good faith and that they will share equally in its costs. All offers, promises, conduct and statements, whether oral or written, made in the course of the mediation by any of the
Parties, their agents, employees, experts and attorneys, and by the mediator or any JAMS employees, are confidential, privileged, and inadmissible for any purpose, including impeachment, in any arbitration or other proceeding involving the Parties,
provided that evidence that is otherwise admissible or discoverable shall not be rendered inadmissible or non-discoverable as a result of its use in the mediation. 

Either Party may initiate arbitration with respect to the matters submitted to mediation by filing a written demand for arbitration at any time
following the initial mediation session or at any time following forty-five (45) days from the date of filing the written request for mediation, whichever occurs first (“Earliest Initiation Date”). The mediation may continue
after the commencement of arbitration if the Parties so desire. At no time prior to the Earliest Initiation Date shall either side initiate an arbitration or litigation related to this Lease except to pursue a provisional remedy that is authorized
by law or by JAMS Rules or by agreement of the Parties. However, this limitation is inapplicable to a Party if the other Party refuses to comply with the requirements regarding mediator selection and mediation scheduling above. All applicable
statutes of limitation and defenses based upon the passage of time shall be tolled from the date of filing of the written request for mediation until fifteen (15) days after the Earliest Initiation Date. The Parties will take such action, if
any, required to effectuate such tolling. 
 Any arbitration shall take place in Washington, D.C. before three (3) neutral arbitrators
selected from a national panel. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules & Procedures. The panel shall in its substantive (as opposed to procedural) rulings apply New York law (subject to
the provision of Section 39.7 that rulings related to the creation of liens or statutory remedies of landlords and tenants shall apply the laws of the State of Nevada), and the Parties shall agree to reasonable limits on
discovery rights as reasonably determined by the arbitrators. The arbitrators shall not have the power to terminate this Lease or otherwise compel an eviction action against Lessee. The arbitrators also shall not have the power to force a sale of
the Project. Any Disputes related to termination of this Lease shall be submitted to the federal courts of the state of New York and governed by New York law. The arbitrators shall not have the power to award relief, equitable or otherwise, beyond
that specified in this Lease and requested by the Parties. Following a hearing, and in accordance with JAMS rules, the arbitrators shall issue a signed and dated written opinion which shall decide all issues submitted. The Parties are to share
arbitrator fees and arbitration costs equally. Notwithstanding the foregoing, the prevailing party in the arbitration shall be entitled to an award of its reasonable fees and expenses as an element of the arbitrator’s award. Judgment on the
award may be entered in any court having jurisdiction if necessary to enforce the award, if the non-prevailing Party has not complied with the decision within thirty (30) days after it has been rendered.
This clause shall not preclude the Parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction. 

[REMAINDER OF PAGE INTENTIONALLY BLANK] 

  
 34 

 The Parties are each separately aware that by agreeing to this dispute resolution procedure,
each is giving up the right to have the Dispute decided in civil court by a judge or jury (other than Disputes related to termination of this Lease). Instead, the Dispute will be resolved by impartial arbitrators whose decisions will be binding and
final. By initialing in the spaces provided immediately below, each Party indicates its knowing and voluntary consent to arbitration of the Dispute in accordance with this dispute resolution procedure. 

_____Lessor _____Lessee 

[REMAINDER OF PAGE INTENTIONALLY BLANK] 

  

	 	39.1.	 Holding Over. 

 

	 	39.161.	 With Lessor’s Consent. If Lessee, with Lessor’s prior written consent, remains in possession
of the Premises after the expiration or sooner termination of the Lease, such possession by Lessee shall be deemed to be a month-to-month tenancy, terminable on thirty
(30) days prior written notice given at any time by either party. All provisions of this Lease shall apply to the month-to-month tenancy, except those specifying
the Lease Term. 

  

	 	39.162.	 Without Lessor’s Consent. If Lessee, without Lessor’s consent, remains in possession of the
Premises after the expiration or sooner termination of the Lease, (a) such possession by Lessee shall be deemed a tenancy at sufferance only and not a renewal of this Lease or an extension of the Lease Term, (b) Lessee shall pay a holdover
fee equal to [*****] (subject to increase by CPI over the term of the Lease) per day and all other charges due hereunder shall be payable in an amount equal to [*****] of such charges in effect as of the last full calendar month of the Lease Term,
and each shall be due and payable at the times specified therefor in this Lease, and (c) such tenancy shall be subject to every other term, covenant and agreement contained herein other than any provisions for rent concessions or optional
rights of Lessee requiring Lessee to exercise the same by written notice. Nothing contained in this Section 39.16 shall be construed as a consent by Lessor to any holding over by Lessee, or limit any of Lessor’s rights
and remedies incident to a holding over under this Lease, at law or in equity. Lessee shall indemnify, defend and hold harmless Lessor from all claims, losses and damages in connection with any holding over under this
Section 39.16.2, and such indemnification shall survive the date of delivery of possession of the Premises to Lessor for a period of one (1) year. 

[SIGNATURES FOLLOW ON NEXT PAGE] 

  
 36 

 IN
WITNESS WHEREOF, the parties hereto have executed this Lease as of the day and year first written above. 

 

					
	LESSOR:	 	SANDS ARENA LANDLORD LLC,
a Nevada limited liability company
			
		 	By:	 	/s/ Randy Hyzak
		 		 	Name:    Randy Hyzak
		 		 	Title:     President
		
	VCR:	 	VENETIAN CASINO RESORT, LLC,
a Nevada limited liability company
			
		 	By:	 	Las Vegas Sands, LLC,
		 		 	a Nevada limited liability company its Manager
			
		 	By:	 	/s/ George M. Markantonis
		 		 	Name:    George M. Markantonis
		 		 	Title:      SVP

 [signatures continue on following page] 

  

  

							
	LESSEE:	 	MSG LAS VEGAS, LLC,
		 	a Delaware limited liability company
			
		 	By:	 	/s/ James L. Dolan
		 		 	Name:	 	James L. Dolan
		 		 	Title:	 	Executive Chairman and Chief Executive Officer
		
	MSG S&E:	 	MSG SPORTS & ENTERTAINMENT, LLC,
		 	a Delaware limited liability company
			
		 	By:	 	/s/ James L. Dolan
		 		 	Name:	 	James L. Dolan
		 		 	Title:	 	Executive Chairman and Chief Executive Officer

  

 List of Exhibits 

 

			
		
	 Exhibit A
	  	Legal Description of Premises
		
	 Exhibit B
	  	Permitted Exceptions
		
	 Exhibit C
	  	Intentionally Deleted
		
	 Exhibit D
	  	Form of Memorandum of Lease
		
	 Exhibit E
	  	Additional Provisions Regarding Construction
		
	 Exhibit F
	  	Project Entitlements
		
	 Exhibit G
	  	Provisions Related to Nevada Gaming Commission Rules and Regulations
		
	 Exhibit H
	  	Intentionally Deleted
		
	 Exhibit I
	  	Insurance Requirements
		
	 Exhibit J
	  	List of Plans
		
	 Exhibit K
	  	Pre-Approved Sponsors

  

 EXHIBIT A 

Legal Description of the Premises 

PARCEL 1: 
 THAT PORTION OF THE NORTH HALF (N 1/2)
OF THE SOUTHEAST QUARTER (SE 1/4) OF SECTION 16, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.B.&M., CLARK COUNTY, NEVADA. 
 PARCEL 1 AS SHOWN BY MAP THEREOF
IN FILE 121 OF PARCEL MAPS, PAGE 21 IN THE OFFICE OF THE COUNTY RECORDER, CLARK COUNTY, NEVADA. 
 PARCEL 2: 

AN EASEMENT FOR PEDESTRIAN AND VEHICULAR INGRESS AND EGRESS AS SET FORTH IN THAT CERTAIN DOCUMENT ENTITLED, “EASEMENT AGREEMENT”, RECORDED
APRIL 20, 2005 IN BOOK 20050420 AS INSTRUMENT NO. 01253 OF OFFICIAL RECORDS. 

  

 EXHIBIT B 

Permitted Exceptions 
 (a)
Applicable zoning, subdivision, building, and other land use laws and regulations. 
 (b) The lien of real estate taxes and assessments not
yet due and payable. 
 (c) Any leasehold mortgage, assignment of leases and rents, or other security interest in Lessee’s leasehold
interest in the Premises, to the extent permitted under the terms of the Lease. 
 (d) All matters (1) shown on or referenced in that
certain ALTA/NSPS survey made by Psomas on September 23, 2016 and last revised October 17, 2016, designated Job Number 1MSG010100; or (2) disclosed in that certain leasehold owner’s policy of title insurance with Policy
No. 731432 issued by First American Title Insurance Company and effective as of the Lease Commencement Date. 

  

 EXHIBIT C 

Intentionally Deleted 

  

 EXHIBIT D 

Form of Memorandum of Ground Lease 

RECORDING REQUESTED BY 
 AND WHEN RECORDED RETURN TO: 

Gibson Dunn & Crutcher LLP 
 333 South Grand Avenue 

Los Angeles, California 90071 
 Attention: Douglas M. Champion,
Esq. 
 APN: 162-16-702-002 

(Space above this line for Recorder’s use only.) 

MEMORANDUM OF GROUND LEASE 

This Memorandum of Ground Lease (this “Memorandum”) is dated as of the 13th day of July, 2018, by and among Sands Arena
Landlord LLC, a Nevada limited liability company (“Lessor”), and MSG Las Vegas, LLC, a Delaware limited liability company (“Lessee”), with reference to the following facts: 

Lessor and Lessee have entered into that certain Ground Lease dated July 16, 2018 (the “Lease”), for those certain
premises (the “Premises”) located in the County of Clark, State of Nevada, and more particularly described on Exhibit A attached hereto and incorporated herein by reference, together with all rights and privileges appurtenant
thereto. 
 NOW, THEREFORE, for and in consideration of the foregoing, Lessor and Lessee hereby agree as follows: 

 

	 	1.	 Agreement to Lease. Lessor hereby leases to Lessee, and Lessee hereby leases from Lessor, the Premises
pursuant to the Lease, upon all of the terms and conditions set forth in the Lease, which Lease is hereby incorporated herein by reference. In the event of any inconsistency between the terms and conditions of this Memorandum and the terms and
conditions of the Lease, the terms and conditions of the Lease shall govern and control. 

  

	 	2.	 Term. Subject to the terms and conditions contained in the Lease, the Premises is leased for a term
which is to expire on the date that is fifty (50) years following the Development Completion Date (as such term is defined in the Lease). 

  

	 	3.	 Irrevocable License Rights. Concurrently with the execution of the Lease, (1) Lessee, Venetian
Casino Resort, LLC, a Nevada limited liability company (“VCR”), MSG Sports & Entertainment, LLC, a Delaware limited liability company (“MSG S&E”), and Sands Expo & Convention Center, Inc., a
Nevada corporation (“Sands Expo”), have entered into that certain License Agreement (Path of Travel); and (2) Lessee, VCR, and MSG S&E have entered into that certain Parking License Agreement (the “Parking
License”). 

  

 In Witness Whereof, each of the parties hereto has executed this instrument as of the
date first above written. 
  

					
	 LESSOR:
	 	 SANDS ARENA LANDLORD LLC,
 a Nevada
limited liability company

			
		 	 By:
	 	Venetian Casino Resort, LLC,
		 	a Nevada limited liability company its manager

  

					
		 	 By:
	 	 Las Vegas Sands, LLC,

		 	a Nevada limited liability company its managing member

  

					
		 	 By:
	 	 
		 	 Name:
	 	 
		 	 Title:
	 	 

  

			
	A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that
document.	 	

 STATE OF _____________________      ) 

                          
                                         
     ) 
 COUNTY OF _____________________      ) 

On ____________________, 2018, before me, ____________________________, a Notary Public, personally appeared _______________________________, who proved to me
on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument, and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 
 I certify under PENALTY OF
PERJURY under the laws of the State of ____________ that the foregoing paragraph is true and correct. 
 WITNESS my hand and official seal. 

Signature _____________________________ (Seal) 

  

 
					
	 LESSEE:
	 	 MSG LAS VEGAS LLC,
 a
Delaware limited liability company

			
		 	 By:
	 	 
		 	 Name:
	 	 
		 	 Title:
	 	 

  

			
	A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that
document.	 	

 STATE OF _____________________      ) 

                          
                                         
     ) 
 COUNTY OF _____________________          ) 

On ____________________, 2018, before me, ____________________________, a Notary Public, personally appeared _______________________________, who proved to me
on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument, and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 
 I certify under PENALTY OF
PERJURY under the laws of the State of ____________ that the foregoing paragraph is true and correct. 
 WITNESS my hand and official seal. 

Signature _____________________________ (Seal) 

  

 Exhibit A to Memorandum of Ground Lease 

PARCEL 1: 
 THAT PORTION OF THE NORTH HALF (N 1/2)
OF THE SOUTHEAST QUARTER (SE 1/4) OF SECTION 16, TOWNSHIP 21 SOUTH, RANGE 61 EAST, M.D.B.&M., CLARK COUNTY, NEVADA. 
 PARCEL 1 AS SHOWN BY MAP THEREOF
IN FILE 121 OF PARCEL MAPS, PAGE 21 IN THE OFFICE OF THE COUNTY RECORDER, CLARK COUNTY, NEVADA. 
 PARCEL 2: 

AN EASEMENT FOR PEDESTRIAN AND VEHICULAR INGRESS AND EGRESS AS SET FORTH IN THAT CERTAIN DOCUMENT ENTITLED, “EASEMENT AGREEMENT”, RECORDED
APRIL 20, 2005 IN BOOK 20050420 AS INSTRUMENT NO. 01253 OF OFFICIAL RECORDS. 

  

 EXHIBIT E 

Additional Provisions Regarding Construction 

In addition to the provisions set forth in the Lease regarding construction, including alterations and additions, the following provisions shall apply in the
event Lessee undertakes any work in, on, under or about the Premises. 
  

	1.	 Intentionally Deleted. 

 

	2.	 Prior to Construction. At least five (5) business days prior to the commencement of construction,
Lessee shall deliver to Lessor the following: 

  

	 	2.1.	 Contact List. A list of names, and regular and 24-hour
“emergency” phone numbers for Lessee’s construction representative and general contractor. 

  

	 	2.2.	 Schedule. A schedule for construction to be performed at the Premises by or on behalf of Lessee or its
agents, employees, contractors, tenants or subtenants including all Improvements (“Lessee’s Work”), including starting and completion dates. 

 

	 	2.3.	 Insurance. Certificates of insurance, to the extent required pursuant to the Lease and
Exhibit I. 

  

	 	2.4	 Permits. Photocopy of permit card(s) for Lessee’s Work as issued by governing agencies.

  

	3.	 Construction. Lessee’s Work shall be performed in compliance with all Applicable Laws and in
accordance with the terms of the Lease. Lessor shall be allowed to enter the Premises during construction for emergency purposes. 

  

	 	3.1.	 General Contractor. Lessee shall use a licensed, bondable, general contractor, experienced in commercial
construction for the construction of Lessee’s Work. 

  

	 	3.2.	 Disruptive Conduct. Lessee and Lessee’s contractor(s) shall use good faith, commercially reasonable
efforts to minimize disruption to neighboring land and any portion of the Premises to which such construction does not relate. 

  

	 	3.3.	 Safety. All of Lessee’s Work shall be planned and conducted in an orderly manner, with regard for
the safety of the public, the workers, and the Premises. 

  

	 	3.5.	 Utilities During Construction. Lessee shall arrange and pay for temporary utilities and facilities,
including electricity, water, sanitary facilities, etc., as reasonably necessary for the completion of Lessee’s Work. 

 4.
Completion. Prior to opening any Improvements for business (either as part of the initial construction of the Project or in connection with any future Improvements), Lessee shall deliver to Lessor a copy of a temporary or permanent
Certificate of Occupancy for the Premises, or final inspection sign-off from the applicable governmental agency(ies), as applicable. 

  

 EXHIBIT F 

Project Entitlements 
 1) On
February 21, 2018, the following applications were approved by Clark County: 
  

	 	•	 	 UC-17-1096 Venetian Casino
Resort, LLC, consisting of: 

  

	 	•	 	 Use permits for the following: 1) a high impact project; 2) a recreational facility (events center/music venue)
with accessory commercial; 3) fairgrounds; 4) retail sales; 5) restaurants; 6) on-premises consumption of alcohol; 7) live entertainment; 8) theater; 9) museum; and 10) deviations as shown per plans on file.

  

	 	•	 	 Deviations for the following: alternative landscaping and screening along a collector street; and 2) all other
deviations as shown per plans on file. 

  

	 	•	 	 Waiver of Development Standards for the following: 1) reduce setbacks; 2) increase building height; 3) reduce on-site parking; and 4) nonstandard improvements within a right-of-way. 

 

	 	•	 	 Design Reviews for the following: 1) a high impact project; a recreational facility (events center); 3)
fairgrounds; 4) increase sign area; 5) a pedestrian bridge; and 6) accessory buildings and structures in conjunction with existing resort hotels (Palazzo and Venetian) on 18.6 acres in an H-1 (Limited Resort
and Apartment) Zone in an MUD-1 Overlay District. Generally located on the south side of Sands Avenue, 150 feet east of Koval Lane within Paradise. 

 

	 	•	 	 WS-17-1095-Venetian Casino
Resort, LLC, et. Al, consisting of: 

  

	 	•	 	 Waivers of Development Standards for the following: 1) reduce setbacks; 2) reduce
on-site parking; and 3) nonstandard improvements (pedestrian bridge, landscaping and fencing) within a right-of-way.

  

	 	•	 	 Design Review for a proposed pedestrian bridge connecting the existing Palazzo and Venetian Resort Hotels and the
Sands Expo Center to a proposed events center/music venue/recreational facility (Madison Square Garden) on 63.0 acres in an H-1 (Limited Resort and Apartment Zone in an
MUD-1 Overlay District. Generally located south of Sands Avenue and on the west and east sides of Koval Lane within Paradise. 

The Notices of Final Action letters pertaining to the above two applications were filed on March 1, 2018. 

2) On May 16, 2018, the following application was approved by Clark County: 
  

	 	•	 	 WS-18-0218-Phase II Mall
Subsidiary, LLC, et al [ sic ] consisting of: 

  

	 	•	 	 Waiver of Development Standards for the following: 1) increase building height; and 2) increase time period for
video or graphics display for animated signage. 

  

	 	•	 	 Design Reviews for the following: 1) modifications to an approved High Impact Project for a recreational facility
(event center/music venue); 2) signage including an increase in animated sign area; and 3) modifications to an approved pedestrian bridge in conjunction with existing resort hotels (Palazzo and Venetian) on 81.6 acres in an H-1 (Limited Resort and Apartment) Zone in an MUD-1 Overlay District. Generally located south of Sands Avenue and on the west and east sides of Koval Lane within Paradise.

 The Notice of Final Action letter pertaining to the above application was filed on May 24, 2018. 

  

 EXHIBIT G 

Provisions Related to Nevada Gaming Commission Rules and Regulations 

[*****] 

  

 EXHIBIT H 

Intentionally Deleted 

  

 EXHIBIT I 

Insurance Requirements 
 Lessee, at its
sole cost and expense, shall procure and keep in full force until all of its obligations have been discharged, insurance against liabilities which may arise directly or indirectly from or in connection with the Property, with insurer(s) lawfully
authorized to do business in the jurisdiction in which the Property is located. 
 The insurance requirements herein are minimum requirements of this Lease
and in no way limit the indemnity covenants hereunder. Lessor in no way warrants that the minimum limits contained herein are sufficient to protect Lessee, its agents, representatives, employees, contractors and/or subcontractors of every tier from
liabilities that might arise directly or indirectly from or in connection with the Property. Lessee, its contactors, and subcontractors MUST provide Lessor with evidence satisfactory to Lessor that the insurance requirements in this Lease have been
met prior to commencement of work or services and/or entry onto the premises of the Property as outlined below. 
 Construction Insurance Requirements

 Prior to commencement of construction of the Project or any other work by Lessee permitted under this Lease, including without limitation, any
Improvements, Lessee shall procure or cause to be procured, and after such dates, shall carry or caused to be carried, until final completion of such work at least the following: 

Builder’s Risk Insurance (standard “All Risk” or equivalent coverage) including without limitation, coverage against perils of
fire (with extended coverage) lightning, windstorm, hail, vehicle impact, explosion, smoke, theft, vandalism, malicious mischief, water damage other than caused by flood, flood, explosion or rupture of pressure vessels, mechanical or electrical
breakdown, collapse, scaffolding and temporary structures, testing and startup, temporary buildings and debris removal including demolition occasioned by enforcement of any applicable legal requirements, in an amount not less than one hundred
percent replacement cost for all materials and equipment incorporated into the buildings and structures forming part of the Property, and all materials and equipment on or about the job site intended for incorporation into the Property, protecting
Lessee, the Lessor, the general contractor, any Fee Mortgagee, and any Leasehold Mortgagee, as their interests may appear; to include rental payment coverage from the date of projected completion and extending the full period of construction or
reconstruction or repair following the casualty and an endorsement for an “extended period of indemnity” for an additional twelve (12) months. 

The Builder’s Risk Insurance shall also include a Permission to Complete and Occupy endorsement as well as coverage for materials stored off-site and in-transit and Business Interruption/Extra Expense coverage. The policy shall be issued in the names of Lessee, Lessor, any Fee Mortgagee, and any Leasehold
Mortgagee, as their interests may appear. Any proceeds received because of a loss covered by such insurance shall be used and applied in the manner required by Section 19. 

Commercial General Liability insurance against claims for bodily injury and property damage including but not limited to death, independent
contractors, blanket contractual liability, personal and advertising injury, broad form property damage, products/products-completed operations, and explosion, collapse and underground property damage (“XCU”) occurring upon, in or about
the Project or other Improvements, and on, in, or about the adjoining sidewalks and passageways (including bodily injury including death, personal injury, and property damage resulting directly or indirectly from any change, alteration, improvement
or repair thereof), or arising out of or in connection with the construction of the Project or other Improvements, with limits of liability in an amount not less than [*****] each occurrence and [*****] in the aggregate. 

Commercial General Liability Insurance may be arranged under a single policy for the full limits required or by a combination of underlying policies with the
balance provided by an Excess or Umbrella Liability policy. Coverage shall be at least as broad as the primary Commercial General Liability Policy to the extent reasonably commercially available to Lessee in the marketplace. 

Commercial Auto Liability insurance covering any automobile (Symbol 1) used in connection with work being performed on or about or for the
Property with limits of liability in an amount not less than [*****] per occurrence. Coverage should include Motor Carrier Act endorsement—hazardous materials clean up (MCS-90), if applicable. Commercial
Auto Liability Insurance may be arranged under a single policy for the full limits required or by a combination of underlying policies with the balance provided by an Excess or Umbrella Liability policy 

  

 Workers’ Compensation insurance in accordance with the Nevada statute with waivers of
subrogation in favor of Lessor and all its Affiliates. Lessee shall cause all contractors and subcontractors of every tier to maintain Workers’ Compensation insurance in accordance with the Nevada statute with waivers of subrogation in favor of
Lessor and all its Affiliates. 
 Employers’ Liability insurance with limits in an amount not less than: 

Each Accident                  [*****] 

Disease—Each Employee                  [*****] 

Disease—Policy Limit                  [*****] 

Pollution Legal Liability insurance providing coverage for claims for bodily injury, property damage,
clean-up costs, and related legal defense expense for pollution conditions that result from, or are disrupted by or on behalf of, Lessee or by the services rendered by a contractor or subcontractor of every
tier, whether arising on-site or off-site. Coverage will include extensions for transportation and disposal, and full asbestos, lead, and underground and above ground
storage tanks (as applicable), will include full severability of interests, and will not be restricted by any time element limitations. Coverage will apply to pollution conditions on, at, under, or migrating from the Property with limits in an
amount not less than [*****] each loss and in the aggregate and shall provide coverage for punitive damages, fines, or penalties where allowable by law. 

Contractor’s Protective Professional Indemnity Insurance Policy (CPPI) providing coverage for actual or alleged breach of duty, neglect,
acts, errors, or omissions committed by a property developer, its design consultants, and contractors in the development of the property If Lessee decides to arrange the Property to be insured under an Owner Controlled Insurance Program
(“OCIP”) or Contractor Controlled Insurance Program (“CCIP”) during the construction phase. Lessor and all its Affiliates shall be endorsed as an additional insured on the “OCIP” / “CCIP” including a waiver of
subrogation in favor of Lessor and all its Affiliates. 
 Contractors and Subcontractors of All Tiers. Lessee shall require all contractors
and subcontractors of all tiers to carry liability insurance that complies with the requirements of the foregoing sections, with limits complying with a schedule of such limits to be submitted by Lessee and approved by Lessor. Contractors and
subcontractors of all tiers shall also (a) supply certificates of insurance (i) to the fullest extent permitted by law, naming Lessor and its Affiliates as additional insureds with respect to liability arising out of the operations of the
contractor or subcontractor, including liability to their employees, representatives, heirs, and beneficiaries; (ii) providing that their insurance is primary and the insurance of Lessor and each additional insured is secondary and non-contributory to any other that may be in place; and (iii) waiving any right of subrogation against Lessor and each additional insured; or (b) supply copies of the provisions in or endorsements to their
insurance policies that confirm such terms. Lessee shall obtain from the contractors and subcontractors of all tiers the certificates of insurance and/or policy provisions required by this subparagraph. Lessee shall cause the general contractor to
be responsible for identifying and remedying any deficiencies in the certificates of insurance or policy provisions. Lessee shall make such certificates of insurance and/or policy provisions available to Lessor upon Lessor’s reasonable request.

 Operational Insurance Requirements 
 Property
Insurance covering Lessee’s Improvements and other Improvements located on the Land, and on the FF&E and other property installed or used in, on or about the Property at least equal to the full replacement cost thereof, without
deduction for depreciation, against all risk of direct physical loss or damage as may from time to time be included within the definition of an “All Risk Insurance Policy” and, provided such is available from time to time on commercially
reasonable terms, extended to include coverage against earthquake, earth movement, flood (including back-up of sewers and drains), terrorism (which may be provided by a stand-alone program otherwise meeting
the requirements hereof), sprinkler leakage, breakdown of boilers, machinery and electrical equipment, and such other risks (to the extend obtainable on commercially reasonable terms) as the Lessor may reasonably designate. The All Risk Insurance
Policy shall contain a waiver of subrogation for the benefit of Lessor and all of its Affiliates. 
 Increase Costs: The Property Insurance
policy also shall cover increase cost of construction, demolition and debris removal coverage, arising out of the enforcement of building laws and ordinance governing repair and reconstruction and shall include an agreed amount provision or not
contain a coinsurance clause. The replacement cost of the Property and such other improvements as are located on the Land, and of the FF&E and other property installed or used in, on or about the Property shall be determined at least once every
forty-eight (48) months by Lessee. 

  

 Loss of Rent/Business Income: The insurance shall also include, at Lessee’s sole cost and
expense, a rent endorsement protecting the Lessor, for all Loss Rent for the full period of reconstruction or repair following the casualty and an endorsement for an “extended period of indemnity” for an additional eighteen
(18) months. 
 Stored FF&E: Lessee shall also keep in effect, at its sole cost and expense, insurance on the FF&E and other
property intended for installation or use in, on, or about the Property, while in temporary storage away from the Property, against all risk of loss or damage as would typically be included within an “All Risk Policy” as then available, in
an amount not less than the full replacement cost thereof. 
 Liability Insurance: Lessee shall maintain, for the mutual benefit of the Lessee
and Lessor, and shall add Lessor and all of its Affiliates as an additional insured, Commercial General Liability insurance against claims for bodily injury and property damage including but not limited to personal & advertising injury,
death, premises, independent contractors, blanket contractual liability, broad form property damage, products-completed operations, occurring upon, in or about the Property, and on, in or about the adjoining sidewalks and passageways (including but
not limited to personal injury, death, and property damage resulting directly or indirectly from any change, alteration, improvement or repair thereof), or arising out of or in connection with the ownership management, maintenance or operations of
the Property with limits in an amount not less than [*****] per occurrence and in the aggregate. If Lessee’s liability policy does not contain the standard separation of insureds provision or a substantially similar clause, the policy shall be
endorsed to provide cross-liability coverage. 
 Tenant’s liability insurance policies must provide the following coverages with minimum limits as
indicated (in each case to the extent such coverage is applicable to the Property): 
  

	 	i.	 Liquor Liability insurance covering claims arising from providing, serving, or sale of alcoholic beverages with
limits in an amount not less than [*****] per occurrence and in the aggregate. 

  

	 	ii.	 Liability policy should not exclude coverage for organized racing, speed, or stunting activities.

  

	 	iii.	 Modification of Products Completed Operations Hazards Definition to include bodily injury and/or property
damage arising out of your products manufactured, sold, or distributed. 

  

	 	iv.	 Liability policy should not exclude coverage for Pyrotechnics. 

 

	 	v.	 Liability policy should not exclude coverage for the actions of live or exotic animals. 

 

	 	vi.	 Liability policy should include Participants Legal Liability Endorsement to the extent reasonably commercially
available to Lessee in the market place. 

  

	 	vii.	 Liability policy should include Incidental Medical Errors & Omissions Endorsement.

 Commercial General Liability Insurance may be arranged under a single policy for the full limits required or by a combination of
underlying policies with the balance provided by an Excess or Umbrella Liability policy. Coverage shall be at least as broad as primary Commercial General Liability Policy, to the extent reasonably commercially available to Lessee in the market
place. 
 Errors & Omissions Insurance (including Privacy Liability Coverage, Network Security Coverage, Media and Content Coverage and Software
Copyright Coverage), in an amount not less than [*****] each claim and in the aggregate providing coverage for damages and claims expense arising from any acts, error, or omission of the Insured, and the Insured’s employees and independent
contractors, related to all products and services of the Insured including but not limited to, as applicable, the design, operation, and hosting of a website (including e-commerce) or content posted on the
Internet and including coverage for Network Security / Data Privacy claims including notification and forensics expenses. Coverage shall also include: 
  

	 	i.	 If subject to an Insured versus Insured exclusion, such exclusion must expressly carve out claims by an
additional insured. 

  

	 	ii.	 Coverage for Intellectual Property Infringement including, but not limited to, claims arising out of the actual
or ALLEGED infringement of copyright, trademark, trade name, trade dress, service mark, service name, or software code. 

  

	 	iii.	 Coverage for liability arising from the failure to protect or the loss or disclosure of private / confidential
information no matter how the loss occurs. 

  

	 	iv.	 Coverage for failure to prevent denial of service, unauthorized access to, unauthorized use of, tampering with
or the introduction of malicious or damaging code into firmware, data, software, systems or networks. 

  

	 	v.	 Includes Personal Injury coverage for injury other than bodily injury including defamation, libel, slander,
invasion of or violation of rights to privacy, infliction of emotional distress, outrage, or other tort related to disparagement or harm of the reputation of any person or organization and other Personal Injury coverage for injury other than bodily
injury. 

  

	 	vi.	 Such insurance shall have a retroactive coverage date no later than the Effective Date of this Lease. Coverage
must be kept in force for at least two (2) years after termination of this Lease or an extended reporting period option of at least two (2) years must be purchased. 

Aviation Liability Insurance, if applicable, with limits in an amount not less than [*****] per occurrence to include war risk and personal injury liability.

 Comprehensive blanket crime Insurance, in an amount not less than [*****] which shall include coverage for lease, contract, temporary or seasonal
employees and employees of the Property. 
 Employment Practices Liability (EPL) Insurance, in an amount not less than [*****] which shall include coverage
for sexual harassment, discrimination, wrongful termination, breach of employment contract, negligent evaluation, failure to employ or promote, wrongful discipline, deprivation of career opportunity, wrongful infliction of emotional distress, and
mismanagement of employee benefit plan(s) and includes coverage for third party claims by non-employees. 

Commercial Automobile Liability insurance covering all owned, hired, and non-owned vehicles in an amount not less than
[*****] each accident, including all statutory coverage for all states of operation. Commercial Auto Liability Insurance may be arranged under a single policy for the full limits required or by a combination of underlying policies with the balance
provided by an Excess or Umbrella Liability policy Workers’ Compensation insurance in accordance with Nevada statute with waivers of subrogation in favor of Lessor and all its Affiliates. Lessee shall cause all vendors, contractors and
subcontractors to maintain Workers’ Compensation insurance in accordance with Nevada statute with waivers of subrogation in favor of Lessor and all its Affiliates. 

Employers’ Liability insurance with limits in an amount not less than: 

Each Accident         [*****] 

Disease—Each Employee         [*****] 

Disease—Policy Limit         [*****] 

If Lessee is using its employees as armed or unarmed security for the Property then Liability insurance shall be obtained to provide coverage for assault and
battery, false arrest, libel and/or slander, discrimination, wrongful eviction, and any other related events that would be typically insured by a prudent person and contain no exclusion for use of force. In the event a third party is used for
security at the Property then either MSG’s or such third party’s liability coverage shall cover the same risks and have a limit of not less than [*****] per occurrence and in the aggregate and name Lessor and all of its Affiliates as
additional insureds in the General Liability policy. 
 The following coverage shall only apply to the extent applicable to the operations on the Property:
If Lessee operates, with its employees, a valet service or parking garage then its General Liability shall include garage keepers’ liability and insurance for self-park garages covering all damage to vehicles under the control of Lessee or its
Affiliates. In the event a third party is used to operate the valet or the parking garage, then such third party’s liability coverage shall cover the same risks and have a limit of not less than [*****] per occurrence and in aggregate and name
the Lessor and all of its Affiliates as additional insureds in the General Liability policy. 
 Premise and Operation insurance covering those exposures to
loss that fall outside the defined “products-completed operations hazard,” including liability for injury or damage arising outside of the Property or outside of Lessee’s business operations while such operations are in progress. 

The above required minimum policies shall include the following: 
  

	 	1.	 Lessor, all its Affiliates, and its respective directors, officers, employees, and agents is an additional
insured except for Workers’ Compensation/Employer’s Liability/Crime/EPL policies and shall be covered to the full limits of liability purchased by Lessee, even if those limits are in excess of those required by this Lease.

  

	 	2.	 Lessee’s insurance policies shall be primary and non-contributory
with respect to any other insurance available to or maintained by Lessor. 

  

	 	3.	 Each policy will contain “Separation of Insureds” or “Severability of Interest” clause
indicating this insurance applies as if each named insured were the only named insured, and separately to each insured against whom claim is made or suit is brought. 

 

	 	4.	 Waiver of subrogation in favor of Lessor, and all its Affiliates, and its respective agents, officers,
directors, and employees for recovery of damages. 

 Other Requirements 

From time to time, Lessor may request other insurance in such amount as Lessee and Lessor in their reasonable judgment deem advisable for protection against
claims, liabilities and losses arising out of or connected with the operations of the Property provided such increases in limits or coverages shall not occur more than once every five years unless required by Lessor’s lender or if a new risk
arises that is not currently anticipated by the existing insurance coverage. 
 Insurance Carriers, Policies: All insurance provided for in this Lease
shall be effected under valid and enforceable policies, issued by insurers of recognized responsibility and having an A.M. Best Rating of “A-, VIII” or better. Notwithstanding the foregoing, the use
of captive insurance companies is permitted in order to obtain commercially reasonable terrorism insurance coverage in satisfaction of the Lessee’s insurance obligations. 

If Lessee fails to purchase and maintain, or to require to be purchased and maintained, any insurance required by this Lease, Lessor may, but shall not be
obligated to, upon five (5) days’ written notice to Lessee, purchase such insurance on behalf of Lessee and shall be reimbursed by Lessee upon demand for all amounts paid by Lessor in connection therewith, or may deduct such amounts from
sums due to Lessee. 
 If Lessee assigns or subleases all or any portion of its rights under this Lease, any assignee or sub lessee of such rights shall be
bound by the insurance and indemnity provisions of this Lease, and Lessor shall obtain from such assignee or sub lessee its express written agreement that it shall comply with such provisions. 

Lessee shall not violate the terms and conditions of Lessor’s insurance policies or engage in conduct that would prejudice or diminish Lessor’s
rights under its policies or result in higher premiums. 
 Lessee shall require that any subcontractor, vendor, or other supplier hired to perform work at
the Property will agree to indemnify, defend and hold harmless Lessee and Lessor from and against any and all claims, allegations, lawsuits, or other causes of actions arising out of such subcontractor’s, vendor’s or supplier’s work
done at the Property on behalf of Lessee due to such party’s negligent acts, errors or omissions. 
 For any claims made policies, such policies shall
have a retroactive coverage date no later than the Effective Date of this Lease. Coverage must be kept in force for at least two (2) years after termination of this Lease or an extended reporting period option of at least two (2) years
must be purchased. 
 Verification of Coverage: Lessee shall furnish Lessor with a certificate of insurance, executed by a duly authorized
representative of each insurer, showing compliance with the insurance requirements set forth herein; the additional insured and waiver of subrogation endorsements shall be attached to the certificate of insurance thereof. 

Lessor shall have the right, but not the obligation, to prohibit Lessee or any contractors/subcontractors from entering the Property until such certificates
or other evidence that insurance has been placed in complete compliance with these requirements is received and approved by Lessor, which shall not be unreasonably withheld. 

Failure of Lessor to demand such certificates or other evidence of full compliance with these insurance requirements or failure of Lessor to identify a
deficiency from evidence that is provided shall not be construed as a waiver of Lessee’s and/or its contractors/subcontractors obligations to maintain such insurance. 

Insurance Separate from Indemnity: For avoidance of doubt, the insurance obligations imposed by this Exhibit are separate and distinct from any
indemnification obligations imposed by this Lease. The insurance as required in this Lease shall in no way be interpreted as relieving Lessee and/or its contractor/subcontractor of any indemnification obligation in this Lease. 

  

 EXHIBIT J 

List of Plans 
 [*****] 

  

 EXHIBIT K 

[*****]

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