Document:

EX-10.2

 Exhibit 10.2 

AIRCRAFT DRY LEASE AGREEMENT 

THIS AIRCRAFT DRY LEASE AGREEMENT (this “Lease”) is entered in effective as of January 11, 2017, by and between QUART 2C, LLC,
a Delaware limited liability company with an address at P.O. Box 420, Oyster Bay, New York 11771 (“Lessor” or “Q2C”) and MSG SPORTS & ENTERTAINMENT, LLC, a Delaware limited liability company with an address at Two
Pennsylvania Plaza, New York, New York 10121 (“Lessee” or “MSG”). 
 W I T N E S S E T H 

WHEREAS, Lessor is the owner of a Gulfstream Aerospace G450 aircraft, manufacturer’s serial number 4179, United States registration
N919AM, including its engines, accessories, components and parts (the “Aircraft”); and 
 WHEREAS, the parties have agreed that
Lessor shall lease the Aircraft to Lessee on a non-exclusive basis for use by Lessee upon the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants, agreements, representations and warranties set forth
herein, and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, Lessor and Lessee, intending to be legally bound, agree as follows: 

1. Lease of Aircraft. 

(a) This Lease sets forth the exclusive terms and conditions under which Lessee is entitled to use the Aircraft, and Lessee shall have no
right to use the Aircraft except as expressly set forth herein. Lessor shall lease the Aircraft to Lessee, and Lessee shall lease the Aircraft from Lessor, during all Lease Periods throughout the Term (as defined in Section 12) of this Lease as
provided hereunder. “Lease Periods” shall mean those times, if any, when the Aircraft is being utilized by Lessee hereunder, with the consent of Lessor as provided in Section 1(e), for flight operations conducted by Lessee under
Part 91 of the Federal Aviation Regulations (“FARs”), including any deadhead, ferry or repositioning flights to return the Aircraft to the airport at which the Lease Period commenced or to position the Aircraft for a Lessee trip at a
remote location away from Republic Airport, Farmingdale, New York (KFRG), but excluding any deadhead, ferry and repositioning flights described in Section 1(b) below (“Lessee Flights”). Lessee’s right to use the Aircraft
hereunder during the Term shall be non-exclusive and is subject in all respects to (i) Lessor’s right to use the Aircraft at all times during the Term other than during such Lease Periods under Lessee’s exclusive operational control
and possession, command and control and (ii) Lessor’s right to permit other non-exclusive lessees to use the Aircraft under their operational control and possession, command and control 

(b) Notwithstanding the foregoing, the parties agree that if a trip by Lessee causes or will cause the Aircraft to be at a remote location
away from KFRG (“Lessee’s Location”), Lessee shall, at Lessor’s request, permit the Aircraft to be relocated from Lessee’s Location to KFRG or other location designated by Lessor (and thereafter shall be returned to
Lessee’s Location) if Lessor requires use of the Aircraft for one of its affiliated non-exclusive lessees, but only if such itinerary will not unreasonably delay or interfere with any scheduled flight by Lessee. In that event,
(i) Lessee’s then-current Lease Period shall terminate effective as of initial engine start-up for the departure flight from Lessee’s Location; (ii) Lessor or its affiliated non-exclusive lessee shall pay all costs incurred
during the period in which the Aircraft is away from Lessee’s Location, including all occupied and deadhead legs to ferry the Aircraft from Lessee’s Location and back; and (iii) a new Lease Period shall begin effective as of final
engine shut-down upon return of the Aircraft to Lessee’s Location. 

 (c) Transfer of the Aircraft from Lessor to Lessee to commence a Lease Period hereunder, and
transfer of the Aircraft from Lessee to Lessor to terminate a Lease Period hereunder, shall be evidenced by the entry of appropriate notations of such transfer on the Aircraft’s logs. Upon the commencement or termination of any Lease Period
hereunder, the party transferring possession of the Aircraft shall deliver the Aircraft to the other party at KFRG or such other location as the parties may agree. In the case of a transfer of possession from Lessee to Lessor, the Aircraft shall be
in at least the same operating condition, order, repair and condition as when received by Lessee at the commencement of the Lease Period, reasonable wear and tear and maintenance events arising during the Lease Period not caused by Lessee’s
gross negligence or willful misconduct excepted. 
 (d) Subject to Aircraft and crew availability, Lessor shall use its good faith efforts,
consistent with Lessor’s approved policies, in order to accommodate the needs of Lessee, to avoid conflicts in scheduling with Lessor’s affiliated non-exclusive lessees’ use of the Aircraft, and to enable Lessee to enjoy the benefits
of this Lease; however, Lessee acknowledges and agrees that notwithstanding anything in this Lease to the contrary, Lessor shall have sole and exclusive final authority over the scheduling of the Aircraft and Lessor’s other affiliated non-exclusive lessees’ needs for the Aircraft shall take precedence over Lessee’s rights and Lessor’s obligations under this Lease pursuant to Section 1(e). 

(e) Lessee shall use its best efforts to give Lessor as much notice as possible of Lessee’s proposed utilization hereunder. If Lessee
notifies Lessor pursuant to Section 15 of Lessee’s proposed use of the Aircraft and Lessor consents thereto, the period described in such notice of proposed use may be scheduled by Lessee (unless such intended use is cancelled by Lessee by
like notice to Lessor). Notwithstanding anything herein to the contrary, all Lessee Flights approved by Lessor and scheduled by Lessee are subject to the absolute right of Lessor to revoke such approval at any time prior to twenty four (24)
hours before the scheduled departure of the initial flight of the approved itinerary, without liability, upon notice to Lessee. Any notice under this Section 1(e) may be either written or oral, but shall be given only to or by individuals
designated by each party from time to time as authorized to act on its behalf for purposes of this Section 1(e). 
 2. Rent.

 (a) Lessee shall remit to Lessor the sum per block hour set forth on Schedule 1 hereto from time to time as Rent for the use of the
Aircraft by Lessee during each Lease Period hereunder. For this purpose, a “block hour” shall be measured in hours and tenths of hours from the time the Aircraft moves for purposes of flight at the departure airport to the time the
Aircraft comes to a stop at the arrival airport. Lessee’s obligation to pay Rent is limited to block hours during Lessee’s passenger occupied flights during any Lease Period. 

(b) Not later than thirty (30) days after the end of each calendar month during the Term, Lessee shall provide to Lessor a statement
showing all use of the Aircraft during Lease Periods during that month, and a complete accounting detailing any Rent due from Lessee for that month. Notwithstanding anything in this Lease to the contrary, Lessee shall have no obligation to utilize
the Aircraft hereunder, and there shall be no Rent payable to Lessor hereunder with respect to any calendar month if Lessee does not use the Aircraft hereunder during such month. All payments of Rent due for any calendar month shall be made at
Lessor’s address set forth above, or at such other place as Lessor may designate to Lessee in writing from time to time, not later than the thirtieth (30th) day of the following month.

 (c) Not later than thirty (30) days following June 30 (the “True-Up Date”) each year during the Term, Q2C shall
provide to MSG a statement showing the total number of hours of use of the Aircraft from July 1 of the preceding year to and including the True-Up Date. Pursuant to that certain Aircraft Dry Lease
Agreement, dated as of January 11, 2017, between Q2C and MSG (the “G550 Dry 

  
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Lease Agreement”) providing for the lease of MSG’s Gulfstream Aerospace GV-SP aircraft, manufacturer’s serial number 5264, United States registration N551CS (the
“G550”) by Q2C, MSG shall deliver a statement showing the total number of hours of use of the G550 by Q2C from July 1 of the preceding year to and including the True-Up Date. To the extent that the total number of hours of use of the
Aircraft by MSG during such period is greater than Q2C’s use of the G550 for such period, MSG shall remit to Lessor as Additional Rent the sum per block hour set forth on Schedule 1 hereto for such hours in excess of Q2C’s use of the
G450 (the “True-Up Hours”). In addition, the parties hereto acknowledge and agree that to the extent that discrepancies in hours of usage or other factors cause this arrangement, including the Rent
and charges for True-Up Hours provided hereunder, to be economically unfair to one party, the parties will work together in good faith to adjust these fees to achieve a more equitable arrangement. 

3. Expenses. Lessor shall pay the entire cost of insuring, maintaining and fueling the Aircraft during the Term. Lessee shall pay the
following trip-specific costs of operating the Aircraft during Lease Periods under this Lease: 
 (a) travel expenses of crew, including
food, lodging and ground transportation; 
 (b) hangar and tie-down costs away from KFRG; 

(c) additional insurance obtained for the specific flight at the request of Lessee; 

(d) landing fees, airport taxes and similar assessments; 

(e) customs, foreign permit and similar fees directly related to the flight; 

(f) in-flight food and beverages; 

(g) passenger ground transportation; 

(h) flight planning and weather contract services; and 

(i) oil, lubricants and other additives. 

4. Flight Crew. 
 (a)
Lessee shall obtain at its sole cost and expense the services of fully qualified and properly certificated flight crew to operate the Aircraft under this Lease. All flight crew provided by Lessee to operate the Aircraft during any Lease Period
hereunder shall be employees or contractors of Lessee, and Lessee shall be solely responsible for their compensation. 
 (b) Only
fully-qualified and properly-credentialed flight crew members who are included under the insurance coverage required to be maintained hereunder shall be permitted to operate the Aircraft during any Lease Period. All flight crew utilized by Lessee
hereunder shall comply with all applicable regulations and the requirements of all applicable operations and maintenance manuals. 
 5.
Operational Control; Operations. 
 (a) Lessor and Lessee intend that the lease of the Aircraft effected hereby shall be treated as a
“dry lease”. Notwithstanding anything in this Lease to the contrary, Lessee shall have complete and exclusive operational control, and complete and exclusive possession, command and control, of the Aircraft for all flights during each
Lease Period under this Lease. Lessee shall have complete and absolute control of the crewmembers in preparation for and in connection with the 

  
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operation of all flights during each Lease Period under this Lease. Lessee shall have complete and exclusive responsibility for scheduling, dispatching and flight following of the Aircraft on all
flights conducted during Lease Periods under this Lease, which responsibility includes the sole and exclusive right over initiating, conducting and terminating any such flights. Lessee shall have no operational control over any flights of the
Aircraft not conducted during Lease Periods under this Lease. 
 (b) Lessee shall use and operate the Aircraft under this Lease only in
accordance with applicable manufacturers’ recommendations and airport and climatic conditions. Neither Lessee nor Lessor shall permit the Aircraft to be maintained, used or operated in violation of any law, rule, regulation, ordinance or order
of any governmental authority having jurisdiction, or in violation of any airworthiness certificate, license or registration relating to the Aircraft. 

6. Regulatory. Lessee shall obtain and maintain in full force and effect any necessary certificates, licenses, permits and
authorizations required for its use and operation of the Aircraft hereunder. Lessee agrees to conduct all operations contemplated by this Lease in compliance with all applicable provisions of the FARs, including, but not limited to, Part 91
thereof. 
 7. Records. Lessee shall maintain any records required by applicable laws, rules or regulations in connection with the
operation of the Aircraft during any Lease Period hereunder. Without limiting the generality of the foregoing, Lessee shall maintain or cause to be maintained flight log books showing the full flight time of the Aircraft during each Lease Period
hereunder, and shall keep such logs available for inspection by Lessor or its representatives at all reasonable times. Lessor shall be entitled, upon reasonable notice to Lessee, to inspect any books or records of Lessee that relate to the
Aircraft’s use hereunder. 
 8. Remote Locations. Lessee shall pay the cost of hangaring the Aircraft at remote locations during
any Lease Periods hereunder. 
 9. Insurance. 

(a) During the Term, Lessor will procure and maintain at its sole cost and expense aircraft insurance (the “Policy”) that satisfies
all of the requirements of this Section 9. The Policy will provide: (i) all risk, both ground and in-flight hull, including hull war risks, insurance in an amount not less than forty million ($40,000,000) United States dollars;
(ii) liability coverage covering passengers, non-passengers, third party liability (including war risk AV52) and property damage of not less than three hundred million ($300,000,000) United States dollars for each occurrence but sublimited to
twenty five million ($25,000,000) United States dollars for each occurrence and aggregate with respect to Personal Injury Liability; and (iii) products liability insurance including completed operations in an amount not less than three hundred
million ($300,000,000) United States dollars per occurrence and aggregate. 
 (b) The Policy will provide: (i) that Lessee and its
affiliates and each of their respective members, managers, shareholders, officers, directors, partners, employees, agents, licensees and guests are designated as additional insureds (without responsibility for premiums) with respect to the liability
coverage; (ii) that the insurer waives any right of set-off and any right of subrogation against any of the additional insureds; (iii) that no cancellation or substantial change in coverage of or failure to renew the Policy shall be
effective as to the additional insureds for thirty (30) days (seven (7) days, in the case of war risk or allied perils) after receipt by Lessee of written notice from the insurer of any such cancellation or substantial change in coverage
of the policy; (iv) that all coverages will be primary, not subject to any co-insurance clause, not contributory or subject to offset with respect to any other policies in force; (v) for a severability of interest clause providing that the
Policy will operate in the same manner to give each insured the same protection as if there were a separate policy issued to each insured except for the limit of liability; and (vi) that the “Territory” section will provide Worldwide
Coverage. 

  
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 (c) On or before the date hereof, Lessor will provide Lessee with a certificate of insurance
evidencing all coverages in compliance with the requirements of this Lease. 
 10. Maintenance. Lessor shall, at its sole cost and
expense, (i) enroll or cause the Aircraft to be enrolled on a Federal Aviation Administration (“FAA”) approved or manufacturer- approved maintenance and inspection program under Part 91 of
the FARs, and (ii) maintain or cause the Aircraft to be maintained in accordance with the requirements of the approved maintenance and inspection program and all applicable FAA regulations. No period of maintenance, preventive maintenance or
inspection shall be delayed or postponed for the purpose of scheduling the Aircraft, unless said maintenance or inspection can be safely conducted at a later time in compliance with all applicable laws and regulations. Lessor represents and warrants
that, at all times during the Term, the Aircraft will be in airworthy condition and current on the approved maintenance program. Lessee shall be responsible for obtaining letters of authorization in its own name as operator of the Aircraft for
operations within RVSM, use of a MEL, or any other operator specific authorization required for Lessee’s operation of the Aircraft. 

11. Default. In addition to the termination rights set forth in Section 12, the non-defaulting party shall have the right to
terminate this Lease immediately (without prejudice to any other rights that such party may have) upon written notice to the defaulting party in the event of any one or more of the following events of default: 

(i) failure of the defaulting party to make payments due hereunder within ten (10) days following notice from the non-defaulting party
that such payment was not timely made when due; 
 (ii) except as provided in Section 11(iii)—(vii), violation or default of any
material term, obligation or condition of a non-monetary nature set forth in this Lease, together with a failure to cure within ten (10) days after receipt of written notice of such violation; 

(iii) if Lessee operates or maintains the Aircraft in violation of any law, regulation, directive or order of any governmental authority or
in violation of any provision of any insurance policy contemplated by this Lease, unless such violation can reasonably be cured, in which case Lessee shall have failed to cure such violation within ten (10) days after receipt of written notice
thereof; 
 (iv) if any representation or warranty made in this Lease by a party is or becomes false, misleading or incorrect in any
material respect; 
 (v) lapse of insurance coverage required to be kept in force hereunder; 

(vi) if a party shall make a general assignment for the benefit of creditors, or be declared insolvent or bankrupt under any bankruptcy,
insolvency or other similar law, or commence a voluntary proceeding seeking liquidation, reorganization or other relief under any such law or seeking the appointment of a receiver or liquidator over any substantial portion of its respective assets;
or 
 (vii) assignment by a party of this Lease, except as permitted under Section 22, or any right or interest created hereunder
without the prior written consent of the other party. 
 12. Term. The term of this Lease (including as it may be extended pursuant
to the terms hereof, the “Term”) shall commence on the date hereof and, unless terminated in accordance with the provisions hereof, shall remain in full force and effect for an initial term ending on June 30, 2017 and thereafter shall
automatically renew for successive one-year terms unless either party provides written notice not less than 30 days prior to the expiration of the current term. Notwithstanding the foregoing, (a) Lessor shall have the right to terminate this
Lease immediately upon termination of the G550 Dry Lease Agreement and (b) either party shall have the right to terminate this Lease (i) immediately upon breach of the terms of this Lease by the other party, or (ii) for any reason or
no reason by written notice given to the other party not less than 10 days prior to the proposed termination date. 

  
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 13. Remedies on Default or Termination. In the event of a termination of this Lease,
whether as a result of a default or the expiration of its Term, Lessee shall immediately cease its use of the Aircraft and return the Aircraft and all records pertaining thereto to the custody of Lessor or its agents or representatives as set forth
herein at such airport as Lessor and Lessee may agree. Not later than thirty (30) days after the termination of this Lease, a full accounting shall be made between Lessee and Lessor and all accounts settled between the parties. In no event
shall any termination affect the rights and obligations of the parties arising prior to the effective date of such termination. 
 14.
Cross Indemnities; LIMITATION ON LIABILITY. 
 (a) Without limiting their respective obligations hereunder, each party (in each case,
the “Indemnitor”) hereby indemnifies and holds harmless the other party and its affiliates and their respective officers, directors, partners, employees, shareholders, members and managers (in each case, collectively, the
“Indemnitee”) for any claim, damage, loss, or reasonable expense, including reasonable attorneys’ fees (an “Indemnified Loss”), resulting from bodily injury or property damage arising out of the ownership, maintenance or use
of the Aircraft which results from the gross negligence or willful misconduct of such party; provided, however, that neither party will be liable for any Indemnified Loss to the extent: 

(i) Such loss is covered by the insurance policies described in Section 9 (the “Policies”); 

(ii) Such loss is covered by the Policies but the amount of such loss exceeds the policy limits specified by Lessor; 

(iii) Such loss consists of expenses incurred in connection with any loss covered in whole or in part by the Policies but such expenses are
not fully covered by the Policies; or 
 (iv) Such loss is caused by the gross negligence or willful misconduct of the Indemnitee. 

(b) Each party agrees to look to the insurance required to be maintained under Section 9 prior to seeking indemnification from the other
party hereunder. 
 (c) LIMITATION ON LIABILITY. EACH PARTY ACKNOWLEDGES AND AGREES THAT: (I) THE PROCEEDS OF INSURANCE TO WHICH
IT IS ENTITLED; (II) ITS RIGHTS TO INDEMNIFICATION FROM THE OTHER PARTY UNDER SECTIONS 14(a) and 17; AND (III) ITS RIGHT TO DIRECT DAMAGES ARISING IN CONTRACT FROM A BREACH OF THE OTHER PARTY’S OBLIGATIONS UNDER THIS LEASE;
ARE THE SOLE REMEDIES FOR ANY DAMAGE, LOSS, OR EXPENSE ARISING OUT OF THIS LEASE OR THE TRANSACTIONS CONTEMPLATED HEREBY. EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 14(c), EACH PARTY WAIVES ANY RIGHT TO RECOVER ANY DAMAGE, LOSS OR EXPENSE
ARISING OUT OF THIS LEASE OR THE TRANSACTIONS CONTEMPLATED HEREBY. IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR OR HAVE ANY DUTY FOR INDEMNIFICATION OR CONTRIBUTION TO THE OTHER PARTY FOR ANY CLAIMED INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR
PUNITIVE DAMAGES, OR FOR ANY DAMAGES FOR LOSS OF USE, REVENUE, PROFIT, BUSINESS OPPORTUNITIES AND THE LIKE, OR FOR DEPRECIATION OR DIMINUTION IN VALUE OF THE AIRCRAFT OR INSURANCE DEDUCTIBLE, EVEN IF THE PARTY HAD BEEN ADVISED, OR KNEW OR SHOULD
HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES. 

  
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 NOTWITHSTANDING ANYTHING IN THIS LEASE TO THE CONTRARY, NEITHER PARTY SHALL HAVE ANY LIABILITY TO THE OTHER PARTY
FOR ITS PERFORMANCE OR FAILURE TO PERFORM ANY OF ITS OBLIGATIONS UNDER THIS LEASE (INCLUDING, WITHOUT LIMITATION, IN THE CASE OF ITS NEGLIGENCE) EXCEPT IN THE CASE OF ITS GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 

(d) The provisions of this Section 14 shall survive the termination or expiration of this Lease. 

15. Notices. All notices or other communications delivered or given under this Lease shall be in writing and shall be deemed to have
been duly given if hand-delivered, sent by certified or registered mail, return receipt requested, or nationally-utilized overnight delivery service, Portable Document Format (“PDF”) or confirmed facsimile transmission, as the case may be.
Such notices shall be addressed to the parties at the addresses set forth above, or to such other address as may be designated by any party in a writing delivered to the other in the manner set forth in this Section 15. Notices sent by
certified or registered mail shall be deemed received three (3) business days after being mailed. All other notices shall be deemed received on the date delivered. Routine communications may be made by e-mail to Lessor at mzuk@kglfo.com and to
Lessee at joseph.yospe@msg.com or fax to Lessor at (646) 304-2632 and to Lessee at (212) 465-6148. 
 16. Relationship of
Parties. The relationship of the parties created by this Lease is strictly that of lessor and lessee. Nothing in this Lease is intended, nor shall it be construed so as, to constitute the parties as partners or joint venturers or as principal
and agent. 
 17. Taxes. Lessor shall pay all taxes, assessments and charges imposed by any Federal, state, municipal or other public
authority upon or relating to the ownership of the Aircraft during the Term (other than any taxes, fines or penalties imposed upon Lessor as a result of a breach of this Lease by Lessee). Lessee shall pay all taxes, assessments, and charges imposed
by any Federal, state, municipal or other public authority upon or relating to the rental, use or operation of the Aircraft by Lessee during the Lease Periods (including any sales or use tax imposed by the State of New York on any lease payment
hereunder), other than income taxes of Lessor. Lessee shall also be liable for any federal excise tax imposed under Internal Revenue Code Section 4261 if such tax is applicable to any or all amounts paid (or deemed to be paid) by Lessee to
Lessor hereunder. Lessee shall pay such tax to Lessor within thirty (30) days after receipt of Lessor’s written invoice therefor. Each party agrees to indemnify and hold the other harmless against any and all liabilities, costs and
expenses (including attorneys’ fees) resulting from a breach of its respective undertaking hereunder. 
 18. Governing Law. This
Lease shall be governed by and construed in accordance with the laws of the State of New York, determined without regard to its conflicts of laws principles. If any provision of this Lease conflicts with any statute or rule of law of the State of
New York or is otherwise unenforceable, such provision shall be deemed null and void only to the extent of such conflict or unenforceability and shall be deemed separate from and shall not invalidate any other provision of this Lease. 

19. Venue. Any legal action, suit or proceeding arising out of or relating to this Lease or the transactions contemplated hereby may be
instituted in any state or federal court in the State of New York. Each party waives any objection which such party may now or hereinafter have to the laying of the venue in New York County, New York in any such action, suit or proceeding, and
irrevocably submits to the jurisdiction of any such court in any such action, suit or proceeding. 

  
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 20. Amendment. This Lease shall not be modified or amended or any provision waived except
by an instrument in writing signed by authorized representatives of the parties. 
 21. Counterparts. This Lease may for all purposes
be executed in several counterparts, each of which shall be deemed an original, and all such counterparts, taken together, shall constitute the same instrument, even though all parties may not have executed the same counterpart of this Lease. Each
party may transmit its signature by confirmed facsimile or PDF transmission, and such signatures shall have the same force and effect as an original signature. 

22. Successors and Assigns; Third-Party Beneficiaries. Neither party shall have the right to assign this Lease without the prior
written consent of the other party; provided, however, that (i) Lessor shall have the right, upon notice to Lessee, to assign this Lease to any other direct or indirect wholly-owned subsidiary of Lessor provided any such assignments hereunder
and the resulting ownership and operational structure are consistent with applicable FARs, and (ii) Lessee shall have the right, upon notice to Lessor, to assign this Lease to any entity controlling, controlled by, or under common control with,
The Madison Square Garden Company. This Lease shall be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns, and shall inure to the benefit of the parties hereto and their respective heirs,
executors, administrators, successors and permitted assigns. This Lease shall not be construed to create any third-party beneficiary rights in any person not a party hereto (or a successor to or permitted assign of any such party). 

23. Integration. This Lease sets forth the entire agreement between the parties with respect to the subject matter hereof and
supersedes any and all other agreements, understandings, communications, representations or negotiations, whether oral or written, between the parties with respect to the lease of the Aircraft. There are no other agreements, representations or
warranties, whether oral or written, express or implied, relating to the lease of the Aircraft that are not expressly set forth in this Lease. 

24. Legal Fees and Other Costs and Expenses. In the event of any dispute, litigation or arbitration between the parties with respect to
the subject matter of this Lease, the unsuccessful party to such dispute, litigation or arbitration shall pay to the successful party all costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred therein by the
successful party, all of which shall be included in and as a part of the judgment or award rendered in such dispute, litigation or arbitration. For purposes of this Lease, the term “successful party” shall mean the party which achieves
substantially the relief sought, whether by judgment, order, settlement or otherwise. 
 25. WAIVER OF JURY TRIAL. EACH PARTY HEREBY
KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHTS TO A JURY TRIAL IN ANY ACTION, SUIT OR PROCEEDING RELATING TO, ARISING UNDER OR IN CONNECTION WITH THIS LEASE AND ANY OTHER DOCUMENT, AGREEMENT OR INSTRUMENT EXECUTED AND/OR DELIVERED IN CONNECTION WITH
THE FOREGOING. 
 26. TRUTH IN LEASING. TRUTH IN LEASING STATEMENT UNDER SECTION 91.23 OF THE FEDERAL AVIATION REGULATIONS: 

(a) LESSOR HEREBY CERTIFIES THAT THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED UNDER FAR PART 91 DURING THE 12-MONTH PERIOD PRECEDING
THE DATE OF EXECUTION OF THIS LEASE. THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED UNDER FAR PART 91 FOR ALL OPERATIONS TO BE CONDUCTED DURING LEASE PERIODS UNDER THIS LEASE. 

(b) LESSEE HEREBY CERTIFIES THAT IT IS RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT DURING ALL LEASE PERIODS UNDER THIS LEASE. 

  
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 (c) EACH OF LESSOR AND LESSEE CERTIFIES THAT IT UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE
WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
 (d) EACH OF LESSOR AND LESSEE UNDERSTANDS THAT AN EXPLANATION OF THE FACTORS BEARING ON
OPERATIONAL CONTROL AND THE PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 

Instructions for Compliance with “Truth In Leasing” Requirements are attached hereto as Schedule 2. 

(SIGNATURE PAGE FOLLOWS) 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Aircraft Dry Lease Agreement this 11th
day of January, 2017, effective as of the date first written above. 
  

					
	LESSOR:
	
	QUART 2C, LLC
		
	By:	 	/s/ Marianne R. P. Zuk
		 	Name:	 	Marianne R. P. Zuk
		 	Title:	 	CEO
	
	LESSEE:
	
	MSG SPORTS & ENTERTAINMENT, LLC
		
	By:	 	/s/ Donna Coleman
		 	Name:	 	Donna Coleman
		 	Title:	 	EVP & Chief Financial Officer

  
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 SCHEDULE 1 

Rent per block hour: $1,450 (as such rate may be adjusted by mutual agreement of the parties based on changes in fuel prices and other factors). 

Additional Rent per block hour for True-Up Hours: $1,690 (as such rate may be adjusted by mutual agreement of the parties due to material changes in the cost
of maintenance and support of the Aircraft, among other factors). 

  
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 SCHEDULE 2 

INSTRUCTIONS FOR COMPLIANCE WITH “TRUTH IN LEASING” REQUIREMENTS 

1. Mail a copy of this Lease to the following address via certified mail, return receipt requested, immediately upon execution of this Lease (14 C.F.R. 91.23
requires that the copy be sent within twenty-four (24) hours after it is signed): 
 Federal Aviation Administration 

Aircraft Registration Branch 
 ATTN: Technical Section 

P.O. Box 25724 
 Oklahoma City, Oklahoma 73125 

2. Telephone or fax the nearest Flight Standards District Office at least forty-eight (48) hours prior to the first flight made under this Lease. 

3. Carry a copy of this Lease in the Aircraft at all times when the Aircraft is being operated under this Lease. 

  
 S-2EX-10.3

 Exhibit 10.3 

TIME SHARING AGREEMENT 

THIS TIME SHARING AGREEMENT is entered into effective as of the 12th day of January, 2017, by and between MSG SPORTS & ENTERTAINMENT,
LLC, a Delaware limited liability corporation with a place of business at 2 Penn Plaza, New York, New York 10121 (“Lessor”), and DAVID O’CONNOR, with a mailing address c/o of The Madison Square Garden Company, 2 Penn Plaza, New York,
NY 10121 (“Lessee”). 
 W I T N E S S E T H: 

WHEREAS, Lessor is the lessee and the operator of a Gulfstream Aerospace G450 aircraft, manufacturer’s serial number 4179, United States
registration N919 AM (the “Aircraft”); and 
 WHEREAS, Lessor has engaged fully-qualified and credentialed flight crew to operate
the Aircraft; and 
 WHEREAS, Lessor has agreed to lease the Aircraft, with flight crew, to Lessee on a “time sharing” basis as
defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FAR”) upon the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the foregoing premises, and the covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, Lessor and Lessee, intending to be legally bound, hereby agree as follows: 

1. Lease of Aircraft. Lessor agrees to lease the Aircraft to Lessee pursuant to the provisions of FAR Section 91.501(b)(6) and
Section 91.501(c)(1) and this Agreement, and to provide a fully-qualified and credentialed flight crew for all flights to be conducted hereunder during the Term (as defined in Section 13) hereof. The parties acknowledge and agree that this
Agreement did not result in any way from any direct or indirect advertising, holding out or soliciting on the part of Lessor or any person purportedly acting on behalf of Lessor. Lessor and Lessee intend that the lease of the Aircraft effected by
this Agreement shall be treated as a “wet lease” pursuant to which Lessor provides transportation services to Lessee in accordance with FAR Section 91.501(b)(6) and Section 91.501(c)(1). 

2. Payment for Use of Aircraft. Lessee shall pay Lessor the following listed actual expenses of each flight (the “Reimbursement
Amount”) conducted under this Agreement (i.e. non-business flights for which reimbursement is required in accordance with Lessor’s policies), not to exceed the maximum amount legally payable for such flight under FAR
Section 91.501(d)(1)-(10): 
 (a) fuel, oil, lubricants and other additives; 

(b) travel expenses of crew, including food, lodging and ground transportation; 

(c) hangar and tie-down costs away from the Aircraft’s base of operation; 

(d) additional insurance obtained for the specific flight at the request of Lessee; 

(e) landing fees, airport taxes and similar assessments; 

(f) customs, foreign permit and similar fees directly related to the flight; 

(g) in-flight food and beverages; 

(h) in-flight telecommunication expenses; 

(i) passenger ground transportation; and 

(j) flight planning and weather contract services. 

Notwithstanding the foregoing, in the event that any income is required to be imputed to you with respect to personal use of the Aircraft,
calculated using the Standard Industry Fare Level method in accordance with Internal Revenue Service Regulation §1.61-21, the amount payable by you pursuant to this Section 2 shall be reduced by the amount necessary so that the total out
of pocket cost to you, including taxes owed as a result of imputed income, is no greater than the Reimbursement Amount. 

 3. Operational Control of Aircraft. Lessor and Lessee intend and agree that on all flights
conducted under this Agreement, Lessor shall have complete and exclusive operational control over the Aircraft, its flight crews and maintenance, and complete and exclusive possession, command and control of the Aircraft. Lessor shall have complete
and exclusive responsibility for scheduling, dispatching and flight following of the Aircraft on all flights conducted under this Agreement, which responsibility includes the sole and exclusive right over initiating, conducting and terminating such
flights. Lessee shall have no responsibility for scheduling, dispatching or flight following on any flight conducted under this Agreement, nor any right over initiating, conducting or terminating any such flight. Nothing in this Agreement is
intended or shall be construed so as to convey to Lessee any operational control over, or possession, command and control of, the Aircraft, all of which are expressly retained by Lessor. 

4. Scheduling. 
 (a)
Lessee will provide Lessor with requests for flight time and proposed flight schedules as far in advance of any given flight as possible. Lessee or the designated authorized representative(s) of Lessee shall submit scheduling requests under this
Agreement to the designated authorized representative(s) of Lessor. Requests for flight time shall be in such form (whether oral or written) mutually convenient to, and agreed upon by, the parties. In addition to proposed schedules and flight times,
Lessee shall upon request provide Lessor with the following information for each proposed flight prior to scheduled departure: (i) proposed departure point; (ii) destination; (iii) date and time of flight; (iv) the number of
anticipated passengers; (v) the nature and extent of luggage to be carried; (vi) the date and time of a return flight, if any; and (vii) any other pertinent information concerning the proposed flight that Lessor or the flight crew may
request. 
 (b) Subject to Aircraft and crew availability and to any usage limitations established by Lessor, Lessor shall use its good
faith efforts, consistent with Lessor’s approved policies, in order to accommodate the needs of Lessee, to avoid conflicts in scheduling, and to enable Lessee to enjoy the benefits of this Agreement; however, Lessee acknowledges and agrees that
notwithstanding anything in this Agreement to the contrary, (i) Lessor shall have sole and exclusive final authority over the scheduling of the Aircraft; and (ii) the needs of Lessor for the Aircraft shall take precedence over
Lessee’s rights and Lessor’s obligations under this Agreement. 
 (c) Although every good faith effort shall be made to avoid its
occurrence, any flight scheduled under this Agreement is subject to cancellation by either party without incurring liability to the other party. In the event that cancellation is necessary, the canceling party shall provide the maximum notice
practicable. 
 5. Billing. Lessor shall pay all expenses relating to the operation of the Aircraft under this Agreement (in
accordance with Section 2 hereof) on a monthly basis. As soon as possible after the end of each monthly period during the Term, Lessor shall provide to Lessee an invoice showing all use of the Aircraft by Lessee under this Agreement during that
month and a complete accounting detailing all amounts payable by Lessee pursuant to Section 2 for that month, including such detail supporting all expenses paid or incurred by Lessor for which reimbursement is sought as Lessee may reasonably
request. Lessee shall pay all amounts due to Lessor under this Section 5 not later than 30 days after receipt of the invoice therefor. 

6. Maintenance of Aircraft. Lessor shall be solely responsible for securing maintenance, preventive maintenance and inspections of the
Aircraft (utilizing an inspection program listed in FAR Section 91.409(f)), and shall take such requirements into account in scheduling the Aircraft hereunder. 

7. Flight Crew. 
 (a)
Lessor shall employ or engage and as between Lessor and Lessee shall be responsible for the payment of all salaries, benefits and/or compensation for a fully-qualified flight crew with appropriate credentials to conduct each flight undertaken under
this Agreement. All flight crewmembers shall be included on any insurance policies that Lessor is required to maintain hereunder. 

  
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 (b) The qualified flight crew provided by Lessor shall exercise all of its duties and
responsibilities with regard to the safety of each flight conducted hereunder in accordance with applicable FAR’ s. The Aircraft shall be operated under the standards and policies established by Lessor. Final authority to initiate or terminate
each flight, and otherwise to decide all matters relating to the safety of any given flight or requested flight, shall rest with the pilot-in-command of that flight. The flight crew may, in its sole
discretion, terminate any flight, refuse to commence any flight, or take any other action that, in the judgment of the pilot-in-command, is necessitated by considerations of safety. No such termination or refusal to commence by the pilot-in-command
shall create or support any liability for loss, injury, damage or delay in favor of Lessee or any other person. Lessor shall not be liable to Lessee or any other person for loss, injury or damage occasioned by the delay or failure to furnish the
Aircraft and flight crew pursuant to this Agreement for any reason. 
 8. Insurance. 

(a) At all times during the Term of this Agreement , Lessor shall maintain at its sole cost and expense (i) comprehensive aircraft and
liability insurance against bodily injury and property damage claims, including, without limitation, contractual liability, premises damage, personal property liability, personal injury liability, death and property damage liability, public and
passenger legal liability coverage, in an amount not less than $100,000,000 for each single occurrence and (ii) hull insurance for the full replacement cost of the aircraft. 

(b) Any policies of aircraft and liability insurance carried in accordance with this Section 8 and any policies taken out in substitution
or replacement of any such policies (i) shall name Lessee and his employees, agents, licensees, servants and guests as additional insured; (ii) shall provide for 30 days written notice to Lessee by such insurer of cancellation, change,
non-renewal or reduction (seven days in the case of war risk and allied perils coverage or such shorter period as is customarily available in the industry); (iii) shall provide that in respect of the interests of Lessee in such policies, the
insurance shall not be invalidated by any action or inaction of Lessor regardless of any breach or violation of any warranties, declarations or conditions contained in such policies by or binding upon Lessor; and (iv) shall permit the use of
the Aircraft by Lessor for compensation or hire to the extent permitted under applicable law. Each such policy shall be primary insurance, not subject to any co-insurance clause and shall be without right of contribution from any other insurance.

 (c) Lessor shall use reasonable commercial efforts to provide such additional insurance coverage for specific flights under this
Agreement, if any, as Lessee may request in writing. Lessee also acknowledges that any trips scheduled to the European Union may require Lessor to purchase additional insurance to comply with local regulations. The cost of all additional
flight-specific insurance shall be borne by Lessee as set forth in Section 2(d) hereof. 
 (d) Each party agrees that it will not do
any act or voluntarily suffer or permit any act to be done whereby any insurance required hereunder shall or may be suspended, impaired or defeated. In no event shall Lessor suffer or permit the Aircraft to be used or operated under this Agreement
without such insurance being fully in effect. 
 (e) Lessor shall ensure that worker’s compensation insurance with all-states coverage
is provided for the Aircraft’s crew and maintenance personnel. 
 (f) Lessor shall deliver certificates of insurance to Lessee with
respect to the insurance required or permitted to be provided by it hereunder not later than the first flight of the Aircraft under this Agreement and upon the renewal date of each policy. 

9. Taxes. Lessee shall be responsible for paying, and Lessor shall be responsible for collecting from Lessee and paying over to the
appropriate authorities, all applicable Federal transportation taxes and sales, use or other excise taxes imposed by any governmental authority in connection with any use of the Aircraft by Lessee hereunder. Each party shall indemnify the other
party against any and all claims, liabilities, costs and expenses (including attorney’s fees as and when incurred) arising out of its breach of this undertaking. 

10. Lessee’s Representations and Warranties. Lessee represents and warrants that: 

(a) He will not use the Aircraft for the purposes of providing transportation of passengers or cargo in air commerce for compensation or hire
or for common carriage. 

  
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 (b) He shall refrain from incurring any mechanic’s or other liens in connection with
inspection, preventive maintenance, maintenance or storage of the Aircraft, and shall not attempt to convey, mortgage, assign, lease or in any way alienate the Aircraft or create any kind of lien or security interest involving the Aircraft or do
anything or take any action that might mature into such a lien. 
 (c) He shall not lien or otherwise encumber or create or place any lien
or other encumbrance of any kind whatsoever, on or against the Aircraft for any reason. He also will ensure that no liens or encumbrances of any kind whatsoever are created or placed against the Aircraft for claims against Lessee or by Lessee. 

(d) He will abide by and conform to all laws, governmental and airport orders, rules and regulations, as shall be imposed upon the lessee of
an aircraft under a time sharing agreement, and applicable company policies of Lessor. 
 11. Lessor’s Representations and
Warranties. Lessor represents and warrants that it will abide by and conform to all such laws, governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any way to the operation and use of the
Aircraft pursuant to this Agreement. 
 12. Disclaimer of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, LESSOR HAS
MADE NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT, INCLUDING ANY WITH RESPECT TO ITS CONDITION, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY
OR TO ANY OTHER PERSON FOR ANY INCIDENTIAL, CONSEQUENTIAL OR SPECIAL DAMAGES, HOWEVER ARISING. 
 13. Term. The term of this
Agreement (the “Term”) shall commence on the effective date hereof and, unless terminated in accordance with the provisions hereof, shall remain in full force and effect for so long as you remain employed by The Madison Square Garden
Company or any of its subsidiaries. Notwithstanding the foregoing, either party shall have the right to terminate this Agreement for any reason or no reason by written notice given to the other party not less than 30 days prior to the proposed
termination date. 
 14. Limitation of Liability. Lessee, for himself and on behalf of his agents, guests, invitees, licensees,
servants and employees, covenants and agrees that the insurance described in Section 8 hereof shall be the sole recourse for any and all liabilities, claims, demands, suits, causes of action, losses, penalties, fines, expenses or damages,
including attorneys’ fees, court costs and witness fees, attributable to the use, operation or maintenance of the Aircraft pursuant to this Agreement or performance of or failure to perform any obligation under this Agreement. 

15. Relationship of Parties. Lessor is strictly an independent contractor lessor/provider of transportation services with respect to
Lessee. Nothing in this Agreement is intended, nor shall it be construed so as, to constitute the parties as partners or joint venturers or principal and agent. All persons furnished by Lessor for the performance of the operations and activities
contemplated by this Agreement shall at all times and for all purposes be considered Lessor’s employees or agents. 
 16. Governing
Law; Severability. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York, without regard to its choice of law rules. If any provision of this Agreement conflicts with any statute or rule of law
of the State of New York, or is otherwise unenforceable, such provision shall be deemed null and void only the extent of such conflict or unenforceability, and shall be deemed separate from, and shall not invalidate, any other provision of this
Agreement. 
 17. Amendment. This Agreement may not be amended, supplemented, modified or terminated, or any of its terms varied,
except by an agreement in writing signed by each of the parties hereto. 
 18. Counterparts. This Time Sharing Agreement may be
executed in counterparts, each of which shall, for all purposes, be deemed an original and all such counterparts, taken together, shall constitute one and the same agreement, even though all parties may not have executed the same counterpart. Each
party may transmit its signature by facsimile, and such faxed signature shall have the same force and effect as an original signature. 

  
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 19. Successors and Assigns. This Time Sharing Agreement shall be binding upon the parties
hereto, and their respective heirs, executors, administrators, other legal representatives, successors and assigns, and shall inure to the benefit of the parties hereto, and, except as otherwise provided herein, to their respective heirs, executors,
administrators, other legal representatives, successors and permitted assigns. Lessee agrees that he shall not directly or indirectly sublease, assign, transfer, pledge or hypothecate this Agreement or any part hereof (including any assignment or
transfer pursuant to the laws of intestacy) without the prior written consent of Lessor, which may be given or withheld by Lessor in its sole and absolute discretion. 

20. Notices. All notices or other communications delivered or given under this Agreement shall be in writing and shall be deemed to
have been duly given if hand- delivered, sent by certified or registered mail, return receipt requested, or nationally-utilized overnight delivery service, or confirmed facsimile transmission, as the case may
be. Such notices shall be addressed to the parties at the addresses set forth above, or to such other address as may be designated by any party in a writing delivered to the other in the manner set forth in this Section 20. In the case of
notices to Lessor, a copy of each such notice shall be sent to MSG Sports & Entertainment, 2 Penn Plaza, New York, New York 10121, attention: General Counsel. Notices sent by certified or registered mail shall be deemed received three
business days after being mailed. All other notices shall be deemed received on the date delivered. Routine communications may be made by e-mail or fax to the addresses set forth therein. 

21. Truth-in-Leasing Compliance. Lessor, on behalf of the Lessee, shall (i) mail a copy of this Agreement to the Aircraft
Registration Branch, Technical Section, of the FAA in Oklahoma City within 24 hours of its execution; (ii) notify the Farmingdale Flight Standards District Office at least 48 hours prior to the first flight by Lessor under this Agreement of the
registration number of the Aircraft, and the location of the airport of departure and departure time of the first flight; and (iii) carry a copy of this Agreement onboard the Aircraft at all times when the Aircraft is being operated under this
Agreement. 
 22. TRUTH IN LEASING STATEMENT UNDER FAR SECTION 91.23: 

(A) LESSOR HEREBY CERTIFIES THAT THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED UNDER FAR PART 91 DURING THE 12-MONTH PERIOD PRECEDING THE
DATE OF EXECUTION OF THIS AGREEMENT. THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN COMPLIANCE WITH THE MAINTENANCE AND INSPECTION REQUIREMENTS OF FAR PART 91 FOR ALL OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. 

(B) MSG SPORTS & ENTERTAINMENT, LLC, 2 PENN PLAZA, NEW YORK, NEW YORK 10121, HEREBY CERTIFIES THAT IT IS RESPONSIBLE FOR OPERATIONAL
CONTROL OF THE AIRCRAFT FOR ALL OPERATIONS UNDER THIS AGREEMENT. 
 (C) EACH PARTY HEREBY CERTIFIES THAT IT UNDERSTANDS ITS RESPONSIBILITIES
FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
 (D) THE PARTIES UNDERSTAND THAT AN EXPLANATION OF THE FACTORS BEARING ON
OPERATIONAL CONTROL AND THE PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 

  
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 IN WITNESS WHEREOF, Lessor and Lessee have executed this Time Sharing Agreement effective as of
the date first above written. 
  

			
	LESSOR:
	
	MSG SPORTS & ENTERTAINMENT, LLC
		
	By:	 	/s/ Donna Coleman
	Name:	 	Donna Coleman
	Title:	 	EVP & Chief Financial Officer
	
	LESSEE:
	
	/s/ David O’Connor
	David O’Connor

  
 6

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