Document:

EX-10.41

 Exhibit 10.41 

TRANSACTION AGREEMENT 

dated as of 
 January 31,
2017 
 among 
 MSG TG, LLC,

 TG MERGER SUB, LLC, 

the Persons identified on the signature pages hereto as “MANAGEMENT SELLERS”, 

the Persons identified on the signature pages hereto as “ROLLOVER HOLDCO MEMBERS”, 

the Persons identified on the signature pages hereto as “DIRECT ROLLOVER MEMBERS”, 

the Persons identified on the signature pages hereto as “GROUP ENTITIES”, 

TG ROLLOVER HOLDCO LLC, 

TAO GROUP HOLDINGS LLC, 

TAO GROUP INTERMEDIATE HOLDINGS LLC, 

TAO GROUP OPERATING LLC, 

TAO GROUP MANAGEMENT LLC, 

TG MEMBER REPRESENTATIVE LLC, as Member Representative, 

solely with respect to its rights and obligations under Section 2.03(b)(iv) and Article 14 (other than Sections 14.03, 14.04 and
14.15, and only insofar as Article 14 relates to its rights and obligations under Section 2.03(b)(iv)), MSG ENTERTAINMENT HOLDINGS, LLC, 

and 
 solely with
respect to its rights and obligations under Section 9.11 and Article 14 (other than Sections 14.03, 14.04 and 14.15, and only insofar as Article 14 relates to its rights and obligations under Section 9.11), THE MADISON SQUARE
GARDEN COMPANY 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	2	 
			
	 Section 1.01.
	 	 Definitions
	  	 	2	 
	 Section 1.02.
	 	 Other Definitional and Interpretative Provisions
	  	 	16	 
		
	 ARTICLE 2 RESTRUCTURING AND CLOSING TRANSACTIONS
	  	 	17	 
			
	 Section 2.01.
	 	 Reserved
	  	 	17	 
	 Section 2.02.
	 	 Merger
	  	 	17	 
	 Section 2.03.
	 	 Purchase Price; Earn-Out
	  	 	17	 
	 Section 2.04.
	 	 Conversion of Interests; Distributions and Redemptions
	  	 	22	 
	 Section 2.05.
	 	 Purchase Price and Earn-Out Hypothetical
Calculation
	  	 	23	 
	 Section 2.06.
	 	 No Parent or Parent-Affiliate Liability for Allocations
	  	 	23	 
	 Section 2.07.
	 	 Minimum Cash Amount; Aventine Payment and Escrow
	  	 	23	 
	 Section 2.08.
	 	 Calculation of Purchase Price
	  	 	24	 
	 Section 2.09.
	 	 The Closing
	  	 	24	 
	 Section 2.10.
	 	 Closing Deliverables
	  	 	24	 
	 Section 2.11.
	 	 Allocation of Purchase Price
	  	 	25	 
	 Section 2.12.
	 	 Withholding Rights
	  	 	25	 
	 Section 2.13.
	 	 Payment and Issuance Procedures
	  	 	26	 
	 Section 2.14.
	 	 Purchase Price Adjustment
	  	 	26	 
	 Section 2.15.
	 	 Escrow Funds
	  	 	28	 
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF THE ROLLOVER HOLDCO MEMBERS AND THE DIRECT
ROLLOVER MEMBERS
	  	 	28	 
			
	 Section 3.01.
	 	 Existence and Power
	  	 	28	 
	 Section 3.02.
	 	 Authorization
	  	 	29	 
	 Section 3.03.
	 	 Governmental Authorization
	  	 	29	 
	 Section 3.04.
	 	 Non-contravention
	  	 	29	 
	 Section 3.05.
	 	 Existing Equity Interests
	  	 	30	 
	 Section 3.06.
	 	 Management Assets; Other Assets
	  	 	30	 
	 Section 3.07.
	 	 Litigation and Regulatory Actions
	  	 	30	 
	 Section 3.08.
	 	 Finders’ Fees
	  	 	30	 
	 Section 3.09.
	 	 Investment Purpose; Accredited Investor; No Public Market; No Reliance
	  	 	30	 
	 Section 3.10.
	 	 Restrictions
	  	 	31	 
	 Section 3.11.
	 	 Access to Information; No Reliance
	  	 	31	 
	 Section 3.12.
	 	 Rollover Holdco Representations and Warranties
	  	 	32	 
	 Section 3.13.
	 	 Exclusivity of Representations and Warranties
	  	 	34	 
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES AS TO THE ACQUIRED ENTITIES
	  	 	34	 
			
	 Section 4.01.
	 	 Existence and Power
	  	 	34	 
	 Section 4.02.
	 	 Authorization
	  	 	35	 
	 Section 4.03.
	 	 Governmental Authorization
	  	 	35	 
	 Section 4.04.
	 	 Non-contravention
	  	 	35	 
	 Section 4.05.
	 	 Capitalization; Ownership of Equity Interests
	  	 	36	 
	 Section 4.06.
	 	 Subsidiaries
	  	 	38	 
	 Section 4.07.
	 	 Financial Statements
	  	 	38	 
	 Section 4.08.
	 	 Absence of Certain Changes
	  	 	39	 
	 Section 4.09.
	 	 No Undisclosed Liabilities
	  	 	40	 
	 Section 4.10.
	 	 Material Contracts
	  	 	40	 
	 Section 4.11.
	 	 Compliance with Laws and Court Orders
	  	 	43	 
	 Section 4.12.
	 	 Litigation and Regulatory Actions
	  	 	43	 
	 Section 4.13.
	 	 Properties
	  	 	43	 
	 Section 4.14.
	 	 Intellectual Property
	  	 	44	 
	 Section 4.15.
	 	 Taxes
	  	 	45	 

  
 i 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 Section 4.16.
	 	 Employee Benefit Plans
	  	 	46	 
	 Section 4.17.
	 	 Employee and Labor Matters
	  	 	47	 
	 Section 4.18.
	 	 Environmental Matters
	  	 	47	 
	 Section 4.19.
	 	 Insurance
	  	 	48	 
	 Section 4.20.
	 	 Finders’ Fees
	  	 	48	 
	 Section 4.21.
	 	 Related Party Transactions
	  	 	48	 
	 Section 4.22.
	 	 Permits; Liquor Licenses
	  	 	48	 
	 Section 4.23.
	 	 Corruption Laws
	  	 	49	 
	 Section 4.24.
	 	 Quality and Safety of Food & Beverage Products
	  	 	49	 
	 Section 4.25.
	 	 Access to Information; No Reliance
	  	 	49	 
	 Section 4.26.
	 	 Exclusivity of Representations and Warranties
	  	 	50	 
		
	 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF MEMBER REPRESENTATIVE
	  	 	50	 
			
	 Section 5.01.
	 	 Organization; Authorization
	  	 	50	 
	 Section 5.02.
	 	 Non-contravention
	  	 	50	 
	 Section 5.03.
	 	 Ownership
	  	 	51	 
		
	 ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF PARENT
	  	 	51	 
			
	 Section 6.01.
	 	 Existence and Power
	  	 	51	 
	 Section 6.02.
	 	 Authorization
	  	 	51	 
	 Section 6.03.
	 	 Governmental Authorization
	  	 	52	 
	 Section 6.04.
	 	 Non-contravention
	  	 	52	 
	 Section 6.05.
	 	 Capitalization of Parent and Parent Merger Sub; Ownership of Interests
	  	 	52	 
	 Section 6.06.
	 	 Litigation and Regulatory Actions
	  	 	52	 
	 Section 6.07.
	 	 Finders’ Fees
	  	 	52	 
	 Section 6.08.
	 	 Reserved
	  	 	53	 
	 Section 6.09.
	 	 Access to Information; No Reliance
	  	 	53	 
	 Section 6.10.
	 	 Investment Purpose; Accredited Investor; No Public Market; No Reliance
	  	 	53	 
	 Section 6.11.
	 	 Exclusivity of Representations and Warranties
	  	 	53	 
		
	 ARTICLE 7 COVENANTS OF THE ACQUIRED ENTITIES, DIRECT ROLLOVER MEMBERS AND ROLLOVER
HOLDCO MEMBERS
	  	 	54	 
			
	 Section 7.01.
	 	 Reserved
	  	 	54	 
	 Section 7.02.
	 	 Reserved
	  	 	54	 
	 Section 7.03.
	 	 Reserved
	  	 	54	 
	 Section 7.04.
	 	 Restrictive Covenants
	  	 	54	 
	 Section 7.05.
	 	 Reserved
	  	 	54	 
	 Section 7.06.
	 	 D&O Policy
	  	 	54	 
	 Section 7.07.
	 	 Lease Guarantees
	  	 	55	 
		
	 ARTICLE 8 [RESERVED]
	  	 	55	 
			
	 Section 8.01.
	 	 Reserved
	  	 	55	 
	 Section 8.02.
	 	 Reserved
	  	 	55	 
		
	 ARTICLE 9 COVENANTS OF PARENT AND THE ACQUIRED ENTITIES
	  	 	55	 
			
	 Section 9.01.
	 	 Reserved
	  	 	55	 
	 Section 9.02.
	 	 Reserved
	  	 	55	 
	 Section 9.03.
	 	 Reserved
	  	 	55	 
	 Section 9.04.
	 	 Further Assurances
	  	 	55	 
	 Section 9.05.
	 	 Holdings
	  	 	55	 
	 Section 9.06.
	 	 Rollover Holdco
	  	 	55	 
	 Section 9.07.
	 	 Confidentiality
	  	 	55	 

  
 ii 

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	 	 	  	Page	 
	 Section 9.08.
	 	 Change of Control Bonus Payment
	  	 	55	 
	 Section 9.09.
	 	 Allocation of Management Fees
	  	 	56	 
	 Section 9.10.
	 	 Removal of Legends
	  	 	56	 
	 Section 9.11.
	 	 Representations and Covenants of The Madison Square Garden Company
	  	 	56	 
		
	 ARTICLE 10 [RESERVED]
	  	 	58	 
			
	 Section 10.01.
	 	 Reserved
	  	 	58	 
		
	 ARTICLE 11 TAX MATTERS
	  	 	58	 
			
	 Section 11.01.
	 	 Tax Treatment
	  	 	58	 
	 Section 11.02.
	 	 Tax Returns
	  	 	58	 
	 Section 11.03.
	 	 Transfer Taxes
	  	 	59	 
	 Section 11.04.
	 	 Cooperation on Tax Matters
	  	 	59	 
	 Section 11.05.
	 	 FIRPTA Certificate and W-9
	  	 	59	 
	 Section 11.06.
	 	 754 Elections
	  	 	59	 
	 Section 11.07.
	 	 Tax Contests
	  	 	59	 
	 Section 11.08.
	 	 Refunds
	  	 	59	 
		
	 ARTICLE 12 SURVIVAL; INDEMNIFICATION
	  	 	60	 
			
	 Section 12.01.
	 	 Survival
	  	 	60	 
	 Section 12.02.
	 	 Indemnification
	  	 	60	 
	 Section 12.03.
	 	 Limitations on Indemnification
	  	 	62	 
	 Section 12.04.
	 	 Exclusive Remedy
	  	 	64	 
	 Section 12.05.
	 	 Indemnification Procedures for Non-Third Party
Claims
	  	 	64	 
	 Section 12.06.
	 	 Indemnification Procedures for Third-Party Claims
	  	 	65	 
	 Section 12.07.
	 	 Calculation of Damages
	  	 	66	 
	 Section 12.08.
	 	 Member Representative
	  	 	66	 
	 Section 12.09.
	 	 Treatment of Adjustments
	  	 	66	 
		
	 ARTICLE 13 [RESERVED]
	  	 	67	 
			
	 Section 13.01.
	 	 Reserved
	  	 	67	 
		
	 ARTICLE 14 MISCELLANEOUS
	  	 	67	 
			
	 Section 14.01.
	 	 Notices
	  	 	67	 
	 Section 14.02.
	 	 Amendments and Waivers
	  	 	68	 
	 Section 14.03.
	 	 Expenses
	  	 	68	 
	 Section 14.04.
	 	 Disclosure Schedule
	  	 	68	 
	 Section 14.05.
	 	 Binding Effect; Benefit; Assignment
	  	 	68	 
	 Section 14.06.
	 	 Governing Law
	  	 	69	 
	 Section 14.07.
	 	 Jurisdiction
	  	 	69	 
	 Section 14.08.
	 	 WAIVER OF JURY TRIAL
	  	 	69	 
	 Section 14.09.
	 	 Counterparts; Effectiveness
	  	 	69	 
	 Section 14.10.
	 	 Entire Agreement
	  	 	69	 
	 Section 14.11.
	 	 Severability
	  	 	69	 
	 Section 14.12.
	 	 Specific Performance
	  	 	69	 
	 Section 14.13.
	 	 Waiver of Conflicts Regarding Representation
	  	 	69	 
	 Section 14.14.
	 	 Member Representative
	  	 	70	 
	 Section 14.15.
	 	 Releases
	  	 	71	 

  
 iii 

 TRANSACTION AGREEMENT 

TRANSACTION AGREEMENT (this “Agreement”), dated as of January 31, 2017, by and among MSG TG, LLC, a Delaware limited
liability company (“Parent”), TG MERGER SUB, LLC, a Delaware limited liability company (“Parent Merger Sub”), the persons identified on the signature pages hereto as “Management Sellers” (each, a
“Management Seller” and, collectively, “Management Sellers”), the persons identified on the signature pages hereto as “Rollover Holdco Members” (together with the Management Sellers, each, a
“Rollover Holdco Member” and, collectively, “Rollover Holdco Members”), the persons identified on the signature pages hereto as “Direct Rollover Members” (each, a “Direct Rollover Member”
and, collectively, “Direct Rollover Members”), the persons identified on Annex A as “Group Entities” (each (including, from and after the consummation of the Restructuring, ManagementCo), a
“Group Entity” and, collectively, the “Group Entities”), TG ROLLOVER HOLDCO LLC, a Delaware limited liability company (“Rollover Holdco”), TAO GROUP HOLDINGS LLC, a Delaware limited liability
company (“Holdings”), TAO GROUP INTERMEDIATE HOLDINGS LLC, a Delaware limited liability company (“Intermediate Holdings”), TAO GROUP OPERATING LLC, a Delaware limited liability company (“Borrower”),
TAO GROUP MANAGEMENT LLC, a Delaware limited liability company (“ManagementCo”), TG MEMBER REPRESENTATIVE LLC, a Delaware limited liability company, as representative for the Represented Parties (as defined below) (the
“Member Representative”), solely with respect to its rights and obligations under Section 2.03(b)(iv) and Article 14 (other than Sections 14.03, 14.04 and 14.15, and only insofar as Article 14 relates to its rights and
obligations under Section 2.03(b)(iv)), MSG ENTERTAINMENT HOLDINGS, LLC, a Delaware limited liability company (the “Earn-Out Guarantor”), and solely with respect to its rights and
obligations under Section 9.11 and Article 14 (other than Sections 14.03, 14.04 and 14.15, and only insofar as Article 14 relates to its rights and obligations under Section 9.11), THE MADISON SQUARE GARDEN COMPANY, a Delaware
corporation. Capitalized terms used but not defined elsewhere in this Agreement have the meanings assigned to them in Section 1.01. 

W I T N E S S E T H: 

WHEREAS, (i) as of immediately prior to the Restructuring, each of the Persons identified on Annex A as
“Managers” (each, a “Manager” and, collectively, the “Managers”) is a “Manager” with respect to each Acquired Entity set forth opposite such Manager’s name on
Annex A (as such term is defined in such Acquired Entity’s LLC Agreement), and each of the persons identified on Schedule 4.05(a) of the Disclosure Schedule as
“Equityholders” (each, an “Equityholder” and, collectively, the “Equityholders”) owned the number and type of Equity Interests in each Acquired Entity set forth opposite such Equityholder’s name on
Schedule 4.05(a) of the Disclosure Schedule, and as of the date of this Agreement, each such Equityholder owns the percentage of Holdings Pre-Closing Interests set forth opposite such
Equityholder’s name on Annex D, (ii) as of immediately prior to the Restructuring, the Managers are, in the aggregate, the only Managers of each of the Acquired Entities and the Equityholders are, in the aggregate, the only holders
of Equity Interests in the Acquired Entities, and (iii) the Managers and Equityholders, as applicable, have approved by written consent and/or duly noticed and held meetings of the Managers and Equityholders of each Acquired Entity in
compliance with the applicable Acquired Entity Member Approvals required for such Acquired Entity (the “Deal Approval”) this Agreement and the transactions contemplated by this Agreement, including the Restructuring (as defined
below) (collectively, the “Transactions”); 
 WHEREAS, in connection with the Deal Approval, Rollover Holdco and all of the
Equityholders signed and delivered to the Member Representative (with copies to Parent for review purposes only) one or more Letters of Transmittal (as defined in Section 2.13(a)) in respect of each of the Acquired Entities
in which such Equityholder owns any Equity Interests (such Letters of Transmittal delivered by the Equityholders listed on Annex G, the “Delivered Letters of Transmittal”) to be held in escrow by the Member Representative in
accordance therewith and effective immediately prior to the consummation of the Restructuring; 
 WHEREAS, prior to the execution of this
Agreement, the Management Sellers and the Acquired Entities entered into that certain Restructuring Agreement, attached hereto as Exhibit A (the “Restructuring Agreement”), pursuant to which, prior to the
execution of this Agreement, such parties effected the restructuring transactions expressly contemplated thereby (the “Restructuring”) such that (i) Rollover Holdco and the Members of the Group Entities listed on Annex D
(including the Direct Rollover Members) (each of Rollover Holdco and the Members (including the Direct Rollover Members), a “Holdings Pre-Closing Member” and collectively, the
“Holdings Pre-Closing Members”) own, collectively, all of the issued and outstanding Equity Interests of Holdings, (ii) Holdings owns all of the issued and outstanding Equity Interests of
Intermediate Holdings, (iii) Intermediate Holdings owns all of the issued and outstanding Equity Interests of Borrower, (iv) Borrower owns all of the issued and outstanding Equity Interests of (x) each of the Group Entities and
(y) ManagementCo, (v) ManagementCo owns all of the Management Assets, and (vi) the Rollover Holdco Members, collectively, own all of the issued and outstanding Equity Interests of Rollover Holdco. 

  
 1 

 WHEREAS, contemporaneously with the execution of this Agreement, (i) certain of the
Management Sellers are entering into employment agreements with certain of the Acquired Entities (with respect to such Management Seller, its “Employment Agreement” and, collectively, the “Employment Agreements”)
and (ii) the Rollover Holdco Members are entering into the Amended and Restated Limited Liability Company Agreement of Rollover Holdco, in the form attached hereto as Exhibit C (the “A&R Rollover Holdco LLC
Agreement”); 
 WHEREAS, it is proposed that Parent shall acquire Equity Interests of Holdings by means of a merger of Parent
Merger Sub with and into Holdings, on the terms set forth in this Agreement, with Holdings surviving as the surviving entity; 
 WHEREAS, at
the Closing (immediately following the Effective Time), Parent, The Madison Square Garden Company (for the limited purposes set forth therein), Rollover Holdco, the Rollover Holdco Members, the Direct Rollover Members and Holdings shall enter into
the Second Amended and Restated Limited Liability Company Agreement of Holdings, in the form attached hereto as Exhibit D (the “A&R Holdings LLC Agreement”); 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, the parties
hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. (a) As used herein, the following terms have the following meanings: 

“1933 Act” means the Securities Act of 1933. 

“1934 Act” means the Securities Exchange Act of 1934. 

“Accounting Practices and Procedures” means, with respect to the Acquired Entities, the accounting methods, policies,
practices and procedures, including classification, valuation and estimation methodology, as applied by the Group Entities, in the preparation of the Group Audited Financial Statements, as modified solely to the extent set forth on
Annex B. Except for the modifications set forth on Annex B, in the event of a conflict or inconsistency between GAAP and such methods, policies, practices and procedures, GAAP will prevail. In the
event any item to be reflected in a calculation or statement required to be prepared in accordance with the Accounting Practices and Procedures was not reflected in the Group Audited Financial Statements or Annex B, such
item shall be determined in accordance with GAAP. 
 “Acquired Entities” means, collectively, (i) the Group Entities
and (ii) the New Entities, and the term “Acquired Entity” means any such Person in clause (i) or (ii). 

“Acquired Entity Business IP Rights” means, collectively, all Acquired Entity Owned IP Rights and Acquired Entity Licensed IP
Rights. 
 “Acquired Entity Contract” means any Contract to which an Acquired Entity or any Subsidiary of an Acquired
Entity is a party or by which any Acquired Entity or any Subsidiary of an Acquired Entity or any of their respective properties or assets is bound or otherwise subject. 

“Acquired Entity Licensed IP Rights” means all IP Rights licensed by any Person to any of the Acquired Entities or any of its
Subsidiaries. 
 “Acquired Entity Member Approvals” means, with respect to an Acquired Entity, the applicable Manager and
Member approval requirement (if any) pursuant to such Acquired Entity’s Organizational Documents. 
 “Acquired Entity Owned IP
Rights” means all the IP Rights owned or purported to be owned, in whole or in part, by any Acquired Entity or any Subsidiary of any Acquired Entity. 

“Acquired Entity Return” means, with respect to an Acquired Entity, any Tax Return filed by or with respect to such Acquired
Entity or any of such Acquired Entity’s Subsidiaries. 

  
 2 

 “Affiliate” means, with respect to any Person, any other Person that
directly or indirectly through one or more intermediaries controls or is controlled by, or is under common control with such first Person; provided, however, that Affiliates of MSG shall only include The Madison Square Garden Company
and Persons majority-owned and directly or indirectly controlled by The Madison Square Garden Company. 
 “Aggregate
Class A Investment Amount” means an amount equal to the sum of (i) the Adjusted Purchase Price minus (ii) the Aggregate Preferred Investment Amount minus (iii) the Net Debt Proceeds Amount. 

“Aggregate EMM/Vandal Notes Amount” means the aggregate amount of principal and accrued interest outstanding under the EMM
Note and the Vandal Notes as of the Closing. 
 “Aggregate Preferred Investment Amount” means $10,000,000. 

“Applicable Law” means, with respect to any Person, any Law that is binding upon, applicable to or affecting such Person, as
amended unless expressly specified otherwise. 
 “Associate” means, with respect to any Person: (a) any corporation,
partnership, joint venture or other entity of which such Person is an officer or partner or is, directly or indirectly, through one or more intermediaries, the beneficial owner of ten percent (10%) or more of: (i) any class or type of Equity
Interests (including profits interests); or (ii) the combined voting power of interests ordinarily entitled to vote for management or otherwise; and (b) any trust or other estate in which such Person has a substantial beneficial interest
or as to which such Person serves as trustee or in a similar fiduciary capacity. 
 “Aventine Escrow Agent” means TMI Trust
Company. 
 “Aventine Escrow Letter” means that certain letter agreement by and among Hollywood Cahuenga Restaurant, LLC,
TSPW Managers LA, LLC and the Aventine Escrow Agent. 
 “Balance Sheet Adjustment” means, an amount (which may be either a
positive or negative number) equal to (i) the Closing Net Working Capital Adjustment, minus (ii) the Closing Indebtedness (but excluding any Payoff Amount). 

“Balance Sheet Adjustment Allocation” means, with respect to each Member, the allocable portion (which may be either a
positive or negative number) of (i) any Balance Sheet Adjustment minus (ii) Transaction Expenses, which amount shall be allocated to each Member as determined by the Member Representative in accordance with the Restructuring Agreement.

 “Business Day” means a day, other than Saturday, Sunday or other day on which commercial banks in New York,
New York are authorized or required by Applicable Law to close. 
 “Class A Holdings Interests”
means the Class A Units (as defined in the A&R Holdings LLC Agreement). 
 “Closing Cash” means the combined cash
and cash equivalents of the Acquired Entities and the Acquired Entities’ Subsidiaries (other than the New Venues), determined in accordance with the Accounting Practices and Procedures upon consummation of the Closing (but without giving effect
to the Transactions contemplated to occur at or following the Closing). Closing Cash shall be calculated as a Current Asset as part of the Closing Net Working Capital calculations. 

“Closing Indebtedness” means, with respect to the Acquired Entities, all Indebtedness of the Acquired Entities and their
Subsidiaries (other than the New Venues except with respect to the Aggregate EMM/Vandal Notes Amount), calculated in accordance with the Accounting Practices and Procedures upon consummation of the Closing (but without giving effect to the
Transactions contemplated to occur at or following the Closing). For the avoidance of doubt, Closing Indebtedness shall (1) not include (A) any exceptions set forth in clauses (A)-(G) of the definition of Indebtedness, (B) any
Indebtedness included in the calculation of Current Liabilities or (C) any Indebtedness incurred by Borrower at the Closing pursuant to the Credit Agreement, and (2) include all fees, costs and other expenses incurred in connection with
the repayment at or upon (but not prior to) the consummation of the Closing of any obligations that constitute Closing Indebtedness pursuant to the prior sentence (as modified by clause (1) of this sentence). 

“Closing Merger Consideration” means, with respect to each Holdings Pre-Closing
Member, the aggregate amount payable to such Holdings Pre-Closing Member at the Closing, which shall be equal to the sum of (i) the product of (x) such Holdings
Pre-Closing Member’s Holdings Pre-Closing Percentage multiplied by (y) the amount by which the Purchase Price exceeds the Expense Holdback Amount
plus (ii) such Holdings Pre-Closing Member’s Balance Sheet Adjustment Allocation less (iii) such Holdings Pre-Closing Member’s Escrow
Amount Allocation less (iv) such Holdings Pre-Closing Member’s share of the Payoff Amount (which foregoing amounts in clauses (ii)-(iv) shall be allocated by the Member Representative).

  
 3 

 “Closing Net Working Capital” means Net Working Capital upon consummation
of the Closing (but without giving effect to the Transactions contemplated to occur at or following the Closing). 
 “Closing Net
Working Capital Adjustment” means (i) the Closing Net Working Capital minus (ii) the Net Working Capital Target. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Confidential IP Rights” means all confidential, proprietary and/or sensitive Proprietary Information, including Personal
Data, constituting Acquired Entity Business IP Rights. 
 “Contract” means any contract, lease, deed, mortgage, license,
instrument, note, commitment, undertaking, indenture, joint venture and any other agreement, binding arrangement or binding understanding, whether written or oral. 

“Control Notice” means a written notice given by an Indemnitor (or, in the event the Indemnitor is a Member, the Member
Representative) pursuant to Section 12.06 that: 
 (i) in the case of any Third Party Claim arising
out of, relating to, resulting from, in connection with or otherwise in respect of any inaccuracy or breach of any representation or warranty that is subject to the Business Cap pursuant to Section 12.03(a), provided
that Damages of the Indemnitees relating to such Third Party Claim are not reasonably likely to exceed one-hundred and sixty-two point five percent (162.5%) of the
Business Cap then remaining (taking into account previously paid indemnification claims and the reasonably likely damages of pending indemnification claims, in each case, subject to the Business Cap), includes therein (A) confirmation of such
Indemnitor’s responsibility to indemnify and hold harmless the Indemnitee in full (subject to the limitations set forth in Article 12) with respect to such Third Party Claim (provided that such confirmation shall not
be deemed an admission of any further indemnification responsibility as to the underlying claims of such Third Party Claim to the extent such Indemnitor prevails (as finally determined) in its defense against such Third Party Claim on behalf of such
Indemnitee), and (B) reasonably demonstrates that, as of such time, the Indemnitor has financial resources (taking into account the amount of the Indemnity Escrow Fund at the time and the value (determined in accordance with
Section 12.03(d)) of the Class A Holdings Interests and Preferred Holdings Interests held by the Indemnitor, in each case, if applicable) in order to indemnify for the reasonably likely amount of Damages that the
Indemnitor would be responsible under this Agreement (subject to the limitations set forth in Article 12); or 

(ii) in the case of any other Third Party Claim, provided that Damages of the Indemnitees relating to such Third Party
Claim are not reasonably likely to exceed one-hundred and sixty-two point five percent (162.5%) of the Cap then remaining (taking into account previously paid
indemnification claims and the reasonably likely damages of pending indemnification claims) (A) includes therein confirmation that such Indemnitor will pay the Indemnitee’s defense costs (limited to one counsel) and any other defense costs
for which the Indemnitor is responsible pursuant to Section 12.06(c) in connection with such Third Party Claim, and (B) reasonably demonstrates that, as of such time, the Indemnitor has financial resources (taking into account the amount
of the Indemnity Escrow Fund at the time and the value (determined in accordance with Section 12.03(d)) of the Class A Holdings Interests and Preferred Holdings Interests held by the Indemnitor, in each case, if
applicable) in order to indemnify for the reasonably likely amount of Damages that the Indemnitor would be responsible under this Agreement (subject to the limitations set forth in Article 12). 

“COTS License” means any license for “shrink-wrap,” “click-through” or other “off-the-shelf” Software that is widely commercially available to the public generally with annual license, maintenance, support and other fees of less than $15,000
in the aggregate. 
 “Credit Agreement” means the Credit and Guaranty Agreement among Borrower, Intermediate Holdings,
certain Subsidiaries of Borrower, Goldman Sachs Specialty Lending Group, L.P., and various lenders party thereto, dated as of the date of this Agreement. 

“Current Assets” means the combined current assets of the Acquired Entities and their Subsidiaries (other than the New
Venues), determined in accordance with the Accounting Practices and Procedures upon consummation of the Closing (but without giving effect to the Transactions contemplated to occur at or following the Closing), provided, that Current Assets shall
not include any Intercompany Accounts or accounts receivable related to management fees of Ninth Avenue Hospitality LLC, Roof Deck Entertainment, LLC, Roof Deck Australia, LLC or 55th Street Hospitality Holdings, LLC. 

  
 4 

 “Current Liabilities” means the combined current liabilities of the
Acquired Entities and their Subsidiaries (other than the New Venues), determined in accordance with the Accounting Practices and Procedures upon consummation of the Closing (but without giving effect to the Transactions contemplated to occur at or
following the Closing and without duplication of any amounts included in the calculation of Closing Indebtedness or Transaction Expenses), provided, that Current Liabilities shall not include any Intercompany Accounts. 

“Damages” means all damages, losses and expenses (including all reasonable expenses of investigation and reasonable
attorneys’ fees and expenses in connection with any Proceeding, whether involving a Third Party Claim or a claim solely between any one or more of the parties hereto), including, any special, incidental, consequential, expectation or indirect
damages or diminutions in value (including based on a multiple of profits or similar metrics) to the extent such Damages are reasonably foreseeable at the time of the breach; provided that “Damages” shall not include any exemplary or
punitive Damages, except to the extent that any such Damages are required to be paid to a Third Party pursuant to a Third Party Claim. 

“Debt” has the meaning assigned to such term in the definition of “Indebtedness” contained in this
Section 1.01. 
 “Debt Financing Expenses” means (i) the aggregate fees, costs and expenses of the Debt Financing
Sources and their respective counsel, financial advisors or other advisors payable or otherwise reimbursable by Holdings or its Subsidiaries at the Closing under the terms of the Credit Agreement, including any original issue discount or any upfront
fees, ticking fees or similar fees and expenses payable thereunder, and (ii) any other fees, costs and reasonable and documented out-of-pocket expenses incurred by
Parent or the Management Sellers in connection with obtaining the term loan financing contemplated by the Credit Agreement. 
 “Debt
Financing Sources” means, the Persons (other than the Acquired Entities or any of their Subsidiaries or any of their respective Affiliates or controlling persons) named in the Credit Agreement, together with their Affiliates, officers,
directors, employees, agents and representatives involved in the term loan financing contemplated by the Credit Agreement and their successors and assigns. 

“Disclosure Schedule” means the disclosure schedule dated the date of
this Agreement regarding this Agreement that has been provided by the Acquired Entities and Management Sellers to Parent. 
 “EMM
Note” means that certain promissory note issued by Bowery Hospitality Associates, LLC in favor of Bakers Dozen Associates LLC, dated April 18, 2016, in the principal sum of $500,000. 

“Environmental Laws” means any and all Laws arising out of or relating to: (i) emissions, discharges, releases or
threatened releases of any Hazardous Material into the environment (including ambient air, surface water, ground water, land surface or subsurface strata); (ii) the manufacture, processing, distribution, use, generation, treatment, storage,
disposal, transport or handling of any Hazardous Material; (iii) Liability for personal injury or property damage arising out of the manufacture, processing, distribution, use, generation, treatment, storage, disposal, transport, handling,
emission, discharge, release, threatened release, or presence of Hazardous Materials at real property (whether or not owned, leased or used by the Acquired Entities and their Subsidiaries); (iv) remediation, reclamation or restoration of real
property (whether or not owned, leased or used by Acquired Entities and their Subsidiaries); and (v) workplace health and safety and protection of employees from workplace hazards as they relate to exposure to Hazardous Materials. 

“Equity Interests” means, with respect to any Person, any (i) shares of capital stock, (ii) equity, ownership,
voting, profit or participation interests, or (iii) similar rights or securities in such Person or any of its Subsidiaries, or any rights or securities convertible into or exercisable or exchangeable for, options or other rights to acquire from
such Person or any of its Subsidiaries, or obligation on the part of such Person or any of its Subsidiaries to issue, any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Escrow Agent” means Citibank, N.A. 

“Escrow Agreement” means the escrow agreement entered into among Parent, the Member Representative and the Escrow Agent on
the Closing Date, in form attached as Exhibit E hereto. 
 “Escrow Amount” means the sum of
(i) the Purchase Price Adjustment Escrow Amount plus (ii) the Indemnity Escrow Amount. 

  
 5 

 “Escrow Amount Allocation” means, with respect to each Member, the
allocable portion of the Escrow Amount, which amount shall be allocated to each Member as determined by the Member Representative in accordance with the Restructuring Agreement. 

“Expense Holdback Amount” means $5,000,000. 

“Fundamental Representations” means representations and warranties contained in Section 3.01
(Existence and Power), Section 3.02 (Authorization), Section 3.04(i) (Non-contravention), Section 3.05 (Existing Equity
Interests), Section 3.08 (Finders’ Fees), Section 3.10(a) (Restrictions), Section 3.12(a)-(c) (Rollover Holdco Existence and Power),
Section 3.12(d) (Rollover Holdco Authorization), the first sentence of Section 3.12(e) (Rollover Holdco Non-contravention),
Section 3.12(f)-(i) (Rollover Holdco Capitalization; Ownership of Equity Interest), Section 3.12(k) (Rollover Holdco Finders’ Fees), Section 4.01 (Existence and
Power), Section 4.02 (Authorization), Section 4.04(i) (Non-contravention), Section 4.05 (Capitalization; Ownership of
Equity Interests), Section 4.20 (Finders’ Fees), Section 5.01 (Organization; Authorization),
Section 5.02(i) (Non-contravention), Section 5.03 (Ownership), Section 6.01 (Existence and Power),
Section 6.02 (Authorization), Section 6.04(i) (Non-contravention), Section 6.05 (Capitalization of Parent and Parent
Merger Sub; Ownership of Interests) and Section 6.07 (Finders’ Fees). 
 “GAAP” means
generally accepted accounting principles in the United States, consistently applied. 
 “Governmental Authority” means any
transnational, domestic or foreign federal, state or local governmental, regulatory, legislative, executive, administrative, judicial or quasi-governmental authority, department, bureau, commission, court, agency or official, including any political
subdivision thereof, and any entity (including a court or self-regulatory organization) exercising executive, legislative, judicial, Tax, regulatory or administrative functions of or pertaining to government. 

“Group Entity Interests” means, with respect to a Group Entity, the Equity Interests of such Group Entity. 

“Group Material Adverse Effect” means, with respect to the Acquired Entities, any change, effect, event, occurrence,
development, condition, circumstance, matter or fact (each, an “Effect”) that, individually or in the aggregate, together with all other Effects, (i) had or is reasonably likely to have a material adverse effect on the
condition (financial or otherwise), business, results of operations, assets or liabilities of the Acquired Entities and their respective Subsidiaries, taken as a whole, or (ii) is reasonably likely to prevent, delay in any material respect or
impede in any material respect the performance by the Acquired Entities of their respective obligations under this Agreement or the consummation of the Transactions by the Management Sellers, the Direct Rollover Members, other Rollover Holdco
Members or the Acquired Entities; provided, however, that none of the following shall, either alone or in combination, constitute, and none of the following shall be taken into account in determining whether there has been or is
reasonably likely to be a Group Material Adverse Effect: (1) Effects in the financial or securities markets or the economy; (2) Effects of global, national or regional political or business conditions (including the commencement,
continuation or escalation of war, material armed hostilities or other material international or national calamity or acts of terrorism or earthquakes, hurricanes, other natural disasters or acts of God); (3) Effects in the industries in which
such Person or its Subsidiaries operate; (4) Effects resulting from any change in Law, GAAP, or authoritative interpretations thereof after the date of this Agreement; (5) Effects resulting from the announcement of the execution of this
Agreement but only to the extent relating to the identity of Parent or its Affiliates; (6) Effects (in and of themselves) resulting from any failure by such Person to meet any published or internally prepared estimates of revenues, earnings or
other financial projections, performance measures or operating statistics for any period, provided that the exception in this clause (6) shall not prevent or otherwise affect a determination that an Effect underlying such failure has
resulted in, or contributed to, a Group Material Adverse Effect; or (7) Effects resulting from any acts or omissions of Parent or Parent Merger Sub after the date of this Agreement (other than actions or omissions specifically contemplated by
this Agreement); provided, further, however, that, with respect to clauses (1), (2), (3), and (4), any such Effect shall not be disregarded if it disproportionately impacts any of the Acquired Entities or their respective
Subsidiaries, taken as a whole, as compared to other similarly situated companies (by size or otherwise) operating in the principal industries and geographic areas in which the Acquired Entities and their respective Subsidiaries operate. 

“Hazardous Materials” means any solid, liquid or gaseous material, alone or in combination, mixture or solution, which is now
or hereafter defined, listed or identified as “hazardous” (including “hazardous substances” or “hazardous wastes”), “toxic,” a “pollutant” or a “contaminant” pursuant to any Law including
asbestos, urea formaldehyde, polychlorinated biphenyls (PCBs), radon, petroleum (including its derivatives, by-products or other hydrocarbons). 

“Holdings Allocation Percentage” means, with respect to each Member, the percentage set forth opposite such Member’s
name on Annex D. 
 “Holdings Pre-Closing Interests”
means the limited liability company interests of Holdings issued to the Holdings Pre-Closing Members in connection with the Restructuring and owned thereby as of immediately prior to the Closing. 

  
 6 

 “Holdings Pre-Closing Percentage”
means, with respect to each Holdings Pre-Closing Member, the percentage set forth opposite such Holdings Pre-Closing Member’s name on
Annex D. 
 “HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

 “Indebtedness” means, with respect to any Person, without duplication, (i) indebtedness for borrowed money or
indebtedness issued or incurred in substitution or exchange for indebtedness for borrowed money (any such Indebtedness, “Debt”), (ii) amounts owing as deferred purchase price for the acquisition of a business including all
seller notes and “earn-out” payments, except trade accounts payable and accrued expenses arising in the Ordinary Course, (iii) notes payable and drafts accepted of such Person representing
extensions of credit whether or not representing obligations for borrowed money, including any obligations of such Person evidenced by any note, bond, debenture, mortgage or other similar instrument or debt security, (iv) obligations under any
interest rate, currency or other hedging agreement, to the extent out of the money, (v) obligations under any performance bond, surety bond, letter of credit, bankers’ acceptance or similar instrument, but only to the extent drawn or
called prior to the Closing, (vi) all lease obligations required to be capitalized under GAAP, (vii) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by
such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property) and (viii) guarantees with respect to any indebtedness of any other
Person of a type described in clauses (i) through (vii) above and all obligations of others that are of the type referred to in clauses (i) through (vii) secured by (or for which the holder of such obligation has an existing
right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not such obligation secured thereby has been assumed. For the avoidance of doubt, Indebtedness shall not include (A) any
intercompany Indebtedness of the Acquired Entities and their respective Subsidiaries, (B) any Indebtedness incurred by Parent and its Affiliates (and subsequently assumed by the Acquired Entities or any of their Subsidiaries) at the Closing,
(C) any endorsement of negotiable instruments for collection in the Ordinary Course, (D) any Liabilities under any contract, agreement or other arrangement between the Group Entities and their respective Subsidiaries, on the one hand, and
Parent or any of its Affiliates, on the other hand, (E) any trade accounts payable, (F) any amounts included in the calculation of Transaction Expenses, and (G) any matter set forth on Schedule 1.01-A of the Disclosure Schedule. 
 “Indemnity Escrow Amount” means an amount
equal to fifteen million dollars ($15,000,000). 
 “Indemnity Escrow Fund” means the escrow fund established pursuant to
the Escrow Agreement in respect of obligations of the Management Sellers and the Members pursuant to Section 12.02(a) and Section 12.02(b), or, at the option of Parent,
Section 2.14, including any interest accrued thereon. The initial amount of the Indemnity Escrow Fund shall be the Indemnity Escrow Amount. 

“Intercompany Accounts” means accounts which reflect transactions between two or more Acquired Entities to the extent such
entities are included in the calculation of Net Working Capital.  
 “IP
Rights” means all of the following as may exist, be created or recognized in any jurisdiction throughout the world: (i) trademarks and service marks, trade names, trade dress, brand names, logos, business names, fictitious names,
corporate names, service names, look and feel, indicia of origin and identifiers of source, whether or not registered, including all goodwill associated therewith, and registrations and applications to register any of the foregoing;
(ii) patents, patent applications, patent disclosures and inventions, utility models, utility model applications, petty patents, statutory invention registrations, certificates of invention, designs, design registrations and applications, and
all other governmental grants for the protection of any inventions and industrial designs, including any continuations, continuations-in-part, divisionals, provisionals,
non-provisionals, reexaminations, restorations, renewals and reissues for any of the foregoing; (iii) published and unpublished works of authorship, copyrightable subject matter and copyrights and all parts thereof, (in each case, whether
registered or unregistered) including all rights of authorship, use, publication, reproduction, distribution, performance, moral rights, rights to create derivative works and rights of ownership of copyrightable works, and all rights to register any
of the foregoing and to obtain renewals, extensions and revivals of any of the foregoing together with all registrations thereof; (iv) trade secrets and confidential and/or proprietary information, including inventions (whether patentable or
unpatentable and whether or not reduced to practice), industrial designs, know-how, technical and business information, business methods, electronic databases, discoveries, research and development
information, formulae, recipes, methods, formulations, drawings, specifications, designs, algorithms, plans, proposals, technical and business data, financial information, improvements, modifications, developments, processes, techniques, algorithms,
manuals, instructions, blueprints, financial and marketing data, sales information, pricing and cost information, vendor lists, customer lists, distributor lists, supplier lists, data and information, prospect lists, Personal Data, work product,
business and marketing plans, market surveys and studies, projections, operational data and quality control procedures(collectively, “Proprietary Information”); (v) Software; (vi) URLS and domain names; (vii) mask
works, mask work registrations and applications for mask work registrations; (viii) all other proprietary information and intellectual property in all forms and media, and all goodwill associated therewith, now known or hereafter recognized in
any jurisdiction worldwide; (ix) all 

  
 7 

 
rights pertaining to the foregoing, including those arising under international treaties and convention rights; (x) copies and tangible embodiments of all of the foregoing (in whatever form
or medium); and (xi) all administrative rights arising from the foregoing, including the right to prosecute applications and oppose, interfere with or challenge the applications of others, the rights to obtain renewals, continuations,
divisions, and extensions of legal protection pertaining to any of the foregoing. 
 “IT Systems” means information
technology systems and resources, including all Software, hardware, networks, computers, equipment and related systems. 

“Knowledge” means (i) with respect to the Acquired Entities, the actual knowledge of the individuals listed on
Schedule 1.01-B of the Disclosure Schedule (ii) with respect to a Rollover Holdco Member or Direct Rollover Member, the actual knowledge of such Member, and (iii) with
respect to Parent, the actual knowledge of the individuals listed on Schedule 1.01-B of the Parent Disclosure Schedule. 

“Law” means any federal, state, local or foreign law (statutory, common or otherwise), statute, regulation, constitution,
municipal by-law, treaty, convention, ordinance, code, rule, regulation, Order or other requirement (and any interpretation of the foregoing) enacted, adopted, promulgated or applied by a Governmental
Authority. 
 “Lease Guarantors” means the persons set forth on
Schedule 1.01-C of the Disclosure Schedule. 
 “Lease Personal
Guarantee” means those certain personal guarantees set forth opposite each Lease Guarantor’s name on Schedule 1.01-C of the Disclosure Schedule. 

“Liability” means any debt, liability, obligation and other commitment of any kind or nature, whether direct or indirect,
unaccrued or fixed, absolute or contingent, matured or unmatured, known or unknown and whether or not determined or determinable or due or to become due, including those arising under any Applicable Law, Proceeding, Order or Contract. 

“Lien” means any mortgage, lien, pledge, charge, security interest, claim, option, tenancy, license, right-of-way, easement or other encumbrance of any kind; provided, however, that, for the avoidance of doubt, the term “Lien” shall not include, in and
of itself, any non-exclusive license of IP Rights. 
 “LLC Agreement” means, with
respect to an Acquired Entity, the operating agreement of such Acquired Entity, as set forth opposite such Acquired Entity’s name on Schedule 1.01-D of the Disclosure Schedule.

 “Management Assets” means, with respect to each Management Seller, the assets set forth opposite such Management
Seller’s name on Annex E which for the avoidance of doubt shall not include the assets specifically identified as excluded from Management Assets as set forth on Schedule 3.06 of the
Disclosure Schedule. 
 “Material” means material to the business, financial condition or operating results of the Acquired
Entities and their respective Subsidiaries, taken as a whole. 
 “Member” means with respect to each Acquired Entity, each
Person who has been admitted to such Acquired Entity as a Member and remained a Member as of immediately prior to the Restructuring in accordance with the applicable LLC Agreement of such Acquired Entity, and each other Equityholder owning Equity
Interests in such Acquired Entity as of immediately prior to the Restructuring. Unless otherwise noted, “Members” shall mean the Members of all of the Acquired Entities, and shall include all of the Equityholders included on
Schedule 4.05(a) of the Disclosure Schedule. 
 “Minimum Cash Holdback Amount” means, with
respect to any Rollover Holdco Member and Direct Rollover Member (in his, her or its capacity as a Holdings Pre-Closing Member), the product obtained by multiplying (i) the Minimum Cash Holdback by
(ii) the ratio of such Rollover Holdco Member’s Rollover Class A Allocated Investment Percentage divided by the Rollover Class A Investment Percentage. 

“Net Debt Proceeds Amount” means One Hundred Ten Million Dollars ($110,000,000) minus the Debt Financing Expenses
described in clause (i) of the definition of “Debt Financing Expenses”. 
 “Net Working Capital” means
(i) Current Assets minus (ii) Current Liabilities. 
 “Net Working Capital Target” means negative $45,000.

  
 8 

 “New CapEx Venues” means Bowery Hospitality Associates LLC, Guapo Bodega
Las Vegas LLC and Dearborn Ventures LLC. 
 “New Entities” means Holdings, Intermediate Holdings, Borrower and
ManagementCo. 
 “New Venue Opening Amount” means, with respect to the
New CapEx Venues, an amount equal to the product of (i) eighty percent (80%) multiplied by (ii) the sum of (x) the aggregate capital, start-up, or other similar expenditures and Soft
Costs under Contracts with (or for services rendered without a Contract by) contractors, professionals and other vendors, of such New CapEx Venues actually paid (“New Venue Opening Expenses”), less (y) the aggregate dividends
or distributions or any other direct or indirect payment of any kind actually paid by New Venues with respect to their Equity Interests (or otherwise to any Equityholder of a New Venue, but for the avoidance of doubt not including (1) payments
in the Ordinary Course of salary, bonuses or reimbursement of expenses to the Equityholders that are employees of a New Venue or (2) (aa) 100% of management fees payable to certain Equityholders with respect to the New Venues paid with respect to
(and solely to the extent applicable to) periods prior to January 1, 2017, and (bb) 50% of management fees payable to certain Equityholders with respect to the New Venues paid with respect to (and solely to the extent applicable to) periods on
or following January 1, 2017, in each case of clauses (1) and (2) as listed on Schedule 1.01-F of the Disclosure Schedule), in each case of subclauses (x) and (y), made prior to or
concurrently with the consummation of the Closing (but without giving effect to the Transactions) determined in accordance with the Accounting Practices and Procedures; provided, that the aggregate New Venue Opening Expenses for the purposes
of the calculation thereof shall not exceed Eighteen Million Dollars ($18,000,000) (the “New Venue Opening Amount Cap”). As between the Members and the Member Representative, to the extent any New Venue Opening Expenses exceeds the
New Venue Opening Amount, the New Venue Opening Amount shall be allocated to each applicable Group Entity as determined by the Member Representative proportionally based on the applicable expenditures thereof via the Balance Sheet Adjustment
Allocation. The parties hereto hereby acknowledge and agree that the New Venue Opening Amount is $13,218,400 and such amount has been incorporated into the Purchase Price set forth in Section 2.03(a)(i). 

“New Venues” means Bowery Hospitality Associates LLC, Guapo Bodega Las Vegas LLC, Dearborn Ventures LLC, ALA Hospitality LLC,
Asia Los Angeles LLC, B&E Los Angeles LLC, TG Hospitality Group, LLC, 11th Street Hospitality LLC, Chelsea Hospitality Associates LLC, Lower East Side Hospitality LLC, Bayside Hospitality Group LLC and Seventh Avenue Hospitality LLC. 

“Order” means any order, award, injunction (preliminary or permanent), judgment, decree, ruling or verdict, writ,
stipulation, determination, settlement or other decision issued, promulgated or entered by or with a Governmental Authority or arbitrator. 

“Ordinary Course” means, with respect to any Person, actions and operations that satisfy all of the following criteria:
(i) are consistent with the past practices of such Person and (ii) are taken in the ordinary course of the normal, operations of such Person. 

“Organizational Documents” means, with respect to any Person, the articles of organization, certificate of formation,
certificate of incorporation, by-laws, limited liability company agreement, operating agreement or any other similar organizational documents of such Person. 

“Parent Disclosure Schedule” means the disclosure schedule dated the date of this Agreement regarding this Agreement that has
been provided by Parent to the Group Entities. 
 “Payoff Debt” means the estimated Debt (if any) included in the Pre-Closing Statement, including the Aggregate EMM/Vandal Notes Amount. 
 “Payoff
Letter” means, with respect to any arrangements with respect to Payoff Debt, if any (whether pursuant to a credit facility, line of credit or other arrangement, and including all existing Debt of the Acquired Entities), from each holder or
issuer of such Payoff Debt, wire instructions and a payoff letter duly executed by such holder or issuer stating the amount (including any outstanding interest thereunder and any prepayment penalties, fees, expenses, make-whole amounts and similar
amounts related to such payment) required to discharge in full such Debt as of immediately prior to or upon the consummation of the Closing and providing for, among other things, the release of all Liens securing such Payoff Debt. 

“Per Class A Holdings Interest Value” means (i) Aggregate Class A Investment Amount divided
by (ii) the aggregate number of Class A Holdings Interests that will be issued and outstanding immediately following the Transactions (as set forth on Exhibit B to the A&R Holdings LLC Agreement). 

“Per Redeemable Holdings Interest Value” means $1.10. 

  
 9 

 “Permit” means any license, approval, permit, Order, consent, franchise,
qualification, registration, certification or other authorization issued, granted, given, or otherwise made available by or under the authority of any Governmental Authority or pursuant to any Law. 

“Permitted Liens” means, (i) Liens disclosed in the December 27, 2015 combined balance sheets included in the Group
Audited Financial Statements, (ii) Liens for Taxes, assessments and other government charges not yet due and payable or which are being contested in good faith by appropriate proceedings, (iii) mechanics’, workmen’s,
repairmen’s, warehousemen’s, carriers’ or other similar common law or statutory Liens arising in the Ordinary Course which are not due and payable and which may hereafter be paid without penalty, or that are being contested in good
faith by appropriate proceedings, (iv) Liens relating to the transferability of securities under applicable securities Laws, (v) Liens securing rental payments under capitalized leases, (vi) Liens to which the fee simple interest (or
any superior leasehold interest) in real property is subject, provided, that such Liens were not created by a Group Entity (unless such Liens would be Permitted Liens pursuant to a different clause in this definition, in which case this proviso
shall not apply), (vii) Liens in favor of the lessors and licensors under leases and licenses, (viii) easements, rights-of-way, restrictive covenants,
encroachments and other minor irregularities in title that do not in any material respect detract from the current use of the applicable asset or real property, (ix) zoning, entitlement, building, and other land use regulations and codes
imposed by any Governmental Authority having jurisdiction over the real property, (x) non-exclusive licenses of IP Rights granted in the Ordinary Course, and (xi) the Liens set forth on
Schedule 1.01-E of the Disclosure Schedule; provided, that with respect to clauses (ii), (iii) and (v) of this definition of “Permitted Liens”, such Liens
shall be deemed Permitted Liens for purposes of this Agreement solely to the extent (A) appropriate reserves have been established in accordance with GAAP with respect to the Liability to which such Lien relates, (B) with respect to a
Liability that is not a Current Liability, such Liens or the Liability to which such Lien relates was described in the notes to the December 27, 2015 combined balance sheets included in the Group Audited Financial Statements, or reflected in
the December 25, 2016 combined balance sheets included in the Group Interim Financial Statements, or (C) with respect to a Liability that is a Current Liability, such Liens or the Liability to which such Lien relates was otherwise included
in the calculation of Closing Net Working Capital or Closing Indebtedness, in each case, as finally determined pursuant to Section 2.14. 

“Person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Personal Data”
means any information (including a Person’s name, street address, telephone number, e-mail address, photograph, social security number, tax identification number, driver’s license number, passport
number, payment card number, bank account information and other financial information, customer or account numbers, account access codes and passwords, Internet Protocol address, geographic location, family members, group memberships, internet
browsing history, persistent identifier, order and purchase histories, amounts spent, platform behavior, conduct, preferences, demographic data and any other data and information) which, whether alone or in combination with other information,
identifies or is associated with an identified natural Person. 
 “Post-Closing New Venue Opening Expenses” means, with
respect to each New CapEx Venue, any capital, start-up or other similar expenditures and Soft Costs under Contracts with (or for services rendered without a Contract by) contractors, professionals and other
vendors, of such New CapEx Venue (x)(i) in excess of $1,920,000 incurred with respect to goods or services to be rendered prior to the Closing, but not paid, at any time at or prior to the consummation of the Closing with respect to Dearborn
Ventures LLC, or (ii) incurred or should have been incurred at any time at or prior to the respective venue opening dates of Bowery Hospitality Associates LLC and Guapo Bodega Las Vegas LLC (which, for purposes of this clause (x), shall include
Liabilities solely to the extent arising out of, relating to, resulting from, in connection with or otherwise in respect of: (i) payment obligations with respect to products, services and related expenses under Contracts with contractors,
professionals or other vendors or (ii) payment obligations with respect to products, services and related expenses to such types of third parties if they were not otherwise under contract (and shall not, for the avoidance of doubt for purposes
of this clause (x), otherwise include any other types of Liabilities, including Liabilities arising out of torts or related indemnification Liabilities under such contractor, professional or vendor Contracts)). 

“Pre-Closing Taxes” means any Tax imposed with respect to a Tax period (or portion
thereof) ending on or prior to the Closing Date. In the case of a taxable period beginning prior to and ending after the Closing Date, Pre-Closing Taxes shall be based upon an interim closing of the books,
except that property, ad valorem and other periodic Taxes shall be allocated on a per diem basis. 
 “Preferred Holdings
Interests” means Preferred Holdings Interests (as defined in the A&R Holdings LLC Agreement). 
 “Preferred Investment
Amount” means (i) with respect to Rollover Holdco, $1,254,000 and (ii) with respect to Parent, $8,746,000. 

“Principals” means the individuals listed on
Schedule 1.01-G of the Disclosure Schedule. 

  
 10 

 “Privacy Agreements” means privacy and data related policies and other
Contracts in effect between any of the Acquired Entities and any customers, clients, licensees, end users or other Third Parties that are applicable to the collection, protection, storage, processing, use and/or disclosure of Personal Data in
connection with the Acquired Entities’ or any of their respective Subsidiaries’ respective businesses. 

“Proceeding” means any complaint, action, suit (at law or in equity), claim, arbitration, hearing, audit, investigation or
similar proceeding (whether civil, criminal, administrative or investigative) pending, commenced, brought, conducted, or heard by or before, any Governmental Authority or arbitrator. 

“Purchase Price Adjustment Escrow Amount” means $4,000,000. 

“Purchase Price Adjustment Escrow Fund” means the escrow fund established pursuant to the Escrow Agreement in respect of
obligations of the Members pursuant to Section 2.14, including any interest accrued thereon. The initial amount of the Purchase Price Adjustment Escrow Fund shall be the Purchase Price Adjustment Escrow Amount.  
 “Redeemable Holdings Interests” means Redeemable Interests (as defined
in the Amended and Restated Limited Liability Company Agreement of Holdings, dated as of January 30, 2017). 
 “Registered
Acquired Entity Owned IP Rights” means Acquired Entity Owned IP Rights issued by, registered, recorded or filed with, renewed by or the subject of a pending application before any Governmental Authority, Internet domain name registrar or
other authority. 
 “Regulatory Filing Fees” means any filing fees in connection with all filings under the HSR Act. 

“Relative” of a Person means such Person’s spouse, such Person’s parents, sisters, brothers, children and the
spouses of the foregoing. 
 “Representatives” means, with respect to any Person, such Person’s officers, directors,
employees, investment bankers, attorneys, accountants, consultants or other agents or advisors. 
 “Rollover
Class A Allocated Investment Percentage” means, with respect to each of the Direct Rollover Members and Rollover Holdco, the percentage of the Rollover Class A Investment Percentage allocated to such Holdings Pre-Closing Member and set forth opposite such Holdings Pre-Closing Member’s name on Annex D. For the avoidance of doubt, the combined percentage of all Rollover
Class A Allocated Investment Percentages allocated to each of the Direct Rollover Members and Rollover Holdco shall at all times equal thirty-seven point-five percent (37.5%). 

“Rollover Class A Investment Amount” means the product obtained by multiplying (i) the Aggregate
Class A Investment Amount by (ii) the Rollover Class A Investment Percentage. 
 “Rollover Class A
Investment Percentage” means thirty-seven point-five percent (37.5%), the percentage of Class A Holdings Interests that Rollover Holdco and the Direct Rollover Members shall collectively own in Holdings upon the consummation of the
Closing. 
 “Rollover Preferred Investment Amount” means the Preferred Investment Amount with respect to Rollover Holdco,
which is equal to $1,254,000. 
 “Seller Side Letter” means any Contract (other than any Side Letter) with one or more
holders of Equity Interests or Managers (or persons in similar positions with different names) that amends, modifies or supplements the terms and conditions of any Organizational Documents (whether or not in accordance with such Organizational
Documents), including Contracts that affect governance of any Acquired Entity or Subsidiary thereof, or the voting, transfer, ownership or control of Equity Interests of an Acquired Entity or Subsidiary thereof. For the avoidance of doubt, Seller
Side Letters shall not include LLC Agreements or any Employee Plan. 
 “Side Letter” means any Contract with one or more
holders of Equity Interests or Managers (or persons in similar positions with different names), to which an Acquired Entity or Subsidiary of an Acquired Entity is a party that amends, modifies or supplements the terms and conditions of any
Organizational Documents (whether or not in accordance with such Organizational Documents), including Contracts that affect governance of any Acquired Entity or Subsidiary thereof, or the voting, transfer, ownership or control of Equity Interests of
an Acquired Entity or Subsidiary thereof. 

  
 11 

 “Soft Costs” means fees, costs and expenses related to legal services,
travel and research, pre-opening rent, pre-opening utilities and occupancy, pre-opening payroll and purchases (including uniforms
and general supplies) and limited liability company licenses. 
 “Software” means (i) all software, firmware,
middleware, computer programs, applications, interfaces, tools, operating systems, software code of any nature, (including all object code, source code, interpreted code, data files, rules, definitions and methodology derived from the foregoing) and
any derivations, updates, enhancements and customization of any of the foregoing, together with all processes, technical data, build scripts, test scripts, algorithms, APIs, subroutines, techniques, operating procedures, screens, user interfaces,
report formats, development tools, templates, menus, buttons, icons and user interfaces, (ii) all electronic data, databases and data collections, and (iii) all documentation, including user manuals, technical manuals, training manuals,
programming comments, descriptions, flow charts and other work products used to design, plan, organize and develop any of the foregoing. 

“Subsidiary” means, with respect to any Person, any entity of which securities or other ownership interests having majority
voting power over such entity are at any time directly or indirectly owned by such Person. 
 “Tax” means any tax, charge,
impost, levy, duty or other like assessment or charge of any kind whatsoever imposed by any Taxing Authority (including withholding on amounts paid to or by any Person), together with any interest, penalty, addition to tax or additional amount;
provided that the foregoing definition of Tax shall not include any liquor license fee or similar occupational or licensing fees imposed by any Governmental Authority that are not based on income, receipts or expenditures. 

“Tax Return” means any Tax report, return, declaration or filing required to be supplied to any Taxing Authority with respect
to Taxes. 
 “Taxing Authority” means any Governmental Authority (domestic or foreign) responsible for the imposition of
any Tax. 
 “Third Party” means any Person, including as defined in Section 13(d) of the 1934 Act, other than Parent
or any of its Affiliates. 
 “Transaction Documents” means this Agreement, the Employment Agreements, the Escrow Agreement,
the Letters of Transmittal, the Credit Agreement, the Credit Documents (as defined in the Credit Agreement), the A&R Holdings LLC Agreement, the A&R Rollover Holdco LLC Agreement, the Restructuring Agreement and any other agreements,
certificates or other documents to be entered into in connection with this Agreement or the Transactions (including the Restructuring). 

“Transaction Expenses” means, in each case, to the extent not paid prior to the Closing, (i) the aggregate outstanding
fees and expenses of counsel, financial advisors or other advisors incurred prior to the Closing by the Acquired Entities and their Subsidiaries in connection with this Agreement and the Transactions (including the Advisor Amounts but excluding Debt
Financing Expenses), (ii) all severance, change of control payments (including, for the avoidance of doubt, any payments triggered on a transfer of Equity Interests of the Acquired Entities), change of control bonuses (including the total
payments described in Schedule 9.08-A of the Disclosure Schedule), transaction bonuses, deal bonuses, retention bonuses or any similar compensation paid or payable (including, without duplication, the
employer portion of any payroll, social security, unemployment or similar Taxes incurred by any of the Acquired Entities or their Subsidiaries in connection therewith) by or on behalf of any Acquired Entity or Subsidiary of an Acquired Entity
pursuant to any plan, program, policy, agreement or arrangement that is adopted, approved, promised, agreed to, implemented or established by such Acquired Entity or Subsidiary of an Acquired Entity prior to or at the Closing (in each case, to the
extent triggered by the consummation of the Transactions, whether paid or payable prior to, at or after the consummation of the Closing) to current or former members, managers, officers, employees, directors, contractors or consultants of such
Acquired Entity or Subsidiary of an Acquired Entity, in each case, in connection with this Agreement or the Transactions, except for any payments under the bonus and incentive arrangements set forth in Exhibit E to the A&R Holdings LLC
Agreement, (iii) any broker’s, finder’s or similar fee or other commission or compensation, (iv) if a D&O Policy is purchased prior to the Closing, the D&O Premium, (v) any change of control or similar payment
payable as a result of the consummation of the Transactions, including any payments, fees, costs and expenses (including reasonable attorneys’ fees) incurred in connection with obtaining consents from the parties to the Contracts listed on
Schedules 3.04 and 4.04 of the Disclosure Schedule, (vi) 50% of actual Transfer Taxes paid or required to be paid in connection with the Transactions; provided, that if the total Transfer Taxes paid or required to be paid
in connection with the Transactions is in excess of $400,000, in addition to the $200,000 of Transfer Taxes otherwise included hereunder as Transaction Expenses, the entire amount of such Transfer Taxes in excess of $400,0000 shall also be deemed
Transaction Expenses, and (vii) 50% of any filing fees paid or required to be paid in connection with all amendments or filings for liquor licenses with respect to the Acquired Entities or their Subsidiaries in connection with the Merger. For
the avoidance of doubt, “Transaction Expenses” shall not include any Debt Financing Expenses. 

  
 12 

 “Transaction Percentage” means, with respect to each Group Entity, the
percentage set forth opposite such Group Entity’s name on Annex A hereto. 
 “Transaction Tax
Deduction” means to the extent deductible for applicable Income Tax purposes (taking into account the safe harbor in IRS Revenue Procedure 2011-29 to the extent applicable), as reasonably determined
by the Member Representative, the amount of any Transaction Expenses and any other transaction costs incurred by an Acquired Entity or any of its Subsidiaries in connection with, or triggered by, the Transactions. 

“Transfer Tax” means any transfer, documentary, sales, use, stamp, registration, value added or other similar Tax (including
any penalties and interest). 
 “Vandal Notes” means (i) that certain promissory note issued by Bowery Hospitality
Associates LLC in favor of Marc Packer Revocable Trust and the Richard Wolf Revocable Trust, dated April 13, 2016, in the aggregate principal sum of $2,000,000 ($1,000,000 to each lender) and (ii) that certain loan made by Andrew Goldberg
to Bowery Hospitality Associates in the principal amount of $20,000. 
 “Wholly-Owned Operating Agreement” means
(a) the limited liability company agreement in the form attached hereto as Exhibit B (with changes for the name, location and similar changes not involving any Liabilities or restrictions or other material changes to
the form) entered into by each Group Entity and Subsidiary of a Group Entity upon the consummation of the Restructuring or (b) any other operating agreement of a Subsidiary of a Group Entity substantially similar to the limited liability
company agreement in the form attached hereto as Exhibit B (including, for the avoidance of doubt, any by-laws with similar rights and obligations to such form) which have been agreed upon by Parent and
the Member Representative prior to the date of this Agreement, provided that such operating agreements (other than corporation by-laws and other than 632 N. Dearborn Operations, LLC and IP BISC LLC) described
in this clause (b) are amended and restated no later than 45 days following the date hereof to reflect the terms of the form attached hereto as Exhibit B. 

(b) Each of the following terms is defined in the Section set forth opposite such term: 

 

			
	A&R Holdings LLC Agreement	  	Recitals
	A&R Rollover Holdco LLC Agreement	  	Recitals
	Accounting Firm	  	2.14(b)
	Acquired Entity Released Claims	  	14.15(b)
	Acquired Entity Released Parties	  	14.15(a)
	Acquired Entity Releasor	  	14.15(b)
	Acquired Entity Representations	  	3.13
	Acquired Entity Subsidiary Equity Interests	  	4.06(b)
	Adjusted EBITDA	  	2.03(c)(i)
	Adjusted Purchase Price	  	2.03(a)(ii)
	Advisor Amounts	  	2.10(d)(iv)
	Affiliate Contract	  	4.21
	Affiliate Transaction	  	4.21
	Agreement	  	Preamble
	Attributable Class A Unit	  	3.12(i)
	Attributable Preferred Unit	  	3.12(i)
	Aventine Escrow Amount	  	2.07
	Aventine Initial Payment Portion	  	2.07
	Balance Sheet Date	  	4.07(a)
	Borrower	  	Preamble
	Business Cap	  	12.03(a)
	Cap	  	12.03(a)
	Cash Purchase Price	  	2.03(a)(ii)
	Certificate of Merger	  	2.02(b)
	Closing	  	2.09
	Closing Cash Consideration	  	2.04(c)(ii)
	Closing Cash Merger Consideration	  	2.04(a)(i)
	Closing Date	  	2.09
	Closing Rollover Consideration	  	2.04(a)(ii)
	Confidentiality Agreements	  	9.07

  
 13 

			
	D&O Policy	  	7.06(a)
	D&O Premium	  	7.06(a)
	De Minimis Breach	  	12.03(b)
	Deal Approval	  	Recitals
	Debt	  	1.01
	Debt Distribution Amount	  	2.04(c)(ii)
	Deductible	  	12.03(b)
	Delivered Letters of Transmittal	  	Recitals
	Direct Rollover Member	  	Preamble
	Direct Rollover Members	  	Preamble
	Earn-Out Amount	  	2.03(c)(v)
	Earn-Out Amount Cap	  	2.03(c)(vi)
	Earn-Out Period	  	2.03(c)(iii)
	Earn-Out Qualification	  	2.03(b)(i)
	Earn-Out Threshold	  	2.03(c)(iv)
	EBITDA	  	2.03(c)(ii)
	Effect	  	1.01
	Effective Time	  	2.02(b)
	Employee Plan	  	4.16(a)
	Employment Agreement	  	Recitals
	Employment Agreements	  	Recitals
	Enforceability Exceptions	  	3.02
	Equityholder	  	Recitals
	Equityholders	  	Recitals
	Escrow Funds	  	2.15
	Estimated Adjusted Purchase Price	  	2.08
	Expiration Date	  	12.01
	Final Adjusted Purchase Price	  	2.14(c)
	Group Audited Financial Statements	  	4.07(a)
	Group Balance Sheet	  	4.07(a)
	Group Breach	  	12.02(a)(ii)
	Group Entities	  	Preamble
	Group Entity	  	Preamble
	Group Entity Financial Statements	  	4.07(a)
	Group Interim Financial Statements	  	4.07(a)
	Group Warranty Breach	  	12.02(a)(i)
	Holdings	  	Preamble
	Holdings Merger Subs	  	4.06(c)
	Holdings Pre-Closing Member	  	Recitals
	Holdings Pre-Closing Members	  	Recitals
	Indemnitee	  	12.02(c)
	Indemnitor	  	12.05
	Indemnity Notice	  	12.05
	Insurance Policies	  	4.19
	Intermediate Holdings	  	Preamble
	Leased Real Property	  	4.10(a)(i)
	Letter of Transmittal	  	2.13(a)
	Management Seller	  	Preamble
	Management Sellers	  	Preamble
	ManagementCo	  	Preamble
	Manager	  	Recitals
	Managers	  	Recitals
	Material Contracts	  	4.10(a)
	Member Breach	  	12.02(b)(ii)
	Member Released Claims	  	14.15(a)
	Member Released Parties	  	14.15(b)
	Member Releasor	  	14.15(a)
	Member Representative	  	Preamble

  
 14 

			
	Member Warranty Breach	  	12.02(b)(i)
	Members’ Counsel	  	14.13
	Merger	  	2.02(a)
	Minimum Cash Holdback	  	2.07
	MSG Company Successor	  	2.03(c)(vii)
	MSG LLC	  	9.07
	MSG Stock	  	2.03(c)(viii)
	Multiemployer Plan	  	4.16(b)
	New Venue Opening Amount Cap	  	1.01
	New Venue Opening Expenses	  	1.01
	Notice of Disagreement	  	2.14(b)
	Parent	  	Preamble
	Parent Breach	  	12.02(c)(ii)
	Parent De Minimis Breach	  	12.03(c)
	Parent Indemnitee	  	12.02(a)
	Parent Merger Sub	  	Preamble
	Parent Minimum Cash Amount	  	2.07
	Parent Warranty Breach	  	12.02(c)(i)
	Payoff Amount(s)	  	2.10(d)(vi)
	Post-Closing Statement	  	2.14(a)
	Pre-Closing Statement	  	2.08
	Principal Amount	  	12.03(e)
	Proposal NDAs	  	4.10(a)(vi)
	Proprietary Information	  	1.01
	Purchase Price	  	2.03(a)(i)
	Qualified MSG Stock	  	2.03(c)(ix)
	Qualified Successor Stock	  	2.03(c)(x)
	Real Property Lease	  	4.10(a)(i)
	Released Claims	  	14.15(b)
	Released Parties	  	14.15(b)
	Releasor	  	14.15(b)
	Releasors	  	14.15(b)
	Rep Letter	  	9.10
	Represented Documents	  	14.14(a)
	Represented Party	  	14.14(a)
	Restructuring	  	Recitals
	Restructuring Agreement	  	Recitals
	Rollover Holdco	  	Preamble
	Rollover Holdco Class A Units	  	3.12(i)
	Rollover Holdco Member	  	Preamble
	Rollover Holdco Member Indemnitor	  	12.03(e)
	Rollover Holdco Members	  	Preamble
	Rollover Holdco Preferred Unit	  	3.12(i)
	Rollover Holdco Preferred Units	  	3.12(i)
	Seller Indemnitee	  	12.02(c)
	Special Representations	  	12.01
	Straddle Period	  	11.02
	Straddle Period Returns	  	11.02
	Successor Stock	  	2.03(c)(xi)
	Surviving Entity	  	2.02(a)
	The Madison Square Garden Company	  	2.03(c)(xii)
	Third Party Claim	  	12.06(a)
	Transactions	  	Recitals
	TTM Period	  	2.03(c)(xiii)
	Year 5 TTM Period	  	2.03(c)(xiv)

  
 15 

 Section 1.02. Other Definitional and Interpretative Provisions. Unless the
express context otherwise requires: 
 (a) the words “hereof”, “herein” and “hereunder” and words of similar
import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (b)
the captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof; 
 (c)
references to Articles, Sections, Exhibits, Annexes and Schedules are to Articles, Sections, Exhibits, Annexes and Schedules of this Agreement unless otherwise specified; 

(d) all Exhibits, Annexes and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this
Agreement as if set forth in full herein; 
 (e) any capitalized terms used in any Exhibit, Annex or Schedule but not otherwise
defined therein, shall have the meaning as defined in this Agreement; 
 (f) any singular term in this Agreement shall be deemed to include
the plural, and any plural term the singular; 
 (g) whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import; 

(h) the word “or” is not exclusive; 

(i) “writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including
electronic media) in a visible form; 
 (j) references to any statute shall be deemed to refer to such statute as amended from time to time
and to any rules or regulations promulgated thereunder; 
 (k) references to any Contract as of the date of this Agreement, shall be deemed
to refer to that Contract as amended, modified or supplemented as of the date of this Agreement; 
 (l) references to any Person include the
successors and permitted assigns of that Person; 
 (m) references from or through any date mean, unless otherwise specified, from and
including or through and including, respectively; 
 (n) references to “law”, “laws” or to a particular statute or law
shall be deemed also to include any Applicable Law; 
 (o) references to “it” or “its” and similar references, when
applied to any individual, shall be deemed to refer to “him” or “her”, “he” or “she”, or “his” or “hers”, as applicable; 

(p) any information or materials shall be deemed provided, made available or delivered to Parent if such information or materials have been
delivered to Parent or uploaded to the electronic data room maintained by the Group Entities and their financial advisors for purposes of the Transactions at least two (2) days prior to the date of this Agreement; 

(q) the parties hereto intend that each representation, warranty, covenant and agreement herein shall have independent significance, and if
any party hereto has breached any representation, warranty, covenant or agreement contained herein, the fact that there exists another representation, warranty, covenant or agreement relating to the same subject matter (regardless of the relative
levels of specificity) which such party has not breached shall not detract from or mitigate the fact that such party is in breach of the first representation, warranty, covenant or agreement, as the case may be; 

(r) references (including, for example, references in Section 2.04) to a Holdings Pre-Closing
Member relating to his, her or its rights in respect of consideration to be paid under this Agreement shall refer to such Person in his, her or its capacity as a direct holder of Equity Interests of Holdings, and any calculation or other
determination with respect to such Person shall not take into account any Equity Interests of Holdings indirectly held by such Holdings Pre-Closing Member through Rollover Holdco; and 

  
 16 

 (s) the parties hereto have participated jointly in the negotiation and drafting of this
Agreement; accordingly, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party hereto by virtue of the authorship of any provisions of this Agreement. 
 ARTICLE 2 

RESTRUCTURING AND CLOSING TRANSACTIONS 

Section 2.01. Reserved. Reserved. 

Section 2.02. Merger. 

(a) At the Effective Time, Parent Merger Sub shall be merged with and into Holdings in accordance with the Delaware Limited Liability Company
Act (the “Merger”), and subject to the terms and provisions of this Agreement, whereupon the separate existence of Parent Merger Sub shall cease, and Holdings shall be the surviving entity in such merger (the “Surviving
Entity”). 
 (b) At the Closing, Parent Merger Sub and Holdings shall file a certificate of merger with the Delaware Secretary of
State in the form attached hereto as Exhibit F (the “Certificate of Merger”), and make all other filings or recordings required by the Delaware Limited Liability Company Act in connection with Merger. The
Merger shall become effective at such time (the “Effective Time”) as the Certificate of Merger is duly filed with the Delaware Secretary of State (or at such later time as may be specified in the Certificate of Merger). 

(c) From and after the Effective Time, the Surviving Entity shall possess all the rights, powers, privileges and franchises and be subject to
all of the obligations, liabilities, restrictions and disabilities of Holdings and Parent Merger Sub, all as provided under the Delaware Limited Liability Company Act. 

Section 2.03. Purchase Price; Earn-Out. 

(a) Purchase Price. 

(i) Subject to the adjustments set forth in Section 2.14, the purchase price payable in respect of
Holdings shall be an amount (such amount, the “Purchase Price”) equal to Four Hundred Million Dollars ($400,000,000). In addition to their allocable portions of the Purchase Price in accordance with the other terms of this
Agreement, the Holdings Pre-Closing Members shall have the right to receive up to three Earn-Out Amounts (in the aggregate) if and to the extent payable in accordance
with Section 2.03(b) and Section 2.04(a)(v). 
 (ii) The portion of the Purchase Price payable in cash at the
Closing to the Holdings Pre-Closing Members shall be an amount equal to the sum of (i) the Purchase Price plus (ii) the estimated Balance Sheet Adjustment included in the Pre-Closing Statement (which may be either a positive or negative number) (the sum of clauses (i)-(ii) the “Adjusted Purchase Price”) minus (iii) the estimated Transaction Expenses
included in the Pre-Closing Statement minus (iv) the Payoff Amount minus (v) the Rollover Class A Investment Amount minus (vi) the Rollover Preferred Investment Amount
(if any) minus (vii) the Escrow Amount minus (viii) the Expense Holdback Amount (the sum of clauses (i)-(viii) the “Cash Purchase Price”). 

(b) Earn-Out. 

(i) Earn-Out Qualification. If Adjusted EBITDA is equal to or in excess of an
applicable Earn-Out Threshold in any TTM Period during the Earn-Out Period (such achieved applicable Adjusted EBITDA level required pursuant to Section 2.03(c), an
“Earn-Out Qualification”) (evidenced by the audited consolidated financial statements of Holdings and its Subsidiaries delivered in accordance with Section 3.5(d) of the A&R Holdings LLC
Agreement, or in the case of any TTM Period that is not a Company Fiscal Year (as defined in the A&R Holdings LLC Agreement), evidenced by the applicable four quarterly consolidated financial statements of Holdings and its Subsidiaries certified
by the chief financial officer of Holdings and delivered to the Administrative Agent and Lenders (each as defined in the Credit Agreement) in accordance with the Credit Agreement (or any replacement thereof) or if the Credit Agreement (or
replacement thereof) is not in effect, then evidenced by the applicable four quarterly consolidated financial statements of Holdings and its Subsidiaries substantially in the form previously required under such Credit Agreement or replacement
thereof), no later than the 30th day following delivery to Parent of the applicable consolidated financial statements of Holdings and its 

  
 17 

 
Subsidiaries evidencing such Earn-Out Qualification, Parent shall pay the applicable Earn-Out Amount in respect of
such Earn-Out Qualification, at its option, (x) in cash to the Member Representative (to be paid to the Holdings Pre-Closing Members (other than to Rollover Holdco)
by the Member Representative in accordance with the Restructuring Agreement), (y) in a number of shares of (A) Qualified MSG Stock or, (B) unless, and to the extent, such issuance would violate securities laws, Qualified Successor Stock
(issued in accordance with this Section 2.03(b)), as applicable, in either case of clauses (A) or (B), valued at the volume-weighted average price (as reported by Bloomberg) over the ten trading days prior to the date
of issuance, issued to the Holdings Pre-Closing Members in accordance with allocation instructions provided by the Member Representative (in accordance with the Restructuring Agreement), or (z) in any
combination of the foregoing; provided, that if the issuance of MSG Stock or Qualified Successor Stock violates applicable securities laws, then such amounts shall be paid in cash; provided, further, however, that
notwithstanding anything to the contrary contained in this Agreement, in no event shall Earn-Out Amounts in excess of the Earn-Out Amount Cap be paid (or payable) under
this Agreement. The parties hereto further agree that, for U.S. federal income Tax purposes, the payments received by the Members pursuant to this Section 2.03(b)(i) are intended to constitute installment payments from an installment sale
described in Section 453 of the Code, a portion of which may be treated as imputed interest under the Code, unless the Members make an election pursuant to Section 453(d) of the Code, and the parties hereto shall report consistently with such
treatment, as applicable. 
 (ii) In the event Qualified Successor Stock is to be issued to pay all or a portion of an Earn-Out Amount, the MSG Company Successor shall have agreed to be bound by the requirements with respect to Qualified Successor Stock under this Section 2.03(b) and Section 9.10, including the following
requirements: (1) the MSG Company Successor shall effect the registration of Qualified Successor Stock to allow all such Persons receiving Qualified Successor Stock two periods of 30 consecutive days to trade such Qualified Successor Stock
within the first 180 days of issuance (so long as one of such 30-day periods falls within the first 120 days of issuance); and (2) such issuance to such Persons will not cause such Persons, individually
or in the aggregate, to be considered an “affiliate” for the purpose of Rule 144A (without taking into account any stock or other securities of the MSG Company Successor or any of its Affiliates owned or acquired by such Person or any
directorship in the MSG Company Successor or any of its Affiliates held by such Person). 
 (iii) Legends. Each
Management Seller, the Rollover Holdco Member, Rollover Holdco, the Direct Rollover Member, each of the other Holdings Pre-Closing Members and the Member Representative acknowledges and agrees that the
certificates evidencing the Qualified MSG Stock or Qualified Successor Stock (if any) issued in connection with an Earn-Out Qualification pursuant to Section 2.03(b)(i) or Put or Call (as such terms are
defined in the A&R Holdings LLC Agreement) in accordance with the A&R Holdings LLC Agreement shall bear the following legend (subject to the covenant set forth in Section 9.10): 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN EXEMPTION TO SUCH REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED.” 
 (iv) Guaranty. 

(A) Subject to the other terms of this Section 2.03(b)(iv), the Earn-Out
Guarantor hereby irrevocably and unconditionally guarantees to the Member Representative and the Holdings Pre-Closing Members, as applicable, the due and punctual payment in full of each Earn-Out Amount when the same shall become due and payable pursuant to the terms (including for the avoidance of doubt the right to cause payment in cash or Qualified MSG Stock or Qualified Successor Stock or in any
combination thereof in accordance with subclauses (x), (y) and (z) of Section 2.03(b)(i)) of this Agreement (including amounts that would become due and payable but for the operation of the automatic stay under Section 362(a) of the
Bankruptcy Code, 11 U.S.C. § 362(a)) (collectively, the “Guaranteed Obligations”). The Earn-Out Guarantor agrees that its obligations hereunder are irrevocable, absolute, independent and
unconditional and, except with respect to the termination of its obligations in accordance with Section 2.03(b)(iv)(D)(4), shall not be affected by any circumstance which constitutes a legal or equitable discharge of a guarantor or surety other
than payment in full of the Guaranteed Obligations; provided, that the Member Representative hereby agrees that the Earn-Out Guarantor may assert, as a defense to any payment or performance by it under
this Section 2.03(b)(iv), any defense (other than any defense by operation of any bankruptcy, insolvency or similar Law) that Parent could assert against the Member Representative solely as to whether the Guaranteed Obligations are then due and
payable under the terms of this Agreement except to the extent such defense has been raised by Parent and rejected by a court of competent jurisdiction in a final and non-appealable judgment. 

  
 18 

 (B) The Earn-Out Guarantor’s
guaranty under Section 2.03(b)(iv)(A) is a guaranty of payment when due and payable and not of collectability. Such guaranty is a primary obligation and not merely a contract of surety. The Member Representative may only enforce this guaranty
against the Earn-Out Guarantor following the Parent’s failure to pay any Earn-Out Amount when due and payable pursuant to the terms of this Agreement but only on
(or after) the tenth day following the date on which the Member Representative delivered written notice to the Earn-Out Guarantor of Parent’s failure to pay any such
Earn-Out Amount when due and payable pursuant to the terms of this Agreement. The obligations of the Earn-Out Guarantor hereunder are independent of the obligations of
the Parent in respect of the Guaranteed Obligations and the obligations of any other guarantor (if any) of the obligations of the Parent, and a separate action or actions may be brought and prosecuted against the
Earn-Out Guarantor whether or not any action is brought against the Parent or any such guarantor (if any) and whether or not the Parent or any such guarantor (if any) is joined in any such action or actions
(but in any event, subject to the other terms of this Section 2.03(b)(iv) including the proviso to the last sentence of Section 2.03(b)(iv)(A) and the conditions precedent set forth in the third sentence of this clause (B)). 

(C) The Earn-Out Guarantor shall not consolidate or amalgamate with or merge into any
other Person or sell, convey, transfer or lease all or substantially all of its properties and assets to any Person unless the Person formed by such consolidation or amalgamation or into which the Earn-Out
Guarantor is merged or the Person which acquires by sale, conveyance or transfer, or which leases, all or substantially all of the properties and assets of the Earn-Out Guarantor (aa) shall be a corporation or
limited liability company organized and existing under the laws of the United States of America, a State thereof or the District of Columbia, (bb) shall expressly assume the performance and observance of and agree to be bound by this
Section 2.03(b)(iv) and Sections 14.01, 14.02, 14.05, 14.06, 14.07, 14.08, 14.09, 14.10, 14.11, 14.12, 14.13 or 14.14 as the Earn-Out Guarantor hereunder, and (cc) shall expressly make the
representations and warranties set forth in this Section 2.03(b)(iv), applied mutatis mutandis to such Person. Upon any consolidation or amalgamation of the Earn-Out Guarantor with, or merger of
the Earn-Out Guarantor into, any other Person or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Earn-Out
Guarantor in accordance with this Section 2.03(b)(iv)(C), the successor or resulting Person formed by or resulting upon such consolidation or amalgamation or into which the Earn-Out Guarantor is merged or
to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Earn-Out Guarantor under this Agreement with the same effect as if
such successor Person had been named as the Earn-Out Guarantor herein, and thereafter the predecessor Person shall be relieved of all obligations and covenants under this Agreement and may liquidate and
dissolve. 
 (D) Other Guaranty Terms. 

(1) Notwithstanding anything to the contrary contained in this Agreement, in no event shall any Person be entitled to any
amounts under or in respect of this Section 2.03(b) other than (aa) the applicable Earn-Out Amount(s) payable in accordance with the definition of “Earn-Out
Amount” under Section 2.03(c)(v) and (bb) reasonable and documented fees, costs and expenses incurred by the applicable prevailing party(ies) hereto in connection with any Proceeding with respect to a dispute under this Section 2.03(b)
determined by a court of competent jurisdiction in favor of such prevailing party(ies) in a final and non-appealable judgment (with such reasonable and documented fees, costs and expenses to be paid by the non-prevailing party(ies) hereto). 
 (2) The
Earn-out Guarantor hereby represents and warrants to the Member Representative that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to
perform its obligations hereunder; (ii) it is duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite power and authority to conduct its business as now conducted; (iii) this
Agreement has been duly executed and delivered by the Earn-Out Guarantor and, assuming the due execution and delivery of this Agreement by the other parties hereto, the
Earn-Out Guarantor’s obligations hereunder constitute the legal, valid and binding obligation of the Earn-Out Guarantor, enforceable against the Earn-Out Guarantor in accordance with its terms except for Enforceability Exceptions; and (iv) the execution and delivery of this Agreement and performance of its obligations under this Agreement by the Earn-Out Guarantor does not and will not violate, result in a breach (with or without the lapse of time, the giving of notice or both) of, or constitute a default (with or without notice or lapse of time or both)
under, or require the consent or approval of any person or entity under any Contract, Law or Order that would have a material effect on the ability of the Earn-Out Guarantor to fulfill its obligations
hereunder, in each case to which the Earn-Out Guarantor is a party or by which the Earn-Out Guarantor is bound or to which its assets or properties are subject and which
has not been obtained prior to the date hereof. 

  
 19 

 (3) At the Closing, the Earn-Out
Guarantor shall deliver to the Member Representative a certificate executed on behalf of the Earn-Out Guarantor by an executive officer of the Earn-Out Guarantor
certifying that the representations and warranties of the Earn-Out Guarantor in Section 2.03(b)(iv)(D)(2) are true and correct as of the Effective Time as if made at and as of such time (other than
representations and warranties that by their terms address matters only as of another specified time, which shall be true and correct only as of such time). 

(4) Notwithstanding anything in Section 12.01 to the contrary, the representations, warranties, covenants and agreements
contained in this Section 2.03(b)(iv) or in any certificate delivered pursuant to Section 2.03(b)(iv)(D)(3), and the covenants and agreements of the Earn-Out Guarantor under Sections 14.01, 14.02,
14.05, 14.06, 14.07, 14.08, 14.09, 14.10, 14.11, 14.12, 14.13 or 14.14 (in each case, only insofar as they relate to its obligations under Section 2.03(b)(iv)), shall survive the consummation of the Closing but shall terminate automatically
(and without any recourse thereafter to the Earn-Out Guarantor) upon the Guaranty Termination Date; provided, that such representations, warranties, covenants and agreements shall not terminate for so long as
there remains outstanding any unresolved claim(s) with respect to any such representations, warranties, covenants or agreements (as applicable) if set forth in a reasonably detailed written notice (specifying the circumstances giving rise to such
claim, the estimated amount of damages sought thereunder to the extent then reasonably ascertainable and the inaccuracy or breach giving rise to such claim or, to the extent the specification of such inaccuracy or breach is not reasonably
practicable as of such date, a reasonably detailed specification of the potential inaccuracy or breach based on the facts available at the time of such notice) delivered to the Earn-Out Guarantor prior to the
Guaranty Termination Date. 
 (5) Notwithstanding anything in Article 12 to the contrary, the Member Representative (and no
other party) shall be permitted to commence any Proceeding with respect to the Guaranteed Obligations or otherwise with respect to this Section 2.03(b)(iv), and such Proceeding shall not be addressed by, or subject to, Article 12. In the
event such a Proceeding is commenced, Section 14.01, Section 14.06, Section 14.07, Section 14.08, Section 14.12 and Section 14.13 shall apply. For the avoidance of doubt, any claims with respect to the Earn-Out Guarantor under this Agreement shall be limited to claims of a breach of the representations, warranties, covenants or agreements contained in this Section 2.03(b)(iv) or the covenants and agreements
of the Earn-Out Guarantor under Sections 14.01, 14.02, 14.05, 14.06, 14.07, 14.08, 14.09, 14.10, 14.11, 14.12, 14.13 or 14.14 (in each case, only insofar as they relate to its obligations under
Section 2.03(b)(iv)). 
 (6) “Guaranty Termination Date” means the earlier of: (aa) if Earn-Out Amount payments equal, in the aggregate, to the Earn-Out Amount Cap have been made in accordance with Section 2.03(b) and (c), the date of the last such payment
(including by the issuance of Qualified MSG Stock or Qualified Successor Stock, if applicable), (bb) the 30th day following delivery to Parent of the applicable consolidated financial statements of the Company and its Subsidiaries for the Year 5 TTM
Period if an Earn-Out Qualification has not been achieved in respect of any prior TTM Period in accordance with Section 2.03(b) and (c), or (cc) if an Earn-Out
Qualification has been achieved in accordance with Section 2.03(b) and (c) but not paid prior to the date referred to in clause (bb) above, the date the applicable Earn-Out Amount payable in respect of
such Earn-Out Qualification in accordance with Section 2.03(b) and (c) is paid in full in accordance with Section 2.03(b) and (c) (including by payment of the
Earn-Out Guarantor or issuance of Qualified MSG Stock or Qualified Successor Stock, if applicable). 

(c) Certain Definitions: Capitalized terms used in Section 2.03(b) or Section 2.03(c) but not defined in this Agreement shall
have the meanings assigned to them in the A&R Holdings LLC Agreement (in the form attached hereto as Exhibit D). 
 (i)
“Adjusted EBITDA” means, with respect to any TTM Period, (a) EBITDA for such period plus (b) any expenses of Holdings or any of its Subsidiaries with respect to (x) salaries, bonuses or other compensation (other than
distributions in respect of Units) required to be paid to the Principals during such period pursuant to (A) such Principals’ Employment Agreements and the bonus and incentive arrangements set forth on Exhibit E to the A&R Holdings LLC
Agreement (it is understood that any amounts that are paid to the Principals even though there is no contractual obligation to do so will not be added to EBITDA for purposes of this definition), or (B) during the period beginning on
December 26, 2016 through the Closing, pursuant to management fee obligations to such Principals required to be paid with respect to such period pursuant to the written Contracts provided to Parent prior to the date of this Agreement and
(y) to the extent recorded as an expense by Holdings and its Subsidiaries during such period, any MSG Payments (as defined in the A&R Holdings LLC Agreement) (including any interest accrued thereon during such period) so recorded. 

(ii) “EBITDA” means, with respect to any TTM Period, the sum of the amounts for such period of (a) the
consolidated net income of Holdings and its Subsidiaries during such TTM Period, plus (b) interest expense which has been deducted in the determination of such net income, plus (c) U.S. federal, state and local income and non-U.S. income taxes which have been deducted in determining such net income, plus (d) depreciation and amortization expenses which have been deducted in determining such net income. The foregoing components
of EBITDA will be determined in accordance with GAAP. 

  
 20 

 (iii) “Earn-Out
Period” means the period beginning on December 26, 2016 and ending on or prior to December 31, 2021 (such specified end date to be determined in accordance with the definition of “Year 5 TTM Period”). 

(iv) “Earn-Out Threshold” has the meaning set forth on Annex C
hereto. 
 (v) “Earn-Out Amount” means, upon the occurrence of an Earn-Out Qualification in connection with the achievement of Adjusted EBITDA equal to or in excess of the amount required pursuant to clauses (W), (X), or (Y) of the definition of
“Earn-Out Threshold”, an aggregate amount equal to $8,487,166.67; provided, however, that Parent and its Affiliates shall have no liability or obligation with respect to Earn-Out Amounts to the extent in excess of the Earn-Out Amount Cap. 

(vi) “Earn-Out Amount Cap” means $25,461,500. 

(vii) “MSG Company Successor” means the parent corporation, limited liability company or partnership (other
than “The Madison Square Garden Company”) that holds (or upon consummation of a Permitted Transfer or MSG Change of Control (each as defined in the A&R Holdings LLC Agreement) (or other Transfer or transaction permitted in accordance
with Article VI) will hold) more than 50% of the Interests of MSG. For the avoidance of doubt, in the event a corporation’s, limited liability company’s or partnership’s (other than “The Madison Square Garden Company”)
common stock is listed for trading on a U.S. national securities exchange and such entity directly or indirectly holds (or upon consummation of a Permitted Transfer or MSG Change of Control (or other Transfer or transaction permitted in accordance
with Article VI of the A&R Holdings LLC Agreement) will hold) more than 50% of the Interests of MSG, such entity shall be the MSG Company Successor. 

(viii) “MSG Stock” means shares of unregistered Class A Common Stock, par value $0.01 per share (or
another class of voting common stock that replaces such Class A Common Stock) that are listed for trading on a national securities exchange, of The Madison Square Garden Company. 

(ix) “Qualified MSG Stock” means MSG Stock that is duly authorized, validly issued, fully paid and non-assessable, not subject to any preemptive or other similar rights, issued free and clear of any Liens (other than Liens under applicable securities laws and this Agreement) and issued subject to compliance by
the recipient with applicable securities laws (e.g., six-month holding period). 

(x) “Qualified Successor Stock” means Successor Stock that is duly authorized, validly issued, fully paid and non-assessable, not subject to any preemptive or other similar rights and issued free and clear of any Liens (other than Liens under applicable securities laws and this Agreement). 

(xi) “Successor Stock” means the common stock of a MSG Company Successor listed for trading on a U.S. national
securities exchange; provided, that, in order to constitute Successor Stock, such MSG Company Successor shall (i) have an average market capitalization of at least $1 billion in the 90 days immediately preceding the issuance of Successor
Stock to a Principal or Rollover Holdco Member under the Agreement, and (ii) if such MSG Company Successor is a foreign issuer, the Successor Stock listed on such exchange shall have an average float and trading volume that is at least 90% of
the average float and average daily trading volume of MSG in the 90 days immediately preceding the issuance and shall not consist of American Depositary Receipts or similar instruments. 

(xii) “The Madison Square Garden Company” means The Madison Square Garden Company, a Delaware corporation;
provided, however, that if pursuant to any Transfer permitted pursuant to the A&R Holdings LLC Agreement, The Madison Square Garden Company no longer directly or indirectly holds any of the Interests held by MSG and in connection
with such Transfer or transaction there is an MSG Company Successor, all references to “The Madison Square Garden Company” in the Agreement shall be deemed to refer to such MSG Company Successor (except as used in the definition of
“MSG Stock” or in Section 9.11). 
 (xiii) “TTM Period” means any complete trailing
twelve-month fiscal period ending on the last day of the most recently completed Holdings’ fiscal quarter (in accordance with the Company Fiscal Year with appropriate adjustments for any Subsidiaries of Holdings that follow a calendar year
fiscal year for financial reporting purposes in accordance with the proviso to Section 3.3 of the A&R Holdings LLC Agreement); provided, however, that in no event shall any month included in a TTM Period in which an Earn-Out Qualification occurs be included in another TTM Period for purposes of a subsequent Earn-Out Qualification. 

(xiv) “Year 5 TTM Period” means the latest complete trailing twelve-month fiscal period ending on or prior to
December 31, 2021 (provided that for purposes of calculating the last day of such period, such calculation shall be made in accordance with the Company Fiscal Year (and as of the date of this Agreement, such date would be December 26,
2021), with appropriate adjustments for any Subsidiaries of Holdings that follow a calendar year fiscal year for financial reporting purposes in accordance with the proviso to Section 3.3 of the A&R Holdings LLC Agreement). 

  
 21 

 (d) No Limitation on Decision-Making. Each of the Management Sellers, the other
Holdings Pre-Closing Members (other than Rollover Holdco) and the Member Representative acknowledge the absolute right of Holdings and its Subsidiaries (and to the extent of Parent’s, the Principals’
and their respective designees’ rights under the A&R Holdings LLC Agreement and the limited liability company agreements of Holdings’ Subsidiaries (as in effect from time to time), Parent’s, the Principals’ and their
respective designees’ decisions and actions with respect to Holdings and its Subsidiaries in accordance therewith) to operate, manage and invest in its businesses in the exercise of its sole discretion, and agree that the Board and Directors
(each as defined in the A&R Holdings LLC Agreement) set forth in the A&R Holdings LLC Agreement), the Principals, Parent, any Affiliates of Parent, Holdings and its Subsidiaries shall have no liability or obligation to any of the Management
Sellers, the other Holdings Pre-Closing Members or the Member Representative with respect to any Earn-Out Amount (or any portion thereof) under this Agreement or any
bonus or other incentive amounts under Exhibit E to the A&R Holdings LLC Agreement in connection with their operation of the businesses of Holdings and its Subsidiaries from and after the consummation of the Closing. Without limiting the
generality of the foregoing, Parent and the Principals presently intend to base their decisions regarding operations of the businesses of Holdings and its Subsidiaries, including the investment and allocation of resources, on the basis of the
strategic objectives of the Principals, Parent and any Affiliates of Parent. Each of the Management Sellers, the Rollover Holdco Members, Rollover Holdco, the Direct Rollover Members, the other Holdings
Pre-Closing Members and the Member Representative acknowledge that certain situations could arise where such decisions may adversely affect the Adjusted EBITDA of Holdings and its Subsidiaries. 

Section 2.04. Conversion of Interests; Distributions and Redemptions. 

(a) As of the Effective Time, all Holdings Pre-Closing Interests outstanding immediately prior to the
Effective Time shall no longer be outstanding and shall be converted into and thereafter represent only the right to receive with respect to each Holdings Pre-Closing Member (subject to Section 2.14,
Article 12 (including the last sentence of Section 12.03(a)), and such Holdings Pre-Closing Member’s compliance with Section 2.13), in each case, without interest: 

(i) other than to Rollover Holdco, a cash payment (the “Closing Cash Merger Consideration”) in an amount equal
to the excess of (x) such Holdings Pre-Closing Member’s Closing Merger Consideration less (y) such Holdings Pre-Closing Member’s Minimum
Cash Holdback Amount (if any) less (z) such Holdings Pre-Closing Member’s Debt Distribution Amount (if any); 

(ii) in the case of Rollover Holdco and the Direct Rollover Members only, (A) a number of Class A Holdings Interests
equal to (x) such Holdings Pre-Closing Member’s Rollover Class A Allocated Investment Percentage multiplied by (y) the aggregate number of Class A Holdings Interests that will
be issued and outstanding immediately following the Transactions and (B) with respect to Rollover Holdco only, a number of Preferred Holdings Interests having an aggregate initial liquidation preference equal to the Rollover Preferred
Investment Amount (such Class A Holdings Interests and Preferred Holdings Interests, the “Closing Rollover Consideration”); 

(iii) a number of Redeemable Holdings Interests equal to the result of (x) such Holdings
Pre-Closing Member’s Debt Distribution Amount divided by (y) the Per Redeemable Holdings Interest Value; 

(iv) following the Closing, any amounts payable by the Acquired Entities as allocated by the Member Representative in
accordance with Section 2.14(c); and 
 (v) following the Closing, his, her or its share of any
distributions to be made to the Holdings Pre-Closing Members except Rollover Holdco from the Indemnity Escrow Fund, Purchase Price Adjustment Escrow Fund and Expense Holdback Amount, and any Earn-Out Amount(s), in each case, if any, as allocated by the Member Representative in accordance with the Restructuring Agreement. 

(b) As of the Effective Time, all Equity Interests of Parent Merger Sub outstanding immediately prior to the Effective Time shall as of the
Effective Time be converted into and become (i) sixty-two million five hundred thousand (62,500,000) Class A Holdings Interests and (ii) eight million seven-hundred and forty-six thousand (8,746,000) Preferred Holdings Interests. 
 (c) Substantially immediately following
(but in any event on the same day as) the transactions contemplated by Section 2.04(a) and Section 2.04(b): 

(i) (x) Parent shall cause Borrower to cause the Debt Financing Sources to fund, and Borrower shall receive, the Net Debt
Proceeds Amount, (y) Borrower shall distribute the Net Debt Proceeds Amount to Intermediate Holdings and (z) Intermediate Holdings shall distribute the Net Debt Proceeds Amount to Holdings; and 

(ii) (x) Holdings shall pay the Net Debt Proceeds Amount to the Member Representative for further payment to the Holdings Pre-Closing Members in full redemption of the Redeemable Holdings Interests in amounts determined by the Member Representative in proportion to the Redeemable Holdings Interests held by such Holdings Pre-Closing Members (any amounts received by a Holdings Pre-Closing Member pursuant to clause (x) or clause (y), his, her or its “Debt

  
 22 

 
Distribution Amount”) and (y) Rollover Holdco shall distribute the portion of the Net Debt Proceeds Amount received by Rollover Holdco as a Holdings
Pre-Closing Member to the Rollover Holdco Members in amounts based on the same proportion that the number of Rollover Holdco Class A Units held by such Rollover Holdco Members as of immediately following
the consummation of the Closing bears to the total number of Rollover Holdco Class A Units held by all Rollover Holdco Members as of immediately following the consummation of the Closing (such amount with respect to any Member, together with
his, her or its Debt Distribution Amount and its Closing Cash Merger Consideration, his, her or its “Closing Cash Consideration”). 

Section 2.05. Purchase Price and Earn-Out Hypothetical Calculation. For illustration
purposes only, Annex F hereto sets forth a hypothetical calculation of the Purchase Price, the allocation of the Closing Cash Consideration and the Closing Rollover Consideration and an
Earn-Out Amount to each Member, in each case, based on the assumptions outlined therein. 

Section 2.06. No Parent or Parent-Affiliate Liability for Allocations. No Acquired Entity or Subsidiary of an Acquired Entity,
nor Rollover Holdco, Parent nor Parent Merger Sub, nor any of the respective Affiliates of the foregoing (other than the Holdings Pre-Closing Members), shall have any Liability to any Member (x) to the
extent relating to any error in the Member Allocation Schedule attached hereto as Annex D (whether in respect of such Member’s Holdings Pre-Closing Percentage, Rollover
Class A Investment Percentage, Rollover Class A Allocated Investment Percentage, Holdings Allocation Percentage or otherwise), (y) in the event of any error by the Member Representative in the calculation of amounts due to such Member or
payable by such Member hereunder, or otherwise in respect of any decision, allocation or determination by the Member Representative (whether on behalf of itself, the Members, the Management Sellers, Rollover Holdco or the Acquired Entities with
respect to payments, Liabilities or otherwise) or (z) with respect to Parent’s delivery of any consideration hereunder to the Member Representative in accordance with instructions by the Member Representative or the Members or Managers, or
the allocation of payments in accordance with Annex D, or the allocation of Qualified MSG Stock or Qualified Successor Stock to Equityholders in accordance with instructions by the Member Representative. For the avoidance
of doubt, payment to the Member Representative of any amount payable to it in accordance with the terms of (including the terms with respect to timing of payments under) this Agreement, payments made to any Member or the Member Representative in
accordance with account wiring instructions delivered by the Member Representative or any Member, and the allocation of Qualified MSG Stock or Qualified Successor Stock to Equityholders in accordance with instructions by the Member Representative,
shall be deemed to satisfy all obligations of Parent to make any part of such payment to any particular Member (or the Member Representative, as applicable). Notwithstanding anything to the contrary contained herein, the allocations and
determinations by the Member Representative required to be made amongst the Members pursuant to this Agreement shall be made in the Member Representative’s sole discretion (without input from or Liability to Parent or any of its Affiliates,
including from and after the consummation of the Closing, Rollover Holdco, any Acquired Entity or Subsidiary of an Acquired Entity), and all such allocations or determinations shall be made with respect to 100% of the applicable amount to be
allocated or determined, as applicable. 
 Section 2.07. Minimum Cash Amount; Aventine Payment and Escrow. The Acquired
Entities shall have used commercially reasonable efforts to distribute all cash and cash equivalents of the Acquired Entities prior to the Closing such that Closing Cash shall be no more than $1,000,000, provided that any failure to distribute such
cash and cash equivalents shall not affect the amount of cash and cash equivalents included in the calculation of the Closing Net Working Capital Adjustment. Immediately after the consummation of the Closing (in accordance with
Section 2.10(d)(vii), and without duplication), Parent shall (a) make a capital contribution to Holdings in an amount equal to (w) sixty-two and one-half
percent (62.5%) multiplied by (x) the difference between Ten Million Dollars ($10,000,000) and the amount of cash on the balance sheet of Bowery Hospitality Associates LLC and Guapo Bodega Las Vegas LLC at the Closing (such amount
contributed by Parent in clause (a), the “Parent Minimum Cash Amount”), (b) withhold from the Closing Cash Merger Consideration payable to (1) the applicable Rollover Holdco Members in their respective capacities as Holdings Pre-Closing Members (in accordance with Section 2.04(a)(i) and Section 2.10(d)(ii) and in the same proportion that the number of Rollover Holdco Class A Units held by such Rollover Holdco Member as of
immediately following the consummation of the Closing bears to the total number of Rollover Holdco Class A Units held by all Rollover Holdco Members as of immediately following the consummation of the Closing), and (2) the Direct Rollover
Members, an aggregate amount equal to (y) thirty-seven and one-half percent (37.5%) multiplied by (z) the difference between Ten Million Dollars ($10,000,000) and the cash on the balance sheet
of Bowery Hospitality Associates LLC and Guapo Bodega Las Vegas LLC at the Closing (such amount contributed by Parent in clause (b), the “Minimum Cash Holdback”), (c) make a capital contribution in such amount to Holdings on behalf
of Rollover Holdco (which amount shall be treated as having first been contributed to Rollover Holdco on behalf of the Rollover Holdco Members), (d) pay or cause to be paid an amount equal to $125,000 to the Principals (such amount, in the
aggregate, the “Aventine Initial Payment Portion”), and (e) pay or cause to be paid an amount equal to $500,000 (the “Aventine Escrow Amount”) to the Aventine Escrow Agent, to be held and disposed of in
accordance with the Aventine Escrow Letter (with any amount remaining thereunder to be returned to Parent and the Rollover Holdco Members in accordance with the Aventine Escrow Letter and the Restructuring Agreement, and for the avoidance of doubt,
with no right of Holdings or any of its Subsidiaries to all or any portion of the Aventine Escrow Amount (or any portion of gross sales required to be returned to Parent and the Rollover Holdco Members in accordance with the Aventine Escrow Letter
and the Restructuring Agreement)). 

  
 23 

 Section 2.08. Calculation of Purchase Price. Prior to the date of this
Agreement, the Member Representative has delivered to Parent a statement (the “Pre-Closing Statement”) of Holdings’ estimate (which shall have been made in good faith by the Member
Representative) of the following: (a) Closing Net Working Capital (b) Closing Indebtedness (which shall include the amount of any Payoff Debt), (c) the Balance Sheet Adjustment, (d) Transaction Expenses, (e) the Adjusted Purchase
Price (the “Estimated Adjusted Purchase Price”), and (f) the Cash Purchase Price. 
 Section 2.09. The
Closing. The closing of the Merger (the “Closing”) shall take place (a) at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, New York 10019-6064 at noon
New York time on the date of this Agreement or (b) at such other place, at such other time or on such other date as Parent and the Member Representative may mutually agree. The date of the Closing is referred to herein as the “Closing
Date”. 
 Section 2.10. Closing Deliverables. At the Closing, the following transactions shall be effected by the
parties: 
 (a) Each Acquired Entity and the Member Representative shall deliver to Parent, or cause to be delivered to Parent, a
certificate (x) executed on behalf of each Acquired Entity by an executive officer of such Acquired Entity, (y) executed on behalf of the Member Representative by an executive officer of the Member Representative, and (z) each
Rollover Holdco Member and Direct Rollover Member certifying that: (i) the Fundamental Representations in Article 3, Article 4 and Article 5, and the representations and warranties in
Section 4.08(a) and Section 4.08(b), are true and correct as of the Effective Time as if made at and as of such time (other than representations and warranties that by their terms address matters
only as of another specified time, which shall be true and correct only as of such time) and (ii) the other representations and warranties in Article 3, Article 4 and Article 5 (disregarding all materiality, Material or a Group
Material Adverse Effect and similar qualifications contained therein, other than such qualifications in Section 4.04(iv), Section 4.16(a), the definition of (except as provided in subclause (iv) thereof) and references to
“Material Contracts” and for the avoidance of doubt, any dollar thresholds in Section 4.09 or Section 4.10(a)), are true and correct as of the Effective Time as if made at and as of such time (other than representations and
warranties that by their terms address matters only as of another specified time, which shall be true and correct only as of such time), with only such exceptions as have not had and are not reasonably likely to have, individually or in the
aggregate, a Group Material Adverse Effect. 
 (b) Reserved. 

(c) The Member Representative and Rollover Holdco, and each Acquired Entity, Management Seller and other Rollover Holdco Member shall deliver
to Parent, or cause to be delivered to Parent, each of the other Transaction Documents to which such Person (as applicable) is a party to be executed at the Closing, in each case duly executed by each such Person (as applicable).  
 (d) Parent shall: 

(i) deliver, or cause to be delivered, to the Member Representative a certificate executed on behalf of Parent by an executive
officer of Parent certifying that: (x) the Fundamental Representations of Parent in Article 6 are true and correct as of the Effective Time as if made at and as of such time (other than representations and warranties that by their terms
address matters only as of another specified time, which shall be true and correct only as of such time) and (y) the other representations and warranties of Parent in Article 6 (other than any Fundamental Representations) (disregarding
all materiality and similar qualifications contained therein other than such qualifications in Section 6.04(iv)) are true and correct when made and as of the Effective Time as if made at and as of such time (other than
representations and warranties that by their terms address matters only as of another specified time, which shall be true and correct only as of such time), with only such exceptions as have not had and are not reasonably likely to have,
individually or in the aggregate, a material adverse effect on the ability of Parent or Parent Merger Sub to consummate the Transactions; 

(ii) pay, or cause to be paid, to the Member Representative for the benefit of and distribution to the Holdings Pre-Closing Members pursuant to Section 2.13(b), by wire transfer of immediately available funds to a bank account designated in writing by the Member Representative at least three
(3) Business Days prior to the Closing, an amount equal to the Cash Purchase Price minus (A) the Net Debt Proceeds Amount and minus (B) the Minimum Cash Holdback; 

(iii) pay, or cause to be paid, to the Escrow Agent, by wire transfer of immediately available funds to a bank account
previously designated in writing by the Escrow Agent at least three (3) Business Days prior to the Closing, an amount equal to the Escrow Amount; 

(iv) pay, or cause to be paid, the estimated Transaction Expenses set forth on the
Pre-Closing Statement (including any unpaid amounts set forth in the payoff letters or invoices of Moelis & Company and Houlihan Lokey (the “Advisor Amounts”)), by wire transfer of
immediately available funds or as otherwise directed by the Member Representative, in each case as designated in writing by the Member Representative at least three (3) Business Days prior to the Closing; 

  
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 (v) pay, or cause to be paid, the Expense Holdback Amount to the Member
Representative by wire transfer of immediately available funds to a bank account previously designated in writing by the Member Representative at least three (3) Business Days prior to the Closing; 

(vi) pay, or cause to be paid, in the event that all Debt has not been repaid prior to the consummation of the Closing, to the
holder(s) of Payoff Debt set forth in the Payoff Letter(s), the amount(s) set forth therein (the “Payoff Amount(s)”); 

(vii) immediately following the consummation of the Closing, (A) make a capital contribution in the amount of the Parent
Minimum Cash Amount to Holdings, (B) make a capital contribution in the amount of the Minimum Cash Holdback to Holdings on behalf of Rollover Holdco, (C) pay or cause to be paid to the Principals the Aventine Initial Payment Portion, and
(D) pay or cause to be paid to the Aventine Escrow Agent the Aventine Escrow Amount, in each case of clauses (A)-(D), in accordance with Section 2.07; and 

(viii) deliver to the Member Representative each of the Transaction Documents to which Parent and Parent Merger Sub is a party
to be executed at the Closing, in each case duly executed by Parent. 
 (e) The Member Representative shall deliver (or cause to be
delivered) to Parent, and the Principals shall cause the Member Representative to deliver to Parent, each of the Delivered Letters of Transmittal. 

(f) In accordance with Section 2.04(c): 

(i) (x) Borrower shall receive the Net Debt Proceeds Amount, (y) Borrower shall distribute the Net Debt Proceeds Amount to
Intermediate Holdings and (z) Intermediate Holdings shall distribute the Net Debt Proceeds Amount to Holdings; and 

(ii) (x) Holdings shall pay the Net Debt Proceeds Amount to the Member Representative for further payment to the Holdings Pre-Closing Members in full redemption of the Redeemable Holdings Interests in amounts determined by the Member Representative (in proportion to the Redeemable Holdings Interests held by such Holdings Pre-Closing Members) in accordance with the Member Allocation Schedule on Annex D and (y) Rollover Holdco shall distribute the portion of the Net Debt Proceeds Amount received by it from the Member
Representative to the Rollover Holdco Members in amounts determined by the Member Representative (based on the same proportion that the number of Rollover Holdco Class A Units held by such Rollover Holdco Member as of immediately following the
consummation of the Closing bears to the total number of Rollover Holdco Class A Units held by all Rollover Holdco Members as of immediately following the consummation of the Closing). 

(g) The Member Representative shall deliver to Parent a certificate executed on behalf of the Member Representative by an executive officer of
the Member Representative certifying that the Restructuring has been consummated in accordance with the Restructuring Agreement. 

Section 2.11. Allocation of Purchase Price. The parties hereto agree to allocate the Closing Merger Consideration and any other
amounts payable to the Holdings Pre-Closing Members pursuant to this Agreement (including any Earn-out Amount(s)) among the assets and liabilities of the Group Entities
in a manner reasonably determined by the Member Representative in accordance with Sections 734, 743, 751 and 755 of the Code, and the regulations thereunder; provided, that (i) the Member Representative shall allocate no less than the GAAP
book value shown on the Group Balance Sheet to any assets classified as property, plant, and equipment in accordance with GAAP and shall allocate no less than the value taken into account pursuant to Section 2.14(c) to any balance sheet items
taken into account in the Final Adjusted Purchase Price, (ii) the Member Representative shall consider in good faith any reasonable comments of Parent to such allocation, and (iii) if Parent believes that such allocation is unreasonable
and Parent and the Member Representative are unable to agree, the allocation shall be submitted to the Accounting Firm for resolution; provided, that the Accounting Firm may only revise the allocation if it concludes that the allocation is
unreasonable and may only make such changes to the allocation as it determines are necessary to render the allocation reasonable. The determination and allocation of the Closing Merger Consideration and other amounts derived pursuant to this
Section 2.11 shall be binding on the parties hereto for all Tax reporting purposes. 
 Section 2.12.
Withholding Rights. Notwithstanding any provision contained herein to the contrary, each Acquired Entity, Parent and their respective agents shall be entitled to deduct and withhold from the consideration otherwise payable to any Person
pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment pursuant to any provision of federal, state, local or foreign tax law. If any Acquired Entity, Parent or one of their
respective agents, as the case may be, so withholds amounts and pays such amounts to the applicable Taxing Authority, such amounts shall be treated for all purposes of this Agreement as having been paid to the holder of the Holdings Pre-Closing Interests in respect of which the applicable Acquired Entity, Parent or the agent, as the case may be, made such deduction and withholding. Each of the Acquired Entity, Parent and their respective
agents, as appropriate, shall, within a reasonable time prior to any such deduction and withholding, notify the Person of its intention to withhold and furnish all information reasonably required by such Person to ascertain how such withholding may
be mitigated and, if necessary, to contest such withholding. 

  
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 Section 2.13. Payment and Issuance Procedures. 

(a) Member Documents. The Member Representative has, prior to the date hereof, delivered to Rollover Holdco and each Member a letter of
transmittal and general release in substantially the form set forth on Exhibit G (“Letter of Transmittal”). 

(b) Payment of Merger Consideration. If the Closing is consummated and a Letter of Transmittal, duly completed and validly
executed by Rollover Holdco or a Member (including each Direct Rollover Member) in accordance with the instructions (together with such other customary documents as are specified in the Letter of Transmittal) has been received by the Member
Representative, such Person shall be entitled to receive in exchange therefor the consideration set forth in Section 2.04(a) and Section 2.04(c) with respect to all Holdings Pre-Closing Interests issuable thereto in connection with the Restructuring and surrendered pursuant to such Letter of Transmittal, and the Holdings Pre-Closing Interests so
surrendered shall forthwith be canceled. If the Closing is consummated, all Holdings Pre-Closing Interests issuable to the Holdings Pre-Closing Members in connection
with the Restructuring shall be deemed at any time after the Effective Time to represent only the right to receive the consideration set forth in Section 2.04(a) and Section 2.04(c). If a Letter of
Transmittal (duly completed and validly executed in accordance with the instructions (together with such other customary documents as are specified in the Letter of Transmittal)) is properly delivered by Rollover Holdco or a Member to the Member
Representative not later than three (3) Business Days prior to the Closing Date (or less if such payment is agreed to by prior written consent of Parent), then (A) the Member Representative will pay such Member’s Closing Cash
Consideration (if any) in immediately available funds as promptly as practicable after receipt of the Closing Cash Consideration by the Member Representative at the Closing and (B) upon the consummation of the Closing, with respect to Rollover
Holdco and the Direct Rollover Members, Rollover Holdco and the Direct Rollover Members shall become the record owners of Class A Holdings Interests representing the Closing Rollover Consideration to be issued to Rollover Holdco and the Direct
Rollover Members upon the consummation of the Closing. If a Letter of Transmittal is properly delivered by a Member to the Member Representative less than three Business Days prior to the Closing or following the Closing Date, then the Member
Representative will pay to such Member such Member’s Closing Cash Consideration (if any) in immediately available funds no later than five (5) Business Days following such delivery. The Member Representative has provided Parent with all
Letters of Transmittal received by the Member Representative as of three (3) Business Days prior to the Closing Date, and the Member Representative shall promptly provide Parent with any additional Letters of Transmittal received by the Member
Representative at least three (3) Business Days prior (or less if such earlier payment is agreed to by prior written consent of Parent) to the Member Representative making any payment with respect to such Letters of Transmittal. For the
avoidance of doubt, upon satisfaction of its obligations under Section 2.10(d)(i), Parent shall not be responsible for payment with respect to any individual Letter of Transmittal (other than any payment obligations to the Member Representative
(for example purposes only, any payment required to be made by Parent to the Member Representative under Section 2.14(c)(i)), if any, required to occur following the Closing as set forth in this Agreement). 

Section 2.14. Purchase Price Adjustment. 

(a) Within ninety (90) calendar days after the Closing Date, Parent shall deliver to the Member Representative a statement (the
“Post-Closing Statement”) of its good faith determination of the following: (i) Closing Net Working Capital, (ii) Closing Indebtedness (which shall include the amount of any Payoff Debt), (iii) the Balance Sheet
Adjustment, (iv) Transaction Expenses, (v) the Adjusted Purchase Price, and (vi) the Cash Purchase Price. In connection with Parent’s preparation of the Post-Closing Statement, Holdings, the Management Sellers and Member
Representative shall afford, and shall cause each Acquired Entity and its Subsidiaries to afford, to Parent and any Representatives retained by Parent in connection with the preparation of the Post-Closing Statement in accordance with this
Section 2.14, full access during normal business hours upon reasonable advance notice to all the properties, books, contracts, personnel, Representatives (including the accountants of the Acquired Entities) and records of the Acquired Entities,
each Subsidiary of the Acquired Entities and such Representatives (including, in the event Parent and its applicable Representatives shall sign a release and non-reliance letter in a form customarily requested
by the accountants of the Acquired Entities, the work papers of the accountants of the Acquired Entities) relevant to the preparation of the Post-Closing Statement and calculation of the Final Adjusted Purchase Price in accordance with this
Section 2.14. For the avoidance of doubt, the Management Sellers shall cooperate with Parent and its Representatives in connection with any reasonable requests by Parent or its Representatives in connection with Parent’s preparation of the
Post-Closing Statement and calculation of the Final Adjusted Purchase Price in accordance with this Section 2.14. 
 (b) The
Post-Closing Statement shall become final and binding upon the parties on the thirtieth (30th) day following the date on which the Post-Closing Statement was delivered to the Member
Representative, unless the Member Representative delivers written notice of its disagreement with the Post-Closing Statement (a “Notice of Disagreement”) to Parent prior to such date. Any Notice of Disagreement shall
(i) specify in reasonable detail the nature and amount of any disagreement so asserted and (ii) only include good faith disagreements based on the components of the Post-Closing Statement not being mathematically correct or prepared in
accordance with this Section 2.14 and the definitions of Closing Net Working Capital, Closing Indebtedness (which shall include the amount of any Payoff Debt), Balance Sheet Adjustment, Transaction Expenses, Adjusted Purchase Price and Cash
Purchase Price 

  
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(and the definitions in such definitions). If a Notice of Disagreement is received by Parent in a timely manner, then the Post-Closing Statement (as revised in accordance with this sentence)
shall become final and binding upon the Members and Parent on the earlier of (i) the date the Member Representative and Parent resolve in writing any differences they have with respect to the matters specified in the Notice of Disagreement and
(ii) the date any disputed matters are finally resolved in writing by the Accounting Firm pursuant to this Section 2.14(b). During the thirty (30)-day period following the
delivery of a Notice of Disagreement, the Member Representative and Parent shall seek in good faith to resolve in writing any differences that they may have with respect to the matters specified in the Notice of Disagreement. If at the end of such
thirty (30)-day period the Member Representative and Parent have not resolved in writing the matters specified in the Notice of Disagreement, the Member Representative and Parent shall submit to an independent
accounting firm (the “Accounting Firm”) for arbitration, in accordance with the standards set forth in this Section 2.14(b), only such matters specified in the Notice of Disagreement that remain in dispute.
The Accounting Firm shall be Ernst & Young LLP or, if such firm is unable or unwilling to act, such other nationally recognized independent public accounting firm as shall be agreed upon by the Member Representative and Parent in writing.
The Member Representative and Parent shall use reasonable efforts to cause the Accounting Firm to render a written decision resolving the matters submitted to the Accounting Firm within thirty (30) calendar days of the receipt of such
submission. The scope of the disputes to be resolved by the Accounting Firm shall be limited to fixing mathematical errors and determining whether the items in dispute were determined in accordance with this Section 2.14
and the definitions of Closing Net Working Capital, Closing Indebtedness (which shall include the amount of any Payoff Debt), Balance Sheet Adjustment, Transaction Expenses, Adjusted Purchase Price and Cash Purchase Price (and the definitions in
such definitions), and the Accounting Firm is not to make any other determination not disputed in such Notice of Disagreement. The Accounting Firm’s decision shall be based solely on written submissions by the Member Representative and Parent
and their respective representatives and not by independent review and shall be final and binding on all of the parties hereto. The Accounting Firm may not assign a value greater than the greatest value for such item claimed by either party or
smaller than the smallest value for such item claimed by either party. Judgment may be entered upon the determination of the Accounting Firm in any court having jurisdiction over the party against which such determination is to be enforced. The fees
and expenses of the Accounting Firm incurred pursuant to this Section 2.14(b) shall be borne by the Members (payable first out of the Expense Holdback Amount), on the one hand, and Parent, on the other hand, in proportion
to the final allocation made by such Accounting Firm of the disputed items weighted in relation to the claims made by the Member Representative and Parent, such that the prevailing party pays the lesser proportion of such fees, costs and expenses.
For example, if Parent claims that the appropriate adjustments are, in the aggregate, $1,000 greater than the amount determined by the Members and if the Accounting Firm ultimately resolves the dispute by awarding to Parent an aggregate of $300 of
the $1,000 contested, then the fees, costs and expenses of the Accounting Firm will be allocated 30% (i.e., 300 ÷ 1,000) to the Members and 70% (i.e., 700 ÷ 1,000) to Parent. 

(c) For the purposes of this Agreement, “Final Adjusted Purchase Price” means the Adjusted Purchase Price as finally agreed
or determined in accordance with Section 2.14(a) or (b). 
 (i) If the Final Adjusted Purchase
Price exceeds the Estimated Adjusted Purchase Price, within five (5) Business Days after such Final Adjusted Purchase Price is finally determined, (x) Parent shall pay by wire transfer of immediately available funds equal to sixty two and one-half percent (62.5%) of the amount of such excess to the Member Representative for the benefit of and distribution to the Members, and (y) Parent and the Member Representative shall deliver joint written
instructions to the Escrow Agent to release, in accordance with the terms of the Escrow Agreement, a wire transfer in an amount equal to the Purchase Price Adjustment Escrow Fund to the Member Representative for the benefit of and distribution to
the Members, which amounts (in the case of each of clauses (x) and (y)) shall be allocated by the Member Representative in accordance with the Restructuring Agreement based on the Balance Sheet Adjustment Allocation with respect to each Member
(as the same shall be adjusted to give effect to the Final Adjusted Purchase Price). 
 (ii) If the Estimated Adjusted
Purchase Price exceeds the Final Adjusted Purchase Price, Parent and the Member Representative shall, within five (5) Business Days after such Final Adjusted Purchase Price is determined, deliver joint written instructions to the Escrow Agent
to release, in accordance with the terms of the Escrow Agreement, (x) a wire transfer of immediately available funds to Parent or another Person designated by Parent from the Purchase Price Adjustment Escrow Fund in an amount equal to the
lesser of (A) sixty two and one-half percent (62.5%) of such excess and the (B) the Purchase Price Adjustment Escrow Fund, and in the event the Purchase Price Adjustment Escrow Fund is less than such
excess amount, Parent may also proceed (aa) first, against the Indemnity Escrow Fund for the amount of such shortfall (and Parent and the Member Representative shall deliver joint written instructions to the Escrow Agent to release such amount), and
(bb) then, in the event the Indemnity Escrow Fund is less than such remaining excess amount, against the Members, severally and not jointly (in accordance with the Holdings Allocation Percentage of each such Member) in order to recover the amount by
which the Purchase Price Adjustment Escrow Fund and the Indemnity Escrow Fund, if applicable, is less than such excess, and (y) a wire transfer in an amount equal to any remaining portion of the Purchase Price Adjustment Escrow Fund (if any) to
the Member Representative for the benefit of and distribution to the Members, which amount shall be allocated by the Member Representative in accordance with the Restructuring Agreement based on the Balance Sheet Adjustment Allocation with respect
to each Member (as the same shall be adjusted to give effect to the Final Adjusted Purchase Price). 

  
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 (d) During the period of time from and after the Closing Date through the final
determination and payment of the Final Adjusted Purchase Price with respect to any such Acquired Entity in accordance with this Section 2.14, Holdings shall afford, and shall cause its Subsidiaries to afford, the Member
Representative and any Representatives retained by the Member Representative in connection with the review of the Final Adjusted Purchase Price in accordance with this Section 2.14, full access during normal business hours
upon reasonable advance notice to all the properties, books, contracts, personnel, Representatives (including the accountants of the Acquired Entities) and records of the Acquired Entities, each Subsidiary of the Acquired Entities and such
Representatives (including, in the event the Member Representatives and its Representatives shall sign a release and non-reliance letter in a form customarily requested by the accountants of the Acquired
Entities, the work papers of the accountants of the Acquired Entities) relevant to the review of the Post-Closing Statement and Parent’s determination of the Final Adjusted Purchase Price in accordance with this
Section 2.14. Each of Parent, the Management Sellers, the other Rollover Holdco Members and the Member Representative agree that they will not take any action that impedes Holdings from fulfilling its obligations under this
Section 2.14. 
 Section 2.15. Escrow Funds. The Purchase Price Adjustment Escrow Fund shall be used solely for the
purposes set forth in Section 2.14(c)(i) or 2.14(c)(ii). The Indemnity Escrow Fund (collectively with the Purchase Price Adjustment Escrow Fund, the “Escrow Funds”) shall (i) be
used solely for the same purposes as the Purchase Price Adjustment Escrow Fund and to satisfy any claims of a Parent Indemnitee for indemnification pursuant to Section 12.02(a) or Section 12.02(b)
made from and after Closing but on or before the Expiration Date and (ii) terminate at 11:59 p.m. (Eastern time) on the Expiration Date (other than with respect to claims made on or before the Expiration Date). Any amounts in the Indemnity
Escrow Fund not so used (other than amounts reserved subject to pending claims made on or before the Expiration Date and not then finally resolved in accordance with the Escrow Agreement) shall be distributed to the Member Representative for the
benefit of and distribution to the Members as allocated at the direction of the Member Representative (in accordance with Annex D) on the next Business Day after the Expiration Date or as otherwise determined by the Member Representative in
accordance with the Restructuring Agreement. The Indemnity Escrow Fund shall be held and disbursed solely for the respective purposes and in accordance with the terms hereof and the Escrow Agreement. The parties hereto agree that, for Tax reporting
purposes, Parent shall be deemed to be the owner of the Escrow Funds, as reduced from time to time by the amount of monies distributed from such Escrow Fund in accordance with this Agreement and the Escrow Agreement, and that all interest on or
other taxable income, if any, earned from the investment of the Escrow Amount shall be treated for Tax purposes as earned by Parent until the Escrow Amount is distributed in accordance with this Agreement and the Escrow Agreement. The parties hereto
further agree that, for U.S. federal income Tax purposes, the payments received by the Members from the Escrow Funds are intended to constitute installment payments from an installment sale described in Section 453 of the Code, a portion of
which may be treated as imputed interest under the Code, unless the Members make an election pursuant to Section 453(d) of the Code, and the parties hereto shall report consistently with such treatment, as applicable. 

ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF THE ROLLOVER HOLDCO MEMBERS AND THE DIRECT ROLLOVER MEMBERS 

Subject to Section 14.04, each Management Seller, Direct Rollover Member and other Rollover Holdco Member hereby
represents and warrants, severally and not jointly (subject to the last sentence of Section 12.03(e)), to Parent and Parent Merger Sub, solely with respect to itself only (other than (x) the representations and warranties in
Section 3.12, and (y) the representations and warranties in Section 3.09 solely with respect to Rollover Holdco), that: 

Section 3.01. Existence and Power. 

(a) With respect to each Rollover Holdco Member that is not an individual, (i) such Rollover Holdco Member is duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization, and has all requisite power and authority required to carry on its business as now conducted, (ii) such Rollover Holdco Member is duly qualified to do business as
a foreign limited liability company or other business entity and is in good standing in each jurisdiction where such qualification is necessary, except for those jurisdictions where failure to be so qualified would not, individually or in the
aggregate, reasonably be expected to (x) have a material adverse effect on the condition (financial or otherwise), of such Rollover Holdco Member and its Subsidiaries, taken as a whole, or (y) impair or delay in any material respect such
Rollover Holdco Member’s ability to consummate the Transactions. 
 (b) With respect to each Rollover Holdco Member that is not an
individual, such Rollover Holdco Member has the requisite power and authority to execute and deliver this Agreement and the Transaction Documents to which such Rollover Holdco Member is or will be a party, to perform such Rollover Holdco
Member’s obligations hereunder and thereunder, and to consummate the Transactions. 

  
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 (c) With respect to each Rollover Holdco Member and Direct Rollover Member who is an
individual, such Member is a natural Person and has the legal capacity to execute and deliver this Agreement and the Transaction Documents to which such Member is or will be a party, to perform such Member’s obligations hereunder and
thereunder, and to consummate the Transactions. 
 (d) With respect to each Rollover Holdco Member and Direct Rollover Member, such Member
has prior to the date of this Agreement furnished to Parent a true, complete and correct copy of any Seller Side Letter(s) to which such Member is a party, and such Seller Side Letter(s) are in full force and effect. 

Section 3.02. Authorization. With respect to a Rollover Holdco Member that is not an individual, the execution, delivery and
performance of this Agreement and the other Transaction Documents to which such Rollover Holdco Member is or will be a party by such Rollover Holdco Member and the consummation of the Transactions have been duly and validly authorized by all
necessary corporate (or other) action on the part of such Rollover Holdco Member, and no other corporate (or other) proceedings on the part of such Rollover Holdco Member or any holder of its equity, are required to authorize the execution, delivery
and performance of this Agreement and the other Transaction Documents to which such Rollover Holdco Member is or will be a party or for such Rollover Holdco Member to consummate the Transactions. This Agreement and the other Transaction Documents to
which such Rollover Holdco Member or Direct Rollover Member is a party have been (or, in the case of other Transaction Documents that will be executed and delivered by such Member after the date of this Agreement, such other Transaction Documents
will, when executed and delivered by such Member, have been), duly and validly executed and delivered by such Member. This Agreement and the other Transaction Documents to which such Rollover Holdco Member or Direct Rollover Member is a party
constitute (or, in the case of other Transaction Documents that will be executed and delivered by such Member after the date of this Agreement, such other Transaction Documents will, when executed and delivered by such Member, constitute) the legal,
valid and binding obligation of such Member, enforceable against such Member in accordance with their respective terms, except as the enforceability thereof may be limited by the effect of any applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting creditors’ rights generally and by general principles of equity (“Enforceability Exceptions”). 

Section 3.03. Governmental Authorization. The execution, delivery and performance by such Rollover Holdco Member or Direct
Rollover Member of this Agreement and the other Transaction Documents to which it is or will be a party and the consummation by such Member of the Transactions requires no action by or in respect of, or filing with, any Governmental Authority other
than: (i) (a) the filing of a certificate of merger with respect to the Merger with the Delaware Secretary of State and (b) the filing of certificates of merger of certain of the Acquired Entities in connection with the Restructuring with
the Delaware Secretary of State, New York Secretary of State or California Secretary of State, as applicable (which such filings were made in connection with the Restructuring); (ii) compliance with any applicable requirements of the HSR Act (which
such requirements have been fulfilled as of the date hereof); and (iii) any actions or filings the absence of which, individually or in the aggregate, do not and are not reasonably likely to impair or delay in any material respect such
Member’s ability to perform its obligations under this Agreement and the other Transaction Documents to which it is or will be a party or to consummate the Transactions. 

Section 3.04. Non-contravention. The execution, delivery and performance by such Rollover
Holdco Member or Direct Rollover Member of this Agreement and the other Transaction Documents to which it is or will be a party and the consummation by such Member of the Transactions do not and will not (i) with respect to each Rollover Holdco
Member that is not an individual, contravene, conflict with, or result in any violation or breach of any provision of such Rollover Holdco Member’s Organizational Documents, (ii) other than with respect to compliance with any applicable
requirements of the HSR Act (which such requirements have been fulfilled as of the date hereof) and any liquor licenses set forth on Schedule 4.22 of the Disclosure Schedule, contravene, conflict with or result in a violation or breach of any
provision of, or give any Governmental Authority or other Person the right to exercise any remedy or obtain relief under, any Applicable Law or Order to which such Member, or any of the properties or assets owned or used by such Member (other than
any Acquired Entity Contracts), is subject, (iii) contravene, conflict with, violate or result in the loss of any benefit to which such Member is entitled under, or give any Governmental Authority the right to revoke, suspend, cancel,
terminate, or modify, any Permit or liquor license held by such Member, (iv) require any consent, waiver, notice or other action by any Person under, constitute a default under, conflict with, result in a breach of, or cause or permit the
termination, modification, amendment, revocation, cancellation, or acceleration of, or result in any other change of any right or obligation or the loss of any benefit to which such Member is entitled under, any provision of any Contract or other
instrument binding upon such Member or any of its assets (in each case, other than any Acquired Entity Contracts (without limiting the requirement to disclose any such Contracts on Schedule 4.04 of the Disclosure
Schedule)), (v) result in the creation or imposition of any Lien on any asset of such Member or any of its Subsidiaries, or (vi) with the passage of time, the giving of notice or the taking of any action by another Person, have any of the
effects described in clauses (i) through (v) of this Section 3.04, with only such exceptions in the case of clauses (iii), (iv), (v) and (vi) as, individually or in the aggregate, do not and are not
reasonably likely to impair or delay in any material respect the ability of such Member to perform its obligations under this Agreement and the other Transaction Documents to which it is or will be a party or to consummate the Transactions. 

  
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 Section 3.05. Existing Equity Interests. As of immediately prior to the
Restructuring, Schedule 3.05 of the Disclosure Schedule sets forth a complete and accurate statement of such Rollover Holdco Member or Direct Rollover Member’s beneficial and record ownership of Group
Entity Interests and Equity Interests in Holdings (if any). As of immediately prior to the Restructuring, such Member was the beneficial owner of, and had good, valid and marketable title to, such Group Entity Interests (and Equity Interests in
Holdings, as applicable), free and clear of all Liens (other than restrictions on transfer arising under applicable securities laws or the LLC Agreement with respect to such Acquired Entity). 

Section 3.06. Management Assets; Other Assets. As of immediately prior to the Restructuring, such Management Seller held good,
valid and marketable title to the Management Assets, free and clear of all Liens (other than with respect to Management Assets that are or relate to Equity Interests, restrictions on transfer of such Equity Interests arising under applicable
securities laws or the LLC Agreement with respect to such Group Entity (as applicable)) (it being understood that any Management Assets that are Acquired Entity Business IP Rights are subject to the representations and warranties in
Section 4.14). Except for such Management Assets (if any) contributed to Rollover Holdco in connection with the Restructuring or as set forth on Schedule 3.06 of the Disclosure Schedule, neither such Management Seller (nor, in the
case of any Management Seller that is an individual, any member of the immediate family of such Management Seller) nor any Affiliate of such Management Seller (nor, in the case of any Affiliate of a Management Seller that is an individual, any
member of the immediate family of such Affiliate) owns (or as of immediately prior to the Restructuring, owned) any material assets that are owned, used or held for use by any Acquired Entity or any Subsidiary of any Acquired Entity. Neither such
Management Seller (nor, in the case of any Management Seller that is an individual, any member of the immediate family of such Management Seller) nor any Affiliate of such Management Seller (nor, in the case of any Affiliate of a Management Seller
that is an individual, any member of the immediate family of such Affiliate) is (or as of immediately prior to the Restructuring, was) party to any Contract with any Acquired Entity or any of its Subsidiaries, other than the LLC Agreements and Side
Letters listed on Section 4.10 of Disclosure Schedule or as set forth on Schedule 3.06 to the Disclosure Schedule. 

Section 3.07. Litigation and Regulatory Actions. Other than any Proceeding set forth on Schedule 4.12
of the Disclosure Schedule against, otherwise affecting or relating to such Rollover Holdco Member or Direct Rollover Member, there is no (i) Proceeding pending against, or, to the Knowledge of such Member, threatened against or affecting,
such Member before (or, in the case of threatened Proceedings, would be before) or by any Governmental Authority or arbitrator, and (ii) Order relating to such Member, that in either case, individually or in the aggregate, is reasonably likely
to impair or delay in any material respect such Member’s ability to perform its obligations under this Agreement and the other Transaction Documents to which it is or will be a party or to consummate the Transactions. Such Member has not, and
none of its Affiliates have, made an assignment or transfer of any of the Released Claims. 
 Section 3.08. Finders’ Fees.
Except for Moelis & Company and Houlihan Lokey, there is no investment banker, broker, finder or other intermediary that has been retained by or is authorized to act on behalf of such Rollover Holdco Member or Direct Rollover Member that is
entitled to any fee or commission from any Acquired Entity or any of its Subsidiaries in connection with this Agreement or the Transactions based upon arrangements made by or on behalf of such Member (any amounts due to Moelis & Company or
Houlihan Lokey in connection with this Agreement or the Transactions will be Transaction Expenses (to the extent not paid prior to the Closing) and will be paid off at or prior to the Closing). 

Section 3.09. Investment Purpose; Accredited Investor; No Public Market; No Reliance. 

(a) Rollover Holdco and such Rollover Holdco Member or Direct Rollover Member is acquiring the Rollover Holdco Class A Units (if any),
Rollover Holdco Preferred Units (if any), Class A Holdings Interests, the Redeemable Holdings Interests, the Preferred Holdings Interests (if any) and shares of Qualified MSG Stock or Qualified Successor Stock (if any) allocable to Rollover
Holdco and such Member hereunder for investment and not with a view toward, or for sale in connection with, any distribution thereof, nor with any present intention of distributing or selling such Class A Holdings Interests, Redeemable Holdings
Interests, Preferred Holdings Interests (if any) and shares of Qualified MSG Stock or Qualified Successor Stock (if any). 
 (b) Rollover
Holdco and such Rollover Holdco Member or Direct Rollover Member acknowledges and agrees (i) that the Rollover Holdco Class A Units (if any), Rollover Holdco Preferred Units (if any), Class A Holdings Interests, the Redeemable
Holdings Interests, the Preferred Holdings Interests (if any) and shares of Qualified MSG Stock or Qualified Successor Stock (if any) allocable to Rollover Holdco and such Member hereunder have not been, and will not be, registered under the 1933
Act, by reason of specific exemptions from the registration provisions of the 1933 Act which depend upon, among other things, the bona fide nature of the investment intent and the accuracy of the representations as expressed in this
Section 3.09, are “restricted securities” under applicable U.S. federal and state securities Laws and that, pursuant to these laws, may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of without
registration under the 1933 Act and any applicable state or foreign securities Laws, except pursuant to an exemption from such registration under the 1933 Act and such other Laws, (ii) that (except to the extent provided under
Section 2.03(b)(ii) with respect to Qualified Successor Stock (if any)) there is no obligation to register or qualify the 

  
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foregoing for resale, and (iii) that if an exemption from registration or qualification is available, it may be conditioned on various requirements including the time and manner of sale, the
holding period for the foregoing and requirements that are outside of a holder’s control, and, except as set forth in Section 2.03(b)(ii) with respect to the registration of Qualified Successor Stock (in accordance with and subject to the
terms provided therein), as to which no party is under any obligation to satisfy and which may not be satisfied or able to be satisfied. 

(c) Rollover Holdco and such Rollover Holdco Member or Direct Rollover Member understands that no public market now exists for the Rollover
Holdco Class A Units, Rollover Holdco Preferred Units, Class A Holdings Interests, Redeemable Holdings Interests or the Preferred Holdings Interests, and that neither Parent nor Parent Merger Sub nor any Person on their behalf has made any
assurances that a public market will ever exist for the Rollover Holdco Class A Units, Rollover Holdco Preferred Units, Class A Holdings Interests, Redeemable Holdings Interests or Preferred Holdings Interests. 

(d) Rollover Holdco and such Rollover Holdco Member or Direct Rollover Member is an “accredited investor” as defined in Rule 501(a)
of Regulation D promulgated under the 1933 Act. 
 (e) Rollover Holdco and such Rollover Holdco Member or Direct Rollover Member
acknowledges and agrees that it (i) has had an opportunity to discuss the business of the Acquired Entities and their respective Subsidiaries with the management of the Acquired Entities, (ii) has been afforded the opportunity to ask
questions of and receive answers from the Acquired Entities, (iii) has conducted its own independent investigation of the Acquired Entities, their respective Subsidiaries, their respective businesses and the Transactions, and (iv) has
sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risk of the investment in Rollover Holdco Class A Units (if any), Rollover Holdco Preferred Units (if any), Class A
Holdings Interests, the Redeemable Holdings Interests, the Preferred Holdings Interests (if any) and shares of Qualified MSG Stock or Qualified Successor Stock (if any). 

(f) Rollover Holdco and such Rollover Holdco Member or Direct Rollover Member acknowledges and agrees that none of the Acquired Entities, the
Member Representative nor any other Person makes any representation or warranty with respect to any projections, forecasts or other estimates, plans or budgets of future revenues, expenses or expenditures, future results of operations (or any
component thereof), future cash flows (or any component thereof) or future financial condition (or any component thereof) of any Acquired Entity or any of their respective Subsidiaries or the future business, operations or affairs of any Acquired
Entity or any of their respective Subsidiaries heretofore or hereafter delivered to or made available to Rollover Holdco or such Member or their respective Representatives or Affiliates. 

Section 3.10. Restrictions. 

(a) Except as set forth on Section 3.10(a) of the Disclosure Schedule, such Principal is not party to any
Contract that restricts such Principal or any Acquired Entity or Subsidiary of an Acquired Entity, or any of the properties or assets of any Acquired Entity or Subsidiary of an Acquired Entity, from investing in, opening or operating any type of
restaurant, bar or nightlife venue in any location, of any theme or at any time (or with respect to properties or assets, from being used in connection with the opening or operation of such a venue of the applicable Acquired Entity or Subsidiary
thereof), or requiring any such opportunity to first be provided to any third party. 
 (b) Except as set forth on
Section 3.10(b) of the Disclosure Schedule, such other Rollover Holdco Member is not party to any Contract that restricts such other Rollover Holdco Member or any Acquired Entity or Subsidiary of an Acquired Entity, or
any of the properties or assets of any Acquired Entity or Subsidiary of an Acquired Entity, from investing in, opening or operating any type of restaurant, bar or nightlife venue in any location, of any theme or at any time (or with respect to
properties or assets, from being used in connection with the opening or operation of such a venue of the applicable Acquired Entity or Subsidiary thereof), or requiring any such opportunity to first be provided to any third party. 

Section 3.11. Access to Information; No Reliance. 

(a) Such Rollover Holdco Member or Direct Rollover Member acknowledges and agrees that it (i) has had an opportunity to discuss the
business of Parent, Parent Merger Sub and their respective Affiliates with the management of Parent, (ii) has been afforded the opportunity to ask questions of and receive answers from Parent, Parent Merger Sub and their respective Affiliates
and (iv) has conducted its own independent investigation of Parent, Parent Merger Sub and their respective Affiliates, their respective businesses and the Transactions. Such Member further acknowledges and agrees that, except in respect of any
fraud, it has not relied on any representation, warranty or other statement by Parent, Parent Merger Sub or their respective Affiliates, other than representations and warranties set forth in Section 2.03(b)(iv), Article
6 and Section 9.11 (each, as qualified by Disclosure Schedule), and, except in respect of any fraud, that all other representations and warranties of any kind whatsoever, express or implied, at law or in equity, with
respect to any of Parent, Parent Merger Sub and their respective Affiliates, or their respective business, operations, assets, liabilities, condition (financial or otherwise) or prospects, are specifically disclaimed. 

  
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 (b) Except for the representations and warranties set forth in
Section 2.03(b)(iv), Article 6 and Section 9.11 (each, as qualified by Disclosure Schedule), with the exception of fraud, such Rollover Holdco Member or Direct Rollover Member acknowledges
and agrees that none of Parent, Parent Merger Sub, their respective Affiliates nor any other Person makes any representation or warranty with respect to any projections, forecasts or other estimates, plans or budgets of future revenues, expenses or
expenditures, future results of operations (or any component thereof), future cash flows (or any component thereof) or future financial condition (or any component thereof) of Parent, Parent Merger Sub or their respective Affiliates nor the future
business, operations or affairs of Parent, Parent Merger Sub or their respective Affiliates heretofore or hereafter delivered to or made available to any Acquired Entity, Management Seller, Rollover Holdco Member or Member, or their respective
Representatives or Affiliates. 
 Section 3.12. Rollover Holdco Representations and Warranties. The Rollover Holdco Members,
severally and not jointly (subject to the last sentence of Section 12.03(e)), represent and warrant to Parent and Parent Merger Sub, that:  

(a) (i) Rollover Holdco is duly organized, validly existing and in good standing under the laws of the State of Delaware, and has all
limited liability company power and authority required to carry on its business as now conducted, and to own, lease and use its properties and assets, and to perform all its obligations under any Contract to which it is a party or by which it, or
any of the assets or properties owned or used by it, is or could become bound, and (ii) Rollover Holdco is duly qualified to do business as a foreign limited liability company and is in good standing in each jurisdiction where such
qualification is necessary, except for those jurisdictions where failure to be so qualified, individually or in the aggregate, (x) has not had and is not reasonably likely to have a material adverse effect on the condition (financial or
otherwise), business, results of operations, assets or liabilities of Rollover Holdco, or (y) is reasonably likely to prevent, delay in any material respect or impede in any material respect the performance by Rollover Holdco of its obligations
under this Agreement or the consummation of the Transactions. The Rollover Holdco Members have prior to the date of this Agreement furnished to Parent a true, complete and correct copy of the certificate of formation and the initial limited
liability company agreement of Rollover Holdco (and any other Organizational Documents with different names, if applicable). The certificate of formation and the initial limited liability company agreement of Rollover Holdco (and any other
Organizational Documents with different names, if applicable) referred to in the foregoing sentence are in full force and effect. 
 (b)
Rollover Holdco has the requisite power and authority to execute and deliver this Agreement and the Transaction Documents to which Rollover Holdco is or will be a party, to perform Rollover Holdco’s obligations hereunder and thereunder, and to
consummate the Transactions. 
 (c) Rollover Holdco was formed solely for the purpose of engaging in the Restructuring and the
Transactions, has not engaged in any other business activities other than in connection with its formation, the Restructuring or the other Transactions, does not have any assets other than the Management Assets addressed by the Restructuring
Agreement, the Holdings Pre-Closing Interests, the Class A Holdings Interests, the Preferred Holdings Interests and Redeemable Holdings Interests (in each case from time to time in accordance with the
transactions contemplated by the Restructuring Agreement and this Agreement), has not entered into any Contract other than the Transaction Documents to which Rollover Holdco is a party, and does not have any Liabilities (other than de
minimis Liabilities incident to its formation, or in the case of Holdings, Liabilities under the Transaction Documents (but not (with or without notice or lapse of time or both) from any breach or default under the Transaction Documents).

 (d) The execution, delivery and performance by Rollover Holdco of this Agreement and the other Transaction Documents to which Rollover
Holdco is or will be a party and the consummation of the Transactions have been duly and validly authorized by all necessary corporate (or other) action on the part of Rollover Holdco, and no other limited liability company (or other) proceedings on
the part of Rollover Holdco or any holder of its Equity Interests, are necessary to authorize the execution, delivery and performance by Rollover Holdco of this Agreement and the other Transaction Documents to which Rollover Holdco is or will be a
party or for Rollover Holdco to consummate the Transactions. This Agreement and the other Transaction Documents to which Rollover Holdco is a party have been (or, in the case of other Transaction Documents that will be executed and delivered by
Rollover Holdco after the date of this Agreement, such other Transaction Documents will, when executed and delivered by Rollover Holdco, have been), duly and validly executed and delivered by Rollover Holdco. This Agreement and the other Transaction
Documents to which Rollover Holdco is a party constitute (or, in the case of other Transaction Documents that will be executed and delivered by Rollover Holdco after the date of this Agreement, such other Transaction Documents will, when executed
and delivered by Rollover Holdco, constitute) the legal, valid and binding obligation of Rollover Holdco, enforceable against Rollover Holdco in accordance with their respective terms, except for Enforceability Exceptions. 

(e) The execution, delivery and performance by Rollover Holdco of this Agreement and the other Transaction Documents to which it is or will be
a party and the consummation by Rollover Holdco of the Transactions do not and will not contravene, conflict with, or result in any violation or breach of any provision of Rollover Holdco’s Organizational Documents. The execution, delivery and
performance by Rollover Holdco of this Agreement and the other Transaction Documents to which it is or will be a party and the consummation by Rollover Holdco of the Transactions requires no action by or in respect of, or filing with, any
Governmental 

  
 32 

 
Authority other than: (i) (a) the filing of a certificate of merger with respect to the Merger with the Delaware Secretary of State and (b) the filing of certificates of merger of
certain of the Acquired Entities in connection with the Restructuring with the Delaware Secretary of State, New York Secretary of State or California Secretary of State, as applicable (which such filings were made in connection with the
Restructuring); (ii) compliance with any applicable requirements of the HSR Act (which such requirements have been fulfilled as of the date hereof); and (iii) any actions or filings the absence of which, individually or in the aggregate,
(x) has not had and is not reasonably likely to have a material adverse effect on the condition (financial or otherwise), business, results of operations, assets or liabilities of Rollover Holdco, or (y) is reasonably likely to prevent,
delay in any material respect or impede in any material respect the performance by Rollover Holdco of its obligations under this Agreement or the consummation of the Transactions. 

(f) As of immediately prior to the Restructuring, (i) all of the issued and outstanding Equity Interests of Rollover Holdco are owned, of
record and beneficially, by Member Representative, and Rollover Holdco does not have any other authorized, designated, issued or outstanding Equity Interests, or other than as set forth in the Limited Liability Company Agreement of Rollover Holdco
dated as of September 23, 2016 (the “Initial Rollover Holdco LLC Agreement”), any outstanding or authorized options, warrants, convertible or exchangeable securities, Contracts, subscriptions, rights, calls, commitments,
agreements or understandings of any character whatsoever, fixed or contingent, to which Rollover Holdco, any Management Seller, Acquired Entity or any of its Subsidiaries are a party that directly or indirectly (1) require or call for the
issuance, redemption, delivery, sale, pledge or other disposition of any Equity Interests of Rollover Holdco, or any securities convertible into, or other rights to acquire, any Equity Interests of Rollover Holdco, (2) obligate Rollover Holdco
to grant, offer or enter into any of the foregoing, or (3) relate to the voting, transfer, ownership or control of the Equity Interests of Rollover Holdco, (ii) all of the issued and outstanding Equity Interests of Rollover Holdco are duly
authorized and validly issued and fully-paid and non-assessable with no Liability attaching to the ownership thereof (other than as expressly provided in the Initial Rollover Holdco LLC Agreement), and have
not been issued in violation of any federal or state securities Laws or any other Applicable Law, (iii) there are no outstanding obligations of Rollover Holdco to repurchase, redeem or otherwise acquire any of the Equity Interests of Rollover
Holdco or to vote or dispose of such Equity Interests (iv) none of the Equity Interests of Rollover Holdco have been issued in violation of, and none are subject to, any purchase option, call, right of first refusal, preemptive, subscription,
or other similar right, and (v) there are no declared or accrued but unpaid dividends or distributions with respect to the Equity Interests of Rollover Holdco. 

(g) Other than as set forth on Schedule 3.12(g) of the Disclosure Schedule, Rollover Holdco has not created any “phantom
units,” unit appreciation rights or other similar rights, the value of which is related to or based upon the price or value of any Equity Interests of Rollover Holdco. 

(h) Other than as expressly provided in the A&R Holdings LLC Agreement and the A&R Rollover Holdco LLC Agreement, Rollover Holdco has
not granted to any Person the right to demand or request that Rollover Holdco effect a registration under the 1933 Act, of any securities held by such Person or to include any securities of such Person in any such registration by Rollover Holdco,
and there are otherwise no Contracts, voting trusts or proxies with respect to the voting or registration under the 1933 Act or any analogous Applicable Law, relating to any Equity Interests of Rollover Holdco. 

(i) As of the date hereof, (i) the Rollover Holdco Members are the sole owners of record of the common units of Rollover Holdco (the
“Rollover Holdco Class A Units”) and preferred units of Rollover Holdco (the “Rollover Holdco Preferred Units”) as determined in accordance with the Restructuring Agreement and the A&R
Rollover Holdco LLC Agreement, (ii) each Rollover Holdco Class A Unit held by each such Rollover Holdco Member corresponds to a Class A Holdings Interest (with respect to such Rollover Holdco Class A Unit, its
“Attributable Class A Common Unit”) and each “Rollover Holdco Preferred Unit” held by each such Rollover Holdco Member corresponds to a Preferred Unit (as defined in the A&R Holdings LLC
Agreement) (with respect to such Rollover Holdco Preferred Unit, its “Attributable Preferred Unit”), in each case, in accordance with the A&R Rollover Holdco LLC Agreement and the A&R Holdings LLC Agreement, (iii) all
of the Rollover Holdco Class A Units and the Rollover Holdco Preferred Units have been duly authorized and validly issued and will be fully-paid and non-assessable with no Liability attaching to the
ownership thereof (other than as expressly provided in A&R Rollover Holdco LLC Agreement), and have not been issued in violation of any federal or state securities Laws or any other Applicable Law, (iv) except as set forth in the A&R
Rollover Holdco LLC Agreement or the A&R Holdings LLC Agreement, (x) there are no obligations (contingent or otherwise) of Rollover Holdco to repurchase, redeem or otherwise acquire the Rollover Holdco Class A Units and the Rollover
Holdco Preferred Units or other Equity Interests of Rollover Holdco, or to vote or dispose of such Equity Interests of Rollover Holdco and (y) none of the Rollover Holdco Class A Units and the Rollover Holdco Preferred Units have been
issued in violation of, and none are subject to, any purchase option, call, right of first refusal, preemptive, subscription, or other similar right, and (v) there are no declared or accrued but unpaid dividends or distributions with respect to
the Rollover Holdco Class A Units and the Rollover Holdco Preferred Units. 

  
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 (j) There is no (i) Proceeding pending against, or, to the Knowledge of Rollover
Holdco, threatened against or affecting, Rollover Holdco before (or, in the case of threatened Proceedings, would be before) or by any Governmental Authority or arbitrator, and (ii) Order relating to Rollover Holdco, that in either case,
individually or in the aggregate, is reasonably likely to impair or delay in any material respect Rollover Holdco’s ability to perform its obligations under this Agreement and the other Transaction Documents to which it is or will be a party or
to consummate the Transactions. Rollover Holdco has not, and none of its Affiliates have, made an assignment or transfer of any of the Released Claims. 

(k) Except for Moelis & Company and Houlihan Lokey, there is no investment banker, broker, finder or other intermediary that has been
retained by or is authorized to act on behalf of Rollover Holdco that is entitled to any fee or commission from Rollover Holdco, any Acquired Entity or any of its Subsidiaries in connection with this Agreement or the Transactions based upon
arrangements made by or on behalf of Rollover Holdco (any amounts due to Moelis & Company or Houlihan Lokey in connection with this Agreement or the Transactions will be Transaction Expenses (to the extent not paid prior to the Closing) and
will be paid off at or prior to the Closing). 
 Section 3.13. Exclusivity of Representations and Warranties. EXCEPT FOR THE
REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS ARTICLE 3, ARTICLE 4 AND ARTICLE 5 (EACH, AS QUALIFIED BY THE DISCLOSURE SCHEDULE) AND ANY REPRESENTATIONS CONTAINED IN ANY MEMBER’S LETTER OF TRANSMITTAL (WHICH REPRESENTATIONS
AND WARRANTIES IN ANY MEMBER’S LETTER OF TRANSMITTAL ARE MADE SOLELY BY AND WITH RESPECT TO SUCH MEMBER ONLY) (COLLECTIVELY, THE “ACQUIRED ENTITY REPRESENTATIONS”), AND WITH THE EXCEPTION OF FRAUD, NONE OF THE ACQUIRED
ENTITIES, ANY ROLLOVER HOLDCO MEMBER, ANY MEMBER, ANY MANAGER NOR ANY OTHER PERSON MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY (INCLUDING (X) AS TO THE ACCURACY OR COMPLETENESS OF ANY
CONFIDENTIAL INFORMATION MEMORANDUM, DOCUMENTS, PROJECTIONS, MATERIALS OR OTHER INFORMATION (FINANCIAL OR OTHERWISE) REGARDING ANY GROUP ENTITY OR ANY OF ITS SUBSIDIARIES FURNISHED TO PARENT OR ITS REPRESENTATIVES OR MADE AVAILABLE TO PARENT OR ITS
REPRESENTATIVES IN ANY “DATA ROOMS”, “VIRTUAL DATA ROOMS”, MANAGEMENT PRESENTATIONS OR IN ANY OTHER FORM IN EXPECTATION OF, OR IN CONNECTION WITH, THE TRANSACTIONS OR (Y) WITH RESPECT TO THE MERCHANTABILITY OR FITNESS FOR
ANY PARTICULAR PURPOSE OF ANY ASSETS, THE NATURE OR EXTENT OF ANY LIABILITIES, THE PROSPECTS OF ANY OF THE ACQUIRED ENTITIES, THEIR SUBSIDIARIES OR THEIR RESPECTIVE BUSINESSES, OR THE EFFECTIVENESS OR SUCCESS OF ANY OF THEIR OPERATIONS). EXCEPT FOR
THE ACQUIRED ENTITY REPRESENTATIONS, AND WITH THE EXCEPTION OF FRAUD, EACH ACQUIRED ENTITY HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY PROJECTIONS, FORECASTS OR OTHER ESTIMATES, PLANS OR BUDGETS OF FUTURE REVENUES, EXPENSES OR
EXPENDITURES, FUTURE RESULTS OF OPERATIONS (OR ANY COMPONENT THEREOF), FUTURE CASH FLOWS (OR ANY COMPONENT THEREOF) OR FUTURE FINANCIAL CONDITION (OR ANY COMPONENT THEREOF) OF ANY ACQUIRED ENTITY OR ANY OF THEIR RESPECTIVE SUBSIDIARIES OR THE FUTURE
BUSINESS, OPERATIONS OR AFFAIRS OF ANY ACQUIRED ENTITY OR ANY OF THEIR RESPECTIVE SUBSIDIARIES HERETOFORE OR HEREAFTER DELIVERED TO OR MADE AVAILABLE TO PARENT, PARENT MERGER SUB OR THEIR RESPECTIVE REPRESENTATIVES OR AFFILIATES. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES AS TO THE ACQUIRED ENTITIES 

Except as set forth in the Disclosure Schedule (in accordance with Section 14.04), the Group Entities, jointly
and severally and the Members, severally and not jointly (subject to the last sentence of Section 12.03(e)), represent and warrant to Parent and Parent Merger Sub, that: 

Section 4.01. Existence and Power. 

(a) Each Acquired Entity (a) identified on Schedule 4.01(a) of the Disclosure Schedule is a limited
liability company duly organized, validly existing and in good standing under the laws of the State of Delaware, (b) identified on Schedule 4.01(b) of the Disclosure Schedule is a limited liability company duly
organized, validly existing and in good standing under the laws of the State of New York, (c) identified on Schedule 4.01(c) of the Disclosure Schedule is a limited liability company duly organized, validly existing and in good
standing under the laws of the State of California, and (d) has all limited liability company power and authority required to carry on its business as now conducted, and to own, lease and use its properties and assets, and to perform all its
obligations under any Contract to which it is a party or by which it, or any of the assets or properties owned or used by it, is or could 

  
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become bound. Each Acquired Entity is duly qualified to do business as a foreign limited liability company and in good standing in each jurisdiction listed on
Schedule 4.01(e) of the Disclosure Schedule, which jurisdictions are the only jurisdictions where such qualification is necessary, except for those jurisdictions where failure to be so qualified has not had and is not
reasonably likely to have, individually or in the aggregate, a Group Material Adverse Effect. Each of the New Entities was formed solely for the purpose of engaging in the Restructuring and the Transactions, has not engaged in any other business
activities other than in connection with its formation, the Restructuring or the other Transactions, and does not have any Liabilities (other than de minimis Liabilities incident to its formation, or in the case of Holdings,
Liabilities under the Transaction Documents). Each Acquired Entity has prior to the date of this Agreement furnished to Parent a true, complete and correct copy of (x) the LLC Agreement (and any other Organizational Documents with different
names, if applicable), (y) any Side Letters, and (z) the Wholly-Owned Operating Agreement, in each case of clauses (x), (y) and (z), for each Acquired Entity or Subsidiary of an Acquired Entity. The Wholly-Owned Operating Agreements are in full
force and effect. 
 (b) Each Acquired Entity has the requisite power and authority to execute and deliver this Agreement (if such Acquired
Entity is a party to this Agreement) and the other Transaction Documents to which such Acquired Entity is or will be a party, to perform such Acquired Entity’s obligations hereunder and thereunder, and to consummate the Transactions. 

Section 4.02. Authorization. The execution, delivery and performance by each Acquired Entity of this Agreement (if such Acquired
Entity is a party to this Agreement) and the other Transaction Documents to which it is or will be a party, and the consummation by such Acquired Entity of the Transactions, have been duly authorized by all necessary limited liability company action
on the part of such Acquired Entity (including the Acquired Entity Member Approvals), and no other limited liability company proceedings on the part of such Acquired Entity or any holder of its Equity Interests are necessary to authorize the
execution, delivery and performance by such Acquired Entity of this Agreement and the other Transaction Documents to which such Acquired Entity is or will be a party or for such Acquired Entity to consummate the Transactions. This Agreement (if such
Acquired Entity is a party to this Agreement) and the other Transaction Documents to which such Acquired Entity is a party have been (or, in the case of other Transaction Documents that will be executed and delivered by such Acquired Entity after
the date of this Agreement, such other Transaction Documents will, when executed and delivered by such Acquired Entity, have been), duly and validly executed and delivered by each Acquired Entity. This Agreement (if such Acquired Entity is a party
to this Agreement) and the other Transaction Documents to which such Acquired Entity is a party constitute (or, in the case of other Transaction Documents that will be executed and delivered by such Acquired Entity after the date of this Agreement,
such other Transaction Documents will, when executed and delivered by such Acquired Entity, constitute) the legal, valid and binding agreement of each Acquired Entity, enforceable against it in accordance with their respective terms, except for
Enforceability Exceptions. 
 Section 4.03. Governmental Authorization. The execution, delivery and performance by each
Acquired Entity of this Agreement (if such Acquired Entity is a party to this Agreement) and the other Transaction Documents to which it is or will be a party, and the consummation by each Acquired Entity of the Transactions, requires no action by
or in respect of, or filing with, any Governmental Authority other than (i)(a) the filing of a certificate of merger with respect to the Merger with the Delaware Secretary of State and (b) the filings of certificates of merger of certain
of the Acquired Entities in connection with the Restructuring with the Delaware Secretary of State, New York Secretary of State or California Secretary of State, as applicable (which such filings were made in connection with the Restructuring);
(ii) compliance with any applicable requirements of the HSR Act (which such requirements have been fulfilled as of the date hereof); and (iii) any actions or filings the absence of which would not, individually or in the aggregate,
(x) reasonably be expected to impair or delay in any material respect such Acquired Entity’s ability to perform its obligations under this Agreement and the other Transaction Documents to which it is or will be a party or to consummate the
Transactions or (y) be Material. 
 Section 4.04. Non-contravention. The
execution, delivery and performance by each Acquired Entity and each Management Seller of this Agreement (if such Acquired Entity is a party to this Agreement) and the other Transaction Documents to which it is or will be a party and the
consummation of the Transactions do not and will not (i) contravene, conflict with, or result in any violation or breach of any provision of any Organizational Documents of any Acquired Entity or any of its Subsidiaries, (ii) other than
with respect to compliance with any applicable requirements of the HSR Act (which such requirements have been fulfilled as of the date hereof) and any liquor licenses set forth on Schedule 4.22 of the Disclosure Schedule, contravene, conflict
with or result in a violation or breach of, or give any Governmental Authority or other Person the right to exercise any remedy or obtain relief under, any provision of any Applicable Law or Order to which any Acquired Entity or any of its
Subsidiaries, or any of the properties or assets owned or used by any Acquired Entity or any of its Subsidiaries, is subject, (iii) contravene, conflict with, violate or result in the loss of any benefit to which any Acquired Entity or any of
its Subsidiaries is entitled under, or give any Governmental Authority the right to revoke, suspend, cancel, terminate, or modify, any Permit or liquor license held by any Acquired Entity or any of its Subsidiaries, (iv) require any consent,
waiver, notice or other action by any Person under, constitute a default under, conflict with, result in a breach of, or cause or permit the termination, modification, revocation, cancellation, or acceleration of, or result in any other change of
any 

  
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right or obligation or the loss of any benefit to which any Acquired Entity or any of its Subsidiaries is entitled under, any provision of any Material Contract binding upon any of the Acquired
Entities or any of their Subsidiaries or any of their assets, (v) result in the creation or imposition of any Lien on any asset of any Acquired Entity or any of its Subsidiaries, or (vi) with the passage of time, the giving of notice or
the taking of any action by another Person, have any of the effects described in clauses (i) through (v) of this Section 4.04, with only such exceptions in the case of clauses (iii), (iv), (v) and (vi) as, individually or in
the aggregate, (x) do not and are not reasonably likely to impair or delay in any material respect the ability of such Acquired Entity to perform its obligations under this Agreement (if such Acquired Entity is a party to this Agreement) and
the other Transaction Documents to which it is or will be a party or to consummate the Transactions or (y) that are otherwise not Material. 

Section 4.05. Capitalization; Ownership of Equity Interests. 

(a) Prior to the date of this Agreement, the Restructuring was effected in accordance with the Restructuring Agreement. As of immediately
prior to the Restructuring, (i) the issued and outstanding Group Entity Interests with respect to each Group Entity and its owners of record were as set forth on Schedule 4.05(a) of the Disclosure Schedule (other
than such failures to be true and correct that, individually or in the aggregate, are de minimis in nature) and (ii) except as set forth on Schedule 4.05(a) of the Disclosure Schedule, no Group Entity held any
authorized, designated, issued or outstanding Equity Interests, and other than as expressly provided in the applicable LLC Agreement or Side Letter of such Group Entity referenced in Schedule 4.05(a) of the Disclosure
Schedule (each of which were extinguished upon the consummation of the Restructuring and replaced with a Wholly-Owned Operating Agreement) or the replacement Wholly-Owned Operating Agreements entered into in connection with the Restructuring
(with true, complete and correct copies of the forms of such Organizational Documents having been furnished to Parent prior to the date of this Agreement), there are no outstanding or authorized options, warrants, convertible or exchangeable
securities, Contracts, subscriptions, rights, calls, commitments, agreements or understandings of any character whatsoever, fixed or contingent, to which any Group Entity or any of its Subsidiaries are a party that directly or indirectly
(1) require or call for the issuance, redemption, delivery, sale, pledge or other disposition of any Equity Interests of any Group Entity, or any securities convertible into, or other rights to acquire, any Equity Interests of any Group Entity,
(2) obligate any Group Entity to grant, offer or enter into any of the foregoing, or (3) relate to the voting, transfer, ownership or control of the Equity Interests of any Group Entity. 

(b) All of the Group Entity Interests of each Group Entity have been duly authorized and validly issued and are fully-paid and non-assessable with no Liability attaching to the ownership thereof (other than (i) as expressly provided in the applicable LLC Agreement or Side Letter of such Group Entity referenced in
Schedule 4.05(b) of the Disclosure Schedule (each of which were extinguished upon the consummation of the Restructuring and replaced with a Wholly-Owned Operating Agreement) or (ii) to the extent such Liabilities
are solely owed by Members and not owed (directly or indirectly, including by contribution claim) by any Acquired Entity or Subsidiary of an Acquired Entity upon, at or after the consummation of the Closing) and have not been issued in violation of
any federal or state securities Laws or any other Applicable Law. Other than as set forth in the applicable LLC Agreement or Side Letter of such Group Entity referenced in Schedule 4.05(b) of the Disclosure
Schedule (each of which were extinguished upon the consummation of the Restructuring and replaced with a Wholly-Owned Operating Agreement), there are no obligations (contingent or otherwise) of any Group Entity or any Subsidiary of such Group
Entity to repurchase, redeem or otherwise acquire any Group Entity Interests of such Group Entity or any such Subsidiary, or to vote or dispose of such Group Entity Interests or the Equity Interests of any such Group Entity. Other than as expressly
provided in the applicable LLC Agreement or Side Letter of such Group Entity referenced in Schedule 4.05(b) of the Disclosure Schedule (each of which were extinguished upon the consummation of the Restructuring and
replaced with a Wholly-Owned Operating Agreement), none of the Group Entity Interests of any Group Entity or any Equity Interests of a Subsidiary of a Group Entity were issued in violation of, and none are subject to, any purchase option, call,
right of first refusal, preemptive, subscription, or other similar right. Except as set forth on Schedule 4.05(b) of the Disclosure Schedule, there are no declared or accrued but unpaid dividends or distributions with
respect to the Group Entity Interests or the Equity Interests of any such Group Entity. 
 (c) Other than as set forth on
Schedule 4.05(c) of the Disclosure Schedule, no Acquired Entity or Subsidiary of an Acquired Entity has created any “phantom units,” unit appreciation rights or other similar rights, the value of which is related to or based
upon the price or value of any Equity Interests of the Group Entities or any of their Subsidiaries. 
 (d) Other than as expressly provided
in the applicable LLC Agreement or Side Letter of such Group Entity referenced in Schedule 4.05(d) of the Disclosure Schedule (each of which rights, Contracts, voting trusts or proxies were extinguished upon the
consummation of the Restructuring and replaced with a Wholly-Owned Operating Agreement), no Acquired Entity or Subsidiary of an Acquired Entity has granted to any Person the right to demand or request that such Acquired Entity or Subsidiary effect a
registration under the 1933 Act, of any securities held by such Person or to include any securities of such Person in any such registration by such Acquired Entity or Subsidiary, and there are otherwise no Contracts, voting trusts or proxies with
respect to the voting or registration under the 1933 Act or any analogous Applicable Law, relating to any Equity Interests of any Acquired Entity or Subsidiary of a Group Entity. 

  
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 (e) (i) Prior to the Restructuring, all of the issued and outstanding Equity Interests
of Holdings were owned, of record and beneficially, by the Member Representative, (ii) as of the date hereof, all of the issued and outstanding Equity Interests of Holdings are owned, of record and beneficially, by the Equityholders, in such
amounts as set forth opposite such Equityholders’ names on Annex D, and Holdings does not have any other authorized, designated, issued or outstanding Equity Interests, or other than as set forth in the LLC Agreement of Holdings, any
outstanding or authorized options, warrants, convertible or exchangeable securities, Contracts, subscriptions, rights, calls, commitments, agreements or understandings of any character whatsoever, fixed or contingent, to which any Management Seller,
Acquired Entity or any of its Subsidiaries are a party that directly or indirectly (1) require or call for the issuance, redemption, delivery, sale, pledge or other disposition of any Equity Interests of Holdings, or any securities convertible
into, or other rights to acquire, any Equity Interests of Holdings, (2) obligate Holdings to grant, offer or enter into any of the foregoing, or (3) relate to the voting, transfer, ownership or control of the Equity Interests of Holdings,
(iii) all of the issued and outstanding Equity Interests of Intermediate Holdings are owned, of record and beneficially, by Holdings, and Intermediate Holdings does not have any other authorized, designated, issued or outstanding Equity
Interests, or any outstanding or authorized options, warrants, convertible or exchangeable securities, Contracts, subscriptions, rights, calls, commitments, agreements or understandings of any character whatsoever, fixed or contingent, that directly
or indirectly (1) require or call for the issuance, redemption, delivery, sale, pledge or other disposition of any Equity Interests of Intermediate Holdings, or any securities convertible into, or other rights to acquire, any Equity Interests
of Intermediate Holdings, (2) obligate Intermediate Holdings to grant, offer or enter into any of the foregoing, or (3) relate to the voting, transfer, ownership or control of the Equity Interests of Intermediate Holdings, (iv) after
giving effect to the Restructuring but immediately prior to the consummation of the Closing, all of the issued and outstanding Equity Interests of ManagementCo are owned, of record and beneficially, by Intermediate Holdings, and ManagementCo does
not have any other authorized, designated, issued or outstanding Equity Interests, or other than as set forth in the LLC Agreement of ManagementCo, any outstanding or authorized options, warrants, convertible or exchangeable securities, Contracts,
subscriptions, rights, calls, commitments, agreements or understandings of any character whatsoever, fixed or contingent, to which any Management Seller, Acquired Entity or any of its Subsidiaries are a party that directly or indirectly
(1) require or call for the issuance, redemption, delivery, sale, pledge or other disposition of any Equity Interests of ManagementCo, or any securities convertible into, or other rights to acquire, any Equity Interests of ManagementCo,
(2) obligate ManagementCo to grant, offer or enter into any of the foregoing, or (3) relate to the voting, transfer, ownership or control of the Equity Interests of ManagementCo, and (v) as of the date hereof, (x) all of the
issued and outstanding Equity Interests of each Group Entity (including ManagementCo) are owned, of record and beneficially, by Borrower, (y) no such Group Entity has any other authorized, designated, issued or outstanding Equity Interests and
(z) the Group Entity Interests with respect to each Group Entity and its beneficial owners and owners of record outstanding immediately prior to the Restructuring are no longer outstanding and were converted into Holdings Pre-Closing Interests, and all other rights with respect to the Group Entity Interests (including profits interests or other rights under the applicable LLC Agreements or Side Letters) have all been extinguished
without any further force or effect or any Liability of any Acquired Entity or any Subsidiary thereof with respect thereto. 
 (f)
(i) all of the Equity Interests of each of the New Entities are (and all of the Class A Holdings Interests and Redeemable Holdings Interests issued as of the Effective Time will be) duly authorized and validly issued and fully-paid and non-assessable with no Liability attaching to the ownership thereof (other than as expressly provided in the LLC Agreement of such New Entity), and have not (and all of the Class A Holdings Interests and
Redeemable Holdings Interests issued as of the Effective Time will not have) been issued in violation of any federal or state securities Laws or any other Applicable Law, (ii) there are no outstanding obligations of any New Entity to
repurchase, redeem or otherwise acquire any Equity Interests of such New Entity or to vote or dispose of such Equity Interests of such New Entity, (iii) none of the Equity Interests of a New Entity have been (and all of the Class A
Holdings Interests and Redeemable Holdings Interests issued as of the Effective Time will not be) issued in violation of, and none are subject to, any purchase option, call, right of first refusal, preemptive, subscription, or other similar right,
and (iv) except as set forth on Schedule 4.05(f) of the Disclosure Schedule, there are no declared or accrued but unpaid dividends or distributions with respect to the Equity Interests of a New Entity. 

(g) As of the date hereof, (i) all of the Equity Interests of the New Entities are duly authorized and validly issued, fully-paid and non-assessable with no Liability attaching to the ownership thereof (other than as expressly provided in the LLC Agreement of such New Entity), and have not been issued in violation of any federal or state
securities Laws or any other Applicable Law, (ii) there are no outstanding obligations of any New Entity to repurchase, redeem or otherwise acquire any Equity Interests of such New Entity or to vote or dispose of such Equity Interests of such
New Entity, (iii) none of the Equity Interests of a New Entity have been issued in violation of, and none are subject to, any purchase option, call, right of first refusal, preemptive, subscription, or other similar right, and (iv) except
as set forth on Schedule 4.05(g) of the Disclosure Schedule, there are no declared or accrued but unpaid dividends or distributions with respect to the Equity Interests of a New Entity. 

  
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 Section 4.06. Subsidiaries. 

(a) Schedule 4.06(a)-1 of the Disclosure Schedule sets forth, with
respect to each Subsidiary of a Group Entity, (i) the name and jurisdiction of organization of such Subsidiary, (ii) the number of Equity Interests of such Subsidiary which are authorized, issued and outstanding, and (iii) the
identity of each owner (of record and beneficially) of the Equity Interests of such Subsidiary and the number of Equity Interests held by each holder, and Schedule 4.06(a)-2 of the
Disclosure Schedule sets forth, with respect to each Subsidiary of an Acquired Entity as of the date hereof, (i) the name and jurisdiction of organization of such Subsidiary, (ii) the number of Equity Interests of such Subsidiary
which are authorized, issued and outstanding, and (iii) the identity of each owner (of record and beneficially) of the Equity Interests of such Subsidiary and the number of Equity Interests held by each holder. Each such Subsidiary has been
duly organized, is validly existing and (where applicable) is in good standing under the laws of its jurisdiction of organization, has all limited liability company power and authority and all Permits required to carry on its business as now
conducted, and to own, lease and use its properties and assets, and to perform all its obligations under any Contract to which it is a party or by which it, or any of the assets or properties owned or used by it, is bound. Each such Subsidiary is
duly qualified to do business as a foreign entity and is in good standing in each jurisdiction where such qualification is necessary, except for those jurisdictions where failure to be so qualified has not had and is not reasonably likely to have,
individually or in the aggregate, a Group Material Adverse Effect. 
 (b) Except as set forth on Schedule 4.06(b)
of the Disclosure Schedule, all of the outstanding Equity Interests in the Subsidiaries of each Acquired Entity (with respect to each Acquired Entity, the “Acquired Entity Subsidiary Equity Interests”) are directly or indirectly
owned by such Acquired Entity, free and clear of any Lien and free of any other limitation or restriction (including any restriction on the right to vote, sell or otherwise dispose of such capital stock or other ownership interests). Other than as
expressly provided in the applicable LLC Agreement or Side Letter of such Acquired Entity referenced in Schedule 4.06(b) of the Disclosure Schedule (each of which obligations were extinguished upon the consummation of
the Restructuring and replaced with a Wholly-Owned Operating Agreement), there are no outstanding obligations of such Acquired Entity or any of its Subsidiaries or any other Person to repurchase, redeem or otherwise acquire any of the Acquired
Entity Subsidiary Equity Interests. (i) All of the Acquired Entity Subsidiary Equity Interests have been duly authorized and validly issued and are fully paid and non-assessable with no Liability
attaching to the ownership thereof and have not been issued in violation of any federal or state securities Laws or any other Applicable Law or any preemptive or similar right, (ii) there are no outstanding obligations of a Subsidiary of an
Acquired Entity to repurchase, redeem or otherwise acquire any Acquired Entity Subsidiary Equity Interests or to vote or dispose of such Acquired Entity Subsidiary Equity Interests, (iii) none of the Acquired Entity Subsidiary Equity Interests
have been issued in violation of, and none are subject to, any purchase option, call, right of first refusal, preemptive, subscription, or other similar right, and (iv) except as set forth on Schedule 4.06(b) of the
Disclosure Schedule, there are no declared or accrued but unpaid dividends or distributions with respect to the Acquired Entity Subsidiary Equity Interests. 

(c) Prior to the consummation of the Restructuring, (x) Holdings did not have any Subsidiaries except for Intermediate Holdings,
Borrower, ManagementCo and certain limited liability companies to be merged with and into the Group Entities in connection with the Restructuring (“Holdings Merger Subs”) and (y) Intermediate Holdings did not have any
Subsidiaries except for Borrower, ManagementCo and the Holdings Merger Subs. As of the date hereof, (i) Holdings does not have any Subsidiaries except for Intermediate Holdings, Borrower, the Group Entities, ManagementCo and the entities set
forth on Schedule 4.06(a)-1, (ii) Intermediate Holdings does not have any Subsidiaries except for Borrower, the Group Entities, ManagementCo and the entities set forth on
Schedule 4.06(a)-1, and (iii) ManagementCo does not have any Subsidiaries other than the ownership of any Equity Interests included in Management Assets. 

(d) Other than (x) payments in the Ordinary Course of salary, bonuses or reimbursement of expenses to the Equityholders that are
employees of a New Venue or (y) (A) management fees paid to certain Equityholders with respect to the New Venues paid with respect to (and solely to the extent applicable to) periods prior to January 1, 2017, and (B) management fees
paid to certain Equityholders with respect to the New Venues paid with respect to (and solely to the extent applicable to) periods on or following January 1, 2017, in each case of clauses (x) and (y) as listed on Schedule 1.01-F of the Disclosure Schedule, (i) no New Venue has declared or paid any dividends or distributions or any other direct or indirect payment of any kind with respect to the Equity Interests of any such
New Venue (or otherwise to any Equityholder of a New Venue), and (ii) as of the date of this Agreement, no New Venue is required to declare or pay any such dividends, distributions or other payments to any Equityholder (except for the Vandal
Note). 
 Section 4.07. Financial Statements. 

(a) The Management Sellers have made available to Parent (i) the audited combined balance sheets of the Group Entities and their
Subsidiaries set forth on Schedule 4.07(i) of the Disclosure Schedule for the fiscal years ended December 28, 2014 and December 27, 2015, and the related audited combined statements
of income, members’ equity and cash flows for the fiscal years ended on such dates, together with the notes thereto, in each case examined by and accompanied by the report of EisnerAmper, 

  
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independent certified public accountants (the “Group Audited Financial Statements”), and (ii) the unaudited combined balance sheet of the Group Entities and their
Subsidiaries (the “Group Balance Sheet”) set forth on Schedule 4.07(ii) of the Disclosure Schedule as of December 25, 2016 (the “Balance Sheet Date”), and the related
unaudited combined statements of income, members’ equity and cash flows of the Group Entities and their Subsidiaries for the twelve-month period ended on such date (the “Group Interim Financial Statements” and, together with
the Group Audited Financial Statements, the “Group Entity Financial Statements”). The Group Audited Financial Statements fairly present in all material respects, in conformity with GAAP consistently applied during such periods
(except as set forth in the notes thereto), the combined financial position of the Group Entities set forth on Schedule 4.07(i) of the Disclosure Schedule and their combined Subsidiaries as of
the dates thereof and their combined results of operations, members’ equity and cash flows for the periods then ended. The Group Audited Financial Statements for the fiscal year ended December 27, 2015 were prepared in compliance with the
applicable requirements of Regulation S-X of the 1933 Act. The Group Interim Financial Statements fairly present in all material respects, in conformity with GAAP, the combined financial position of the Group
Entities and their Subsidiaries as of the dates thereof and their combined results of operations, members’ equity and cash flows for the periods then ended (subject to the absence of footnotes and normal and recurring year-end audit adjustments that would not, individually or in the aggregate, be material to the business, financial condition or operating results of the Group Entities and their Subsidiaries). No financial
statements of any Person other than the Group Entities are required by GAAP to be included or reflected in the Group Entity Financial Statements. The Group Entity Financial Statements are derived from the books and records of the Group Entities and
their Subsidiaries in all material respects. The Group Entities have delivered to Parent copies of all letters from the auditors of the Group Entities to the boards of managers thereof since December 31, 2014, together with copies of all
responses thereto. 
 (b) Each Group Entity and its Subsidiaries maintains, to the Acquired Entities’ Knowledge, a system of internal
controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 (c) No
Acquired Entity or any of its Subsidiaries, nor, to the Knowledge of the Acquired Entities, any director, manager, officer, employee, auditor, accountant or representative thereof, has received or otherwise had or obtained Knowledge of any
complaint, allegation, assertion or claim, whether written or oral, regarding improper accounting or auditing practices, procedures, methodologies or methods, or improper internal accounting controls, of such Acquired Entity or any of its
Subsidiaries, including any complaint, allegation, assertion or claim that such Acquired Entity or any of its Subsidiaries has engaged in questionable accounting or auditing practices or fraud. To the Acquired Entities’ Knowledge, no attorney
representing any Acquired Entity or any of its Subsidiaries, whether or not employed by such Acquired Entity or any of its Subsidiaries, has reported a violation of securities laws, breach of fiduciary duty or similar violation by such Acquired
Entity or any of its Subsidiaries or any of the officers, directors, managers, employees or agents to the board of managers of such Acquired Entity or any of its Subsidiaries or any committee of the foregoing. To the Acquired Entities’
Knowledge, no manager, director or officer, including the chief financial officer (or another officer acting in a similar capacity) of an Acquired Entity or any Subsidiary of an Acquired Entity has been involved in or accused of fraud involving the
business of an Acquired Entity or any Subsidiary of an Acquired Entity regardless of materiality. 
 (d) No Acquired Entity is subject to
any “off-balance sheet arrangement” (as defined in Item 303(a)(4)(ii) of Regulation S-K under the 1933 Act). 

Section 4.08. Absence of Certain Changes. Since the Balance Sheet Date, the business of each Acquired Entity and its respective
Subsidiaries has been conducted in the Ordinary Course and there has not been: 
 (a) any event, occurrence, development, or state of
circumstance or facts which has had or is reasonably likely to have, individually or in the aggregate, a Group Material Adverse Effect; 

(b) any damage, destruction or loss (whether or not covered by insurance) affecting the business or assets of the Acquired Entities or any of
their Subsidiaries which has had or is reasonably likely to have, individually or in the aggregate, a Group Material Adverse Effect; 
 (c)
any acquisition (by merger, consolidation, acquisition of stock or assets or otherwise), directly or indirectly, of any material amount of assets, securities, properties, interests or businesses, other than pursuant to (i) existing Contracts,
including regarding the development of new venues, in each case as set forth on Schedule 4.08(c) of the Disclosure Schedule or (ii) purchases of inventory or supplies in the Ordinary Course; 

  
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 (d) any sale, transfer, license or exploitation, or other disposition of, or permitting of
the incurrence of, any Lien (other than a Permitted Lien) on any of its material assets, securities (including Equity Interests), properties (including any restaurant brand or any other material Intellectual Property), interests or businesses, other
than (i) pursuant to existing Contracts set forth on Schedule 4.08(d) of the Disclosure Schedule, (ii) sales of inventory in the Ordinary Course, or (iii) non-exclusive
licenses or licenses solely between Acquired Entities and/or their Subsidiaries of Acquired Entity Business IP Rights in the Ordinary Course; 

(e) other than in connection with actions permitted by Section 4.08(c), any loans, advances or capital contributions
to, or investments in, any other Person (other than such Acquired Entity or any of its Subsidiaries), except advances for travel and other normal business expenses to officers, employees and managers in the Ordinary Course that do not individually
or in the aggregate exceed $200,000; 
 (f) any (i) increase in the rate or terms of compensation or benefits of any of its employees,
directors, officers, managers or members, (ii) payment or agreement to pay any new pension, retirement allowance or other employee benefit to any director, officer, employee, manager or member whether past or present or (iii) entrance
into, adoption or amendment in any material respect any employment, bonus, severance or retirement contract or adopt any employee benefit plan, except, in the case of each of clauses (i) through (iii), (A) in the Ordinary Course (including in
connection with new hires, promotions or other changes in job status in the Ordinary Course), (B) as pursuant to any existing Employee Plan, (C) to avoid the imposition of any Tax or to comply with any
Tax-qualification requirements or (D) for immaterial changes to Employee Plans available to all employees generally; 

(g) any (i) change in any material respect in any Acquired Entity’s or any of its Subsidiaries’ methods of accounting or
accounting practice or (ii) making or changing of any material Tax elections except for any such change required by reason of a change in GAAP or Applicable Law; 

(h) any (i) settlement, or offer or proposal to settle, (x) any Proceeding (including any Proceedings referred to in
Section 4.10(a)(xv)) subjecting any of the Acquired Entities or their Subsidiaries to injunctive or other equitable relief, or claims involving or against such Acquired Entity or any of its Subsidiaries or involving more than $100,000 in the
aggregate, or (y) any Proceeding or dispute that relates to the Transactions, or (ii) release, waiver or compromise of any Proceedings against any Third Party involving more than $100,000 in the aggregate; 

(i) any incurrence of any Indebtedness (including any assumption or guarantee thereof) other than Indebtedness for borrowed money that was
incurred under an instrument that was required to be, and was (or is concurrently herewith), repaid in full at or prior to the consummation of the Closing;  

(j) any making or authorization of, or other commitment to, any capital expenditure not reflected on Schedule 4.08(j) of the
Disclosure Schedule; 
 (k) any adoption or effecting of any plan or agreement of complete or partial liquidation, dissolution,
consolidation, merger, restructuring, recapitalization or other reorganization, or other liquidation, wind up or dissolution, except pursuant to the Restructuring; or 

(l) agreement, resolution or commitment (by Contract or otherwise) to do any of the foregoing. 

Section 4.09. No Undisclosed Liabilities. There are no liabilities or obligations of, and there is no existing condition,
situation or set of circumstances which is reasonably likely to result in any liabilities or obligations of any Acquired Entity or any Subsidiary of an Acquired Entity, other than: (a) liabilities or obligations reflected in the Group Balance
Sheet or in the notes thereto; (b) current liabilities incurred in the Ordinary Course since the Balance Sheet Date; (c) liabilities or obligations arising under the terms of (but not (with or without notice or lapse of time or both) from
any breach or default under) the Material Contracts; (d) liabilities or obligations incurred in connection with the Transactions pursuant to the terms of (but not (with or without notice or lapse of time or both) from any breach or default
under) the Transaction Documents; (e) liabilities or obligations specified in Schedule 4.09 of the Disclosure Schedule; and (f) other liabilities or obligations of the Acquired Entities and their respective
Subsidiaries that in the aggregate do not exceed $350,000. 
 Section 4.10. Material Contracts. 

(a) Schedule 4.10 of the Disclosure Schedule sets forth a true, complete and correct list of each Material
Contract that is in effect as of the date of this Agreement. Prior to the date of this Agreement, Group Entities have furnished to Parent a true, complete and correct copy of all written Material Contracts (and all prior versions of any privacy
policies of the Acquired Entities and their respective Subsidiaries), together with all amendments, waivers or other changes thereto, and correct and complete written summaries of all Material Contracts that are unwritten. For purposes of this
Agreement, “Material Contracts” means any of the following Acquired Entity Contracts: 
 (i) (x) any
lease for personal property providing for annual rentals of $75,000 or more; and (y) any lease, sublease, license, ground lease or other occupancy arrangement, (each, a “Real Property Lease”) under which an Acquired Entity or
any of its Subsidiaries leases, subleases, licenses or occupies any real property (the “Leased Real Property”) together with any subleases, guaranties, related Acquired Entity Contracts and assignments thereof; 

  
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 (ii) any Contract or group of related Contracts for the purchase of
materials, supplies, goods, services, equipment or other assets or properties providing for either (x) annual payments by an Acquired Entity and the Subsidiaries of such Acquired Entity of $150,000 or more or (y) aggregate payments by an
Acquired Entity and the Subsidiaries of such Acquired Entity of $200,000 or more, in each case that cannot be terminated by such Acquired Entity or any Subsidiary of such Acquired Entity on 90 days’ (or less) notice without (A) payment of
any penalty (or withholding of any payment that would otherwise be due to an Acquired Entity or a Subsidiary thereof), (B) incurrence of other Liability (in the case of clauses (A) and (B), other than penalties or Liabilities that are,
individually and in the aggregate, de minimis), or (C) a material adverse impact on the business of such Acquired Entity or Subsidiary of such Acquired Entity taking into account the ability of such Acquired Entity or Subsidiary of such
Acquired Entity to enter into a comparable replacement contract; 
 (iii) any Contract or group of related Contracts for the
sale, license or lease (as lessor) by an Acquired Entity or any of its Subsidiaries of services, materials, products, supplies or other assets or properties (including Equity Interests) owned, licensed or leased by such Acquired Entity or any of its
Subsidiaries, that provides for (x) aggregate annual payments to such Acquired Entity and the Subsidiaries of such Acquired Entity for $150,000 or more or (y) aggregate payments to such Acquired Entity and the Subsidiaries of such Acquired
Entity of $200,000 or more, in each case that cannot be terminated by such Acquired Entity or any Subsidiary of such Acquired Entity on 90 days’ (or less) notice without (A) payment of any penalty (or withholding of any payment that would
otherwise be due to an Acquired Entity or a Subsidiary thereof), (B) obligation of performance or incurrence of other Liability (in the case of clauses (A) and (B), other than penalties or Liabilities that are, individually and in the
aggregate, de minimis), or (C) a material adverse impact on the business of such Acquired Entity or Subsidiary of such Acquired Entity taking into account the ability of such Acquired Entity or Subsidiary of such Acquired Entity to enter into a
comparable replacement contract; 
 (iv) (x) any Contract to which any Acquired Entity or any Subsidiary of an Acquired
Entity is a party and pursuant to which any Third Party is (A) granted any right to use any Acquired Entity Owned IP Right in any material respect or (B) authorized to use any Acquired Entity Owned IP Right exclusively, (y) any
Contract to which any Acquired Entity or any Subsidiary of an Acquired Entity is a party and pursuant to which such Acquired Entity or Subsidiary of such Acquired Entity is (A) authorized to use any material Acquired Entity Licensed IP Rights
(other than any COTS License) or (B) authorized to use any Acquired Entity Licensed IP Rights exclusively; and (z) any Contract to which any Acquired Entity or any Subsidiary of an Acquired Entity is a party and pursuant to which such
Acquired Entity or Subsidiary of such Acquired Entity (A) licenses or otherwise provides any of its material Acquired Entity Business IP Rights to any other Acquired Entity, any Subsidiary of an Acquired Entity or any of their Affiliates or
(B) licenses or otherwise provides any of its Acquired Entity Business IP Rights on an exclusive basis to any other Acquired Entity, any Subsidiary of an Acquired Entity or any of their Affiliates; 

(v) any partnership, joint venture or other similar Contract, or any Contract that relates to the ownership of, investment in
or loans and advances to any Person (other than advances to employees in the Ordinary Course), including minority equity investments but for the avoidance of doubt excluding commercial partnerships that do not involve equity; 

(vi) (x) any Contract relating to the acquisition or disposition of any business, directly or indirectly (whether by merger,
sale of stock, sale of assets or otherwise), (A) for consideration in excess of $75,000, or (B) with respect to the proposed venues listed on Schedule 4.08(c) of the Disclosure Schedule, (y) any Contract (other than Contracts that
have been fully performed) related to the construction and/or renovation of any new or existing venue in excess of $75,000, or (z) any confidentiality or non-disclosure Contracts entered into in
connection with the proposed sale of some or all the Acquired Entities (other than with Parent or any Affiliate of Parent) (“Proposal NDAs”); provided that the Acquired Entities may redact information with respect to the
counterparty to a Proposal NDA (and not provide the name of the counterparty in the Disclosure Schedule) to the extent required by the terms of such Proposal NDA, with unredacted copies to be provided at Closing; 

(vii) any Contract with an (x) advertiser or sponsor (or similar party) or (y) promoter, in either case, reasonably
anticipated to involve annual payments in excess of $75,000 for any such Contract or $100,000 for any group of related Contracts, in each case of clauses (x) and (y) that cannot be terminated by such Acquired Entity or any Subsidiary of such
Acquired Entity on 90 days’ (or less) notice without (A) payment of any penalty (or withholding of any payment that would otherwise be due to an Acquired Entity or a Subsidiary thereof), (B) incurrence of other Liability (in the case of
clauses (A) and (B), other than penalties or Liabilities that are, individually and in the aggregate, de minimis), or (C) a material adverse impact on the business of such Acquired Entity or Subsidiary of such Acquired Entity taking into
account the ability of such Acquired Entity or Subsidiary of such Acquired Entity to enter into a comparable replacement contract; 

  
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 (viii) any Contract relating to Indebtedness; 

(ix) any Contract (A) containing non-competition,
non-solicitation (other than in the Ordinary Course non-solicitation obligations that would not be binding on Parent or any of its Affiliates (other than Holdings or its
Subsidiaries)) or other limitations restricting any Acquired Entity or any of their Subsidiaries (or, after the Closing, Parent or any of its Affiliates) or any of their respective properties or assets, from conducting any business (including
investing in, opening or operating any type of restaurant, bar or nightlife venue in any location, of any theme or at any time (or with respect to properties or assets, from being used in connection with the opening or operation of such a venue of
the applicable Acquired Entity or Subsidiary thereof) or requiring any such opportunity to first be provided to any third party), or that limits the freedom of an Acquired Entity or any Subsidiary of such Acquired Entity, or any Management Seller
(or, after the Closing, Parent or any of its Affiliates), to compete at any time and in any manner in any line of business, or with any Person, in any area in the world, (B) that grants to the other party or any third party “most favored
nation” status, has terms that extend for more than two (2) years after Closing and cannot be terminated by such Acquired Entity or any Subsidiary of such Acquired Entity on 90 days’ (or less) notice without (I) payment of any
penalty (or withholding of any payment that would otherwise be due to an Acquired Entity or a Subsidiary thereof), or (II) incurrence of other Liability (in the case of clauses (I) and (II), other than penalties or Liabilities that are,
individually and in the aggregate, de minimis), or (C) that grants to the other party or any Third Party any exclusive right or rights (including any “requirements” or exclusive purchasing Contract) or in which any third party grants
any Acquired Entity or any of its Subsidiaries any exclusive right or rights, has terms that extend for more than two (2) years after Closing and cannot be terminated by such Acquired Entity or any Subsidiary of such Acquired Entity on 90
days’ (or less) notice without (1) payment of any penalty (or withholding of any payment that would otherwise be due to an Acquired Entity or a Subsidiary thereof), or (2) incurrence of other Liability (in the case of clauses
(1) and (2), other than penalties or Liabilities that are, individually and in the aggregate, de minimis); 
 (x) any
Affiliate Contract (including each employment or independent contractor agreement that is an Affiliate Contract) or other Contract with or among the Members of an Acquired Entity or its Subsidiary or any of their respective Affiliates, including any
Contract that provides for preemptive rights or imposes any limitation or restriction on the Equity Interests with respect to such Acquired Entity, including to the Knowledge of the Acquired Entities, any restriction on the right of a Member of such
Acquired Entity (or Subsidiary thereof) to vote, sell or otherwise dispose of such Equity Interests including, for the avoidance of doubt, the LLC Agreement and any Side Letters of such Acquired Entity (or Subsidiary thereof); 

(xi) other than the LLC Agreements or any Side Letters listed under clause (x) above, any Contract that grants a right of
first refusal, right of first negotiation or similar rights to any Person with respect to the sale of the Equity Interests or assets of any Acquired Entity or any Subsidiary of an Acquired Entity; 

(xii) any Contract granting any Person a material Lien (other than a Permitted Lien) on any of the properties or assets of any
Acquired Entity or any of its Subsidiaries, tangible or intangible; 
 (xiii) any collective bargaining agreement or similar
Contract with any unions, guilds, shop committees or other collective bargaining groups; 
 (xiv) any Contract to which any
Acquired Entity or any Subsidiary of an Acquired Entity is a party that involves (A) the development, creation or modification of any material Acquired Entity Business IP Rights or (B) the administration, hosting, processing or storage of
Acquired Entity Business IP Rights consisting of Personal Data in any material respect; 
 (xv) any Contract that relates to
the settlement of any Proceeding involving any Acquired Entity or any of its Subsidiaries (A) that obligates any Acquired Entity or any of its Subsidiaries to pay an amount in excess of $75,000 (including amounts paid prior to the date hereof),
(B) that does or will materially restrict the operations of any Acquired Entity or any of its Subsidiaries, or (C) that involves any injunction or equitable relief affecting any Acquired Entity or any of its Subsidiaries or the assets and
properties of the foregoing, or with respect to which the conditions precedent to the settlement thereof have not been satisfied; 

(xvi) any Contract with any Governmental Authority that involves a dollar amount in excess of $75,000; or 

(xvii) other than the LLC Agreements or any Side Letters listed under clause (x) above, any Contract granting any power of
attorney with respect to the affairs of any Acquired Entity. 
 (b) With such exceptions as, individually and in the aggregate, have not had
and are not reasonably likely to have, a Group Material Adverse Effect, (i) each Acquired Entity Contract to which an Acquired Entity or any Subsidiary of an Acquired Entity is a party is a valid and binding agreement of an Acquired Entity or a
Subsidiary of an Acquired Entity, as the case may be, and is in full force and effect and is valid and binding on and enforceable against an Acquired Entity or Subsidiary of an Acquired Entity, as the case may be, in accordance with their terms and,
to the Knowledge of the Acquired Entities, binding on and enforceable against the other parties thereto in accordance with their terms, (ii) neither any Acquired Entity, nor any Subsidiary of an Acquired Entity or, to

  
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the Knowledge of the Acquired Entities, no other party thereto is in default or breach under the terms of any Acquired Entity Contract, (iii) no event has occurred that, with the giving of
notice or the lapse of time or both, would constitute a breach of, or default under, any Acquired Entity Contract, and (iv) to the Knowledge of the Acquired Entities, as of the date hereof, there are no unresolved disputes under any Acquired
Entity Contracts other than disputes in the Ordinary Course which, individually, are de minimis. 
 (c) The Acquired Entities and their
Subsidiaries or their Representatives have sent requests in writing (email to suffice) to their respective counterparties to the Proposal NDAs in accordance with the Proposal NDAs to return or destroy all confidential information provided under such
Proposal NDAs (as applicable). 
 Section 4.11. Compliance with Laws and Court Orders. Each Acquired Entity and each of its
respective Subsidiaries is, and since December 31, 2013 (or, if later, the date such Acquired Entity or its Subsidiaries began conducting its business) has been, in compliance with all Applicable Laws, except for failures to comply or
violations that would not reasonably be expected to be, individually or in the aggregate, Material. 
 Section 4.12. Litigation and
Regulatory Actions. Except for normal restaurant or nightclub inspections conducted by a Governmental Authority in the Ordinary Course and the Proceedings set forth on Schedule 4.12 of the Disclosure Schedule, there is
not, and since December 31, 2013 there has not been, any Proceeding pending against, or, to the Knowledge of the Acquired Entities, threatened against or affecting, such Acquired Entity or any of its Subsidiaries before (or, in the case of
threatened Proceedings, would be before) or by any Governmental Authority or arbitrator that would reasonably be expected to be, individually or in the aggregate, Material. Except for normal restaurant or nightclub inspections conducted by a
Governmental Authority in the Ordinary Course and the Proceedings set forth on Schedule 4.12 of the Disclosure Schedule, no Acquired Entity and none of its Subsidiaries has received since December 31, 2013 any notice,
Order, complaint or other written communication from any Governmental Authority that it is not in compliance with any Applicable Law, or that it is subject to any obligation to undertake, or to bear all or any portion of the cost of, any corrective
or response action that would reasonably be expected to be, individually or in the aggregate, Material. Neither any Acquired Entity nor any Subsidiary of an Acquired Entity is, or since December 31, 2013 has been, operating under or subject to
any Order that would reasonably be expected to be, individually or in the aggregate, Material. 
 Section 4.13. Properties.

 (a) Except as would not reasonably be expected to be, individually or in the aggregate, Material, each Acquired Entity and each of its
Subsidiaries has good and marketable title to, or valid leasehold interests in, all of the assets that it purports to own, lease or license (including all material, tangible property and assets reflected on the Group Balance Sheet or acquired after
the Balance Sheet Date), free and clear of all Liens (except for (i) Permitted Liens, or (ii) assets that have been disposed of since the Balance Sheet Date in the Ordinary Course. 

(b) To the Acquired Entities’ Knowledge, all of the tangible assets of any kind or description owned or leased by each Acquired Entity
and each of its Subsidiaries, and all of the buildings, structures, improvements, fixtures, building systems and equipment, and all components thereof, included in each of the Leased Real Properties, are in operating condition (Ordinary Course wear
and tear and latent defects excepted). 
 (c) The assets owned or leased by each Acquired Entity and each of its Subsidiaries constitute all
the assets used in connection with the business of such Acquired Entity and each of its Subsidiaries, except as would not reasonably be expected to be, individually or in the aggregate, Material. Such assets constitute all the assets necessary for
each Acquired Entity and each of its Subsidiaries to continue to conduct its business following the Closing as it is currently being conducted, except as would not reasonably be expected to be, individually or in the aggregate, Material. 

(d) Neither the Acquired Entities nor any of their respective Subsidiaries owns or has ever owned (including any predecessor entities of the
Acquired Entities or their respective Subsidiaries) any fee interest in real property. 
 (e) With respect to the Leased Real Property: (i)
Schedule 4.13(e) of the Disclosure Schedule sets forth a description of each parcel of Leased Real Property (including the Real Property Lease to which it relates), identifying the lessor and lessee thereof and the street address of
such Leased Real Property; and (ii) except for Permitted Liens, no Person other than an Acquired Entity or its Subsidiary has the right to use any of the Leased Real Properties and except as set forth on Schedule 4.13(e) of the
Disclosure Schedule there are no shared facilities or services at any of the Leased Real Properties (other than shared facilities or services provided by a landlord at the Leased Real Properties). 

(f) Since January 1, 2015, no landlord of a Leased Real Property has provided written notice, nor to the Acquired Entities’
Knowledge, provided oral notice, that (i) it shall terminate, materially change the terms (whether related to term, payment, price, discounts or otherwise) with respect to, or otherwise take or not take any action that is reasonably likely to
materially decrease the 

  
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value of the applicable Real Property Lease to the applicable Acquired Entity, (ii) any condemnation, eminent domain or any other taking by a Governmental Authority with or without payment
of consideration therefor affecting any of the Leased Real Properties is pending or is reasonably likely to occur, or (iii) any zoning, building code, or other moratorium Proceeding, or similar matters which are reasonably likely to materially
adversely affect the ability to operate any of the Leased Real Properties as currently operated by an Acquired Entity (or a Subsidiary of such Acquired Entity), has occurred or is reasonably likely to occur. 

Section 4.14. Intellectual Property. 

(a) Schedule 4.14(a) of the Disclosure Schedule contains an accurate and complete list of all Registered
Acquired Entity Owned IP Rights. All assignments of the Registered Acquired Entity Owned IP Rights to each Acquired Entity or Subsidiary of an Acquired Entity have been properly executed and recorded. All issuance, renewal, maintenance and other
filings and payments that are or have become due with respect to the Registered Acquired Entity Owned IP Rights have been timely made and paid by or on behalf of each Acquired Entity or Subsidiary of an Acquired Entity. 

(b) The Acquired Entities and their Subsidiaries (i) are the sole and exclusive owner of all right, title and interest in and to all
Acquired Entity Owned IP Rights, free and clear of all Liens other than Permitted Liens and (ii) possess a valid and enforceable license or other right to use all other IP Rights used in connection with the operation of the Acquired
Entities’ and their respective Subsidiaries’ respective businesses. None of the Acquired Entity Owned IP Rights are subject to any claims of joint ownership and all actions necessary to maintain and protect (x) the Acquired Entity
Owned IP Rights (except as it pertains to Registered Acquired Entity Owned IP Rights that any Acquired Entity or any of Subsidiaries, in their reasonable business judgment, decided to permit to lapse, be cancelled, or abandoned) and (y) the
Acquired Entities’ rights in respect of the Acquired Entity Licensed IP Rights, have been taken, including payment of all applicable royalty, license, service and maintenance fees or other applicable consideration. 

(c) Except as set forth on Schedule 4.14(c) of the Disclosure Schedule, (i) none of the Acquired Entity Owned
IP Rights are or have been the subject of, any written challenge, claim or counterclaim of invalidity or unenforceability, opposition, cancellation, interference or other Proceeding determining, challenging or contesting the ownership thereof, nor
has any such Proceeding been threatened in writing, or to the Acquired Entities’ Knowledge, orally, and (ii) none of the Acquired Entities or any of their respective Subsidiaries have taken or failed to take any action that has resulted
in, or is reasonably likely to result in, the abandonment or loss of any of the Acquired Entity Owned IP Rights (including a failure to exercise adequate quality controls and an assignment in gross without the accompanying goodwill). 

(d) Except as set forth on Schedule 4.14(d) of the Disclosure Schedule, (i) none of the Acquired Entities nor
any of their respective Subsidiaries is a party to or bound by any Contract that limits, restricts or impairs its ability to use, sell, transfer, assign, license or convey, or that otherwise adversely affects, any of the Acquired Entity Owned IP
Rights and (ii) none of the Acquired Entity Owned IP Rights are subject to, or have been the subject of, any Order or agreement restricting the use thereof by the applicable Acquired Entity or any Subsidiary or restricting the licensing thereof
by such Acquired Entity or any Subsidiary of such Acquired Entity to any Person. 
 (e) Neither the Acquired Entity Business IP Rights
(other than Personal Data) nor the conduct of the Acquired Entities’ respective businesses (including the collection, protection, storage, processing, use and/or disclosure of Personal Data in their respective businesses) infringes,
misappropriates or otherwise violates (or has in the past infringed, misappropriated or otherwise violated) the IP Rights, proprietary rights, rights of privacy, publicity rights or similar rights of any Person. Except as set forth on
Schedule 4.14(e) of the Disclosure Schedule, there is no Proceeding pending against, or written complaint, claim or written notice or threat against, or to the Acquired Entities’ Knowledge, orally threatened against,
any Acquired Entity, any of its Subsidiaries or any of their respective officers, directors or employees (x) based upon, or challenging or seeking to deny or restrict, any Acquired Entity or any of its Subsidiaries’ rights in and to the
Acquired Entity Owned IP Rights, (y) alleging that the use of the Acquired Entity Owned IP Rights conflicts with, misappropriates, infringes or otherwise violates any IP Right of any Person, or (z) concerning the ownership, validity,
registerability, enforceability or use of, or right to use, any Acquired Entity Owned IP Rights. 
 (f) To the Acquired Entities’
Knowledge, no Person (including any current or former employee or consultant of the Acquired Entities or any of their Subsidiaries) is currently infringing, violating or misappropriating (or has in the past infringed, misappropriated or otherwise
violated) any Acquired Entity Business IP Rights in any material respect. 
 (g) (i) The Acquired Entities have taken reasonable
measures and implemented reasonable procedures consistent with industry standards to maintain in confidence all Confidential IP Rights; (ii) none of the Confidential IP Rights have been disclosed other than to employees, representatives and
agents of the Acquired Entities all of whom are bound by written confidentiality and assignment of IP Rights agreements, and (iii) there has not been, since December 31, 2013 and, to the Acquired Entities’ Knowledge, during any time
prior thereto: (x) an unauthorized disclosure of any Proprietary Information in the possession, custody or control of the Acquired Entities or any of their respective Subsidiaries or (y) a breach of the Acquired Entities’ or any of
their respective 

  
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Subsidiaries’ IT Systems whereby any Proprietary Information constituting Acquired Entity Business IP Rights has been accessed by or disclosed in an unauthorized manner to any Third Party.
There is no Proceeding relating to an improper use or disclosure of, or a breach in the security of, any Proprietary Information in the possession, custody or control of the Acquired Entities or any of their respective Subsidiaries pending against,
or written complaint, claim or written notice or threat against, or to the Acquired Entities’ Knowledge, orally threatened against, any Acquired Entities or any of their respective Subsidiaries. 

(h) Each current and former employee of the Acquired Entities or any of their respective Subsidiaries who works or worked in connection with
the Acquired Entities’ or any of their respective Subsidiaries’ respective businesses and each current and former independent contractor of the Acquired Entities or any of their respective Subsidiaries who provides or provided services to
the Acquired Entities’ or any of their respective Subsidiaries’ respective businesses, in each instance, that was or is involved in the invention, creation, development, design or modification of any material IP Rights has executed a valid
and binding written agreement expressly assigning to the applicable Acquired Entity(ies) (or the applicable Subsidiary(ies) thereof) all right, title and interest in and to all IP Rights invented, created, developed, modified, conceived and/or
reduced to practice during the term of such employee’s employment or such independent contractor’s work for the Acquired Entities or any of their respective Subsidiaries, and has waived all moral rights therein to the extent legally
permissible. All invention, creation, development, design and modification of any material Acquired Entity Owned IP Rights was undertaken by either current or former employees of the Acquired Entities or their respective Subsidiaries who work or
worked in the Acquired Entities’ or any of their respective Subsidiaries’ respective businesses within the scope of their employment or current or former independent contractors of the Acquired Entities or their respective Subsidiaries who
provide or provided services to the Acquired Entities or their respective Subsidiaries within the scope of their engagement. 
 (i) The IT
Systems owned or used by the Acquired Entities or their respective Subsidiaries in the conduct of Acquired Entities’ or any of their respective Subsidiaries’ respective businesses (i) are sufficient in all material respects for the
current operations and currently contemplated operations of the Acquired Entities’ or any of their respective Subsidiaries’ respective businesses; (ii) operate properly without any material defect, malfunction, unavailability or
error; and (iii) are reasonably secure against unauthorized access, intrusion, tampering, impairment, disruption, computer virus or malfunction. 

(j) The Acquired Entities and their respective Subsidiaries have at all times complied with (i) card industry regulations and contractual
requirements applicable to their collection, protection, storage, processing, use and/or disclosure of Personal Data, including (x) the Payment Card Industry Data Security Standard (PCI-DSS) together with
any related mandates, policies, standards and guidelines applicable thereto, and (y) any similar certification programs implemented by the major credit card companies governing the use, disclosure, storage, transmission, privacy and/or security
of Personal Data, and (ii) all Privacy Agreements. Upon the consummation of the Closing, the Acquired Entities and their respective Subsidiaries will continue to have the right to use the Personal Data collected or obtained by such the Acquired
Entities and their respective Subsidiaries on substantially the same terms and conditions as they enjoyed immediately prior to consummation of the Closing. 

Section 4.15. Taxes. 

(a) For U.S. federal income tax purposes, at all times since its respective formation, each Acquired Entity and its Subsidiaries have been
continuously classified as a partnership or a disregarded entity. 
 (b) (i) All income and other material Acquired Entity Returns of
each Acquired Entity have been filed when due in accordance with Applicable Law (taking into account all available extensions); (ii) all Acquired Entity Returns of such Acquired Entity that have been filed were true, complete and correct; and
(iii) all Taxes shown as due and payable on any Acquired Entity Return or otherwise any material amount of Taxes due from or owing by any Acquired Entity or any of its Subsidiaries have been timely paid, or timely withheld and remitted, to the
appropriate Taxing Authority. 
 (c) (i) There is no Proceeding now pending or threatened in writing against any Acquired Entity or any
of its Subsidiaries in respect of any material amount of Tax; and (ii) there are no pending requests for rulings or determinations or closing agreements pending or in effect in respect of any Tax between any Acquired Entity or any of its
Subsidiaries and any Taxing Authority. 
 (d) There are no Liens for Taxes upon any assets of any Acquired Entity or any of its
Subsidiaries, other than Permitted Liens. 
 (e) No Acquired Entity nor any of its Subsidiaries is party to any Tax allocation or sharing
agreement or arrangement. 
 (f) Schedule 4.15(f) of the Disclosure Schedule contains a list of all
jurisdictions (whether foreign or domestic) in which each Acquired Entity or any of its Subsidiaries currently files or has ever filed income, franchise and similar Tax Returns. 

  
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 (g) Each Acquired Entity and its Subsidiaries have complied in all material respects with
all Applicable Laws relating to the payment and withholding of Taxes and reporting of information (including any laws, rules and regulations relating to amounts paid or owing to any stockholder, member, owner, employee, creditor, independent
contractor or other third party), and have, within the time and in the manner prescribed by Applicable Law, withheld and paid over to the proper Taxing Authorities all material amounts required to be so withheld and paid over under Applicable Law.

 (h) No Acquired Entity nor any of its Subsidiaries has participated (within the meaning of Treasury Regulations Section 1.6011-4(c)(3)) in any “listed transaction” within the meaning of Treasury Regulations Section 1.6011-4(b) (or any predecessor regulation). 

(i) Neither Holdings nor any of its Subsidiaries will be required to include in a taxable period ending after the Closing Date any material
amount of taxable income as a result of any (i) adjustment under Section 481 of the Code resulting from a change in method of accounting for a taxable period ending on or prior to the Closing Date; (ii) installment sale or open
transaction disposition made on or prior to the Closing Date; (iii) election made pursuant to Section 108(i) of the Code (or any corresponding or similar provision of state, local or non-U.S.
law) on or prior to the Closing Date; or (iv) deferred revenue received prior to the Closing Date. 
 (j) The Acquired Entities and
their respective Subsidiaries have no material unpaid Liabilities due and owing pursuant to any unclaimed property and escheat Laws. 
 (k)
This Section 4.15, and Sections 4.08, 4.16 and 4.17 constitute the exclusive representations and warranties of the Group Entities with respect to Taxes. No representation or warranty contained in this
Section 4.15 (other than Sections 4.15(a), (c) and (i)) shall be deemed to apply directly or indirectly with respect to any taxable period (or portion thereof) after the Closing. 

Section 4.16. Employee Benefit Plans. 

(a) Schedule 4.16(a) of the Disclosure Schedule contains a true, complete and correct list, separately by
employing entity, of each material Employee Plan. “Employee Plan” means each “employee benefit plan” (within the meaning of Section 3(3) of ERISA); each equity or equity-based compensation (e.g., stock or unit
purchase or option), severance, employment, retention, change-in-control, fringe benefit, collective bargaining, bonus, incentive, deferred compensation, profit sharing,
pension, retirement, group health, cafeteria, flexible spending, dependent care, life insurance, disability, sick pay, vacation pay, holiday pay, employee loan plan, agreement, program, policy or other arrangement; and all other employee benefit
plans, agreements, programs, policies or other arrangements, in each case, whether or not subject to ERISA, under which any present or former employee, director, manager or member of an Acquired Entity or any of its Subsidiaries has any present or
future right to benefits from an Acquired Entity or any of its Subsidiaries or Affiliates or under which an Acquired Entity or any of its Subsidiaries has any present or future Liability. No Acquired Entity or any of its Subsidiaries or Affiliates
has formally adopted or authorized, nor to the Knowledge of the Acquired Entities, communicated to present or former employees, any additional Employee Plan or any material change (including termination) of any material existing Employee Plan. No
Employee Plan covers employees other than employees of an Acquired Entity or one of its Subsidiaries. 
 (b) With respect to each Employee
Plan (other than any “multiemployer plan” as defined in Section 3(37) of ERISA (a “Multiemployer Plan”)), the Management Sellers have made available to Parent prior to the date of this Agreement a true, complete and
correct current copy (including all amendments) of the plan document (or, to the extent no such copy exists, a description of the plan) and, to the extent applicable: (i) any related trust agreement, insurance contract or other funding vehicle;
(ii) all third party administrative services agreements; (iii) the most recent IRS determination letter; (iv) the most recent summary plan description; and (v) for the two most recent plan years (A) the Form 5500 and
attached schedules and (B) audited financial statements. The Management Sellers have made available to Parent prior to the date of this Agreement a true, complete and correct current copy (including all amendments) of each employee handbook
applicable to employees of an Acquired Entity or one of its Subsidiaries. Schedule 4.16(b) of the Disclosure Schedule identifies any Employee Plans which are Multiemployer Plans. 

(c) None of the Acquired Entities nor any of their Subsidiaries sponsors, maintains, or contributes to, or has in the last six years
sponsored, maintained, or contributed to, any and no Employee Plan is an “employee pension benefit plan” or “pension plan” within the meaning of Section 3(2) of ERISA. For each Employee Plan that is a “welfare
plan” within the meaning of ERISA Section 3(1), and except as set forth in Schedule 4.16(c) of the Disclosure Schedule, no Acquired Entity nor any of its Subsidiaries has any Liability under any plan which
provides medical or death benefits with respect to current or former employees or members of such Acquired Entity or any of its Subsidiaries beyond their termination of employment (other than coverage mandated by Code Section 4980B or ERISA Sections 601- 608 or any similar state Law). 
  

  
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 (d) (i) Each Employee Plan (other than any Multiemployer Plan) has been established and
administered in all material respects in accordance with its terms and in compliance in all material respects with the applicable provisions of ERISA, the Code and other Applicable Law, rules and regulations; and (ii) each Employee Plan which
is intended to be qualified within the meaning of Code Section 401(a) has received a current favorable determination letter from the IRS as to its qualification, and to the Knowledge of the Acquired Entities, nothing has occurred that could
reasonably be expected to cause the loss of such qualification. Except as would not be material, all benefits, contributions and premiums required by and due under the terms of each Employee Plan or Applicable Law have been timely paid in accordance
with the terms of such Employee Plan and Applicable Law or have been properly accrued as liabilities and reflected in the financial statements of each Acquired Entity in accordance with the terms of such Employee Plan and Applicable Law. None of the
Acquired Entities nor any of their Subsidiaries has any Liability under Code Section 4980B with respect to any group health plan currently or previously maintained or contributed to by any Person (other than an Acquired Entity or a Subsidiary
of an Acquired Entity) treated as a single employer with an Acquired Entity or a Subsidiary of an Acquired Entity under Code Section 414(b), (c) or (m). 

(e) With respect to any Employee Plan, (i) no Proceedings (other than routine claims for benefits in the ordinary course) are pending or,
to the Knowledge of the Acquired Entities, threatened and (ii) to the Knowledge of the Acquired Entities, no facts or circumstances exist that are reasonably likely to give rise to any such actions, suits or claims, except, in each case,
as are not, and are not reasonably likely to be, individually or in the aggregate, material. 
 (f) Except as set forth in
Schedule 4.16(f) of the Disclosure Schedule, neither the execution of this Agreement nor the consummation of the transactions contemplated by this Agreement will (either alone or in combination with another event)
(i) result in any payment from any of the Acquired Entities or any of their Subsidiaries becoming due, or increase the amount of any compensation due, in each case to any current or former employee, director, manager or member of any of the
Acquired Entities or any of their Subsidiaries, (ii) increase any benefits otherwise due under any Employee Plan, (iii) result in the acceleration of the time of payment, exercisability, funding or vesting of any compensation or benefits
from any of the Acquired Entities or any of their Subsidiaries to any current or former employee, director, manager or member of any of the Acquired Entities or any of their Subsidiaries or (iv) result in an “excess parachute payment”
within the meaning of Section 280G(b) of the Code. 
 (g) None of the Acquired Entities nor any of their Subsidiaries has an obligation
to gross up, indemnify or otherwise reimburse any present or former employee, officer, director, manager, member or contractor for amounts relating to the Tax differential between ordinary income Tax rates and capital gains Tax rates or for any
Taxes imposed under Section 409A or 4999 of the Code. 
 Section 4.17. Employee and Labor Matters. 

(a) Except as set forth on Schedule 4.17(a) of the Disclosure Schedule, since December 31, 2012, (i) there
has not been nor is there pending, or the Knowledge of the Acquired Entities, threatened, any labor strike, walk-out, slowdown, work stoppage, lockout or other material labor dispute involving employees of an
Acquired Entity or any of its Subsidiaries, (ii) no Acquired Entity nor any of its Subsidiaries has received written notice of any unfair labor practice charges against such Acquired Entity or any of its Subsidiaries that are pending before the
National Labor Relations Board or any similar state, local or foreign Governmental Authority, and (iii) no Acquired Entity nor any of its Subsidiaries has received written notice of any pending or in progress and, to the Knowledge of the
Acquired Entities, threatened, suits, actions or other proceedings in connection with an Acquired Entity or any of its Subsidiaries before any court, the Equal Employment Opportunity Commission or any similar state, local or foreign Governmental
Authority responsible for the prevention of unlawful employment practices, except, in the case of each of clauses (ii) and (iii) above, for any such matters that would not reasonably be expected to be Material. 

(b) None of the Acquired Entities or any of their Subsidiaries is, or has since December 31, 2012 been, a party or bound to any
collective bargaining agreement. To the Knowledge of the Acquired Entities, no union organizing efforts are currently being, or since December 31, 2012 been, conducted with respect to any employees of an Acquired Entity or Subsidiary of an
Acquired Entity. 
 (c) Except as set forth on Schedule 4.17(c) of the Disclosure Schedule, each Acquired Entity
and its Subsidiaries are, and have been, in compliance in all material respects with all Applicable Laws respecting employment practices, including provisions thereof relating to terms and conditions of employment and wages and hours (including the
classification of persons as employees or independent contractors or “exempt” or “non-exempt” under Applicable Law). 

Section 4.18. Environmental Matters. 

(a) Each Acquired Entity and each of its Subsidiaries have all environmental Permits required for their operations to comply with all
applicable Environmental Laws, such Permits are in full force and effect and each Acquired Entity and each of its Subsidiaries are in compliance with the terms of such Permits. 

  
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 (b) The Leased Real Property and the operations of each Acquired Entity and each of their
Subsidiaries are in compliance in all material respects with all applicable Environmental Laws. 
 (c) No written notice, claim, inquiry,
order or request for information has been made, and there is no action pending or, to the Knowledge of the Acquired Entities, threatened, which: (i) alleges the actual or potential violation of or noncompliance with any Environmental Law or any
Permit required by any applicable Environmental Law, or alleges any potential Liability cost or damage arising under or relating to any Environmental Law, or seeks to revoke, amend, modify or terminate any Permit required by any applicable
Environmental Law, (ii) relates to the operations of each Acquired Entity and their Subsidiaries or the Leased Real Property, and (iii) has not been settled, dismissed, paid or otherwise resolved without ongoing obligations or costs prior
to the date of this Agreement. 
 (d) Copies of all Phase I or Phase II-type environmental
investigative reports, studies, assessments or other similar documents relating to the Leased Real Property in the possession or control of the Acquired Entities or any of their Subsidiaries are identified on Schedule 4.18
of the Disclosure Schedule and have been provided to Parent prior to the date of this Agreement. 
 Section 4.19.
Insurance. Schedule 4.19 of the Disclosure Schedule sets forth a true, correct and complete list and description of the Insurance Policies as of the date of this Agreement, including the name of the insurer,
type of policy, description of coverage, limits of coverage, retention or deductible amounts, amount of annual premium, date of expiration and policy number. The Acquired Entities and their Subsidiaries currently maintain, and have since
December 31, 2013 (or, if later, the date such Acquired Entity or its Subsidiaries began conducting its business) maintained, insurance required by Applicable Law or any Contract to which any of them is a party or by which any of them is bound.
All insurance policies (the “Insurance Policies”) with respect to the properties, assets, or business of the Acquired Entities and their respective Subsidiaries are in full force and effect and all premiums due and payable thereon
have been paid in full, and no Acquired Entity nor any Subsidiary thereof is in default in any material respect regarding their obligations under any such policies. No Acquired Entity nor any Subsidiary thereof has received a written notice of
cancellation, reduction in coverage or non-renewal of any Insurance Policy. 
 Section 4.20.
Finders’ Fees. Except for Moelis & Company and Houlihan Lokey, there is no investment banker, broker, finder or other intermediary that is entitled to any fee or commission or other similar payment, and (other than for potential
indemnification obligations under the applicable engagement letters with respect to which the Acquired Entities have no Knowledge that any outstanding indemnification claim exists) there is otherwise no Liability for which any Acquired Entity or any
of its Affiliates is responsible in connection with this Agreement or the Transactions (other than amounts due to Moelis & Company or Houlihan Lokey in connection with the Transactions which will be Transaction Expenses (to the extent not
paid prior to the Closing) and will be paid off at or prior to the Closing). 
 Section 4.21. Related Party Transactions. Other
than the LLC Agreements and Side Letters (each of which were extinguished upon the consummation of the Restructuring and replaced with a Wholly-Owned Operating Agreement), any Management Assets and any Employee Plans, none of the Management Sellers,
Managers, other Members or Rollover Holdco, nor any of their respective Relatives, Associates or (in the case of an entity) officers, directors, managers or Affiliates (other than any Acquired Entity or any Subsidiary): (i) is a party to any
Contract with any Acquired Entity or any Subsidiary of an Acquired Entity (an “Affiliate Contract”) or other business transaction (including any payments, but excluding Ordinary Course “comps” (i.e. free food and drinks)
to such Persons) with any Acquired Entity or any Subsidiary of an Acquired Entity (an “Affiliate Transaction”), (ii) has any right in or to any of the assets or properties which are owned, used or held for use in the conduct by
any Acquired Entity or any of their Subsidiaries of its business as conducted, or (iii) has received any funds from or on behalf of any Acquired Entity or any of their Subsidiaries other than compensation or reimbursement of expenses paid to
Management Sellers, Managers or Members in their capacity as employees, officers, directors or managers, or distributions to Management Sellers, Managers or Members, in each case, in the Ordinary Course. 

Section 4.22. Permits; Liquor Licenses. 

(a) Schedule 4.22 of the Disclosure Schedule sets forth a true, complete and correct list of each material
Permit and each liquor license held by an Acquired Entity or any Subsidiary of an Acquired Entity. Except as would not reasonably be expected to be, individually or in the aggregate, Material, (i) each Acquired Entity and each of its
Subsidiaries is in possession of all Permits and liquor licenses necessary for it to own, lease and operate its properties and to carry on its business as conducted, (ii) such Permits and liquor licenses are valid and in full force and effect,
(iii) no Acquired Entity and none of its Subsidiaries is in default under, and no condition exists that with notice or lapse of time or both could permit any revocation, non-renewal or termination, or
other adverse modification, of any Permit or liquor license, or constitute a default under, the Permits or liquor licenses, and there are no Proceedings pending or, to the Knowledge of the Acquired Entities, threatened before any Governmental
Authority that seek the revocation, termination, cancellation, suspension or adverse modification thereof, and (iv) no Acquired Entity or Subsidiary of an Acquired Entity has a pending application for registration to sell franchises for a
restaurant, or for an exemption under any jurisdiction’s franchise Laws. 

  
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 (b) Except as have not and would not, individually or in the aggregate, reasonably be
expected to have, a Group Material Adverse Effect, (i) the Acquired Entities have no Knowledge that any currently pending application for a material Permit or any liquor license, or amendment or modification of a material Permit or liquor
license required in connection with the Transactions will be ultimately denied, and (ii) there are no pending disciplinary actions, unresolved citations or unsatisfied penalties relating to Permits or liquor licenses that is reasonably likely
to have or result in a material adverse impact on any Acquired Entity or the ability to maintain or renew any Permit or liquor license; provided, that no representation or warranty is made with respect to the matters set forth in this
Section 4.22 insofar as they relate to Parent or any of its Affiliates. Each Acquired Entity and each of its respective Subsidiaries is and since December 31, 2013 (or, if later, the date such Acquired Entity or its Subsidiaries
began conducting its business) has been, in compliance in all material respects with any policy of any Governmental Authority relating to liquor licenses, except as would not reasonably be expected to be, individually or in the aggregate, Material.

 Section 4.23. Corruption Laws. 

(a) Since December 31, 2013, except as would not, individually or in the aggregate, reasonably be expected to be Material, (x) the
Acquired Entities and their Subsidiaries have been and are in compliance with all applicable anti-bribery and anti-money laundering Laws and (y) neither any Acquired Entity nor any of their Subsidiaries, nor, to the Knowledge of the Acquired
Entities, any officer, director, employee, reseller, distributor or agent acting on behalf of any Acquired Entity or any Subsidiary of an Acquired Entity has provided, offered, gifted or promised, directly or indirectly, anything of value to any
government official, political party or candidate for government office, nor provided or promised anything of value to any other person while knowing that all or a portion of that thing of value would or will be offered, given, or promised, directly
or indirectly, to any government official, political party or candidate for government office, in either case, for the purpose of: 

(i) influencing any act or decision of such official, party or candidate in his or her official capacity, inducing such
official, party or candidate to do or omit to do any act in violation of their lawful duty, or securing any improper advantage for the benefit of any Acquired Entity or any of their Subsidiaries; or 

(ii) inducing such Government Official, political party or candidate to use his or her influence with his or her government or
instrumentality to affect or influence any act or decision of such government or instrumentality, in order to assist any Acquired Entity or any of their Subsidiaries in obtaining or retaining business for or with, or directing business to, any
Person. 
 Section 4.24. Quality and Safety of Food & Beverage Products. To the Knowledge of the
Acquired Entities, the storage practices, preparation, ingredients, and composition for each of the food or beverage products of each of the Acquired Entities and their respective Subsidiaries (i) are in compliance in all material respects with
all Applicable Laws, including Laws relating to food and beverage storage and preparation, and (ii) are in compliance in all material respects with all internal quality management policies and procedures of the Acquired Entities. The Group
Entities have furnished to Parent prior to the date of this Agreement true, correct and complete copies of all reports resulting from any material audits and inspections of the quality or safety management practices by any Governmental Authority
conducted since December 31, 2013 and until the date of this Agreement by the Acquired Entities and their respective Subsidiaries, or by any other Person, with respect to the venues managed or operated by the Acquired Entities and their
respective Subsidiaries. 
 Section 4.25. Access to Information; No Reliance. 

(a) Each Acquired Entity acknowledges and agrees that it (i) has had an opportunity to discuss the business of Parent, Parent Merger Sub
and their respective Affiliates with the management of Parent, (ii) has been afforded the opportunity to ask questions of and receive answers from Parent, Parent Merger Sub and their respective Affiliates and (iii) has conducted its own
independent investigation of Parent, Parent Merger Sub and their respective Affiliates, their respective businesses and the Transactions. Each Acquired Entity further acknowledges and agrees that, except in respect of any fraud, it has not relied on
any representation, warranty or other statement by Parent, Parent Merger Sub or their respective Affiliates, other than representations and warranties set forth in Section 2.03(b)(iv), Article 6 and
Section 9.11 (each, as qualified by Disclosure Schedule), and that, except in respect of any fraud, all other representations and warranties of any kind whatsoever, express or implied, at law or in equity, with respect to
any of Parent, Parent Merger Sub and their respective Affiliates, or their respective business, operations, assets, liabilities, condition (financial or otherwise) or prospects, are specifically disclaimed. 

(b) Except for the representations and warranties set forth in Section 2.03(b)(iv), Article 6 and
Section 9.11 (each, as qualified by the Disclosure Schedule), and with the exception of fraud, each Acquired Entity acknowledges and agrees that none of Parent, Parent Merger Sub, their respective Affiliates nor any other
Person makes any representation or warranty with respect to any projections, forecasts or other estimates, plans or budgets of future revenues, expenses or expenditures, future results of operations (or

  
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any component thereof), future cash flows (or any component thereof) or future financial condition (or any component thereof) of Parent, Parent Merger Sub or their respective Affiliates nor the
future business, operations or affairs of Parent, Parent Merger Sub or their respective Affiliates heretofore or hereafter delivered to or made available to any Acquired Entity, Management Seller, Rollover Holdco Member or Member, or their
respective Representatives or Affiliates. 
 Section 4.26. Exclusivity of Representations and Warranties. EXCEPT FOR THE
ACQUIRED ENTITY REPRESENTATIONS, AND WITH THE EXCEPTION OF FRAUD, NONE OF THE ACQUIRED ENTITIES, ANY MANAGEMENT SELLER, ANY MEMBER, ANY MANAGER NOR ANY OTHER PERSON MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, AT
LAW OR IN EQUITY (INCLUDING (X) AS TO THE ACCURACY OR COMPLETENESS OF ANY CONFIDENTIAL INFORMATION MEMORANDUM, DOCUMENTS, PROJECTIONS, MATERIALS OR OTHER INFORMATION (FINANCIAL OR OTHERWISE) REGARDING ANY ACQUIRED ENTITY OR ANY OF ITS
SUBSIDIARIES FURNISHED TO PARENT OR ITS REPRESENTATIVES OR MADE AVAILABLE TO PARENT OR ITS REPRESENTATIVES IN ANY “DATA ROOMS”, “VIRTUAL DATA ROOMS”, MANAGEMENT PRESENTATIONS OR IN ANY OTHER FORM IN EXPECTATION OF, OR IN
CONNECTION WITH, THE TRANSACTIONS OR (Y) WITH RESPECT TO THE MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY ASSETS, THE NATURE OR EXTENT OF ANY LIABILITIES, THE PROSPECTS OF ANY OF THE ACQUIRED ENTITIES, THEIR SUBSIDIARIES OR
THEIR RESPECTIVE BUSINESSES, OR THE EFFECTIVENESS OR SUCCESS OF ANY OF THEIR OPERATIONS). EXCEPT FOR THE ACQUIRED ENTITY REPRESENTATIONS, AND WITH THE EXCEPTION OF FRAUD, EACH ACQUIRED ENTITY HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY
PROJECTIONS, FORECASTS OR OTHER ESTIMATES, PLANS OR BUDGETS OF FUTURE REVENUES, EXPENSES OR EXPENDITURES, FUTURE RESULTS OF OPERATIONS (OR ANY COMPONENT THEREOF), FUTURE CASH FLOWS (OR ANY COMPONENT THEREOF) OR FUTURE FINANCIAL CONDITION (OR ANY
COMPONENT THEREOF) OF ANY ACQUIRED ENTITY OR ANY OF THEIR RESPECTIVE SUBSIDIARIES OR THE FUTURE BUSINESS, OPERATIONS OR AFFAIRS OF ANY ACQUIRED ENTITY OR ANY OF THEIR RESPECTIVE SUBSIDIARIES HERETOFORE OR HEREAFTER DELIVERED TO OR MADE AVAILABLE TO
PARENT, PARENT MERGER SUB OR THEIR RESPECTIVE REPRESENTATIVES OR AFFILIATES. 
 ARTICLE 5 

REPRESENTATIONS AND WARRANTIES OF MEMBER REPRESENTATIVE 

Member Representative represents and warrants to Parent and Parent Merger Sub, that: 

 Section 5.01. Organization; Authorization. 

(a) Member Representative is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of
Delaware. 
 (b) Member Representative has the requisite limited liability company power and authority to execute and deliver this Agreement
and the other Transaction Documents to which Member Representative is or will be a party, to perform its obligations hereunder and thereunder and to consummate the Transactions. The execution, delivery and performance by Member Representative of
this Agreement and the other Transaction Documents to which Member Representative is or will be a party, and the consummation by Member Representative of the Transactions, have been (or, in the case of other Transaction Documents that will be
executed and delivered by Member Representative after the date of this Agreement, such other Transaction Documents will, when executed and delivered by Member Representative, have been) duly authorized by all requisite limited liability company
action on the part of Member Representative, and no other limited liability company action on the part of Member Representative or its members is necessary to authorize the execution, delivery and performance of this Agreement and the other
Transaction Documents to which Member Representative is or will be a party and the consummation by Member Representative of the Transactions. This Agreement and the other Transaction Documents to which Member Representative is a party constitute
(or, in the case of other Transaction Documents that will be executed and delivered by Member Representative after the date of this Agreement, such other Transaction Documents will, when executed and delivered by Member Representative, constitute)
the legal, valid and binding obligations of Member Representative, enforceable against Member Representative in accordance with their respective terms, except for Enforceability Exceptions. 

Section 5.02. Non-contravention. The execution, delivery and performance by Member
Representative of this Agreement and the other Transaction Documents to which it is or will be a party, and the consummation by Member Representative of the Transactions, do not and will not: (i) contravene, conflict with, or result in any
violation or breach of any provision of any Organizational Documents of Member Representative, (ii) other than with respect to compliance with any applicable requirements of 

  
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the HSR Act (which such requirements have been fulfilled as of the date hereof) and any liquor licenses set forth on Schedule 4.22 of the Disclosure Schedule, contravene, conflict with or
result in a violation or breach of, or give any Governmental Authority or other Person the right to exercise any remedy or obtain relief under, any provision of any Applicable Law or Order to which Member Representative, or any of the properties or
assets owned or used by Member Representative, is subject, (iii) contravene, conflict with, violate or result in the loss of any benefit to which Member Representative is entitled under, or give any Governmental Authority the right to revoke,
suspend, cancel, terminate, or modify, any Permit held by Member Representative, (iv) require any consent, waiver, notice or other action by any Person under, constitute a default under, conflict with, result in a breach of, or cause or permit
the termination, modification, revocation, cancellation, or acceleration of, or result in any other change of any right or obligation or the loss of any benefit to which Member Representative is entitled under, any provision of any Contract or other
instrument binding upon Member Representative or any of its assets, (v) result in the creation or imposition of any Lien on any asset of Member Representative, or (vi) with the passage of time, the giving of notice or the taking of any
action by another Person, have any of the effects described in clauses (i) through (v) of this Section 5.02, with only such exceptions in the case of clauses (iii), (iv), (v) and (vi) as, do not and would not reasonably be
expected to impair or delay, in any material respect, the ability of Member Representative to perform its obligations under this Agreement and the other Transaction Documents to which it is or will be a party or to consummate the Transactions. 

Section 5.03. Ownership. All of the issued and outstanding Equity Interests of Member Representative are owned, beneficially and
of record, collectively, by the Management Sellers as set forth on Schedule 5.03 of the Disclosure Schedule, and except as set forth on Schedule 5.03 of the Disclosure Schedule, Member Representative does not have any other authorized,
designated, issued or outstanding Equity Interests, or any outstanding or authorized options, warrants, convertible or exchangeable securities, Contracts, subscriptions, rights, calls, commitments, agreements or understandings of any character
whatsoever, fixed or contingent, that directly or indirectly (i) require or call for the issuance, redemption, delivery, sale, pledge or other disposition of any Equity Interests of Member Representative, or any securities convertible into, or
other rights to acquire, any Equity Interests of Member Representative, (ii) obligate Member Representative to grant, offer or enter into any of the foregoing, or (iii) relate to the voting, transfer, ownership or control of the Equity
Interests of Member Representative. 
 ARTICLE 6 

REPRESENTATIONS AND WARRANTIES OF PARENT 

Subject to Section 14.04, except as set forth in the Parent Disclosure Schedule, Parent represents and warrants
that: 
 Section 6.01. Existence and Power. 

(a) Each of Parent and Parent Merger Sub is a limited liability company duly organized, validly existing and in good standing under the laws
of its jurisdiction of organization and has all limited liability company power and authority required to carry on its business as now conducted. Parent Merger Sub has been formed solely for the purpose of engaging in the Transactions, and since the
date of its organization, Parent Merger Sub has not engaged in any activities other than in connection with or as contemplated by this Agreement, and does not have any Liabilities (other than de minimis Liabilities incident to its
formation or Liabilities under the Transaction Documents). 
 (b) Each of Parent and Parent Merger Sub has the requisite power and authority
to execute and deliver this Agreement and the other Transaction Documents to which Parent or Parent Merger Sub, as applicable, is or will be a party, to perform Parent’s or Parent Merger Sub’s, as applicable, obligations hereunder and
thereunder, and to consummate the Transactions. 
 Section 6.02. Authorization. The execution, delivery and performance by each
of Parent and Parent Merger Sub of this Agreement and the other Transaction Documents to which Parent or Parent Merger Sub, as applicable, is or will be a party, and the consummation by Parent and Parent Merger Sub of the Transactions, have been
duly authorized by all necessary limited liability company action, and no other limited liability company proceedings on the part of any of Parent or Parent Merger Sub or any holder of Parent’s or Parent Merger Sub’s Equity Interests are
necessary to authorize the execution, delivery and performance by each of Parent and Parent Merger Sub of this Agreement and the other Transaction Documents to which Parent or Parent Merger Sub, as applicable, is or will be a party or for Parent and
Parent Merger Sub to consummate the Transactions. This Agreement and the other Transaction Documents to which each of Parent or Parent Merger Sub is a party have been (or, in the case of other Transaction Documents that will be executed and
delivered by Parent or Parent Merger Sub after the date of this Agreement, such other Transaction Documents will, when executed and delivered by Parent or Parent Merger Sub, as applicable, have been), duly and validly executed by Parent or Parent
Merger Sub, as applicable. This Agreement and the other Transaction Documents to which each of Parent or Parent Merger Sub is a party constitute (or, in the case of other Transaction Documents that will be executed and

  
 51 

 
delivered by Parent or Parent Merger Sub after the date of this Agreement, such other Transaction Documents will, when executed and delivered by Parent or Parent Merger Sub, as applicable,
constitute) the legal, valid and binding obligation of Parent or Parent Merger Sub, as applicable, enforceable against Parent or Parent Merger Sub, as applicable, in accordance with their respective terms, except for Enforceability Exceptions. 

Section 6.03. Governmental Authorization. The execution, delivery and performance by each of Parent and Parent Merger Sub of this
Agreement and the other Transaction Documents to which Parent or Parent Merger Sub, as applicable, is or will be a party, and the consummation by Parent and Parent Merger Sub of the Transactions, require no action by or in respect of, or filing
with, any Governmental Authority, other than (i) the filing of a certificate of merger with respect to the Merger with the Delaware Secretary of State and appropriate documents with the relevant authorities of other states in which Parent is
qualified to do business, (ii) compliance with any applicable requirements of the HSR Act (which such requirements have been fulfilled as of the date hereof), (iii) compliance with any applicable requirements of the 1933 Act, the 1934 Act and
any other state or federal securities Laws and (iv) any actions or filings the absence of which, individually or in the aggregate, do not and are not reasonably likely to impair or delay in any material respect Parent and Parent Merger
Sub’s ability to perform its obligations under this Agreement and the other Transaction Documents to which it is or will be a party or to consummate the Transactions. 

Section 6.04. Non-contravention. The execution, delivery and performance by each of
Parent and Parent Merger Sub of this Agreement and the consummation by each of Parent and Parent Merger Sub of the Transactions do not and will not (i) contravene, conflict with, or result in any violation or breach of any provision of the
Organizational Documents of any of Parent or Parent Merger Sub, (ii) other than with respect to compliance with any applicable requirements of the HSR Act (which such requirements have been fulfilled as of the date hereof) and any liquor
licenses set forth on Schedule 4.22 of the Disclosure Schedule, contravene, conflict with or result in a violation or breach of any provision of, or give any Governmental Authority or other Person the right to exercise any remedy or obtain
relief under, any Applicable Law or Order to which Parent or Parent Merger Sub, or any of the properties or assets owned or used by Parent or Parent Merger Sub, is subject, (iii) contravene, conflict with, violate or result in the loss of any
benefit to which Parent or Parent Merger Sub is entitled under, or give any Governmental Authority the right to revoke, suspend, cancel, terminate, or modify, any Permit held by Parent or Parent Merger Sub, (iv) require any consent, waiver,
notice or other action by any Person under, constitute a default under, conflict with, result in a breach of, or cause or permit the termination, modification, revocation, cancellation, or acceleration of, or result in any other change of any right
or obligation or the loss of any benefit to which Parent or Parent Merger Sub is entitled under, any provision of any material Contract binding upon Parent or Parent Merger Sub or any of the assets of Parent or Parent Merger Sub, (v) result in
the creation or imposition of any Lien on any asset of Parent or Parent Merger Sub, or (vi) with the passage of time, the giving of notice or the taking of any action by another Person, have any of the effects described in clauses
(i) through (v) of this Section 6.04, with only such exceptions in the case of clauses (iii), (iv), (v) and (vi) as, individually or in the aggregate, do not and are not reasonably likely to impair or delay, in any material
respect, the ability of any of Parent or Parent Merger Sub to perform its obligations under this Agreement and the other Transaction Documents to which it is or will be a party or to consummate the Transactions. 

Section 6.05. Capitalization of Parent and Parent Merger Sub; Ownership of Interests. All issued and outstanding Equity Interests
of Parent are owned, directly or indirectly, free and clear of all Liens (other than restrictions on transfer arising under applicable securities laws), by The Madison Square Garden Company, and no other Person has any right to acquire any Equity
Interests in Parent. There are no outstanding obligations of Parent or any Subsidiary of Parent or any other Person to repurchase, redeem or otherwise acquire any of the Equity Interests of Parent. All of the Equity Interests of Parent have been
duly authorized and validly issued and are fully paid and non-assessable and have not been issued in violation of any federal or state securities Laws or any other Applicable Law. All issued and outstanding
Equity Interests of Parent Merger Sub are owned of record by Parent, and no other Person has any right to acquire any Equity Interests in Parent Merger Sub. There are no outstanding obligations of Parent Merger Sub or any Subsidiary of Parent Merger
Sub or any other Person to repurchase, redeem or otherwise acquire any of the Equity Interests of Parent Merger Sub. All of the Equity Interests of Parent Merger Sub have been duly authorized and validly issued and are fully paid and non-assessable and have not been issued in violation of any federal or state securities Laws or any other Applicable Law.  

Section 6.06. Litigation and Regulatory Actions. There is no (i) Proceeding pending against, or, to the Knowledge of Parent,
threatened against or affecting, Parent or any of its Affiliates before (or, in the case of threatened Proceedings, would be before) or by any Governmental Authority or arbitrator and (ii) Order relating to Parent, that in either case, is
reasonably likely to impair or delay, in any material respect, Parent’s ability to perform its obligations under this Agreement and the other Transaction Documents to which it is or will be a party or to consummate the Transactions. 

Section 6.07. Finders’ Fees. Except for Goldman Sachs & Co. (whose fees, other than to the extent
Debt Financing Expenses, will be paid by Parent without any Liability following the Closing to Holdings or any of its Subsidiaries), there is no investment banker, broker, finder or other intermediary that has been retained by or is authorized to
act on behalf of Parent who might be entitled to any fee or commission from any Acquired Entity, the Members, Management Sellers or the Managers or any of their respective Affiliates upon consummation of the Transactions.  

  
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 Section 6.08. Reserved. 

Section 6.09. Access to Information; No Reliance. 

(a) Each of Parent and Parent Merger Sub acknowledges and agrees that it (i) has had an opportunity to discuss the business of the
Acquired Entities and their Subsidiaries with the management of the Acquired Entities, (ii) has had reasonable access to (x) the books and records of the Acquired Entities and their respective Subsidiaries and (y) the electronic
dataroom maintained by the Acquired Entities for purposes of the Transactions, (iii) has been afforded the opportunity to ask questions of and receive answers from the Acquired Entities and (iv) has conducted its own independent
investigation of the Acquired Entities and their respective Subsidiaries, their respective businesses and the Transactions. Each of Parent and Parent Merger Sub further acknowledges and agrees that, except in respect of any fraud, it has not relied
on any representation, warranty or other statement by any Person on behalf of any Acquired Entity or any of their respective Subsidiaries, any Member, any Management Seller, any Manager or any of their respective Affiliates, other than the Acquired
Entity Representations, and that, except in respect of any fraud, all other representations and warranties of any kind whatsoever, express or implied, at law or in equity, with respect to any of the Acquired Entities, their respective Subsidiaries
or their respective business, operations, assets, liabilities, condition (financial or otherwise) or prospects, are specifically disclaimed. 

(b) Except for the Acquired Entity Representations, and with the exception of fraud, each of Parent and Parent Merger Sub acknowledges and
agrees that none of the Acquired Entities, the Member Representative nor any other Person makes any representation or warranty with respect to any projections, forecasts or other estimates, plans or budgets of future revenues, expenses or
expenditures, future results of operations (or any component thereof), future cash flows (or any component thereof) or future financial condition (or any component thereof) of any Acquired Entity or any of their respective Subsidiaries or the future
business, operations or affairs of any Acquired Entity or any of their respective Subsidiaries heretofore or hereafter delivered to or made available to Parent, Parent Merger Sub or their respective Representatives or Affiliates. 

Section 6.10. Investment Purpose; Accredited Investor; No Public Market; No Reliance. 

(a) Parent is acquiring the Class A Holdings Interests and the Preferred Holdings Interests for investment and not with a view toward, or
for sale in connection with, any distribution thereof, nor with any present intention of distributing or selling such Class A Holdings Interests or Preferred Holdings Interests. 

(b) Parent acknowledges and agrees that (i) the Class A Holdings Interests and the Preferred Holdings Interests have not been, and
will not be, registered under the 1933 Act, by reason of specific exemptions from the registration provisions of the 1933 Act which depend upon, among other things, the bona fide nature of the investment intent and the accuracy of the
representations as expressed in this Section 6.10, are “restricted securities” under applicable U.S. federal and state securities Laws and that, pursuant to these laws, may not be sold, transferred, offered for sale, pledged,
hypothecated or otherwise disposed of without registration under the 1933 Act and any applicable state or foreign securities Laws, except pursuant to an exemption from such registration under the 1933 Act and such other Laws, (ii) that there is
no obligation to register or qualify the foregoing for resale, and (iii) that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of
sale, the holding period for the foregoing and requirements that are outside of a holder’s control, and as to which no party is under any obligation to satisfy and which may not be satisfied or able to be satisfied. 

(c) Parent understands that no public market now exists for the Class A Holdings Interests or Preferred Holdings Interests, and that
neither the Acquired Entities, the Member Representative nor any other Person on their behalf has made any assurances that a public market will ever exist for the Class A Holdings Interests or Preferred Holdings Interests. 

(d) Parent is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act. 

Section 6.11. Exclusivity of Representations and Warranties. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS
Article 6, Section 9.11, Section 2.03(b)(iv) AND THE REPRESENTATIONS AND WARRANTIES OTHERWISE MADE IN THE TRANSACTION DOCUMENTS OR IN CONNECTION WITH THE TRANSACTIONS, AND WITH THE EXCEPTION OF FRAUD, NEITHER PARENT NOR PARENT MERGER
SUB NOR ANY OTHER PERSON MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY (INCLUDING (X) AS TO THE ACCURACY OR COMPLETENESS OF ANY CONFIDENTIAL INFORMATION MEMORANDUM, DOCUMENTS, PROJECTIONS,
MATERIALS OR OTHER INFORMATION (FINANCIAL OR OTHERWISE) REGARDING PARENT, PARENT MERGER SUB, OR THEIR AFFILIATES PROVIDED TO ANY ACQUIRED ENTITY, ANY MANAGEMENT SELLER, ANY MEMBER, ANY MANAGER, OR ANY OF THEIR RESPECTIVE REPRESENTATIVES OR
AFFILIATES IN ANY FORM IN EXPECTATION OF, OR IN CONNECTION WITH, THE TRANSACTIONS OR (Y) WITH RESPECT TO THE MERCHANTABILITY OR FITNESS FOR ANY 

  
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PARTICULAR PURPOSE OF ANY ASSETS, THE NATURE OR EXTENT OF ANY LIABILITIES, THE PROSPECTS OF PARENT, PARENT MERGER SUB, THEIR AFFILIATES OR THEIR RESPECTIVE BUSINESSES, OR THE EFFECTIVENESS OR
SUCCESS OF ANY OF THEIR OPERATIONS). EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS ARTICLE 6, SECTION 9.11, SECTION 2.03(B)(IV) AND THE REPRESENTATIONS AND WARRANTIES OTHERWISE MADE IN THE TRANSACTION DOCUMENTS OR IN CONNECTION
WITH THE TRANSACTIONS, AND WITH THE EXCEPTION OF FRAUD, EACH OF PARENT AND PARENT MERGER SUB HEREBY DISCLAIMS ALL LIABILITY AND RESPONSIBILITY FOR ANY PROJECTIONS, FORECASTS OR OTHER ESTIMATES, PLANS OR BUDGETS OF FUTURE REVENUES, EXPENSES OR
EXPENDITURES, FUTURE RESULTS OF OPERATIONS (OR ANY COMPONENT THEREOF), FUTURE CASH FLOWS (OR ANY COMPONENT THEREOF) OR FUTURE FINANCIAL CONDITION (OR ANY COMPONENT THEREOF) OF PARENT, PARENT MERGER SUB, OR THEIR AFFILIATES OR THE FUTURE BUSINESS,
OPERATIONS OR AFFAIRS OF PARENT, PARENT MERGER SUB, OR THEIR AFFILIATES HERETOFORE OR HEREAFTER DELIVERED TO OR MADE AVAILABLE TO ANY ACQUIRED ENTITY, ANY MANAGEMENT SELLER, ANY MEMBER, ANY MANAGER, OR THEIR RESPECTIVE REPRESENTATIVES OR
AFFILIATES.
 ARTICLE 7 

COVENANTS OF THE ACQUIRED ENTITIES, DIRECT ROLLOVER MEMBERS AND ROLLOVER HOLDCO MEMBERS 

Section 7.01. Reserved. 

Section 7.02. Reserved. 

Section 7.03. Reserved. 

Section 7.04. Restrictive Covenants. In exchange for the consideration provided to the Principals pursuant to this Agreement
(including the portion of the Final Adjusted Purchase Price allocable to such Persons) and the other Transaction Documents, the receipt and sufficiency of which is hereby acknowledged, each of the Principals agree to, among other things, comply with
the covenants and agreements in Section 4.6 of the A&R Holdings LLC Agreement from and after the date of this Agreement in accordance therewith. Each Principal acknowledges and agrees that the content and scope (including, without
limitation, the worldwide scope) of the restrictions under Section 4.6 of the A&R Holdings LLC Agreement are reasonable, and that compliance with such covenants and agreements is necessary to protect the business and goodwill of Holdings
and its Subsidiaries and Affiliates and are an integral factor in Parent’s determination to make the investment contemplated by this Agreement. 

Section 7.05. Reserved. 

Section 7.06. D&O Policy. 

(a) Prior to the Closing Date, the Group Entities and Members have obtained an insurance policy to be effective as of the Closing (the
“D&O Policy”). The cost of such D&O Policy is a one-time premium (the “D&O Premium”), and to the extent that the D&O Premium was not fully paid prior to the
Closing, it shall constitute a Transaction Expense payable in accordance with Section 2.10 (and, for the avoidance of doubt, to the extent not paid at Closing, subject to indemnification under Section 12.02(a)(iii)). 

(b) For the period of coverage provided by the D&O Policy, Holdings shall cause to be maintained in effect provisions in the
Organizational Documents of each Acquired Entity (or in the Organizational Documents of any successor to the business of any Acquired Entity) and each of their respective Subsidiaries regarding exculpation and indemnification (and advancement of
expenses, if any) to the extent required in order to allow for coverage under the D&O Policy to the beneficiaries of such D&O Policy with all claims under any such Organizational Documents to be paid solely by the insurer under such D&O
Policy in accordance with the D&O Policy; provided that such indemnification (and advancement of expenses, if any) shall be fully covered by the D&O Policy and paid by the D&O Policy insurer with no Liability (including any
premium or deductible) to Holdings, any of its Subsidiaries, Parent or any of their respective Affiliates, other than claims (i) excluded from coverage under the D&O Policy and agreed to in writing between Parent and the Member
Representative prior to Closing or (ii) with respect to Members, officers, managers, directors and employees of each Acquired Entity and each of their respective Subsidiaries (other than the Principals or their Affiliates (for purposes of this
exception to clause (ii), “Affiliates” of the Principals shall exclude any Acquired Entity or Subsidiary of any Acquired Entity)). 

  
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 Section 7.07. Lease Guarantees. Holdings shall, with the cooperation of the
Lease Guarantors, use its commercially reasonable efforts to cause the Lease Guarantors to be fully, finally and unconditionally released in form and substance acceptable to the Member Representative from any Damages in respect of the Real Property
Leases, including any Lease Personal Guarantee; provided, that, notwithstanding such commercially reasonable efforts, if Holdings is unable to obtain such releases, Holdings will indemnify and hold harmless the Lease Guarantors for any
Damages in respect of the Real Property Leases, including any Lease Personal Guarantee. 
 ARTICLE 8 

[Reserved] 

Section 8.01. Reserved. 

Section 8.02. Reserved. 

ARTICLE 9 

COVENANTS OF PARENT AND THE ACQUIRED ENTITIES 

Section 9.01. Reserved. 

Section 9.02. Reserved. 

Section 9.03. Reserved. 

Section 9.04. Further Assurances. Except as set forth on Schedule 9.04 or Schedule 3.06 of the Disclosure Schedule, each
Management Seller hereby agrees that to the extent any assets relating to or used in connection with any business of any Acquired Entity or any Subsidiary of any Acquired Entity prior to the Closing are owned or held by such Management Seller or its
Affiliates (other than the Acquired Entities or their Subsidiaries) but were not included in the Management Assets contributed in connection with the Restructuring, such Management Seller, or the Member Representative on behalf of such Management
Seller, shall promptly (and in any event within thirty (30) days of such Management Seller becoming aware of such assets that should have been included in the Management Assets contributed in connection with the Restructuring) provide written
notice to Parent of such assets and within such thirty (30) day period take all actions as may be reasonably required to transfer such assets to such Acquired Entity or Subsidiary, as applicable (with the costs or expenses of such transfer to
be borne by such Management Seller). 
 Section 9.05. Holdings. From and after the Effective Time, until amended in accordance
with the terms thereof and Applicable Law, the limited liability company agreement of Holdings shall be the A&R Holdings LLC Agreement. 

Section 9.06. Rollover Holdco. From and after the Effective Time, until amended in accordance with the terms thereof, the A&R
Holdings LLC Agreement and Applicable Law, the limited liability company agreement of Rollover Holdco shall be the A&R Rollover Holdco LLC Agreement. 

Section 9.07. Confidentiality. The parties acknowledge that each of MSG Sports & Entertainment LLC (“MSG
LLC”) and the TAO Group (which is comprised of the Group Entities) previously executed those certain non-disclosure letter agreements, each dated December 22, 2015 (as amended, collectively, the
“Confidentiality Agreements”), which Confidentiality Agreements will continue in full force and effect in accordance with their respective terms; provided, however, that the Confidentiality Agreement by MSG LLC in
favor of the TAO Group shall automatically terminate upon consummation of the Closing and be superseded by Parent’s confidentiality obligations pursuant to the A&R Holdings LLC Agreement. 

Section 9.08. Change of Control Bonus Payment. Following the third anniversary of the Closing Date, in the event that the payment
described on Schedule 9.08-B of the Disclosure Schedule is not due and owing and such payee has not provided notice or instituted any Proceeding with respect to such payment that has been resolved prior
to the third anniversary of the Closing Date, Parent shall pay the Member Representative 62.5% of such amount within (5) Business Days of the third anniversary of the Closing Date, by wire transfer of immediately available funds to a bank
account designated in writing by the Member Representative, and such amount shall be allocated by the Member Representative pursuant to the Restructuring Agreement. 

  
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 Section 9.09. Allocation of Management Fees. Promptly following the receipt by
any Acquired Entity of payment in consideration for management fees of Ninth Avenue Hospitality LLC, Roof Deck Entertainment, LLC, Roof Deck Australia, LLC or 55th Street Hospitality Holdings, LLC which includes management fees relating to the
period prior to the consummation of the Closing, such Acquired Entity shall pay, in immediately available funds, the portion of the amount of such payment actually received that solely relates to the period prior to the consummation of the Closing
to the Persons entitled to such payment had the payment been received prior to the consummation of the Closing. 
 Section 9.10.
Removal of Legends. With respect to the certificates (or book entries) evidencing Qualified MSG Stock or Qualified Successor Stock (if any) issued to a Management Seller or other Holdings Pre-Closing
Member in connection with (x) an Earn-Out Qualification pursuant to Section 2.03(b)(i) or (y) a Put or Call (as such terms are defined in the A&R Holdings LLC Agreement) in accordance with
the A&R Holdings LLC Agreement, upon the request of any Management Seller or other Holdings Pre-Closing Member in connection with the proposed permitted transfer of such securities, Parent or the MSG
Company Successor (as applicable) shall cause the removal of the legend described in Section 2.03(b)(iii) from such certificate(s) (or book entries, as applicable) representing all or a portion of such shares as promptly as practicable
following the receipt of such request (and such certificate(s), if applicable) during (a) the effectiveness of a registration statement or (b) the period of eligibility for the transfer of such Qualified MSG Stock or Qualified Successor
Stock (or the applicable portion of such securities evidenced by such certificate(s) or book entry(ies), in the case of clause (a) above, upon receipt of a representation that such shares have been sold pursuant to such registration statement
and in the case of clause (b) above, upon receipt of a representation letter in the form attached as Exhibit H (a “Rep Letter”) duly executed by the Management Seller or other Holdings
Pre-Closing Member holding such Qualified MSG Stock or Qualified Successor Stock and delivered to the applicable issuer (or with respect to another exemption to such registration under the 1933 Act, subject to
the provision of a legal opinion in form and substance reasonably acceptable to Parent or such MSG Company Successor (as applicable) with respect to such exemption). Notwithstanding the foregoing, the delegending of any volume-limited portions of
the applicable securities shall not be required in respect of clause (b) of the immediately preceding sentence to the extent such volume limitation is materially affected by any stock or other securities (other than any Qualified MSG Stock or
Qualified Successor Stock issued in connection with an Earn-Out Qualification or Put or Call) of The Madison Square Garden Company or the MSG Company Successor or any of their Affiliates owned or acquired by
any Management Seller or Other Holdings Pre-Closing Member or (i) such Management Seller’s or other Holdings Pre-Closing Member’s spouse or relative
(including a relative of such spouse) living in the same household, (ii) a trust or estate in which such Management Seller or other Holdings Pre-Closing Member or any Persons referred to in clause (i),
(A) collectively owns 10% or more of the total beneficial interest, or (B) serves as trustee, executor or in a similar capacity, or (iii) any corporation, partnership, limited liability company or other entity (other than The Madison
Square Garden Company or the MSG Company Successor (as applicable)) in which such Management Seller or other Holdings Pre-Closing Member or any Persons referred to in clause (i) collectively beneficially
own 10% or more of any class of Equity Interests. 
 Section 9.11. Representations and Covenants of The Madison Square Garden
Company. 
 (a) The Madison Square Garden Company hereby represents and warrants to the Qualified Principals that (i) from the date
of Parent’s formation through the date of this Agreement, Parent has not engaged in any business activities other than in connection with (x) its formation, (y) the formation of and ownership of Parent Merger Sub until the Effective
Time, and (z) the transactions contemplated by the Transaction Documents, (ii) as of immediately prior to the Closing, Parent does not have any assets other than the Equity Interests of Parent Merger Sub and other assets which do not, and
would not reasonably be expected to, individually or in the aggregate, result in Liabilities which would breach clause (iv) below, (iii) from the date of Parent’s formation through the date of this Agreement, Parent has not entered into
any Contract other than its limited liability company agreement, the Contracts with its registered agent(s) and similar representatives for purposes incident to Parent’s formation and continued company existence, the Transaction Documents to
which Parent is a party and other Contracts which do not, and would not reasonably be expected to, individually or in the aggregate, result in Liabilities which would breach clause (iv) below, and (iv) Parent does not have any Liabilities
or Liens (other than de minimis Liabilities or Liens incident to its formation and continued company existence, Liabilities or Liens with respect to its ownership of its Interest under the A&R Holdings LLC Agreement or pursuant to
the Transaction Documents, or Liens under applicable securities laws). 
 (b) From the date of this Agreement and until the MSG Company
Termination Date, except as consented to in writing by all of the Qualified Principals (as defined in the A&R Holdings LLC Agreement), The Madison Square Garden Company shall not permit Parent or any Parent Successor (or, in the event there is
an MSG Company Successor, the MSG Company Successor shall not permit Parent or any Parent Successor) to: (i) conduct any business or operations or enter into any Contracts (other than Contracts that would have been permitted under clause
(iii) of Section 9.11(a) if entered into prior to the date of this Agreement) except as contemplated by the Transaction Documents (as amended, modified or supplemented) in connection with Parent’s (or a Parent Successor’s)
ownership of its Interest (as defined in the A&R Holdings LLC Agreement (other than any actions taken in connection with a Cash Flow Deficiency or Credit Agreement Default)), or its receipt and distribution of distributions made in respect of
the 

  
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Interest, (ii) own any assets other than Parent’s (or a Parent Successor’s) Interest, any distributions made in respect of the Interest, and other assets the ownership of which
would not breach clause (iii) below, (iii) incur any Liabilities, or incur or suffer to exist any Liens on its assets, (in each case of this clause (iii), other than (A) de minimis Liabilities or Liens incident to its
formation and continued company existence, (B) Liabilities or Liens with respect to its ownership of its Interest under the A&R Holdings LLC Agreement (as amended, modified or supplemented) (excluding any actions taken in connection with a
Cash Flow Deficiency or Credit Agreement Default under the A&R Holdings LLC Agreement) or the Transaction Documents (as amended, modified or supplemented), (C) Liens for Taxes, assessments and other government charges not yet due and payable or
which are being contested in good faith by appropriate proceedings and (D) Liens under applicable securities laws), (iv) transfer its Interest to another Person, unless such Person is (x) a Parent Successor that is wholly-owned (directly
or indirectly) by The Madison Square Garden Company and The Madison Square Garden Company agrees in writing to the same covenants and agreements provided in this Section 9.11 with respect to such Parent Successor, or (y) such Parent
Successor is wholly-owned (directly or indirectly) by an MSG Company Successor that has a class of shares that could constitute Successor Stock in accordance with the such term’s definition, and such MSG Company Successor agrees in writing to
the same covenants and agreements provided in this Section 9.11(b) with respect to such Parent Successor, (v) consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its assets to, any Person (other
than with respect to transfers of its Interest permitted in clause (iv)), (vi) create or acquire any Person or own any Equity Interest in any Person other than Holdings, (vii) fail to hold itself out to the public as a legal entity separate and
distinct from all other Persons or (viii) employ any Person as an employee. In the event there is an MSG Company Successor, The Madison Square Garden Company shall cause such MSG Company Successor to agree to be bound by the provisions of this
Section 9.11(b) and to make the representations and warranties set forth in Section 9.11(f), applied mutatis mutandis (and upon such agreement and making of such representations by the MSG Company Successor, The Madison Square
Garden Company shall have no further liability or obligation hereunder). 
 (c) At the Closing, The Madison Square Garden Company shall
deliver to the Member Representative a certificate executed on behalf of The Madison Square Garden Company by an executive officer of The Madison Square Garden Company certifying that the representations and warranties of The Madison Square Garden
Company in Section 9.11(a) and Section 9.11(f) are true and correct as of the Effective Time as if made at and as of such time (other than representations and warranties that by their terms address matters only as of another specified
time, which shall be true and correct only as of such time). 
 (d) Notwithstanding anything in Section 12.01 to the contrary, the
representations, warranties, covenants and agreements contained in this Section 9.11 or in any certificate delivered pursuant to Section 9.11(c), and the covenants and agreements of The Madison Square Garden Company (or MSG Company
Successor, as applicable) under Article 14 (other than Sections 14.03, 14.04 and 14.15, and only insofar as Article 14 relates to its rights and obligations under Section 9.11), shall survive the consummation of the Closing but shall
terminate automatically (and without any recourse thereafter to The Madison Square Garden Company (or MSG Company Successor, as applicable)) upon the MSG Company Termination Date; provided, that such representations, warranties, covenants and
agreements shall not terminate for so long as there remains outstanding any unresolved claims or disputes (whether or not fixed as to liability or liquidated as to amount, if set forth in a reasonably detailed written notice (specifying the
circumstances giving rise to such claim, the estimated amount of damages sought thereunder to the extent then reasonably ascertainable and the inaccuracy or breach giving rise to such claim or, to the extent the specification of such inaccuracy or
breach is not reasonably practicable as of such date, a reasonably detailed specification of the potential inaccuracy or breach based on the facts available at the time of such notice) delivered to The Madison Square Garden Company (or MSG Company
Successor, as applicable) prior to the expiration of the MSG Company Termination Date) with respect to any such representations, warranties, covenants or agreements (as applicable) initiated prior to the MSG Company Termination Date. Notwithstanding
anything in Article 12 to the contrary, the Member Representative (and no other party other than the Member Representative) shall be permitted to commence any Proceeding with respect to this Section 9.11, and such Proceeding shall not be
addressed by, or subject to, Article 12. In the event such a Proceeding is commenced, Section 14.01, Section 14.06, Section 14.07, Section 14.08, Section 14.12 and Section 14.13 shall apply. For the avoidance of
doubt, other than for fraud with respect to the representations and warranties set forth in this Section 9.11, any claims with respect to The Madison Square Garden Company (or MSG Company Successor, as applicable) under this Agreement shall be
limited to claims of a breach of the representations, warranties, covenants or agreements contained in this Section 9.11 or the covenants and agreements of The Madison Square Garden Company (or MSG Company Successor, as applicable) under
Article 14 (other than Sections 14.03, 14.04 and 14.15, and only insofar as Article 14 relates to its rights and obligations under Section 9.11). 

(e) Certain Definitions: Capitalized terms used in this Section 9.11 but not defined in this Agreement shall have the meanings
assigned to them in the A&R Holdings LLC Agreement (in the form attached hereto as Exhibit D). 
 (i) “MSG
Company Termination Date” means the later of: (i) the later of (A) the date of payment in full of all amounts payable (including by issuance of Qualified MSG Stock or Qualified Successor Stock, if applicable) with
respect to any Principal Good Leaver Put(s), Principal Early Leaver Put(s) or Principal Pre-Year 5 CoC Put exercised prior to the applicable date required by the A&R Holdings LLC Agreement (if any), or
(B) if no such Put is made in accordance with the A&R Holdings LLC Agreement, the latest date on which a Principal is permitted to exercise a Principal Good Leaver 

  
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Put, Principal Early Leaver Put or Principal Pre-Year 5 CoC Put under the A&R Holdings LLC Agreement, and (ii) the earlier of: (x) if
one or more Earn-Out Amount payments equal to the Earn-Out Amount Cap have been made in accordance with Section 2.03(b) and (c), the date of the last such payment
(including by the issuance of Qualified MSG Stock or Qualified Successor Stock if applicable), (y) if an Earn-Out Qualification has not been achieved in respect of any TTM Period in accordance with Section
2.03(b) and (c), the 30th day following delivery to Parent of the applicable consolidated financial statements of the Company and its Subsidiaries for the Year 5 TTM Period or (z) if an Earn-Out
Qualification has been achieved in accordance with Section 2.03(b) and (c) but not paid prior to the date referred to in clause (y), the date the applicable Earn-Out Amount payable in respect of such Earn-Out Qualification in accordance with Section 2.03(b) and (c) is paid in full in accordance with Section 2.03(b) and (c) (including by issuance of Qualified MSG Stock or Qualified Successor Stock, if
applicable). 
 (ii) “Parent Successor” means a recipient of all or a portion of the Interest of Parent in
accordance with the terms of the A&R Holdings LLC Agreement; provided, that The Madison Square Garden Company (or an MSG Company Successor, if applicable) shall not permit Parent (or a Parent Successor, if applicable) to transfer all or a
portion of the Interest of Parent (or a Parent Successor, if applicable) unless the recipient (A) agrees to be bound by the requirements of this Section 9.11 and (B) makes the representations and warranties set forth in this
Section 9.11 with respect to Parent, applied mutatis mutandis to such recipient. 
 (f) The Madison Square Garden Company hereby
represents and warrants to the Member Representative that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to perform its obligations hereunder; (ii) it is duly organized,
validly existing and in good standing under the laws of the State of Delaware and has all requisite power and authority to conduct its business as now conducted; (iii) this Agreement has been duly executed and delivered by The Madison Square
Garden Company and, assuming the due execution and delivery of this Agreement by the other parties hereto, The Madison Square Garden Company’s obligations hereunder constitute the legal, valid and binding obligation of The Madison Square Garden
Company, enforceable against The Madison Square Garden Company in accordance with its terms except for Enforceability Exceptions; and (iv) the execution and delivery of this Agreement and performance of its obligations under this Agreement by
The Madison Square Garden Company does not and will not violate, result in a breach (with or without the lapse of time, the giving of notice or both) of, or constitute a default (with or without notice or lapse of time or both) under, or require the
consent or approval of any person or entity under any Contract, Law or Order that would have a material effect on the ability of The Madison Square Garden Company to fulfill its obligations hereunder, in each case to which The Madison Square Garden
Company is a party or by which The Madison Square Garden Company is bound or to which its assets or properties are subject and which has not been obtained prior to the date hereof. 

ARTICLE 10 

[Reserved] 

Section 10.01. Reserved. 

ARTICLE 11 
 TAX
MATTERS 
 Section 11.01. Tax Treatment. For U.S. federal income tax purposes, the parties hereto agree to treat the Merger
and the Transactions, with respect to the Members, as a sale to Parent of Holdings Pre-Closing Interests for cash to the extent of the cash consideration received by the Members hereunder followed by a
redemption of the Redeemable Holdings Interests. Parent shall cause Holdings to allocate all items of income, gain, loss, deduction or credit attributable to the taxable period of Holdings in which the Closing occurs based on a closing of
Holding’s books as of the end of the Closing Date. To the extent permitted by Applicable Law, any Transaction Tax Deductions shall be treated as accruing on or prior to the Closing Date and shall be allocated to the taxable period of the
Holdings that ends or is deemed to end on the Closing Date, and Parent shall not be allocated and shall not claim any such Transaction Tax Deductions. No party shall take a position on any Tax Return, before any Governmental Authority or in any
proceeding, that is in any manner inconsistent with the Tax treatment described in this paragraph without the prior written consent of all of the other parties or unless specifically required pursuant to a determination by an applicable Governmental
Authority. 
 Section 11.02. Tax Returns. All Acquired Entity Returns that relate to any Tax period that ends on or before the
Closing Date shall be prepared and filed by Holdings in a manner reasonably determined by the Member Representative and consistent with each Acquired Entity’s and each of its Subsidiary’s past practice except as otherwise required by the
provisions of this 

  
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Agreement or as otherwise required by a change in Applicable Law. Notwithstanding the foregoing, if the Transactions result in a deemed partnership termination pursuant to Section 708(b)(1)(B) of
the Code, an election under Section 754 of the Code shall be made with respect to the predecessor partnership. Except as provided in this Agreement, without the prior written consent of the Member Representative, Parent shall not file any
amended Acquired Entity Return or make any Tax election with respect to any Tax period that ends on or before the Closing Date unless otherwise required by Applicable Law. Acquired Entity Returns that relate to any Tax period that begins before and
ends after the Closing Date (such period, a “Straddle Period”, and such Acquired Entity Returns, “Straddle Period Returns”) shall be prepared and filed by Holdings (A) in a manner reasonably determined by the
Member Representative with respect to the pre-Closing portion of such Straddle Period Return to the extent that items in the post-Closing portion of the Straddle Period or subsequent periods are not affected
and (B) in all cases, consistent with each Acquired Entity’s and each Subsidiary of an Acquired Entity’s past practice except as otherwise required by the provisions of this Agreement or A&R Holdings LLC Agreement or as otherwise
required by a change in Applicable Law. 
 Section 11.03. Transfer Taxes. 50% of actual Transfer Taxes paid or required to be
paid in connection with the Transactions (including any real property transfer Tax and any similar Tax) shall be deemed Transaction Expenses in accordance with the definition thereof, and the remaining 50% shall be borne by Parent; provided,
however, that Parent’s liability to pay Transfer Taxes hereunder shall in no event exceed $200,000, and the entire amount of Transfer Taxes in excess of $400,000 shall be deemed Transaction Expenses. Parent will file, or cause to be filed, all
necessary Tax Returns with respect to all such Transfer Taxes and will pay or cause to be paid all such Transfer Taxes. 

Section 11.04. Cooperation on Tax Matters. Parent and the Holdings Pre-Closing Members
shall cooperate fully, as and to the extent reasonably requested by the other party, in connection with the preparation and filing of any Tax Return, any audit, litigation or other proceeding with respect to Taxes. Such cooperation shall include the
retention and (upon the other party’s request) the provision of records and information that are reasonably relevant to any such audit, litigation or other proceeding and making employees available on a mutually convenient basis to provide
additional information and explanation of any material provided hereunder. Holdings shall (i) retain all books and records with respect to Tax matters pertinent to the Acquired Entities and the Subsidiaries relating to pre-closing periods until the expiration of any applicable statute of limitations, and to abide by all record retention agreements entered into with any Taxing Authority for all periods required by such Taxing
Authority, and (ii) use commercially reasonable efforts to provide the Members with at least thirty (30) days prior written notice before destroying any such books and records, during which period any Member that so requests can elect to
take possession, at their own expense, of a copy of such books and records. 
 Section 11.05. FIRPTA Certificate and W-9. On or prior to the Closing Date, the Holdings Pre-Closing Members or the Acquired Entities, as applicable, shall deliver to Parent IRS Forms W-9 and certificates in compliance with Treasury Regulation Sections 1.1445-2 or 1.1445-11T(d)(2), as applicable, certifying that
the Transactions are exempt from withholding under Section 1445 of the Code; provided, that, notwithstanding anything in this Agreement to the contrary, Parent’s sole right if the Members or the Acquired Entities, as applicable,
fail to provide such certificates shall be to make an appropriate withholding of Tax. Parent agrees that, if on or before the Closing Date it receives the statements described in this Section 11.05, no withholding under Section 1445 of the
Code is required in connection with the transactions described in Article 2. 
 Section 11.06. 754 Elections. The Holdings
Pre-Closing Members and Parent shall cause Holdings (i) to make valid elections under Section 754 of the Code, effective for the taxable years of Holdings and 632 N. Dearborn Operations, LLC
including the Closing Date and (ii) to use commercially reasonable efforts to make a valid election under Section 754 of the Code, effective for the taxable year of IP BISC LLC including the Closing Date. 

Section 11.07. Tax Contests. Notwithstanding anything to the contrary herein, the Member Representative shall control the
conduct, through counsel of its own choosing and at the expense of the Holdings Pre-Closing Members, of any Proceeding with respect to Taxes of an Acquired Entity or any Subsidiary thereof, in each case,
relating to any Tax period (or portion thereof) ending on or prior to the Closing Date; provided, however, that (i) the Member Representative shall not settle or compromise any such Proceeding in a manner that would adversely affect the Tax
Liability of any Acquired Entity or Parent or any of its Affiliates for any Tax period (or portion thereof) following the Closing without the consent of Parent (which shall not be unreasonably withheld, conditioned or delayed) and (ii) with
respect to any such Proceeding that relates to a Tax period beginning before and ending after the Closing Date, (A) the A&R Holdings LLC Agreement shall govern the conduct of such Proceeding and (B) the Member Representative and Parent
shall reasonably cooperate to sever the pre-Closing and post-Closing portions of any such Proceeding, if possible, or to treat such Proceeding as severed for purposes of exercising their rights under this
Section 11.07. 
 Section 11.08. Refunds. Holdings shall, within ten (10) days after the receipt thereof, pay to the
Member Representative for the benefit of and distribution to the Members as allocated at the direction of the Member Representative any net refunds or credits of Taxes attributable to any Acquired Entity or any Subsidiary thereof that relate to a
Tax period (or portion thereof) ending on or prior to the Closing Date (determined in a manner consistent with the definition of Pre-Closing Taxes) in each case if

  
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actually received, applied against, credited to, or used to offset Taxes; provided, that, in each case, this sentence shall not apply to (a) any refund or credit included in the calculation
of Final Adjusted Purchase Price, and (b) any refund or credit attributable to any Tax item or attribute arising in a Tax period (or portion thereof) beginning after the Closing Date. Parent will cooperate, and will cause each Acquired Entity
and any Subsidiary thereof to cooperate in using commercially reasonable efforts to obtain any Tax refund that the Member Representative reasonably requests Holdings to obtain, including through filing appropriate forms with the applicable Taxing
Authority. 
 ARTICLE 12 

SURVIVAL; INDEMNIFICATION 

Section 12.01. Survival. All of the representations, warranties, covenants and agreements of the parties (including the Holdings Pre-Closing Members pursuant to the Letters of Transmittal) contained in this Agreement, the Letters of Transmittal or in any certificate or other writing delivered pursuant hereto or in connection herewith shall
survive (and not be affected in any respect by) the consummation of the Closing indefinitely and any investigation conducted by any party hereto and any information or knowledge which any party may have or receive. Notwithstanding the foregoing,
other than for fraud: (i) the representations and warranties of the parties hereto contained in this Agreement (other than any Fundamental Representations and the representations and warranties in Section 4.15 (Taxes),
Section 4.16(c), the first sentence of Section 4.16(d) insofar as it relates to Taxes, the last sentence of Section 4.16(d) and Section 4.16(g)
(Employee Benefit Plans) (the representations and warranties referred to in this clause (i) other than the Fundamental Representations, collectively, the “Special Representations”)) or in any certificate or other writing
delivered pursuant hereto or in connection herewith shall survive the consummation of the Closing until the first anniversary of the Closing Date (the “Expiration Date”); (ii) the Fundamental Representations and the
representations and warranties contained in the Letters of Transmittal shall survive the consummation of the Closing until the later of six years following the Closing Date and 60 days after the expiration of the applicable latest possible statutes
of limitations of the underlying subject matter of such representations and warranties, determined on an individual representation and warranty basis; (iii) the Special Representations and the indemnification of
Pre-Closing Taxes set forth in Section 12.02(a)(iii) shall survive the consummation of the Closing until the later of six years following the Closing Date and 60 days after the
expiration of the applicable latest possible statutes of limitations of the underlying subject matter of such representations and warranties (or liability for such Pre-Closing Taxes), determined on an
individual representation and warranty basis; and (iv) all covenants and agreements of the parties hereto parties (including the Holdings Pre-Closing Members pursuant to the Letters of Transmittal)
contained in this Agreement, the Letters of Transmittal or in any certificate or other writing delivered pursuant hereto or in connection herewith shall survive the consummation of the Closing indefinitely or for the shorter period explicitly
specified therein. The representations and warranties, covenants and agreements of the parties contained in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith, and the applicable indemnity
obligations for the inaccuracy or breach thereof that terminate pursuant to this Section 12.01, and the liability of any party to this Agreement with respect thereto pursuant to this Article 12,
shall not terminate with respect to any claim, whether or not fixed as to liability or liquidated as to amount, if set forth in a reasonably detailed written notice (specifying the circumstances giving rise to such claim, the estimated amount of
Damages sought thereunder to the extent then reasonably ascertainable and the inaccuracy or breach giving rise to such claim or, to the extent the specification of such inaccuracy or breach is not reasonably practicable as of such date, a reasonably
detailed specification of the potential inaccuracy or breach based on the facts available at the time of such notice) delivered to the applicable Indemnitor (or the Member Representative if a Member is the Indemnitor) prior to the expiration of the
applicable survival period provided above. 
 Section 12.02. Indemnification. 

(a) Indemnification by the Members. Effective at and after the consummation of the Closing and subject to
Section 12.03, the Members shall, severally (pro rata based on such Member’s Holdings Allocation Percentage, or otherwise as determined by the Member Representative upon written notice to Parent), but not
jointly (subject to the last sentence of Section 12.03(e)), indemnify Parent and its Affiliates and Representatives (excluding Holdings and its Subsidiaries, provided that for purposes of determining a De Minimis Breach
pursuant to Section 12.03(b), the Damages of Holdings and its Subsidiaries shall be taken into account) (each, a “Parent Indemnitee”) against and hold each of them harmless from any and all Damages incurred by a Parent
Indemnitee arising out of, relating to, resulting from, in connection with or otherwise in respect of: 
 (i) any inaccuracy
or breach of any representation or warranty set forth in Article 4 or Article 5 as of the Closing (other than any representation or warranty made as of a certain date, in which case, as of such date), or in the
certificates delivered pursuant to Section 2.10(a) (with respect to such representations and warranties) or Section 2.10(g) (each such breach of a representation or warranty, a “Group Warranty Breach”); 

  
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 (ii) any breach of a covenant or agreement pursuant to this Agreement, the
Restructuring Agreement or the Escrow Agreement made or to be performed by (x) an Acquired Entity prior to the consummation of the Closing or (y) the Member Representative, at any time (each such breach of a covenant or agreement, together
with any Group Warranty Breach, a “Group Breach”); 
 (iii) (w)
Pre-Closing Taxes of any Acquired Entity or any Subsidiary thereof, (x) obligations of any Acquired Entity or any Subsidiary thereof under unclaimed property and escheat Laws, to the extent actually paid
to a Governmental Authority, arising out of gift cards issued prior to the Closing Date, (y) Transaction Expenses, to the extent not paid in connection with the Closing or pursuant to Section 2.12, including the matters set forth on
Schedule 12.02(a)(iii) of the Disclosure Schedule, and (z) the portion of any Post-Closing New Venue Opening Expenses indirectly borne by Parent after the Closing (based on Parent’s Percentage Share (as defined in the A&R
Holdings LLC Agreement)) that would not have been borne by Parent in accordance with the definition of New Venue Opening Amount had such Post-Closing New Venue Opening Expenses been paid prior to the Closing and incorporated in the calculation of
the New Venue Opening Amount (i.e., because, based on the definition of New Venue Opening Amount, Parent (A) bears only fifty percent (50%) of any New Venue Opening Expenses and (B) is not obligated to bear any portion of New Venue
Opening Expenses in excess of the New Venue Opening Amount Cap); or 
 (iv) (x) any error or inaccuracy in the Member
Allocation Schedule attached as Annex D (including with respect to the Holdings Pre-Closing Percentages, Holdings Allocation Percentage, Rollover Class A Allocated
Investment Percentages, or Rollover Class A Investment Percentage), in any allocation or apportionment of consideration or Liability by the Member Representative or any Liability under the Restructuring Agreement except to the extent resulting
from any action taken by Parent in breach of the Transaction Documents, or in account wiring instructions delivered by the Member Representative or any Member; (y) any Liability (including any Proceeding with respect thereto) with respect to
any Member or other holder of Equity Interests in an Acquired Entity or any Subsidiary thereof, with respect to such Member or holder’s capacity as a Member or holder of Equity Interests or otherwise relating to his, her or its relationship and
rights as a Member or holder of Equity Interests (whether pursuant to an LLC Agreement, Side Letter or other Contract in respect of any Acquired Entity, such Member’s Letter of Transmittal, or any Liability with respect to Rollover Holdco in
connection with the transaction contemplated by this Agreement, the Restructuring Agreement or the other Transaction Documents to the extent such claim is brought by a Member except to the extent resulting from any action taken by Parent in breach
of the Transaction Documents) in an Acquired Entity or any Subsidiary thereof, whether such Liability (or Proceeding) involves Parent or an Affiliate of Parent, Rollover Holdco or an Acquired Entity or any Subsidiary thereof (or any manager,
director, officer or employee of an Acquired Entity or any Subsidiary thereof) including, without limitation, any Proceeding brought by or against such Person or his, her or its heirs, successors or assigns, or other Persons on behalf of such
Persons with respect to the consummation of the Closing or the other Transactions (including the Restructuring or Deal Approval, and including the adequacy or allocation of any consideration hereunder with respect to the Transactions or the
obligations on any Member or holder of Equity Interests in an Acquired Entity or any Subsidiary thereof under the Letter of Transmittal, including any release thereunder or appointment of Member Representative as a representative), or this Agreement
or the other Transaction Documents (excluding, for the avoidance of doubt, any indemnification claim against Parent to the extent duly made pursuant to Section 12.02(c)); or (z) any Member Released Claim. 

(b) Additional Indemnification by the Members. Effective at and after the consummation of the Closing and subject to
Section 12.03, each Member shall, severally but not jointly (subject to the last sentence of Section 12.03(e)), indemnify Parent Indemnitees against and hold each of them harmless from any and all
Damages incurred by a Parent Indemnitee arising out of, relating to, resulting from, in connection with or otherwise in respect of: 

(i) (x) any inaccuracy or breach of any representation or warranty of such Member set forth in
Article 3 (other than Section 3.12) as of the Closing (other than any representation or warranty made as of a certain date, in which case, as of such date), a Letter of Transmittal or in the certificates delivered
pursuant to Section 2.10(a) with respect to such representations and warranties, and (y) with respect to any Rollover Holdco Member, any inaccuracy or breach of any representation or warranty with respect to Rollover Holdco set forth in
Section 3.12 (each such breach of a representation or warranty, a “Member Warranty Breach”); 

(ii) any breach of a covenant or agreement made or to be performed by such Member pursuant to this Agreement (other than a
Group Breach), the Restructuring Agreement or a Letter of Transmittal (each such breach of a covenant or agreement, together with any Member Warranty Breach, a “Member Breach”); or 

(iii) For the avoidance of doubt, effective at and after the consummation of the Closing and subject to
Section 12.03, with respect to any Rollover Holdco Member or Direct Rollover Member that is not an individual, the individual(s) listed opposite such Rollover Holdco Member’s or Direct Rollover Member’s name as
set forth on Schedule 12.02(b)(iii) of the Disclosure Schedule, shall be jointly and severally liable with such Rollover Holdco Member or Direct Rollover Holdco 

  
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Member (subject to the last sentence of Section 12.03(e)) for any Damages of Parent Indemnitees to the extent that, and only with respect to such Rollover Holdco Member
or Direct Rollover Member is liable hereunder (subject to the limitations hereunder), pro rata based on the percentage set forth opposite such Rollover Holdco Member’s or Direct Rollover Member’s name on Schedule 12.02(b)(iii) of
the Disclosure Schedule. 
 (c) Indemnification by Parent. Effective at and after the consummation of the Closing and subject to
Section 12.03, Parent shall indemnify the Members, the Management Sellers, the Managers and their respective Affiliates and Representatives (excluding Holdings and its Subsidiaries) (each a “Seller
Indemnitee” and, together with any Parent Indemnitee, each an “Indemnitee”)) against and hold each of them harmless from any and all Damages incurred by a Seller Indemnitee arising out of, relating to, resulting
from, in connection with or otherwise in respect of: 
 (i) any inaccuracy or breach of any representation or warranty of
Parent and set forth in Article 6 as of the Closing (other than any representation or warranty made as of a certain date, in which case, as of such date) or in the certificate delivered pursuant to Section 2.10(d)(i) with respect to such
representations and warranties (each such breach of a representation or warranty, a “Parent Warranty Breach”); or 

(ii) any breach of a covenant or agreement made or to be performed by Parent or Parent Merger Sub pursuant to this Agreement or
the Escrow Agreement (each such breach of a covenant or agreement, together with any Parent Warranty Breach, a “Parent Breach”). 
 It is
understood and agreed that any claim for indemnification against Parent pursuant to this Section 12.02(c) shall only be enforceable by the Member Representative on behalf of the Seller Indemnitees in its sole and absolute
discretion, provided, that a Seller Indemnitee shall be permitted to enforce this Section 12.02(c) directly in the case of defenses or counterclaims in connection with any claim brought by Parent against such Seller
Indemnitee directly. 
 Section 12.03. Limitations on Indemnification. 

(a) Notwithstanding anything in this Agreement to the contrary, other than for fraud, and subject to this
Section 12.03 (including Section 12.03(e)) and Section 12.04), (i) in no event shall the cumulative indemnification obligations of the Members for all Group Warranty Breaches and
Member Warranty Breaches (except for any inaccuracy or breach of the Fundamental Representations included in Article 4, the Special Representations or the representations and warranties in Section 4.06(d)), in the
aggregate, exceed $15,000,000 (the “Business Cap”), (ii) in no event shall the cumulative indemnification obligations of the Members pursuant to Section 12.02(a)(i),
(ii) and (iii)(z) and Section 12.02(b), except for any inaccuracy or breach of the representations and warranties in Section 4.06(d) or Section 4.15 (Taxes) with respect
to federal, state and local income Taxes, in the aggregate, exceed $190,000,000 (the “Cap”), (iii) except with respect to breaches of the covenants and agreements made or to be performed pursuant to Section 7.04 (which
shall only be paid directly by the applicable Principal(s)), in no event shall the indemnification obligations of the Members pursuant to Section 12.02(a) and Section 12.02(b), (x) in the
aggregate, exceed the aggregate Closing Cash Consideration (including any adjustments pursuant to Section 2.12), plus any Earn-Out Amount(s) actually paid in accordance with
Section 2.03(b) (including by issuance of Qualified MSG Stock or Qualified Successor Stock in accordance with Section 2.03(b)), plus any distributions from the Purchase Price Adjustment Escrow Fund received by the Members (or the
Member Representative on behalf of the Members) pursuant to the terms of this Agreement, or, (y) with respect to any individual Member, exceed an amount equal to (A) the Purchase Price plus any
Earn-Out Amount(s) actually paid in accordance with Section 2.03(b) (including by issuance of Qualified MSG Stock or Qualified Successor Stock in accordance with Section 2.03(b)), multiplied
by (B) such Member’s Holdings Allocation Percentage. For the avoidance of doubt, with respect to the foregoing clause (iii)(y), irrespective of whether a Member delivers a Letter of Transmittal to the Member Representative, the limitation
on indemnification of a Parent Indemnitee with respect to the Members shall be calculated as if such Member had submitted a Letter of Transmittal and such Member had received its allocable portion of the Purchase Price (and any Earn-Out Amount(s) actually paid in accordance with Section 2.03(b) (including by issuance of Qualified MSG Stock or Qualified Successor Stock in accordance with Section 2.03(b)) multiplied by such
Member’s Holdings Allocation Percentage), and in the event of an indemnification obligation of such Member, the Member Representative shall pay the applicable amount out of the proceeds with respect to such Member held by the Member
Representative to the applicable Parent Indemnitee notwithstanding the failure to receive such Letter of Transmittal but otherwise subject to the limitations on indemnification set forth in this Agreement. For the avoidance of doubt, with respect to
this Section 12.03, the value of the Qualified MSG Stock or Qualified Successor Stock will be equal to the value attributed at the time of issuance pursuant to Section 2.03(b). 

(b) With respect to indemnification of Parent Indemnitees by the Members for Group Warranty Breaches and Member Warranty Breaches pursuant to
Section 12.02(a)(i) and Section 12.02(b)(i), other than for fraud or for the inaccuracy or breach of the Fundamental Representations, the Special Representations or the
representations and warranties in Section 4.06(d), the Members shall not be liable (i) for any Group Warranty Breaches or Member Warranty Breaches with respect to which the aggregate Damages incurred by the Acquired Entities and their
Subsidiaries, collectively, when taken together with their aggregate Damages with respect 

  
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to any related Group Warranty Breach(es) or Member Warranty Breach(es), do not amount to more than $35,000 (such related Group Warranty Breach(es) or Member Warranty Breach(es) that do not exceed
in the aggregate $35,000, a “De Minimis Breach”) (for the avoidance of doubt, solely for purposes of determining whether Damages exceed $35,000 for determining a De Minimis Breach, and without taking into consideration
the fact that the Damages incurred by the Parent Indemnitees may have been less in respect of any such Group Warranty Breaches or Member Warranty Breaches) or (ii) unless the aggregate amount of Damages of Parent Indemnitees with respect to all
Group Warranty Breaches or Member Warranty Breaches, other than De Minimis Breaches, exceeds $1,000,000 (the “Deductible”) and then only for amounts of Damages in excess of the Deductible.

(c) With respect to indemnification by Parent for Parent Breaches pursuant to Section 12.02(c)(i),
other than for fraud or for the inaccuracy or breach of the Fundamental Representations (i) Parent shall not be liable (A) for any Parent Warranty Breaches for which the Damages with respect thereto, when taken together with the Damages
with respect to any related Parent Warranty Breaches, do not amount to more than $35,000 (such Parent Warranty Breaches that do not exceed $35,000, a “Parent De Minimis Breach”) or (B) unless the aggregate amount
of Damages with respect to all Parent Warranty Breaches, other than Parent De Minimis Breaches, exceeds the Deductible, and then only for amounts of Damages in excess of the Deductible, and (y) the maximum liability for all Parent Warranty
Breaches (except for any inaccuracy in or breach of the Fundamental Representations) shall not exceed the Business Cap and (z) the maximum liability for all Parent Breaches shall not exceed the Cap. 

(d) For purposes of indemnification under this Article 12, (i) each of the representations and warranties that
contain any qualifications as to materiality, material or Group Material Adverse Effect (or any correlative terms) (other than such qualifications in Section 4.04(iv), Section 4.07(a),
Section 4.08(a), Section 4.08(b), Section 4.16(a), the last sentence of Section 4.24, Section 6.04(iv), the definition
of (except as provided in subclause (iv) thereof) and references to “Material Contracts” and for the avoidance of doubt, any dollar thresholds in Section 4.09 or Section 4.10(a)),
each of which shall not be disregarded) and (ii) the representation and warranty in Section 4.05(a)(i) that contains qualification as to de minimis failures, shall be deemed to have been given as though there were no such qualifications in
determining the Damages attributable to any such breach or inaccuracy and in determining whether there has been any breach of, or inaccuracy in, any representations or warranties hereunder. 

(e) If a Parent Indemnitee becomes entitled to indemnification pursuant to Sections 12.02(a) or 12.02(b), except with
respect to breaches of the covenants and agreements made or to be performed pursuant to Section 7.04 (which shall only be paid directly by the applicable Principal(s)), such indemnification payment will be made first out of
the Indemnity Escrow Fund and, in the event the amount of the Indemnity Escrow Fund is not sufficient to satisfy such entitlement in full, in cash by the Indemnitor (subject to the other terms of this Article 12)); provided,
solely in the event the amount of the Indemnity Escrow Fund is not sufficient to satisfy such entitlement in full, that in the case of an Indemnitor that is a Rollover Holdco Member (a “Rollover Holdco Member Indemnitor”), at such
Rollover Holdco Member Indemnitor’s option (upon written notice to the Parent Indemnitee of the specifics of such election (including whether to transfer Class A Holdings Interests and/or Preferred Holdings Interests or a combination
thereof, pursuant to clauses (ii) and (iii) below) no later than ten (10) days after incurrence of such indemnification obligation is finally determined to be due and owing, or if such election is not made within such period, upon
Parent’s option), such indemnification obligation shall be payable in full pursuant to one or more of the following payment methods (subject to the terms herein): (i) payment of cash to the Parent Indemnitee by such Rollover Holdco Member
Indemnitor, (ii) Rollover Holdco shall (x) Transfer (as defined in the A&R Holdings LLC Agreement) to Parent Class A Holdings Interests (valued at the Per Class A Holdings Interest Value in respect of such indemnification
obligation) and/or Preferred Holdings Interests (valued at the Stated Early Put Value (as defined in the A&R Holdings LLC Agreement)) or a combination thereof, free and clear of all Liens in accordance with the terms of Article VI of
the A&R Holdings LLC Agreement applicable to such Transfer, and (y) cancel for no consideration the Rollover Holdco Class A Common Units or Rollover Holdco Preferred Units (as applicable) corresponding to such Attributable Class A
Common Units or Attributable Preferred Units (as applicable) of such Rollover Holdco Member, (iii) (x) Rollover Holdco shall distribute a number of Class A Holdings Interests (valued at the Per Class A Holdings Interest Value in
respect of such indemnification obligation) and/or Preferred Holdings Interests (valued at the Stated Early Put Value (as defined in the A&R Holdings LLC Agreement)) or a combination thereof to such Rollover Holdco Member Indemnitor in full
redemption of an equivalent number of Rollover Holdco Class A Units or Rollover Holdco Preferred Units (as applicable) held by such Rollover Holdco Member Indemnitor and concurrently (y) such Rollover Holdco Member Indemnitor shall
Transfer such Class A Holdings Interests or Preferred Holdings Interests (as applicable), free and clear of all Liens, to Parent in accordance with the terms of Article VI of the A&R Holdings LLC Agreement applicable to such
Transfer, (iv) with respect to a Direct Rollover Member, such Direct Rollover Member shall Transfer to Parent Class A Holdings Interests (valued at the Per Class A Holdings Interest Value in respect of such indemnification
obligation), free and clear of all Liens in accordance with the terms of Article VI of the A&R Holdings LLC Agreement applicable to such Transfer, and/or (v) assignment of amounts distributable to such Rollover Holdco Member
Indemnitor under the A&R Holdings LLC Agreement (including under Section 2.1 therein) to such Parent Indemnitee (such principal amount of indemnification payable by assignment of distributions, the “Principal
Amount”), with interest accruing on such Principal Amount at a rate of five percent (5%) per annum, compounded semiannually from the date such indemnification obligation is finally determined to be due and payable; provided,
further, that if the entire Principal Amount is not paid prior to the earlier of (x) the second anniversary of the date such indemnification obligation is finally determined to be due and payable, and (y) in the case of a finally
determined indemnification obligation, the date such 

  
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Rollover Holdco Member Indemnitor Transfers (as defined in the A&R Holdings LLC Agreement) any of his, her or its Class A Holdings Interests, the entire amount of such obligation,
including the Principal Amount (to the extent unpaid) and any interest accrued as of such date, shall be due and payable by the Rollover Holdco Member Indemnitor by either of the methods set forth in clauses (i), (ii) and (iii) above (such
payment to be made in the sole discretion of the Parent Indemnitee), and/or the Parent Indemnitee shall be entitled to set off and withhold any amounts owed or payable to such Rollover Holdco Member Indemnitor (whether under this Agreement or
another Transaction Document, other than an Employment Agreement) in respect of such outstanding amount. Notwithstanding anything to the contrary contained in this Agreement, with respect to any claim under Section 12.02(a) or
12.02(b) other than breaches of the covenants and agreements made or to be performed pursuant to Section 7.04 (which shall only be paid directly by the applicable Principal(s)), the Parent Indemnitee shall be entitled to collect
the entire amount of his, her or its Damages from the Indemnity Escrow Fund without regard to the Members’ pro rata share of the Indemnity Escrow Fund (based on such Member’s Holdings Allocation Percentage or otherwise). 

(f) No Acquired Entity or Parent Contribution. Notwithstanding anything in this Agreement to the contrary (but for the avoidance of
doubt, without limiting Parent’s specified indemnification obligations under Section 12.02(c)) or any rights of any Member, officers, managers, directors and employees of each Acquired Entity and each of their
respective Subsidiaries pursuant to Section 7.06): (i) each of the Members, Management Sellers, Rollover Holdco, Rollover Holdco Members, Direct Rollover Members, Member Representative and Acquired Entities
acknowledges and agrees that he, she or it does not have any right of indemnification, contribution or reimbursement from or remedy against Parent, Parent Merger Sub, or their respective Affiliates, or the Acquired Entities or any of their
respective Subsidiaries, as a result of any indemnification he, she or it is required to make under this Agreement or the other Transaction Documents, arising out of, based upon or resulting from the breach or inaccuracy of any representation,
warranty, covenant, agreement or other obligation of the Members, Management Sellers, Rollover Holdco, Rollover Holdco Member, Direct Rollover Member or, prior to the Closing, any Acquired Entity contained in this Agreement or in the other
Transaction Documents, or in any certificate, document or other instrument delivered in connection herewith or therewith, including any representation or warranty by or with respect to (A) (x) the Acquired Entities or their respective
Subsidiaries contained in Article 4 of this Agreement or in any of the other Transaction Documents, (y) Rollover Holdco contained in Article 3 of this Agreement or in any of the other Transaction Documents, or
(z) the Member Representative contained in Article 5 of this Agreement or in any of the other Transaction Documents, or (B) any covenant, agreement or other obligation by or with respect to the Acquired Entities or their
respective Subsidiaries, Rollover Holdco or the Member Representative that is required to be performed at or prior to the consummation of the Closing, and (ii) each of the Members, Management Sellers, Rollover Holdco, Rollover Holdco Members,
Direct Rollover Members, Member Representative and Acquired Entities hereby releases, waives and forever discharges any right to indemnification, contribution or reimbursement that he, she or it may have at any time against Parent, Parent Merger
Sub, or their respective Affiliates, or the Acquired Entities or their respective Subsidiaries, under or arising out of the breach or inaccuracy of any representation, warranty, covenant, agreement or other obligation of any Member, Management
Seller, Rollover Holdco, Rollover Holdco Member, Direct Rollover Member, the Member Representative or Acquired Entity contained in this Agreement, or the other Transaction Documents, arising out of, based upon or resulting from the breach or
inaccuracy of any representation, warranty, covenant, agreement or other obligation of the Members, Management Sellers, Rollover Holdco, Rollover Holdco Members, Direct Rollover Member or any Acquired Entity contained in this Agreement or in the
other Transaction Documents, or in any certificate, document or other instrument delivered in connection herewith or therewith, including any representation or warranty by or with respect to (1) (aa) the Acquired Entities or their respective
Subsidiaries contained in Article 4 of this Agreement or in any of the other Transaction Documents, (bb) Rollover Holdco contained in Article 3 of this Agreement or in any of the other Transaction Documents, or (cc) the
Member Representative contained in Article 5 of this Agreement or in any of the other Transaction Documents, or (2) any covenant, agreement or other obligation by or with respect to the Acquired Entities or their respective
Subsidiaries, Rollover Holdco or the Member Representative that is required to be performed at or prior to the consummation of the Closing. 

Section 12.04. Exclusive Remedy. Without limiting the effect of any other limitation set forth in this Agreement, other than for
fraud or with respect to any claims under Section 9.11 (which claims may only be brought in accordance with Section 9.11(d) and with respect to breaches of Section 9.11) or with respect to any claims under Section 2.03(b)(iv)
(which claims may only be brought in accordance with Section 2.03(b)(iv) and with respect to breaches of Section 2.03(b)(iv)), from and after the consummation of the Closing, the indemnification provisions of Section 12.02 (together
with the related provisions of the Escrow Agreement) shall, except with respect to Section 2.11 or Section 2.14, be the sole and exclusive monetary remedy of the parties following the consummation
of the Closing for any and all inaccuracies or breaches or alleged inaccuracies or breaches of any representations or warranties or breaches or alleged breaches of any covenants or agreements of the parties in this Agreement, the Restructuring
Agreement, the Letters of Transmittal, the officer certificates delivered pursuant to Section 2.10 or the Transactions (other than the Employment Agreements and the A&R Holdings LLC Agreement). 

Section 12.05. Indemnification Procedures for Non-Third Party Claims. Prior to any
applicable expiration date under Section 12.01, if an Indemnitee has incurred Damages, other than in connection with a Third Party Claim (as defined below), such Indemnitee shall promptly deliver to the applicable Member(s) or Parent subject to
an indemnity obligation to such Indemnitee pursuant to Section 12.02 (an “Indemnitor”) or, in the event the Indemnitor is a Member, the Member Representative a notice signed 

  
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by any officer thereof (or in the event the Indemnitee is not an entity, signed by the Indemnitee) (an “Indemnity Notice”) (i) stating that such Indemnitee has incurred
Damages and (ii) specifying in reasonable detail (to the extent available) the individual items of Damages included in the amount so stated and the nature of the breach of warranty or covenant to which such item is related. After the giving of
any Indemnity Notice, the amount of Damages to which the Indemnitee shall be entitled in respect thereof shall be determined: (x) by a written agreement between the Indemnitor and Indemnitee expressly stating that it is an agreement made
pursuant to this Section 12.05 or (y) by a final judgment or decree of any court having jurisdiction over the party against which such determination is to be enforced; provided, however, that the failure
by an Indemnitee to deliver an Indemnity Notice promptly shall not prevent any Indemnitee from being indemnified hereunder for any Damages, except to the extent that the failure to so promptly notify the Indemnitor materially prejudices the
Indemnitor. 
 Section 12.06. Indemnification Procedures for Third-Party Claims. 

(a) An Indemnitee shall give prompt notice in writing to the Indemnitor (or, in the event the Indemnitor is a Member, to the Member
Representative) of the assertion of any claim or the commencement of any suit, action or proceeding by any Third Party (“Third Party Claim”) in respect of which indemnity may be sought pursuant to Section 12.02. Such notice
shall set forth in reasonable detail such Third Party Claim and the basis for indemnification (taking into account the information then available to the Indemnitee). The failure to so notify any Indemnitor (or, in the event the Indemnitor is a
Member, the Member Representative) shall not relieve any Indemnitor of its obligations hereunder, except to the extent such failure shall have materially prejudiced the Indemnitor. 

(b) The Indemnitor shall be entitled to participate in the defense of any Third Party Claim, and if the Indemnitor (or, in the event the
Indemnitor is a Member, the Member Representative), elects to do so by giving the Indemnitee a Control Notice (if permitted to make such election in accordance with the definition of such term or by Parent’s prior written consent) within thirty
(30) days after receipt of written notice of such Third Party Claim (and the other information required pursuant to Section 12.06(a)), then, subject to the other limitations set forth in this Section 12.06, such Indemnitor shall be
entitled to control and appoint lead counsel for such defense, in each case at its own expense (in each case, subject to Section 12.06(d)). 

(c) If the Indemnitor shall assume the control of the defense of any Third Party Claim in accordance with the provisions of
Section 12.06(b), (x) the Indemnitor shall obtain the prior written consent of the Indemnitee (which shall not be unreasonably withheld, conditioned or delayed) before entering into any settlement of such Third Party
Claim, if such settlement does not release the Indemnitee and its Affiliates from all Liabilities with respect to such Third Party Claim or the settlement requires an admission of fault or imposes injunctive or other equitable relief against the
Indemnitee or any of its Affiliates, (y) the Indemnitee shall be entitled to participate in the defense of any Third Party Claim and to employ separate counsel of its choice for such purpose (the fees and expenses of such separate counsel shall
be paid by the Indemnitee unless (A) such Third Party Claim seeks an order, injunction or other equitable relief against any Indemnitee or any of its Affiliates (other than Holdings or its Subsidiaries), (B) the Indemnitee is named as a
defendant in such Third Party Claim, or (C) the Indemnitee determines with advice of counsel that there may be one or more legal defenses available to Indemnitee that are different from or additional to those available to the Indemnitor or, in
the case named as defendants, Holdings or its Subsidiaries, or that a conflict of interest among any of such parties may exist in respect of such Third Party Claim, in which case of clauses (A), (B) or (C), the fees and expenses of such separate
counsel shall be paid by the Indemnitor)), and (z) the Indemnitor (or, in the event the Indemnitor is a Member, the Member Representative) shall keep the Indemnitee reasonably apprised (including by reasonably prompt delivery of copies of all
filed documentation and reasonable consultation rights) of all material events with respect to such Third Party Claim. Notwithstanding anything to the contrary contained in this Article 12 or in the A&R Holdings LLC Agreement,
Section 11.07 shall govern the conduct of any Proceeding with respect to Taxes of an Acquired Entity or any Subsidiary thereof to the extent provided therein and the A&R Holdings LLC Agreement shall govern the conduct
of any Proceeding if and to the extent so provided in Section 11.07 or if such Proceeding is not otherwise addressed by Section 11.07. 

(d) If the Indemnitor (or in the event the Indemnitor is a Member, the Member Representative) elects not to assume the defense, settlement,
adjustment or compromise of an asserted Liability, fails to timely and properly notify the Indemnitee of his, her or its election as herein provided (including the information required pursuant to Section 12.06) and fails to cure such failure
within five (5) days following written notice to such Indemnitor of such failure, or, at any time after assuming such defense, fails to diligently defend against such Third Party Claim in good faith (and fails to cure such failure within twenty
(20) days following written notice to such Indemnitor of such failure), fails to reasonably demonstrate that such Indemnitee has access to sufficient resources to pay the amount of any Damages of the Indemnitee in connection with such Third
Party Claim (as required pursuant to clauses (i)(B) and (ii)(B) respectively of the definition of “Control Notice” herein) or if the Indemnitee is otherwise entitled pursuant to this Agreement to have control over the defense, settlement
or compromise of such Third Party Claim, then (i) Holdings shall, in the case of any Third Party Claim arising out of, relating to, resulting from, in connection with or otherwise in respect of any inaccuracy or breach of any representation or
warranty that is subject to the Business Cap pursuant to Section 12.03(a), at Holdings’ expense, pay, defend, settle, adjust or compromise such Third Party Claim and such expenses of Holdings shall be included in the calculation of the

  
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Indemnitees’ Damages (as determined in accordance with Section 12.07(c)) in the event such inaccuracy and/or breach has occurred, and (ii) in the case of any other Third Party
Claim, Indemnitee may pay, defend, settle, adjust or compromise such Third Party Claim (subject to the prior written consent of the Indemnitor (which shall not be unreasonably withheld, conditioned or delayed) before entering into any settlement of
such Third Party Claim) and such expenses of Indemnitee shall be included in the calculation of the Indemnitees’ Damages payable to the Indemnitee hereunder in the event such inaccuracy, breach and/or other indemnifiable event pursuant
Section 12.02 has occurred. If Holdings has assumed the defense of a Third Party Claim in accordance with this Section 12.06(d), then the parties agree that the defense of such claim by Holdings, including all decisions as to the manner in
which such Third Party Claim is defended, shall be directed by Indemnitee subject only to (x) the approval of the settlement of such Third Party Claim by Indemnitor in accordance with the immediately preceding sentence of this
Section 12.06(d) and (y) any approval rights with respect to such settlement pursuant to Section 4.1(g)(i)(C)(III) of the A&R Holdings LLC Agreement. 

(e) Each party shall cooperate, and cause their respective affiliates to cooperate, in the defense or prosecution of any Third Party Claim and
shall furnish or cause to be furnished such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials or appeals, as may be reasonably requested in connection therewith. In addition, the party
controlling the defense of any Third Party Claim shall make reasonably available its employees involved in the defense of such third Party Claims on a mutually convenient basis (at reasonable regular intervals) for providing additional information
and explanation of any issues, material defense decisions and/or strategies, and reasonably timely updates on the status of any such Proceedings. 

Section 12.07. Calculation of Damages. 

(a) No Indemnitee shall be required to mitigate any Damages for which such Indemnitee seeks indemnification under this Agreement. The amount
of any Damages payable under Section 12.02 shall be net of any amounts actually recovered by the Indemnitee under applicable insurance policies or other Contracts or from any other Person (net of any applicable deductible or increase in
insurance premiums (including retro-premium adjustments); provided that the Indemnitee shall have no obligation to pursue or continue the pursuit of any such recovery. If the Indemnitee receives any amounts under applicable insurance policies or
from any other Person responsible for any Damages subsequent to receipt of funds from the Indemnitors, then such Indemnitee shall promptly reimburse the Indemnitors for any funds delivered or expense incurred by the Indemnitors in connection with
the delivery of such funds up to the amount received by the Indemnitee, net of any expenses (including any increase in insurance premiums (including retro-premium adjustments)) incurred by such Indemnitee (or its Affiliates) in collecting such
amount. 
 (b) Neither the Members nor Parent shall be liable under Section 12.02 for any Damages (x) to the extent that there is
a specific liability or reserve relating to such matter that is included (A) in the Group Balance Sheet (solely in respect of litigation-related, bad debt or customer deposit reserves made in accordance with GAAP and specifically attributed to
the applicable litigation, account receivable or customer deposit that is the subject of such indemnification claim under Section 12.02(a)(i)) or (B) in the calculation of Closing Indebtedness or Closing Net Working
Capital, in each case, as finally determined pursuant to Section 2.14, or (y) to the extent such Damages are otherwise taken into account in the calculations of the amount of the Final Adjusted Purchase Price. 

(c) For the avoidance of doubt, subject to the determination of De Minimis Breaches set forth in Section 12.03, the amount of any Damages
incurred by a Parent Indemnitee arising out of, relating to, resulting from, in connection with or otherwise in respect of any Damages incurred by Holdings or its Subsidiaries shall be deemed for all purposes herein, to the extent that any Parent
Indemnitee is entitled to indemnification in accordance with this Article 12, to be the proportionate amount of such Damages sustained by any Acquired Entities or any of their Subsidiaries (i.e., based on Parent’s Percentage Share (as
defined in the A&R Holdings LLC Agreement)) as of immediately following the consummation of the Closing. 
 Section 12.08.
Member Representative. With respect to the matters for which the Members are obligated to provide or are entitled to indemnification pursuant to Section 12.02(a) or 12.02(b), notwithstanding anything to the
contrary contained in this Agreement, the Member Representative shall make or receive all notices, waivers and consents applicable to the Members on behalf thereof and Parent shall be obligated only to provide written notice to the Member
Representative (who shall be deemed the “Indemnitor” or “Indemnitee”, as the case may be, which respect to all notices, waivers and consents applicable to the Member under Article 12). 

Section 12.09. Treatment of Adjustments. Unless otherwise required by Applicable Law, any amount paid by the Members or Parent
under Section 12.02 will be treated as an adjustment to the Adjusted Purchase Price for all federal, state, local and foreign Tax purposes, and the parties shall file their Tax Returns accordingly unless otherwise required by Applicable Law.

  
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 ARTICLE 13 

[Reserved] 

Section 13.01. Reserved. 

ARTICLE 14 

MISCELLANEOUS 

Section 14.01. Notices. All notices or other communications required or permitted hereunder shall be given in writing and given
by certified or registered mail, return receipt requested, nationally recognized overnight delivery service, such as Federal Express or personal delivery against receipt to the party to whom it is given, in each case, at such party’s following
address or such other address as such party may hereafter specify by notice to the other parties hereto given in accordance herewith: 
 if
to Parent, Parent Merger Sub, The Madison Square Garden Company, the Earn-Out Guarantor or, following the Closing, any Acquired Entity, to: 

The Madison Square Garden Company 

Two Pennsylvania Plaza 

New York, New York 10121 

			
	Attention:	  	President
		  	General Counsel

 with copies, which shall not constitute notice, to: 

The Madison Square Garden Company 

Two Pennsylvania Plaza 

New York, New York 10121 

Attention: General Counsel 
 and

 Hughes Hubbard & Reed LLP 

One Battery Park Plaza 

New York, NY 10004 

Attention: Kenneth A. Lefkowitz 

if to the Member Representative, any Member, Management Seller, Rollover Holdco Member, Rollover Holdco or, prior to the Closing, any Acquired
Entity to: 
 TAO Group 
 1350
Avenue of the Americas, Suite 710 
 New York, NY 10019 

			
	Attention:	  	Marc Packer
		  	Richard Wolf
		  	Noah Tepperberg
		  	Jason Strauss

 with copies, which shall not constitute notice, to: 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, NY 10019-6064 

			
	Attention:	  	Ariel J. Deckelbaum
		  	Robert B. Schumer

 Any such notice or other communication shall be deemed to have been given as of the date so personally
delivered (or, if delivered after normal business hours, on the next business day), on the next business day when sent by overnight delivery services or five days after the date so mailed if by certified or registered mail. 

  
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 Section 14.02. Amendments and Waivers. 

(a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the
case of an amendment, by Parent and the Member Representative (subject to (x) clause (i) of Section 14.14(a), and (y) with respect to Section 9.11 or Section 2.03(b)(iv) or any addition to the scope
of the representations, warranties, covenants and agreements provided by The Madison Square Garden Company or the Earn-Out Guarantor respectively under this Agreement as of the date of this Agreement, the
written consent of The Madison Square Garden Company or the Earn-Out Guarantor, as applicable) or, in the case of a waiver, by Parent (in the case of any waiver against Parent or Parent Merger Sub) or by the
Member Representative (in the case of any waiver against any Management Seller, Rollover Holdco, other Rollover Holdco Member, Direct Rollover Member or Acquired Entity (subject to clause (i) of Section 14.14(a)). 

(b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by Applicable Law. 
 Section 14.03. Expenses. Except as otherwise provided herein, all costs and expenses incurred in
connection with this Agreement shall be paid by the party incurring such cost or expense; provided, that (x) the Transaction Expenses of each Acquired Entity shall be borne by the Members pursuant to the deduction thereof in the
definitions of “Cash Purchase Price”, or if not paid in connection with the Closing or pursuant to Section 2.12, to be paid in accordance with Article 12; and (y) the Debt Financing Expenses shall be borne entirely by
Holdings, and promptly after the consummation of the Closing, Holdings shall reimburse Parent and the Management Sellers, Direct Rollover Members and other Rollover Holdco Members and their respective Affiliates in respect of any Debt Financing
Expenses incurred by them. 
 Section 14.04. Disclosure Schedule. The parties hereto agree that any reference in a particular
Schedule of the Disclosure Schedule shall only be deemed to be an exception to (or, as applicable, a disclosure for purposes of) (a) the representations and warranties (or covenants, as applicable) that are contained in the
corresponding Section of this Agreement and (b) any other representations and warranties that are contained in this Agreement, but only if the relevance of that reference as an exception to (or a disclosure for purposes of) such
representations and warranties is readily apparent on the face of such disclosure. The mere inclusion of an item in the Disclosure Schedule as an exception to a representation or warranty shall not be deemed an admission that such item
represents a material exception or material fact, event or circumstance or that such item is reasonably likely to be material or have a Group Material Adverse Effect. 

Section 14.05. Binding Effect; Benefit; Assignment. 

(a) This Agreement shall be binding upon, and shall inure to the benefit of the parties hereto, the respective heirs, executors,
administrators, personal representatives, successors and permitted assigns of each of the parties hereto. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other
than the parties hereto and their respective successors and assigns, except as otherwise provided in Section 14.02(a) and the proviso to Section 14.02(a) (which are intended to be for the benefit
of the Persons identified therein). Notwithstanding the foregoing, (i) the indemnified Persons (in accordance with Section 7.06) shall be third party beneficiaries to the covenants and obligations set forth in
Section 7.06; and (ii) the Members, Management Sellers and their Affiliates, and Members’ Counsel (including their partners and employees) shall be third party beneficiaries of
Section 14.13. Any assignment in violation of this Agreement shall be null and void ab initio. 
 (b) No party may
assign, delegate or otherwise transfer any of its rights or obligations under this Agreement (including any rights with respect to all or any portion of an Earn-Out Amount) without the consent of each other
party hereto, provided that (i) Parent and Parent Merger Sub may assign any or all of their respective rights, interests and obligations hereunder to one or more wholly-owned direct or indirect subsidiaries of The Madison Square Garden Company
(provided that such assignment shall not relieve Parent of its obligations hereunder) and (ii) each Member may assign any or all of his, her or its respective rights with respect to all or any portion of the
Earn-Out Amounts due and payable to such Member (A) with respect to any Member that is an individual: (1) to a trust solely for the benefit of such individual or the members of such individual’s
immediate family with such individual acting as trustee of such trust and retaining control thereunder for so long as such individual is physically able; or (2) to an entity that is owned solely by such individual and the members of such
individual’s immediate family with such individual retaining authority to appoint all of the directors (or persons serving in a similar capacity) for so long as such individual is physically able or (B) to any wholly-owned Affiliate. 

  
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 Section 14.06. Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state. 
 Section 14.07.
Jurisdiction. The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the Transactions (whether brought by any party or
any of its Affiliates or against any party or any of its Affiliates, but excluding matters determined by the Accounting Firm pursuant to Section 2.11 or Section 2.14) shall be brought in the
Delaware Chancery Court or, if such court shall not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of
the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or
proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether
within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 14.01 shall be deemed effective service of process on such
party. 
 Section 14.08. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES HERETO PURSUANT TO THIS AGREEMENT
OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT. 
 Section 14.09. Counterparts;
Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when
each party hereto shall have received a counterpart hereof signed by all of the other parties hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party
shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). 

Section 14.10. Entire Agreement. This Agreement, the Transaction Documents and the Confidentiality Agreement embody the entire
agreement and understanding of the parties and their respective Affiliates with respect to the transactions and merges in, supersedes and cancels all prior written or oral commitments, arrangements or understandings with respect thereto. 

Section 14.11. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired
or invalidated so long as the economic or legal substance of the Transactions is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an acceptable manner in order that the Transactions are consummated as originally contemplated to the fullest extent possible. 

Section 14.12. Specific Performance. The parties hereto agree that irreparable damage for which monetary damages, even if
available, would not be an adequate remedy, would occur if any provision of this Agreement were not performed in accordance with the terms hereof. Each of the parties agrees that it will not oppose the granting of an injunction, specific performance
and other equitable relief when expressly available pursuant to the terms of this Agreement on the basis that there is adequate remedy at law. Any party seeking an injunction or injunctions to prevent breaches of this Agreement when expressly
available pursuant to the terms of this Agreement and to enforce specifically the terms and provisions of this Agreement when expressly available pursuant to the terms of this Agreement shall not be required to provide any bond or other security in
connection with any such order or injunction. 
 Section 14.13. Waiver of Conflicts Regarding Representation. Recognizing that
Paul, Weiss, Rifkind, Wharton & Garrison LLP, Stern Tannenbaum & Bell LLP, Andrews Kurth Kenyon LLP, Jackson Lewis P.C., Grubman Shire & Meiselas, P.C. and Fishman & Decea, LLP
(“Members’ Counsel”) have acted as legal counsel to the Members, the Management Sellers, the Acquired Entities and their respective Subsidiaries prior to the Closing, and that Members’ Counsel may act as
legal counsel to the Members, the Management Sellers and/or their Affiliates after the Closing, (i) each of Parent and each Acquired Entity hereby waives, on its own behalf and agrees to cause its respective Affiliates to waive, any conflicts
that may arise in connection with any of Members’ Counsel representing the Members, the Management Sellers and/or their Affiliates after the Closing relating to Members’ Counsel’s representation prior to the Closing, and
(ii) each of Parent, each Acquired Entity and each of their respective Subsidiaries hereby agrees that, in the event that a dispute arises between or among any of Parent or any of their respective Affiliates (including, after the Closing, each
Acquired Entity and each of their respective Subsidiaries), on the one hand, and any Member, Management 

  
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Seller and/or their Affiliates (including, prior to the Closing, each Acquired Entity and each of their respective Subsidiaries), on the other hand, each of the parties hereto agree that any of
Members’ Counsel may, to the extent permitted by applicable ethics rules, represent any Member, Management Seller and/or their Affiliates in such dispute even though the interests of such Member, Management Seller and/or such Affiliate may be
directly adverse to Parent, an Acquired Entity or any of their respective Affiliates at that time (including, after the Closing, each Acquired Entity and each of their respective Subsidiaries), and even though Members’ Counsel may have
represented the Acquired Entities and their respective Subsidiaries in a matter substantially related to such dispute, or may be handling ongoing matters for the Members, Management Sellers and/or their Affiliates, Parent and each Acquired Entity
hereby waive, on behalf of themselves and each of their respective Affiliates, any conflict of interest in connection with such representation by any of Members’ Counsel relating to Members’ Counsel’s representation prior to the
Closing. Parent further agrees that, as to all communications among any of Members’ Counsel, the Acquired Entities and their respective Subsidiaries that directly and specifically relate to the transactions contemplated by this Agreement, the
attorney-client privilege, the expectation of client confidence and all other rights to any evidentiary privilege, belong solely to the Member Representative in any dispute with Parent or its Affiliates (including, after the Closing, each Acquired
Entity and each of their respective Subsidiaries) and shall be solely controlled by the Member Representative in any dispute with Parent or its Affiliates (including, after the Closing, each Acquired Entity and each of their respective
Subsidiaries). Notwithstanding the foregoing, if a dispute arises after the Closing between Parent or any Acquired Entity, on the one hand, and a third party other than (and unaffiliated with) the Members, Management Sellers and their Affiliates, on
the other hand, then Parent or Affiliate (to the extent applicable) may assert the attorney-client privilege to prevent disclosure to such third party of confidential communications by a Members’ Counsel, and, in relation to such dispute, no
Member, Management Seller, or Affiliate of either shall be permitted to waive its attorney-client privilege with respect to such confidential communications without Parent’s prior written consent. The parties hereto agree to take, and to cause
their respective Affiliates to take, all steps necessary to implement the intent of this Section 14.13. Parent acknowledges, on behalf of itself and its Affiliates (including, after the Closing, each Acquired Entity and
each of their respective Subsidiaries), that each has had the opportunity to discuss and obtain adequate information concerning the significance and material risks of, and reasonable available alternatives to, the waivers, permissions and other
provisions of this Agreement, including the opportunity to consult with counsel other than a Members’ Counsel. This Section 14.13 is for the benefit of the Members, Management Sellers and their Affiliates, and
Members’ Counsel (including their partners and employees), each of which are intended third-party beneficiaries of this Section 14.13. 

Section 14.14. Member Representative. 

(a) Pursuant to the Deal Approval, and in any event upon the delivery (whether prior to the date of this Agreement or otherwise) of an
executed Letter of Transmittal to Parent in accordance with this Agreement and without any further action on the part of any Member, each Member shall thereby, and each Management Seller or other Rollover Holdco Member and, solely with respect to
the period prior to the consummation of the Closing, Rollover Holdco and each Acquired Entity does hereby, irrevocably appoint the Member Representative as the sole representative of such Member, Management Seller or other Rollover Holdco Member or,
solely with respect to the period prior to the consummation of the Closing, Rollover Holdco and each Acquired Entity as the case may be (each, a “Represented Party”), to act as the agent and on behalf of such Represented Party
regarding any matter relating to or under this Agreement, the Escrow Agreement, the Credit Agreement and the Letters of Transmittal (the “Represented Documents”) including for the purposes of (i) executing and delivering the
Represented Documents (it being understood that no amendment thereto shall be made that by Law requires further approval by such Represented Party without such further approval), and taking all actions required or permitted to be taken under such
Represented Documents, (ii) on behalf of the Members, (x) directing the Escrow Agent to make payment of the Escrow Funds in accordance with Section 2.14, Article 12 and the Escrow
Agreement, (y) agreeing to, negotiating, entering into settlements and compromises of and complying with orders of courts and awards of arbitrators with respect to Section 2.14, Article 12 and
the Escrow Agreement and (z) acting for the Members with regard to all matters pertaining to indemnification pursuant to Section 2.14, Article 12 and the Escrow Agreement, including the power
to compromise any claim on behalf of the Members thereunder and to transact matters of litigation or other claims and to bring any Proceeding on behalf of the Members under Section 2.03(b)(iv), Article 12,
Section 9.11 or Section 14.05, (iii) giving, receiving and forwarding all notices and communications required to be given or received by the Represented Parties under the Represented Documents and in connection with any of the
Transactions, including receiving service of process in connection with any claims thereunder, (iv) engaging attorneys, accountants, financial and other advisors, paying agents and other Persons necessary or appropriate, in the sole discretion
of the Member Representative in the performance of its duties under the Represented Documents, and authorizing and directing the disbursement of funds to pay the fees and expenses of such Persons (v) granting any consent, approval or waiver on
behalf of the Members, the Management Sellers or other Rollover Holdco Member or, prior to the Closing, the Acquired Entities under this Agreement prior to, at and following the Closing (including pursuant to
Section 14.02); and (vi) taking all actions or refraining from doing any further act or deed on its own behalf or on behalf of any Represented Party that the Member Representative deems necessary or appropriate in its
discretion relating to the subject matter of the Represented Documents, as fully and completely as the Represented Parties could do if personally present. All decisions and actions by the Member Representative are binding upon all Represented
Parties, and no Represented Party shall have the right to object, dissent, protest or otherwise contest the same. As the representative of the Represented Parties under this Agreement, the Member Representative shall act as the agent for all
Represented 

  
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Parties, shall have authority to bind each such Represented Party in accordance with this Agreement, and Parent may rely on such appointment and authority until the receipt of notice of the
appointment of a successor in accordance with Section 14.14(d). Parent may conclusively rely upon, without independent verification or investigation, all decisions made by the Member Representative in connection with the
Represented Documents in writing. 
 (b) The Member Representative shall be entitled to retain counsel and to incur such costs as the Member
Representative deems to be necessary or appropriate in connection with the performance of its obligations under this Agreement, and the Member Representative shall be reimbursed by the Members for all such fees and expenses (including reasonable
attorneys’ fees and expenses and any fees and costs of the Accounting Firm pursuant to Section 2.09 or Section 2.14). In furtherance of the foregoing, Parent shall deposit the Expense Holdback Amount with the
Member Representative in accordance with Section 2.10(d)(v) in order for the Member Representative to pay any such fees and expenses. As soon as practicable following the completion of all procedures described under
Section 2.14, Section 12.01 and the Escrow Agreement, the Member Representative shall deliver the balance of the Expense Holdback Amount (if any) to the Holdings
Pre-Closing Members (in proportion to the amount the Closing Merger Consideration payable to such Holdings Pre-Closing Member pursuant to
Section 2.02(c) was reduced by such Expense Holdback Amount). 
 (c) The Member Representative (in its capacity as
such) shall not be liable to any Represented Party, Parent, Parent Merger Sub or any other person in the absence of its gross negligence or willful misconduct. The Members shall, severally (pro rata in accordance with each Member’s Holdings
Allocation Percentage), but not jointly, indemnify, defend and hold harmless the Member Representative and its successors and assigns from and against any and all Damages arising as a result of or incurred in connection with any actions taken or
omitted to be taken by the Member Representative, in each case as such Damages are incurred or suffered; provided, however, that in the event it is finally adjudicated that such Damages or any portion thereof were primarily caused by
the gross negligence or willful misconduct of the Member Representative, the Member Representative will reimburse the Members the amount of such indemnified Damages attributable to such gross negligence or willful misconduct. If not paid directly to
the Member Representative by the Members, any such Damages may be recovered by the Member Representative from amounts released from the Escrow Funds to the Members after the Expiration Date in accordance with Section 2.15 and the terms of the
Escrow Agreement and/or the Expense Holdback Amount; provided, however, that this does not relieve the Members from their obligation to promptly pay such Damages as such Damages are suffered or incurred, nor does it prevent the Member
Representative from seeking any remedies available to it at Law or otherwise. 
 (d) All of the immunities granted to the Member
Representative under this Agreement shall survive the Closing and/or any termination of this Agreement. The grant of authority provided for herein is coupled with an interest and shall be irrevocable and survive the death, incompetency, bankruptcy
or liquidation of any of the Represented Parties, but shall terminate with respect to the Acquired Entities upon the consummation of the Closing. 

(e) The Member Representative may be changed from time to time upon written notice from the Members to Parent; provided,
however, that the Member Representative may not be removed unless Members representing a greater than fifty percent (50%) Holdings Allocation Percentage agree in writing to such removal and to the identity of the substituted Member
Representative and such substituted Member the substitution is reasonably acceptable to Parent. Upon any resignation of the Member Representative, or any other vacancy in the position of the Member Representative, such vacancy may be filled by such
a majority. 
 Section 14.15. Releases. 

(a) Each Principal, Rollover Holdco Member, Direct Rollover Member and each other Equityholder (together with the Principals, Rollover Holdco
Members and Direct Rollover Members, the “Member Releasor”) hereby agrees that, in consideration of benefits he, she or it will receive in connection with the Transactions, effective upon the consummation of the Closing, he,
she or it knowingly and voluntarily irrevocably releases and forever discharges (i) the Acquired Entities (ii) the respective Subsidiaries of the Acquired Entities, (iii) Rollover Holdco, and (iv) the respective managers,
officers, agents and representatives of the Acquired Entities, their respective Subsidiaries and Rollover Holdco (collectively clauses (i), (ii), (iii) and (iv), the “Acquired Entity Released Parties”) from any and all claims,
controversies, actions, causes of action, cross-claims, counter-claims, rights, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs or attorneys’ fees, or Liabilities of any
nature whatsoever in law, equity or otherwise, and whether known or unknown, suspected or unsuspected, or claimed or unclaimed (and including without limitation for or on account of fraud), against any of the Acquired Entity Released Parties that
the Member Releasor or any of his, her or its successors or assigns has ever had, may now have or hereafter can, shall or may have to any extent relating in any way to or in connection with any matter, cause or thing whatsoever from the beginning of
the world to and including the consummation of the Closing (subject to the proviso below, all of the foregoing collectively referred to herein as the “Member Released Claims”); provided, however, that the foregoing
release shall not include, and no release or discharge is given hereunder in respect of any obligations required to be performed or amounts due or owed by any Acquired Entity Released Party (x) under this Agreement, the Restructuring Agreement
and/or any other Transaction Document after the Closing Date 

  
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(including pursuant to Section 7.06) (provided that the exception in this clause (x) shall not apply to Rollover Holdco and its managers, officers, agents and
representatives with respect to each Equityholder that is not a Principal, Rollover Holdco Member or Direct Rollover Member), (y) with respect to employees of the Acquired Entities or Subsidiaries of the Acquired Entities, earned but unpaid Ordinary
Course salary and bonuses or reimbursement of expenses in the Ordinary Course to the extent not past due as of the Closing Date, or (z) with respect to any obligations included in the calculation of the Balance Sheet Adjustment or Transaction
Expenses as finally determined pursuant to Section 2.14. For the avoidance of doubt, except for the Affiliate Contracts and Affiliate Transactions listed on Schedule 14.15 of the Disclosure
Schedule, this Agreement and the other Transaction Documents, each of the Affiliate Contracts and Affiliate Transactions are hereby terminated as of the consummation of the Closing and none of the Affiliate Contracts or Affiliate Transactions shall
have any further force or effect, notwithstanding any survival or other provision contained therein to the contrary or any past practice. 

(b) Each of the Acquired Entities (for purposes of this Section 14.15(b), the “Acquired Entity
Releasor” and with the Member Releasor, each a “Releasor” and together the “Releasors”) hereby agrees that, in consideration of benefits it will receive in connection with the Transactions, effective upon
the consummation of the Closing, it knowingly and voluntarily irrevocably releases and forever discharges the Principals, and solely as to their capacity as a Member or holder of Equity Interests in any of the Acquired Entities or their
Subsidiaries, the Equityholders (together with the Principals, the “Member Released Parties” and the Member Released Parties together with the Acquired Entity Released Parties, the “Released Parties”) from any and
all claims, controversies, actions, causes of action, cross-claims, counter-claims, rights, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs or attorneys’ fees, or
Liabilities of any nature whatsoever in law, equity or otherwise, and whether known or unknown, suspected or unsuspected, or claimed or unclaimed against any of the Principals that each Acquired Entity Releasor or any of its successors or assigns
has ever had, may now have or hereafter can, shall or may have to any extent relating in any way to or in connection with any matter, cause or thing whatsoever from the beginning of the world to and including the consummation of the Closing (subject
to the proviso below, all of the foregoing collectively referred to herein as the “Acquired Entity Released Claims” and together with the Member Released Claims, the “Released Claims”); provided,
however, that the foregoing release shall not include, and no release or discharge is given hereunder in respect of any obligations required to be performed or amounts due or owed by any Acquired Entity Released Party (i) under this
Agreement and/or any other Transaction Document, (ii) with respect to any Member Released Party other than a Principal, to the extent not relating to such Member Released Party’s capacity as a Member or holder of Equity Interests, or
(iii) with respect to any claim for fraud. For the avoidance of doubt, except for the Affiliate Contracts and Affiliate Transactions listed on Schedule 14.15 of the Disclosure Schedule, this Agreement and the other Transaction Documents,
each of the Affiliate Contracts and Affiliate Transactions are hereby terminated as of the consummation of the Closing and none of the Affiliate Contracts or Affiliate Transactions shall have any further force or effect, notwithstanding any survival
or other provision contained therein to the contrary or any past practice. 
 (c) Each Releasor acknowledges and intends that the releases
given in this Section 14.15 shall be effective as a bar to each and every one of the Released Claims herein above mentioned or implied. Each Releasor expressly consents that the releases given in this
Section 14.15 shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected Released Claims (notwithstanding any state statute that
expressly limits the effectiveness of a general release of unknown, unsuspected or unanticipated Released Claims), if any, as well as those relating to any other Released Claims herein above mentioned or implied. Each Releasor expressly waives and
relinquishes all rights and benefits he, she or it may have under Section 1542 of the California Civil Code, which reads as follows: 

“SECTION 1542. CERTAIN CLAIMS NOT AFFECTED BY GENERAL RELEASE. A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT
KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

(d) Each Releasor acknowledges and agrees that this waiver is an essential and material term of the release given in this
Section 14.15 and that without such waiver Parent would not enter into this Agreement or consummate the Transactions. Each Releasor further agrees that in the event it should assert any claim seeking damages against any of
the Released Parties, the release given in this Section 14.15 shall serve as a complete defense to any such Released Claim. Other than with respect to the Releasor’s rights that arise from claims that are excluded
pursuant to the proviso set forth in clause (a) of this Section, each Releasor further agrees that there does not exist any claim of the type described in or implied by clause (a) hereof and it is not aware of any pending or threatened
claims of the type described in or implied by clause (a) hereof. 
 (e) Each Releasor agrees that neither the releases given in this
Section 14.15, nor the furnishing of the consideration for the releases given in this Section 14.15, shall be deemed or construed at any time to be an admission by any Released Party or the
Releasor of any improper or unlawful conduct. 

  
 72 

 (f) Each Releasor acknowledges and agrees that such Releasor may hereafter discover facts
different from or in addition to those now known, or believed to be true, regarding the subject matter of the releases given in this Section 14.15 and further acknowledges and agrees that the releases given in this
Section 14.15 shall remain in full force and effect, notwithstanding the existence of any different or additional facts. 

[The remainder of this page has been intentionally left blank; the next page is the signature page.] 

  
 73 

 IN WITNESS WHEREOF, the parties hereto have caused this Transaction Agreement to be duly
executed by their respective authorized officers as of the date set forth on the cover page of this Agreement. 
  

					
	PARENT:
	
	MSG TG, LLC
		
	By:	 	 /s/ David O’Connor

		 	Name:	 	David O’Connor
		 	Title:	 	President & Chief Executive Officer
	
	PARENT MERGER SUB:
	
	TG MERGER SUB, LLC
		
	By:	 	 /s/ David O’Connor

		 	Name:	 	David O’Connor
		 	Title:	 	President & Chief Executive Officer
	
	Solely with respect to its rights and obligations under Section 2.03(b)(iv) and Article 14 (other than Sections 14.03, 14.04 and 14.15, and only insofar as Article 14 relates to its rights and
obligations under Section 2.03(b)(iv)):
	
	EARN-OUT GUARANTOR: 
	
	MSG ENTERTAINMENT HOLDINGS, LLC
		
	By:	 	 /s/ David O’Connor

		 	Name:	 	David O’Connor
		 	Title:	 	President & Chief Executive Officer

  
 [Signature Page to the
Transaction Agreement] 

 
					
	Solely with respect to its rights and obligations under Section 9.11 and Article 14 (other than Sections 14.03, 14.04 and 14.15, and only insofar as Article 14 relates
to its rights and obligations under Section 9.11):
	
	THE MADISON SQUARE GARDEN COMPANY
		
	By:	 	 /s/ David O’Connor

		 	Name:	 	David O’Connor
		 	Title:	 	President & Chief Executive Officer

  
 [Signature Page to the
Transaction Agreement] 

 
					
	MEMBER REPRESENTATIVE:
	
	TG MEMBER REPRESENTATIVE LLC
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	Co-President
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	Co-President
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Co-President
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Co-President

  
 [Signature Page to the
Transaction Agreement] 

 
					
	GROUP ENTITIES: 
	
	289 HOSPITALITY, LLC
	55TH STREET HOSPITALITY HOLDINGS, LLC
	ALA HOSPITALITY LLC
	ASIA FIVE EIGHT LLC
	ASIA LAS VEGAS LLC
	ASIA LOS ANGELES LLC
	ASIA ONE SIX LLC
	AVENUE HOSPITALITY GROUP, LLC
	BAYSIDE HOSPITALITY
	B&E LOS ANGELES LLC
	BOWERY HOSPITALITY ASSOCIATES LLC
	BUDDHA BEACH LLC
	BUDDHA ENTERTAINMENT LLC
	CHELSEA HOSPITALITY PARTNERS LLC
	CHINA MANAGEMENT, LLC
	DEARBORN VENTURES LLC
	GUAPO BODEGA LLC
	GUAPO BODEGA LAS VEGAS LLC
	MADISON ENTERTAINMENT ASSOCIATES LLC
	NINTH AVENUE HOSPITALITY LLC
	RMC LICENSING LLC
	RMNJ LICENSING LLC
	ROOF DECK AUSTRALIA LLC
	ROOF DECK ENTERTAINMENT LLC
	RPC LICENSING LLC
	STANTON SURF CLUB LLC
	STRIP VIEW ENTERTAINMENT LLC
	TAO LICENSING LLC
	TG HOSPITALITY LLC
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	Co-President
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	Co-President
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Co-President
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Co-President

  
 [Signature Page to the
Transaction Agreement] 

 
					
	ROLLOVER HOLDCO: 
	
	TG ROLLOVER HOLDCO LLC
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	Co-President
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	Co-President
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Co-President
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Co-President
	
	HOLDINGS: 
	
	TAO GROUP HOLDINGS LLC
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	Co-President
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	Co-President
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Co-President
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Co-President

  
 [Signature Page to the
Transaction Agreement] 

 
					
	INTERMEDIATE HOLDINGS: 
	
	TAO GROUP INTERMEDIATE HOLDINGS LLC
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	Co-President
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	Co-President
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Co-President
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Co-President
	
	BORROWER: 
	
	TAO GROUP OPERATING LLC
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	Co-President
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	Co-President
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Co-President
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Co-President

  
 [Signature Page to the
Transaction Agreement] 

 
					
	MANAGEMENTCO:
	
	TAO GROUP MANAGEMENT LLC
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	Co-President
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	Co-President
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Co-President
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Co-President

  
 [Signature Page to the
Transaction Agreement] 

 
					
	MANAGEMENT SELLERS:
	
	H.D. PROJECT MANAGEMENT INC.
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	President
	
	MP TRUST
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	Trustee
	
	 /s/ Marc Packer

	Marc Packer
	
	MAMBO PRODUCTIONS, INC.
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	President
	
	WOLF FAMILY TRUST
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	Trustee
	
	 /s/ Richard Wolf

	Richard Wolf
	
	SOUTH SEA MANAGEMENT, LLC
	
	MEMBERS:
	
	H.D. PROJECT MANAGEMENT INC.
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	President

  
 [Signature Page to the
Transaction Agreement] 

 
					
	MAMBO PRODUCTIONS, INC.
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	President
	
	NT & JS MANAGEMENT, LLC
		
	By:	 	Strategic Event Management & Marketing Inc., its sole member
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Manager
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Manager
	
	STRATEGIC HOSPITALITY GROUP OF NEVADA, LLC
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Manager
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Manager
	
	STRATEGIC MANAGEMENT SERVICES OF NEVADA INC.
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Manager
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Manager
	
	STRATEGIC EVENT MANAGEMENT & MARKETING, INC
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Manager

  
 [Signature Page to the
Transaction Agreement] 

 
					
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title: 	 	Manager
	
	 /s/ Noah Tepperberg

	NOAH TEPPERBERG
	
	NOAH TEPPERBERG REVOCABLE TRUST
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title: 	 	Trustee
	
	 /s/ Jason Strauss

	Jason Strauss
	
	JASON STRAUSS REVOCABLE TRUST
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title: 	 	Trustee
	
	 /s/ Judith Tepperberg

	Judith Tepperberg
	
	 /s/ Chris Santos

	Chris Santos
	
	FAST HANDS, INC.
		
	By:	 	 /s/ Chris Santos

	Name:	 	Chris Santos
	Title: 	 	President
	
	MONEY MATTERS PRODUCTIONS, LLC
		
	By:	 	 /s/ Louis Abin

		 	Name:	 	Louis Abin
		 	Title: 	 	President

  
 [Signature Page to the
Transaction Agreement] 

 
			
	HOSPITALITY IS THE KEY LLC
		
	By:	 	 /s/ Paul Goldstein

		 	Name: Paul Goldstein
	
	 /s/ Kim Russen

	Kim Russen
	
	 /s/ Paul Goldstein

	Paul Goldstein
	
	 /s/ Ralph Scamardella

	Ralph Scamardella
	
	 /s/ Richard Thomas

	Richard Thomas
	
	 /s/ Matthew Strauss

	Matthew Strauss
	
	 /s/ Andrew Goldberg

	Andrew Goldberg
	
	ROLLOVER HOLDCO MEMBERS: 
	
	TG ROLLOVER HOLDCO LLC
		
	By:	 	 /s/ Marc Packer

		 	Name: Marc Packer
		 	Title: Co-President
		
	By:	 	 /s/ Richard Wolf

		 	Name: Richard Wolf
		 	Title: Co-President
		
	By:	 	 /s/ Noah Tepperberg

		 	Name: Noah Tepperberg
		 	Title: Co-President

  
 [Signature Page to
the Transaction Agreement] 

 
			
	By:	 	 /s/ Jason Strauss

		 	Name: Jason Strauss
		 	Title: Co-President
	
	 /s/ Marc Packer

	Marc Packer
	
	MP TRUST
		
	By:	 	 /s/ Marc Packer

	Marc Packer
	Trustee
	
	H.D. PROJECT MANAGEMENT INC.
		
	By:	 	 /s/ Marc Packer

	Marc Packer
	President
	
	 /s/ Jason Strauss

	Jason Strauss
	
	JASON STRAUSS REVOCABLE TRUST
		
	By:	 	 /s/ Jason Strauss

	Jason Strauss
	Trustee
	
	 /s/ Noah Tepperberg

	Noah Tepperberg
	
	NOAH TEPPERBERG REVOCABLE TRUST
		
	By:	 	 /s/ Noah Tepperberg

	Noah Tepperberg
	Trustee
	
	 /s/ Richard Wolf

	Richard Wolf
	
	MAMBO PRODUCTIONS, INC.
		
	By:	 	 /s/ Richard Wolf

	Richard Wolf
	President
	
	WOLF FAMILY TRUST
		
	By:	 	 /s/ Richard Wolf

	Richard Wolf
	Trustee

  
 [Signature Page to
the Transaction Agreement] 

 
			
	STRATEGIC EVENT MANAGEMENT &
	MARKETING, INC.
	STRATEGIC MANAGEMENT SERVICES
	OF NEVADA INC.
		
	By:	 	 /s/ Jason Strauss

	Jason Strauss
		
	By:	 	 /s/ Noah Tepperberg

	Noah Tepperberg
	
	 /s/ Adam Gewanter

	Adam Gewanter
	
	 /s/ Amanda Smear Baudier

	Amanda Smear Baudier
	
	 /s/ Andrew Goldberg

	Andrew Goldberg
	
	 /s/ Bill Bonbrest

	Bill Bonbrest
	
	 /s/ Carlos Steve Morales

	Carlos Steve Morales
	
	 /s/ Chris Santos

	Chris Santos
	
	FAST HANDS, INC.
		
	By:	 	 /s/ Chris Santos

	Chris Santos
	President
	
	 /s/ Ralph Scamardella

	Ralph Scamardella
	
	DN2M88 CONSULTING INC.
		
	By:	 	 /s/ Ralph Scamardella

	Ralph Scamardella
	President
	
	 /s/ Hing Yip Yim

	Hing Yip Yim

  
 [Signature Page to
the Transaction Agreement] 

 
			
	 /s/ Paul Goldstein

	Paul Goldstein
	
	HOSPITALITY IS THE KEY LLC
		
	By:	 	 /s/ Paul Goldstein

	Paul Goldstein
	
	JBOLES HOSPITALITY, LLC
		
	By:	 	 /s/ Jared Boles

	Jared Boles
	Managing Partner
	
	 /s/ Jennifer Rucker

	Jennifer Rucker
	
	 /s/ Kim Russen

	Kim Russen
	
	 /s/ Jonathan Schwartz

	Jonathan Schwartz
	
	 /s/ Judith Tepperberg

	Judith Tepperberg
	
	KZD BUNCH INC.
		
	By:	 	 /s/ Thomas Gillespie

	Thomas Gillespie
	President
	
	LITTLE CRAB LLC
		
	By:	 	 /s/ Jonathan Kavourakis

	Jonathan Kavourakis
	
	 /s/ Matt Strauss

	Matt Strauss
	
	 /s/ Michael Garten

	Michael Garten
	
	 /s/ Michael Rea

	Michael Rea
	
	 /s/ Michael St. Pierre

	Michael St. Pierre

  
 [Signature Page to
the Transaction Agreement] 

 
			
	 /s/ Richard Thomas

	Richard Thomas
	
	MONEY MATTERS PRODUCTIONS, LLC
		
	By:	 	 /s/ Louis Abin

	Louis Abin
	President
	
	 /s/ Romain Pavee

	Roman Pavee
	
	 /s/ Emmanuel Maris

	Emmanuel Maris
	
	DUSTIN PAUL TERRY INC.
		
	By:	 	 /s/ Dustin Terry

	Dustin Terry
	President
	
	 /s/ Lauren Kaminsky Goldman

	Lauren Kaminsky Goldman
	
	 /s/ Mark Wasserman

	Mark Wasserman
	
	MATTHEW ASSANTE PRODUCTIONS INC.
		
	By:	 	 /s/ Matthew Hundzynksi

	Matthew Hundzynski
	President
	
	DIRECT ROLLOVER MEMBERS: 
	
	 /s/ Marc Packer

	Marc Packer
	
	 /s/ Richard Wolf

	Richard Wolf
	
	 /s/ Jason Strauss

	Jason Strauss
	
	 /s/ Noah Tepperberg

	Noah Tepperberg

  
 [Signature Page to
the Transaction Agreement] 

 ANNEX A 

 

			
		  	Group Entities
		
	1.	  	289 Hospitality, LLC (Marquee NY)
		
	2.	  	Bayside Hospitality Group LLC (Moxy)
		
	3.	  	55th Street Hospitality Holdings, LLC (Dream NY, Midtown)
		
	4.	  	ALA Hospitality LLC (Avenue LA)
		
	5.	  	Asia Five Eight LLC (TAO NY, Uptown)
		
	6.	  	Asia Las Vegas LLC (TAO LV)
		
	7.	  	Asia Los Angeles LLC (TAO LA)
		
	8.	  	Asia One Six LLC (TAO NY, Downtown)
		
	9.	  	Avenue Hospitality Group, LLC (Owner of Avenue Brand)
		
	10.	  	B&E Los Angeles LLC (B&E LA)
		
	11.	  	Bowery Hospitality Associates LLC (Vandal)
		
	12.	  	Buddha Beach LLC (TAO Beach LV)
		
	13.	  	Buddha Entertainment LLC (TAO Night LV)
		
	14.	  	Chelsea Hospitality Partners LLC (Avenue NY)
		
	15.	  	 China Management, LLC

(Administrative)

		
	16.	  	Dearborn Ventures LLC (TAO Chicago)
		
	17.	  	Guapo Bodega LLC (B&E NY)
		
	18.	  	Guapo Bodega Las Vegas LLC (B&E LV)
		
	19.	  	Madison Entertainment Associates LLC (LAVO NY)
		
	20.	  	Ninth Avenue Hospitality LLC (Dream NY Downtown)
		
	21.	  	RMC Licensing LLC (Owner of Vandal Brand)
		
	22.	  	RMNJ Licensing LLC (Owner of LAVO Brand)
		
	23.	  	Roof Deck Australia LLC (Marquee AUS)
		
	24.	  	Roof Deck Entertainment LLC (Marquee LV)
		
	25.	  	RPC Licensing LLC (Owner of B&E Brand)
		
	26.	  	Stanton Surf Club LLC (Stanton Social)
		
	27.	  	Strip View Entertainment LLC (LAVO LV)
		
	28.	  	TAO Licensing LLC (Owner of Master License of TAO Brand)
		
	29.	  	TG Hospitality LLC (Dream LA)
		
	30.	  	ManagementCoEX-10.42

 Exhibit 10.42 

SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 TAO Group Holdings
LLC 
 dated as of January 31, 2017 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	Article I	  

	Purpose; Capitalization	  

			
	 Section 1.1
	  	 Purpose
	  	 	1	 
	 Section 1.2
	  	 Issuance of Membership Interests
	  	 	2	 
	 Section 1.3
	  	 Capital Accounts
	  	 	2	 
	 Section 1.4
	  	 Preemptive Right
	  	 	2	 
	 Section 1.5
	  	 Budget
	  	 	3	 
	 Section 1.6
	  	 Term
	  	 	4	 
	 Section 1.7
	  	 Registered Agent and Registered Office
	  	 	4	 
	
	Article II	  

	Distributions; Allocation of Profits and Losses	  

			
	 Section 2.1
	  	 Distributions
	  	 	4	 
	 Section 2.2
	  	 Allocations Generally
	  	 	5	 
	 Section 2.3
	  	 Tax Allocations
	  	 	7	 
	 Section 2.4
	  	 Withholding and other Tax Payments
	  	 	7	 
	 Section 2.5
	  	 No Interest; No Return of Capital
	  	 	7	 
	
	Article III	  

	Fiscal Matters	  

			
	 Section 3.1
	  	 Tax Matters Partner and Partnership Representative
	  	 	7	 
	 Section 3.2
	  	 Tax Elections
	  	 	8	 
	 Section 3.3
	  	 Fiscal and Tax Year; Auditor
	  	 	8	 
	 Section 3.4
	  	 Books and Records
	  	 	8	 
	 Section 3.5
	  	 Financial Statements; K-1
	  	 	8	 
	 Section 3.6
	  	 Additional Information; Access
	  	 	9	 
	
	Article IV	  

	Administration and Management	  

			
	 Section 4.1
	  	 Management
	  	 	9	 
	 Section 4.2
	  	 Cash Flow Deficiency
	  	 	14	 
	 Section 4.3
	  	 Limitation of Liability
	  	 	15	 
	 Section 4.4
	  	 Indemnification
	  	 	16	 
	 Section 4.5
	  	 D&O Insurance
	  	 	16	 
	 Section 4.6
	  	 Other Activities
	  	 	17	 
	 Section 4.7
	  	 Confidentiality
	  	 	17	 
	 Section 4.8
	  	 Management Fee, Etc.
	  	 	18	 
	
	Article V	  

	Meetings and Voting	  

			
	 Section 5.1
	  	 Meetings of Members
	  	 	19	 
	 Section 5.2
	  	 Meetings of the Board
	  	 	19	 
	 Section 5.3
	  	 Participation in Meetings
	  	 	20	 
	 Section 5.4
	  	 No Voting Agreements
	  	 	20	 
	
	Article VI	  

	Transfers	  

			
	 Section 6.1
	  	 No Transfers
	  	 	20	 
	 Section 6.2
	  	 Certain Transfers
	  	 	21	 
	 Section 6.3
	  	 Right of First Offer
	  	 	21	 
	 Section 6.4
	  	 Tag-Along Rights
	  	 	22	 
	 Section 6.5
	  	 Drag-Along Rights
	  	 	23	 
	 Section 6.6
	  	 Put Right for Class A Common Units
	  	 	25	

  
 - i - 

							
	 Section 6.7
	  	 Call Right for Class A Common Units
	  	 	30	 
	 Section 6.8
	  	 Determination of Fair Market Value
	  	 	33	 
	 Section 6.9
	  	 Transfers of Preferred Units With Class A Common Units
	  	 	34	 
	 Section 6.10
	  	 Transfers of Preferred Units Without Class A Common Units
	  	 	35	 
	 Section 6.11
	  	 Transfers of Attributable Interests
	  	 	35	 
	 Section 6.12
	  	 Other Rollover Holdco Member Put and Call Rights
	  	 	36	 
	
	Article VII	  

	Dissolution; Liquidation	  

			
	 Section 7.1
	  	 Dissolution
	  	 	36	 
	 Section 7.2
	  	 Liquidation and Distribution
	  	 	36	 
	 Section 7.3
	  	 Certificate of Cancellation
	  	 	37	 
	
	Article VIII	  

	Miscellaneous	  

			
	 Section 8.1
	  	 Certain Interpretive Matters
	  	 	37	 
	 Section 8.2
	  	 Notices
	  	 	37	 
	 Section 8.3
	  	 Successors and Assigns
	  	 	38	 
	 Section 8.4
	  	 No Third Party Beneficiary
	  	 	38	 
	 Section 8.5
	  	 Entire Agreement
	  	 	38	 
	 Section 8.6
	  	 Amendment; Waiver
	  	 	38	 
	 Section 8.7
	  	 Specific Performance
	  	 	39	 
	 Section 8.8
	  	 Counterparts
	  	 	39	 
	 Section 8.9
	  	 Governing Law; Submission to Jurisdiction
	  	 	39	 
	 Section 8.10
	  	 Waiver of Jury Trial
	  	 	39	 
	 Section 8.11
	  	 Severability
	  	 	39	 
	 Section 8.12
	  	 No Presumption
	  	 	40	 
	 Section 8.13
	  	 Exercise of Contractual Rights
	  	 	40	 

  
 - ii - 

 SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 TAO Group Holdings
LLC 
 This Second Amended and Restated Limited Liability Company Agreement dated as of January 31, 2017 (this
“Agreement”) is among TAO Group Holdings LLC, a Delaware limited liability company (the “Company”), MSG TG, LLC, a Delaware limited liability company (“MSG”), TG Rollover Holdco LLC, a Delaware
limited liability company (“Rollover Holdco”), each of the Persons designated as a “Principal” on a signature page hereto (the “Principals”), each of the Persons designated as an “Employee
Rollover Holdco Member” on a signature page hereto (the “Employee Rollover Holdco Members”), each of the Persons designated as an “Other Rollover Holdco Member” on a signature page hereto (the
“Other Rollover Holdco Members”; the Principals, the Employee Rollover Holdco Members and the Other Rollover Holdco Members are referred to as the “Rollover Holdco Members”), and
solely with respect to its rights and obligations under Sections 6.6 (other than 6.6(c) and 6.6(d)), 6.8, 6.9 (other than 6.9(b)) and Article VIII (insofar as such Article VIII relates to its rights and obligations under Sections 6.6 (other than
6.6(c) and 6.6(d)), 6.8 and 6.9 (other than 6.9(b)), THE MADISON SQUARE GARDEN COMPANY, a Delaware corporation. Capitalized terms used but not defined herein have the meanings assigned to them in Exhibit A. 

The Company was organized on September 23, 2016, was previously governed pursuant to that certain Limited Liability Company Agreement
dated as of such date and is governed pursuant to that certain Amended and Restated Limited Liability Company Agreement dated as of January 30, 2017 (the “Existing Agreement”). 

In connection with a series of restructuring transactions (the “Restructuring”) contemplated by the Restructuring Agreement
that were consummated prior to the consummation of the Transactions, each of the Rollover Holdco Members received equity interests in Rollover Holdco, which in turn received equity interests in the Company. 

Immediately prior to the execution and delivery of this Agreement, MSG, Rollover Holdco, the Rollover Holdco Members and certain other Persons
who at such time were members of the Company consummated the transactions (the “Transactions”) contemplated by the Transaction Agreement dated as of January 31, 2017 (as amended, the “Transaction
Agreement”) pursuant to which, among other things, (i) MSG acquired 62.5% of the Class A Common Units and 87.46% of the Preferred Units, (ii) the Principals collectively acquired 0.8% of the Class A Common Units, and
(iii) Rollover Holdco acquired 36.7% of the Class A Common Units and 12.54% of the Preferred Units. 
 The Rollover Holdco Members
are the only members of Rollover Holdco. Each Rollover Holdco Member owns the number of Rollover Holdco’s Class A common units (“Rollover Holdco Class A Common Units”)
set forth opposite the name of such Rollover Holdco Member on Exhibit B in the column captioned “Number of Rollover Holdco’s Class A common units” and the number of Rollover Holdco’s preferred units
(“Rollover Holdco Preferred Units”) set forth opposite the name of such Rollover Holdco Member on Exhibit B in the column captioned “Number of Rollover Holdco’s preferred
units.” The total number of outstanding Rollover Holdco Class A Common Units is the same as the number of Class A Common Units directly held by Rollover Holdco, and the total number of outstanding Rollover Holdco Preferred Units is
the same as the number of Preferred Units directly held by Rollover Holdco. Class A Common Units that correspond to Rollover Holdco Class A Common Units are referred to as “Attributable Class A Common
Units.” Preferred Units that correspond to Rollover Holdco Preferred Units are referred to as “Attributable Preferred Units.” The Attributable Class A Common Units and the Attributable Preferred Units
are referred to as the “Attributable Interests.” 
 In connection with the Transactions, the Company and the Members
wish to amend and restate the Existing Agreement to read as set forth herein. 
 In consideration of the premises and the mutual covenants
and agreements contained herein, and for other good and valuable consideration, the receipt and the sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows: 

Article I 
 Purpose;
Capitalization 
 Section 1.1 Purpose. The purpose of the Company is to engage in any business or activity for which a
limited liability company may be formed under the Act. The Company shall have all the powers necessary or convenient to effect any purpose for which it is formed, including all powers granted by the Act. 

 Section 1.2 Issuance of Membership Interests. 

(a) As of the date of this Agreement, the number and type of Units owned by each Member is as set forth on Exhibit B. 

(b) No Member shall have any obligation to the Company, to any other Member or to any creditor of the Company to make any additional capital
contributions to the Company, and no Member in its capacity as such shall be liable for the debts, obligations or liabilities of the Company. 

Section 1.3 Capital Accounts. 

(a) A capital account shall be maintained for each Member in accordance with the rules of Treasury Regulations
§1.704-1(b)(2)(iv). The capital account of each Member shall be credited with (i) the amount of any capital contribution made in cash by such Member, (ii) the Agreed Value (net of any
liabilities the Company is considered to assume under or take subject to Section 752 of the Code) of any capital contribution made in property other than cash by such Member, (iii) allocations to such Member of Net Income pursuant to
Section 2.2, and (iv) any other item required to be credited for proper maintenance of capital accounts by the Treasury Regulations under Section 704(b) of the Code. A Member’s capital account shall be debited with (w) the
amount of any cash distributed to such Member, (x) the Agreed Value (net of liabilities that such Member is considered to assume under or take subject to Section 752 of the Code) of any property other than cash distributed to such Member,
(y) allocations to such Member of Net Loss pursuant to Section 2.2, and (z) any other item required to be debited for proper maintenance of capital accounts by the Treasury Regulations under Section 704(b) of the Code. Each
Member’s capital account shall be adjusted as required by Treasury Regulation §1.704-1(b)(2)(iv)(f) to reflect a revaluation of Company property at Agreed Value upon the occurrence of any event
described in Treasury Regulation Section 1.704-1(b)(2)(iv)(f)(5) (including the Transactions) based upon the manner in which gain or loss upon a sale of all the assets of the Company for Agreed Value
would be allocated. Members’ capital accounts shall also be adjusted in accordance with Treasury Regulation §1.704-1(b)(2)(iv)(s) upon the exercise of any
non-compensatory option. 
 (b) In the event that all or any portion of any Interest is transferred
in accordance with this Agreement, the transferee(s) of such Interest shall succeed to all or the corresponding portion, as the case may be, of the transferor’s capital account. 

(c) Immediately following the consummation of the Transactions, the capital account balances of MSG and Rollover Holdco shall be equal to the
sum of (i) such Member’s Preferred Capital Contribution (if any) plus, (ii) the product of (x) the number of Class A Common Units owned thereby multiplied by (y) the price
per-Class A Common Unit paid by MSG pursuant to the Transaction Agreement. 
 Section 1.4
Preemptive Right. 
 (a) If, at any time after the date of this Agreement the Company or any of its Subsidiaries shall propose to
issue or sell any Preemptive Securities, then each Eligible Party shall have the right to purchase (or, in the case of a Rollover Holdco Member, to direct Rollover Holdco to purchase in accordance with Section 6.11(a)) from the Company or such
Subsidiary, as applicable (the “Preemptive Right”), on the same terms and conditions (including at the same price per Preemptive Security) set forth in the Preemptive Rights Notice (as defined below), up to (i) a
percentage of such Preemptive Securities so that the percentage obtained by dividing the number of Preemptive Securities that such Eligible Party is entitled to purchase (or, in the case of a Rollover Holdco Member, to direct Rollover Holdco to
purchase in accordance with Section 6.11(a)) by the total number of Preemptive Securities is equal to the Percentage Share of such Member or Rollover Holdco Member, as applicable, plus (ii) any additional Preemptive Securities that such
Eligible Party shall be entitled to purchase (or, in the case of a Rollover Holdco Member, to direct Rollover Holdco to purchase in accordance with Section 6.11(a)) pursuant to clause (ii) of Section 1.4(c). Each Eligible Party shall have the
right to assign its Preemptive Right to any of its Permitted Transferees. 
 (b) In connection with any Preemptive Right, the Company shall,
by written notice (a “Preemptive Rights Notice”), provide an offer to sell to each Eligible Party that number of Preemptive Securities of any proposed issuance in accordance with Section 1.4(c). Any Preemptive Rights
Notice shall include the applicable purchase price per Preemptive Security, the aggregate amount of Preemptive Securities offered, the number of Preemptive Securities offered to such Eligible Party in accordance with Section 1.4(a), the proposed
closing date, the place and time for the issuance thereof (which shall be no less than 25 days from the date of such notice), a summary of the material rights and obligations of the Preemptive Securities and any other material terms and conditions
of the offer. 

  
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 (c) Within 15 days from the date of receipt of a Preemptive Rights Notice, any Eligible
Party wishing to exercise its Preemptive Right concerning the Preemptive Securities referred to therein shall deliver written notice (an “Exercise Notice”) to the Company setting forth (i) the number of Preemptive
Securities that such Eligible Party commits to purchase (or, in the case of a Rollover Holdco Member, commits to direct Rollover Holdco to purchase in accordance with Section 6.11(a)) (which may be for all or any portion of such Preemptive
Securities offered to such Eligible Party in the Preemptive Rights Notice), and (ii) the portion (if any) of any such Preemptive Securities the other Eligible Parties have not committed to purchase (or, in the case of a Rollover Holdco Member,
have not committed to direct Rollover Holdco to purchase pursuant to Section 6.11(a)) pursuant to duly given Exercise Notices pursuant to this Section 1.4(c) that such Eligible Party commits to purchase (or, in the case of a Rollover Holdco Member,
commits to direct Rollover Holdco to purchase in accordance with Section 6.11(a)) (such portion not to exceed such Eligible Party’s Relative Percentage Share of the Preemptive Securities to be purchased (or, in the case of a Rollover Holdco
Member, with respect to which a commitment to direct Rollover Holdco to make a purchase in accordance with Section 6.11(a) has been made) by all Eligible Parties pursuant to this clause (ii) of Section 1.4(c)). Any Eligible Party who shall fail
to give the Company an Exercise Notice during the foregoing 15-day period after receipt of a Preemptive Rights Notice shall be deemed to have forfeited such Eligible Party’s right to acquire (or, in the
case of a Rollover Holdco Member, such Eligible Party’s right to direct Rollover Holdco to acquire in accordance with Section 6.11(a)) the Preemptive Securities offered pursuant to such Preemptive Rights Notice. 

(d) The closing of the issuance or sale of Preemptive Securities with respect to any Eligible Party who shall duly give an Exercise Notice
shall occur on the date and at the location specified by the Company. The same terms and conditions (including the same price per Preemptive Security) shall apply to all participants in the issuance of all such Preemptive Securities (except that, in
the case of a Rollover Holdco Member, such Rollover Holdco Member shall (without limiting its obligation to make the same representations and warranties and agree to the same covenants and agreements as a participant that is not a Rollover Holdco
Member) direct Rollover Holdco to purchase such Preemptive Securities pursuant to Section 6.11(a)). In the event that such a closing does not occur within 120 days of the delivery of a Preemptive Rights Notice, the Company shall repeat the procedure
set forth in Sections 1.4(a), 1.4(b) and 1.4(c) with respect to such Preemptive Securities. 
 (e) Notwithstanding anything to the contrary
in this Agreement, no Eligible Party (other than a Principal in the event that such Principal’s representation and warranty in the Transaction Agreement that he is an “accredited investor” on the date of this Agreement is accurate)
shall have a right to purchase Preemptive Securities pursuant to this Section 1.4 if such purchase will violate any applicable securities laws (whether or not such violation may be cured by a filing of a registration statement or any other
special disclosure, but allowing for any readily available exemptions that do not impose any requirement to provide a disclosure document to investors); provided, however, that in the event applicable securities laws shall change after
the date of this Agreement so as to provide an exemption therefrom that would be satisfied by providing the Eligible Parties with, in addition to information otherwise required to be provided to them pursuant to this Section 1.4, financial
statements otherwise prepared by the Company in the ordinary course of business pursuant to Section 3.5 or any other information prepared or delivered to any other purchaser of such securities, then the Company shall use commercially reasonable
efforts to obtain such exemption. 
 Section 1.5 Budget. 

(a) A detailed budget (as in effect from time to time, the “Budget”) of the Company and its Subsidiaries for the period
ending December 31, 2017 is attached as Exhibit C-2. Also attached as Exhibit C-3 is an initial five-year business plan of which the Budget for the
period ending December 31, 2017 is a part (as in effect from time to time, the “Business Plan”). The initial Budget and the Business Plan attached as Exhibit C-2 and
Exhibit C-3 are each hereby deemed to have been approved by the Board and the Principal Base. No later than 90 days prior to the start of the Company Fiscal Year ending December 30, 2018 and any
subsequent Company Fiscal Year, the Company shall submit to the Board a proposed Budget, in the same form as the Budget attached as Exhibit C-2 or in such other form as is otherwise approved by the
Board, setting forth all of the proposed expenditures (operating expenditures and capital expenditures) of the Company and its Subsidiaries for such subsequent Company Fiscal Year and a proposed Business Plan for the five Company Fiscal Year period
of which the Budget is a part; provided, however, that, subject to Section 1.5(b), any such new Budget and Business Plan shall be subject to the approval of the Board and the Principal Veto Rights (it is understood and agreed that
if the Board approves such Budget or Business Plan in the form submitted by the Company, such Budget or Business Plan (as applicable) shall be deemed approved by the Principals). Each new Business Plan shall be in the same form (and at least the
same detail) as the Business Plan attached as Exhibit C-3 or in such other form as is otherwise approved by the Board. Additionally, the first Company Fiscal Year and the first quarter of the second
Company Fiscal Year of each Business Plan shall provide line item detail for each month therein. 
 (b) If a Budget for any Company Fiscal
Year has not been approved by the Board prior to the start of such Company Fiscal Year (including if the Principals exercise the Principal Veto Rights with respect thereto), then the Budget for such Company Fiscal Year (a “Rollover
Budget”) shall be the same as the Budget for the prior Company Fiscal Year, except that certain specified line 

  
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items in the Rollover Budget shall be increased in accordance with the terms provided in Exhibit C-1(ii) (including subject to further adjustments
in any line item in order to permit expenditures under any Contract of the Company or any of its Subsidiaries that had been properly authorized under this Agreement before such Rollover Budget went into effect). Until such time as an updated
Business Plan has been approved by the Board pursuant to this Section 1.5, the Business Plan shall continue to be such Business Plan most recently approved by the Board. For the avoidance of doubt, the term “Budget” as used in the
Agreement shall include any Rollover Budget that may be in effect at the time. 
 (c) In addition to new venues that are specifically
budgeted, Budgets (including any Rollover Budget, if necessary) will reserve the amount necessary, if available, to satisfy amounts referenced to in clause (c) of the definition of Available Cash (with any expenditure of such amounts subject to
approval by the Board). 
 Section 1.6 Term. The Company shall have perpetual existence unless sooner dissolved and its affairs
wound up as provided in Article VII. 
 Section 1.7 Registered Agent and Registered Office. The name of the registered agent of
the Company for service of process on the Company in the State of Delaware shall be Corporation Service Company, and the address of such registered agent and the address of the registered office of the Company in the State of Delaware shall be 2711
Centerville Road, Suite 400, Wilmington, New Castle County, Delaware 19808. Such office and such agent may be changed to such place within the State of Delaware and any successor registered agent, respectively, as may be determined from time to time
by the Board in accordance with the Act. 
 Article II 

Distributions; Allocation of Profits and Losses 

Section 2.1 Distributions. 

(a) Distributions. Except as otherwise provided in Section 7.2, distributions shall be made to the Members at such times and in
such amounts as determined and approved by the Board (including as required pursuant to Sections 2.1(b) and 2.1(c)). 
 (b) Tax
Distributions. The Company shall distribute to each Member with respect to each fiscal quarter following the Effective Time amounts at least two business days prior to the date on which any U.S. federal income taxes are due such that each Member
receives an amount at least equal to (i) the sum of (A) the Preferred Return allocable to such Member in respect of such fiscal quarter plus, (B) the amount of net taxable income allocable to such Member (including income
attributable to Preferred Units, but without duplication of amounts described in clause (A)) in respect of such fiscal quarter reduced by allocable losses (including losses allocable to any predecessor of such Member and taking into account basis
adjustments pursuant to Section 743 of the Code) (but not taking into account any period or portion thereof prior to the Effective Time) for prior periods following the Effective Time not previously taken into account pursuant to this Section
2.1(b), as reasonably estimated by the Company, multiplied by (ii) an assumed tax rate equal to the greater of 52% and the highest marginal federal, state and local income tax rate applicable at the time such distribution is made to an
individual resident in New York, NY (as determined in good faith by the Company’s “tax matters partner” or “partnership representative” in consultation with the Qualified Principals). All distributions pursuant to this
Section 2.1(b) shall be made to the Members in accordance with their Preferred Percentage Shares to the extent attributable to their Preferred Units, and all remaining distributions pursuant to this Section 2.1(b) shall be made to the Members in
accordance with their Percentage Shares. Any distributions made to a Member pursuant to this Section 2.1(b) shall be credited against and reduce amounts subsequently distributable to such Member pursuant to Section 2.1(c)(i) (in the case of
distributions pursuant to this Section 2.1(b) attributable to their Preferred Units) and pursuant to Section 2.1(c)(iii) (in the case of distributions pursuant to this Section 2.1(b) attributable to their Class A Common Units). 

(c) Distributions of Available Cash. Subject to applicable law and any applicable Approval Rights, after making distributions pursuant
to Section 2.1(b), to the extent permitted to be paid by the Company pursuant to any Company Loan Agreement, the Company shall make distributions of Available Cash to the Members no less than once each year (including any other distributions
authorized by the Board) as follows: 
 (i) first, to the holders of Preferred Units in accordance with their
respective Preferred Percentage Shares until they shall have received a Preferred Return (taking into account prior distributions (if any) attributable to their Preferred Units) on their Unreturned Preferred Capital Contributions Amount; 

  
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 (ii) second, to the holders of Preferred Units in accordance with
their respective Preferred Percentage Shares until the Unreturned Preferred Capital Contributions Amount is zero (and upon distribution of the Preferred Return and the entire Unreturned Preferred Capital Amount in respect of such Preferred Units,
such Preferred Units will be deemed to have been redeemed in full by the Company and no longer issued and outstanding without any further action by any holder thereof); and 

(iii) third, to the holders of Class A Common Units in accordance with their respective Percentage Shares. 

(d) Distributions in Kind. Any distributions in kind shall be made at such times and in such amounts as determined and approved by the
Board, based on their Fair Market Value as determined by the Board in good faith in the same proportions as if Available Cash were (to the extent permitted to be paid by the Company pursuant to any Company Loan Agreement) distributed in accordance
with Section 2.1(c). If cash and property are to be distributed in kind simultaneously, the Company shall distribute such cash and property in kind in the same proportion to each Member. 

Section 2.2 Allocations Generally. 

(a) Except as otherwise provided in Sections 2.2(b) through (i), Net Income or Net Loss for any Company Fiscal Year, and, to the extent that
the Board determines it is necessary or appropriate, individual items of income, gain, loss and deduction of the Company shall be allocated among the Members so as to cause each Member’s capital account balance to equal as nearly as possible
(i) the amount of the distribution that such Member would receive pursuant to Section 7.2(d) if, at the end of such Company Fiscal Year, each Company asset were sold for an amount of cash equal to such asset’s Book Value, each liability of
the Company were satisfied in cash in accordance with its terms (limited, with respect to each Nonrecourse Liability, to the Book Value of any asset or assets securing such Nonrecourse Liability), and all remaining cash of the Company were
distributed to the Members in accordance with Section 7.2 minus (ii) such Member’s shares of Company Minimum Gain and Minimum Gain Attributable to Member Nonrecourse Debt, computed immediately prior to the hypothetical sale of
assets. The Principals shall be entitled to review and the Principal Base shall be entitled to approve the allocations pursuant to this Section 2.2; provided, however, that approval may not be unreasonably withheld, conditioned or
delayed and the Principals may only withhold approval on the basis that the allocations are unreasonable, and if MSG and the Principals dispute the reasonableness of any allocation, KPMG LLP or, if KPMG is not available or has a conflict of interest
that causes it to decline the engagement, another nationally recognized accounting firm upon which MSG and the Principals shall mutually agree, shall resolve such dispute. 

(b) If there is a net decrease in Company Minimum Gain during a Company taxable year, each Member shall be specially allocated items of income
and gain for such year (and, if necessary, for subsequent years) in the order specified in Treasury Regulation §1.704-2(j)(2) in proportion to, and to the extent of, an amount equal to the portion of such
Member’s share of the net decrease in Company Minimum Gain during such year (which share of such net decrease shall be determined under Treasury Regulation §1.704-2(g)(2)). This Section 2.2(b) is
intended to be a “minimum gain chargeback” described in Treasury Regulation §1.704-2(f) and is to be interpreted in a manner consistent therewith. 

(c) If there is a net decrease during a Company taxable year in the Minimum Gain Attributable to a Member Nonrecourse Debt (as determined
under Treasury Regulation §1.704-2(i)(3)), any Member with a share of Minimum Gain Attributable to such Member Nonrecourse Debt at the beginning of such year shall be specially allocated items of income and gain for such year (and, if
necessary, for subsequent years) in the order specified in Treasury Regulation §1.704-2(j)(2) in proportion to, and to the extent of, an amount equal to the portion of such Member’s share of the net
decrease in Minimum Gain Attributable to such Member Nonrecourse Debt (as determined under Treasury Regulation §1.704-2(g)(2)), during such year. This Section 2.2(c) is intended to be a “partner
minimum gain chargeback” described in Treasury Regulation §1.704-2(i)(4) and is to be interpreted in a manner consistent therewith. 

(d) Items of Company loss, deduction or Section 705(a)(2)(B) Expenditure that are attributable to a Member Nonrecourse Debt
(“Member Nonrecourse Deductions”) shall be allocated among the Members who bear the Economic Risk of Loss for such Member Nonrecourse Debt. This provision is to be interpreted in a manner consistent with the
requirements of Treasury Regulation §1.704-2(i)(1). 
 (e) The Nonrecourse Deductions for each
taxable year of the Company shall be allocated to the Members in proportion to their Percentage Shares. 
 (f) In the event that any Member
unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation §1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), items of Company income and gain shall be specifically allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury

  
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Regulations promulgated under Section 704(b) of the Code, any Adjusted Capital Account Deficit created by such adjustments, allocations or distributions as quickly as possible. This provision is
intended to be a “qualified income offset” described in Treasury Regulation §1.704-1(b)(2)(ii)(d) and is to be interpreted in a manner consistent therewith. 

(g) To the extent that an adjustment to the adjusted tax basis of any Company property pursuant to Code Section 734(b) or Code Section 743(b)
is required, pursuant to Treasury Regulation §1.704-1(b)(2)(iv)(m)(2) or Treasury Regulation §1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining
capital accounts as a result of a distribution to a Member, the amount of such adjustment to the capital accounts shall be treated as an item of gain (if the adjustment increases the basis of the Company property) or loss (if the adjustment
decreases the basis of the Company property), and such gain or loss shall be allocated to the Members in accordance with Treasury Regulation §1.704-1(b)(2)(iv)(m)(2) or Treasury Regulation §1.704-1(b)(2)(iv)(m)(4), as the case may be. 
 (h) Net Loss allocated pursuant to Section 2.2(a)
shall not exceed the maximum amount of Net Loss that can be allocated without causing any Member to have an Adjusted Capital Account Deficit at the end of any Company Fiscal Year. In the event some but not all of the Members would have Adjusted
Capital Account Deficits as a consequence of an allocation of Net Loss pursuant to Section 2.2(a), the limitation set forth in this Section 2.2(j) shall be applied on a Member by Member basis and Net Loss not allocable to any Member as a result of
such limitation shall be allocated to the other Members in accordance with the positive balances in such Members’ capital accounts so as to allocate the maximum permissible Net Loss to each Member under Treasury Regulation §1.704-1(b)(2)(ii)(d) and, thereafter, pro rata based on Percentage Shares. 
 (i) In the event that
any item of Company income, gain, loss, deduction or Section 705(a)(2)(B) Expenditure is allocated pursuant to Section 2.2(b) through (g), subsequent items of Company income, gain, loss, deduction or Section 705(a)(2)(B) Expenditure (as determined
for purposes of computing Net Income or Net Loss) shall, to the extent consistent with Section 2.2(b) through (h), be allocated between the Members so as to eliminate as quickly as possible on a proportionate basis, with respect to each Member, any
disparity between (i) the sum of (x) such Member’s capital account balance and (y) such Member’s share of Company Minimum Gain and Minimum Gain Attributable to Member Nonrecourse Debts determined in accordance with Treasury
Regulation §§1.704-2(g) and (i)(5) and (ii) the capital account which such Member would have had if all Company Minimum Gain and Minimum Gain Attributable to any Member Nonrecourse Debt had been
realized and all allocations of Net Income and Net Loss had been made pursuant to Section 2.2(a) (without giving effect to the reference therein to Section 2.2(b) through (h)). 

(j) In the event that any item or items of income, gain, loss or deduction of the Company or any Member (or any Person related to a Member) is
reallocated between the Company and any Member (or any Person related to a Member) pursuant to Code Section 482, then the allocation of the income, gain, loss or deduction of the Company for the year in which such reallocation occurs shall be
made in such a fashion that the capital accounts of all Members, after taking into account any deemed contributions or distributions arising in connection with such reallocation, shall be equal to what they would have been if no reallocation had
occurred. 
 (k) In the event that the Percentage Shares of the Members shall change pursuant to the terms of this Agreement, there shall be
an interim closing of the books of the Company as of the close of the day of such change (the “Interest Change Date”) and the capital accounts of the Members shall be revalued pursuant to Treasury
Regulation §1.704-1(b)(2)(iv)(f) effective immediately prior to the event giving rise to the interim closing of the books of the Company. The Net Income or Net Loss of the Company for the period ending on
the Interest Change Date shall be allocated to the Members in accordance with this Section 2.2 as if the Company Fiscal Year ended on such date, without taking into account any change in Percentage Shares on the Interest Change Date. For
purposes of the preceding sentence, the day on which the Effective Time occurs shall be treated as an Interest Change Date. The Net Income or Net Loss of the Company for any period commencing after the Interest Change Date shall be allocated to the
Members in accordance with Section 2.2, taking into account their respective Percentage Shares in effect after the Interest Change Date. Notwithstanding the foregoing, if the Interest Change Date is not the last day of a month, Net Income or
Net Loss of the Company for the month in which the Interest Change Date occurs shall be prorated on a daily basis between the portion of the month ending on the Interest Change Date and the remainder of such month. 

(l) Excess nonrecourse liabilities, within the meaning of Treasury Regulation §1.752-3, shall be
allocated to the Members in accordance with their Percentage Shares. No Member may take any action (e.g., providing a guarantee or other credit support) that would have the effect of shifting the Economic Risk of Loss with respect to any Company
liability without the consent of the applicable Members affected by such shift. Subject to the preceding sentence, the Company and MSG shall reasonably cooperate with the Principals to minimize any adverse U.S. federal income tax consequences
arising as a result of any prepayment, refinancing or other action with respect to any indebtedness of the Company that would have the effect of shifting the allocation of liabilities of the Company under Section 752 of the Code. 

  
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 Section 2.3 Tax Allocations. For income tax purposes, all items of income, gain,
loss, deduction and credit shall be allocated among the Members in the manner set forth in Section 2.2; provided, however, that: (a) all items of income, gain, loss and deduction with respect to any property contributed to
the Company by a Member (or revalued in accordance with Section 1.3) shall be allocated for income tax purposes so as to take into account any variation between the adjusted tax basis of such property and its Agreed Value at the time of
contribution (or the event requiring revaluation) in accordance with Section 704(c) of the Code (and Treasury Regulation §1.704-1(b)(2)(iv)(f)) (i) using the remedial method described in Treasury
Regulation §1.704-3(d) in connection with the Transactions or (ii) in the case of contributions and revaluation events subsequent to the Transactions that would not affect the impact of the use of
the remedial method with respect to the Transactions for MSG, using a Section 704(c) methodology, determined pursuant to Section 3.2 (subject to Section 4.1(g)(i)(F)); (b) corrective allocations shall be made to the extent required pursuant to
Treasury Regulation §1.704-1(b)(4)(x); and (c) creditable foreign taxes shall be allocated in accordance with Treasury Regulation §1.704-1(b)(4)(viii). If
the transactions contemplated by the Transaction Agreement and the Redemption result in a deemed partnership termination pursuant to Section 708(b)(1)(B) of the Code, clause (a) of the proviso in the immediately preceding sentence shall apply
to the predecessor partnership. Any increase (or decrease) in taxable income or loss resulting from adjustments to the basis of the assets of the Company made pursuant to Section 743 of the Code shall be taken into account by the Member or
Members to which such adjustment is attributable. 
 Section 2.4 Withholding and other Tax Payments. The Company shall, to the
extent required by applicable law, withhold taxes from distributions made to any Member or pay taxes on behalf of any Member pursuant to Section 1446 of the Code or any similar provision of federal, state, local, or foreign law. Any taxes so
withheld shall be deemed to have been distributed to such Member or, to the extent that any such tax is not withheld from a distribution, such Member shall promptly reimburse the Company therefor. If any imputed underpayment (including associated
interest, penalties, or additions to tax) is required to be paid by the Company pursuant to Section 6225 of the Code with respect to income directly or indirectly allocable to a Member or Rollover Holdco Member or former Member or Rollover
Holdco Member, such Member or Rollover Holdco Member or former Member or Rollover Holdco Member (and, in the case of a former Member or Rollover Holdco Member, its transferee) shall promptly reimburse the Company therefor. Any amount due from a
Member, Rollover Holdco Member or a former Member or Rollover Holdco Member to the Company pursuant to the two preceding sentences shall bear interest at the “prime rate” (as specified in The Wall Street
Journal, from time to time) plus 3% from the time of payment by the Company of the tax or imputed underpayment to the time of payment by the Member, Rollover Holdco Member or former Member or Rollover Holdco Member, and the Company may offset
such amounts against distributions or other amounts due from the Company to such Member (including to Rollover Holdco in the case of a liability of a Rollover Holdco Member or former Rollover Holdco Member). The obligations of a Member or Rollover
Holdco Member pursuant to this Section 2.4 shall continue even if such Member or Rollover Holdco Member ceases to be a Member or Rollover Holdco Member. 

Section 2.5 No Interest; No Return of Capital. No interest shall be payable on the capital contributions, or in respect of the
capital accounts, of the Members. No Member shall be permitted to make an early withdrawal of any portion of the capital contributions made by it. 

Article III 
 Fiscal Matters

 Section 3.1 Tax Matters Partner and Partnership Representative. MSG will be the “tax matters partner” within
the meaning of Section 6231 of the Code as in effect prior to amendment by the BBA and the “partnership representative” within the meaning of Section 6223 of the Code when such provision becomes effective and any other similar
designation under applicable law, subject in all respects to the provisions of this Agreement and the Transaction Agreement. Notwithstanding Section 4.1(g)(i)(C) and, except with respect to elections under Section 6226(a) of the Code, Section
4.1(g)(i)(F), the tax matters partner or partnership representative shall have the right to make decisions regarding extensions of statutes of limitation and choice of forum in tax proceedings, and the partnership representative shall have the
authority to make an “election out” under Section 6221(b) of the Code if the Company is eligible to make such an election or, subject to Section 4.1(g)(i)(F), an election under Section 6226(a) of the Code on behalf of the Company. The
Company will reimburse MSG for any reasonable out-of-pocket expenses incurred in connection with its activities as the tax matters partner or partnership representative.
It is the intent of the Members that the Company be treated as a partnership for all federal, state and local tax purposes and the Members and the Company shall take all reasonable actions appropriate to effect such intention. MSG shall take such
action as may be reasonably necessary to cause Rollover Holdco and each of the Principals to become “notice partners” within the meaning of Section 6231(a)(8) of the Code, if applicable. MSG shall keep the Principals informed of all
administrative and judicial proceedings of the Company with respect to taxes and shall furnish a copy of each notice or other communication received by MSG, in its capacity as tax matters partner, partnership representative or similar designation
under applicable law, or the Company from any taxing authority to each Principal. The Principals shall be permitted to participate in any tax matter or proceeding of the Company. This Section 3.1 is not intended to (i) authorize MSG to
take any action left to the 

  
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determination of an individual Member under Sections 6222 through 6231 of the Code as in effect prior to its amendment by the BBA or any action left to the determination of an individual Member
by any subsequent amendment to the Code, or (ii) modify any of the provisions in the Transaction Agreement with respect to tax matters. 

Section 3.2 Tax Elections. The Company shall make an election under Section 754 of the Code and, subject to Section
4.1(g)(i)(F), such other elections as the tax matters partner or partnership representative may determine to be appropriate. If the Transactions result in a deemed partnership termination pursuant to Section 708(b)(1)(B) of the Code, an election
under Section 754 of the Code shall be made with respect to the predecessor partnership. 
 Section 3.3 Fiscal and Tax Year;
Auditor. The taxable year of the Company for federal, state and local income tax purposes shall end on June 30 of each year except as otherwise required by the Code and except that the taxable year that includes the Effective Time shall end
on December 31, 2017. The fiscal year of the Company for financial reporting purposes shall be based on a retail calendar year, following a 4-4-5 week convention
consistent with retail calendar accounting periods (and with certain fiscal years following a 4-4-6 week convention, as applicable to a retail calendar for a given
year), and each fiscal year of the Company shall end on the last Sunday of each calendar year (the “Company Fiscal Year”); provided, however, that certain Subsidiaries of the Company shall
follow a calendar year fiscal year for financial reporting purposes if required under any management agreement with a third party (such venues in operation as of the date of this Agreement: Ninth Avenue Hospitality LLC, 55th Street Hospitality
Holdings LLC, Roof Deck Entertainment LLC and Roof Deck Australia LLC). The Company’s independent auditor shall initially be KPMG LLP. 

Section 3.4 Books and Records. The Company, at the direction of the Qualified Principals in their capacities as Officers and the
Company’s Chief Financial Officer, will maintain or cause to be maintained at its principal place of business complete and accurate books and records of the assets, business and affairs of the Company. 

Section 3.5 Financial Statements; K-1. 

(a) As soon as available and in any event within 30 days after the end of each month and within 45 days after the end of each fiscal quarter
of the Company, the Company, at the direction of the Qualified Principals in their capacities as Officers and the Company’s Chief Financial Officer, shall deliver to each Qualified Party the consolidated balance sheets of the Company and its
Subsidiaries, as at the end of such month or such fiscal quarter, as the case may be, and the related consolidated statements of income, members’ equity and cash flows for such month or such fiscal quarter, as the case may be, and for the
period from the beginning of the then current Company Fiscal Year to the end of such month or such fiscal quarter. 
 (b) As soon as
available and in any event within 45 days after the end of each fiscal quarter of the Company, the Company, at the direction of the Qualified Principals in their capacities as Officers and the Company’s Chief Financial Officer, shall deliver to
each Qualified Party updated forecasts of revenue and expense line items, as well as capital expenditures by project, staffing, key statistics, and a statement of cash flows, prepared in a format similar to the Budget. 

(c) As soon as available and in any event within 45 days after the end of each Company Fiscal Year (commencing with the Company Fiscal Year
ending December 31, 2017), the Company, at the direction of the Qualified Principals in their capacities as Officers and the Company’s Chief Financial Officer, shall deliver to each Qualified Party: (i) the draft consolidated balance
sheet of the Company and its Subsidiaries as at the end of such year and the related draft consolidated statements of income, members’ equity and cash flows for such Company Fiscal Year; and (ii) a statement of each Member’s capital
account as of the end of such Company Fiscal Year. 
 (d) As soon as available and in any event within 120 days after the end of each
Company Fiscal Year, the Company, at the direction of the Qualified Principals in their capacities as Officers and the Company’s Chief Financial Officer, shall deliver to each Member (i) the audited consolidated balance sheet of the
Company and its Subsidiaries as at the end of such year and the related consolidated statements of income, members’ equity and cash flows for such Company Fiscal Year and (ii) a statement of each Member’s capital account as of the end
of such Company Fiscal Year. 
 (e) As soon as available, the Company, at the direction of the Qualified Principals in their capacities as
Officers and the Company’s Chief Financial Officer, shall deliver to each Qualified Party copies of all reports prepared for or delivered to the management of the Company by its outside accountants in connection with each annual, interim or
special audit of the Company’s financial statements made by such accountant. 

  
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 (f) Within 120 days after the end of each taxable year, the Company, at the direction of the
Qualified Principals in their capacities as Officers and the Company’s Chief Financial Officer, shall distribute to each Member a copy of its Schedule K-1 to the Partnership Tax Return (Form 1065) or any
successor form thereto. 
 (g) Any financial and other reports required pursuant to this Section 3.5 shall be prepared in accordance
with GAAP. 
 (h) The Company, at the direction of the Qualified Principals in their capacities as Officers and the Company’s Chief
Financial Officer, shall deliver to the Qualified Parties, with each of the monthly, quarterly and annual consolidated statements of income described above, a comparison (in a form agreed-upon by the Qualified Parties) to the Budget (with such
comparison to be made to the line items in the Budget in the form attached as Exhibit C-2) and the most recent forecast (if any), and, with respect to the quarterly and audited consolidated statements
of income, the same period from the prior year. Material variances shall be explained in reasonable detail. 
 Section 3.6
Additional Information; Access. 
 (a) Promptly, from time to time, the Company, at the direction of the Qualified Principals in
their capacities as Officers and the Company’s Chief Financial Officer, shall furnish each Qualified Party such information (in writing if so requested) regarding the assets and properties and operations, business affairs and financial
condition of the Company and its Subsidiaries as such Qualified Party may request. 
 (b) The Company and its Subsidiaries, at the direction
of the Qualified Principals in their capacities as Officers and the Company’s Chief Financial Officer, shall afford to any Qualified Party and its representatives access to all of the books, records and properties of the Company or its
Subsidiaries, as applicable, and to make copies of such records and permit such Persons to discuss all aspects of the Company or its Subsidiaries, as applicable, with any representatives of the Company and its Subsidiaries, and the Company and its
Subsidiaries shall provide to any Qualified Party or its representatives on behalf of such Qualified Party responses to all requests from such Qualified Party or its representatives on behalf of such Qualified Party for information relating to the
Company and its Subsidiaries and their respective operations. The Company and its Subsidiaries, at the direction of the Qualified Principals in their capacities as Officers and the Company’s Chief Financial Officer, will instruct their
independent public accountants to discuss such aspects of the financial condition of the Company or its Subsidiaries, as applicable, with any Qualified Party and its representatives as such Person may request, and to permit such Qualified Party and
its representatives to inspect, copy and make extracts from such financial statements, analyses, work papers and other documents and information (including electronically stored documents and information) prepared with respect to the Company or its
Subsidiaries, as applicable, as such Qualified Party may request, subject to such Qualified Party executing any customary access agreements reasonably required by the Company’s accountants. 

Article IV 
 Administration and
Management 
 Section 4.1 Management. 

(a) The Board shall initially consist of (x) up to five individuals designated by MSG, one of whom (designated by MSG) shall serve as
Chairman of the Board, and (y) each of the Qualified Principals. Thereafter, in the event a Principal who initially served on the Board shall cease to be a Qualified Principal, such Principal shall at all times thereafter have no right to serve
on the Board and the number of Directors on the Board shall, unless MSG shall otherwise agree, be correspondingly reduced. In the event Marc Packer or Rich Wolf are no longer on the Board for any reason, the Employee Rollover Holdco Members set
forth on Schedule 4.1(a), who at such time hold Rollover Holdco Interests, shall be permitted to designate one of such Employee Rollover Holdco Members as a non-voting observer (an
“Observer”) to any meetings of the Board, subject to the approval of Marc Packer or Richard Wolf, in each case only for so long as such individual holds Interests or Attributable Interests in the Company (and in the
event neither holds Interests or Attributable Interests in the Company at such time, no other approval is required). The Company shall, and MSG shall cause the Company to, furnish to such Observer (a) notices of Board meetings, (b) copies
of the materials with respect to meetings of the Board (or any committees thereof), and (c) copies of any action by written consent referred to in Section 5.2(c) at the same time they are given to Directors, and copies of such consent
promptly (but in any event within two business days) after it shall have been signed by the Directors; provided, however, that the Board may exclude an Observer from participating in any portion of any meeting of the Board (i) if
the Board determines, in its sole discretion, that the subject matter of such meeting includes highly confidential information, information subject to attorney-client privilege or information that presents the Observer with an actual or potential
conflict of interest or (ii) that is an executive session. 

  
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 (b) The Directors initially designated by MSG shall be the individuals set forth on
Schedule 4.1(b). MSG may remove any such Director at any time and for any reason (or no reason) by giving written notice of same to the Company and, if it has terminated a Director it designated, may designate a replacement Director in such
notice or in a subsequent notice to such other Member. Notwithstanding anything to the contrary contained in this Agreement, if at any time there are less than five individuals designated by MSG as its Directors, the presence, attendance, vote,
consent or other action of the majority of the Directors then designated by MSG shall be deemed to be the presence, attendance, vote, consent or other action of five Directors designated by MSG (including for purposes of Section 5.2). 

(c) The Board shall have full authority to manage and control the business, affairs and properties of the Company, subject to the Principal
Veto Rights and the rights of the Qualified Principals in Section 4.1(e). 
 (d) For so long as a Principal is a Qualified Principal, he
will serve as a Co-President of the Company and shall be, jointly with any other Qualified Principal(s), the most senior executive officers of the Company. The Company may also have (i) a Chief Executive
Officer, Chief Financial Officer, General Counsel and other officers with substantially equivalent executive positions appointed by the Board (whose authority, duties and responsibilities shall not exceed those of the Qualified Principals under this
Agreement), and (ii) other officers appointed by the Qualified Principals with such authority, duties and responsibilities (whose authority, duties and responsibilities shall not exceed those of the officers referred to in clause (i) or
delegated to the Qualified Principals under this Agreement) as they may determine from time-to-time (each such officer referred to in clauses (i) and (ii), together
with the Co-Presidents, an “Officer”). Except as may be otherwise approved by the Board, all of the Officers referred to in clauses (i) and (ii) shall report to one or more of the
Qualified Principals or an Officer reporting to one or more of the Qualified Principals, as determined by such Qualified Principal(s). Each Co-President shall have the same authority and responsibilities that
a similarly titled officer of a Delaware corporation would have, subject to change by the Board and the terms and conditions of this Agreement. An Officer shall serve until his or her successor is elected and qualified or until his or her earlier
resignation or removal. 
 (e) Subject to Section 4.1(f), the Qualified Principals in their capacities as
Co-Presidents shall be responsible for day-to-day management of the Company and its Subsidiaries (including the right to direct
and supervise day-to-day management, decisions and operations, as well as responsibility for
day-to-day policy-making and affairs), including, without limitation: 

(i) designing, constructing, operating, managing, marketing and promoting venues operated or planned to be operated by the
Company or any of its Subsidiaries; 
 (ii) entering into, modifying or terminating Contracts; 

(iii) incurring expenditures set forth in any sub-line item in the Budget (subject to
any variance in such expenditures expressly permitted under the terms provided in Exhibit C-1(i)); 

(iv) selecting, compensating and terminating employees and individuals who are independent contractors of the Company and its
Subsidiaries and approving or modifying the salaries, wages, benefits, programs, policies and other employment arrangements applicable thereto (other than adopting or amending an Equity Incentive Plan or issuing any equity grants thereunder); 

(v) engaging and compensating designers, contractors, agents, promoters, talent, accountants, counsel, consultants, advisors,
brokers and other service providers for the Company and its Subsidiaries (other than their independent auditor); and 
 (vi)
engaging in other day-to-day operations of the business of the Company and its Subsidiaries in the ordinary course of business; 

provided, however, that (1) notwithstanding anything in this Agreement to the contrary, MSG (and not the Qualified
Principals) shall, subject to clause (C)(III) of Section 4.1(g)(i), have the right to control for the defense, settlement and/or compromise of any Specified Third Party Claim, and (2) it is understood and agreed that nothing in this Section
4.1(e) shall give the Qualified Principals in their capacities as Co-Presidents authority to take or prevent any action that must be approved by the Board, including, without limitation, any action referred to
in Sections 4.1(g) or 4.1(h). 
 Each Qualified Principal, in his capacity as a Co-President, shall
be deemed to have the authority to approve or otherwise take the actions delegated to the Qualified Principals pursuant to this Section 4.1(e). 

(f) All actions by the Qualified Principals must be consistent with the Budget (after taking into account the permitted variance terms in
Exhibit C-1(i)) and Business Plan in effect at the time such actions are taken and are subject to the applicable Board Approval Rights; provided, however, that any action approved by the
Board and, if applicable, the Principal Base pursuant to Section 4.1(g) and MSG pursuant to Section 4.1(h), that would otherwise be inconsistent with the Budget and Business Plan in effect at the 

  
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time shall be deemed to amend such Budget and Business Plan to permit the taking of such action. For the avoidance of doubt, the Company and the Members acknowledge that the failure of the
Company and its Subsidiaries to meet the revenue targets set forth in any Budget does not in and of itself mean that any Principal has failed to take actions in a manner consistent with the Budget or the Business Plan. 

(g) The authority of the Board in Sections 4.1(c) and (h) is subject to the following rights of the Principals: 

(i) for so long as the Qualified Percentage Share is at least 21%, the Company shall not, and shall not cause, suffer or permit
any of its Subsidiaries to, without the approval of the Principal Base (whether at a duly called meeting of the Board or by written consent, which consent in the case of Section 4.1(g)(i))(C)(III) shall not be unreasonably withheld, conditioned or
delayed): 
 (A) approve or change a Budget or Business Plan (including any change to the form thereof, but not including,
for the avoidance of doubt, any variances in expenditures from an applicable Budget to the extent permitted in accordance with the terms of Exhibit C-1(i)) (it being understood and agreed that nothing
in this Section 4.1(g)(i)(A) shall limit the rights of any Qualified Party under Section 3.6 (Additional Information; Access)); 

(B) file for Bankruptcy, liquidate, dissolve, or otherwise wind-up operations; 

(C) (I) other than with respect to Specified Third Party Claims, initiate, defend or settle any actual or threatened
litigation, arbitration, audit, mediation or regulatory, administrative or governmental investigation, inquiry or proceeding (x) that is, except in the case of tax matters that are subject to clause (z), reasonably likely to result in a payment
by the Company or any of its Subsidiaries in excess of $600,000, (y) that would reasonably be expected to impose material restrictions or requirements with regards to the ability of the Company and its Subsidiaries (taken as a whole) to conduct
their business and operations in a manner consistent with past practice, (z) subject to the second sentence of Section 3.1, with respect to any Tax matter of the Company or its Subsidiaries that is reasonably likely to result in a payment
by the Company or any of its Subsidiaries in excess of $600,000 or an adjustment to income or deductions of the Company or any of its Subsidiaries in excess of $1,200,000, (II) other than with respect to Specified Third Party Claims, admit to any
allegations against the Company or any of its Subsidiaries of fraud or criminal activity in any governmental investigation, inquiry or proceeding, or (III) the settlement or compromise of any Specified Third Party Claim, if the settlement or
compromise amount of such Specified Third Party Claim is (or is reasonably likely to be), (x) in the case of any Specified Third Party Claim arising out of, relating to, resulting from, in connection with or otherwise in respect of any inaccuracy or
breach of any representation or warranty that is subject to the Business Cap (as defined in the Transaction Agreement) pursuant to Section 12.03(a) of the Transaction Agreement, less than 162.5% of the Business Cap then remaining (taking into
account previously paid indemnification claims and the reasonably likely damages of pending indemnification claims, in each case, subject to the Business Cap), or (y) in the case of any other Specified Third Party Claim, less than 162.5% of the
Cap (as defined in the Transaction Agreement) then remaining (taking into account previously paid indemnification claims and the reasonably likely damages of pending indemnification claims); 

(D) adopt or amend an Equity Incentive Plan or employee benefit plans (excluding salary, wage, bonus or similar compensation
arrangements) or make any grants under an Equity Incentive Plan or employee benefit plans (excluding salary, wage, bonus or similar compensation arrangements); 

(E) determine the Fair Market Value of any distributions in kind pursuant to Section 2.1(d) or the determination of whether to
make an adjustment to capital accounts pursuant to Section 1.3 and the Agreed Value for the purposes of such an adjustment; or 

(F) make any material election (including an election pursuant to Section 6226(a) of the Code and, in the case of a
contribution or revaluation event subsequent to the Transactions, the selection of a Section 704(c) methodology (but only to the extent that such methodology would not adversely affect the impact of the use of the remedial method with respect to the
Transactions for MSG)) with respect to Taxes not specifically provided for in this Agreement that would in each instance adversely affect the Principals disproportionately relative to MSG (assuming for this purpose that the only items of income,
gain, loss or deduction of the Members are those attributable to the Company and ignoring differences in effective tax rates applicable to each Member and provided, for the avoidance of doubt, in the case of an election pursuant to 6226(a) of the
Code, the mere fact that the effect of the election may be to cause a Member or former Member to be directly liable for a tax that would otherwise have been borne by the Company (which may not have the ability to recover such tax from such Member)
shall not be considered a disproportionate adverse effect); 

  
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 (ii) until the first to occur of the sixth anniversary of the date of this
Agreement and the date that the Qualified Percentage Share is less than 14%, the Company shall not, and shall not cause, suffer or permit any of its Subsidiaries to, without the approval of the Principal Base (whether at a duly called meeting of the
Board or by written consent): 
 (A) approve or change a Budget or Business Plan (including any change to the form thereof)
(it is understood and agreed and that nothing in this Section 4.1(g)(ii)(A) shall limit the rights of any Qualified Party under Section 3.6 (Additional Information; Access)) with respect to any annual period that results in an upward or
downward variance of capital expenditures and other expenses by more than 25% in the aggregate from the Budget or Business Plan most recently approved by the Principal Base; 

(B) enter into, renew, modify or terminate, or waive any material rights under, a Material Contract inconsistent with the
Budget or Business Plan that is in effect at the time of such entry, renewal, modification, termination or waiver; 
 (C)
approve a merger or consolidation with or into another Person (except for the merger or consolidation of a direct or indirect wholly-owned Subsidiary of the Company into the Company or another wholly-owned Subsidiary of the Company) or sell or
otherwise dispose of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole; 
 (D)
open, remodel, move, close or sell a venue; provided, however, that the approval of the Principal Base shall only apply to the sale or closure of a venue if the venue had positive EBITDA during the Company Fiscal Year immediately
preceding the date such sale or closure is to be approved or, even if EBITDA during such Company Fiscal Year was not positive, if the loss was within 20% of the budgeted loss for such venue in the Business Plan in effect on the date of such sale or
closure, where the first 12 months of operating losses of a new venue are not included for purposes of determining EBITDA; 

(E) issue any equity interests or securities exercisable or exchangeable for, or convertible into, equity interests, including
in connection with an IPO, other than the issuance of equity grants permitted by an Equity Incentive Plan; 
 (F) except for
investments, dispositions or acquisitions contemplated by a Budget or Business Plan in effect at the time such investment, disposition or acquisition is made, (1) invest in any third party, make a loan to any third party, or dispose of assets
to any third party, in each instance with a value in excess of $2,000,000, or (2) acquire assets with a value in excess of $2,000,000 from any third party; 

(G) incur any Debt or prepay any Debt in advance of the scheduled maturity thereof (unless otherwise required in accordance
with the terms of such Debt); 
 (H) except as contemplated by Section 4.8 (Management Fee, Etc.), enter into, modify
or terminate, or waive any rights under, any Contract with MSG or any of its Affiliates; 
 (I) sell, transfer, license or
exploit, or permit the incurrence of any Lien on, any of the brands of the Company or any of its Subsidiaries; 
 (J) enter
into new material lines of business or any new line of business that is reasonably expected to become material; 
 (K)
determine not to make any required cash distribution referred to in Section 2.1(b) or (c); provided, however, that such right of the Principal Base shall not affect the right of the Board to determine reserves as set forth in the
definition of Available Cash; 
 (L) cause any Officer to report to anyone other than (1) one or more of the Qualified
Principals or (2) an Officer reporting to one or more of the Qualified Principals; 
 (M) determine the compensation of
any Officer appointed by the Board pursuant to Section 4.1(h)(iii) unless the compensation thereof is expressly set forth in the Budget and Business Plan in effect at the time; 

(N) exercise, or permit MSG to exercise, an Employee Rollover Holdco Member Post-Year 5 Call with respect to an Employee
Rollover Holdco Member who is employed by the Company or any of its Subsidiaries; provided, however, that the right of the Principal Base to approve such exercise shall not apply if such exercise is made in connection with the exercise
by MSG of a Call to acquire Interests of one or more Principals and, following the acquisition by MSG of such Interests from such Principals, the Qualified Percentage Share would be less than 14%; or 

(O) cause any Principal’s principal place of employment to be at a location that is different from his principal place of
employment as of the date of this Agreement; 
 provided, however, that (1) solely to the extent necessary to satisfy the
rights and obligations of the parties hereunder in connection with a Cash Flow Deficiency in accordance with the procedures set forth in Section 4.2, the Principal Base shall not have the right to approve any matter referred to in clauses (B),
(E), (G) or (H) of this Section 4.1(g)(ii), (2) solely to the extent necessary to satisfy the rights and obligations of the parties hereunder in connection with the 

  
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exercise, implementation or satisfaction of Liquidity Rights in accordance with the procedures set forth in Article VI, the Principal Base shall not have the right to approve any matter referred
to in clauses (B), (E), (G) or (H) of this Section 4.1(g)(ii), and (3) solely to the extent necessary to prevent or cure (as applicable) a Credit Agreement Default in accordance with the procedures (with respect to a Credit Agreement
Default) set forth in Section 4.2, the Principal Base shall not have the right to approve any matter referred to in clauses (B), (E), (G) or (H) of this Section 4.1(g)(ii); and 

(iii) the Company shall not, and shall not cause, suffer or permit any of its Subsidiaries to, without the unanimous approval
of the Principals who own Rollover Holdco Interests and/or are Members at such time (whether at a duly called meeting of the Board or by written consent): 

(A) by merger, consolidation or otherwise, amend the Organizational Documents of the Company or its Subsidiaries in a manner
that adversely affects the Principals disproportionately relative to other Members; 
 (B) except as contemplated by
Section 4.8 (Management Fee, Etc.), enter into, modify or terminate, or waive any rights under, any Contract with MSG or any of its Affiliates on the date such Contract is entered into that is not on arms’ length terms; provided,
however, that in the event such a Contract or series of related Contracts provides for the payment to or by the Company or any of its Subsidiaries of an amount in excess of $500,000, then such approval shall be required unless the Company
shall, at the same time as or before such Contract or series of related Contracts are entered into by the Company or any of its Subsidiaries, receive a certificate, executed on behalf of MSG by an executive officer of MSG, to the effect that such
Contract or Contracts (as applicable) are on arms’ length terms; 
 (C) (1) authorize, adopt or approve (or authorize,
adopt or approve any amendments to, or waivers of) any Equity Incentive Plan, “benefit plan” (within the meaning of Section 3.3 of the Employee Retirement Income Security Act of 1974, as amended), or self-insured health or welfare
plan, or (2) except for redemptions of Units contemplated by Article VI or Units granted under an Equity Incentive Plan, redeem (x) any Preferred Units except for redemptions of all Members in proportion to the number of Preferred Units
owned by each Member, and (y) any Units or other Interests (other than Preferred Units) except for redemptions of all Members in proportion to the number of Units (other than Preferred Units) owned by each Member; or 

(D) make distributions to Members that are not in accordance with Section 2.1; 

provided, however, that (1) solely to the extent necessary to satisfy the rights and obligations of the parties hereunder
in connection with a Cash Flow Deficiency in accordance with the procedures set forth in Section 4.2, the Principals shall not have the right to approve any matter referred to in clauses (A), (B) or (C) (other than changes to the bonus and
incentive arrangements set forth on Exhibit E) of this Section 4.1(g)(iii), (2) solely to the extent necessary to satisfy the rights and obligations of the parties hereunder in connection with the exercise, implementation or satisfaction
of Liquidity Rights in accordance with the procedures set forth in Article VI, the Principals shall not have the right to approve any matter referred to clauses (A), (B) or (C) (other than changes to the bonus and incentive arrangements set forth on
Exhibit E) of this Section 4.1(g)(iii), and (3) solely to the extent necessary to prevent or cure (as applicable) a Credit Agreement Default in accordance with the procedures (with respect to a Credit Agreement Default) set forth in
Section 4.2, the Principals shall not have the right to approve any matter referred to in clauses (A), (B) or (C) (other than changes to the bonus and incentive arrangements set forth on Exhibit E) of this Section 4.1(g)(iii). 

(h) Without limitation of Section 4.1(c), notwithstanding anything in this Agreement to the contrary, but subject to the Principal Veto
Rights, the Company shall not, and shall not cause, suffer or permit any of its Subsidiaries to, without the prior written approval of the Board or MSG: 

(i) take any action that requires the approval of any of the Principals pursuant to any of the Principal Veto Rights (or that
would have required such approval if the Qualified Percentage Share was 21% on the date of such approval); 
 (ii) enter
into, modify or terminate, or waive any rights under, (A) Contracts for the lease, sublease or license or real property by or to the Company or any of its Subsidiaries, or (B) Contracts (1) containing
non-competition or other limitations restricting the Company or any of its Subsidiaries from conducting any business, or that limits the freedom of the Company or any of its Subsidiaries to compete at any time
and in any manner in any line of business, or with any Person, in any area in the world, (2) containing non-solicitation limitations outside of those agreed to by the Company or its Subsidiaries in the
ordinary course of business or that would purport to restrain MSG or any of its other Affiliates (it is understood and agreed that in the event the Company or any of its Subsidiaries would be in breach of a Contract containing any such limitations
as a result of any action or inaction by MSG or any of its Affiliates (other than the Company and its Subsidiaries) will be deemed to “restrain” MSG or its other Affiliates for purposes of this clause (2)), (3) that grant to the other
party or any third party “most favored nation” status or any exclusive right or rights (including any “requirements” or exclusive purchasing Contract) (x) outside of those undertaken by the Company or any of its Subsidiaries
in the ordinary 

  
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course of business, (y) that would purport to apply MSG or any of its Affiliates (other than the Company and its Subsidiaries) (it is understood and agreed that in the event the Company or
any of its Subsidiaries would be in breach of a Contract referred to in this clause (3) as a result of any action or inaction by MSG or any of its Affiliates (other than the Company and its Subsidiaries), such Contract will be deemed to apply
to MSG or such Affiliate, as applicable, for purposes of this clause (y)), or (z) having a term longer than two (2) years, in the case of this clause (z), other than Terminable Obligations, or (4) that may be breached or terminated
by, or that require any consent or provide for the acceleration of rights as a result of any change in the management or ownership of the Company or any of its Subsidiaries (including any “key man” provision) or a change in the ownership
of Interests by, or change of control of, any of the Members; 
 (iii) hire (but not terminate) any Chief Executive Officer,
President (or replacement of a Principal), Chief Operating Officer, Chief Financial Officer, General Counsel or other employee in a substantially equivalent executive position; 

(iv) remove or appoint an independent auditor after good faith consultation with the Qualified Principals; 

(v) enter into, modify or terminate, or waive any rights under any Contract with any Principal or any Affiliate of a Principal;
or 
 (vi) take any action that is inconsistent with the Budget (after taking into account the permitted variance terms in
Exhibit C-1(i)) and Business Plan in effect at the time such action is taken or that imposes on the Company or any of its Subsidiaries any obligations that extend beyond such Business Plan (other than
Terminable Obligations). 
 (i) Notwithstanding anything in this Agreement to the contrary: (i) MSG and the Qualified Principals shall
each have the independent right to terminate any Chief Executive Officer (or replacement of a Principal), President, Chief Operating Officer, Chief Financial Officer, General Counsel or other employee in a substantially equivalent executive
position; and (ii) MSG shall have the right to terminate any Principal’s employment with the Company at any time and for any reason (or no reason), subject to the rights of such Principal in Article VI, and any rights, terms or procedures
set forth in such Principal’s then applicable employment agreement with the Company. Any such termination of a Principal’s employment with the Company by MSG shall simultaneously relieve such Principal from his right to serve as a
Director. 
 (j) For the first five Company Fiscal Years (commencing with the fiscal year beginning December 26, 2016), the Principals,
the Employee Rollover Holdco Members and certain other members of the Company’s management shall have the right to participate in the bonus and incentive arrangements set forth on Exhibit E on the terms and subject to the conditions set
forth therein. Such arrangements shall for all purposes of this Section 4.1 be deemed to have been approved by the Board and the Principal Base. 

Section 4.2 Cash Flow Deficiency. 

(a) Notwithstanding anything in this Agreement to the contrary, in the event that the Board determines there is a Cash Flow Deficiency or
Credit Agreement Default, MSG may deliver a written notice to the Qualified Principals providing reasonable support for such determination. Upon delivery of such written notice, the Company, MSG and the Qualified Principals shall cooperate in good
faith and use commercially reasonable efforts to resolve such Cash Flow Deficiency or Credit Agreement Default, as applicable, during the 60-day period (the “Resolution
Period”), following the delivery of such written notice, including by seeking Commercially Reasonable Debt (including amendments to existing indebtedness as set forth in such definition) or other reasonably available financing
arrangements and/or extensions, amendments or modifications to the future cash or Debt obligations of the Company and its Subsidiaries (including to any Company Loan Agreements); provided, however, that such commercially reasonable
efforts shall not require MSG or any of the Qualified Principals to make any investment or to pay any fees or make any other payments to any Person or forego or delay any compensation or other consideration otherwise payable thereto by the Company
or any of its Subsidiaries (except as set forth in the employment agreements for such Qualified Principals as it relates to a Credit Agreement Default). At the end of such Resolution Period, if the Board determines, having taken into account
reasonably available extensions, amendments or modifications to the future cash or Debt obligations of the Company and its Subsidiaries (including to any Company Loan Agreements) that have been arranged during such period, that a Cash Flow
Deficiency or Credit Agreement Default, as applicable, still exists, the Board may at any time after such Resolution Period (but subject to clause (b) of this Section 4.2 and without limiting the obligations of the parties set forth in the
preceding sentence during such Resolution Period) then cause the Company to, subject to Section 1.4, if applicable upon or after the expiration of such Resolution Period: (i) incur Commercially Reasonable Debt; or (ii) if Commercially
Reasonable Debt is unavailable, or in the case of a Credit Agreement Default, issue to MSG or a third party Preemptive Securities, in each case in an amount not to exceed that reasonably necessary to (x) in the case of a Cash Flow Deficiency,
satisfy the cash or Debt obligations of the Company and its Subsidiaries in the ordinary course of business as they become due over the subsequent 12 months (taking into account the Company’s customary practice with respect to payment) or
(y) in the case of a Credit Agreement Default pursuant to clause (ii) of the definition of such term, cure (or in the case of a Credit Agreement Default pursuant to clause (i) of the definition of such term, prevent) such Credit
Agreement Default. For the avoidance of doubt, this Section 4.2 shall apply if there is a Credit Agreement Default and/or a Cash Flow Deficiency, without requiring the occurrence of both a Credit Agreement Default and a Cash Flow Deficiency.

  
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 (b) If any financing pursuant to clause (a) of this Section 4.2 is with MSG or its
Affiliates, such financing may be consummated in the time frame determined by MSG (but no later than 90 days after the last day of the Resolution Period to which the Cash Flow Deficiency or Credit Agreement Default, as applicable, relates) but if
MSG does not receive a fairness opinion from a nationally-recognized investment banking firm to the effect that such financing is fair, from a financial point of view, to the Company, and a majority of the Qualified Principals object, within 30 days
after their receipt of written notice setting forth the material terms of such financing, that such financing is not fair to the Company, from a financial point of view, then such terms will be submitted to a mutually agreed-upon nationally
recognized investment bank or, if no investment bank can be mutually agreed upon by both MSG and the Qualified Principals within 30 days after the date of such objection by the Qualified Principals, then either of them may request the American
Arbitration Association (the “AAA”) to select such investment bank from a list of four nationally recognized investment banks (two identified by MSG and two by the Qualified Principals) submitted to the AAA and (i) if such
financing is determined by such investment bank not to be fair, from a financial point of view, to the Company, then MSG will cause the terms of such financing to be adjusted to the extent necessary so that such investment bank determines that the
adjusted terms are fair, from a financial point of view, to the Company, and MSG will pay the fees of such investment bank, or (ii) if such financing is determined by such investment bank to be fair, from a financial point of view, to the
Company, then the Qualified Principals will pay the fees of such investment bank. 
 (c) Notwithstanding the foregoing in this
Section 4.2, (x) in the event there is a Credit Agreement Default pursuant to clause (i) of the definition of such term, the time periods referred to in this Section 4.2 shall be reduced to the minimum extent necessary so that such
Credit Agreement Default shall not occur and such periods shall in any event expire at least five business days prior to the actual occurrence of a Credit Agreement Default pursuant to clause (ii) of the definition of such term;
provided, however, that subject to the foregoing, MSG shall use commercially reasonable efforts to comply with the terms of this Section 4.2 under a revised timeline reasonably necessary (determined in good faith by the Board) to
allow the parties a reasonable opportunity to prevent such potential Credit Agreement Default and to allow the Qualified Principals a reasonable amount of time to object to any financing with MSG or any of its Affiliates prior to such potential
Credit Agreement Default and to explore reasonable alternatives thereto, and (y) in the event the applicable Credit Agreement Default has already occurred (and has not been cured) pursuant to clause (ii) of the definition of such term, the
time periods referred to in this Section 4.2 shall not in any way delay the Board’s actions to cure such Credit Agreement Default in accordance with the other terms of Section 4.2(a) (but for the avoidance of doubt such actions shall be
subject to review after such implementation in accordance with Section 4.2(b)). 
 Section 4.3 Limitation of Liability.
Notwithstanding anything in this Agreement to the contrary, but without limiting the obligations of any Person under (or the liability of any Person for any breach of) Sections 4.6 or 4.7 or any provision of the Rollover Holdco LLCA, (a) no
Member or Rollover Holdco Member will be liable to the Company, Rollover Holdco or any other Member or Rollover Holdco Member for any Losses suffered or incurred by any Person on account, or by reason, of any claim based on or arising from any act
taken or omitted to be taken by such Member or Rollover Holdco Member in his, her or its capacity as such, and no Member or Rollover Holdco Member in his, her or its capacity as such will owe any fiduciary duties to the Company, Rollover Holdco, any
other Member or Rollover Holdco Member (as applicable) or any other Person, (b) no Director will be liable to the Company, any Member or Rollover Holdco Member for any Losses suffered or incurred by any Person on account, or by reason, of any
claim based on or arising from any act taken or omitted to be taken by such Director in his or her capacity as such or in his or her capacity as a member of the board of directors (or similar governing body with a different name) of any Subsidiary
of the Company, and no Director in his or her capacity as such will owe any fiduciary duties to the Company, any Member, any Rollover Holdco Member or any other Person, and (c) each Officer (in his or her capacity as such) shall owe the same
duty of loyalty and good faith to the Company as an officer of a Delaware corporation under the General Corporation Law of the State of Delaware (the “DGCL”) (it being understood that such duties shall not limit any
Principal’s right to (i) take the actions permitted by clauses (i) and (ii) of Exhibit H, or (ii) exercise any Principal Veto Rights pursuant to Section 4.1(g)) and, except for such duties, shall not in his or her
capacity as such owe any other fiduciary duties to the Company, Rollover Holdco, any Member, any Rollover Holdco Member or any other Person. Without limiting the obligations of the Members, Rollover Holdco Members, Directors, Principals or Officers
to the Company or the other parties hereto under this Section 4.3 or the other provisions of this Agreement, (x) the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the
debts, obligations and liabilities of the Company, and none of the Members, Rollover Holdco Members, Directors, Principals or Officers shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being
a Member, Rollover Holdco Member, Director, Principal or Officer, and (y) the failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs under the Act or
this Agreement shall not be grounds for imposing personal liability on any Member, Rollover Holdco Member, Director, Principal or Officer for debts, obligations or liabilities of the Company. Except with respect to the obligations of any Person
under (or the liability of any Person for any breach of) Sections 4.6 or 4.7 or the Rollover Holdco LLCA, (x) there shall be, and each Member, Rollover Holdco Member, Director, Principal and Officer shall be entitled to, a presumption that such
Person acted in good faith in any action taken in his, her or its capacity as a Member, Rollover Holdco Member, Director, Principal or Officer, and (y) each Member, Rollover Holdco Member, Director, Principal and Officer in any action taken in
his, her or its capacity as a Member, Rollover Holdco Member, Director, Principal or Officer shall be fully protected in 

  
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relying in good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the Company by any Person as to matters such Member, Rollover Holdco
Member, Director, Principal and Officer reasonably believes are within such Person’s professional or expert competence. 

Section 4.4 Indemnification. 

(a) To the fullest extent permitted by law, the Company shall indemnify the Members, the Rollover Holdco Members, Directors and Officers and
their respective officers, directors and employees (collectively, “Indemnified Persons”) and hold them harmless from and against any losses, costs, liabilities, damages, and expenses (including costs of suit and
reasonable attorney’s fees, but excluding any expenses incurred in providing the Benefits for which MSG receives the Minimum Commitment) (collectively, “Losses”) such Indemnified Person may incur (or have incurred
on or before the date hereof to the extent such indemnification is permitted pursuant to Section 7.06 of the Transaction Agreement) relating to or arising out of such Indemnified Person’s acts or omissions in such Indemnified Person’s
capacity acting on behalf of the Company or any of its Subsidiaries in a manner reasonably believed to be within the scope of such Indemnified Person’s authority or in performing such Indemnified Person’s obligations on behalf of the
Company or any of its Subsidiaries (or otherwise by reason of the fact that such Indemnified Person is or was a Principal, Officer, Director, Member or Rollover Holdco Member), specifically including the Indemnified Person’s sole, partial, or
concurrent negligence or other fault, or by reason of any action or inaction of any employee, broker or other agent of such Indemnified Person, and on request by the Indemnified Person, the Company shall advance expenses associated with defense of
any related action; provided, however, that (i) such Indemnified Person shall repay any such expense advancement if it is determined by a court of competent jurisdiction in a final,
non-appealable judgment that such Indemnified Person was not entitled to indemnification hereunder with respect to such matter; (ii) no Indemnified Person shall be indemnified and held harmless
(1) in connection with any dispute under this Agreement, (2) under any other Contract between such Indemnified Person and the Company or any of its Subsidiaries, (3) in the case of fraud, willful misconduct, or gross negligence by
such Indemnified Person, or (4) in the case of any Officer, for any action or omission that a court of competent jurisdiction has determined in a final, non-appealable judgment constitutes a breach of his
or her duties under clause (c) of Section 4.3 such that the indemnification of such Officer would not be permitted under the DGCL if such Officer was an officer of a Delaware corporation; (iii) the Company shall not be required to
make any payment pursuant to this Section 4.4(a) to the extent that the Indemnified Person that otherwise would be paid by the Company has received proceeds from insurance obtained by the Company to cover the loss, cost or expense in question; and
(iv) no payment shall be made to a Member or Rollover Holdco Member pursuant to this Section 4.4(a) that Section 4.8(b) requires such Person (other than the Company) to pay. The termination of a proceeding by judgment, order, settlement,
conviction or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that such Loss resulted from the fraudulent, willful misconduct or gross negligence of such Indemnified Person. The
indemnification provided by this Section 4.4(a) shall not be deemed to be exclusive of any other rights to which each Indemnified Person may be entitled under any agreement, or as a matter of law, or otherwise, both as to any action in such
Indemnified Person’s official capacity and to any action in another capacity, and shall continue as to such Indemnified Person who has ceased to have an official capacity for acts or omissions, during such official capacity or otherwise, and
shall inure to the benefit of the heirs, successors and administrators of such Indemnified Person. 
 (b) The Company hereby acknowledges
that one or more of the Directors may have certain rights to indemnification, advancement of expenses and/or insurance provided by the Members who designated such Directors and/or certain of their respective Affiliates (“Member
Indemnitors”). The Company hereby agrees that (i) it is the indemnitor of first resort (i.e., its obligations to any such Director are primary and any obligation of the Member Indemnitors to advance expenses or to provide
indemnification for the same expenses or liabilities incurred by such Director are secondary), (ii) it shall be required to advance the full amount of expenses incurred by such Director and shall be liable for the full amount of all expenses,
judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Director to the extent legally permitted and as required by this Agreement (or any agreement between the Company and such Director), without regard to any rights
such Director may have against the Member Indemnitors, and (iii) it irrevocably waives, relinquishes and releases the Member Indemnitors from any and all claims against the Member Indemnitors for contribution, subrogation or any other recovery
of any kind in respect thereof. The Company further agrees that no advancement or payment by the Member Indemnitors on behalf of any such Director with respect to any claim for which such Director has sought indemnification from the Company shall
affect the foregoing and the Member Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Director against the Company. 

Section 4.5 D&O Insurance. In addition to any D&O insurance policy purchased pursuant to Section 7.06 of the
Transaction Agreement, the Company shall purchase and maintain insurance, or be covered under insurance policies of MSG or its Affiliates (in which case there will be a reasonable allocation of costs to the Company for such coverage), on behalf of
any Person who is or was a Member, Rollover Holdco Member, Director, Officer, manager, employee or agent of the Company, or is or was serving at the request of the Company as a director or similar director, trustee, officer, manager, employee or
agent of any other Person, against any liability asserted against such Person and incurred by such Person in any such capacity or arising out of the Person’s status as such whether or not the Company would have the power to indemnify the Person
against such liability under Section 4.4. 

  
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 Section 4.6 Other Activities. 

(a) Restrictions on Principals. The Principals shall be subject to certain competition restrictions as set forth on
Exhibit H. Each Principal acknowledges and agrees that the content and scope (including the worldwide scope) of the competition restrictions set forth on Exhibit H are reasonable, and that compliance with such covenants is
necessary to protect the business and goodwill of the Company and its Subsidiaries and Affiliates and are an integral factor in MSG’s determination to make the investment contemplated by the Transaction Agreement. 

(b) Restrictions on Certain Employee Rollover Holdco Members. By entering into this Agreement and an employment agreement with the
Company or one of its Subsidiaries, the Company and certain Employee Rollover Holdco Members acknowledge and agree that (i) such Employee Rollover Holdco Member shall be subject to certain competition restrictions as set forth in such Employee
Rollover Holdco Member’s individual employment agreement and (ii) notwithstanding Section 8.9 of this Agreement, such employment agreement is governed by and construed in accordance with the laws of the State of New York and any
disputes arising pursuant to the terms of such agreement or in respect thereof shall be resolved in accordance with the dispute resolution requirements set forth in such agreement. 

(c) No Other Restrictions. Except to the extent otherwise provided in Section 4.3 or 4.6(a) or in a written agreement between any
Person and the Company or any Member or Director (including, without limitation, as provided in the Transaction Agreement or any employment agreement), (i) any Member or Director may (whether or not any of the following has, or is reasonably
likely to have, a detrimental effect on the Company or any of its Subsidiaries), directly or indirectly (A) engage or participate in, or render services to (whether as owner, operator, member, shareholder, trustee, director, manager,
consultant, strategic partner, employee or otherwise) (including through and by any means of an equity or profits interest in any other Person), other businesses or ventures of any nature or description without regard to whether such businesses or
ventures are or may be deemed to be competitive with, or similar to the business conducted by, the Company or any of its Subsidiaries, or (B) do business with any client or customer of the Company or any of its Subsidiaries, and (ii) no
Member or Director shall be obligated to present or offer to the Company or any of its Subsidiaries or any other Member any particular investment or business opportunity, regardless of whether the Company or any of its Subsidiaries or any other
Member could take advantage of such opportunity if it were to be presented to the Company or such Subsidiary or such Member, but may avail himself, herself or itself of any such opportunity for his, her or its own behalf. For the avoidance of doubt,
it is understood that The Madison Square Garden Company and its Affiliates are not subject to any non-competition or other restrictive covenant except for (x) the obligations of confidentiality set forth
in Section 4.7 and (y) the obligation of The Madison Square Garden Company to cause its Affiliate to comply with certain restrictive covenants pursuant to Section 9.11 of the Transaction Agreement. 

Section 4.7 Confidentiality. 

(a) Each Member and Rollover Holdco Member shall, and shall cause his, her or its Affiliates and representatives to, keep confidential and not
disclose, other than in connection with Company’s and its Subsidiaries’ business, to any other Person (other than his, her or its Affiliates and Subsidiaries and its and their respective directors, officers, employees and other
representatives so long as such Member or Rollover Holdco Member, as applicable, is responsible for any disclosure by such Affiliate, Subsidiary, director, officer, employee or other representative of information in breach of this Section 4.7)
any information, technology, know-how, trade secrets, product formulas, industrial designs, franchises, inventions or other industrial and intellectual property in the possession or control of such Member or
Rollover Holdco Member, as applicable, or his, her or its Affiliates or representatives regarding the Company or any of its Subsidiaries or their respective businesses (“Confidential Information”) (unless and to the extent
disclosure is required by applicable law, rule or regulation, including the rules of any applicable securities exchange). The obligations of the Members and Rollover Holdco Members under this Section 4.7(a) shall not apply to information that
(i) is obtained from public information, (ii) is received after the date of this Agreement from a third party not, to the knowledge of such Member or Rollover Holdco Member, as applicable, subject to any obligation of confidentiality with
respect to such information, (iii) is or becomes known to the public, other than through a breach of this Agreement, or (iv) is disclosed in connection with any action, suit or other proceeding in connection with the rights or obligations
of such Member or Rollover Holdco Member under this Agreement, any other Transaction Document or any other action, suit or other proceeding involving the Company or any of its Subsidiaries. Access by Rollover Holdco and each Rollover Holdco Member
and his, her or its Affiliates or representatives to Confidential Information or confidential information about MSG and its other Affiliates (including, The Madison Square Garden Company) may provide them with material information concerning MSG and
its Affiliates that has not been publicly disclosed. Accordingly, Rollover Holdco and each Rollover Holdco Member and his, her or its Affiliates and representatives may be subject to applicable securities laws that may restrict their ability to
disclose such information to others or to purchase or sell securities. Nothing in this Section 4.7(a) shall limit the obligations of any Member or Rollover Holdco Member under any other agreement to which such Member or Rollover Holdco Member is a
party or by which such Member or Rollover Holdco Member is bound or otherwise subject. 

  
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 (b) Notwithstanding anything in this Agreement to the contrary: (i) the Company will
not, and will not cause, suffer or permit any of its Subsidiaries to, issue any press release or similar communication that might reasonably constitute material non-public information without the prior written
consent (which may be by e-mail) of MSG, and (ii) for so long as MSG is, or is controlled by a company that is, subject to Section 13 or 15(d) of the Exchange Act, MSG may make any public disclosures
about the Company or any of its Subsidiaries that are reasonably necessary or appropriate for a public company to make; provided, however, that, to the extent practicable, MSG will consult with the Qualified Principals in connection
with any such public disclosure. 
 Section 4.8 Management Fee, Etc. 

(a) For so long as MSG owns any Interests, (i) the Company shall, or shall cause its Subsidiaries to, pay MSG an annual management fee
(as increased pursuant to Section 4.8(b), the “Management Fee”) of $5,000,000 per Company Fiscal Year prorated for partial periods, and (ii) subject to the proviso in Section 4.8(c), the Company and its
Subsidiaries shall purchase from The Madison Square Garden Company or any of its Subsidiaries marketing and/or sponsorship benefits (“Benefits” ) for no less than $1,000,000 per Company Fiscal Year (as increased
pursuant to Section 4.8(b), the “Minimum Commitment”; the Management Fee and the Minimum Commitment are referred to as the “MSG Payments”); provided, however,
that, (x) at the election of the Principal Base with respect to any Company Fiscal Year ending prior to the fifth anniversary of the date of this Agreement, the Minimum Commitment per Company Fiscal Year may be reduced for such Company Fiscal Year
by any amount (but may not be reduced to less than $0), and (y) to the extent of any such reduction in the Minimum Commitment, the amount of the Management Fee for such Company Fiscal Year will be correspondingly increased on a dollar for
dollar basis. The Benefits to be purchased by the Company and its Subsidiaries shall be as determined by the Qualified Principals (subject to the Minimum Commitment) and shall be made available to the Company and its Subsidiaries on fair market
terms (taking into account all relevant and available volume pricing terms, standard discounts and rebates and similar terms). The MSG Payments shall be treated as guaranteed payments under Section 707(c) of the Code. 

(b) The amount of the Management Fee and the amount of the Minimum Commitment will be automatically increased by 5% on the first day of each
Company Fiscal Year, with the first such increase on January 1, 2018. The Management Fee will serve as the sole compensation to MSG and its Affiliates for general strategic services provided to the Company and its Subsidiaries by MSG and its
Affiliates for advisory support services such as ticketing, marketing and sponsorship (sponsorship sales to be commissioned) and introductions to the MSG family of companies and relationships and will not, for the avoidance of doubt, entail the
undertaking by MSG of any day-to-day management or operational duties of or on behalf of the Company or any of its Subsidiaries. 

(c) The Company shall, or shall cause its Subsidiaries to, pay the Management Fee in equal quarterly installments in arrears at least 30 days
prior to the start of each fiscal quarter. Promptly after the end of each fiscal quarter, MSG shall send the Company an invoice for any Benefits provided to the Company and its Subsidiaries for such quarter; provided, however, that in
the event the Minimum Commitment exceeds the amount of Benefits purchased by the Company and its Subsidiaries for an entire Company Fiscal Year, the invoice sent by MSG after the fourth fiscal quarter shall also include the amount of such excess
(and the Company shall receive a credit in the amount of such excess (such credit shall not exceed $750,000 for the Company Fiscal Year ending on December 31, 2017 or $500,000 for any 12-month period
ending on the last day of any subsequent Company Fiscal Year) to be applied to the purchase of Benefits in the following Company Fiscal Year, and such credit shall, to the extent unused in such following Company Fiscal Year, be unavailable for use
thereafter). The Company will pay the amount set forth in such invoice promptly (but in any event within ten business days after receipt thereof). In the event the Company is not permitted to pay some or all of the Management Fee pursuant to any
Company Loan Agreement, MSG Promissory Note, TAO Promissory Note or B Rated Note, then the portion of the Management Fee that the Company does not pay when due shall bear interest at the rate of 9% per annum, compounded quarterly on the same basis
as the Preferred Return, until paid. 
 (d) Notwithstanding anything in Section 2.1 to the contrary, in the event that, at any time,
the Company is not permitted to: 
 (i) pay a portion of the Management Fee required to be paid under this Section 4.8
pursuant to any Company Loan Agreement, then the Company may not at such time make any distribution pursuant to Section 2.1(c)(i) or 2.1(c)(ii) unless, at the same time such distribution is made, the Company also pays to MSG (in addition to amounts
distributable to MSG pursuant to Section 2.1(c)(i) or 2.1(c)(ii), as applicable) in respect of the Management Fee an amount that is equal to the lesser of (A) the portion of the Management Fee that is then due pursuant to this Section 4.8
(together with all interest on such portion, as determined pursuant to Section 4.8(c)), and (B) the same percentage of the amount paid pursuant to Section 2.1(c)(i) or 2.1(c)(ii), as applicable, as the total amount of the Management Fee that is
then due pursuant to this Section 4.8 (including all interest on such portion, as determined pursuant to Section 4.8(c)) bears to the total amount that is then to be distributed pursuant to Section 2.1(c)(i) or 2.1(c)(ii), as applicable; or

  
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 (ii) make a portion of a distribution required to be made under Section
2.1(c)(i) or 2.1(c)(ii) pursuant to any Company Loan Agreement, then the Company may not at such time make any payment of the Management Fee pursuant to this Section 4.8 unless, at the same time such payment is made, the Company also makes a
distribution pursuant to Section 2.1(c)(i) or 2.1(c)(ii), as applicable (including amounts distributable to MSG thereunder) in an amount that is equal (in the aggregate) to the same percentage of the amount of the Management Fee paid pursuant to
this Section 4.8 (together with all interest on such portion, as determined pursuant to Section 4.8(c)) as the amount of such distribution pursuant to Section 2.1(c)(i) or 2.1(c)(ii), as applicable, bears to the total amount of the
Management Fee that is then due pursuant to this Section 4.8 (including all interest on such portion, as determined pursuant to Section 4.8(c)). 

(e) The Company and the Qualified Principals will cooperate and provide reasonable support in analyzing and providing other strategic support
for proposed strategic opportunities that may be beneficial to both MSG and the Company (e.g., to enhance a venue of The Madison Square Garden Company or any of its Subsidiaries with a Company-branded opportunity) without additional charge as
to such analysis or exploration (but any implementation shall be subject to the following sentence). Any decision to actually move forward with implementing such an opportunity shall be subject to Board Approval and the Principal Veto Rights. 

Article V 
 Meetings and Voting

 Section 5.1 Meetings of Members. 

(a) A meeting of the Members may be called by the Board or by Members whose Percentage Share is at least 21% (including by Rollover Holdco at
the direction of Rollover Holdco Members whose Percentage Share is at least 21%) upon prior written notice and will be held at the office of the Company or at such other place that the Board (or Members calling such meeting) shall designate in the
notice of the meeting. A meeting of Members may be called to exercise any authority given to them in this Agreement, subject to the Approval Rights. 

(b) The presence, at any meeting of the Members in person or by proxy of the holders of a majority of Class A Common Units, together with
Rollover Holdco unless (i) the Rollover Holdco Members that are Qualified Principals are given three business days’ notice of such meeting, and (ii) Rollover Holdco Members who at such time are Qualified Principals having an aggregate
Percentage Share equal to at least 50% of the aggregate Percentage Share of all Qualified Principals at such time have not instructed Rollover Holdco to attend such meeting (with Rollover Holdco to so notify MSG at such meeting that such
instructions have or have not been received) at the time of such meeting, will constitute a quorum at any meeting of Members. 
 (c)
Whenever under this Agreement the Members are required or permitted to take any action, such action may be taken without a meeting, notice or a vote, if the Qualified Principals are given written notice of such action
(e-mail is sufficient) at least three business days prior to the taking thereof and an instrument setting forth the action so taken is signed and dated by each of the Members whose approval is required to take
such action and such instrument is delivered to the Company. The Company shall arrange for a copy of any such instrument to be provided to each Qualified Principal promptly thereafter (but the failure to give prompt notice shall not affect the
validity of any action set forth in such instrument). 
 (d) Except to the extent expressly set forth in this Agreement or required by
applicable law, the holders of Units will not be entitled to vote on any matter. With respect to any matter as to which the holders of Units are entitled to vote, each such holder shall be entitled to one vote for each Unit held by such Member. 

Section 5.2 Meetings of the Board. 

(a) The Board shall meet periodically (no less than twice per Company Fiscal Year) and a special meeting of the Board may be called by the
Chairman or at least three Directors. All meetings of the Board will be held at the office of the Company or at such other place that the person or persons calling such meeting shall designate in the notice of the meeting. A meeting of the Board may
be called to exercise any authority given to the Board in this Agreement or under the Act. The notice for any meeting of the Board shall specify each matter to be brought before the Board at such meeting. Attendance or participation of a Director at
a meeting shall constitute a waiver of notice of such meeting, except when such Director attends or participates in the meeting for the express purpose of objecting at the beginning thereof to the transaction of any business because the meeting is
not properly called or convened. 

  
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 (b) The presence of at least 50% of the Qualified Principals as well as a number of
Directors designated by MSG that exceeds by one the number of Qualified Principals who are Directors in attendance will constitute a quorum at any meeting of the Board, and the approval of any action at a meeting of the Board shall require the
approval of a majority of the Directors in attendance at such meeting (subject to the approval rights of MSG and the Principals with respect to any matter pursuant to Section 4.1(g), (h) and (i), to the extent applicable to such action);
provided, however, that the presence of at least 50% of the Qualified Principals shall not be required to constitute a quorum at any meeting of the Board to the extent such meeting considers any matter referred to in Section 4.2
if the Qualified Principals are given written notice (e-mail is sufficient) of such meeting including a description of the action or actions to be taken at least five business days prior to such meeting. 

(c) Whenever under this Agreement the Board is required or permitted to take any action, such action may be taken without a meeting, or a
vote, if the Qualified Principals are given written notice of such action (e-mail is sufficient) including a description of the action or actions to be taken at least three business days prior to the taking
thereof and an instrument setting forth the action so taken is signed and dated by the same number of Directors whose approval would be required to approve such action at a meeting of the Board if all Directors were in attendance at such meeting and
such instrument is delivered to the Company. The Company shall arrange for a copy of any such instrument to be provided to each Director promptly thereafter (but the failure to give prompt notice shall not affect the validity of any action set forth
in such instrument). 
 Section 5.3 Participation in Meetings. A Member or a Director may appear and vote at a meeting in person
or by proxy (and more than one proxy may be granted to someone attending such meeting; it being understood (for the avoidance of doubt) that a person granted a proxy may vote and the presence of such person will be taken into account for purposes of
determining a quorum), and a Member or Director may participate in a meeting by means of a conference telephone or similar communication equipment by means of which all Persons participating in the meeting can hear each other simultaneously and such
participation in a meeting will constitute presence in Person at such meeting. 
 Section 5.4 No Voting Agreements. Except for
the grant of a proxy permitted by Section 5.3 for a specific meeting or vote, neither MSG, nor Rollover Holdco, nor any Rollover Holdco Member, nor any Principal (in his capacity as a Director or Member) shall enter into any Contract that
requires MSG, Rollover Holdco, such Rollover Holdco Member or such Principal to vote or grant approval of any matter in accordance with the directions of any other Person. 

Article VI 
 Transfers 

Section 6.1 No Transfers. 

(a) A Member may not Transfer any of such Member’s Interests, except pursuant to Section 6.2. Further, a Rollover Holdco Member may
not Transfer any Rollover Holdco Interests pursuant to the Rollover Holdco LLCA or otherwise, except to the extent permitted by Section 6.2. Any Transfer in violation of this Agreement shall be subject to Section 8.3 or Section 8.3 of
the Rollover Holdco LLCA, as applicable, and such intended transferee shall not become a Member or a member of Rollover Holdco, as applicable, or obtain any rights under this Agreement or the Rollover Holdco LLCA. 

(b) Notwithstanding anything contained in this Agreement to the contrary: (i) no Member may Transfer any Interests if such Transfer would
require the filing of a registration statement under the Securities Act by the Company or would otherwise violate any federal or state securities laws or regulations applicable to the Company; (ii) no proposed Transfer by a Member of such
Member’s Interest may be made to any Person if: (A) such Transfer would result in the Company being treated as anything other than a partnership for United States federal income tax purposes; (B) such Transfer would cause the Company
to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code and the regulations promulgated thereunder; or (C) such Transfer would result in the Company being regulated under the Investment
Company Act of 1940, as amended; and (iii) if a Rollover Holdco Member (or transferee of a Rollover Holdco Member) Transfers his, her or its Interest or Rollover Holdco Interest and/or directs Rollover Holdco to Transfer Attributable Interests:
(A) if there is a pending indemnification claim under Article 12 of the Transaction Agreement, such Transfer by a Rollover Holdco Member other than a Principal shall not be permitted under this Section 6.1(b) unless either (1) the
transferor and transferee acknowledge pursuant to an instrument in form and substance reasonably satisfactory to MSG that they are jointly and severally liable for the Indemnification Obligations of such Rollover Holdco Member with respect to such
indemnification claim, or (2) the transferor provides MSG with reasonable assurances that such transferor can satisfy the Indemnification Obligations of such Rollover Holdco Member with respect to such indemnification claim in full (it is
understood and agreed that such assurances shall be reasonable in the event such Rollover Holdco Member reasonably demonstrates that such Rollover Holdco Member has a net worth (excluding the fair market value of the Interests to be Transferred) no
less than the fair 

  
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market value of the Interests or Rollover Holdco Interests to be Transferred); and (B) pursuant to Section 6.3 (Right of First Offer), Section 6.4
(Tag-Along Rights), Section 6.5 (Drag-Along Rights) Section 6.6 (Put Right) or Section 6.7 (Call Right) and at the time of such Transfer a Parent Indemnitee (as defined in the Transaction
Agreement), is entitled to be paid in respect of any Indemnification Obligations pursuant to the final non-appealable order of a court of competent jurisdiction or an agreement between MSG and the Member
Representative (as defined in the Transaction Agreement), then such Rollover Holdco Member (or transferee of such Rollover Holdco Member) may not so Transfer all or part of his, her or its Interest or direct Rollover Holdco to Transfer any
Attributable Interest unless the proceeds received by such Rollover Holdco Member (or transferee of such Rollover Holdco Member or Rollover Holdco Interest) in such Transfer are used to satisfy such Indemnification Obligations (the Indemnification
Obligations of such Rollover Holdco Member that had not been satisfied on or prior to the date of such Transfer are referred to as an “Indemnification Obligations Shortfall”) or such Indemnification Obligation is
otherwise satisfied in full (and each Rollover Holdco Member acknowledges that, notwithstanding anything in this Agreement to the contrary, the Principal Veto Rights shall not apply to any Transfer or payment pursuant to this Section 6.1(b)(iii) and
to the extent of an Indemnification Obligation Shortfall, any amount otherwise payable to such Rollover Holdco Member pursuant to Section 6.3 (Right of First Offer), Section 6.4 (Tag-Along Rights),
Section 6.5 (Drag-Along Rights), Section 6.6 (Put Right) or Section 6.7 (Call Right) shall instead be paid directly to MSG in order to satisfy any such Indemnification Obligations until satisfied in full). If any Transfer permitted
hereunder would result in the Company being ineligible to make an “election out” under Section 6221(b) of the Code, the transferor and transferee Members shall reasonably cooperate with the Company to avoid such loss of eligibility, but
shall not in any event be prohibited from consummating any such Transfer if otherwise permitted under the other provisions of this Article VI nor be required to materially alter any of the terms of such transfer in a manner that would be adverse to
the transferor or transferee Member. 
 Section 6.2 Certain Transfers. A Member (including Rollover Holdco at the direction of a
Rollover Holdco Member) may Transfer such Member’s Interests (and, for the avoidance of doubt, a Rollover Holdco Member’s Rollover Holdco Interests may only be Transferred): (a) in a Permitted Transfer; (b) pursuant to
Section 6.3 (Right of First Offer), 6.4 (Tag-Along Rights), 6.5 (Drag-Along Rights), 6.6 (Put Right), or 6.7 (Call Right); or (c) with respect to Rollover
Holdco Interests, to Rollover Holdco in full or partial redemption thereof if, concurrently with such Transfer, (i) Rollover Holdco Transfers to MSG the Attributable Interests that correspond to Rollover Holdco Interests of such Rollover Holdco
Member in order to satisfy the Indemnification Obligation, or (ii) as contemplated by Section 6.11(b), upon the distribution of Attributable Interests to a Rollover Holdco Member in accordance with a Transfer of such Attributable Interests, or
a distribution of the proceeds of any Transfer by Rollover Holdco, in each case as otherwise permitted by this Article VI. 

Section 6.3 Right of First Offer. 

(a) In the following circumstances, a Member (including Rollover Holdco at the direction of a Rollover Holdco Member) may Transfer his, her or
its Interests, and a Rollover Holdco Member may Transfer his, her or its Rollover Holdco Interests, in either case, in compliance with this Section 6.3 and, if applicable, Section 6.11(b): 

(i) after the fifth anniversary of the date of this Agreement, a Member or Rollover Holdco Member who is a Principal and any
member of his Principal Rollover Holdco Group may Transfer his or its Interests or Rollover Holdco Interests (as applicable) to any Person other than a Prohibited Person after complying with his, her or its obligations pursuant to clauses (b)-(d) of
this Section 6.3 (the “ROFO Obligations”); provided, however, that in the event of such a Transfer to MSG as a ROFO Party, such Rollover Holdco Member shall also direct Rollover Holdco to Transfer to MSG
the Attributable Interests that correspond to the Rollover Holdco Interests owned by such Rollover Holdco Member; 
 (ii)
after the fifth anniversary of the date of this Agreement for any reason (or no reason) or, if sooner, pursuant to Section 6.5 (Drag-Along Sale) after an MSG Change of Control following which one or more Principals exercise their put rights
pursuant to Section 6.6 (Put Right), MSG may Transfer its Interests after complying with its ROFO Obligations and Section 6.4 (Tag-Along Rights); provided, however, that in the event
the Qualified Percentage Share is less than 21% at the time of such Transfer, then MSG may Transfer its Interests without complying with clauses (b)-(d) of this Section 6.3 (but, for the avoidance of doubt, must nevertheless comply with
Section 6.4 (Tag-Along Rights)); and 
 (iii) after the fifth anniversary of the
date of this Agreement, a Rollover Holdco Member who is not a Principal may Transfer his or her Rollover Holdco Interests to any Person other than a Prohibited Person after receiving the prior written approval of the Board; provided,
however, that in the event of such a Transfer to MSG as a ROFO Party, such Rollover Holdco Member shall direct Rollover Holdco to Transfer to MSG the Attributable Interests that correspond to the Rollover Holdco Interests owned by such
Rollover Holdco Member; 

  
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 provided, however, that in connection with any Transfer (or proposed Transfer) by a Principal
pursuant to this Section 6.3 that would result in such Principal no longer holding any Rollover Holdco Interests, such Principal shall be required to Transfer all of his, her or its Interests concurrently with such Transfer (and such Interests
shall be included in such Principal’s offer of Offered Securities pursuant to this Section 6.3). 
 (b) In the event that a Member
desires to Transfer his, her or its Interests (or a Rollover Holdco Member desires to Transfer the Rollover Holdco Interests owned by such Rollover Holdco Member) pursuant to this Section 6.3, such Member or Rollover Holdco Member (in each
case, the “Initiating Party”) shall give the ROFO Party(ies) a written notice setting forth the number and type of Interests or, as applicable, Rollover Holdco Interests offered (the “Offered
Securities”), the price and other terms on which the Initiating Party is willing to sell his, her or its Interests (or, in the case of a Rollover Holdco Member, is willing to sell his, her or its Rollover Holdco Interests or (as
applicable) direct Rollover Holdco to sell the Attributable Interests that correspond to the Rollover Holdco Interests held by such Rollover Holdco Member) to the ROFO Party(ies) (the “ROFO Notice”). 

(c) In the event the ROFO Party(ies) do(es) not accept the offer to purchase all of the Offered Securities on the terms set forth in the ROFO
Notice with fully-committed financing (or on other terms that are acceptable to the Initiating Party) within 30 days after the ROFO Notice is given (the “ROFO Period”), then (if the Initiating Party is MSG, subject to
Section 6.4 (Tag-Along Rights)), the Initiating Party shall have the right, for a period of 180 days after expiration of the ROFO Period, to sell the Offered Securities (or, in the case of a Rollover
Holdco Member, to direct Rollover Holdco to sell the Offered Securities) at a price that is no less than the price set forth in the ROFO Notice and on other terms that are no less favorable to the Initiating Party than those set forth in the ROFO
Notice. In the event the Initiating Party shall not sell its Interests (or, if the Initiating Party is a Rollover Holdco Member, in the event the Initiating Party shall not direct Rollover Holdco to sell the Attributable Interests that correspond to
the Rollover Holdco Interests held by such Rollover Holdco Member) during the 180-day period after expiration of the ROFO Period, then the Initiating Party may not thereafter sell his, her or its Interests
(or, if the Initiating Party is a Rollover Holdco Member, may not thereafter direct Rollover Holdco to sell the Attributable Interests that correspond to the Rollover Holdco Interests held by such Rollover Holdco Member) under this Section 6.3
without giving the ROFO Party(ies) a new ROFO Notice pursuant to Section 6.3(b). 
 (d) In the event that the ROFO Party(ies) shall accept
the offer to purchase all of the Offered Securities pursuant to the ROFO Notice, the Offered Securities shall be sold to the ROFO Party(ies) (and, if there is more than one ROFO Party, each ROFO Party shall have the right to purchase a portion of
the Offered Securities equal to his, her or its Relative Percentage Share, in the case of Rollover Holdco, based on the respective Relative Percentage Shares of the applicable Rollover Holdco Members, or such other portion as the ROFO Party(ies)
shall otherwise agree) on such terms as promptly as practicable after expiration of the ROFO Period (provided such ROFO Party(ies) shall not be obligated to consummate such transaction prior to the date that is 45 days after the date the ROFO Notice
is given); provided, however, that (i) for the avoidance of doubt, it is understood that, (A) if MSG is acquiring any Offered Securities, the Initiating Party shall direct Rollover Holdco to Transfer to MSG the Attributable
Interests that correspond to such Offered Securities and MSG shall pursuant to Section 6.11(b) acquire such Attributable Interests, and (B) if any ROFO Party other than MSG is acquiring Offered Securities, such Person shall acquire Rollover
Holdco Interests, and (ii) in the event (A) MSG shall offer to purchase any of the Offered Securities that a Principal has offered to sell, or has directed Rollover Holdco to offer to sell, pursuant to Section 6.3(a)(i), as applicable, or
(B) the Qualified Principals shall direct Rollover Holdco to offer to purchase any of the Offered Securities offered by MSG pursuant to Section 6.3(a)(ii), each Member who is a Principal (other than (if applicable) the Initiating Party) shall
have the right (but not the obligation) to purchase, and each Rollover Holdco Member (other than (if applicable) the Initiating Party) shall have the right (but not the obligation) to direct Rollover Holdco to purchase, in each case, a portion of
the Offered Securities equal to such Member or Rollover Holdco Member’s Relative Percentage Share (which shall, if applicable, be effectuated pursuant to Section 6.11(a)). 

Section 6.4 Tag-Along Rights. 

(a) After the fifth anniversary of the date of this Agreement, MSG may Transfer its Interests in compliance with this Section 6.4 after
it satisfies its ROFO Obligations (it is understood that in the event MSG is not required to comply with clauses (b)-(d) of Section 6.3 (Right of First Offer) pursuant to the proviso in clause (ii) of Section 6.3(a), then it is deemed to
have satisfied its ROFO Obligations). 
 (b) MSG may Transfer its Interests pursuant to this Section 6.4 by providing the Rollover
Holdco Members with at least 10 days prior written notice of the Transfer, together with a description of the price and other material terms and conditions of the offer to Transfer such Interests (the
“Tag-Along Sale Notice”); provided, however, that in the event MSG is required pursuant to Section 6.3(a)(ii) to give the Principals a right of first
offer in order to Transfer its Interests pursuant to Section 6.3, then MSG may not Transfer any Interests under this Section 6.4 unless the ROFO Period shall have expired and the ROFO Party(ies) have not exercised their rights to purchase
such Offered Securities. Each Member who is a Principal and each Rollover Holdco Member shall have the 

  
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right, by delivering to the Company and MSG a written notice within such 10-day period, in the case of a Member who is a Principal, to sell Interests, and
in the case of a Rollover Holdco Member, to direct Rollover Holdco to sell Attributable Interests pursuant to Section 6.11(b) that correspond with the Rollover Holdco Interests owned by such Rollover Holdco Member, in each case, on the same terms
and conditions as the sale by MSG (with (1) the price per Unit to MSG, on the one hand, and a Principal and Rollover Holdco, on the other hand, being determined in accordance with the Distribution Priorities, and (2) the Principals and the
Rollover Holdco Members, as applicable, mutatis mutandis making the same representations and warranties, agreeing to the same covenants and agreeing to the same indemnification obligations as MSG) a number of (i) a
Principal’s: (A) Class A Common Units equal to the product of: (1) the number of Class A Common Units owned by such Principal, and (2) the quotient obtained by dividing the number of Class A Common Units being sold
by MSG and the number of Class A Common Units owned by MSG at such time (and if the transferee of such Class A Common Units is not willing to purchase such number of Class A Common Units from the other Members, the number of
Class A Common Units to be sold by MSG shall be reduced proportionately and such Members shall have the right to sell a number of Class A Common Units equal to the product of the amount referred to in clause (1) and the quotient
referred to in clause (2)); or (ii) Rollover Holdco’s: (A) in the event of a Transfer by MSG of its Class A Common Units, Attributable Class A Common Units equal to the product of: (1) the number of Attributable
Class A Common Units that correspond to the Rollover Holdco Class A Common Units owned by such Rollover Holdco Member; and (2) the quotient obtained by dividing the number of Class A Common Units being sold by MSG and the number
of Class A Common Units owned by MSG at such time (and if the transferee of such Class A Common Units is not willing to purchase such number of Attributable Class A Common Units from Rollover Holdco, the number of Class A Common
Units to be sold by MSG shall be reduced proportionately such that the Rollover Holdco Members shall have the right to direct Rollover Holdco to sell pursuant to Section 6.11 the number of Attributable Class A Common Units equal to the
product of the amounts referred to in clauses (1) and (2)); and (B) in the event of a Transfer by MSG of its Preferred Units, Attributable Preferred Units equal to the product of: (1) the number of Preferred Units that correspond to
the Rollover Holdco Preferred Units held by such Rollover Holdco Member; and (2) the quotient obtained by dividing the number of Preferred Units being sold by MSG and the number of Preferred Units owned by MSG at such time (and if the
transferee of such Preferred Units is not willing to purchase such number of Attributable Preferred Units from Rollover Holdco, the number of Preferred Units to be sold by MSG shall be reduced proportionately such that the Rollover Holdco Members
shall have the right to direct Rollover Holdco to sell pursuant to Section 6.11 the number of Attributable Preferred Units equal to the product of the amount referred to in clause (1) and the quotient referred to in clause (2)). 

Section 6.5 Drag-Along Rights. 

(a) MSG shall have the right, but not the obligation, to cause a Sale of the Company in accordance with the terms of this Section 6.5 (an
“Approved Sale”) after: (i) the fifth anniversary of the date of this Agreement; or (ii) in the event of a Principal Post-Year 5 Put, Principal Pre-Year 5 CoC
Put or Principal Post-Year 5 CoC Put; provided, however, that in the event MSG is required pursuant to Section 6.3(a)(ii) to give the Principals a right of first offer in order to Transfer its Interests pursuant to Section 6.3,
then MSG may not exercise its rights under this Section 6.5 unless the ROFO Period shall have expired without the ROFO Party(ies) exercising their rights to purchase all of MSG’s Offered Securities. MSG shall initiate such action by giving
written notice (an “Approved Sale Notice”) to the Company and the Qualified Principals. If MSG delivers an Approved Sale Notice, (x) MSG shall be authorized to initiate a process to seek a Sale of
the Company for which definitive documents are entered into within 270 days of the delivery of such Approved Sale Notice and that is consummated within 360 days after delivery of such Approved Sale Notice (an “Approved Sale
Period”) and to direct and control all decisions in connection therewith (including the hiring or termination of any investment bank and/or other professional advisers and making all decisions regarding valuation and
consideration) and (y) the Company shall participate in, and cooperate in good faith with, such process, in each case as requested by MSG; provided, however, that for so long as the Qualified Percentage Share is at least 21%, (i)
unless otherwise agreed by the Principal Base any such investment bank will be a mutually agreed-upon nationally recognized investment bank or, if no investment bank can be mutually agreed upon by both MSG and the Principal Base within 30 days after
the date of the Approved Sale Notice, then either of them may request the AAA to select such investment bank from a list of four nationally recognized investment banks (two identified by MSG and two by the Principal Base) submitted to the AAA, and
(ii) MSG shall conduct any such process in regular consultation with the Principals and will keep them reasonably and regularly apprised of all material developments related to any such process. 

(b) In the event of an Approved Sale, (i) each Member and Rollover Holdco Member will waive any dissenter’s rights and other similar
rights and (ii) if the Approved Sale is structured as a sale of securities, each Member will agree to sell such Member’s Interests on the terms and conditions of the Approved Sale (or, if requested by MSG, each Rollover Holdco Member will
agree to sell such Rollover Holdco Member’s Rollover Holdco Interests on the terms and conditions of the Approved Sale). Each Member and Rollover Holdco Member will take all reasonably necessary actions as directed by MSG in connection with the
consummation of any Approved Sale, including by executing the applicable transaction agreements in accordance with Section 6.5(d); provided, however, that each Rollover Holdco Member will also execute (without duplication) such
transaction agreements as if such Rollover Holdco Member directly held the Attributable Interests that correspond to such Rollover Holdco Member’s Rollover Holdco Interests. 

  
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 (c) In an Approved Sale, the aggregate consideration payable upon consummation of such
Approved Sale to all Members in respect of their Interests (the “Aggregate Consideration”) shall be apportioned to and paid to the holders of Interests in the Approved Sale based on the Distribution Priorities;
provided, however, that (1) all holders of Preferred Units shall be entitled to receive the Stated Preferred Value in cash in respect of such Preferred Units, and (2) if such Approved Sale is structured to include a sale by
the Rollover Holdco Members of their Rollover Holdco Interests, then the Aggregate Consideration payable to all Members (other than Rollover Holdco) in respect of their Interests shall be apportioned and paid based on the Distribution Priorities and
the Aggregate Consideration payable to any Rollover Holdco Member in respect of his, her or its Rollover Holdco Interests shall be equal to the portion of the amount to which Rollover Holdco is entitled based on the Distribution Priorities to which
such Rollover Holdco Member is entitled on dissolution of the Rollover Holdco pursuant to the Rollover Holdco LLCA. 
 (d) Notwithstanding
the foregoing but subject to Section 6.5(e): (i) neither MSG nor any of its Affiliates may be the purchaser in an Approved Sale; (ii) the Company’s costs and expenses (including reasonable documented out-of-pocket costs and expenses incurred by MSG in connection with the Approved Sale and the reasonable documented
out-of-pocket costs and expenses (not to exceed $200,000 in the aggregate) incurred by the Principals in connection with the Approved Sale), purchase price adjustments,
escrow amounts, purchase price holdbacks, indemnity obligations and other similar items, shall be deemed to reduce (or increase, as the case may be, i.e., in the case of a purchase price adjustment increase or an indemnity payment in favor of
the Members) the Aggregate Consideration for purposes of determining the apportionment in accordance with the Distribution Priorities (except that indemnification obligations that relate solely to a particular Member or Rollover Holdco Member, such
as indemnification with respect to representations and warranties made by a Member or Rollover Holdco Member with respect to such Member or Rollover Holdco Member or covenants made by such Member or Rollover Holdco Member, shall be borne only by
such Member or Rollover Holdco Member and shall not be deemed to reduce the Aggregate Consideration); (iii) non-cash consideration (including debt and equity securities) shall be allocated among the Interests
Transferred in the Approved Sale in accordance with the Distribution Priorities after all cash consideration is so allocated (and if such Approved Sale is structured to include a sale by the Rollover Holdco Members of their Rollover Holdco
Interests, then the non-cash consideration that is so allocated to Rollover Holdco will be further allocated to the Rollover Holdco Members in the manner set forth in clause (2) of the proviso to Section
6.5(c)); provided, however, that (x) any Member or Rollover Holdco Member entitled to receive cash may elect to receive non-cash consideration of an equal value in lieu of cash, (y) MSG
and its Affiliates may only elect to take non-cash consideration to the extent the other Members are offered the opportunity to take non-cash consideration in the same
proportion that the non-cash consideration to be received by MSG and its Affiliates bears to the total consideration to be received by MSG and its Affiliates, and (z) in the event of an Approved Sale
initiated in connection with a Principal Post-Year 5 Put, Principal Pre-Year 5 CoC Put or Principal Post-Year 5 CoC Put pursuant to clause (ii) of 6.5(a), except as may otherwise be agreed by the
Principal exercising such Put, the form of non-cash consideration in such an Approved Sale payable to such Principal’s Principal Rollover Holdco Group shall be limited to (1) equity securities that
are (A) either registered under Section 12(b) or 12(g) of the Exchange Act (and it being agreed that MSG shall pursue and request that the acquiror effect the registration of such equity securities to allow all such Persons receiving such
equity securities two periods of 30 consecutive days to trade such equity securities within the first 180 days of issuance (so long as one of such 30-day periods falls within the first 120 days of issuance))
or if not registered, are the same as those received by MSG (in the same proportion as MSG) and are subject to the same terms and conditions as the equity securities issued to MSG, (B) listed for trading on a U.S. national securities exchange
(in the case of a foreign issuer, the equity securities listed on such exchange shall have an average float and trading volume that is at least 90% of the average float and average daily trading volume of MSG in the 90 days immediately preceding the
announcement of such Approved Sale and shall not consist of American Depositary Receipts or similar instruments), (C) freely tradeable (subject to compliance with applicable securities laws), duly authorized, validly issued, fully paid and non-assessable, not subject to any preemptive or other similar rights and issued free and clear of any Liens (other than Liens under applicable securities laws and this Agreement) and (D) in the case of the
equity securities of a foreign issuer, MSG takes at least one third of the consideration it receives in the Approved Sale in the form of such equity securities, (2) a promissory note or similar obligation, or contingent obligations, that are
the same as those received by MSG (and in the same proportion as MSG) and mature and are payable in immediately available funds within one year of the consummation of the Approved Sale, (3) a TAO Promissory Note that is due and payable within
one year of the consummation of the Approved Sale, or (4) any combination of the foregoing (and to the extent any consideration payable to such Principal’s Principal Rollover Holdco Group does not satisfy the conditions in the preceding
clauses (1)-(4), then such Principal’s Principal Rollover Holdco Group shall instead receive substitute consideration that either satisfies such conditions or is a form of consideration otherwise available to the Company, MSG or MSG Company
Successor under such Put pursuant to Section 6.6(h) or Section 6.6(i), as applicable, with the form of such substitute consideration to be determined by MSG and having a value equal to the Fair Market Value (determined mutatis mutandis
in the same manner that Fair Market Value is determined pursuant to Section 6.8) of such non-compliant consideration); and (iv) cash amounts paid to the Members following the applicable closing
(i.e., purchase price adjustment increases, earn-out payments, escrow and holdback releases, and similar items) shall be allocated among the Interests of the Members as such amounts would have been
allocated at the applicable closing had such amounts been included in the Aggregate Consideration and apportioned in accordance with the Distribution Priorities. 

  
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 (e) Notwithstanding anything to the contrary contained in this Section 6.5, in
connection with an Approved Sale: (i) no Member or Rollover Holdco Member shall be required to make any representation or warranty that is not the same as or equivalent to those made by all other Members and Rollover Holdco Members,
(ii) each Member and Rollover Holdco Member shall only be required to make representations and warranties on a several and not joint basis (other than with respect to claims against an escrow, which may be on a joint and several basis) with
respect to the Company and its Subsidiaries (and, in the case of representations and warranties by the Rollover Holdco Members, with respect to Rollover Holdco) that are made by all other Members and Rollover Holdco Members, (iii) other than in
the case of fraud, no Member or Rollover Holdco Member shall be required to incur indemnification or similar obligations in the aggregate in excess of the lesser of (1) the proceeds actually received by such Member or Rollover Holdco Member in
connection with such Approved Sale, and (2) the pro rata share of such Member or Rollover Holdco Member of any “cap” on indemnification obligations of the Members and Rollover Holdco Members in such Approved Sale,
(iv) any indemnification or similar obligation in excess of an escrow shall be on a several, and not joint, basis (other than in respect of indemnification or similar obligations in respect of representations and warranties made by, or
covenants of, such Member or Rollover Holdco Member), except that any indemnification or similar obligation of any member of a Principal Rollover Holdco Group shall be on a joint and several basis with the other members of such Principal Rollover
Holdco Group, and (v) each Member and Rollover Holdco Member shall remain subject to any non-competition or non-solicitation arrangement or similar restrictive
covenant existing as of the date of such Approved Sale in accordance with the terms thereof as then in effect (it being understood that the non-competition obligations of the Principals pursuant to Section
4.6(a) shall terminate in accordance with the terms thereof); provided, however, that in no event shall a Member or Rollover Holdco Member be obligated to enter into new restrictive covenants or extensions of the existing restrictive
covenants, regardless of what any other Members or Rollover Holdco Members may agree to accept. 
 Section 6.6 Put Right for
Class A Common Units. 
 (a) Subject to Section 6.6(j), if the employment of a Principal is terminated by the Company
without Cause or by such Principal for Good Reason or as a result of such Principal’s death or Disability prior to the fifth anniversary of the date of this Agreement, such Principal shall have the right to (i) Transfer all of his
Class A Common Units to The Madison Square Garden Company and (ii) direct Rollover Holdco to Transfer a number of Attributable Class A Common Units equal to the number of Rollover Holdco Class A Common Units of his Principal
Rollover Holdco Group to The Madison Square Garden Company in accordance with Section 6.11(b), and, in each case, The Madison Square Garden Company shall have the obligation to purchase such Class A Common Units and Attributable Class A
Common Units, pursuant to this Section 6.6 and in accordance with Section 6.11(b) (a “Principal Good Leaver Put”) by giving the Company, The Madison Square Garden Company and each of the other Qualified
Principals written notice thereof within 30 days after the date of such termination. The amount paid for any Class A Common Units and Attributable Class A Common Units purchased pursuant to a Principal Good Leaver Put shall be the
applicable Principal Purchase Price. 
 (b) Subject to Section 6.6(j), (i) if the employment of Packer by the Company is terminated by him
without Good Reason after the third anniversary of the date of this Agreement but prior to the fifth anniversary of the date of this Agreement, Packer shall have the right to (i) Transfer all of his Class A Common Units to The Madison
Square Garden Company and (ii) direct Rollover Holdco to Transfer a number of Attributable Class A Common Units equal to the number of Rollover Holdco Class A Common Units owned by his Principal Rollover Holdco Group to The Madison
Square Garden Company in accordance with Section 6.11(b), and, in each case, The Madison Square Garden Company shall have the obligation to purchase such Class A Common Units and Attributable Class A Common Units, pursuant to this
Section 6.6 and in accordance with Section 6.11(b) by giving the Company, The Madison Square Garden Company and each of the other Qualified Principals written notice thereof within 30 days after such termination, and (ii) if the employment
of Wolf is terminated by him without Good Reason after the third anniversary of the date of this Agreement but prior to the fifth anniversary of the date of this Agreement, Wolf shall have the right to (i) Transfer all of his Class A
Common Units to The Madison Square Garden Company and (ii) direct Rollover Holdco to Transfer a number of Attributable Class A Common Units equal to the number of Rollover Holdco Class A Common Units owned by his Principal Rollover
Holdco Group to The Madison Square Garden Company in accordance with Section 6.11(b), and, in each case, The Madison Square Garden Company shall have the obligation to purchase such Class A Common Units and Attributable Class A Common
Units, pursuant to this Section 6.6 and in accordance with Section 6.11(b) by giving the Company, The Madison Square Garden Company and each of the other Qualified Principals written notice thereof within 30 days after such termination (each
such right referred to in the preceding clauses (i) and (ii), a “Principal Early Leaver Put”). The amount paid for any Class A Common Units and Attributable Class A Common Units purchased pursuant
to a Principal Early Leaver Put shall be the applicable Principal Purchase Price. 

  
 - 25 - 

 (c) Subject to Section 6.5 (Drag-Along Right), a Member who is a Principal shall have
the right to Transfer all of his Class A Common Units to the Company and a Rollover Holdco Member who is a Principal shall have the right to direct Rollover Holdco to Transfer a number of Attributable Class A Common Units equal to the
number of Rollover Holdco Class A Common Units owned by his Principal Rollover Holdco Group to the Company in accordance with Section 6.11(b), and, in each case, the Company shall have the obligation to purchase such Class A Common Units
and Attributable Class A Common Units, pursuant to this Section 6.6 and in accordance with Section 6.11(b) (a “Principal Post-Year 5 Put”) by giving the Company, MSG and each of the
Qualified Principals written notice thereof during the 30-day period following the fifth anniversary of the date of this Agreement or, subject to Section 6.7 (Call Right), during the 30-day period following (i) any two-year anniversary of the fifth anniversary of the date of this Agreement thereafter, or (ii) the termination of the employment of
such Principal by the Company without Cause or by such Principal for Good Reason or as a result of such Principal’s death or Disability after the fifth anniversary of the date of this Agreement by giving the Company, MSG and each of the other
Qualified Principals written notice thereof within 30 days after the date of such termination; provided, however, that in the event any termination referred to in this clause (ii) is within 180 days of the date such Principal is
entitled to exercise a Principal Post-Year Five Put pursuant to clause (i) of this Section 6.6(c), then such Principal shall have the right to exercise such Principal Post-Year Five Put pursuant to clause (i) of this Section 6.6(c) instead
of this clause (ii). The amount paid for any Class A Common Units and Attributable Class A Common Units purchased pursuant to a Principal Post-Year 5 Put shall be the applicable Principal Purchase Price. 

(d) An Employee Rollover Holdco Member shall have the right to direct Rollover Holdco to Transfer a portion of his, her or its Attributable
Class A Common Units to the Company in accordance with Section 6.11(b), and the Company shall have the obligation to purchase such Attributable Class A Common Units, pursuant to this Section 6.6 and in accordance with Section 6.11(b)
(an “Employee Rollover Holdco Member Post-Year 5 Put”) by giving the Company, MSG and each of the Qualified Principals written notice thereof during the 30-day period following the fifth anniversary of the date of this Agreement and/or during the 30-day period following the seventh and/or ninth anniversary of the date of this
Agreement. An Employee Rollover Holdco Member who exercises his or her rights under this Section 6.6(d) during the 30-day period following: (i) the fifth anniversary of the date of this Agreement may
direct Rollover Holdco to Transfer up to a number of Attributable Class A Common Units equal to 20% of the total number of Rollover Holdco Class A Common Units owned by such Employee Rollover Holdco Member on such fifth anniversary by
giving written notice of the exercise of such rights; (ii) the seventh anniversary of the date of this Agreement may direct Rollover Holdco to Transfer up to a number of Attributable Class A Common Units equal to 100% of the total number
of Rollover Holdco Class A Common Units owned by such Employee Rollover Holdco Member on such seventh anniversary by giving written notice of the exercise of such rights (unless the employment of such Employee Rollover Holdco Member has been
terminated by such Employee Rollover Holdco Member without Good Reason or by the Company with Cause prior to such seventh anniversary, in which case such Employee Rollover Holdco Member may direct Rollover Holdco to Transfer up to a number of
Attributable Class A Common Units equal to 50% of the total number of Rollover Holdco Class A Common Units owned by such Employee Rollover Holdco Member); and (iii) the ninth anniversary of the date of this Agreement may direct
Rollover Holdco to Transfer a number of Attributable Class A Common Units equal to 100% of the total number of Rollover Holdco Class A Common Units owned by such Employee Rollover Holdco Member on such ninth anniversary by giving written
notice of the exercise of such rights. The amount paid for any Attributable Class A Common Units purchased pursuant an Employee Rollover Holdco Member Post-Year 5 Put will be, at the option of the Valuation Representatives, (x) the
same price per Class A Common Unit and Attributable Class A Common Unit as the last Principal Purchase Price paid to purchase Class A Common Units and Attributable Class A Common Units that correspond to Rollover Holdco
Class A Common Units owned by a Principal if such purchase occurred concurrently therewith or during the prior 12 months (excluding any Early Leaver Discount) as the same may be equitably adjusted by mutual approval of the Valuation
Representatives to apply the EBITDA multiple applied in such prior purchase for the 12 months ending on the most recent quarter, or (y) if no such purchase has occurred during the prior 12 months, the Fair Market Value as determined in good faith by
mutual approval of the Valuation Representatives (the “Employee Rollover Holdco Member Purchase Price”). 

(e) Subject to Section 6.5 (Drag-Along Right) and Section 6.6(j), a Member or Rollover Holdco Member who is a Principal shall, if an MSG
Change of Control occurs (regardless of whether such MSG Change of Control would be a Permitted Transfer by MSG) on or prior to the fifth anniversary of the date of this Agreement, have the right to (i) Transfer all of his Class A Common
Units to The Madison Square Garden Company and (ii) direct Rollover Holdco to Transfer a number of Attributable Class A Common Units equal to the number of Rollover Holdco Class A Common Units of his Principal Rollover Holdco Group to
The Madison Square Garden Company in accordance with Section 6.11(b), and, in each case, The Madison Square Garden Company shall have the obligation to purchase such Class A Common Units and Attributable Class A Common Units, pursuant to
this Section 6.6 and in accordance with Section 6.11(b) (a “Principal Pre-Year 5 CoC Put”) by giving the Company, The Madison Square Garden Company and each of
the other Qualified Principals written notice thereof during the 30-day period following the occurrence of such MSG Change of Control. The amount paid for any Class A Common Units and Attributable
Class A Common Units purchased pursuant to a Principal Pre-Year 5 CoC Put shall be the applicable Principal Purchase Price. 

  
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 (f) Subject to Section 6.5 (Drag-Along Right), a Principal shall, if an MSG Change of
Control occurs (regardless of whether such MSG Change of Control would be a Permitted Transfer by MSG) after the fifth anniversary of the date of this Agreement, have the right to (i) Transfer all of his Class A Common Units to the Company
and (ii) direct Rollover Holdco to Transfer a number of Attributable Class A Common Units equal to the number of Rollover Holdco Class A Common Units of his Principal Rollover Holdco Group to the Company in accordance with Section
6.11(b), and, in each case, the Company shall have the obligation to purchase such Class A Common Units and Attributable Class A Common Units, pursuant to this Section 6.6 and in accordance with Section 6.11(b) (a
“Principal Post-Year 5 CoC Put”) by giving the Company, MSG and each of the other Qualified Principals written notice thereof during the 30-day period following the
occurrence of such MSG Change of Control (each 30-day period during which a Rollover Holdco Member may exercise his or her rights to direct Rollover Holdco to put Attributable Class A Common Units to the
Company or The Madison Square Garden Company (as applicable) pursuant to clause (a), (b), (c), (d), (e) or (f) of this Section 6.6 is referred to as the “Put Exercise Period”). The amount paid for any
Class A Common Units and Attributable Class A Common Units purchased pursuant to a Principal Post-Year 5 CoC Put shall be the applicable Principal Purchase Price. 

(g) In the event (i) a Member exercises such Member’s right to put his, her or its Class A Common Units to The Madison Square
Garden Company or the Company (as applicable) or (ii) a Rollover Holdco Member exercises such Rollover Holdco Member’s right to direct Rollover Holdco to put Attributable Class A Common Units to The Madison Square Garden Company or
the Company (as applicable), in each case, pursuant to Section 6.6(a) - (f) (each, a “Put”), then the closing of the purchase and sale of Class A Common Units and/or Attributable Class A Common Units
contemplated thereby in accordance with Section 6.11(b) (as applicable) shall occur at the offices of The Madison Square Garden Company at 10:00 a.m. (New York time) ten business days after the later of the determination of the applicable Principal
Purchase Price or Employee Rollover Holdco Member Purchase Price and the expiration or termination of any applicable waiting period under the HSR Act or at such other place, date and time mutually agreed upon by the Company or The Madison Square
Garden Company (as applicable) and such Member; provided, however, that upon a Principal Post-Year 5 Put, a Principal Pre-Year 5 CoC Put or a Principal Post-Year 5 CoC Put, in the event The
Madison Square Garden Company shall, during the Put Exercise Period, have given the Principal who exercised such Put written notice of MSG’s determination to exercise its rights under Section 6.5 (Drag-Along Right) instead of The Madison
Square Garden Company purchasing such Class A Common Units and Attributable Class A Common Units pursuant to such Put, then (i) in the event an Approved Sale is consummated during the Approved Sale Period, such Principal shall not
Transfer his Class A Common Units or direct Rollover Holdco to Transfer Attributable Class A Common Units pursuant to such Put (and such Class A Common Units and Attributable Class A Common Units shall instead be Transferred in
such Approved Sale), and (ii) in the event an Approved Sale is not consummated during the Approved Sale Period, the closing of such Put shall occur at the offices of The Madison Square Garden Company at 10:00 a.m. (New York time) ten business
days after the later of the determination of the Fair Market Value of such Class A Common Units and Attributable Class A Common Units pursuant to Section 6.8 (Determination of Fair Market Value) and the expiration or termination of
any applicable waiting period under the HSR Act or at such other place, date and time mutually agreed upon by the Company or The Madison Square Garden Company (as applicable) and such Principal; provided, however, that in the case of
this clause (ii), if a definitive agreement has not been entered into with respect to such Approved Sale within 270 days following the date of such Approved Sale Notice or, following the execution of a definitive agreement, such Approved Sale has
not been consummated within 360 days after the date of the Approved Sale Notice, the Principals who elected to exercise such Put shall have the right to initiate, prior to the completion of the Approved Sale Period, the procedures in
Section 6.8 (Determination of Fair Market Value) in order to determine the Principal Purchase Price. At such closing, such Principal, Rollover Holdco and such Rollover Holdco Member shall execute and deliver the Required Transfer Documentation
against receipt of the purchase price therefor; provided, however, that in the event there is a closing pursuant to clause (ii) of the preceding sentence that shall occur more than six months after the date of the Approved Sale
Notice, then to the extent the consideration paid at such closing pursuant to Section 6.6(h) is paid by issuance of a MSG Promissory Note or TAO Promissory Note (as applicable), then the principal amount of such MSG Promissory Note or TAO Promissory
Note (as applicable) shall be the sum of portion of the Principal Purchase Price that is not paid in cash plus 9% interest on such amount accrued from the six-month anniversary of such Approved Sale Notice to
the date of such closing. 
 (h) The consideration paid for the Put of any Class A Common Units and/or Attributable Class A Common
Units to be purchased by the Company pursuant to this Section 6.6 shall be paid, at the Company’s option, (i) in cash, (ii) by issuance of a TAO Promissory Note, (iii) if consented to by The Madison Square Garden Company or
the MSG Company Successor (in The Madison Square Garden Company’s or the MSG Company Successor’s sole discretion, respectively), Qualified MSG Stock or Qualified Successor Stock, as applicable, or (iv) in any combination of the
foregoing; provided, however, that (1) in the case of Qualified Successor Stock and in connection with a Put by a Principal, the MSG Company Successor shall have agreed to be bound by the requirements with respect to Qualified
Successor Stock under this Section 6.6(h), including the requirement to effect the registration of Qualified Successor Stock to allow all such Persons receiving Qualified Successor Stock (including, for the avoidance of doubt,

  
 - 27 - 

 
Qualified Successor Stock held by Employee Rollover Holdco Members and Other Rollover Holdco Members) two periods of 30 consecutive days to trade such Qualified Successor Stock within the first
180 days of issuance (so long as one of such 30-day periods falls within the first 120 days of issuance); (2) the issuance of Qualified Successor Stock to such Persons will not cause such Persons, individually
or in the aggregate, to be considered an “affiliate” for the purpose of Rule 144A (without taking into account any stock or other securities of the MSG Company Successor or any of its Affiliates owned or acquired by such Person (other than
any Successor Stock issued in such Put) or any directorship in the MSG Company Successor or any of its Affiliates held by such Person); and (3) in the case of any Tao Promissory Note issued by a Tao Note Replacement Entity and/or any issuance
of Qualified MSG Stock or Qualified Successor Stock pursuant to clauses (ii), (iii) or (iv) of this Section 6.6(h), a Tao Note Company Entity shall issue a Tao Promissory Note to MSG (or any of its Affiliates, as designated by MSG) for an
amount of principal equal to the aggregate portion of the applicable Put paid by issuance of such Tao Promissory Note by a Tao Note Replacement Entity and/or the issuance of Qualified MSG Stock or Qualified Successor Stock, and with a maturity date
(x) in the case of the issuance of a Tao Promissory Note by a Tao Note Replacement Entity, equal to such Tao Promissory Note’s maturity date and/or (y) in the case of the issuance of Qualified MSG Stock or Qualified Successor Stock,
six months from the date of issuance. At the election of MSG in connection with the issuance of a TAO Promissory Note, any such TAO Promissory Note: (x) will be issued by the Company and mature six months after the date of issuance, or
(y) in the event the Company uses its commercially reasonable efforts to obtain the consent of the lender(s) under the Company Loan Agreement for the Person that is the “borrower” under the Company Loan Agreement to issue (and make
payments under) such TAO Promissory Note (or, in the event such consent is not obtained, in the event the Company uses its commercially reasonable efforts to obtain the consent of the lender(s) under the Company Loan Agreement to permit the
“borrower” to make “restricted payments” thereunder in order to permit the Company to make payments under such TAO Promissory Note), will be issued by the Person that is the “borrower” under the Company Loan Agreement
(or, if such consent is not obtained, issued by the Company) and mature 12 months after the date of issuance; provided, however, that if neither the Company nor any of its Subsidiaries qualifies as a Tao Note Company Entity, such Tao Promissory Note
may, with the consent of a Tao Note Replacement Entity, be issued by such Tao Note Replacement Entity (in such Tao Note Replacement Entity’s sole discretion). The covenants of the Company set forth in the definition of “Tao Note Company
Entity” shall be deemed set forth in this Section 6.6(h). 
 (i) The consideration paid for the Put of any Class A Common Units
and/or Attributable Class A Common Units to be purchased by The Madison Square Garden Company (in the event there is no MSG Company Successor) pursuant to this Section 6.6 shall be paid, at The Madison Square Garden Company’s option,
(i) in cash, (ii) by issuance of a MSG Promissory Note, (iii) in Qualified MSG Stock (subject to the legend provisions in Sections 2.03(b)(iii) and 9.10 of the Transaction Agreement) or (iv) in any combination of the foregoing.
The consideration paid for the Put of any Class A Common Units and/or Attributable Class A Common Units to be purchased by The Madison Square Garden Company (in the event there is an MSG Company Successor) pursuant to this Section 6.6
shall be paid, at such MSG Company Successor’s option, (i) in cash, (ii) by issuance of a B Rated Note, (iii) in Qualified Successor Stock (subject to the legend provisions in Sections 2.03(b)(iii) and 9.10 of the Transaction
Agreement) or (iv) in any combination of the foregoing; provided, however, that (1) no more than 75% of the consideration paid may be in a B Rated Note, (2) no more than 75% of the consideration paid may be in Qualified
Successor Stock, (3) in the case of Qualified Successor Stock, the MSG Company Successor shall have agreed to be bound by the requirements with respect to Qualified Successor Stock under this Section 6.6(i), including the requirement to effect
the registration of Qualified Successor Stock to allow all such Persons receiving Successor Stock two periods of 30 consecutive days to trade such Qualified Successor Stock within the first 180 days of issuance (so long as one of such 30-day periods falls within the first 120 days of issuance) and (4) the issuance of Qualified Successor Stock to such Persons will not cause such Persons, individually or in the aggregate, to be considered an
“affiliate” for the purpose of Rule 144A (without taking into account any stock or other securities of the MSG Company Successor or any of its Affiliates owned or acquired by such Person (other than any Successor Stock issued in such Put)
or any directorship in the MSG Company Successor or any of its Affiliates held by such Person). If at any time following the issuance of a MSG Promissory Note pursuant to this Section 6.6(i) a Permitted Transfer or MSG Change of Control (or other
Transfer or transaction permitted in accordance with Article VI) is consummated which results in an MSG Company Successor directly or indirectly holding more than 50% of the Interests of MSG, then The Madison Square Garden Company shall cause such
MSG Company Successor, at the option of The Madison Square Garden Company, (A) to assume any MSG Promissory Notes outstanding at such time, and The Madison Square Garden Company shall guarantee the obligations of the MSG Company Successor under
such MSG Promissory Notes (provided, that the option in this clause (A) shall only be available to The Madison Square Garden Company upon the approval by the holders of such MSG Promissory Notes of the form of guarantee, such approval not to be
unreasonably withheld, delayed or conditioned), (B) to replace within three (3) months following the consummation of such Transfer or transaction any outstanding MSG Promissory Notes with B Rated Notes that mature and are payable in full on the
exact same maturity date as such MSG Promissory Notes (and upon the issuance of such replacement B Rated Note in compliance with this clause (B), the original MSG Promissory Note replaced by such B Rated Note shall be null and void with no further
force and effect) or (C) if such Transfer or transaction is part of a spin-off or split-off from The Madison Square Garden Company, to issue, on a date that is no
less than 30 trading days and no more than 90 days following the consummation of such Transfer or transaction, to the holders of such MSG Promissory Notes outstanding at such time, MSG Stock or Qualified Successor Stock in an amount equal to the
principal and accrued interest outstanding under such MSG Promissory Notes as of the date of such issuance, (replacing the words “the 90 days” in the definition of “Successor Stock” with “the total number of

  
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trading days since its initial public listing” with respect to the average market capitalization and average float and trading volume of such MSG Company Successor) and upon the issuance of
such MSG Stock or Qualified Successor Stock in compliance with this clause (C), the original MSG Promissory Notes in respect of which such MSG Stock or Qualified Successor Stock was issued and the related guarantee by The Madison Square Garden
Company shall be canceled with no further force and effect; provided, that in the case of this clause (C), (I) the MSG Company Successor shall have agreed to be bound by the requirements with respect to Qualified Successor Stock under this
Section 6.6(i), including the requirement to effect the registration of Qualified Successor Stock to allow all such Persons receiving Successor Stock two periods of 30 consecutive days to trade such Qualified Successor Stock within the first 180
days of issuance (so long as one of such 30-day periods falls within the first 120 days of issuance) and (II) the issuance of Qualified Successor Stock to such Persons will not cause such Persons,
individually or in the aggregate, to be considered an “affiliate” for the purpose of Rule 144A (without taking into account any stock or other securities of the MSG Company Successor or any of its Affiliates owned or acquired by such
Person (other than any Successor Stock issued in such Put) or any directorship in the MSG Company Successor or any of its Affiliates held by such Person). If the holders of any outstanding MSG Promissory Notes do not approve the guarantee by The
Madison Square Garden Company in clause (A) of the foregoing sentence, the MSG Company Successor is unable to issue the required B Rated Notes pursuant to clause (B) of the foregoing sentence and MSG Stock or Qualified Successor Stock is
not issued in accordance with clause (C) of the foregoing sentence, then any principal amount plus interest outstanding under such MSG Promissory Notes shall immediately become due and owing. 

(j) In the event that a Rollover Holdco Member exercises a Put purchasable by The Madison Square Garden Company pursuant to this
Section 6.6, then: (i) The Madison Square Garden Company shall provide written notice thereof to each Rollover Holdco Member and Member (other than Rollover Holdco) within two business days of the final determination of the applicable
Principal Purchase Price or Employee Rollover Holdco Member Purchase Price; and (ii) each Rollover Holdco Member (other than any Rollover Holdco Member who exercised such Put) shall have the right (but not the obligation) to (A) direct
Rollover Holdco to purchase a portion of the Attributable Class A Common Units in accordance with Section 6.11(a), and (B) if such Rollover Holdco Member owns Class A Common Units as a Member, purchase a portion of such Class A
Common Units, in each case, subject to such Put that is equal to such Rollover Holdco Member’s Relative Percentage Share among MSG and all such Rollover Holdco Members (including, for the avoidance of doubt, any Rollover Holdco Member who owns
Class A Common Units as a Member) on the same terms and conditions (including at the same price per Class A Common Unit and Attributable Class A Common Unit) as The Madison Square Garden Company in such Put upon written notice to The
Madison Square Garden Company and the Company within five business days after receipt of the written notice pursuant to the preceding clause (i); provided, however, that the consideration paid by any such Rollover Holdco Member
directly or to Rollover Holdco to effectuate such purchase, as applicable, in each case, shall be paid in cash; provided, further, however, that if the acquisition of such Class A Common Units and/or Attributable
Class A Common Units by The Madison Square Garden Company upon exercise of such Put would cause the Qualified Principal Percentage to be reduced so that the Principals would not have some or all of the Principal Veto Rights after such
acquisition by The Madison Square Garden Company that they had immediately prior to such acquisition, then the Qualified Principals and their respective Principal Rollover Holdco Groups shall have the right (but not the obligation) to purchase (in
the case of any Class A Common Units subject to such Put) or direct Rollover Holdco to purchase (in each case, in proportion to Relative Percentage Shares or in such other proportion as they shall otherwise agree) a portion of the Class A
Common Units and/or Attributable Class A Common Units on the same terms and conditions as The Madison Square Garden Company would have acquired such Class A Common Units and/or Attributable Class A Common Units (but for this further
proviso), so that the Principals do not lose such Principal Veto Rights (and the portion of such Class A Common Units and/or Attributable Class A Common Units to be purchased by The Madison Square Garden Company shall be reduced
accordingly), by giving The Madison Square Garden Company and the Company written notice at the same time as the notice the Rollover Holdco Members are required to give pursuant to clause (ii) of this Section 6.6(j). Notwithstanding anything to
the contrary in this Section 6.6(j), no Member or Rollover Holdco Member (other than a Principal in the event that such Principal’s representation and warranty in the Transaction Agreement that he is an “accredited investor” on the
date of this Agreement is accurate) shall have a right to purchase Class A Common Units and/or direct Rollover Holdco to purchase Attributable Class A Common Units pursuant to this Section 6.6(j) if such purchase will violate any
applicable securities laws (whether or not such violation may be cured by a filing of a registration statement or any other special disclosure, but allowing for any readily available exemptions that do not impose any requirement to provide a
disclosure document to investors); provided, however, that in the event applicable securities laws shall change after the date of this Agreement so as to provide an exemption therefrom that would be satisfied by providing the Eligible
Parties with, in addition to information otherwise required to be provided to them pursuant to this Section 6.6, financial statements otherwise prepared by the Company in the ordinary course of business pursuant to Section 3.5 or any other
information prepared or delivered to any other purchaser of such securities, then the Company shall use commercially reasonable efforts to obtain such exemption. 

(k) Any Put exercisable by any Principal or Rollover Holdco Member pursuant to this Section 6.6 shall be exercisable by such Principal or
Rollover Holdco Member’s successors or heirs in the event of such Principal or Rollover Holdco Member’s death or Disability. 

  
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 Section 6.7 Call Right for Class A Common Units. 

(a) Subject to Section 6.7(h), if the employment by the Company of a Principal is terminated for any reason (whether with or without Cause or
Good Reason or on account of death or Disability) prior to the fifth anniversary of the date of this Agreement, MSG shall have the right to purchase (i) all of the Class A Common Units owned by such Principal and (ii) a number of
Attributable Class A Common Units equal to the number of Rollover Holdco Class A Common Units owned by such Principal’s Principal Rollover Holdco Group, and the Principals shall have the obligation to sell (and, in the case of such
members of such Principal Rollover Holdco Group, the obligation to direct Rollover Holdco to sell) such Class A Common Units and the members of such Principal Rollover Holdco Group and Rollover Holdco shall have the obligation to sell such
Attributable Class A Common Units in accordance with Section 6.11(b), in each case, pursuant to this Section 6.7 (a “Principal Leaver Call”) by giving such Principal and each of the other
Qualified Principals written notice of the exercise thereof at any time during the 30-day period following such termination (or, in the event such Principal shall have the right to exercise a Principal Good
Leaver Put or a Principal Early Leaver Put, then (assuming he shall not exercise such right) during the 30 days after expiration of the applicable Put Exercise Period). Any obligation to sell (or direct the sale of, as applicable) such Class A
Common Units and Attributable Class A Common Units pursuant to a Principal Leaver Call if the employment by the Company of such Principal is terminated with Cause or without Good Reason prior to the fifth anniversary of the date of this
Agreement is referred to as a “Principal Early Leaver Call.” The amount paid for any Class A Common Units and Attributable Class A Common Units purchased by MSG or the Company pursuant to a Principal
Leaver Call or Principal Early Leaver Call will be equal to the applicable Principal Purchase Price. 
 (b) Subject to Section 6.7(h), if a
Principal shall not exercise his right to put Class A Common Units and direct Rollover Holdco to put Attributable Class A Common Units of his Principal Rollover Holdco Group to the Company during the Put Exercise Period with respect to a
Principal Post-Year 5 Put, MSG shall have the right to purchase (i) all of the Class A Common Units owned by such Principal and (ii) a number of Attributable Class A Common Units equal to the number of Rollover Holdco
Class A Common Units owned by such Principal’s Principal Rollover Holdco Group, and the Principals shall have the obligation to sell such Class A Common Units and the members of such Principal Rollover Holdco Group and Rollover Holdco
shall have the obligation to sell (and, in the case of such members of such Principal Rollover Holdco Group, the obligation to direct Rollover Holdco to sell) such Attributable Class A Common Units in accordance with Section 6.11(b), in each
case, pursuant to this Section 6.7 (a “Principal Post-Year 5 Call”) by giving such Principal and each of the other Qualified Principals written notice of the exercise thereof during the 30-day period after the end of the applicable Put Exercise Period. The amount paid for any Class A Common Units and Attributable Class A Common Units purchased pursuant to a Principal Post-Year 5 Call
shall be the applicable Principal Purchase Price. 
 (c) Subject to Section 6.7(h), if the employment by the Company of an Employee Rollover
Holdco Member is terminated for any reason (whether with or without Cause or Good Reason or on account of death or Disability) at any time, the Company or, if MSG shall elect, MSG, shall have the right to purchase a number of Attributable
Class A Common Units equal to the number of Rollover Holdco Class A Common Units owned by such Employee Rollover Holdco Member, and such Employee Rollover Holdco Member and Rollover Holdco shall have the obligation to sell (and such
Employee Rollover Holdco Member shall have the obligation to direct Rollover Holdco to sell) such Attributable Class A Common Units in accordance with Section 6.11(b), pursuant to this Section 6.7 (an “Employee
Rollover Holdco Member Leaver Call”) by giving him or her and each of the Qualified Principals written notice of the exercise thereof at any time during the
30-day period following such termination. The amount paid for any Attributable Class A Common Units purchased pursuant to an Employee Rollover Holdco Member Leaver Call shall be the applicable Employee
Rollover Holdco Member Purchase Price; provided, however, that with respect to an Employee Rollover Holdco Member listed on Schedule 6.7(c), such Employee Rollover Holdco Member Purchase Price shall be adjusted by the Early Leaver
Discount in the event such Employee Rollover Holdco Member’s employment was terminated for Cause or by such Employee Rollover Holdco Member for any reason prior to the fifth anniversary of the date of this Agreement. 

(d) Subject to Section 6.7(f), if at any time after the fifth anniversary of the date of this Agreement when MSG is permitted to exercise its
rights in respect of a Principal Post-Year 5 Call, the Company or, if MSG shall elect, MSG, shall have the right to purchase a number of Attributable Class A Common Units equal to the number of Rollover Holdco Class A Common Units owned by
an Employee Rollover Holdco Member, and such Employee Rollover Holdco Member and Rollover Holdco shall have the obligation to sell (and such Employee Rollover Holdco Member shall have the obligation to direct Rollover Holdco to sell) such
Attributable Class A Common Units in accordance with Section 6.11(b), pursuant to this Section 6.7 (an “Employee Rollover Holdco Member Post-Year 5 Call”) by giving him or her and each of the Qualified Principals written
notice of the exercise thereof at the same time. The amount paid for any Attributable Class A Common Units purchased pursuant to an Employee Rollover Holdco Member Post-Year 5 Call shall be the Employee Rollover Holdco Member Purchase Price.

  
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 (e) In the event the Company or MSG exercises its right to call Class A Common Units
and/or Attributable Class A Common Units pursuant to this Section 6.7 (each, a “Call”), then the closing of the purchase and sale of Class A Common Units and/or Attributable Class A Common Units contemplated
thereby shall occur at the offices of MSG at 10:00 a.m. (New York time) ten business days after the later of the determination of the applicable Principal Purchase Price or Employee Rollover Holdco Member Purchase Price and the expiration or
termination of any applicable waiting period under the HSR Act or at such other place, date and time mutually agreed upon by MSG or the Company (as applicable) and such Rollover Holdco Member. At such closing, such Principal, Rollover Holdco and
such Rollover Holdco Member shall execute and deliver the Required Transfer Documentation against receipt of the purchase price therefor. 

(f) The consideration paid for the Call of any Class A Common Units and/or Attributable Class A Common Units to be purchased by the
Company pursuant to this Section 6.7 shall be paid, at the Company’s option, (i) in cash, (ii) by issuance of a TAO Promissory Note, (iii) if consented to by MSG or the MSG Company Successor (in MSG’s or the MSG Company
Successor’s sole discretion, respectively), Qualified MSG Stock or Qualified Successor Stock (in either case, subject to the legend provisions in Section 2.03(b)(iii) and 9.10 of the Transaction Agreement), as applicable or (iv) in any
combination of the foregoing; provided, however, that (1) in the case of Qualified Successor Stock and in connection with a Call by the MSG Company Successor, the MSG Company Successor shall have agreed to be bound by the
requirements with respect to Qualified Successor Stock under this Section 6.7(f), including the requirement to effect the registration of Qualified Successor Stock to allow all such Persons receiving Qualified Successor Stock (including, for the
avoidance of doubt, Qualified Successor Stock held by Employee Rollover Holdco Members and Other Rollover Holdco Members) two periods of 30 consecutive days to trade such Qualified Successor Stock within the first 180 days of issuance (so long as
one of such 30-day periods falls within the first 120 days of issuance); (2) the issuance of Qualified Successor Stock to such Persons will not cause such Persons, individually or in the aggregate, to be
considered an “affiliate” for the purpose of Rule 144A (without taking into account any stock or other securities of the MSG Company Successor or any of its Affiliates owned or acquired by such Person (other than any Successor Stock issued
in such Call) or any directorship in the MSG Company Successor or any of its Affiliates held by such Person); and (3) in the case of any Tao Promissory Note issued by a Tao Note Replacement Entity and/or any issuance of Qualified MSG Stock or
Qualified Successor Stock pursuant to clauses (ii), (iii) or (iv) of this Section 6.7(f), a Tao Note Company Entity shall issue a Tao Promissory Note to MSG (or any of its Affiliates, as designated by MSG) for an amount of principal equal to
the aggregate portion of the applicable Call paid by issuance of such Tao Promissory Note by a Tao Note Replacement Entity and/or the issuance of Qualified MSG Stock or Qualified Successor Stock, and with a maturity date (x) in the case of the
issuance of a Tao Promissory Note by a Tao Note Replacement Entity (solely with respect to the amount of Call consideration paid by such Tao Promissory Note), equal to such Tao Promissory Note’s maturity date and/or (y) in the case of the
issuance of Qualified MSG Stock or Qualified Successor Stock, six months from the date of issuance. At the election of MSG in connection with the issuance of a TAO Promissory Note, any such TAO Promissory Note: (x) will be issued by the Company
and mature six months after the date of issuance, or (y) in the event the Company uses its commercially reasonable efforts to obtain the consent of the lender(s) under the Company Loan Agreement for the Person that is the “borrower”
under the Company Loan Agreement to issue (and make payments under) such TAO Promissory Note (or, in the event such consent is not obtained, in the event the Company uses its commercially reasonable efforts to obtain the consent of the lender(s)
under the Company Loan Agreement to permit the “borrower” to make “restricted payments” thereunder in order to permit the Company to make payments under such TAO Promissory Note), will be issued by the Person that is the
“borrower” under the Company Loan Agreement (or, if such consent is not obtained, issued by the Company) and mature 12 months after the date of issuance; provided, however, that if neither the Company nor any of its Subsidiaries qualifies
as a Tao Note Company Entity, such Tao Promissory Note may, with the consent of a Tao Note Replacement Entity, be issued by such Tao Note Replacement Entity (in such Tao Note Replacement Entity’s sole discretion). 

(g) The consideration paid for the Call of any Class A Common Units and/or Attributable Class A Common Units required to be
purchased by MSG (in the event there is no MSG Company Successor) pursuant to this Section 6.7 shall be paid, at MSG’s option, (i) in cash, (ii) by issuance of a MSG Promissory Note, (iii) in Qualified MSG Stock (subject to
the legend provisions in Section 2.03(b)(iii) and 9.10 of the Transaction Agreement) or (iv) in any combination of the foregoing. The consideration paid for the Call of any Class A Common Units and/or Attributable Class A Common Units
required to be purchased by MSG (in the event there is an MSG Company Successor) pursuant to this Section 6.7 shall be paid, at such MSG Company Successor’s option, (i) in cash, (ii) by issuance of a B Rated Note, (iii) in
Qualified Successor Stock (subject to the legend provisions in Section 2.03(b)(iii) and 9.10 of the Transaction Agreement) or (iv) in any combination of the foregoing; provided, however, that (1) no more than 75% of the
consideration paid may be in a B Rated Note, (2) no more than 75% of the consideration paid may be in Qualified Successor Stock, (3) in the case of Qualified Successor Stock, the MSG Company Successor shall have agreed to be bound by the
requirements with respect to Qualified Successor Stock under this Section 6.7(g), including the requirement to effect the registration of Qualified Successor Stock to allow all such Persons receiving Qualified Successor Stock two periods of 30
consecutive days to trade such Qualified Successor Stock within the first 180 days of issuance (so long as one of such 30-day periods falls within the first 120 days of issuance) and (4) the issuance of
Qualified Successor Stock to such Persons will not cause such Persons, individually or in the 

  
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 aggregate, to be considered an “affiliate” for the purpose of Rule 144A (without taking into
account any stock or other securities of the MSG Company Successor or any of its Affiliates owned or acquired by such Person (other than any Successor Stock issued in such Call) or any directorship in the MSG Company Successor or any of its
Affiliates held by such Person). If at any time following the issuance of a MSG Promissory Note pursuant to this Section 6.7(g) a Permitted Transfer or MSG Change of Control (or other Transfer or transaction permitted in accordance with Article VI)
is consummated which results in an MSG Company Successor directly or indirectly holding more than 50% of the Interests of MSG, then The Madison Square Garden Company shall cause such MSG Company Successor, at the option of The Madison Square Garden
Company, (A) to assume any MSG Promissory Notes outstanding at such time, and The Madison Square Garden Company shall guarantee the obligations of the MSG Company Successor under such MSG Promissory Notes (provided, that the option in this
clause (A) shall only be available to The Madison Square Garden Company upon the approval by the holders of such MSG Promissory Notes of the form of guarantee, such approval not to be unreasonably withheld, delayed or conditioned), (B) to
replace within three (3) months following the consummation of such Transfer or transaction any outstanding MSG Promissory Notes with B Rated Notes that mature and are payable in full on the exact same maturity date as such MSG Promissory Notes
(and upon the issuance of such replacement B Rated Note in compliance with this clause (B), the original MSG Promissory Note replaced by such B Rated Note shall be null and void with no further force and effect) or (C) if such Transfer or
transaction is part of a spin-off or split-off from The Madison Square Garden Company, to issue, on a date that is no less than 30 trading days and no more than 90 days
following the consummation of such Transfer or transaction, to the holders of such MSG Promissory Notes outstanding at such time, MSG Stock or Qualified Successor Stock in an amount equal to the principal and accrued interest outstanding under such
MSG Promissory Notes as of the date of such issuance (replacing the words “the 90 days” in the definition of “Successor Stock” with “the total number of trading days since its initial public listing” with respect to the
average market capitalization and average float and trading volume of such MSG Company Successor) and upon the issuance of such MSG Stock or Qualified Successor Stock in compliance with this clause (C), the original MSG Promissory Notes in respect
of which such MSG Stock or Qualified Successor Stock was issued and the related guarantee by The Madison Square Garden Company shall be canceled with no further force and effect; provided, that in the case of this clause (C), (I) the MSG
Company Successor shall have agreed to be bound by the requirements with respect to Qualified Successor Stock under this Section 6.6(i), including the requirement to effect the registration of Qualified Successor Stock to allow all such Persons
receiving Successor Stock two periods of 30 consecutive days to trade such Qualified Successor Stock within the first 180 days of issuance (so long as one of such 30-day periods falls within the first 120 days
of issuance) and (II) the issuance of Qualified Successor Stock to such Persons will not cause such Persons, individually or in the aggregate, to be considered an “affiliate” for the purpose of Rule 144A (without taking into account
any stock or other securities of the MSG Company Successor or any of its Affiliates owned or acquired by such Person (other than any Successor Stock issued in such Put) or any directorship in the MSG Company Successor or any of its Affiliates held
by such Person). If the holders of any outstanding MSG Promissory Notes do not approve the guarantee by The Madison Square Garden Company in clause (A) of the foregoing sentence, the MSG Company Successor is unable to issue the required B Rated
Notes pursuant to clause (B) of the foregoing sentence and MSG Stock or Qualified Successor Stock is not issued in accordance with clause (C) of the foregoing sentence, then any principal amount plus interest outstanding under such MSG
Promissory Notes shall immediately become due and owing. 
 (h) In the event that MSG exercises a Call, then: (i) MSG shall provide
written notice thereof to each Rollover Holdco Member within two business days of the final determination of the applicable Principal Purchase Price or Employee Rollover Holdco Member Purchase Price; and (ii) each Rollover Holdco Member (other
than any Rollover Holdco Member subject to such Call) shall have the right (but not the obligation) to (A) direct Rollover Holdco to purchase a portion of the Attributable Class A Common Units in accordance with Section 6.11(a), and
(B) if such Rollover Holdco Member owns Class A Common Units as a Member, purchase a portion of such Class A Common Units, in each case, subject to such Call that is equal to such Rollover Holdco Member’s Relative Percentage
Share among MSG and all such Rollover Holdco Members (including, for the avoidance of doubt, any Rollover Holdco Member who owns Class A Common Units as a Member) on the same terms and conditions (including at the same price per Class A
Common Unit and Attributable Class A Common Unit) as MSG in such Call upon written notice to MSG and the Company within five business days after receipt of the written notice pursuant to the preceding clause (i); provided,
however, that the consideration paid by any such Rollover Holdco Member directly or to Rollover Holdco to effectuate such purchase, as applicable, in each case, shall be paid in cash; provided, further, however, that if
the acquisition of such Class A Common Units and/or Attributable Class A Common Units by MSG upon exercise of such Call would cause the Qualified Principal Percentage to be reduced so that the Principals would not have some or all of the
Principal Veto Rights after such acquisition by MSG that they had immediately prior to such acquisition, then the Qualified Principals and their respective Principal Rollover Holdco Groups shall have the right (but not the obligation) to purchase
(in the case of any Class A Common Units subject to such Call) or direct Rollover Holdco to purchase (in each case, in proportion to their Relative Percentage Shares or in such other proportion as they shall otherwise agree) a portion of the
Class A Common Units and/or Attributable Class A Common Units on the same terms and conditions as MSG would have acquired such Class A Common Units and/or Attributable Class A Common Units (but for this further proviso), so that
the Principals do not lose such Principal Veto Rights (and the portion of such Class A Common Units and/or Attributable Class A Common Units to be 

  
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purchased by MSG shall be reduced accordingly), by giving MSG and the Company written notice at the same time as the notice the Rollover Holdco Members are required to give pursuant to clause
(ii) of this Section 6.7(h). Notwithstanding anything to the contrary in this Section 6.7(h), no Member or Rollover Holdco Member (other than a Principal in the event such Principal’s representation and warranty in the Transaction
Agreement that he is an “accredited investor” on the date of this Agreement is accurate) shall have a right to purchase Class A Common Units and/or direct Rollover Holdco to purchase Attributable Class A Common Units pursuant to
this Section 6.7(h) if such purchase will violate any applicable securities laws (whether or not such violation may be cured by a filing of a registration statement or any other special disclosure, but allowing for any readily available
exemptions that do not impose any requirement to provide a disclosure document to investors); provided, however, that in the event applicable securities laws shall change after the date of this Agreement so as to provide an exemption
therefrom that would be satisfied by providing the Eligible Parties with, in addition to information otherwise required to be provided to them pursuant to this Section 6.7, financial statements otherwise prepared by the Company in the ordinary
course of business pursuant to Section 3.5 or any other information prepared or delivered to any other purchaser of such securities, then the Company shall use commercially reasonable efforts to obtain such exemption. 

Section 6.8 Determination of Fair Market Value. 

(a) For the period ending 30 days after the exercise by a Rollover Holdco Member of his or her right to direct Rollover Holdco to put
Attributable Class A Common Units (or, in the case of a Principal, to also put Class A Common Units) to The Madison Square Garden Company or the Company pursuant to Section 6.6 (Put Right) or the exercise by MSG or the Company of its
call right pursuant to Section 6.7 (Call Right) (or, in the event MSG shall exercise its rights under Section 6.5 (Drag-Along Rights) and, as contemplated in clause (ii) of Section 6.6(g), the Approved Sale contemplated thereby is not
consummated during the Approved Sale Period, for the period ending 30 days after expiration of such Approved Sale Period) (either such 30-day period, a “Mutual Valuation
Period”), MSG and such Rollover Holdco Member (or, in the event more than one Rollover Holdco Member is then directing Rollover Holdco to sell Attributable Class A Common Units (or, in the case of a Principal, to also sell
Class A Common Units) to MSG or the Company, as applicable, a Person designated by the holders of a majority of Rollover Holdco Class A Common Units then owned by all Rollover Holdco Members who are then directing Rollover Holdco to sell
Attributable Class A Common Units (or, in the case of a Principal, to also sell Class A Common Units) to The Madison Square Garden Company, MSG or the Company, as applicable) shall in good faith negotiate the Fair Market Value of such
Class A Common Units and/or Attributable Class A Common Units as of the date of the exercise of such right. The Person who negotiates with MSG or The Madison Square Garden Company (as applicable, the “MSG FMV
Entity”) pursuant to the preceding sentence is referred to as the “Rollover Holdco Member Representative.” If the MSG FMV Entity and the Rollover Holdco Member Representative are unable to reach
agreement within 30 days as to such Fair Market Value, then the MSG FMV Entity and the Rollover Holdco Member Representative shall, at a date and time mutually agreed by the MSG FMV Entity and the Rollover Holdco Member Representative (but in any
event no later than 30 days after the expiration of the Mutual Valuation Period), each submit to a mutually agreed independent third party (in the event they cannot agree on such an independent third party during such
30-day period, then either of them may request the American Arbitration Association to select such third party) (the “FMV Depository”), its determination of such Fair Market Value. At
or prior to the time of such submission, the MSG FMV Entity and the Rollover Holdco Member Representative will each instruct the FMV Depository to keep such submission confidential and not to disclose its contents to any other Person until the other
party (either the MSG FMV Entity or the Rollover Holdco Member Representative, as applicable) has also submitted its determination to the FMV Depository. The FMV Depository will also be instructed by the MSG FMV Entity and the Rollover Holdco Member
Representative to give copies of each submission to both of them simultaneously promptly (but in any event within one day) after each such determination has been submitted to it. In the event the higher calculation of Fair Market Value submitted to
the FMV Depository is no more than 115% of the lower calculation of Fair Market Value submitted to the FMV Depository, then the Fair Market Value of such Class A Common Units and/or Attributable Class A Common Units shall be the average of
the two. In the event the higher calculation of Fair Market Value submitted to the FMV Depository is more than 115% of the lower calculation of Fair Market Value submitted to the FMV Depository, then the Fair Market Value of such Class A Common
Units and/or Attributable Class A Common Units shall be the amount determined by the Arbitrator (but in no event greater than the higher calculation of Fair Market Value submitted to the FMV Depository and in no event less than the lower
calculation of Fair Market Value submitted to the FMV Depository). 
 (b) Within 30 days after the submissions of Fair Market Value by the
MSG FMV Entity and the Rollover Holdco Member Representative to the FMV Depository pursuant to Section 6.8(a), the MSG FMV Entity and the Rollover Holdco Member Representative shall jointly select a nationally-recognized investment banking firm
experienced in valuing businesses such as the Company (in the event they cannot agree on such an investment banking firm during such 30-day period, then either of them may request the American Arbitration
Association to select such an investment banking firm) (the “Arbitrator”). 

  
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 (c) In acting hereunder, the Arbitrator shall be acting as an appraising expert and not as
an arbitrator. The Members and the Rollover Holdco Members agree that judgment may be entered upon the determination of the Arbitrator in any court having jurisdiction over the party against which such determination is to be enforced. The Members
and the Rollover Holdco Members shall instruct the Arbitrator to determine the Fair Market Value of such Class A Common Units and/or Attributable Class A Common Units; provided, however, that such Fair Market Value shall not
be higher than the higher of the Fair Market Values submitted by the parties to the FMV Depository pursuant to Section 6.8(a) or lower than the lower of the Fair Market Values submitted by the parties to the FMV Depository pursuant to Section
6.8(a). The fees and expenses of the Arbitrator incurred in connection with Section 6.8 shall be borne by each party (the MSG FMV Entity and the Rollover Holdco Members participating in such sale in accordance with Section 6.11) in the
same proportion that the amount by which the Fair Market Value of such Class A Common Units and/or Attributable Class A Common Units submitted by such party to the Arbitrator exceeds (or, as applicable, is less than) the Arbitrator’s
determination of the Fair Market Value of such Class A Common Units and/or Attributable Class A Common Units in accordance with this Section 6.8(c) bears to the difference between the Fair Market Value of such Class A Common Units
and/or Attributable Class A Common Units submitted by each party to the Arbitrator. 
 Section 6.9 Transfers of Preferred Units
With Class A Common Units. 
 (a) In connection with a Rollover Holdco Member’s exercise of a Put on or prior to
the fifth anniversary of the date of this Agreement, a Rollover Holdco Member who owns Rollover Holdco Preferred Units shall, at the same time such Rollover Holdco Member directs Rollover Holdco to Transfer the Attributable Class A Common Units
that correspond to his, her or its Rollover Holdco Class A Common Units to the Company or The Madison Square Garden Company, as applicable, also have the right to direct Rollover Holdco to Transfer the Attributable Preferred Units that
correspond to his, her or its Rollover Holdco Preferred Units owned by such Rollover Holdco Member to The Madison Square Garden Company in accordance with Section 6.11(b), and The Madison Square Garden Company shall have the obligation to purchase
such Preferred Units, pursuant to this Section 6.9 (a “Preferred Unit Early Put”) by giving the Company and The Madison Square Garden Company written notice thereof at the same time such Rollover Holdco
Member elects to exercise such Put. The amount paid for any Attributable Preferred Units purchased pursuant to a Preferred Unit Early Put shall be the Stated Early Put Value. 

(b) In connection with the exercise by MSG or the Company of a Call to purchase any Attributable Class A Common Units on or prior to the
date that is 30 days after the fifth anniversary of the date of this Agreement, MSG shall, at the same time it or the Company, as applicable, purchases Attributable Class A Common Units upon exercise of such Call, also have the right to
purchase a number of Attributable Preferred Units equal to the number of Rollover Holdco Preferred Units owned by such Rollover Holdco Member, and such Rollover Holdco Member and Rollover Holdco shall have the obligation to sell such Attributable
Preferred Units in accordance with Section 6.11, pursuant to this Section 6.9 (a “Preferred Unit Early Call”) by giving such Rollover Holdco Member and (if the Company shall have exercised such Call)
the Company written notice of the exercise thereof at the same time as the exercise of such Call (or, in the event the Company shall have exercised such Call, within 30 days after MSG’s receipt of written notice of such exercise). The amount
paid for any Attributable Preferred Units purchased by MSG pursuant to a Preferred Unit Early Call will be equal to the Stated Preferred Value. 

(c) In the event a Rollover Holdco Member exercises a Preferred Unit Early Put or MSG exercises a Preferred Unit Early Call, then the closing
of the purchase and sale of Attributable Preferred Units contemplated thereby shall occur at the same place, date and time as the Transfer of Attributable Class A Common Units contemplated by the Put or Call that gave rise thereto or at such
other place, date and time as is mutually agreed upon by MSG (or The Madison Square Garden Company, as applicable) and such Rollover Holdco Member. At such closing, Rollover Holdco and such Rollover Holdco Member shall execute and deliver the
Required Transfer Documentation against receipt of the purchase price therefor. 
 (d) In the event of a Preferred Unit Early Put or
Preferred Unit Early Call, then each Rollover Holdco Member shall have the right to direct Rollover Holdco to purchase in accordance with Section 6.11(b) a portion of the Attributable Preferred Units to be otherwise acquired by MSG (or The Madison
Square Garden Company, as applicable) pursuant this Section 6.9 in accordance with the procedures set forth in Section 6.6(j) or Section 6.7(h), as the case may be, applied mutatis mutandis; provided that each such Rollover Holdco
Member’s right to direct Rollover Holdco to purchase a portion of the Attributable Preferred Units to be acquired shall be equal to such Rollover Holdco Member’s relative Preferred Percentage Share among MSG and all such Rollover Holdco
Members. 
 (e) The consideration paid for the put or call of any Preferred Units purchased by The Madison Square Garden Company, MSG or
Rollover Holdco pursuant to this Section 6.9 shall be paid in cash, and, in the case of Rollover Holdco, shall be provided by the applicable Rollover Holdco Member. 

  
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 (f) In the event that The Madison Square Garden Company, MSG or Rollover Holdco shall
purchase any Preferred Units hereunder from any Member, then such purchaser shall for the avoidance of doubt be entitled to receive all amounts that would thereafter have been payable to such Member pursuant to Section 2.1(c) if such Member had not
sold his or her Preferred Units to The Madison Square Garden Company, MSG or Rollover Holdco. 
 Section 6.10 Transfers of Preferred
Units Without Class A Common Units. 
 (a) On or prior to the date that is 151 days after the fifth anniversary of
the date of this Agreement, the Company shall deliver written notice to each holder of Preferred Units (and each Rollover Holdco Member holding Rollover Holdco Preferred Units) notifying each such holder of his, her or its right to Transfer (or to
direct Rollover Holdco to Transfer) Preferred Units to the Company on the date that is 181 days after the fifth anniversary of the date of this Agreement (which, in the case of any Attributable Preferred Units shall be in accordance with Section
6.11(b)). Upon written notice from any such holder to the Company at any time thereafter of its election to so Transfer (or to direct Rollover Holdco to Transfer) his, her or its Preferred Units, the Company shall have the obligation to purchase
such Preferred Units, pursuant to this Section 6.10(a) and in accordance with Section 6.11(b) in the case of Attributed Preferred Units (a “Preferred Unit Put”). The amount paid for any Preferred Units purchased
pursuant to a Preferred Unit Put shall be the Stated Preferred Value. Payments to holders of Preferred Units who accept such offer pursuant to this Section 6.10(a) shall be made in proportion to amounts due to them. 

(b) At any time, the Company may deliver written notice to (i) each holder of Preferred Units (and each Rollover Holdco Member holding
Rollover Holdco Preferred Units) notifying each such holder of his, her or its obligation to Transfer (or, as applicable, to direct Rollover Holdco to Transfer) Preferred Units to the Company on the date set forth in such notice pursuant to this
Section 6.10(b) and in accordance with Section 6.11(b) in the case of Attributable Preferred Units, or (ii) a Disapproving Principal and his Principal Rollover Holdco Group (any such notice pursuant to clause (i) or (ii), a
“Preferred Unit Call”). The amount paid for any Preferred Units purchased pursuant to a Preferred Unit Call shall be the Stated Preferred Value. Payments to holders of Preferred Units pursuant to this Section 6.10(b)
shall be made in proportion to amounts due to them. 
 (c) In the event one or more holders exercise a Preferred Unit Put or a Preferred
Unit Call, then the closing of the purchase and sale of Preferred Units contemplated thereby shall occur at such place, date and time determined by the Company, which shall be (i) in the case of a Preferred Unit Put, the later of (A) the
date that is 181 days after the fifth anniversary of the date of this Agreement, and (B) the date that is 10 days following such holder’s election to exercise a Preferred Unit Put, (ii) in the case of a Preferred Unit Call, the date
that is 10 days following the election to exercise a Preferred Unit Call, or (iii) in any event at such other place, date and time as is mutually agreed upon by the Company and the Members whose Preferred Units are being purchased pursuant to
such Preferred Unit Put or Preferred Unit Call, as applicable. At such closing, such holder (and, any applicable Rollover Holdco Member who owns the Rollover Holdco Preferred Units that correspond to the Attributable Preferred Units being
Transferred) shall execute and deliver the Required Transfer Documentation against receipt of the purchase price therefor. 
 (d) The
consideration paid for the put or call of any Preferred Units purchased by the Company pursuant to this Section 6.10 shall be paid in cash. 

Section 6.11 Transfers of Attributable Interests. 

(a) To the extent any Rollover Holdco Member elects (or, as applicable, commits to elect) to direct Rollover Holdco to purchase
(i) Preemptive Securities pursuant to Section 1.4, (ii) Offered Securities pursuant to Section 6.3(d) (other than any Offered Securities pursuant to Section 6.3(d) that are Rollover Holdco Interests), (iii) Attributable Class A Common
Units pursuant to Section 6.6(g) or Section 6.7(h), or (iv) Attributable Preferred Units pursuant to Section 6.9(d), (x) such Rollover Holdco Member shall contribute the purchase price payable in respect of such Preemptive Securities, Offered
Securities, Attributable Class A Common Units or Attributable Preferred Units, as the case may be, to Rollover Holdco in exchange for Rollover Holdco Interests that correspond to the Attributable Interests in the Company, in accordance with the
Rollover Holdco LLCA, (y) Rollover Holdco shall use the proceeds of such contribution to purchase Interests in accordance with the terms of this Agreement, and (z) such Interests shall be deemed Attributable Interests of such Rollover
Holdco Member for purposes of this Agreement from and after such acquisition; provided, however, that in any such case where the transferee is a Rollover Holdco Member, such Transfer shall be effectuated by a direct Transfer of
Rollover Holdco Interests between the applicable Rollover Holdco Members. 
 (b) At the closing of any Transfer of Attributable Class A
Common Units or Attributable Preferred Units by Rollover Holdco pursuant to Section 6.3 (Right of First Offer), 6.4 (Tag-Along Rights), 6.5 (Drag-Along Rights), 6.6 (Put Right), 6.7 (Call Right), 6.9
(Transfers of Preferred Units With Class A Common Units) or 6.10 (Transfers of Preferred Units Without Class A Common Units) or otherwise (other than a Permitted Transfer of Attributable Class A Common Units or Attributable Preferred
Units), notwithstanding anything to the contrary in this Article VI that contemplates Rollover Holdco as the transferor of such Attributable 

  
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Interests, (i) Rollover Holdco will distribute a number of Attributable Class A Common Units or Attributable Preferred Units (as applicable) in full redemption of an equivalent number
of Rollover Holdco Class A Common Units or Rollover Holdco Preferred Units (as applicable) held by the Rollover Holdco Member participating in such Transfer, and (ii) such Rollover Holdco Member shall Transfer such Attributable
Class A Common Units or Attributable Preferred Units (as applicable) to the applicable transferee thereof in accordance with the other terms of this Article VI that are mutatis mutandis applicable to such Transfer;
provided, however, that if the Principals unanimously so elect, Rollover Holdco shall (x) Transfer the Attributable Class A Common Units or Attributable Preferred Units (as applicable) to the applicable transferee thereof in
accordance with the other terms of this Article VI applicable to such Transfer and (y) distribute the proceeds received by Rollover Holdco to such Rollover Holdco Member in full redemption of the Rollover Holdco Class A Common Units or
Rollover Holdco Preferred Units (as applicable) corresponding to such Attributable Class A Common Units or Attributable Preferred Units (as applicable); provided, further, however, that in any such case where the transferee
is a Rollover Holdco Member, such Transfer shall be effectuated by direct Transfer of Rollover Holdco Interests between the applicable Rollover Holdco Members. On any redemption of Rollover Holdco Interests referred to in the prior sentence, the
Rollover Holdco Member whose Rollover Holdco Interests are being redeemed shall execute and deliver the Required Transfer Documentation against receipt of the purchase price therefor. 

Section 6.12 Other Rollover Holdco Member Put and Call Rights. 

(a) The Other Rollover Holdco Member set forth on Schedule 6.12(a) may elect to Put all of his, her, or its Attributable Class A
Common Units or Attributable Preferred Units (as applicable) during the 30-day period following the fifth, seventh or ninth anniversary of the date of this Agreement and otherwise in accordance with the terms
of an Employee Rollover Holdco Member Post-Year 5 Put (other than the limitations on the amount of Units to be Transferred set forth in clauses (i) and (ii) of the second sentence of Section 6.6(d)) under Section 6.6,
applied mutatis mutandis. In the event of a Principal Good Leaver Put, Principal Early Leaver Put, Principal Post-Year 5 Put, Principal Pre-Year 5 CoC Put, Principal Post-Year 5 CoC Put,
Principal Leaver Call, Principal Early Leaver Call or Principal Post-Year 5 Call, MSG or the Company, as applicable, may elect to Call all of such Other Rollover Holdco Member’s Attributable Class A Common Units or Attributable Preferred
Units (as applicable) in accordance with the terms of Section 6.7, applied mutatis mutandis; provided, however, that the Early Leaver Discount shall not apply if such Call is a result of a
Principal Early Leaver Put or Principal Early Leaver Call. 
 (b) The Other Rollover Holdco Members set forth on Schedule 6.12(b) may
elect to Put all of his, her, or its Attributable Class A Common Units or Attributable Preferred Units (as applicable) after the fifth anniversary, but only in the event of a Principal Post-Year 5 Put, Principal Post-Year 5 CoC Put, Principal
Post-Year 5 Call, Employee Rollover Holdco Member Post-Year 5 Put or Employee Rollover Holdco Member Post-Year 5 Call in accordance with the terms of Section 6.6 applied mutatis mutandis (other than the
limitations on the amount of Units to be Transferred set forth in clauses (i) and (ii) of the second sentence of Section 6.6(d)). In the event of a Principal Good Leaver Put, Principal Early Leaver Put, Principal Post-Year 5 Put, Principal Pre-Year 5 CoC Put, Principal Post-Year 5 CoC Put, Principal Leaver Call, Principal Early Leaver Call, Principal Post-Year 5 Call, Employee Rollover Holdco Member Post-Year 5 Put or Employee Rollover Holdco Member
Post-Year 5 Call, MSG or the Company, as applicable, may elect to Call all of such Other Rollover Holdco Member’s Attributable Class A Common Units or Attributable Preferred Units (as applicable) in accordance with the terms of
Section 6.7 applied mutatis mutandis; provided, however, that the Early Leaver Discount shall not apply if such Call is a result of a Principal Early Leaver Put or Principal Early Leaver Call.

 Article VII 
 Dissolution;
Liquidation 
 Section 7.1 Dissolution. The Company shall dissolve upon the earliest to occur of: (a) the determination
of the Board, subject to the Approval Rights; (b) the sale of all or substantially all of the Company’s assets; and (c) the entry of a decree of judicial dissolution against the Company in accordance with the Act. 

Section 7.2 Liquidation and Distribution. On dissolution of the Company, the Board shall act as liquidator or may appoint one or
more other Persons as liquidator (which Persons shall act as liquidator subject to the supervision of the Board). The liquidator shall proceed diligently, in good faith and in accordance with applicable law to wind up the affairs of the Company and
make final distributions as provided in this Agreement. The costs of liquidation shall be borne as a Company expense. Until final distribution, the Board shall (without limitation of the Approval Rights) continue to operate the Company as provided
for in this Agreement. The steps to be accomplished by the liquidator are as follows: 
 (a) as promptly as practicable after dissolution
and again after final liquidation, the liquidator shall cause a proper accounting to be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through the last day of the calendar month in
which the dissolution occurs or the final liquidation is completed, as applicable; 

  
 - 36 - 

 (b) the liquidator shall pay from the Company’s funds all of the debts and liabilities
of the Company (including all expenses incurred in liquidation) or otherwise make adequate provision for them (including the establishment of a cash escrow fund for contingent liabilities in such amount and for such term as the liquidator may
reasonably determine); 
 (c) the liquidator shall sell at auction to the highest bidder all Company property, with each Member having the
right to bid thereon; and 
 (d) any remaining unsold Company property, and any proceeds from the disposition of Company property, shall be
distributed to the Members in accordance with Section 2.1. 
 In the event of a sale by the Members of all of their Units to a third
party, distributions subsequently made to the Members shall be determined in accordance with this Section 7.2(d). 
 Section 7.3
Certificate of Cancellation. Upon completion of the winding up of the affairs of the Company, the Board or the other Person or Persons selected to act as liquidator of the Company shall promptly file a certificate of cancellation with the
Secretary of State of Delaware. 
 Article VIII 

Miscellaneous 

Section 8.1 Certain Interpretive Matters. As used herein: (a) words in the singular shall be held to include the plural and
vice versa and words of one gender shall be held to include the other gender (or the neuter), and words that are neuter shall be held to include each gender, in each case as the context requires; (b) the terms “hereof,”
“herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; (c) Article, Section, paragraph
and Exhibit references are to the Articles, Sections, paragraphs and Exhibits to this Agreement unless otherwise specified; (d) unless the context otherwise requires, the word “or” is not exclusive; (e) the headings of the
sections of this Agreement are inserted for purposes of convenience only and shall not be construed to affect the meaning or construction of any provision hereof; (f) except as expressly provided in this Agreement, in the event a party is
entitled to take any action (or refrain from taking any action), such party may determine whether to take such action in its sole discretion. Whenever the words “included,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”; (g) “writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words in a visible form;
(h) references to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder; and (i) references to any Person include the successors and permitted assigns of
that Person. 
 Section 8.2 Notices. All notices or other communications required or permitted hereunder shall be given in
writing and given by certified or registered mail, return receipt requested, nationally recognized overnight delivery service, such as Federal Express or personal delivery against receipt to the party to whom it is given, in each case, at such
party’s following address or such other address as such party may hereafter specify by notice to the other parties hereto given in accordance herewith: 

If to the Company, to: 

TAO Group 

1350 Avenue of the Americas, Suite 710 

New York, NY 10019 

					
		 	Attention:  	 	 Marc Packer
 Richard Wolf

Noah Tepperberg
 Jason Strauss

 with a copy to each of the Qualified Principals at his address set forth on a signature page to this Agreement

 and a copy to: 

The Madison Square Garden Company 

Two Pennsylvania Plaza 

New York, NY 10121 

Attention: General Counsel 

  
 - 37 - 

 and a copy to: 

Hughes Hubbard & Reed LLP 

One Battery Park Plaza 

New York, NY 10004 

Attention: Kenneth A. Lefkowitz 

If to any Member, to the address of such Member set forth on a signature page hereto. 

If to The Madison Square Garden Company, to the address of The Madison Square Garden Company set forth on a signature page hereto. 

Any such notice or other communication shall be deemed to have been given as of the date so personally delivered (or, if delivered after
normal business hours, on the next business day), on the next business day when sent by overnight delivery services or five days after the date so mailed if by certified or registered mail. 

Section 8.3 Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of, the respective heirs,
executors, administrators, personal representatives, successors and permitted assigns of each of the parties hereto (for the avoidance of doubt, it is understood that the heirs, executors, administrators or personal representatives of a Principal
shall not have any rights of such Principal under Section 4.1(g)). Any purported assignment (including any Transfer) in violation of this Agreement shall be null and void ab initio. 

Section 8.4 No Third Party Beneficiary. This Agreement is for the sole benefit of the parties hereto and their respective
successors and permitted assigns and, except as provided in Section 4.4 with respect to Indemnified Persons and MSG Indemnitors (which is intended to and shall inure to the benefit of, and may be enforced by, each Indemnified Persons or MSG
Indemnitor, as the case may be), nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. Without
limitation of the right of any Indemnified Person or MSG Indemnitor directly to bring and to maintain an action pursuant to Section 4.4 hereof, a Member may make any indemnification claim under, and may bring and maintain any action in respect
of, Section 4.4 hereof on behalf of any Indemnified Person or MSG Indemnitor. 
 Section 8.5 Entire Agreement. This
Agreement and the other Transaction Documents embody the entire agreement and understanding of the parties and their respective Affiliates with respect to the transactions contemplated hereby and merges in, supersedes and cancels all prior written
or oral commitments, arrangements or understandings with respect thereto. 
 Section 8.6 Amendment; Waiver. This Agreement and
the Company’s certificate of formation may be amended at any time only in an instrument signed by the Company and MSG; provided, however, that: (a) any amendment, modification or waiver that (x) terminates or adversely
modifies any express rights of the Principals set forth in Sections 1.2(b) (Issuance of Membership Interests), 1.3 (Capital Accounts), 1.4 (Preemptive Right), 1.5 (Budget), Section 1.6 (Term) (in a manner that would limit the term to a period
ending prior to the fifth anniversary of the date of this Agreement), Article II (Distributions; Allocations of Profits and Losses), 3.5 (Financial Statements; K-1), 3.6 (Additional Information; Access),
Article IV (Administration and Management), Article V (Meetings and Voting), Article VI (Transfers), 7.1 (Dissolution), 7.2 (Liquidation and Distribution), 8.6 (Amendment; Waiver), 8.7 (Specific Performance), 8.9 (Governing Law; Submission to
Jurisdiction), 8.10 (Waiver of Jury Trial), 8.12 (No Presumption), 8.13 (Exercise of Contractual Rights) or corresponding definitions under Exhibit A, or (y) requires any Principal or its Affiliates to contribute capital of the Company,
incur an out-of-pocket financial obligation or be subject to any non-compete agreement or other similar restrictive covenant, may
be made at any time only in an instrument signed by the Company, MSG and, if the Qualified Percentage Share is at least 7%, the Principal Base (it is understood and agreed that, without limiting clause (b) below, the granting of rights (which
may be the same, or superior to, those granted to any Principal in this Agreement) to any current or future Member or that is made in order to grant such rights to any current or future Member will not be deemed to terminate or adversely modify any
such express rights of the Principals); (b) pursuant to Section 4.1(g)(iii)(A), any amendment, modification or waiver that adversely affects the Principals disproportionately relative to other Members may be made at any time only in an instrument
signed by the Company, MSG and the unanimous approval of the Principals who are so adversely affected for so long as such Principals or their Principal Rollover Holdco Groups are Rollover Holdco Members; (c) any amendment, modification or
waiver that (1) extends the date upon which a holder would be entitled to elect a Preferred Unit Put pursuant to Section 6.10(a) or (2) adversely modifies the definition of Preferred Return may be made at any time only in an instrument
signed by the Company, MSG and the unanimous approval of Principals who hold Preferred Units for so long as such Principals or their Principal Rollover Holdco Groups are Rollover Holdco Members; provided, however, that in the event a
Principal shall not approve an amendment, modification or waiver referred to in this clause (c) (such Principal, a “Disapproving Principal”) that is approved by each of the other Principals, then a number of Attributable
Preferred Units equal to the number of Rollover Holdco Preferred Units held by such Disapproving Principal and his 

  
 - 38 - 

 
Principal Rollover Holdco Group may be repurchased by MSG (without any obligation on the part of MSG to do so) on the same terms as are, mutatis mutandis, set forth in
Section 6.9 or by the Company (without any obligation on the part of the Company to do so) on the same terms as are, mutatis mutandis, set forth in Section 6.10 and in accordance with Section 6.11 and (d) in
addition to the foregoing provisions, any amendment, modification or waiver of the rights or obligations of The Madison Square Garden Company under this Agreement (including any of its rights or obligations under Article VI) may be made only in an
instrument that is signed by The Madison Square Garden Company. Any party hereto may, only by an instrument in writing, waive compliance by any other party or parties hereto with any term or provision hereof on the part of such other party or
parties hereto to be performed or complied with. The Rollover Holdco LLCA may not be amended, and no term or provision of the Rollover Holdco LLCA may be waived, without the prior written consent of MSG. No failure or delay of any party in
exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial exercise of any right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The waiver by any party hereto of a breach of any term or provision hereof shall not be construed as a waiver of any subsequent breach. Except as expressly provided herein, the rights and
remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder. 

Section 8.7 Specific Performance. Each party hereto acknowledges that a breach by such party of any of its obligations under this
Agreement would give rise to irreparable harm to the other parties, for which monetary damages would not be an adequate remedy, and hereby agrees that in the event of a breach by such party of any such obligations, each of the other parties hereto
shall, in addition to any and all other rights and remedies that may be available to them in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance and any other relief
that may be available from a court of competent jurisdiction (without any requirement to post bond). 
 Section 8.8
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute a single instrument. 

Section 8.9 Governing Law; Submission to Jurisdiction. Except as and to the extent provided in Section 4.6(b), this Agreement
shall be governed by and construed in accordance with the laws of the State of Delaware that apply to contracts made and performed entirely within such state. Except as and to the extent provided in Section 4.6(b), the parties hereto irrevocably
submit, in any legal action or proceeding relating to this Agreement, to the exclusive jurisdiction of the Delaware Court of Chancery in and for New Castle County (and the appellate courts thereof) for any actions, suits or proceedings arising out
of or relating to this Agreement or the matters contemplated hereby, or in the event (but only in the event) that such Delaware Court of Chancery does not have subject matter jurisdiction over any such action, suit, proceeding or matter, the United
States District Court for the District of Delaware (and the appellate courts thereof), or in the event (but only in the event) that such United States District Court for the District of Delaware also does not have subject matter jurisdiction over
such action, suit, proceeding or matter, any Delaware state court sitting in New Castle County (and the appellate courts thereof) (and the parties agree not to commence any action, suit or proceeding relating thereto except in such courts) and
consent that any such action or proceeding may be brought in such courts and waive any objection that they may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an
inconvenient forum. Each party agrees that a final judgment in any such action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

Section 8.10 Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE ACTIONS OF THE PARTIES
HERETO OR THEIR RESPECTIVE AFFILIATES PURSUANT TO THIS AGREEMENT OR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT. 

Section 8.11 Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties further agree that any court of competent jurisdiction
that makes any such holding is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision,
deleting any or all of the offending provision, adding additional language to this Agreement, or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent
permitted by law. The parties expressly agree that this Agreement as so modified by such court shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if
such invalid, illegal or unenforceable provisions had never been set forth herein. 

  
 - 39 - 

 Section 8.12 No Presumption. With regard to each and every term and condition of
this Agreement, the Company, Rollover Holdco and each of the Members and Rollover Holdco Members understand and agree that the same has been mutually negotiated, prepared and drafted, and if at any time the parties hereto desire or are required to
interpret or construe any such term or condition or any agreement or instrument subject hereto, no consideration shall be given to the issue of which party hereto actually prepared, drafted or requested any term or condition of this Agreement. 

Section 8.13 Exercise of Contractual Rights. Each Member and Rollover Holdco Member recognizes, acknowledges and agrees that the
Principals, MSG, The Madison Square Garden Company, Rollover Holdco, the Employee Rollover Holdco Members and the Board have substantial financial interests in the Company to preserve and that, to the fullest extent permitted by law, except as
otherwise provided (if at all) in Section 4.3, the exercise by any Principal, Director, Member, The Madison Square Garden Company or Rollover Holdco Member of his, her or its rights under this Agreement (including any exercise by a Principal,
Director, Member or Rollover Holdco Member of any right to authorize or approve (or refrain from authorizing or approving) any transaction to which the Company is or may be a party) may be made by such Principal, Director, Member, The Madison Square
Garden Company or Rollover Holdco Member in his, her or its sole discretion and shall not be deemed to constitute a lack of good faith, breach of fiduciary duty or unfair dealing. 

[The next page is the signature page] 

  
 - 40 - 

 The parties hereto have executed this Second Amended and Restated Limited Liability Company
Agreement as of the date first written above. 
  

					
	TAO GROUP HOLDINGS LLC
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	Co-President
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	Co-President
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Co-President
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Co-President

 [Member signatures begin on the next page] 

  
 TAO Group Holdings LLC

 Second Amended and Restated Limited Liability Company Agreement Signature Page 

 
					
	MSG TG, LLC
		
	By:	 	 /s/ David O’Connor

		 	Name:	 	David O’Connor
		 	Title:	 	President & Chief Executive Officer
	
	Address:
	
	The Madison Square Garden Company
	Two Pennsylvania Plaza
	New York, NY 10121
	Attention: General Counsel
	
	and a copy to:
	
	Hughes Hubbard & Reed LLP
	One Battery Park Plaza
	New York, NY 10004
	Attention: Kenneth A. Lefkowitz

  
 TAO Group Holdings LLC

 Second Amended and Restated Limited Liability Company Agreement Signature Page 

 
							
	Solely with respect to its rights and obligations under Sections 6.6 (other than 6.6(c) and 6.6(d)), 6.8, 6.9 (other than 6.9(b)) and Article VIII (insofar as Article VIII relates to its rights and obligations under
Sections 6.6 (other than 6.6(c) and 6.6(d)), 6.8 and 6.9 (other than 6.9(b)):
		
	    	 	THE MADISON SQUARE GARDEN COMPANY
			
		 	By:	 	 /s/ David O’Connor

		 		 	Name:	 	David O’Connor
		 		 	Title:	 	President & Chief Executive Officer
		
		 	Address:
		
		 	The Madison Square Garden Company
		 	Two Pennsylvania Plaza
		 	New York, NY 10121
		 	Attention: General Counsel
		
		 	and a copy to:
		
		 	Hughes Hubbard & Reed LLP
		 	One Battery Park Plaza
		 	New York, NY 10004
		 	Attention: Kenneth A. Lefkowitz

  
 TAO Group Holdings LLC

 Second Amended and Restated Limited Liability Company Agreement Signature Page 

 
					
	TG ROLLOVER HOLDCO LLC
		
	By:	 	 /s/ Marc Packer

		 	Name:	 	Marc Packer
		 	Title:	 	Co-President
		
	By:	 	 /s/ Richard Wolf

		 	Name:	 	Richard Wolf
		 	Title:	 	Co-President
		
	By:	 	 /s/ Noah Tepperberg

		 	Name:	 	Noah Tepperberg
		 	Title:	 	Co-President
		
	By:	 	 /s/ Jason Strauss

		 	Name:	 	Jason Strauss
		 	Title:	 	Co-President
	
	Address:
	TAO Group
	1350 Avenue of the Americas, Suite 710
	New York, NY 10019
	Attention: Marc Packer
	
	with a copy to:
	
	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	1285 Avenue of the Americas
	New York, NY 10019
	Attention: Ariel J. Deckelbaum

  
 TAO Group Holdings LLC

 Second Amended and Restated Limited Liability Company Agreement Signature Page 

 
			
	 /s/ Marc Packer

	MARC PACKER*
	
	Address:
	TAO Group
	1350 Avenue of the Americas, Suite 710
	New York, NY 10019
	Attention: Marc Packer
	
	with a copy to:
	
	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	1285 Avenue of the Americas
	New York, NY 10019
	Attention: Ariel J. Deckelbaum
	
	 *  A Principal

	
	 /s/ Jason Strauss

	JASON STRAUSS*
	
	Address:
	  

	  

	Attention:	 	  

	
	with a copy to:
	
	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	1285 Avenue of the Americas
	New York, NY 10019
	Attention: Ariel J. Deckelbaum
	
	 *  A Principal

  
 TAO Group Holdings LLC

 Second Amended and Restated Limited Liability Company Agreement Signature Page 

 
	
	 /s/ Noah Tepperberg

	NOAH TEPPERBERG*
	
	Address:
	
	  

	  

 
			
	Attention:	 	  

 
	
	
	with a copy to:
	
	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	1285 Avenue of the Americas
	New York, NY 10019
	Attention: Ariel J. Deckelbaum
	
	 *  A Principal

	
	 /s/ Richard Wolf

	RICHARD WOLF*
	
	Address:
	
	  

	  

 
			
	Attention:	 	  

 
	
	
	with a copy to:
	
	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	1285 Avenue of the Americas
	New York, NY 10019
	Attention: Ariel J. Deckelbaum
	
	 *  A Principal

  
 TAO Group Holdings LLC

 Second Amended and Restated Limited Liability Company Agreement Signature Page 

 
	
	 /s/ Marc Packer

	Marc Packer
	
	MP TRUST
	
	 /s/ Marc Packer

	Marc Packer
	Trustee
	
	H.D. PROJECT MANAGEMENT INC.
	
	 /s/ Marc Packer

	Marc Packer
	President
	
	 /s/ Jason Strauss

	Jason Strauss
	
	JASON STRAUSS REVOCABLE TRUST
	
	 /s/ Jason Strauss

	Jason Strauss
	
	 /s/ Noah Tepperberg

	Noah Tepperberg
	
	NOAH TEPPERBERG REVOCABLE TRUST
	
	 /s/ Noah Tepperberg

	Noah Tepperberg
	
	 /s/ Richard Wolf

	Richard Wolf
	
	MAMBO PRODUCTIONS, INC.
	
	 /s/ Richard Wolf

	Richard Wolf
	President
	
	WOLF FAMILY TRUST
	
	 /s/ Richard Wolf

	Richard Wolf
	Trustee

  
 TAO Group Holdings LLC

 Second Amended and Restated Limited Liability Company Agreement Signature Page 

 
	
	STRATEGIC EVENT MANAGEMENT &
	MARKETING, INC.
	STRATEGIC MANAGEMENT SERVICES
	OF NEVADA INC.
	
	 /s/ Jason Strauss

	Jason Strauss
	
	 /s/ Noah Tepperberg

	Noah Tepperberg
	
	 /s/ Adam Gewanter

	Adam Gewanter
	
	 /s/ Amanda Smear Baudier

	Amanda Smear Baudier
	
	 /s/ Andrew Goldberg

	Andrew Goldberg
	
	 /s/ Bill Bonbrest

	Bill Bonbrest
	
	 /s/ Carlos Steve Morales

	Carlos Steve Morales
	
	 /s/ Chris Santos

	Chris Santos
	
	FAST HANDS, INC.
	
	 /s/ Chris Santos

	Chris Santos
	President
	
	 /s/ Ralph Scamardella

	Ralph Scamardella
	
	DN2M88 CONSULTING INC.
	
	 /s/ Ralph Scamardella

	Ralph Scamardella
	President
	
	 /s/ Hing Yip Yim

	Hing Yip Yim
	
	 /s/ Paul Goldstein

	Paul Goldstein

  
 TAO Group Holdings LLC

 Second Amended and Restated Limited Liability Company Agreement Signature Page 

 
	
	HOSPITALITY IS THE KEY LLC
	
	 /s/ Paul Goldstein

	Paul Goldstein
	
	JBOLES HOSPITALITY, LLC
	
	 /s/ Jared Boles

	Jared Boles
	Managing Partner
	
	 /s/ Jennifer Rucker

	Jennifer Rucker
	
	 /s/ Kim Russen

	Kim Russen
	
	 /s/ Jonathan Schwartz

	Jonathan Schwartz
	
	 /s/ Judith Tepperberg

	Judith Tepperberg
	
	KZD BUNCH INC.
	
	 /s/ Thomas Gillespie

	Thomas Gillespie
	President
	
	LITTLE CRAB LLC
	
	 /s/ Jonathan Kavourakis

	Jonathan Kavourakis
	
	 /s/ Matt Strauss

	Matt Strauss
	
	 /s/ Michael Garten

	Michael Garten
	
	 /s/ Michael Rea

	Michael Rea
	
	 /s/ Michael St. Pierre

	Michael St. Pierre
	
	 /s/ Richard Thomas

	Richard Thomas
	
	MONEY MATTERS PRODUCTIONS, LLC
	
	 /s/ Louis Abin

	Louis Abin
	President

  
 TAO Group Holdings LLC

 Second Amended and Restated Limited Liability Company Agreement Signature Page 

 
	
	 /s/ Romain Pavee

	Roman Pavee
	
	 /s/ Emmanuel Maris

	Emmanuel Maris
	
	DUSTIN PAUL TERRY INC.
	
	 /s/ Dustin Terry

	Dustin Terry
	President
	
	 /s/ Lauren Kaminsky Goldman

	Lauren Kaminsky Goldman
	
	 /s/ Mark Wasserman

	Mark Wasserman
	
	MATTHEW ASSANTE PRODUCTIONS INC.
	
	 /s/ Matthew Hundzynksi

	Matthew Hundzynski
	President

  
 TAO Group Holdings LLC

 Second Amended and Restated Limited Liability Company Agreement Signature Page 

 EXHIBIT A 

DEFINITIONS 
 1. For
purposes of the Agreement to which this Exhibit A is attached, the following terms shall have the respective meanings specified below. 

“Act” means the Delaware Limited Liability Company Act, as amended from time-to-time. 
 “Adjusted Capital Account Deficit” means,
with respect to any Member, the deficit balance, if any, in such Member’s capital accounts as of the end of the relevant Company Fiscal Year, after giving effect to the following adjustments: (a) credit to such capital account any amounts
that such Member is deemed to be obligated to restore pursuant to the penultimate sentence in Treasury Regulation §§ 1.704-2(g)(1) and 1.704-2(i)(5); and
(b) debit to such capital account the items described in Treasury Regulation §§ 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6). The foregoing definition of “Adjusted Capital Account Deficit” is intended to comply with the provisions of Treasury Regulation
§1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 “Adjusted
EBITDA” means, with respect to any period, (a) EBITDA for such period plus (b) any expenses of the Company or any of its Subsidiaries with respect to (x) salaries, bonuses or other compensation (other than
distributions in respect of Units) required to be paid to the Principals during such period pursuant to (A) such Principals’ Employment Agreements and the bonus and incentive arrangements set forth on Exhibit E (it is understood
that any amounts that are paid to the Principals even though there is no contractual obligation to do so will not be added to EBITDA for purposes of this definition), or (B) during the period beginning on December 26, 2016 through the
Closing, pursuant to management fee obligations to such Principals required to be paid with respect to such period pursuant to the written Contracts provided to MSG prior to the date of this Agreement and (y) to the extent recorded as an
expense by the Company during such period, any MSG Payments (including any interest accrued thereon during such period) so recorded. 

“Affiliate” means, with respect to any Person, any other Person that directly, or through one or more intermediaries,
controls or is controlled by or is under common control with such first Person; provided, however, that, (a) for purposes of Sections 4.6, 4.7 and 4.8 and clauses (ii) and (iii) of Section 6.5(d) of the Agreement, Affiliates
of MSG shall only include The Madison Square Garden Company and Persons directly or indirectly controlled by The Madison Square Garden Company, and (b) for purposes of the definition of Excluded Securities, Affiliates of MSG shall only include
(i) The Madison Square Garden Company and Persons directly or indirectly controlled by The Madison Square Garden Company and (ii) any Person under common control with The Madison Square Garden Company, but only for so long as such Person
is under common control with The Madison Square Garden Company. 
 “Agreed Value” means: (a) with
respect to all property hereafter transferred to the Company as a capital contribution, the Fair Market Value of the property on the date that it is contributed to the Company; (b) with respect to all property distributed by the Company to a
Member, the Fair Market Value of the property on the date of distribution; and (c) with respect to the revaluation of Company property, the Fair Market Value of such Company property at the time of the event requiring such revaluation. 

“Agreement” means the Second Amended and Restated Limited Liability Company Agreement of TAO Group Holdings LLC, as the same
may be in effect from time-to-time. 
 “Approval
Rights” means the rights set forth in Section 4.1 (g), (h) and (i) of the Agreement. 
 “Available
Cash” means, as of any time, cash on hand of the Company and its wholly-owned Subsidiaries, reduced by, without duplication: (a) any reserves reasonably determined by the Board for the estimated obligations of the Company and its
Subsidiaries during the succeeding 12-month period for debt servicing, other fixed and contingent liabilities, working capital and capital expenditures (including commitments contemplated by the Budget or
Business Plan); (b) amounts the Company will need to pay in order to make distributions pursuant to Section 2.1(b) of the Agreement; and (c) $10,000,000, less any capacity the Company may have under any “revolver” at such time, for the
amount of any unidentified potential opportunities (utilization subject to Board approval) and the amount reserved for capital expenditures pursuant to the applicable Budget. 

“B Rated Note” means a promissory note that matures and is payable in full within three years of issuance that
(a) receives a credit rating of a “B” or higher by any of Moody’s, Standard & Poor’s or Fitch Ratings Inc. (and if none are engaged in the rating business at the time, a rating firm that is internationally
recognized), taking into account all of its terms (including covenants, collateral, guarantees, other credit support, etc., if applicable), (b) has an interest rate based on the single B component of the Bloomberg Barclays US Corporate High Yield
Total Return Index Value Unhedged USD (LF98TRUU:IND) as of the close of business on the day prior to the issuance date, which can be viewed using the Barclays Live service and (c) is transferable at any time subject to the consent of the MSG
Company Successor (such consent not to be unreasonably withheld, conditioned or delayed). 

 “Bankruptcy” means, with respect to a Person, the happening of any of the
following: (a) the filing of an application by such Person for, or a consent to, the appointment of a trustee of all or a portion of the Person’s assets for the benefit of creditors generally, (b) the filing by such Person of a
voluntary petition in bankruptcy or the filing of a pleading in any court of record admitting in writing the Person’s inability to pay the Person’s debts generally as they come due, (c) the making by such Person of a general
assignment for the benefit of creditors, or (d) the entry of an order, judgment or decree by any court of competent jurisdiction adjudicating such Person as bankrupt or appointing a trustee of all or a portion of the Person’s assets for
the benefit of creditors generally, and such order, judgment or decree continuing unstayed and in effect for a period of 90 days. 

“BBA” means the Bipartisan Budget Act of 2015. 

“Board” means the Company’s board of managers (it is understood that the individuals serving on the Board are referred
to as “Directors”). 
 “Board Approval Rights” means the rights set forth in Section 4.1(c) and
(h) of the Agreement. 
 “Book Value” means, with respect to any Company property, its adjusted tax basis;
provided, however, that with respect to any Company property the Agreed Value of which differs from its adjusted tax basis at the time of its contribution to or distribution from the Company or a revaluation, Book Value shall be
its Agreed Value, as adjusted in a manner consistent with the determination of Depreciation and Net Income or Net Loss. 
 “Cash
Flow Deficiency” means, at any time, the Board’s good faith determination that the Company, absent an infusion of funds, is not reasonably likely to be able to meet its cash obligations in the ordinary course of business as
they become due at any point over the subsequent 12 months (taking into account the Company’s customary practice with respect to payment). 

“Cause” means, with respect to any Rollover Holdco Member, the meaning assigned to such term in such Rollover Holdco
Member’s employment agreement between the Company or one of its Subsidiaries, on the one hand, and such Rollover Holdco Member, on the other hand, or, if such Rollover Holdco Member has no such employment agreement or no such term is assigned
therein, Cause shall mean any of the following: (i) the commission by such Rollover Holdco Member of an act of fraud, embezzlement, misappropriation, willful misconduct, or gross negligence against the Company or any of its subsidiaries or
affiliates; (ii) the commission by such Rollover Holdco Member of any act or omission that results in a conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any crime involving moral turpitude or
any felony; (iii) a willful breach of Article VI; (iv) such Rollover Holdco Member’s willful and material failure or refusal to comply with the policies and procedures of the Company or its subsidiaries or affiliates, perform his
duties, as specified by the Company or its subsidiaries or affiliates, diligently and in a manner consistent with prudent business practice, or carry out a reasonable lawful instruction or directive of the Company that is within the scope of such
Rollover Holdco Member’s duties; provided, that, with respect to clauses (iii) or (iv) above, such Rollover Holdco Member shall be provided a 30-day period after receipt of written notice to
such Rollover Holdco Member which specifically identifies in reasonable detail such events or occurrences which constitute “Cause” (the “Cause Notice”) in order to cure any such events or occurrences (which cure period
shall be extended for an additional 15 days to the extent such Rollover Holdco Member diligently continues to pursue such cure throughout the preceding 30-day period), and if the Company fails to provide the
Cause Notice within 60 days following actual knowledge by the Company of the events or occurrences which it believes constitute Cause (such 60-day period, the “Cause Notice Period”), then the
Company will be deemed to have waived its right to terminate such Rollover Holdco Member for Cause with respect to those events or occurrences of which the Company received actual knowledge 60 days prior to the expiration of the Cause Notice
Period; provided, however, that Cause shall continue to have the meaning assigned to such term in any such employment agreement following the expiration or termination thereof unless expressly agreed otherwise in writing by the Company
and such Rollover Holdco Member. 
 “Claim” has the meaning set forth in the Transaction Agreement. 

“Class A Common Units” means the allocation of Interests designated as Class A Common Units on
Exhibit B to the Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended, including amendments made
by the BBA. 
 “Commercially Reasonable Debt” means non-recourse
indebtedness for borrowed money from a third party with an interest rate of no more than LIBOR + 10% and that would not require any third party consent (e.g., the consent of other lenders to the Company) without unreasonable expense or delay (it is
understood and agreed that Commercially Reasonable Debt may include amendments to existing indebtedness for borrowed money of the Company and its Subsidiaries if the cost of obtaining such amendment (after giving effect to interest rates and fees
paid upon obtaining such amendment and other costs and going forward) would be less than the cost of new third party indebtedness for borrowed money that otherwise satisfies this definition). 

  
 A-2 

 “Company Loan Agreement” means (a) the Credit Agreement
and any Contract in respect of Debt in respect of any refinancings or replacements of such Credit Agreement that is hereafter binding upon the Company, and (b) any Contract in respect of Debt that is incurred during a Cash Flow Deficiency in
accordance with Section 4.2. 
 “Credit Agreement” means the Credit and Guaranty Agreement among TAO Group
Operating LLC, Intermediate Holdings, certain Subsidiaries of TAO Group Operating LLC, Goldman Sachs Specialty Lending Group, L.P., and various lenders party thereto, dated as of the date of this Agreement. 

“Credit Agreement Default” means, at any time, (i) the Board’s good faith determination that the
Company, absent an infusion of funds, is reasonably likely to trigger a “Default” or an “Event of Default” under the Credit Agreement (or equivalent term in any Contract described in clause (a) of the definition of
“Company Loan Agreement”) or (ii) the occurrence of an “Event of Default” under the Credit Agreement (or equivalent term in any Contract described in clause (a) of the definition of “Company Loan Agreement”)
that has not been cured. 
 “Company Minimum Gain” means, with respect to each Nonrecourse Liability, the
amount of gain (of whatever character) that would be realized by the Company if it disposed of the Company property subject to such liability in a taxable transaction in full satisfaction of such liability (and for no other consideration), and by
then aggregating the amounts so computed. It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of Treasury §1.704-2(d), including the requirement
that if the Book Value of property (as determined for purposes of computing Net Income and Net Loss) subject to one or more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with reference to such
Book Value. 
 “Contract” means any contract, lease, deed, mortgage, license, instrument, note, commitment, undertaking,
indenture, joint venture and any other agreement, commitment, binding arrangement or binding understanding, whether written or oral. 

“Cumulative EBITDA” means, with respect to any period, the cumulative Adjusted EBITDA for the period beginning
December 26, 2016 and ending on the last day of such period. 
 “Debt” of any Person means, without duplication,
(a) all indebtedness for borrowed money of, or advances to, such Person (whether secured or unsecured); (b) all notes payable and drafts accepted representing extensions of credit whether or not representing obligations for borrowed money of
such Person, including all obligations evidenced by notes, bonds, debentures or other similar instruments; (c) all obligations under conditional sale or other title retention agreements relating to property acquired by such Person; (d) all
obligations in respect of the deferred purchase price of property or services, including earn-out or similar contingent arrangements; (e) all obligations of the type described in clauses (a) – (d)
and (f) – (j) of others secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not such obligation secured
thereby has been assumed; (f) guaranties of such Person securing obligations of others including those of the type described in clauses (a) – (e) and (g) – (j); (g) all obligations of such Person under capital leases, purchase money
obligations or surety bonds; (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit, to the extent drawn, and letters of guaranty; (i) all obligations, contingent or otherwise, of
such Person in respect of bankers’ acceptances; (j) the net termination obligations of such Person of all interest rate and other hedging agreements, in each case excluding any intercompany indebtedness; (k) any prepayment premiums,
accrued interest, fees and expenses of such Person related to any of the items in clauses (a) - (j); and (l) all outstanding obligations of such Person in respect of dividends or other distributions (in cash or in kind) with respect to any
equity securities; provided, however, that, for the avoidance of doubt, accounts payable and other trade payables in the ordinary course of business shall not constitute Debt. 

“Depreciation” means, for each Company Fiscal Year, an amount equal to the depreciation, amortization, or other cost recovery
deduction allowable with respect to an asset for such Company Fiscal Year for federal income tax purposes, except that if the Book Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such Company
Fiscal Year, Depreciation shall be determined in accordance with Treasury Regulation §1.704-3(d)(2) or, if not applicable, shall be an amount that bears the same ratio to such beginning Book Value as the
federal income tax depreciation, amortization, or other cost recovery deduction for such Company Fiscal Year bears to such beginning adjusted tax basis; provided, however, that if the adjusted basis for Federal income tax purposes of an asset at the
beginning of such Company Fiscal Year is zero, Depreciation shall be determined with reference to such beginning Book Value using any reasonable method selected by the Board. 

“Directors” means the Company’s directors, as provided for in Section 4.1 of the Agreement. Each individual from
time to time named as a Director is hereby designated as a “manager” (within the meaning of the Act) of the Company. 

  
 A-3 

 “Disability” with respect to any Rollover Holdco Member for purposes of the
Agreement means such Rollover Holdco Member is unable to perform, during a consecutive 180-day period more than 80% of the material duties of such Rollover Holdco Member’s job function with the Company or
any of its Subsidiaries. 
 “Distribution Priorities” means the values to which a holder of Interests would be
entitled if the Company was sold at the Fair Market Value (as such value is implied from the value to be paid to the holders of the Interests Transferred in such sale) and the net proceeds of such sale (after making adequate provision for all debts
and liabilities of the Company) were distributed in accordance with the relative rights and privileges set forth in Article VII. For the avoidance of doubt, as of the date of this Agreement, any such net proceeds in respect of the Class A
Common Units would be allocated in accordance with Percentage Shares. 
 “Early Leaver Discount” means Fair
Market Value reduced by (a) a 12.5% discount for every year prior to the fifth anniversary of the date of the Agreement that a Principal Early Leaver Put, Principal Early Leaver Call or Employee Rollover Holdco Member Leaver Call, as
applicable, is exercised (e.g., a Principal Early Leaver Put, Principal Early Leaver Call or Employee Rollover Holdco Member Leaver Call exercised between the third and fourth anniversary would be subject to 25% discount to Fair Market Value); and
(b) the financial contribution and value for any venues not yet open at the time of such Principal Early Leaver Put, Principal Early Leaver Call or Employee Rollover Holdco Member Leaver Call. 

“EBITDA” means, with respect to any period, the sum of the amounts for such period of (a) the consolidated net income of
the Company and its Subsidiaries during the 12-month period ending on the last day of the most recently completed fiscal quarter, plus (b) interest expense which has been deducted in the
determination of such net income, plus (c) U.S. federal, state and local income and non-U.S. income taxes which have been deducted in determining such net income, plus (d) depreciation
and amortization expenses which have been deducted in determining such net income. The foregoing components of EBITDA will be determined in accordance with GAAP. 

“Economic Risk of Loss” means, with respect to any liability of the Company, the economic risk of loss
borne by a Member with respect to such liability as determined under Treasury Regulation §1.752-2(a). 

“Effective Time” has the meaning assigned thereto in the Transaction Agreement. 

“Eligible Party” means MSG, the Principals who are Members and the Rollover Holdco Members. 

“Equity Incentive Plan” means any equity incentive plan for approved by the Board (it is understood that no
Equity Incentive Plan will permit grants of equity to any Principal or any Affiliate of any Principal). 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 “Excluded Securities” means, other than
with respect to securities issued to MSG or any of its Affiliates that are referred to in the following clauses (a), (b), (c) or (e) as to which the rights of the Members in Section 1.4 of the Agreement have not been waived by a majority
of the Principals who are employed by the Company or any of its Subsidiaries at the time of such issuance: 
 (a) securities issued as
consideration for the acquisition of all or substantially all of the business or voting stock of any individual or entity or any division, line of business or other business unit of such individual or entity; 

(b) securities issued in connection with any borrowings, direct or indirect, from third parties by the Company or any of its Subsidiaries,
including any type of loan or payment evidenced by any type of debt instrument (including, without limitation, any equity features including warrants, options or other rights to purchase Interests); 

(c) securities issued to employees, consultants, officers or directors of the Company or any of its Subsidiaries pursuant to any equity
option, equity purchase or equity bonus plan, agreement or arrangement; 
 (d) securities issued in connection with any stock split, stock
dividend or recapitalization of the Company; 
 (e) securities issued as consideration for corporate partnering or other strategic
transactions; 
 (f) securities issued upon exercise, exchange or conversion of any securities that are included in this definition of
“Excluded Securities”; and 

  
 A-4 

 (g) any right, option or warrant to acquire any security convertible into the securities
included in this definition of Excluded Securities pursuant to subsections (a) through (g) above. 
 “Fair
Market Value” means, with respect to any Interest or other property, the price at which a willing seller would sell and a willing buyer would buy such Interest or other property having full knowledge of the facts, in an
arm’s length transaction without time constraints, and without being under any compulsion to buy or sell, in each case without any control premium or minority discount. With regards to the sale of any Interests by a Member, the Fair Market
Value of such Interests shall be equal to the value to which a holder of such Interests would be entitled at such price in accordance with the Distribution Priorities; provided, however, that in the event of: (1) any Principal
Early Leaver Put or any Principal Leaver Call / Principal Early Leaver Call applicable upon the termination of employment by such Principal without Good Reason or by the Company with Cause, any calculation of historical or projected future EBITDA
used to determine Fair Market Value shall disregard 50% of any MSG Payments made or accrued, or to be made or accrued, (in each case, including any interest pursuant to Section 4.8(c)) prior to the fifth anniversary of the date of the Agreement and
100% of any MSG Payments to be made or accrued (including any interest pursuant to Section 4.8(c)) thereafter, and (2) any other Put or Call applicable to any Principal, any calculation of historical or projected future EBITDA used to determine
Fair Market Value will disregard any MSG Payments made or accrued, or to be made or accrued, (in each case including any interest pursuant to Section 4.8(c)). For the avoidance of doubt, with regard to the sale of any Interests by a Member, the Fair
Market Value will be reduced to reflect, as of the valuation date, the allocable portion of accrued but unpaid MSG Payments (including accrued interest thereon) attributable to the Interests being sold. 

“GAAP” means generally accepted accounting principles, as in effect from time to time, in the United States. 

“Good Reason” means, with respect to any Rollover Holdco Member, the meaning assigned to such term in such Rollover
Holdco Member’s employment agreement between the Company or one of its Subsidiaries, on the one hand, and such Rollover Holdco Member, or if such Rollover Holdco Member has no such employment agreement or no such term is so assigned therein,
Good Reason shall mean any of the following (to which such Rollover Holdco Member has not consented): (i) a material reduction of such Rollover Holdco Member’s duties and responsibilities, (ii) a material reduction in such Rollover Holdco
Member’s base salary, or (iii) a relocation of such Rollover Holdco Member’s principal place of employment that increases such Rollover Holdco Member’s one-way commute by more than fifty
(50) miles; provided, that (in the case of clauses (i), (ii) and (iii)) such Rollover Holdco Member gives notice of such event to the Company within thirty (30) days of the initial occurrence of such event, the Company fails to cure
such event within thirty (30) days following such notice, and such Rollover Holdco Member terminates his or her employment promptly following the expiration of such thirty (30) day cure period; provided, however, that Good
Reason shall continue to have the meaning assigned to such term in any such employment agreement following the expiration or termination thereof unless expressly agreed otherwise in writing by the Company and such Rollover Holdco Member. 

“HSR Act” means the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and rules and
regulations promulgated thereunder. 
 “Indemnification Obligations” means the obligation of a Rollover Holdco
Member or Principal as a Member pursuant to Section 12.03(e) of the Transaction Agreement (as applicable to such Person) to satisfy his, her or its obligations under Article 12 (Survival; Indemnification) of the Transaction Agreement by Transferring
Interests to MSG (and in the case of a Rollover Holdco Member, directing Rollover Holdco to Transfer such Rollover Holdco Member’s Attributable Interests) or by reducing distributions otherwise payable to such Member or Rollover Holdco Member.

 “Interest” means, with respect to any Member, the entire limited liability company interest (as such term
is defined in the Act) of such Member in the Company, including, (a)(i) such Member’s rights to share in the income, gain, loss, deductions and credits of, and the right to receive distributions from, the Company, (ii) all other
rights, benefits and privileges enjoyed by such Member (under the Act, the Agreement or otherwise) in its capacity as a Member, including rights to vote, consent and approve or otherwise participate in the management of the Company, and
(iii) all other rights, benefits, privileges and claims of such Member under, or arising under, the Agreement (in its capacity as a Member or otherwise) and (b)(i) all obligations, duties and liabilities imposed on such Member (under the Act,
the Agreement or otherwise) in its capacity as a Member and (ii) all other obligations, duties and liabilities imposed on such Member under the Agreement (in its capacity as a Member or otherwise). Without limitation of the foregoing, as of any
date with respect to any determination, it is understood that the Class A Common Units and the Preferred Units of a Member are such Member’s Interest. 

“IPO” means an initial public offering by the Company (or its successor) of common equity pursuant to an effective
registration statement filed with the U.S. Securities and Exchange Commission under the Securities Act. 

  
 A-5 

 “Lien” means any security interest in or lien on or against any property
arising from any pledge, assignment, hypothecation, mortgage, security interest, deposit arrangement, trust receipt, conditional sale or title retaining contract, sale and leaseback transaction, capitalized lease, consignment or bailment for
security, or any other type of lien, charge, claim, encumbrance, title exception, preferential or priority arrangement affecting property (including with respect to stock, any stockholder agreements, voting rights agreements, buy-back agreements and all similar arrangements). 
 “Liquidity Rights” means the
rights of Members and the Company under Section 6.5 (Drag-Along Right), Section 6.6 (Put Right) and Section 6.7 (Call Right) of the Agreement. 

“Material Contract” means any Contract that, if entered into prior to the date of the Transaction Agreement, would
have been required to be disclosed as a Material Contract thereunder. 
 “Member” means MSG, Rollover Holdco, the
Principals and any other Person admitted as a member of the Company in accordance with the terms of the Agreement. 
 “Member
Nonrecourse Debt” means any nonrecourse debt of the Company for which any Member bears the Economic Risk of Loss. 

“Minimum Gain Attributable to a Member Nonrecourse Debt,” means with respect
to any Member Nonrecourse Debt, shall have the meaning ascribed to such term for purposes of Treasury Regulation §1.704-2(i)(5). 

“MSG Change of Control” means the acquisition, in a transaction or a series of related
transactions, by (a) any Person or group of Persons, other than Charles F. Dolan or members of the immediate family of Charles F. Dolan or trusts for the benefit of Charles F. Dolan or his immediate family (or an entity or entities controlled
by any of the foregoing) or any employee benefit plan sponsored or maintained by The Madison Square Garden Company, of the direct or indirect power to direct the management of The Madison Square Garden Company (or any of its successors) or
substantially all of its (or such successor’s) assets (as constituted immediately prior to such transaction or transactions), or (b) any transferee of assets that includes the Interests owned by MSG pursuant to a Transfer contemplated by
clause (a)(iii) of the definition of Permitted Transfer; provided, however, that an acquisition referred to in this clause (b) shall only be an MSG Change of Control if such transferee is not Charles F. Dolan or members of the
immediate family of Charles F. Dolan or trusts for the benefit of Charles F. Dolan or his immediate family (or an entity or entities controlled by any of the foregoing) or any employee benefit plan sponsored or maintained by The Madison Square
Garden Company. 
 “MSG Company Successor” means the parent corporation, limited liability company or
partnership (other than “The Madison Square Garden Company”) that holds (or upon consummation of a Permitted Transfer or MSG Change of Control (or other Transfer or transaction permitted in accordance with Article VI) will hold) more than
50% of the Interests of MSG. For the avoidance of doubt, in the event a corporation’s, limited liability company’s or partnership’s (other than “The Madison Square Garden Company”) common stock is listed for trading on a
U.S. national securities exchange and such entity directly or indirectly holds (or upon consummation of a Permitted Transfer or MSG Change of Control (or other Transfer or transaction permitted in accordance with Article VI) will hold) more than 50%
of the Interests of MSG, such entity shall be the MSG Company Successor. 
 “MSG Promissory Note” means a
promissory note issued by The Madison Square Garden Company in the form attached to the Agreement as Exhibit G-1. 

“MSG Stock” means shares of unregistered Class A Common Stock, par value $0.01 per share (or another class of
voting common stock that replaces such Class A Common Stock) that are listed for trading on a national securities exchange, of The Madison Square Garden Company, valued at the volume-weighted average price (as reported by Bloomberg) over the
ten trading days prior to the date of issuance. 
 “Net Income or Net Loss” means, for any taxable
year or month of the Company, the taxable income or loss, respectively, of the Company for federal income tax purposes, except that (a) any income of the Company that is exempt from federal income tax and not otherwise taken into account in
computing taxable income or loss shall be added to such taxable income or subtracted from such loss, (b) any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as expenditures described in
Section 705(a)(2)(B) of the Code pursuant to Treas. Reg. §1.704-1(b)(2)(iv)(i) and not otherwise taken into account under this definition (any such expenditures being referred to for purposes
of the Agreement as “Section 705(a)(2)(B) Expenditures”) shall be subtracted from such taxable income or added to such loss, (c) any amount of gain or loss that would have been recognized by the Company if property distributed by the
Company to the Members had instead been sold in a taxable disposition for its fair market value (as determined by the Board) at the time of distribution shall be taken into account, (d) items of income, gain, deduction and loss relating to
property contributed to the Company by a Member (or revalued pursuant to Section 1.3 of the Agreement) shall be 

  
 A-6 

 
taken into account based on such property’s Book Value, and (e) in lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such
taxable income or loss, there shall be taken into account Depreciation for such Company Fiscal Year, computed in accordance with the definition of Depreciation. Except as otherwise provided in the regulations issued under Section 704(b) of the Code,
such amounts shall be computed without regard to any basis adjustment for federal income tax purposes under Sections 732, 734 and 743 of the Code resulting from an election under Section 754 of the Code. 

“Nonrecourse Deductions” has the meaning set forth in Treasury Regulations §§1.704 2(b)(1) and 1.704-2(c). 
 “Nonrecourse Liability” means any Company liability (or portion
thereof) for which no Member bears the Economic Risk of Loss. 
 “Operational Veto Rights” means the
Principal Veto Rights set forth in clauses (A) or (C) (other than sub-clause (II) or (III)) of Section 4.1(g)(i) of the Agreement and clauses (A), (B), (D) (other than, with respect to clause (D),
any sale of a venue), (F), (G) (other than, with respect to clause (G), the incurrence or prepayment of Debt to MSG or its Affiliates), (I) (other than, with respect to clause (I), any sale or exclusive license of a brand or, with respect to
obligations owed to MSG or its Affiliates, the incurrence of a Lien), (L) or (M) of Section 4.1(g)(ii) of the Agreement. 

“Packer Rollover Holdco Members” means the persons designated as “Packer Rollover Holdco
Members” on the signature pages to the Agreement and any Person who becomes a Rollover Holdco Member pursuant to a Permitted Transfer from a Packer Rollover Holdco Member. For the avoidance of doubt, a Person shall cease to be a Packer Rollover
Holdco Member when such Person ceases to be a Member or when such Person shall cease to be (or otherwise is not) a Permitted Transferee of Packer. 

“Percentage Share” means, with respect to any Member or Rollover Holdco Member as of any date, the ratio (expressed as
a percentage) of the aggregate number of all Class A Common Units directly held by such Member on such date to the aggregate number of all Class A Common Units issued by the Company and outstanding on such date; provided,
however, that with respect to any Rollover Holdco Member as of any date, the Percentage Share of such Rollover Holdco Member means the ratio (expressed as a percentage) of (a) the aggregate number of all of Rollover Holdco Class A
Common Units directly held by such Rollover Holdco Member on such date, plus the aggregate number (if any) of all Class A Common Units directly held by such Rollover Holdco Member on such date to (b) the aggregate number of all
Class A Common Units issued by the Company and outstanding on such date. The combined Percentage Share of all Members shall at all times equal 100% and, except to the extent a Rollover Holdco Member directly holds any Class A Units, the
combined Percentage Share of all Rollover Holdco Members shall at all times equal the Percentage Share of Rollover Holdco. 

“Permitted Transfer” means: 

(a) with respect to MSG: (i) any Transfer of Interests owned by MSG to The Madison Square Garden Company or any direct or indirect
wholly-owned Subsidiary of The Madison Square Garden Company; (ii) any Transfer of equity interests in The Madison Square Garden Company (or any successive successors thereto or acquirors thereof); or (iii) any Transfer of all of the
Interests owned by MSG together with (A) all or substantially all of the assets of The Madison Square Garden Company and/or (B) a portion of assets of The Madison Square Garden Company so long as the Interests owned by MSG represent no
more than 25% of the Fair Market Value of such assets in the transferee (calculated net of any debt at the time of such Transfer and immediately after giving effect thereto); and 

(b) with respect to any Member or Rollover Holdco Member that is an individual: (i) a trust solely for the benefit of such individual or
the members of such individual’s immediate family with such individual acting as trustee of such trust and retaining control thereunder for so long as such individual is physically able; or (ii) an entity that is owned solely by such
individual and the members of such individual’s immediate family with such individual retaining authority to appoint all of the directors (or persons serving in a similar capacity) for so long as such individual is physically able. 

“Permitted Transferee” means a transferee of Units owned by a Member in a Permitted Transfer. 

“Person” is defined in Section 18-101(12) of the Act. 

“Preemptive Securities” means, other than Excluded Securities: 

(a) any Interests or other equity securities of the Company issued after the date of the Agreement; 

  
 A-7 

 (b) for so long as the Qualified Percentage Share is equal to or greater than 14%, (i) any
equity securities of any Subsidiaries of the Company Subsidiaries issued to or from MSG or any of its Affiliates or (ii) any debt securities or other Debt of the Company or any of its Subsidiaries issued to or borrowed from MSG or any of its
Affiliates (including any Commercially Reasonable Debt or other debt securities or Debt issued thereto or borrowed therefrom pursuant to Section 4.2, in each case, other than Excluded Securities); provided, however, that the
foregoing shall only be considered “Preemptive Securities” for purposes of Employee Rollover Holdco Members to the extent that one or more Principals duly and timely exercise their Preemptive Rights in accordance with Section 1.4 with
respect thereto (and that in the event no Principals duly exercise their Preemptive Rights in accordance with Section 1.4 with respect thereto, any equity or debt securities referred to in the clause (b) shall not be Preemptive
Securities); and 
 (c) any right, option or warrant to acquire any security convertible into the securities included in this definition of
Preemptive Securities pursuant to the preceding clauses (a) or (b). 
 “Preferred Capital Contribution”
means the $10,000,000 contribution by the Members in respect of their Preferred Units. 
 “Preferred Percentage
Share” means, with respect to any Member or Rollover Holdco Member, as applicable, as of any date, the ratio (expressed as a percentage) of the aggregate number of all Preferred Units directly held by such Member on such date to
the aggregate number of all Preferred Units issued by the Company and outstanding on such date; provided, however, that with respect to any Rollover Holdco Member as of any date, the Preferred Percentage Share of such Rollover Holdco
Member means the ratio (expressed as a percentage) of (a) the aggregate number of all Rollover Holdco Preferred Units directly held by such Rollover Holdco Member on such date, plus the aggregate number (if any) of all Preferred Units
directly held by such Rollover Holdco Member on such date to (b) the aggregate number of all Preferred Units issued by the Company and outstanding on such date. The combined Preferred Percentage Shares of all Members shall at all times equal
100% and, except to the extent a Rollover Holdco Member directly holds any Preferred Units, the combined Preferred Percentage Share of all Rollover Holdco Members shall at all times equal the Preferred Percentage Share of Rollover Holdco. 

“Preferred Return” means a return equal to compounded interest of 9% per annum, compounded quarterly on
March 31, June 30, September 30 and December 31 of each year that the Preferred Units are outstanding. The Preferred Return shall be computed on the basis of a 360-day year constituting of
twelve 30-day months and shall be pro rated for any partial periods (i.e., during the period from and after the date the Preferred Units are first issued until the last day of the quarter in which the
Preferred Units are first issued and during the period from and after the first day of the quarter during which all amounts owned with respect to the Preferred Units under clauses (i) and (ii) of Section 2.1(c) of the Agreement are paid in full
until the date that all amounts owned with respect to the Preferred Units under clauses (i) and (ii) of Section 2.1(c) of the Agreement are paid in full) with respect to which it is calculated. 

“Preferred Units” means the allocation of Interests designated as Preferred Units on Exhibit B to the
Agreement. 
 “Principal Base” means, as of any time: (a) if there are four Principals who are serving as
Directors, three Principals; (b) if there are three Principals serving as Directors, two Principals; (c) if there are two Principals serving as Directors, two Principals; or (d) if there is only one Principal serving as Director, one
Principal. 
 “Principal Purchase Price” means the Fair Market Value (as determined in accordance with
Section 6.8 (Determination of Fair Market Value) of the Agreement); provided, however, that, in the event of a Principal Early Leaver Put or Principal Early Leaver Call, such Fair Market Value will be adjusted by the Early Leaver
Discount; provided, further, however, that such Early Leaver Discount shall not apply in the event that a MSG Change of Control has occurred prior to the consummation of such Principal Early Leaver Put or Principal Early Leaver
Call (in which case the Principal Purchase Price shall be the Fair Market Value). 
 “Principal Rollover Holdco
Groups” means each of (i) Packer and the Packer Rollover Holdco Members, (ii) Strauss and the Strauss Rollover Holdco Members, (iii) Tepperberg and the Tepperberg Rollover Holdco Members and (iv) Wolf and the Wolf
Rollover Holdco Members. 
 “Principal Veto Rights” means the rights of the Principals in Section 4.1(g) of
the Agreement. 
 “Principals” means Packer, Strauss, Tepperberg and Wolf. 

“Prohibited Person” means a Person who, individually or together with such Person’s Affiliates, owns at least 5%
of, or owns, operates or manages, any professional sports team, stadium, arena, theater or other live entertainment venue with no less than 2,000 seats or any music, film or similar festival. 

  
 A-8 

 “Qualified MSG Stock” means MSG Stock that is duly
authorized, validly issued, fully paid and non-assessable, not subject to any preemptive or other similar rights, issued free and clear of any Liens (other than Liens under applicable securities laws and this
Agreement) and issued subject to compliance by the recipient with applicable securities laws (e.g., six-month holding period). 

“Qualified Party” means MSG and its Permitted Transferees and the Qualified Principals. 

“Qualified Percentage Share” means the Percentage Share of both the Principals (as Members) and the Principal
Rollover Holdco Groups (assuming the exercise, exchange or conversion of all securities of the Company that are exercisable or exchangeable for, or convertible into, Class A Common Units) for purposes of Section 4.1(g), 4.1(h)(i), 6.3(a)(ii),
6.5(a) and 8.6 of the Agreement and for purposes of the definitions of “Preemptive Securities” and “Qualified Principal.” For purposes of calculating Qualified Percentage Share, any Class A Common Units issued after the date
of the Agreement to any Person other than a Principal, a Permitted Transferee of a Principal or a member of a Principal Rollover Holdco Group shall not be included in the denominator, except for Class A Common Units issued in connection with a
Cash Flow Deficiency; provided, however, that: (1) for a period of 12 months from and after the end of the Resolution Period to which such Cash Flow Deficiency relates, Class A Common Units issued in connection with a Cash
Flow Deficiency shall be included in the denominator for purposes of determining whether the Principal Base has the Operational Veto Rights, (2) in the event the Cumulative EBITDA for the period ending on the
12-month anniversary of the last day of the Resolution Period to which such Cash Flow Deficiency relates is less than 85% of the Cumulative EBITDA set forth in the Revised CIM Case for such period, Units
issued in connection with a Cash Flow Deficiency shall be included in the denominator for purposes of determining whether the Principal Base has the Operational Veto Rights thereafter. As of the date of the Agreement, the Qualified Percentage Share
is 28%. 
 “Qualified Principal” means a Principal who is engaged as a full-time employee of the Company and whose
Percentage Share, including the Percentage Share of his Principal Rollover Holdco Group (determined in the same manner as in the definition of Qualified Percentage Share), is at least equal to 7%. 

“Qualified Successor Stock” means Successor Stock that is duly authorized, validly issued, fully paid and non-assessable, not subject to any preemptive or other similar rights and issued free and clear of any Liens (other than Liens under applicable securities laws and this Agreement). 

“Relative Percentage Share” means, with respect to any Member or Rollover Holdco Member, as
applicable, as of any date with respect to any determination, the ratio (expressed as a percentage) of the aggregate number of all Class A Common Units directly held by such Member on such date to the aggregate number of Class A Common
Units directly held all Members to which such determination relates on such date; provided, however, that with respect to any Rollover Holdco Member as of any date, the Relative Percentage Share of such Rollover Holdco Member means the
ratio (expressed as a percentage) of (a) the aggregate number of all of Rollover Holdco Class A Common Units directly held by such Rollover Holdco Member on such date, plus the aggregate number (if any) of all Class A Common
Units directly held by such Rollover Holdco Member on such date to (b) the aggregate number of all Class A Common Units directly held by all Members to which such determination relates on such date. 

“Required Transfer Documentation” means an assignment and assumption agreement in form and substance reasonably
acceptable to the transferor and the transferee providing for, as applicable, the sale and assignment of Interests or Rollover Holdco Interests, free and clear of all Liens other than those imposed by applicable securities law or the Agreement. The
Required Transfer Documentation shall include representations and warranties by the transferor as to (a) due organization and good standing (if the transferor is an entity) of the transferor, (b) the power and authority (if the transferor
is an entity) of such transferor, (c) the capacity (if the transferor is an individual) of such transferor, (d) the due authorization (if the transferor is an entity) of the Required Transfer Documentation, (e) the due execution and
delivery of the Required Transfer Documentation, (f) the enforceability of the Required Transfer Documentation, (g) the “non-contravention” of the execution, delivery and performance of the
Required Transfer Documentation with the transferor’s organizational documents (if the transferor is an entity), applicable laws and contracts to which the transferor is a party, and (h) the assignment to the transferee of good, valid and
marketable title to such Interests or Rollover Holdco Interests, as applicable, free and clear of all Liens, other than those imposed by applicable securities laws and the Agreement. 

“Restructuring Agreement” has the meaning assigned to such term in the Transaction Agreement. 

“Revised CIM Case” means, for any period, the Adjusted EBITDA for such period, as set forth on Exhibit
D. 
 “ROFO Party(ies)” means (a) MSG, if the Initiating Party is a Principal, (b) the Qualified
Principals and the other members of their Principal Rollover Holdco Groups, if the Initiating Party is MSG, and (c) MSG and the Principals, if the Initiating Party is a Rollover Holdco Member other than a Principal. 

  
 A-9 

 “Rollover Holdco Interest” means an Interest (as defined in
the Rollover Holdco LLCA). 
 “Rollover Holdco LLCA” means the Amended and Restated Limited Liability Company
Agreement of Rollover Holdco. 
 “Rule 144A” means Rule 144A under the Securities Act. 

“Sale of the Company” means a sale to a third party of all or a majority of the equity or all or
substantially all of the assets of the Company and its Subsidiaries, taken as a whole, by sale of the Interests, merger, consolidation, sale of assets, sale of Subsidiaries, or otherwise. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Specified Third Party Claim” means a Third Party Claim (as defined in the Transaction Agreement) with
respect to which the Company assumes the defense, settlement, adjustment or compromise thereof as contemplated by Section 12.06(d) of the Transaction Agreement. 

“Stated Early Put Value” means, as of any time with respect to the Preferred Units, the amount to which
the holder of such Preferred Units would at such time be entitled pursuant to clause (ii) of Section 2.1(c) of the Agreement (taking into account all amounts previously paid to such holder in respect of such Preferred Units pursuant to
Section 2.1 of the Agreement). 
 “Stated Preferred Value” means, as of any time with respect to the
Preferred Units, the amount to which the holder of such Preferred Units would at such time be entitled pursuant to clauses (i) and (ii) of Section 2.1(c) of the Agreement (taking into account all amounts previously paid to such holder in
respect of such Preferred Units pursuant to Section 2.1 of the Agreement). 
 “Strauss Rollover Holdco
Members” means the persons designated as “Strauss Rollover Holdco Members” on the signature pages to the Agreement and any Person who becomes a Rollover Holdco Member pursuant to a Permitted Transfer from a Strauss Rollover
Holdco Member. For the avoidance of doubt, a Person shall cease to be a Strauss Rollover Holdco Member when such Person ceases to be a Rollover Holdco Member or when such Person shall cease to be (or otherwise is not) a Permitted Transferee of
Strauss. 
 “Subsidiary” means, with respect to any Person, any corporation, association, limited liability company or
other business entity of which at least 50% of (i) the total equity interest or (ii) total voting power of shares of stock (or equivalent ownership or controlling interest) entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other subsidiaries of that Person or a combination thereof. 

“Successor Stock” means the common stock of a MSG Company Successor listed for trading on a U.S. national securities
exchange, valued at the volume-weighted average price (as reported by Bloomberg) over the ten trading days prior to the date of issuance; provided, that, in order to constitute Successor Stock, such MSG Company Successor shall
(i) have an average market capitalization of at least $1 billion in the 90 days immediately preceding the issuance of Successor Stock to a Principal or Rollover Holdco Member under the Agreement, and (ii) if such MSG Company Successor
is a foreign issuer, the Successor Stock listed on such exchange shall have an average float and trading volume that is at least 90% of the average float and average daily trading volume of MSG in the 90 days immediately preceding the issuance and
shall not consist of American Depositary Receipts or similar instruments). 
 “Tao Note Company
Entity” means either (x) the Company or (y) a Subsidiary of the Company that is named the “borrower” under clause (a) of the definition of Company Loan Agreement; provided, however, that
(subject to waiver by the beneficiary of such Tao Promissory Note, in such beneficiary’s sole discretion) in either case of clause (x) or (y), at the time of issuance of such Tao Promissory Note, the Company Loan Agreements that by their
terms do not mature at least ninety-one days prior to the maturity date of the Tao Promissory Note do not restrict such entity from making the payments required under such Tao Promissory Note on its maturity
date; provided, further, however, that (subject to waiver by the beneficiary of such Tao Promissory Note, in such beneficiary’s sole discretion) in the event a Tao Promissory Note is issued by an entity referred to in
clause (x) or (y) and at the time of such issuance a Company Loan Agreement that by its terms would mature at least ninety-one days prior to the maturity date of the Tao Promissory Note is in effect that
would restrict such entity from making the payment required under such Tao Promissory Note on its maturity date if such Company Loan Agreement was extended, the Company shall not (and the Company shall cause its Subsidiaries not to) extend such
Company Loan Agreement or refinance the debt under such Company Loan Agreement unless such extension or refinancing permits such payment under the Tao Promissory Note on the maturity date of such Tao Promissory Note. 

  
 A-10 

 “Tao Note Replacement Entity” means, (a) if
neither the Company nor a Subsidiary of the Company qualifies as a Tao Note Company Entity, and (b) if consented to by such Affiliate of MSG (in such Affiliate’s sole discretion), any Affiliate of MSG that (i) directly or indirectly
owns 100% of MSG’s Interests and (ii) (x) is listed for trading on a U.S. national securities exchange with an average market capitalization of at least $1 billion in the 90 days immediately preceding the issuance of the applicable
Tao Promissory Note, and agrees under the Tao Promissory Note to maintain a minimum market capitalization of at least $1 billion until payment of all principal and interest owed thereunder or (y) directly or indirectly (together with its
Subsidiaries) holds at least $1 billion in net assets, and agrees under the Tao Promissory Note to continue to directly or indirectly (together with its Subsidiaries) hold at least $1 billion in net assets until payment of all principal
and interest owed thereunder. 
 “TAO Promissory Note” means a promissory note issued by a Tao Promissory
Note Party in the form attached to the Agreement as Exhibit G-2. 
 “Tao
Promissory Note Party” means a Tao Note Company Entity or a Tao Note Replacement Entity. 

“Tepperberg Rollover Holdco Members” means the persons designated as “Tepperberg Rollover Holdco
Members” on the signature pages to the Agreement and any Person who becomes a Rollover Holdco Member pursuant to a Permitted Transfer from a Tepperberg Rollover Holdco Member. For the avoidance of doubt, a Person shall cease to be a Tepperberg
Rollover Holdco Member when such Person ceases to be a Rollover Holdco Member or when such Person shall cease to be (or otherwise is not) a Permitted Transferee of Tepperberg. 

“Terminable Obligations” means Contracts or other commitments or obligations of the Company or any of its Subsidiaries
that can be terminated by the Company or such Subsidiary on 90 days’ (or less) notice without (a) payment of any penalty, or (b) incurrence of other Liability (in the case of clauses (a) and (b), other than penalties or
Liabilities that are, individually and in the aggregate, de minimis). 
 “The Madison Square
Garden Company” means The Madison Square Garden Company, a Delaware corporation; provided, however, that if pursuant to any Transfer permitted pursuant to the Agreement, The Madison Square Garden Company no
longer directly or indirectly holds any of the Interests held by MSG and in connection with such Transfer or transaction there is an MSG Company Successor, all references to “The Madison Square Garden Company” in the Agreement shall be
deemed to refer to such MSG Company Successor (except as used in the definition of “MSG Stock”). 
 “Transaction
Documents” has the meaning assigned to such term in the Transaction Agreement. 
 “Transfer” means any direct
or indirect offer, sale, contract to sell, assignment, alienation, gift, transfer, hypothecation, exchange, mortgage, pledge, grant of a security interest or other disposition or encumbrance, whether voluntary or involuntary. A Transfer shall,
without limitation of the foregoing, include any of transaction that, in whole or in part, transfers any economic consequences of ownership. The Transfer of the equity interest in a Member (or any Person who directly or indirectly owns any equity
interests of such Member) shall be deemed an indirect Transfer of such Member’s Interest (and, for the avoidance of doubt, the Transfer of a Rollover Holdco Interest shall be deemed an indirect Transfer of the Attributable Interest of Rollover
Holdco that corresponds to such Rollover Holdco Interest). Notwithstanding anything to the contrary in this definition, in no event will an offer, sale, contract to sell, assignment, alienation, gift, transfer, hypothecation, exchange, mortgage,
pledge, grant of a security interest or other disposition, encumbrance, whether voluntary or involuntary, of any securities of The Madison Square Garden Company or any of its successors or acquirors (or any successive successors thereto or acquirors
thereof) be a Transfer. 
 “Units” means the allocation of Interests designated as Units in an agreement between a Member
and the Company. 
 “Unreturned Preferred Capital Contributions Amount” means at any time, the
excess, if any, of: (a) the aggregate Preferred Capital Contributions made by the Members over (b) the aggregate amount of distributions with respect to such Preferred Capital Contributions (including any distributions to any
predecessor of such Member) under Section 2.1(c)(ii) of the Agreement. 
 “Valuation Representatives” mean
(a) one MSG Director designated in writing to the Principals by MSG (which MSG Director may be replaced at any time or from time to time by MSG) and (b) Richard Wolf or one other Principal designated in writing designated in writing to MSG
by the Principal Base (which Valuation Representative may be replaced at any time or from time to time by the Principal Base). 

“Wolf Rollover Holdco Members” means the persons designated as “Wolf Rollover Holdco Members”
on the signature pages to the Agreement and any Person who becomes a Rollover Holdco Member pursuant to a Permitted Transfer from a Wolf Rollover Holdco Member. For the avoidance of doubt, a Person shall cease to be a Wolf Rollover Holdco Member
when such Person ceases to be a Rollover Holdco Member or when such Person shall cease to be (or otherwise is not) a Permitted Transferee of Wolf. 

  
 A-11 

 2. The following terms are defined in the Sections indicated below. 

 

					
	 Term
	  	 Section
	 
		
	 AAA
	  	 	4.2(b)	 
	 Aggregate Consideration
	  	 	6.5(c)	 
	 Agreement
	  	 	Preamble	 
	 Approved Sale
	  	 	6.5(a)	 
	 Approved Sale Notice
	  	 	6.5(a)	 
	 Approved Sale Period
	  	 	6.5(a)	 
	 Arbitrator
	  	 	6.8(b)	 
	 Attributable Class A Common Units
	  	 	Recitals	 
	 Attributable Interests
	  	 	Recitals	 
	 Attributable Preferred Units
	  	 	Recitals	 
	 Benefits
	  	 	4.8(a)	 
	 Budget
	  	 	1.5(a)	 
	 Business Plan
	  	 	1.5(a)	 
	 Call
	  	 	6.7(e)	 
	 Company
	  	 	Preamble	 
	 Company Fiscal Year
	  	 	3.3	 
	 Confidential Information
	  	 	4.7(a)	 
	 DGCL
	  	 	4.3	 
	 Disapproving Principal
	  	 	8.6	 
	 Employee Rollover Holdco Member Leaver Call
	  	 	6.7(c)	 
	 Employee Rollover Holdco Member Post-Year 5 Call
	  	 	6.7(d)	 
	 Employee Rollover Holdco Member Post-Year 5 Put
	  	 	6.6(d)	 
	 Employee Rollover Holdco Member Purchase Price
	  	 	6.6(d)	 
	 Employee Rollover Holdco Members
	  	 	Preamble	 
	 Exercise Notice
	  	 	1.4(c)	 
	 Existing Agreement
	  	 	Recitals	 
	 FMV Depository
	  	 	6.8(a)	 
	 Indemnification Obligations Shortfall
	  	 	6.1	 
	 Indemnified Persons
	  	 	4.4(a)	 
	 Initiating Party
	  	 	6.3(b)	 
	 Interest Change Date
	  	 	2.2(k)	 
	 Losses
	  	 	4.4(a)	 
	 Management Fee
	  	 	4.8(a)	 
	 Member Indemnitors
	  	 	4.4(b)	 
	 Member Nonrecourse Deductions
	  	 	2.2(d)	 
	 Minimum Commitment
	  	 	4.8(a)	 
	 MSG
	  	 	Preamble	 
	 MSG FMV Entity
	  	 	6.8(a)	 
	 MSG Payments
	  	 	4.8(a)	 
	 Mutual Valuation Period
	  	 	6.8	 
	 Observer
	  	 	41	 
	 Offered Securities
	  	 	6.3(b)	 
	 Officer
	  	 	4.1(d)	 
	 Other Rollover Holdco Members
	  	 	Preamble	 
	Preemptive Right	  	 	1.4(a)	 
	Preemptive Rights Notice	  	 	1.4(b)	 
	Preferred Unit Call	  	 	6.10(b)	 
	Preferred Unit Early Call	  	 	6.9(b)	 
	Preferred Unit Early Put	  	 	6.9(a)	 
	Preferred Unit Put	  	 	6.10(a)	 
	Principal Early Leaver Call	  	 	6.7(a)	 
	Principal Early Leaver Put	  	 	6.6(b)	 
	Principal Good Leaver Put	  	 	6.6(a)	 

  
 A-12 

					
	Principal Leaver Call	  	 	6.7(a)	 
	Principal Post-Year 5 Call	  	 	6.7(b)	 
	Principal Post-Year 5 CoC Put	  	 	6.6(f)	 
	Principal Post-Year 5 Put	  	 	6.6(c)	 
	Principal Pre-Year 5 CoC Put	  	 	6.6(e)	 
	Principals	  	 	Preamble	 
	Put	  	 	6.6(g)	 
	Put Exercise Period	  	 	6.6(f)	 
	Resolution Period	  	 	4.2(a)	 
	Restructuring	  	 	Recitals	 
	ROFO Notice	  	 	6.3(b)	 
	ROFO Obligations	  	 	6.3(a)(i)	 
	ROFO Period	  	 	6.3(c)	 
	Rollover Budget	  	 	1.5(b)	 
	Rollover Holdco	  	 	Preamble	 
	Rollover Holdco Class A Common Units	  	 	Recitals	 
	Rollover Holdco Member Representative	  	 	6.8(a)	 
	Rollover Holdco Members	  	 	Preamble	 
	Rollover Holdco Preferred Units	  	 	Recitals	 
	Tag-Along Sale Notice	  	 	6.4(b)	 
	Transaction Agreement	  	 	Recitals	 
	Transactions	  	 	Recitals	 

  
 A-13

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