Document:

Document

Exhibit 10.26
Execution Version

SECOND AMENDMENT TO CREDIT AGREEMENT
This SECOND AMENDMENT TO CREDIT AGREEMENT, dated as of December 3, 2021 (this “Agreement”), is made by and among PEAR THERAPEUTICS, INC., a Delaware corporation (the “Borrower”), certain Subsidiaries of the Borrower, and PERCEPTIVE CREDIT HOLDINGS III, LP, a Delaware limited partnership, as administrative agent for the Lenders (in such capacity, together with its successors and assigns, the “Administrative Agent”) and as the Majority Lender.
RECITALS
WHEREAS, reference is made to the Credit Agreement and Guaranty, dated as of June 30, 2020, among the Borrower, certain Subsidiaries of the Borrower from time to time party thereto, the lenders from time to time party thereto (the “Lenders”) and the Administrative Agent (as subsequently amended, supplemented or otherwise modified, from time to time, including pursuant to this Agreement, the “Credit Agreement”);
WHEREAS, subject to the terms and the conditions set forth in this Agreement, the Borrower has requested that the Administrative Agent and the Majority Lenders amend or otherwise modify certain provisions of the Credit Agreement as set forth in more detail herein;
WHEREAS, the Administrative Agent and the Majority Lenders are willing to do so on the terms and subject to the conditions set forth in this Agreement; and
WHEREAS, the Lender party hereto constitutes the Majority Lenders.
NOW, THEREFORE, for good and valuable consideration (including the Borrower’s covenants and agreements set forth below), the parties hereto hereby agree as follows:
ARTICLE I
AMENDMENTS TO CREDIT AGREEMENT
Section 1.01.  Defined Terms.  Unless otherwise defined herein or the context otherwise requires, capitalized terms used in this Agreement (including the preambles and recitals hereto and hereof) shall have the meanings ascribed to such terms in the Credit Agreement.
Section 1.02.  Amendment to Credit Agreement.  Effective as of the Effective Date, the Credit Agreement is hereby amended as follows:
(a) Section 1.01 of the Credit Agreement is amended by adding the following new defined terms in their alphabetically appropriate places:
“Amendment No. 2” means that certain Amendment No. 2 to Credit Agreement, dated as of December 3, 2021, among the Borrower, certain Subsidiaries of the Borrower, the Majority Lenders and the Administrative Agent for the Majority Lender.
“Amendment No. 2 Effective Date” means December 3, 2021.
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 “Waypoint Product Acquisition” means the Acquisition by the Borrower of the Assets (as defined in the Waypoint Product Acquisition Agreement) from Waypoint Health Innovations, LLC.
“Waypoint Product Acquisition Agreement” means that certain Assignment Agreement, dated as of November 30, 2021, between the Borrower and Waypoint Health Innovations, LLC, pursuant to which the Borrower has agreed, among other things, to acquire the Assets (as defined in the Waypoint Product Acquisition Agreement.
(b)The definition of  “Permitted Acquisition” set forth in Section 1.01 of the Credit Agreement is amended as follows:
(i)   The preamble clause of such definition is hereby amended and restated in its entirety to read as follows:  “Permitted Acquisition” means (x) the Waypoint Product Acquisition; provided that such Acquisition is consummated in accordance with the terms and conditions of the Waypoint Product Acquisition Agreement without any material waiver, amendment or other modification thereto (unless approved in writing by the Administrative Agent prior to the effectiveness thereof, which approval may not be unreasonably withheld), and (y) any other Acquisition by the Borrower or any of its Subsidiaries; provided that, in the case of any such other Acquisition made pursuant to this clause (y):”; and 
(ii)  Clause (k) of such definition is hereby amended by replacing the reference to “Section 9.01(i)” set forth therein with “Section 9.01(g)”.
(c)   Clause (g) of Section 9.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
                “(g)        (i) to the extent constituting or qualifying as Indebtedness, all obligations of the Borrower to pay Earnout Payments (as defined in, and to the extent payable pursuant to, Exhibit D to the Waypoint Product Acquisition Agreement as in effect on the Amendment #2 Effective Date), and (ii) any additional Indebtedness assumed pursuant to any Permitted Acquisition; provided that, and without regard to any Indebtedness of the type described in subclause (i) of this Section 9.01(g), (x) the aggregate amount of such additional Indebtedness permitted pursuant to this Section 9.01(g)(ii)  shall not exceed $1,500,000 at any time outstanding and (y) no such additional Indebtedness shall have been created or incurred in connection with, or in contemplation of, such Permitted Acquisition;
Section 1.03.  No Other Waivers, Amendments or other Modifications Implied or Intended.  Any term or provision hereof to the contrary notwithstanding, the waivers, amendments and other modification contemplated hereby relate solely to the specific sections or provisions of the Credit Agreement expressly referenced herein and relate solely to the periods or transactions expressly referenced herein, and no other or additional waiver, amendment or other modification  is made, implied or intended to be made with respect to any other term or provision of any Loan Document, or any Obligation of any Obligor or any rights or remedies of any Secured Party under any Loan Document, whether now existing or occurring in the future (including any future Default), including, but not limited to, the right to declare all or any portion of the 
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outstanding principal amount of the Loans and other Obligations to be immediately due and payable, imposing a default rate of interest in respect of the Obligations in accordance with Section 3.02(b) of the Credit Agreement or pursuing any or all other rights and remedies available to any Secured Party as a secured party under the UCC, the Security Documents or any other Loan Document.
ARTICLE II
CONDITIONS PRECEDENT
Section 2.01.  Conditions to Effectiveness of this Agreement. The amendments and other modifications set forth in this Agreement shall become effective upon the prior or simultaneous satisfaction of each of the following conditions in a manner reasonably satisfactory to the Administrative Agent (the date when all such conditions are so satisfied being the “Effective Date”):
(a)Executed Agreement.  The Administrative Agent shall have received a copy of this Agreement duly executed by each Obligor, the Lenders and the Administrative Agent.
(b)    Executed Waypoint Product Acquisition Agreement.  The Administrative Agent shall have received a fully executed copy of the definitive Waypoint Product Acquisition Agreement, together with all waivers, consents, amendments or other modifications thereto (if any), which shall be identical in all material respects to the draft version, dated November 2, 2021, previously delivered to the Administrative Agent. 
(c)    Effective Date Certificate.  The Administrative Agent shall have received a certificate, dated as of the Effective Date and duly executed and delivered by a Responsible Officer of the Borrower (the “Effective Date Certificate”), which certificate shall be in form and substance reasonably satisfactory to the Administrative Agent and shall, among other things, represent and warrant that the statements made therein are true and correct as of such date. The statements contained in the Effective Date Certificate shall include, among others, that (i) the statements, representations and warranties set forth in Article III of this Agreement are true and correct, (ii) prior to the Effective Date, no Default or Event of Default under any Loan Document had occurred and was continuing, (iii) after giving effect to the Effective Date, no Default or Event of Default under any Loan Document shall occur as a result of any such transactions, and (iv) all of the conditions set forth in this Section 2.01 have been satisfied.
(d)    Costs and Expenses, etc.  The Agent shall have received all fees, costs and expenses due and payable pursuant to Section 14.03 of the Credit Agreement (including without limitation the reasonable fees and expenses of Morrison & Foerster LLP, counsel to the Administrative Agent, which have been invoiced prior to the Effective Date), together with any other fees separately agreed to by the Borrower and the Agent and the Lenders.
(e)    Satisfactory Legal Form.  All documents executed or submitted pursuant hereto by or on behalf of the Borrower or any of its Subsidiaries, including the Waypoint Product Acquisition Agreement, shall be reasonably satisfactory in form and substance to the Agent and its counsel, and the Agent and its counsel shall have received all information, approvals, resolutions, opinions, documents or instruments as the Agent or its counsel shall have reasonably requested.
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ARTICLE III
REPRESENTATIONS AND WARRANTIES
Section 3.01.  Representations and Warranties. To induce the Administrative Agent and the Majority Lender to enter into this Agreement, each Obligor party hereto represents and warrants to the Administrative Agent and the Majority Lender as set forth below.
(a)    Validity, etc.  This Agreement and each Loan Document (after giving effect to this Agreement on the Effective Date) each constitutes the legal, valid and binding obligation of each Obligor party thereto, enforceable in accordance with its respective terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing.
(b)    Representations and Warranties, etc.  Immediately prior to, and immediately after giving effect to this Agreement on the Effective Date, the following statements shall be true and correct:
(i)    the representations and warranties set forth in the Credit Agreement and each other Loan Document that are qualified by materiality, Material Adverse Effect or the like are, in each case, true and correct; and
(ii)    the representations and warranties set forth in the Credit Agreement and each other Loan Document that are not qualified by materiality, Material Adverse Effect or the like are, in each case, true and correct in all material respects.
 (c)    Authorizations and Approvals. No authorization or approval or other action by, and no notice or filing with, any Governmental Authority or any other Person (other than those that have been duly obtained or made and which are in full force and effect) is required for the due execution and delivery of this Agreement and performance of this Agreement and the Credit Agreement (as amended hereby) by any Obligor party to this Agreement.
(d)    No Defaults.  No Default or Event of Default shall have occurred and be continuing.
(e)    Waypoint Product Acquisition Agreement.  The copy of the Waypoint Product Acquisition Agreement delivered to the Administrative Agent pursuant to Section 2.01(a) of this Agreement is a true and correct copy of such Contract as in effect on the Effective Date.
ARTICLE IV
CONFIRMATION AND COVENANTS
Section 4.01.  Reaffirmation.  Each Obligor hereby consents to the amendment and other agreements and modifications to the Credit Agreement and other Loan Documents contemplated pursuant to this Agreement and hereby agrees that, after giving effect to this Agreement on the Effective Date, the Credit Agreement and each other Loan Document, including all Warrant Certificates, and all Obligations thereunder (including the guarantees made pursuant to any Guaranty), are and shall continue to be in full force and effect and the same are hereby ratified in all respects, except that upon the occurrence of the Effective Date, all references in such Loan 
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Documents to the “Credit Agreement”, “Loan Documents”, “thereunder”, “thereof”, or words of similar import shall mean the Credit Agreement and the other Loan Documents, as amended or otherwise modified by this Agreement.  Each Obligor further consents and agrees that, notwithstanding the effectiveness of this Agreement, all Liens and security interests granted and created under or pursuant to any Loan Document shall continue to be valid and perfected to the same extent as immediately prior to the Effective Date.
Section 4.02.  Validity, etc.  Each Obligor hereby represents and warrants, that immediately after giving effect to this Agreement on the Effective Date, each Loan Document to which it is a party continues to be a legal, valid and binding obligation of such Obligor, enforceable against such Person in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing.
Section 4.03.    Amendments or Other Modifications to the Waypoint Product Acquisition Agreement.  Without the Administrative Agent’s prior written consent, the Borrower shall not, at any time on or after the Effective Date, permit or suffer to exist any waiver, consent, amendment or other modification to the Waypoint Product Acquisition Agreement that would alter or otherwise modify any material term thereof in any material respect, including (without limitation) Sections 5 or 7 thereof.
ARTICLE V
MISCELLANEOUS
Section 5.01.  Miscellaneous, etc.  In addition to the foregoing, the parties hereto agree as follows: 
(a)    Severability.  In case any provision of or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.
(b)    Integration.  This Agreement, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements, written or oral, with respect thereto.
(c)    Cross-References; Headings.  References in this Agreement to any Article or Section are, unless otherwise specified, to such Article or Section of this Agreement.  Headings and captions used in this Agreement are included for convenience of reference only and shall not be given any substantive effect.
(d)    Loan Document Pursuant to Credit Agreement.  This Agreement shall constitute a Loan Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with all of the terms and provisions of the Credit Agreement, including Article XIV thereof and all rules of interpretation
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set forth in Article I thereof.  The failure of any Obligor to perform its obligations hereunder shall constitute a Default pursuant to Section 11.01(d) of the Credit Agreement.
(e)    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
(f)    Counterparts, Electronic Signatures, etc.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or electronic transmission (in PDF format) shall be effective as delivery of a manually executed counterpart hereof. Any signature (including, without limitation, (x) any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record and (y) any facsimile transmission or PDF format signature) hereto or to any other certificate, agreement or document related to the transactions contemplated hereby, and any contract formation or record-keeping, in each case, through electronic means, shall have the same legal validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic Transactions Act, and the parties hereto hereby waive any objection to the contrary. 
(g)    Governing Law.  THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
[Signature pages to follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.
BORROWER:
									
	PEAR THERAPEUTICS, INC.
			
			
	By:	/s/ Corey McCann
		Name:	Corey McCann
		Title:	President & CEO

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	ADMINISTRATIVE AGENT AND LENDER:
			
	PERCEPTIVE CREDIT HOLDINGS III, LP
			
	By:	PERCEPTIVE CREDIT OPPORTUNITIES
	GP, LLC, its general partner

			
			
	By:	/s/ Sandeep Dixit
		Name:	Sandeep Dixit
		Title:	Chief Credit Officer
			
			
	By:	/s/ Sam Chawla
		Name:	Sam Chawla
		Title:	Portfolio Manager

8EX-10.1

 Exhibit 10.1 

TIME SHARING AGREEMENT 

THIS TIME SHARING AGREEMENT (this “Agreement”) is entered into effective as of December 20, 2021, by and between MSG
Entertainment Group, LLC, a Delaware limited liability company with an address at Two Pennsylvania Plaza, New York, New York 10121 (“Lessor”), and Charles F. Dolan, an individual with an address at c/o Dolan Family Office, LLC, 340
Crossways Park Drive, Woodbury, NY 11797 (“Lessee”). 
 W I T N E S. S E
T H: 
 WHEREAS, Lessor is the lessee and the operator of a Gulfstream Aerospace GV-SP (G550) aircraft, manufacturer’s
serial number 5465, United States registration N5465M (the “Aircraft”); and 
 WHEREAS, Lessor has employed or engaged a
fully-qualified and credentialed flight crew to operate the Aircraft; and 
 WHEREAS, Lessor has agreed to lease the Aircraft, with flight
crew, to Lessee on a “time sharing” basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (“FAR”) upon the terms and subject to the conditions set forth herein; 

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

1. Lease of Aircraft. 

(a) Lessor agrees to lease the Aircraft to Lessee pursuant to the provisions of FAR Section 91.501(b)(6) and Section 91.501(c)(1)
and this Agreement, and to provide a fully-qualified and credentialed flight crew for all flights to be conducted hereunder during the Term (as defined in Section 13) hereof. The parties acknowledge and agree that this Agreement did not result
in any way from any direct or indirect advertising, holding out or soliciting on the part of Lessor or any person purportedly acting on behalf of Lessor. Lessor and Lessee intend that the lease of the Aircraft effected by this Agreement shall be
treated as a “wet lease” pursuant to which Lessor provides transportation services to Lessee in accordance with FAR Section 91.501(b)(6) and Section 91.501(c)(1). Lessee acknowledges that this Agreement is subject to and
subordinate to the master lease agreement pursuant to which Lessor leases the Aircraft. 
 (b) Notwithstanding the foregoing, the parties
agree that if a trip by Lessee causes or will cause the Aircraft to be at a remote location away from Republic Airport, Farmingdale, New York (“Lessee’s Location”), Lessee shall, at Lessor’s request, permit the Aircraft to be
relocated from Lessee’s Location to Republic Airport, Farmingdale, New York or other location designated by Lessor (and thereafter shall be returned to Lessee’s Location) if Lessor requires use of the Aircraft directly or for one of its
affiliated non-exclusive lessees, but only if such itinerary will not unreasonably delay or interfere with any scheduled flight by Lessee. In that event, (i) Lessee’s then current Lease of the
Aircraft shall terminate effective as of initial engine start-up for the departure flight from Lessee’s Location; (ii) Lessor or its affiliated non-exclusive
lessee shall pay all costs incurred during the period in which the Aircraft is away from Lessee’s Location, including all occupied and deadhead legs to ferry the Aircraft from Lessee’s Location and back; and (iii) a new lease by
Lessee shall begin effective as of final engine shut-down upon return of the Aircraft to Lessee’s Location. 

 2. Payment for Use of Aircraft. Lessee shall pay Lessor the following actual expenses
of each flight conducted under this Agreement, not to exceed the maximum amount legally payable for such flight under FAR Section 91.501(d)(1)-(10): 

(a) fuel, oil, lubricants and other additives; 

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

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

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

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

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

(g) in-flight food and beverages; 

(h) in-flight telecommunication expenses; 

(i) passenger ground transportation; and 

(j) flight planning and weather contract services. 

Lessee shall be obligated to reimburse Lessor for the actual expenses set forth in Section 2(a)-(j) for occupied legs and for deadhead
flights. Nothing herein shall prevent Lessor from utilizing empty space on any flight leg in which case Lessor and Lessee agree to adjust in good faith the expenses of any such flight segment. 

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

4. Scheduling. 
 (a)
Lessee will provide Lessor with requests for flight time and proposed flight schedules as far in advance of any given flight as possible. Lessee or the designated authorized representative(s) of Lessee shall submit scheduling requests under this
Agreement to the designated authorized representative(s) of Lessor. Requests for flight time shall be in such form (whether oral or written) mutually convenient to, and agreed upon by, the parties. In addition to proposed schedules and flight times,
Lessee shall upon request provide Lessor with the following information for each proposed flight prior to scheduled departure: (i) proposed departure point; (ii) destination; (iii) date and time of flight; (iv) the number of
anticipated passengers; (v) the nature and extent of luggage to be carried; (vi) the date and time of a return flight, if any; and (vii) any other pertinent information concerning the proposed flight that Lessor or the flight crew may
request. 
 (b) Subject to Aircraft and crew availability and to any usage limitations established by Lessor, Lessor shall use its good
faith efforts, consistent with Lessor’s approved policies, in order to accommodate the needs of Lessee, to avoid conflicts in scheduling, and to enable Lessee to enjoy the benefits of this Agreement; however, Lessee acknowledges and agrees that
notwithstanding anything in this Agreement to the contrary, (i) Lessor shall have sole and exclusive final authority over the scheduling of the Aircraft; and (ii) the needs of Lessor for the Aircraft shall take precedence over
Lessee’s rights and Lessor’s obligations under this Agreement. 

  
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 (c) Although every good faith effort shall be made to avoid its occurrence, any flight
scheduled under this Agreement is subject to cancellation by either party without incurring liability to the other party. In the event that cancellation is necessary, the canceling party shall provide the maximum notice practicable. 

5. Billing. Lessor shall pay all expenses relating to the operation of the Aircraft under this Agreement (in accordance with
Section 2 hereof) on a monthly basis. Promptly after execution of this Agreement, Lessee agrees to maintain with Lessor an appropriate agreed-upon advance deposit, to be applied by Lessor against any amounts payable by Lessee under this
Agreement. As soon as possible after the end of each monthly period during the Term, Lessor shall provide to Lessee an invoice showing all use of the Aircraft by Lessee under this Agreement during that month and a complete accounting detailing all
amounts payable by Lessee pursuant to Section 2 for that month, including such detail supporting all expenses paid or incurred on Lessee’s behalf and the amount required to replenish the advance deposit to the agreed amount. Lessee shall
pay all amounts due to Lessor under this Section 5 not later than thirty (30) days after receipt of the invoice therefor. 
 6.
Maintenance of Aircraft. Lessor shall be solely responsible for securing maintenance, preventive maintenance and inspections of the Aircraft (utilizing an inspection program listed in FAR Section 91.409(f)), and shall take such
requirements into account in scheduling the Aircraft hereunder. 
 7. Flight Crew. 

(a) Lessor shall employ or engage and pay all salaries, benefits and/or compensation for a fully-qualified flight crew with appropriate
credentials to conduct each flight undertaken under this Agreement. Lessor may use temporary flight crewmembers for a flight under this Agreement only if any such temporary crewmember is FlightSafety (or SimuFlite) trained, is current on the
Aircraft and satisfies all of the requirements and conditions under the insurance coverage for the Aircraft. All flight crewmembers shall be included on any insurance policies that Lessor is required to maintain hereunder. 

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

(a) At all times during the Term of this Agreement, Lessor shall maintain (or cause to be maintained) at its sole cost and expense
(i) all risk, both ground and in-flight hull, including hull war risks, insurance in an amount equal to the most recent appraised fair market value of the Aircraft; and (ii) liability coverage
covering passengers, non-passengers, third party liability (including war risk AV 52) and property damage of not less than three hundred million ($300,000,000) United States dollars for each occurrence but
sublimited to twenty five million ($25,000,000) United States dollars for each occurrence and aggregate with respect to Personal Injury Liability. 

  
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 (b) Any policies of aircraft and liability insurance carried in accordance with this
Section 8 and any policies taken out in substitution or replacement of any such policies (i) shall name Lessee and his employees, agents, licensees and guests as additional insureds (without responsibility for premiums) with respect to the
liability coverage; (ii) shall waive any right of set-off and any right of subrogation against any of the additional insureds; (iii) shall provide for thirty (30) days written notice to Lessee
by such insurer of cancellation, change, non-renewal or reduction (seven (7) days in the case of war risk and allied perils coverage or such shorter period as is customarily available in the industry);
(iv) shall be primary, not subject to any co-insurance clause, not contributory or subject to offset with respect to any other policies in force; and (vi) shall include a severability of interest clause
providing that the policies will operate in the same manner to give each insured the same protection as if there were a separate policy issued to each insured except for the limit of liability. 

(c) Lessor shall use reasonable commercial efforts to provide such additional insurance coverage for specific flights under this Agreement, if
any, as Lessee may request in writing. Lessee also acknowledges that any trips scheduled to the European Union may require Lessor to purchase additional insurance to comply with local regulations. The cost of all additional flight-specific insurance
shall be borne by Lessee as set forth in Section 2(d) hereof. 
 (d) Each party agrees that it will not do any act or voluntarily
suffer or permit any act to be done whereby any insurance required hereunder shall or may be suspended, impaired or defeated. In no event shall Lessor suffer or permit the Aircraft to be used or operated under this Agreement without such insurance
being fully in effect. 
 (e) Lessor shall ensure that worker’s compensation insurance with
all-states coverage is provided for the Aircraft’s crew and maintenance personnel. 
 (f)
Lessor shall deliver certificates of insurance to Lessee with respect to the insurance required or permitted to be provided by it hereunder not later than the first flight of the Aircraft under this Agreement and upon the renewal date of each
policy. 
 9. Taxes. Lessee shall be responsible for paying, and Lessor shall be responsible for collecting from Lessee and paying
over to the appropriate authorities, all applicable Federal transportation taxes and sales, use or other excise taxes imposed by any governmental authority in connection with any use of the Aircraft by Lessee hereunder. Each party shall indemnify
the other party against any and all claims, liabilities, costs and expenses (including attorney’s fees as and when incurred) arising out of its breach of this undertaking. 

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

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

  
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 (d) He will abide by and conform to all laws, governmental and airport orders, rules and
regulations, as shall be imposed upon the lessee of an aircraft under a time sharing agreement, and applicable company policies of Lessor. 

11. Lessor’s Representations and Warranties. Lessor represents and warrants that it will abide by and conform to all such laws,
governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any way to the operation and use of the Aircraft pursuant to this Agreement. 

12. Disclaimer of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, LESSOR HAS MADE NO REPRESENTATIONS OR WARRANTIES,
EXPRESS OR IMPLIED, WITH RESPECT TO THE AIRCRAFT, INCLUDING ANY WITH RESPECT TO ITS CONDITION, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY OR TO ANY OTHER PERSON FOR ANY
INCIDENTIAL, CONSEQUENTIAL OR SPECIAL DAMAGES, HOWEVER ARISING. 
 13. Term. The term of this Agreement (the “Term”) shall
commence on the effective date hereof and expire on June 30, 2022, and thereafter shall automatically renew for successive one-year terms unless either party provides written notice not less than 30 days
prior to the expiration of the current term. Notwithstanding the foregoing, (i) this Agreement shall terminate effective on the date specified in a written notice from Lessor to Lessee to the effect that Lessor no longer operates any aircraft,
which notice shall be given by Lessor to Lessee as soon as reasonably practicable after Lessor becomes aware that such is or will be the case, (ii) Lessor shall have the right to terminate this Agreement upon termination of that certain
Aircraft Dry Lease Agreement, effective as of July 1, 2018, between Lessor and Lessee, for Lessor’s use of Lessee’s Gulfstream Aerospace G-V aircraft, manufacturer’s serial number 639,
United States registration N501CV, and (iii) either party shall have the right to terminate this Agreement (a) immediately upon breach of the terms of this Agreement by the other party, or (b) for any reason or no reason by written
notice given to the other party not less than ten (10) days prior to the proposed termination date. 
 14. Limitation of
Liability. The parties, for themselves and on behalf of their representatives, guests, invitees, licensees and employees, covenant and agree that the insurance described in Section 8 hereof shall be the sole recourse for any and all
liabilities, claims, demands, suits, causes of action, losses, penalties, fines, expenses or damages, including attorneys fees, court costs and witness fees, attributable to the use, operation or maintenance of the Aircraft pursuant to this
Agreement or performance of or failure to perform any obligation under this Agreement, except in the event that Lessor fails to obtain and maintain the insurance required hereunder or in the event of the gross negligence of the party at fault. 

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

  
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 18. Counterparts. This Time Sharing Agreement may for all purposes be executed in
several counterparts, each of which shall be deemed an original, and all such counterparts, taken together, shall constitute the same instrument, even though all parties may not have executed the same counterpart of this Agreement. Each party may
transmit its signature by confirmed facsimile or PDF transmission, and such signatures shall have the same force and effect as an original signature. 

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

20. Notices. All notices or other communications delivered or given under this Agreement shall be in writing and shall be deemed to
have been duly given if hand- delivered, sent by certified or registered mail, return receipt requested, or nationally-utilized overnight delivery service, PDF or confirmed facsimile transmission, as the case may be. Such notices shall be addressed
to the parties at the addresses set forth above, or to such other address as may be designated by any party in a writing delivered to the other in the manner set forth in this Section 20. In the case of notices to Lessor, a copy of each such
notice shall be sent via email to legalnotices@msg.com. Notices sent by certified or registered mail shall be deemed received three (3) business days after being mailed. All other notices shall be deemed received on the date delivered.
Routine communications may be made by e-mail to Lessor at phil.stang@msg.com and to Lessee at officer@dfollc.com. 

21. Truth-in-Leasing Compliance. Lessor, on behalf of
Lessee, shall (i) mail a copy of this Agreement to the Aircraft Registration Branch, Technical Section, of the FAA in Oklahoma City within twenty four (24) hours of its execution; (ii) notify the nearest Flight Standards District
Office at least forty-eight (48) hours prior to the first flight by Lessor under this Agreement of the registration number of the Aircraft, and the location of the airport of departure and departure time of the first flight; and
(iii) carry a copy of this Agreement onboard the Aircraft at all times when the Aircraft is being operated under this Agreement. 
 22.
TRUTH IN LEASING STATEMENT UNDER FAR SECTION 91.23: 
 (a) LESSOR HEREBY CERTIFIES THAT THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED
UNDER FAR PART 91 DURING THE 12-MONTH PERIOD PRECEDING THE DATE OF EXECUTION OF THIS AGREEMENT OR SINCE ITS MANUFACTURE. THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN COMPLIANCE WITH THE MAINTENANCE AND
INSPECTION REQUIREMENTS OF FAR PART 91 FOR ALL OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. 
 (b) LESSOR HEREBY CERTIFIES THAT IT IS
RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT FOR ALL OPERATIONS UNDER THIS AGREEMENT. 
 (c) EACH PARTY HEREBY CERTIFIES THAT IT
UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 

  
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 (d) THE PARTIES UNDERSTAND THAT AN EXPLANATION OF THE FACTORS BEARING ON OPERATIONAL CONTROL
AND THE PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 
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this page has been left blank] 

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

			
	LESSOR:
	
	MSG Entertainment Group, LLC
		
	By: 	 	/s/ Mark H. FitzPatrick
	Name:	 	Mark H. FitzPatrick
	Title:	 	EVP & Chief Financial Officer
	
	LESSEE:
	
	/s/ Charles F. Dolan
	Charles F. Dolan

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