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SHARE EXCHANGE AGREEMENT 

This SHARE EXCHANGE AGREEMENT (this “Agreement”) is entered into by and among (i) NGFC Equities Inc., a public company incorporated in the State of Florida, (the “Company” or “NGFF”) that is currently listed on the OTC QB and trading under the stock symbol “NGFF”; (ii) Quest Energy Inc. (“Target Corporation”, or “Quest”), a privately held company incorporated in the State of Indiana; (iii) Mark C. Jensen, an individual residing in the State of Indiana; (iv) Thomas M. Sauve, an individual residing in the State of Indiana (all individuals collectively, the “Quest Shareholders”), and is effective as of the last date of execution set forth below.  Quest, the Company and the Quest Shareholders may each be referred to individually herein as a “Party” and collectively as the “Parties.”

PRELIMINARY STATEMENTS

WHEREAS, the Company desires to acquire 100% of the issued and outstanding shares of Quest (“Target Shares”) in exchange for Series A Preferred Stock of NGFF at a price in connection with a corporate re-organization and tax-free share exchange under Section 368 of the Internal Revenue Code of 1986, as amended. 

WHEREAS, the price the Company paying to acquire 100% of Target Shares are based on the value of Quest’s balance sheet and ongoing operations.

WHEREAS, prior to making this acquisition final, the Company, as a publicly listed company in the USA, is required to conduct an audit of the financial statements of the last two years of Quest using an audit firm registered with the Public Company Accounting Oversight Board; 

WHEREAS, as of the date of this Agreement, NGFF has 7,000,000 Class B common stock (with 10 votes for each share) issued and outstanding. Immediately subsequent to the submission to the SEC of all filings required in connection with this Agreement and the corporate reorganization contemplated hereby, NGFF will convert those Class B Common Stock to Class A Common Stock (with one vote for each share). After such conversion NGFF will have 25,359,799 Class A Common Stock outstanding and zero shares of any other class of Common Stock or Preferred stock outstanding. Also, NGFF has granted certain persons options to acquire one million seven hundred eighty four thousand, five hundred (1,784,500) shares of Class A Common Stock of NGFF at $0.30 per share, which options shall expire on March 31, 2017. This option agreement will stay intact after this Agreement is signed, which option agreement is referenced in the SEC filings of the Company;

WHEREAS, the Quest Shareholders currently hold the number of Stock in Quest that represent a majority of the shares currently outstanding in Quest.;

WHEREAS, The Parties agree that this 5% ownership of NGFF shares held by the current shareholders of NGFF will have anti-dilution protection until six months from the date a Super Form 8-K is filed pursuant to this tax-free exchange that is required to be filed by the Company with the SEC.  If post-merger the Company makes an accretive acquisition, then such anti-dilution protection offered to the common stock shareholders of NGFF shall not be triggered 

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(however, within this six months period should the Company close an acquisition which will result in additional share issuances, so long as the shares are issued at a price per share at or above $0.10 and such acquired entity is not an affiliate of Quest, then the anti-dilution referenced in this paragraph shall not be triggered as a result of such acquisition (“Accretive Acquisition”));

WHEREAS, the current class A common stock authorized to issue by the Company being 230,000,000 and 7,500,000 of those shares that are still not issued have been registered with the SEC and have been allocated to be sold to Southridge, there are only 196,500,000 such authorized unregistered shares left in the Company, and as such the Company will do an amendment to its Articles of Incorporation to increase the number of Class A common stock to be issued to the shareholders of Target Corporation, (as needed upon conversion of the Series A Preferred Stock) without making the current shareholders of NGFF ownership to be less than 5% for the duration that is required. Also NGFF currently has 10,000,000 blank check preferred shares authorized, 5,000,000 of which will be designated as Series A Preferred Stock. There are no other share issuances, securities or derivatives, or liabilities that could result in additional share issuances in the future as of the date of this Agreement, other than those referenced herein; and

WHEREAS, at the date of this Agreement, the Quest Shareholders will be issued Series A Preferred Stock from the Company in exchange for their Target Shares pursuant to this Agreement.

NOW THEREFORE, in exchange for good and value consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

1.  Securities Exchanged 

Subject to the terms and conditions of this Agreement, the Company agrees to authorize and issue to the Quest Shareholders and the Quest Shareholders agree to accept 4,817,792 shares of newly-authorized Series A Preferred Stock of the Company (the “Shares” or “Securities”) in exchange for the Target Shares owned by the Quest Shareholders and transferred to the Company pursuant to this Agreement. As further described in the newly issued and adopted Series A Preferred Certificate of Designation (which shall be adopted and issued by the Company at the effective date of this Agreement), the Series A Preferred Stock shall be convertible into common stock of the Company at the sole option of the holder of such Series A Preferred Stock at a rate of 100 shares of Common Stock per share of Series A Preferred, which, if converted, represents a legal and equitable equity ownership  in the Company immediately post-closing of 95% of the Common Stock outstanding. The Series A Preferred Stock shall have full voting rights in the Company on all matters submitted to a vote of Company shareholders, with each share of Series A Preferred Stock having 1,000 votes per share The Series A Preferred Stock shall not pay any annual dividend. The Preferred shall have anti-dilution rights for 36 months post the super Form 8-K filing for 72% of the outstanding capital stock of the Company at such time.

The Quest Shareholders represent and warrant to the Company that there are One Thousand Eight Hundred and Seventy-Four (1,874)shares of Quest common stock issued and outstanding as of the date of this Agreement.  The Quest Shareholders agree to transfer to the Company a total of One Thousand Eight Hundred and Seventy-Four (1,874) Target Shares, representing one hundred 

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percent (100%) of the issued and outstanding shares of Quest Common Stock. The Parties agree that the exchange of securities pursuant to this Agreement shall occur in connection with a corporate re-organization and tax-free share exchange under Section 368 of the Internal Revenue Code of 1986, as amended.

2.  Non-registration of Securities

The Shares and the Target Shares to be exchanged by the Parties will not be registered under the Securities Act of 1933, as amended, or any state’s securities laws, on the grounds that the transaction in which the Shares are to be issued either qualifies for applicable exemptions from the securities registration requirements of such statutes or such registration requirements have been satisfied.  The exemptions being claimed include, but are not necessarily limited to, those available under Section 4(a)(2) of the Securities Act and Section 4(a)(1) of the Securities Act and, the reliance by the Company upon the exemptions from the securities registration requirements of the federal and state securities laws is predicated in part on the representations, understandings and covenants set forth in this Agreement.

The Quest Shareholders understand that, in furtherance of the transfer restrictions stated above:

(i) The Company will record stop transfer instructions in its stock record books to restrict an impermissible resale or other transfer of the securities; and

(ii) Each document evidencing the Securities will bear a restrictive legend in substantially the following form:

The shares evidenced by this certificate have not been registered under either the Securities Act of 1933, as amended, or the securities laws of any state.  These securities may not be offered for sale, sold, assigned, pledged, hypothecated, or otherwise transferred: at any time absent either (A) registration of the transaction under the Securities Act of 1933, as amended, and every other applicable state securities law or (B) the issuer’s receipt of an acceptable opinion of counsel that registration of the transaction under those laws is not required.

3.  The Quest Shareholder’s Representations and Warranties

In order to induce the Company to issue the Shares, the Quest Shareholders represent and warrant to the Company, as follows:

a.

The Quest Shareholders’ Financial Sophistication.  The Quest Shareholders are sophisticated investors as such term is contemplated by Section 4(a)(2) of the Securities Act of 1933. The Quest Shareholders have conducted a due diligence review of all information they deem material and necessary to an adequate evaluation of this stock acquisition. Because of knowledge and experience in financial and business matters of the Quest Shareholders, they are able to evaluate the merits, risks, and other factors bearing upon the suitability of the Securities as an investment, and have been afforded adequate opportunity to evaluate their proposed investment in light of those factors, financial condition, and investment knowledge and experience of the Quest Shareholders.  

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b.

No Guarantee or Representation Regarding Performance. The Quest Shareholders hereby acknowledge that no representations or guarantees have been made to them or any of their representatives or agents regarding the performance of the aforementioned Shares in the public stock market by the Company or any agent, consultant or other representative of the Company.

c.

Access to Material Information. The Quest Shareholders acknowledge that they and/or representatives designated by them have been given reasonable access to, or the furnishing of, all material information prior to the acquisition of the Securities herein relating to:

(i)

All material books and records of the Company;

(ii)

All material contracts and documents relating to the proposed transaction; 

(iii)

An opportunity to question the appropriate executive officers or principals of 

the Company;

(iv)

Any additional information deemed necessary by the Quest Shareholders to evaluate the investment or to verify any information necessary to evaluate the transaction or to verify any information or representation; and 

(v) make such other investigation as the Quest Shareholders considered appropriate or necessary to evaluate the business and financial affairs and condition of the Company.

d.

Speculative Investment. The Quest Shareholders understand that the Shares are a speculative investment and that there are substantial risks incident to an acquisition of the Securities.  The Quest Shareholders are knowledgeable concerning the business of the Company and have carefully considered and understand the risks and other factors affecting the suitability of the Securities as an investment for them. The Quest Shareholders acknowledge and understand that there is not presently any established, liquid public or private market for the Shares and there can be no assurances that there will ever be any liquid market for the Shares.

e.

Authority of the Quest Shareholders. The Quest Shareholders have full power and authority to execute and deliver this Agreement and each other document included herein as any Exhibits to this Agreement for which signature is required.

f.

Private Transaction.  At no time were the Quest Shareholders presented with or solicited by any leaflet, public promotional meeting, circular, newspaper or magazine article or television advertisement or any other form of general advertising regarding the Company.

g.

Tax Consequences.  At no time were any representations or warranties made to the Quest Shareholders or any of their representatives or agents by the Company or any officer, director, agent or representative thereof regarding the tax consequences, if any, arising from the consummation of the transaction and execution of the Agreement. The Quest Shareholders acknowledge and agree that they have engaged in all due diligence and investigation they deem necessary and appropriate regarding all tax issues and consequences related to the execution and performance of the terms of the Agreement.

h.

Restricted Status of Securities. The Quest Shareholders acknowledge and agree that the Shares issued to them, Series A Preferred Stock and common stock underlying the Series A 

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Preferred Stock, by the Company are “restricted securities” as such term is defined in Securities and Exchange Commission (“SEC”) Rule 144.  The Quest Shareholders further acknowledge and agree that the Shares may not be sold in a public transaction unless the Shares are subsequently the subject of a registration statement declared effective by the SEC or, pursuant to SEC Rule 144 after the expiration of one year from the date that the Company is no longer deemed a “shell company”, as described in SEC Rule 144(i) and the Company has otherwise complied with the requirements of SEC Rule 144(i)(2).

4.  Company Representations and Warranties

As of the date the Company executes this Agreement, the Company represents and warrants to the Quest Shareholders the following:

a.

Valid and Binding Obligation of the Company. The Company’s execution, delivery, and performance of this Agreement are authorized and represent a valid and binding obligation of the Company.

b.

Authorized Shares.  The Shares constitute a part of the authorized preferred stock of the Company and upon issuance to the Quest Shareholders will remain part of the issued and outstanding preferred stock of the Company.

c.

Ownership.  Upon the acquisition of the Shares by the Quest Shareholders, they will own the Shares free and clear of any liens, claims or encumbrances of any kind or nature and the Shares will be deemed fully paid and non-assessable.

d.

Anti-Dilution Provision. The Company warrants that ownership of current shareholders of NGFF, who after the execution of this Agreement would become minority shareholders, will not go below 5% of the total stock outstanding of the Company for a period of six months after the Super Form 8-K that is required to be filed with the SEC by the Company at the end of the two year audits of Quest is filed, unless as a result of an Accretive Acquisition.

e.

SEC Compliance. The Company is in compliance with all laws and has acted within the all laws and regulation of the SEC and all regulatory authorities.  To the best knowledge of the Company, it is not under any investigations by any state or federal agencies as of the date of this Agreement.

5.  Quest Representations and Warranties

As of the date Quest executes this Agreement, Quest represents and warrants to the Company the following:

a.

Valid and Binding Obligation of Quest. Quest’s execution, delivery, and performance of this Agreement are authorized and represent a valid and binding obligation of Quest.

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b.

Authorized Shares. The Target Shares constitute a part of the authorized common stock of Quest and upon issuance to the Company will remain part of the issued and outstanding common stock of Quest.  As of the date of execution of this Agreement by Quest, there are One Thousand Eight Hundred and Seventy-Four (1,874) shares of Quest common stock issued and outstanding.

c.

Ownership.  Upon the Company’s acquisition of the Target Shares, the Company will own the Target Shares free and clear of any liens, claims or encumbrances of any kind or nature and the Target Shares will be deemed fully paid and non-assessable. Upon the Company’s acquisition of the Target Shares, the Company will own One Thousand Eight Hundred and Seventy-Four (1,874)Target Shares, representing hundred percent (100%) of the issued and outstanding shares of Quest common stock and ownership of all assets and liabilities of Quest as of the date of this Agreement

d.

No Further Stock Issuances. Quest represents and warrants to the Company that upon execution of this Agreement by the Parties, there will be no further issuance of any shares of Quest common stock without Quest first obtaining the express written consent of the then current management of NGFF.

e.

Adequacy of Consideration. The Quest Shareholders represent and warrant to the Company that upon its execution of this Agreement and the exchange of the Shares and the Target Shares, its status as a subsidiary of the Company shall constitute full and adequate consideration for the representations and warranties that it is providing in this Agreement.

6.  Jurisdiction and Venue

a.

Governing Law/ Jurisdiction. The Agreement shall be governed by and construed solely and exclusively in accordance with the laws of state of Indiana without regard to any statutory or common-law provision pertaining to conflicts of laws. The Parties agree that courts of competent jurisdiction in Hamilton County, Indiana, shall have concurrent jurisdiction with the arbitration tribunals of the American Arbitration Association for purposes of entering temporary, preliminary and permanent injunctive relief with regard to any action arising out of any breach or alleged breach of this Agreement.  The Parties agree to submit to the personal jurisdiction of such courts and any other applicable court within the state of Indiana.  The Parties further agree that the mailing of any process shall constitute valid and lawful process against such Party.  The Parties waive any claim that they may have that any of the foregoing courts is an inconvenient forum.

7.  Obligations of the NGFF

a.

The parties acknowledge that with the year-end of NGFF being September 30, the audit of NGFF has to begin in order to file the Form 10-K with the SEC prior to end of December 2016. The cost of such audits will be borne by Quest. Malone Bailey LLC is currently the audit firm of NGFF and they have been informed of the decision of NGFF to merge with Quest and they are willing to continue with the audit under the supervision of Quest. The current two full time employees of NGFF, at the sole discretion of the management of Quest, will work with the auditor and the management of Quest until the filing of the Form 10-K and the initial Form 8-K is filed for a minimal fee of $2,000 per month each per each employee. This arrangement will terminate after the Form 10-K is filed or when the management of Quest chooses.

b.

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Immediately after signing of this Agreement, the prior management of NGFF shall acquire and take control of all the prior assets and liabilities of NGFF which shall include any and all contracts and agreements, except the note payable to Southridge plus any accrued interest on the note payable to Southridge. Post signing of this Agreement there shall be no other debt or liabilities on the balance sheet of the Company other than as a result of the Quest Balance Sheet acquired pursuant to this transaction and the Southridge debt currently on the balance sheet. The prior management of the Company shall assume any other debts, liabilities, contracts, agreements, etc. and the cash on balance sheet immediately prior to the date of this Agreement.

c.

NGFF currently has a subsidiary that will be held as a subsidiary until post-filing of the super Form 8-K and Quest finalizes its audit so that NGFF won't fall into Shell Status with the SEC. After the Quest audit the current NGFF subsidiary will de-consolidate with NGFF and ownership shall be transferred to the prior management of NGFF.  Such subsidiary shall have no liabilities or potential liabilities associated with it.

d.

Immediately subsequent to the submission to the SEC of all filings required in connection with this Agreement and the corporate reorganization contemplated hereby, the officers and directors of NGFF shall resign and Quest shall appoint all directors and officers of the company. Quest management shall take over 100% operational and financial control of NGFF and maintain NGFF as a public company for a minimum of one year, and pay all such expenses Quest may authorize.

e.

NGFF shall not engage in any business activities other than in the ordinary course of business consistent with past practice without the prior written consent of Quest.

8.  Conditions to Closing

The obligations of each Party to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment, at or prior to the Closing, of each of the following conditions:

a.

Evidence of board of directors approval of this Agreement by Quest and NGFF.

b.

Evidence of shareholder approval of the transactions contemplated by this Agreement by Quest and NGFF.

c.

Adoption of Resolutions by NGFF acceptable to Quest and consistent with the Amended and Restated Articles with respect to Preferred Stock contemplated by this Agreement.

d.

Registration of shares with the Company’s transfer agent and delivery of acceptable Preferred Stock certificates to Quest Shareholders.

e.

Preparation of filings under applicable securities laws acceptable to both Quest and NGFF reflecting consummation of the transactions contemplated by this Agreement.

f.

Filing the Schedule 14C and related and required documents with the SEC.

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g.

Parties shall not have breached or violated any representations, warranties or covenants contained in this Agreement.

9.  Miscellaneous Provisions

a.

Notices. Any notice required or provided for in this Agreement to be given to any Party shall be mailed certified mail, return receipt requested, or hand delivered, to the Party at the last known address for the Party.

 

b.

Indemnification.  From and after the Effective Date, NGFC shall indemnify, defend and hold harmless each Person who is now, or has been at any time prior to the date hereof or who becomes prior to the Effective Date, a director, officer, or shareholder of Quest Energy, Inc. (each, an “Indemnified Party” and, collectively, the “Indemnified Parties”) against (i) all losses, claims, damages, costs, expenses, liabilities, or judgments or amounts that are paid in settlement with the approval of NGFC (which approval shall not be unreasonably withheld) of or in connection with any claim, action, suit, proceeding or investigation based in whole or in part on or arising, in whole or in part, out of, the fact that such person is or was a director, officer, or shareholder of Quest, whether pertaining to any matter existing or occurring at or prior to the Effective Date, and whether asserted or claimed prior to, or at or after, the Effective Date, excluding any claim, action, suit, proceeding or investigation which is related to any matter which, on the Effective Date, would have constituted or resulted in a breach of any of the representations and warranties of Quest set forth in Article 5 hereof (“Indemnified Liabilities”) and (ii) all Indemnified Liabilities based in whole or in part on, or arising in whole or in part out of, or pertaining to this Agreement or the transactions contemplated hereby, (and NGFC shall pay expenses in advance of the final disposition of any such action or proceeding to each Indemnified Party to the full extent permitted by law.  Without limiting the foregoing, in the event any such claim, action, suit, proceeding or investigation is brought against Indemnified Parties (whether arising before or after the Effective Date), (i) after the Effective Date, NGFC shall pay all reasonable fees and expenses of counsel for the Indemnified Parties promptly as statements therefore are received; and (ii) after the Effective Date, NGFC will use all reasonable efforts to assist in the vigorous defense of any such matter, provided that NGFC shall not be liable for any settlement of any claim effected without its written consent, which consent shall not be unreasonably withheld.  Any Indemnified Party wishing to claim indemnification under this Section, upon learning of any such claim, action, suit, proceeding or investigation, shall notify NGFC (but the failure to notify NGFC shall not relieve it from any liability which it may have under this Section 9 except to the extent such failure materially prejudices NGFC.

c.

Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Parties.

 

d.

Construction. The section headings, captions, or abbreviations are used for convenience only and shall not be resorted to for interpretation of this Agreement. Wherever the context so requires, the masculine shall refer to the feminine, the singular shall refer to the plural, and vice versa.

 

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e.

Fees. In the event that any Party is required to engage the services of legal counsel to enforce its rights under this Agreement against any other Party, regardless of whether such action results in litigation, the prevailing Party shall be entitled to reasonable attorneys’ fees and costs from the other Party, which in the event of litigation shall include fees and costs incurred at trial and on appeal.

 

f.

Entire Agreement. This Agreement contains the entire understanding among the Parties and supersedes any prior written or oral agreement between them respecting the subject matter of this Agreement. There are no representations, agreements, arrangements, or understandings, oral or written, between the Parties hereto relating to the subject matter of this Agreement that are not fully expressed herein.

 

g.

Amendments. Any amendments to this Agreement shall be in writing signed by all Parties.

h.

Severability. In case any one or more provisions contained in this Agreement shall, for any reason, be held invalid illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had not been contained herein.

 

i.

Waiver. No consent or waiver, expressed or implied, by a Party of any breach or default by any other Party in the performance by that other Party of its obligations hereunder shall be deemed or construed to be a consent or waiver to any other breach or default in the performance by such other Party of the same or any other obligations of such other Party hereunder. Failure on the part of any Party to complain of any act or failure to act of another Party or to declare that other Party in default, irrespective of how long such failure continues, shall not constitute a waiver of such Party of its rights hereunder.

j.

Attorney Opinions. The management of Quest agrees that in the event any Company shareholder seeks to obtain an opinion of counsel to remove a restrictive transfer legend from any Company share certificate pursuant to Securities and Exchange Commission Rules 144 or section 4(a)(1) of the Securities Act of 1933, as amended, such shareholder shall be entitled (upon payment of the prescribed legal fee) to utilize the Law Office of Clifford J. Hunt, P.A. to obtain and provide such opinion for forwarding to the Company stock transfer agent.

 

k.

Counterparts. This Agreement may be executed in multiple counterparts each of which shall be deemed an original for all purposes.  Signatures may be exchanged between the parties as electronic signatures, PDF copies attached to emails, facsimile copies or any by other means of delivery utilized by the Parties. All such signatures shall be deemed originals and enforceable against the Party delivering such signature on this Agreement.

 

l.

Survival of Representations and Warranties.  The representations and warranties set forth in this Agreement shall be continuing and shall survive the date of this Agreement.

m.

Time Is Of The Essence.  The Parties agree that time is of the essence regarding the execution of this Agreement..

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n.

Acknowledgements.  The Parties to the Agreement declare and represent that:

i.

They have read and understand this Agreement;

ii.

They have been given the opportunity to consult with an attorney if they so desire;  

iii.

They intend to be legally bound by the promises set forth in this Agreement and enter into it freely, without duress or coercion;

iv.

They have retained signed copies of this Agreement for their records; and

v.

The rights, responsibilities and duties of the Parties hereto, and the covenants and agreements contained herein, shall continue to bind the Parties and shall continue in full force and effect until each and every obligation of the Parties under this Agreement has been performed.

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement on the dates set forth below.

Date:  

January 4, 2017

QUEST ENERGY, INC.:

By:

/s/ Mark C. Jensen

Mark C. Jensen, Chief Executive Officer

Date:  January 5, 2017

NGFC EQUITIES, INC.:

By:

/s/ Andrew Weeraratne

Andrew Weeraratne, Chief Executive Officer

QUEST SHAREHOLDERS:

Date:  January 4, 2017

By:

/s/ Mark C. Jensen

Mark C. Jensen, Shareholder

Date:  

January 4, 2017

By:

/s/ Thomas M. Sauve

Thomas M. Sauve, Shareholder

10EX-10.1

 Exhibit 10.1 

AIRCRAFT DRY LEASE AGREEMENT 

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

WHEREAS, Lessor is the owner of a Gulfstream Aerospace GV-SP (G550) aircraft, manufacturer’s serial number 5264, United States
registration N551TG, including its engines, accessories, components and parts (the “Aircraft”); and 
 WHEREAS, the parties have
agreed that Lessor shall lease the Aircraft to Lessee on a non-exclusive basis for use by Lessee upon the terms and subject to the conditions set forth herein. 

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

1. Lease of Aircraft. 

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

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

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

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

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

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

 (c) Not later than thirty (30) days following June 30 (the “True-Up Date”) each year during the Term, MSG shall
provide to Q2C a statement showing the total number of hours of use of the Aircraft from July 1 of the preceding year to and including the True-Up Date. Pursuant to that certain Aircraft Dry Lease Agreement, dated as of January 11,
2017, between MSG and Q2C (the “G450 Dry 

  
 2 

 
Lease Agreement”) providing for the lease of Q2C’s Gulfstream Aerospace G450 aircraft, manufacturer’s serial number 4179, United States registration N919AM (the “G450”)
by MSG, Q2C shall deliver a statement showing the total number of hours of use of the G450 by MSG from July 1 of the preceding year to and including the True-Up Date. To the extent that the total number of hours of use of the Aircraft by Q2C
during such period is greater than MSG’s use of the G450 for such period, Q2C shall remit to Lessor as Additional Rent the sum per block hour set forth on Schedule 1 hereto for such hours in excess of MSG’s use of the G550 (the
“True-Up Hours”). In addition, the parties hereto acknowledge and agree that to the extent that discrepancies in hours of usage or other factors cause this arrangement, including the Rent and charges for True-Up Hours provided hereunder,
to be economically unfair to one party, the parties will work together in good faith to adjust these fees to achieve a more equitable arrangement. 

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

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

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

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

(f) in-flight food and beverages; 

(g) passenger ground transportation; 

(h) flight planning and weather contract services; and 

(i) oil, lubricants and other additives. 

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

  
 3 

 
exclusive responsibility for scheduling, dispatching and flight following of the Aircraft on all flights conducted during Lease Periods under this Lease, which responsibility includes the sole
and exclusive right over initiating, conducting and terminating any such flights. Lessee shall have no operational control over any flights of the Aircraft not conducted during Lease Periods under this Lease. 

(b) Lessee shall use and operate the Aircraft under this Lease only in accordance with applicable manufacturers’ recommendations and
airport and climatic conditions. Neither Lessee nor Lessor shall permit the Aircraft to be maintained, used or operated in violation of any law, rule, regulation, ordinance or order of any governmental authority having jurisdiction, or in violation
of any airworthiness certificate, license or registration relating to the Aircraft. 
 6. Regulatory. Lessee shall obtain and
maintain in full force and effect any necessary certificates, licenses, permits and authorizations required for its use and operation of the Aircraft hereunder. Lessee agrees to conduct all operations contemplated by this Lease in compliance with
all applicable provisions of the FARs, including, but not limited to, Part 91 thereof. 
 7. Records. Lessee shall maintain any
records required by applicable laws, rules or regulations in connection with the operation of the Aircraft during any Lease Period hereunder. Without limiting the generality of the foregoing, Lessee shall maintain or cause to be maintained flight
log books showing the full flight time of the Aircraft during each Lease Period hereunder, and shall keep such logs available for inspection by Lessor or its representatives at all reasonable times. Lessor shall be entitled, upon reasonable notice
to Lessee, to inspect any books or records of Lessee that relate to the Aircraft’s use hereunder. 
 8. Remote Locations. Lessee
shall pay the cost of hangaring the Aircraft at remote locations during any Lease Periods hereunder. 
 9. Insurance. 

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

  
 4 

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

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

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

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

(vi) if a party shall make a general assignment for the benefit of creditors, or be declared insolvent or bankrupt under any bankruptcy,
insolvency or other similar law, or commence a voluntary proceeding seeking liquidation, reorganization or other relief under any such law or seeking the appointment of a receiver or liquidator over any substantial portion of its respective assets;
or 
 (vii) assignment by a party of this Lease, except as permitted under Section 22, or any right or interest created hereunder
without the prior written consent of the other party. 
 12. Term. The term of this Lease (including as it may be extended pursuant
to the terms hereof, the “Term”) shall commence on the date hereof and, unless terminated in accordance with the provisions hereof, shall remain in full force and effect for an initial term ending on June 30, 2017 and thereafter shall
automatically renew for successive one-year terms unless either party provides written notice not less than 30 days prior to the expiration of the current term. Notwithstanding the foregoing, (a) Lessor shall have the right to terminate this
Lease immediately upon termination of the G450 Dry Lease Agreement and (b) either party shall have the right to terminate this Lease (i) immediately upon breach of the terms of this Lease by the other party, or (ii) for any reason or
no reason by written notice given to the other party not less than 10 days prior to the proposed termination date. 

  
 5 

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

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

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

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

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

  
 6 

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

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

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

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

  
 7 

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

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

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

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

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

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

  
 8 

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

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

(SIGNATURE PAGE FOLLOWS) 

  
 9 

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

			
	LESSOR:
	
	MSG SPORTS & ENTERTAINMENT, LLC
		
	 By:
	 	/s/ Donna Coleman
	Name:	 	Donna Coleman
	Title:	 	EVP & Chief Financial Officer

  

			
	LESSEE:
	
	QUART 2C, LLC
		
	 By:
	 	/s/ Marianne R. P. Zuk
	Name:	 	Marianne R. P. Zuk
	Title:	 	CEO

  

  
 10 

 SCHEDULE 1 

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

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

  
 S-1 

 SCHEDULE 2 

INSTRUCTIONS FOR COMPLIANCE WITH “TRUTH IN LEASING” REQUIREMENTS 

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

Aircraft Registration Branch 
 ATTN: Technical Section 

P.O. Box 25724 
 Oklahoma City, Oklahoma 73125 

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

 

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

  
 S-2

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