Document:

EX-10.6

 Exhibit 10.6 

EXECUTION VERSION 
 AIRCRAFT DRY
LEASE AGREEMENT 
 THIS AIRCRAFT DRY LEASE AGREEMENT (this “Lease”) is entered in effective as of July 1, 2018, by and
between QUART 2C, LLC, a Delaware limited liability company with an address at P.O. Box 420, Oyster Bay, New York 11771 (“Lessor” or “Q2C”) and MSG SPORTS & ENTERTAINMENT, LLC, a Delaware limited liability company with
an address at Two Pennsylvania Plaza, New York, New York 10121 (“Lessee” or “MSG”). 
 W I T
N E S S E T H 
 WHEREAS, Lessor is the owner of a Gulfstream Aerospace G450 aircraft,
manufacturer’s serial number 4179, United States registration N919AM, including its engines, accessories, components and parts (the “Aircraft”); and 

WHEREAS, the parties have agreed that Lessor shall lease the Aircraft to Lessee on a non-exclusive basis for use by Lessee upon the terms and
subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants,
agreements, representations and warranties set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, Lessor and Lessee, intending to be legally bound, agree as follows: 

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

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

 (c) Not later than thirty (30) days following June 30 (the “True-Up Date”) each year during the Term, Q2C shall
provide (or cause to be provided) to MSG a statement showing the total number of hours of use of the Aircraft from July 1 of the preceding year to and including the True-Up Date. Pursuant to that certain Time Sharing Agreement, effective as of
July 1, 2018, between Q2C and MSG (the “G550 Time Sharing Agreement”) providing for the lease of MSG’s Gulfstream Aerospace GV-SP aircraft, manufacturer’s serial number 5264, United States registration N551CS (the
“G550”) by Q2C, MSG shall deliver a statement showing the total number of hours of use of the G550 by Q2C from July 1 of the 

  
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preceding year to and including the True-Up Date. The parties acknowledge and agree that the expectation is that Lessee’s use of the Aircraft pursuant to this Lease shall be greater (on a
per hour basis) than Lessor’s use of the G550 pursuant to the G550 Time Sharing Agreement. In the event that the total number of hours of use of the Aircraft by MSG during such period is greater than Q2C’s use of the G550 for such period,
MSG shall remit to Lessor as Additional Rent the sum per block hour set forth on Schedule 1 hereto for such hours in excess of Q2C’s use of the G550 (the “True-Up Hours”). In addition, the parties hereto acknowledge and agree
that such Rent, including any Additional Rent, shall be permitted to be further adjusted to ensure that the arrangement is not economically unfair to the Lessor of the Aircraft. Notwithstanding anything in this Lease to the contrary, under no
circumstances shall the fees paid under this Lease by Lessee be greater than those permitted under FAR Part 91.501(d). 
 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
exclusive responsibility for scheduling, 

  
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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 or cause to be procured and maintained 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 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 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. 

(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 (vii) that the “Territory” section will provide Worldwide Coverage. 

(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. 

  
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 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-recommended 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;

 (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; or 
 (viii) Lessee incurs, causes, permits, consents to, or there arises due to Lessee’s
actions or failure to act, the creation, attachment, filing or registration of any lien, mortgage, security interest or other charge or encumbrance or claim of right of others against the Aircraft, other than the creation and attachment of statutory
liens for operating costs related to Lessee Flights that arise in the ordinary course of business and that are not perfected by filing or registration against the Aircraft or the lienor asserting or retaining possession of or seizing or arresting
the Aircraft. 

  
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 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, 2019 and thereafter shall
automatically renew for successive one-year terms unless either party provides written notice not less than 30 days prior to the expiration of the current term. Notwithstanding the foregoing, (a) Lessor shall have the right to terminate this
Lease immediately upon termination of the G550 Time Sharing Agreement and (b) either party shall have the right to terminate this Lease (i) upon breach of the terms of this Lease by the other party as provided in Section 11, or
(ii) 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. 

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. Without prejudice to or limitation or modification of the other provisions of this Lease, in no event shall either party be liable to the other for damages relating
to the loss of use of the Aircraft after the date of termination of this Lease, due to default or expiration of the Term or otherwise. 
 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 

  
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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.

 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 Rluthra@kglfo.com and
to Lessee at joseph.yospe@msg.com or fax to Lessor at (212) 465-3923 and to Lessee at (212) 465-6148. 
 16. Relationship of
Parties. The relationship of the parties created by this Lease is strictly that of lessor and lessee. Nothing in this Lease is intended, nor shall it be construed so as, to constitute the parties as partners or joint venturers or as principal
and agent. 
 17. Taxes. Lessor shall pay all taxes, assessments and charges imposed by any Federal, state, municipal or other public
authority upon or relating to the ownership of the Aircraft during the Term (other than any taxes, fines or penalties imposed upon Lessor as a result of a breach of this Lease by Lessee). Lessee shall pay all taxes, assessments, and charges imposed
by any Federal, state, municipal or other public authority upon or relating to the rental, use or operation of the Aircraft by Lessee during the Lease Periods (including any sales or use tax imposed by the State of New York on any lease payment
hereunder), other than income taxes of Lessor. Lessee shall also be liable for any federal excise tax imposed under Internal Revenue Code Section 4261 if such tax is applicable to any or all amounts paid (or deemed to be paid) by Lessee to
Lessor hereunder. Lessee shall pay such tax to Lessor within thirty (30) days after receipt of Lessor’s written invoice therefor. Each party agrees to indemnify and hold the other harmless against any and all liabilities, costs and
expenses (including attorneys’ fees) resulting from a breach of its respective undertaking hereunder. 
 18. Governing Law. This
Lease shall be governed by and construed in accordance with the laws of the State of New York, determined without regard to its conflicts of laws principles. If any provision of this Lease conflicts with any statute or rule of law of the State of
New York or is otherwise unenforceable, such provision shall be deemed null and void only to the extent of such conflict or unenforceability and shall be deemed separate from and shall not invalidate any other provision of this Lease. 

  
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 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. 

20. Amendment. This Lease shall not be modified or amended or any provision waived except by an instrument in writing signed by
authorized representatives of the parties. 
 21. Counterparts. This Lease may for all purposes be executed in several counterparts,
each of which shall be deemed an original, and all such counterparts, taken together, shall constitute the same instrument, even though all parties may not have executed the same counterpart of this Lease. Each party may transmit its signature by
confirmed facsimile or PDF transmission, and such signatures shall have the same force and effect as an original signature. 
 22.
Successors and Assigns; Third-Party Beneficiaries. Neither party shall have the right to assign this Lease without the prior written consent of the other party; provided, however, that (i) Lessor shall have the right, upon notice to
Lessee, to assign this Lease to any other direct or indirect wholly-owned subsidiary of Lessor provided any such assignments hereunder and the resulting ownership and operational structure are consistent with applicable FARs, and (ii) Lessee
shall have the right, upon notice to Lessor, to assign this Lease to any entity controlling, controlled by, or under common control with, The Madison Square Garden Company. This Lease shall be binding upon the parties hereto and their respective
heirs, executors, administrators, successors and assigns, and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns. This Lease shall not be construed to create any
third-party beneficiary rights in any person not a party hereto (or a successor to or permitted assign of any such party). 
 23.
Integration. This Lease sets forth the entire agreement between the parties with respect to the subject matter hereof and supersedes any and all other agreements, understandings, communications, representations or negotiations, whether oral
or written, between the parties with respect to the lease of the Aircraft. There are no other agreements, representations or warranties, whether oral or written, express or implied, relating to the lease of the Aircraft that are not expressly set
forth in this Lease. 
 24. Legal Fees and Other Costs and Expenses. In the event of any dispute, litigation or arbitration between
the parties with respect to the subject matter of this Lease, the unsuccessful party to such dispute, litigation or arbitration shall pay to the successful party all costs and expenses, including, without limitation, reasonable attorneys’ fees,
incurred therein by the successful party, all of which shall be included in and as a part of the judgment or award rendered in such dispute, litigation or arbitration. For purposes of this Lease, the term “successful party” shall mean the
party which achieves substantially the relief sought, whether by judgment, order, settlement or otherwise. 
 25. WAIVER OF JURY
TRIAL. EACH PARTY HEREBY KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHTS TO A JURY TRIAL IN ANY ACTION, SUIT OR PROCEEDING RELATING TO, ARISING UNDER OR IN CONNECTION WITH THIS LEASE AND ANY OTHER DOCUMENT, AGREEMENT OR INSTRUMENT EXECUTED AND/OR
DELIVERED IN CONNECTION WITH THE FOREGOING. 

  
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 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. 

(c) EACH OF LESSOR AND LESSEE CERTIFIES THAT IT UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.

 (d) EACH OF LESSOR AND LESSEE UNDERSTANDS THAT AN EXPLANATION OF THE FACTORS BEARING ON OPERATIONAL CONTROL AND THE PERTINENT FEDERAL
AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 
 Instructions for Compliance with “Truth
In Leasing” Requirements are attached hereto as Schedule 2. 
 (SIGNATURE PAGE FOLLOWS) 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Aircraft Dry Lease Agreement this
29th day of June, 2018, effective as of the date first written above. 
  

			
	LESSOR:
	
	QUART 2C, LLC
		
	By:	 	/s/ James L. Dolan
		 	Name: James L. Dolan
		 	Title: Managing Member
	
	LESSEE:
	
	MSG SPORTS & ENTERTAINMENT, LLC
		
	By:	 	/s/ Donna Coleman
		 	Name: Donna Coleman
		 	Title: EVP & Chief Financial Officer

  
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 SCHEDULE 1 

Rent per block hour: An amount equal to actual fuel costs for each Lessee flight during such Lease Period (including any deadheads, ferry and repositioning
flights). For this purpose, a flight 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 stop at the arrival airport. 

Additional Rent per block hour for True-Up Hours: An amount to be determined to cover variable costs (e.g., maintenance, support, etc.) of the Aircraft for
such True-Up Hours (less any amounts previously paid for such True-Up Hours). 

  
 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-2Exhibit 10.11

 

TRULI
MEDIA GROUP, INC.

2017
EQUITY INCENTIVE PLAN

  

1. Scope
of Plan; Definitions.

 

(a) This
2017 Equity Incentive Plan (the “Plan”) is intended to advance the interests of Truli Media Group, Inc. (the “Company”)
and its Related Corporations by enhancing the ability of the Company to attract and retain qualified employees, consultants, Officers,
and directors, by creating incentives and rewards for their contributions to the success of the Company and its Related Corporations.
This Plan will provide to (a) Officers and other employees of the Company and its Related Corporations opportunities to purchase
common stock (“Common Stock”) of the Company pursuant to Options granted hereunder which qualify as incentive stock
options (“ISOs”) under Section 422(b) of the Internal Revenue Code of 1986 (the “Code”), (b) directors,
Officers, employees, and consultants of the Company and Related Corporations opportunities to purchase Common Stock in the Company
pursuant to options granted hereunder which do not qualify as ISOs (“Non-Qualified Options”); (c) directors, Officers,
employees, and consultants of the Company and Related Corporations opportunities to receive shares of Common Stock of the Company
which normally are subject to restrictions on sale (“Restricted Stock”); (d) directors, Officers, employees, and consultants
of the Company and Related Corporations opportunities to receive grants of stock appreciation rights (“SARs”); and
(e) directors, Officers, employees, and consultants of the Company and Related Corporations opportunities to receive grants of
restricted stock units (“RSUs”). ISOs and Non-Qualified Options are referred to hereafter as (“Options”).
Options, Restricted Stock and RSUs are sometimes referred to hereafter collectively as (“Stock Rights”). Any of the
Options and/or Stock Rights may in the Compensation Committee’s discretion be issued in tandem to one or more other Options
and/or Stock Rights to the extent permitted by law.

 

(b) For
purposes of the Plan, capitalized words and terms shall have the following meaning:

 

“Board”
means the board of directors of the Company.

 

“Change
of Control” means the occurrence of any of the following events: (i) the consummation of the sale or disposition by the
Company of all or substantially all of the Company’s assets in a transaction which requires shareholder approval under applicable
state law; or (ii) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent)
at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity or its parent
outstanding immediately after such merger or consolidation.

 

“Code”
has the meaning given to it in Section 1(a).

 

“Common
Stock” has the meaning given to it in Section 1(a).

  

     

     

    

 

“Company”
has the meaning given to it in Section 1(a).

 

“Compensation
Committee” means the compensation committee of the Board, if any, which shall consist of two or more members of the Board,
each of whom shall be both an “outside director” within the meaning of Section 162(m) of the Code and a “non-employee
director” within the meaning of Rule 16b-3. All references in this Plan to the Compensation Committee shall mean the Board
when (i) there is no Compensation Committee or (ii) the Board has retained the power to administer this Plan.

 

“Disability”
means “permanent and total disability” as defined in Section 22(e)(3) of the Code or successor statute.

 

“Disqualifying
Disposition” means any disposition (including any sale) of Common Stock underlying an ISO before the later of (i) two years
after the date of employee was granted the ISO or (ii) one year after the date the employee acquired Common Stock by exercising
the ISO.

 

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

 

“Fair
Market Value” shall be determined as of the last Trading Day before the date a Stock Right is granted and shall mean:

 

(1) the
closing price on the principal market if the Common Stock is listed on a national securities exchange or the OTCQB or OTCQX.

 

(2) if
the Company’s shares are not listed on a national securities exchange or the OTCQB or OTCQX, then the closing price if reported
or the average bid and asked price for the Company’s shares as quoted by OTC Pink;

 

(3) if
there are no prices available under clauses (1) or (2), then Fair Market Value shall be based upon the average closing bid and
asked price as determined following a polling of all dealers making a market in the Company’s Common Stock; or

 

(4) if
there is no regularly established trading market for the Company’s Common Stock or if the Company’s Common Stock is
listed, quoted, or reported under clauses (1) or (2) but it trades sporadically rather than every day, the Fair Market Value shall
be established by the Board or the Compensation Committee taking into consideration all relevant factors including the most recent
price at which the Company’s Common Stock was sold.

 

“ISO”
has the meaning given to it in Section 1(a).

 

“Non-Qualified
Options” has the meaning given to it in Section 1(a).

  

    	 	2	 

     

    

 

“Officer”
means a person who is an executive officer of the Company and is required to file ownership reports under Section 16(a) of the
Exchange Act.

 

“Option”
has the meaning given to it in Section 1(a).

 

“Plan”
has the meaning given to it in Section 1(a).

 

“Related
Corporation” means a corporation which is a subsidiary corporation with respect to the Company within the meaning of Section
425(f) of the Code.

 

“Restricted
Stock” has the meaning given to it in Section 1(a).

 

“RSU”
has the meaning given to it in Section 1(a).

 

“SAR”
has the meaning given to it in Section 1(a).

 

“Securities
Act” means the Securities Act of 1933.

 

“Stock
Rights” has the meaning given to it in Section 1(a).

 

“Trading
Day” means a day on which the New York Stock Exchange is open for business.

 

This
Plan is intended to comply in all respects with Rule 16b-3 (“Rule 16b-3”) and its successor rules as promulgated under
Section 16(b) of the Exchange Act for participants who are subject to Section 16 of the Exchange Act. To the extent any provision
of the Plan or action by the Plan administrators fails to so comply, it shall be deemed null and void to the extent permitted
by law and deemed advisable by the Plan administrators. Provided, however, such exercise of discretion by the Plan
administrators shall not interfere with the contract rights of any grantee. In the event that any interpretation or construction
of the Plan is required, it shall be interpreted and construed in order to ensure, to the maximum extent permissible by law, that
such grantee does not violate the short-swing profit provisions of Section 16(b) of the Exchange Act and that any exemption available
under Rule 16b-3 or other rule is available.

 

2. Administration
of the Plan.

 

(a) The
Plan may be administered by the entire Board or by the Compensation Committee. Once appointed, the Compensation Committee shall
continue to serve until otherwise directed by the Board. A majority of the members of the Compensation Committee shall constitute
a quorum, and all determinations of the Compensation Committee shall be made by the majority of its members present at a meeting.
Any determination of the Compensation Committee under the Plan may be made without notice or meeting of the Compensation Committee
by a writing signed by all of the Compensation Committee members. Subject to ratification of the grant of each Stock Right by
the Board (but only if so required by applicable state law), and subject to the terms of the Plan, the Compensation Committee
shall have the authority to (i) determine the employees of the Company and Related Corporations (from among the class of employees
eligible under Section 3 to receive ISOs) to whom ISOs may be granted, and to determine (from among the class of individuals and
entities eligible under Section 3 to receive Non-Qualified Options, Restricted Stock, RSUs and SARs) to whom Non-Qualified Options,
Restricted Stock, RSUs and SARs may be granted; (ii) determine when Stock Rights may be granted; (iii) determine the exercise
prices of Stock Rights other than Restricted Stock and RSUs, which shall not be less than the Fair Market Value; (iv) determine
whether each Option granted shall be an ISO or a Non-Qualified Option; (v) determine when Stock Rights shall become exercisable,
the duration of the exercise period, and when each Stock Right shall vest; (vi) determine whether restrictions such as repurchase
options are to be imposed on shares subject to or issued in connection with Stock Rights, and the nature of such restrictions,
if any, and (vii) interpret the Plan and promulgate and rescind rules and regulations relating to it. The interpretation and construction
by the Compensation Committee of any provisions of the Plan or of any Stock Right granted under it shall be final, binding, and
conclusive unless otherwise determined by the Board. The Compensation Committee may from time to time adopt such rules and regulations
for carrying out the Plan as it may deem best.

  

    	 	3	 

     

    

 

No
members of the Compensation Committee or the Board shall be liable for any action or determination made in good faith with respect
to the Plan or any Stock Right granted under it. No member of the Compensation Committee or the Board shall be liable for any
act or omission of any other member of the Compensation Committee or the Board or for any act or omission on his own part, including
but not limited to the exercise of any power and discretion given to him under the Plan, except those resulting from his own gross
negligence or willful misconduct.

 

(b) The
Compensation Committee may select one of its members as its chairman and shall hold meetings at such time and places as it may
determine. All references in this Plan to the Compensation Committee shall mean the Board if no Compensation Committee has been
appointed. From time to time the Board may increase the size of the Compensation Committee and appoint additional members thereof,
remove members (with or without cause), and appoint new members in substitution therefor, fill vacancies however caused, or remove
all members of the Compensation Committee and thereafter directly administer the Plan.

 

(c) Stock
Rights may be granted to members of the Board, whether such grants are in their capacity as directors, Officers, or consultants.
All grants of Stock Rights to members of the Board shall in all other respects be made in accordance with the provisions of this
Plan applicable to other eligible persons. Members of the Board who are either (i) eligible for Stock Rights pursuant to the Plan
or (ii) have been granted Stock Rights may vote on any matters affecting the administration of the Plan or the grant of any Stock
Rights pursuant to the Plan.

 

(d) In
addition to such other rights of indemnification as he may have as a member of the Board, and with respect to administration of
the Plan and the granting of Stock Rights under it, each member of the Board and of the Compensation Committee shall be entitled
without further act on his part to indemnification from the Company for all expenses (including advances of litigation expenses,
the amount of judgment, and the amount of approved settlements made with a view to the curtailment of costs of litigation) reasonably
incurred by him in connection with or arising out of any action, suit, or proceeding, including any appeal thereof, with respect
to the administration of the Plan or the granting of Stock Rights under it in which he may be involved by reason of his being
or having been a member of the Board or the Compensation Committee, whether or not he continues to be such member of the Board
or the Compensation Committee at the time of the incurring of such expenses; provided, however, that such indemnity
shall be subject to the limitations contained in any indemnification agreement between the Company and the Board member or Officer.
The foregoing right of indemnification shall inure to the benefit of the heirs, executors, or administrators of each such member
of the Board or the Compensation Committee and shall be in addition to all other rights to which such member of the Board or the
Compensation Committee would be entitled to as a matter of law, contract, or otherwise.

  

    	 	4	 

     

    

 

(e) The
Board may delegate the powers to grant Stock Rights to Officers to the extent permitted by the laws of the Company’s state
of incorporation.

 

3. Eligible
Employees and Others. ISOs may be granted to any employee of the Company or any Related Corporation. Those Officers
and directors of the Company who are not employees may not be granted ISOs under the Plan. Subject to compliance with Rule
16b-3 and other applicable securities laws, Non-Qualified Options, Restricted Stock, RSUs, and SARs may be granted to any
director (whether or not an employee), Officers, employees, or consultants of the Company or any Related Corporation. The
Compensation Committee may take into consideration a recipient’s individual circumstances in determining whether to
grant an ISO, a Non-Qualified Option, Restricted Stock, RSUs, or a SAR. Granting of any Stock Right to any individual or
entity shall neither entitle that individual or entity to, nor disqualify him from participation in, any other grant of Stock
Rights.

 

4. Common
Stock. The Common Stock subject to Stock Rights shall be authorized but unissued shares of Common Stock, par value
$0.0001, or shares of Common Stock reacquired by the Company in any manner, including purchase, forfeiture, or otherwise. The
aggregate number of shares of Common Stock which may be issued pursuant to the Plan is 38,000,000 less any Stock Rights
previously granted or exercised subject to adjustment as provided in Section 14. Provided, however, 500,000 of
such shares shall be reserved for future grants to the Company’s Chief Executive Officer and 300,000 of such shares
shall be reserved for future grants to the Company’s Chief Financial Officer. Any such shares may be issued under ISOs,
Non-Qualified Options, Restricted Stock, RSUs, or SARs, so long as the number of shares so issued does not exceed the
limitations in this Section. If any Stock Rights granted under the Plan shall expire or terminate for any reason without
having been exercised in full or shall cease for any reason to be exercisable in whole or in part, or if the Company shall
reacquire any unvested shares, the unpurchased shares subject to such Stock Rights and any unvested shares so reacquired by
the Company shall again be available for grants under the Plan.

 

5. Granting
of Stock Rights.

 

(a) The
date of grant of a Stock Right under the Plan will be the date specified by the Board or Compensation Committee at the time it
grants the Stock Right; provided, however, that such date shall not be prior to the date on which the Board or Compensation
Committee acts to approve the grant. The Board or Compensation Committee shall have the right, with the consent of the optionee,
to convert an ISO granted under the Plan to a Non-Qualified Option pursuant to Section 17.

  

    	 	5	 

     

    

 

(b) The
Board or Compensation Committee shall grant Stock Rights to participants that it, in its sole discretion, selects. Stock Rights
shall be granted on such terms as the Board or Compensation Committee shall determine, except that ISOs shall be granted on terms
that comply with the Code and regulations thereunder.

 

(c) A
SAR entitles the holder to receive, as designated by the Board or Compensation Committee, cash or shares of Common Stock, value
equal to (or otherwise based on) the excess of: (a) the Fair Market Value of a specified number of shares of Common Stock at the
time of exercise over (b) an exercise price established by the Board or Compensation Committee. The exercise price of each SAR
granted under this Plan shall be established by the Compensation Committee or shall be determined by a method established by the
Board or Compensation Committee at the time the SAR is granted, provided the exercise price shall not be less than $0.02 per share,
subject to equitable adjustment, or such higher price as is established by the Board or Compensation Committee. A SAR shall be
exercisable in accordance with such terms and conditions and during such periods as may be established by the Board or Compensation
Committee. Shares of Common Stock delivered pursuant to the exercise of a SAR shall be subject to such conditions, restrictions,
and contingencies as the Board or Compensation Committee may establish in the applicable SAR agreement or document, if any. The
Board or Compensation Committee, in its discretion, may impose such conditions, restrictions, and contingencies with respect to
shares of Common Stock acquired pursuant to the exercise of each SAR as the Board or Compensation Committee determines to be desirable.
A SAR under the Plan shall be subject to such terms and conditions, not inconsistent with the Plan, as the Board or Compensation
Committee shall, in its discretion, prescribe. The terms and conditions of any SAR to any grantee shall be reflected in such form
of agreement as is determined by the Board or Compensation Committee. A copy of such document, if any, shall be provided to the
grantee, and the Board or Compensation Committee may condition the granting of the SAR on the grantee executing such agreement.

 

(d) An
RSU gives the grantee the right to receive a number of shares of the Company’s Common Stock on applicable vesting or other
dates. Delivery of the RSUs may be deferred beyond vesting as determined by the Board or Compensation Committee. RSUs shall be
evidenced by an RSU agreement in the form determined by the Board or Compensation Committee. With respect to an RSU that becomes
non-forfeitable due to the lapse of time, the Compensation Committee shall prescribe in the RSU agreement the vesting period.
With respect to the granting of an RSU that becomes non-forfeitable due to the satisfaction of certain pre-established performance-based
objectives imposed by the Board or Compensation Committee, the measurement date of whether such performance-based objectives have
been satisfied shall be a date no earlier than the first anniversary of the date of the RSU. A recipient who is granted an RSU
shall possess no incidents of ownership with respect to such underlying Common Stock, although the RSU agreement may provide for
payments in lieu of dividends to such grantee.

 

(e) Notwithstanding
any provision of this Plan, the Board or Compensation Committee may impose conditions and restrictions on any grant of Stock Rights
including forfeiture of vested Options, cancellation of Common Stock acquired in connection with any Stock Right, and forfeiture
of profits.

 

(f) The
Options and SARs shall not be exercisable for a period of more than 10 years from the date of grant.

  

    	 	6	 

     

    

 

6. Sale
of Shares. The shares underlying Stock Rights granted to any Officer, director, or a beneficial owner of 10% or more of the
Company’s securities registered under Section 12 of the Exchange Act shall not be sold, assigned, or transferred by the
grantee until at least six months elapse from the date of the grant thereof.

 

7. ISO
Minimum Option Price and Other Limitations.

 

(a) The
exercise price per share relating to all Options granted under the Plan shall not be less than $0.02 per share, subject to equitable
adjustment. For purposes of determining the exercise price, the date of the grant shall be the later of (i) the date of approval
by the Board or Compensation Committee or the Board, or (ii) for ISOs, the date the recipient becomes an employee of the Company.
In the case of an ISO to be granted to an employee owning Common Stock which represents more than 10% of the total combined voting
power of all classes of stock of the Company or any Related Corporation, the price per share shall not be less than 110% of the
Fair Market Value per share of Common Stock on the date of grant and such ISO shall not be exercisable after the expiration of
five years from the date of grant.

 

(b) In
no event shall the aggregate Fair Market Value (determined at the time an ISO is granted) of Common Stock for which ISOs granted
to any employee are exercisable for the first time by such employee during any calendar year (under all stock option plans of
the Company and any Related Corporation) exceed $100,000.

 

8. Duration
of Stock Rights. Subject to earlier termination as provided in Sections 3, 5, 9, 10 and 11, each Option and SAR shall expire
on the date specified in the original instrument granting such Stock Right (except with respect to any part of an ISO that is
converted into a Non-Qualified Option pursuant to Section 17), provided, however, that such instrument must comply
with Section 422 of the Code with regard to ISOs and Rule 16b-3 with regard to all Stock Rights granted pursuant to the Plan to
Officers, directors, and 10% shareholders of the Company.

 

9. Exercise
of Options and SARs; Vesting of Stock Rights. Subject to the provisions of Sections 3 and 9 through 13, each Option and SAR
granted under the Plan shall be exercisable as follows:

 

(a) The
Options and SARs shall either be fully vested and exercisable from the date of grant or shall vest and become exercisable in such
installments as the Board or Compensation Committee may specify.

 

(b) Once
an installment becomes exercisable it shall remain exercisable until expiration or termination of the Option and SAR, unless otherwise
specified by the Board or Compensation Committee.

  

    	 	7	 

     

    

 

(c) Each
Option and SAR or installment, once it becomes exercisable, may be exercised at any time or from time to time, in whole or in
part, for up to the total number of shares with respect to which it is then exercisable.

 

(d) The
Board or Compensation Committee shall have the right to accelerate the vesting date of any installment of any Stock Right; provided
that the Board or Compensation Committee shall not accelerate the exercise date of any installment of any Option granted to
any employee as an ISO (and not previously converted into a Non-Qualified Option pursuant to Section 17) if such acceleration
would violate the annual exercisability limitation contained in Section 422(d) of the Code as described in Section 7(b).

 

10. Termination
of Employment. Subject to any greater restrictions or limitations as may be imposed by the Board or Compensation Committee
or by a written agreement, if an optionee ceases to be employed by the Company and all Related Corporations other than by reason
of death or Disability, no further installments of his Options shall vest or become exercisable, and his Options shall terminate
as provided for in the grant or on the day 12 months after the day of the termination of his employment (except three months for
ISOs), whichever is earlier, but in no event later than on their specified expiration dates. Employment shall be considered as
continuing uninterrupted during any bona fide leave of absence (such as those attributable to illness, military obligations, or
governmental service) provided that the period of such leave does not exceed 90 days or, if longer, any period during which such
optionee’s right to re-employment is guaranteed by statute. A leave of absence with the written approval of the Board shall
not be considered an interruption of employment under the Plan, provided that such written approval contractually obligates the
Company or any Related Corporation to continue the employment of the optionee after the approved period of absence. ISOs granted
under the Plan shall not be affected by any change of employment within or among the Company and any Related Corporations so long
as the optionee continues to be an employee of the Company or any Related Corporation.

 

11. Death;
Disability. Unless otherwise determined by the Board or Compensation Committee or by a written agreement:

 

(a) If
the holder of an Option or SAR ceases to be employed by the Company and all Related Corporations by reason of his death, any Options
or SARs held by the optionee may be exercised to the extent he could have exercised it on the date of his death, by his estate,
personal representative or beneficiary who has acquired the Options or SARs by will or by the laws of descent and distribution,
at any time prior to the earlier of: (i) the Options’ or SARs specified expiration date or (ii) one year (except three months
for an ISO) from the date of death.

 

(b) If
the holder of an Option or SAR ceases to be employed by the Company and all Related Corporations, or a director or Officer can
no longer perform his duties, by reason of his Disability, any Options or SARs held by the optionee may be exercised to the extent
he could have exercised it on the date of termination due to Disability until the earlier of (i) the Options’ or SARs’
specified expiration date or (ii) one year from the date of the termination.

  

    	 	8	 

     

    

 

12. Assignment,
Transfer or Sale.

 

(a) No
ISO granted under this Plan shall be assignable or transferable by the grantee except by will or by the laws of descent and distribution,
and during the lifetime of the grantee, each ISO shall be exercisable only by him or his guardian or legal representative.

 

(b) Except
for ISOs, all Stock Rights are transferable subject to compliance with applicable securities laws and Section 6 of this Plan.

 

13. Terms
and Conditions of Stock Rights. Stock Rights shall be evidenced by instruments (which need not be identical) in such forms
as the Board or Compensation Committee may from time to time approve. Such instruments shall conform to the terms and conditions
set forth in Sections 5 through 12 hereof and may contain such other provisions as the Board or Compensation Committee deems advisable
which are not inconsistent with the Plan. In granting any Stock Rights, the Board or Compensation Committee may specify that Stock
Rights shall be subject to the restrictions set forth herein with respect to ISOs, or to such other termination and cancellation
provisions as the Board or Compensation Committee may determine. The Board or Compensation Committee may from time to time confer
authority and responsibility on one or more of its own members and/or one or more Officers of the Company to execute and deliver
such instruments. The proper Officers of the Company are authorized and directed to take any and all action necessary or advisable
from time to time to carry out the terms of such instruments.

 

14. Adjustments
Upon Certain Events.

 

(a) Subject
to any required action by the shareholders of the Company, the number of shares of Common Stock covered by each outstanding Stock
Right, and the number of shares of Common Stock which have been authorized for issuance under the Plan but as to which no Stock
Rights have yet been granted or which have been returned to the Plan upon cancellation or expiration of a Stock Right, as well
as the price per share of Common Stock (or cash, as applicable) covered by each such outstanding Option or SAR, shall be proportionately
adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock
split, stock dividend, combination, or reclassification of Common Stock, or any other increase or decrease in the number of issued
shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion
of any convertible securities of the Company or the voluntary cancellation, whether by virtue of a cashless exercise of a derivative
security of the Company or otherwise, shall not be deemed to have been “effected without receipt of consideration.”
Such adjustment shall be made by the Board or Compensation Committee, whose determination in that respect shall be final, binding,
and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to,
the number or price of shares of Common Stock subject to a Stock Right. No adjustments shall be made for dividends or other distributions
paid in cash or in property other than securities of the Company.

   

(b) In
the event of the proposed dissolution or liquidation of the Company, the Board or Compensation Committee shall notify each participant
as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised,
a Stock Right will terminate immediately prior to the consummation of such proposed action.

  

    	 	9	 

     

    

 

(c) In
the event of a merger of the Company with or into another corporation, or a Change of Control, each outstanding Stock Right shall
be assumed (as defined below) or an equivalent option or right substituted by the successor corporation or a parent or subsidiary
of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the Stock Rights,
the participants shall fully vest in and have the right to exercise their Stock Rights as to which it would not otherwise be vested
or exercisable. If a Stock Right becomes fully vested and exercisable in lieu of assumption or substitution in the event of a
merger or sale of assets, the Board or Compensation Committee shall notify the participant in writing or electronically that the
Stock Right shall be fully vested and exercisable for a period of at least 15 days from the date of such notice, and any Options
or SARs shall terminate one minute prior to the closing of the merger or sale of assets.

 

For
the purposes of this Section 14(c), the Stock Right shall be considered “assumed” if, following the merger or Change
of Control, the option or right confers the right to purchase or receive, for each share of Common Stock subject to the Stock
Right immediately prior to the merger or Change of Control, the consideration (whether stock, cash, or other securities or property)
received in the merger or Change of Control by holders of Common Stock for each share held on the effective date of the transaction
(and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding
shares); provided, however, that if such consideration received in the merger or Change of Control is not solely
common stock of the successor corporation or its parent, the Board or Compensation Committee may, with the consent of the successor
corporation, provide for the consideration to be received upon the exercise of the Stock Right, for each share of Common Stock
subject to the Stock Right, to be solely common stock of the successor corporation or its parent equal in Fair Market Value to
the per share consideration received by holders of Common Stock in the merger or Change of Control.

 

(d) Notwithstanding
the foregoing, any adjustments made pursuant to Section 14(a), (b) or (c) with respect to ISOs shall be made only after the Board
or Compensation Committee, after consulting with counsel for the Company, determines whether such adjustments would constitute
a “modification” of such ISOs (as that term is defined in Section 425(h) of the Code) or would cause any adverse tax
consequences for the holders of such ISOs. If the Board or Compensation Committee determines that such adjustments made with respect
to ISOs would constitute a modification of such ISOs, it may refrain from making such adjustments.

 

(e) No
fractional shares shall be issued under the Plan and the optionee shall receive from the Company cash in lieu of such fractional
shares.

  

    	 	10	 

     

    

 

15. Means
of Exercising Stock Rights.

 

(a) An
Option or SAR (or any part or installment thereof) shall be exercised by giving written notice to the Company at its principal
office address. Such notice shall identify the Stock Right being exercised and specify the number of shares as to which such Stock
Right is being exercised, accompanied by full payment of the exercise price therefor (to the extent it is exercisable in cash)
either (i) in United States dollars by check or wire transfer; or (ii) at the discretion of the Board or Compensation Committee,
through delivery of shares of Common Stock having a Fair Market Value equal as of the date of the exercise to the cash exercise
price of the Stock Right; or (iii) at the discretion of the Board or Compensation Committee, by any combination of (i) and (ii)
above. If the Board or Compensation Committee exercises its discretion to permit payment of the exercise price of an ISO by means
of the methods set forth in clauses (ii) or (iii) of the preceding sentence, such discretion need not be exercised in writing
at the time of the grant of the Stock Right in question. The holder of a Stock Right shall not have the rights of a shareholder
with respect to the shares covered by his Stock Right until the date of issuance of a stock certificate to him for such shares.
Except as expressly provided above in Section 14 with respect to changes in capitalization and stock dividends, no adjustment
shall be made for dividends or similar rights for which the record date is before the date such stock certificate is issued.

 

(b) Each
notice of exercise shall, unless the shares of Common Stock are covered by a then current registration statement under the Securities
Act, contain the holder’s acknowledgment in form and substance satisfactory to the Company that (i) such shares are being
purchased for investment and not for distribution or resale (other than a distribution or resale which, in the opinion of counsel
satisfactory to the Company, may be made without violating the registration provisions of the Securities Act), (ii) the holder
has been advised and understands that (1) the shares have not been registered under the Securities Act and are “restricted
securities” within the meaning of Rule 144 under the Securities Act and are subject to restrictions on transfer and (2)
the Company is under no obligation to register the shares under the Securities Act or to take any action which would make available
to the holder any exemption from such registration, and (iii) such shares may not be transferred without compliance with all applicable
federal and state securities laws. Notwithstanding the above, should the Company be advised by counsel that issuance of shares
should be delayed pending registration under federal or state securities laws or the receipt of an opinion that an appropriate
exemption therefrom is available, the Company may defer exercise of any Stock Right granted hereunder until either such event
has occurred.

 

16. Term,
Termination, and Amendment.

 

(a) This
Plan was adopted by the Board. This Plan may be approved by the Company’s shareholders, which approval is required for ISOs.

 

(b) The
Board may terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on October 24, 2027. No Stock Rights
may be granted under the Plan once the Plan is terminated. Termination of the Plan shall not impair rights and obligations under
any Stock Right granted while the Plan is in effect, except with the written consent of the grantee.

 

(c) The
Board at any time, and from time to time, may amend the Plan. Provided, however, except as provided in Section 14
relating to adjustments in Common Stock, no amendment shall be effective unless approved by the shareholders of the Company to
the extent (i) shareholder approval is necessary to satisfy the requirements of Section 422 of the Code or (ii) required by the
rules of the principal national securities exchange or trading market upon which the Company’s Common Stock trades. Rights
under any Stock Rights granted before amendment of the Plan shall not be impaired by any amendment of the Plan, except with the
written consent of the grantee.

  

    	 	11	 

     

    

 

(d) The
Board at any time, and from time to time, may amend the terms of any one or more Stock Rights; provided, however,
that the rights under the Stock Right shall not be impaired by any such amendment, except with the written consent of the grantee.

 

17. Conversion
of ISOs into Non-Qualified Options; Termination of ISOs. The Board or Compensation Committee, at the written request of any
optionee, may in its discretion take such actions as may be necessary to convert such optionee’s ISOs (or any installments
or portions of installments thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any
time prior to the expiration of such ISOs, regardless of whether the optionee is an employee of the Company or a Related Corporation
at the time of such conversion. Provided, however, the Board or Compensation Committee shall not reprice the Options
or extend the exercise period or reduce the exercise price of the appropriate installments of such Options without the approval
of the Company’s shareholders. At the time of such conversion, the Board or Compensation Committee (with the consent of
the optionee) may impose such conditions on the exercise of the resulting Non-Qualified Options as the Board or Compensation Committee
in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall
be deemed to give any optionee the right to have such optionee’s ISOs converted into Non-Qualified Options, and no such
conversion shall occur until and unless the Board or Compensation Committee takes appropriate action. The Compensation Committee,
with the consent of the optionee, may also terminate any portion of any ISO that has not been exercised at the time of such termination.

 

18. Application
of Funds. The proceeds received by the Company from the sale of shares pursuant to Options or SARS (if cash settled) granted
under the Plan shall be used for general corporate purposes.

 

19. Governmental
Regulations. The Company’s obligation to sell and deliver shares of the Common Stock under this Plan is subject to the
approval of any governmental authority required in connection with the authorization, issuance, or sale of such shares.

 

20. Withholding
of Additional Income Taxes. In connection with the granting, exercise, or vesting of a Stock Right or the making of a Disqualifying
Disposition, the Company, in accordance with Section 3402(a) of the Code, may require the optionee to pay additional withholding
taxes in respect of the amount that is considered compensation includable in such person’s gross income.

 

To
the extent that the Company is required to withhold taxes for federal income tax purposes as provided above, any optionee may
elect to satisfy such withholding requirement by (i) paying the amount of the required withholding tax to the Company; (ii) delivering
to the Company shares of its Common Stock (including shares of Restricted Stock) previously owned by the optionee; or (iii) having
the Company retain a portion of the shares covered by an Option exercise. The number of shares to be delivered to or withheld
by the Company times the Fair Market Value of such shares shall equal the cash required to be withheld.

  

    	 	12	 

     

    

 

21. Notice
to Company of Disqualifying Disposition. Each employee who receives an ISO must agree to notify the Company in writing immediately
after the employee makes a Disqualifying Disposition of any Common Stock acquired pursuant to the exercise of an ISO. If the employee
has died before such stock is sold, the holding periods requirements of the Disqualifying Disposition do not apply and no Disqualifying
Disposition can occur thereafter.

 

22. Continued
Employment. The grant of a Stock Right pursuant to the Plan shall not be construed to imply or to constitute evidence of any
agreement, express or implied, on the part of the Company or any Related Corporation to retain the grantee in the employ of the
Company or a Related Corporation, as a member of the Company’s Board, or in any other capacity, whichever the case may be.

 

23. Governing
Law; Construction. The validity and construction of the Plan and the instruments evidencing Stock Rights shall be governed
by the laws of the Company’s state of incorporation. In construing this Plan, the singular shall include the plural and
the masculine gender shall include the feminine and neuter, unless the context otherwise requires.

 

24.
(a) Forfeiture of Stock Rights Granted to Employees or Consultants. Notwithstanding any other provision of this
Plan, and unless otherwise provided for in a Stock Rights Agreement, all vested or unvested Stock Rights granted to employees
or consultants shall be immediately forfeited at the discretion of the Board if any of the following events occur:

 

(1) Termination
of the relationship with the grantee for cause including, but not limited to, fraud, theft, dishonesty, and violation of Company
policy;

 

(2) Purchasing
or selling securities of the Company in violation of the Company’s insider trading guidelines then in effect;

 

(3) Breaching
any duty of confidentiality including that required by the Company’s insider trading guidelines then in effect;

 

(4) Competing
with the Company;

 

(5) Being
unavailable for consultation after leaving the Company’s employment if such availability is a condition of any agreement
between the Company and the grantee;

 

(6) Recruitment
of Company personnel after termination of employment, whether such termination is voluntary or for cause;

 

(7) Failure
to assign any invention or technology to the Company if such assignment is a condition of employment or any other agreements between
the Company and the grantee; or

 

(8) A
finding by the Board that the grantee has acted disloyally and/or against the interests of the Company.

 

    	 	13	 

     

    

 

(b) Forfeiture
of Stock Rights Granted to Directors. Notwithstanding any other provision of this Plan, and unless otherwise provided
for in a Stock Rights Agreement, all vested or unvested Stock Rights granted to directors shall be immediately forfeited at
the discretion of the Board if any of the following events occur:

 

(1) Purchasing
or selling securities of the Company in violation of the Company’s insider trading guidelines then in effect;

 

(2) Breaching
any duty of confidentiality including that required by the Company’s insider trading guidelines then in effect;

 

(3) Competing
with the Company;

 

(4) Recruitment
of Company personnel after ceasing to be a director; or

 

(5) A
finding by the Board that the grantee has acted disloyally and/or against the interests of the Company.

 

The
Company may impose other forfeiture restrictions which are more or less restrictive and require a return of profits from the sale
of Common Stock as part of said forfeiture provisions if such forfeiture provisions and/or return of provisions are contained
in a Stock Rights Agreement.

 

(c) Profits
on the Sale of Certain Shares; Redemption. If any of the events specified in Section 24(a) or (b) of the Plan occur within
one year from the date the grantee last performed services for the Company in the capacity for which the Stock Rights were granted
(the “Termination Date”) (or such longer period required by any written agreement), all profits earned from the sale
of the Company’s securities, including the sale of shares of Common Stock underlying the Stock Rights, during the two-year
period commencing one year prior to the Termination Date shall be forfeited and immediately paid by the grantee to the Company.
Further, in such event, the Company may at its option redeem shares of Common Stock acquired upon exercise of the Stock Right
by payment of the exercise price to the grantee. To the extent that another written agreement with the Company extends the events
in Section 24(a) or (b) beyond one year following the Termination Date, the two-year period shall be extended by an equal number
of days. The Company’s rights under this Section 24(c) do not lapse one year from the Termination Date but are contract
rights subject to any appropriate statutory limitation period.

  

 

14

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