Form 8-K

8-K — MSG Rangers Corp.

Accession: 0001193125-26-434266

Filed: 2026-10-27

Period: 2026-10-23

CIK: 0002132873

SIC: 7990 (SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION)

Item: Entry into a Material Definitive Agreement

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — d180862d8k.htm (Primary)

EX-3.1 (d180862dex31.htm)

EX-3.2 (d180862dex32.htm)

EX-4.1 (d180862dex41.htm)

EX-4.2 (d180862dex42.htm)

EX-8.1 (d180862dex81.htm)

EX-10.1 (d180862dex101.htm)

EX-10.2 (d180862dex102.htm)

EX-10.3 (d180862dex103.htm)

EX-10.4 (d180862dex104.htm)

EX-10.5 (d180862dex105.htm)

EX-10.6 (d180862dex106.htm)

EX-10.7 (d180862dex107.htm)

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8-K

8-K (Primary)

Filename: d180862d8k.htm · Sequence: 1

8-K

MSGS Spinco,Inc. false 0002132873 --06-30 0002132873 2026-10-23 2026-10-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 23, 2026

MSG RANGERS CORP.

(Exact Name of Registrant as Specified in Charter)

Nevada

001-43449

42-2203884

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

Two Pennsylvania Plaza, New York, NY

10121

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 465-6500

MSGS Spinco, Inc.

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of Each Exchange

on Which Registered

Class A Common Stock

MSGR

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Item 1.01

Entry into a Material Definitive Agreement.

Completion of Distribution

On October 26, 2026, MSG Knickerbockers Corp. (formerly Madison Square Garden Sports Corp. and referred herein as “MSG Knicks”) effected the distribution (the “Distribution”) of all of the issued and outstanding shares of the common stock of MSG Rangers Corp. (formerly MSGS Spinco, Inc., and referred to herein as the “Company”). In the Distribution, (a) each holder of MSG Knicks Class A common stock, par value $0.01 per share (“MSG Knicks Class A Common Stock”), received one share of the Company’s Class A common stock, par value $0.01 per share (“Company Class A Common Stock”), for every two shares of MSG Knicks Class A Common Stock held of record as of the close of business, New York City time, on October 20, 2026 (the “Record Date”) and (b) each holder of MSG Knicks Class B common stock, par value $0.01 per share (“MSG Knicks Class B Common Stock”), received one share of the Company’s Class B common stock, par value $0.01 per share (“Company Class B Common Stock”) for every two shares of MSG Knicks Class B Common Stock held of record as of the close of business, New York City time, on the Record Date. In the Distribution, an aggregate of 9,794,568 shares of Company Class A Common Stock and 2,264,754 shares of Company Class B Common Stock were distributed, with any fractional shares converted to cash and paid to stockholders. In addition, in connection with the Distribution, 46,005 shares of Company Class A Common Stock were distributed in respect of MSG Knicks non-employee director restricted stock units to the applicable holders as of the Record Date.

NHL Transfer Consent Agreement

On October 23, 2026, MSG Knicks, the Company and certain of their subsidiaries entered into a Transfer Consent Agreement with the National Hockey League (“NHL”) pursuant to which the parties acknowledge that future transfers of the ownership of the New York Rangers hockey club (the “Rangers”), the location of the Rangers or certain other transfers of assets or ownership, subject to exceptions, will require the consent of the NHL. The Company parties and MSG Knicks parties also agreed to release the NHL entities from any claims against them.

The description above is qualified in its entirety by reference to the Transfer Consent Agreement, which is attached as Exhibits 10.1 to this Current Report on Form 8-K and incorporated into this Item 1.01 by reference.

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 26, 2026, Alan D. Schwartz and Hans Vestberg were appointed to serve as members of the Audit Committee of the Company’s Board of Directors (the “Board”), and Mr. Schwartz was appointed as Chair of the Audit Committee.

Also on October 26, 2026, Stephen C. Mills and Mr. Vestberg were appointed to serve as members of the Compensation Committee of the Board, and Joseph M. Cohen was appointed as Chair of the Compensation Committee.

Approval of Executive Deferred Compensation Plan

Effective as of October 26, 2026, the Board approved the MSG Rangers Corp. Executive Deferred Compensation Plan, (the “EDCP”), pursuant to which certain employees, including the Company’s named executive officers, may elect to participate.

Pursuant to the EDCP, participants may make elective base salary or bonus deferral contributions. Participants may make individual investment elections that will determine the rate of return on their deferral amounts under the EDCP. The EDCP does not provide any above-market returns or preferential earnings to participants, and the participants’ deferrals and their earnings are always 100% vested. The EDCP does not provide for any Company contributions. Participants may elect at the time they make their deferral elections to receive their distribution either as a lump sum payment or in substantially equal annual installments over a period of 5 years.

The description above is qualified in its entirety by reference to the EDCP, which is attached as Exhibit 10.2 hereto and incorporated into this Item 5.02 by reference.

Employment Agreements

On October 26, 2026, the Company entered into the previously-disclosed employment agreements with James L. Dolan, David Granville-Smith, Paul DiCicco and Jamaal T. Lesane, effective as of the Distribution. The description above is qualified in its entirety by reference to the employment agreements with James L. Dolan, David Granville-Smith, Paul DiCicco and Jamaal T. Lesane, which are attached as Exhibits 10.3, 10.4, 10.5 and 10.6, respectively, to this Current Report on Form 8-K and incorporated into this Item 5.02 by reference, and are substantially in the forms included as Exhibit 10.23, Exhibit 10.24, Exhibit 10.25 and Exhibit 10.26, respectively, to the Form 10.

Item 5.03

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On October 26, 2026, the Company filed with the Nevada Secretary of State a Certificate of Amendment to its Amended and Restated Articles of Incorporation (the “Certificate of Amendment”), which effected the name change of the Company from MSGS Spinco, Inc. to MSG Rangers Corp. The above description is qualified in its entirety by reference to the Certificate of Amendment, which is attached as Exhibit 3.1 to this Current Report on Form 8-K and incorporated into this Item 5.03 by reference.

Also on October 26, 2026, the Company’s Amended and Restated Bylaws (the “A&R Bylaws”) became effective immediately prior to the Distribution. The A&R Bylaws are attached as Exhibit 3.2 to this Current Report on Form 8-K, are incorporated into this Item 5.03 by reference, and are substantially in the form included as Exhibit 3.4 to the Company’s registration statement on Form 10 (the “Form 10”).

Item 8.01

Other Events.

In connection with the Distribution, the Company entered into (i) a Registration Rights Agreement, dated October 2, 2026, with The Charles F. Dolan Children Trusts (the “Children Trusts Registration Rights Agreement”), (ii) a Registration Rights Agreement, dated October 2, 2026, with The Dolan Family Affiliates (as defined therein) (the “Dolan Registration Rights Agreement”), and (iii) a Standstill Agreement, dated October 2, 2026, with the Dolan Family Group (the “Standstill Agreement”), each as further described in the Form 10. The agreements became effective upon the consummation of the Distribution. The Children Trusts Registration Rights Agreement, the Dolan Registration Rights Agreement and the Standstill Agreement are attached as Exhibit 4.1, Exhibit 4.2 and Exhibit 10.7, respectively, to this Current Report on Form 8-K, are incorporated into this Item 8.01 by reference, and are substantially in the forms included as Exhibit 4.1, Exhibit 4.2 and Exhibit 10.6, respectively, to the Form 10.

Also in connection with the Distribution, on October 26, 2026, the Company’s outside counsel delivered a tax opinion to MSG Knicks. A copy of such opinion is filed as Exhibit 8.1 to this Current Report on Form 8-K, is incorporated into this Item 8.01 by reference, and is substantially in the form previously included as Exhibit 8.1 to the Form 10.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

3.1

Certificate of Amendment to the Amended and Restated Articles of Incorporation of MSGS Spinco, Inc. (renamed MSG Rangers Corp.), dated October 26, 2026.

3.2

Amended and Restated Bylaws of MSGS Spinco, Inc. (renamed MSG Rangers Corp.), dated October 26, 2026.

4.1

Registration Rights Agreement, dated October 2, 2026, by and among MSGS Spinco, Inc. (renamed MSG Rangers Corp.) and The Charles F. Dolan Children Trusts. #

4.2

Registration Rights Agreement, dated October 2, 2026, by and among MSGS Spinco, Inc. (renamed MSG Rangers Corp.) and The Dolan Family Affiliates. #

8.1

Tax Opinion of Sullivan & Cromwell LLP, dated October 26, 2026.

10.1

NHL Transfer Consent Agreement, dated as of October 23, 2026, between the National Hockey League and New York Rangers LLC, Rangers Holdings, LLC, MSG NYR Holdings, LLC, MSGS Spinco, Inc. (renamed MSG Rangers Corp.), MSG Sports, LLC (renamed MSG Knicks, LLC) and Madison Square Garden Sports Corp. (renamed MSG Knickerbockers Corp.). #

10.2

MSG Rangers Corp. Executive Deferred Compensation Plan. †

10.3

Employment Agreement dated as of October 26, 2026 between MSGS Spinco, Inc. (renamed MSG Rangers Corp.) and James L. Dolan.†

10.4

Employment Agreement dated as of October 26, 2026 between MSGS Spinco, Inc. (renamed MSG Rangers Corp.) and David Granville-Smith.†

10.5

Employment Agreement dated as of October 26, 2026 between MSGS Spinco, Inc. (renamed MSG Rangers Corp.) and Paul DiCicco.†

10.6

Employment Agreement dated as of October 26, 2026 between MSGS Spinco, Inc. (renamed MSG Rangers Corp.) and Jamaal T. Lesane.†

10.7

Standstill Agreement, dated October 2, 2026, between MSGS Spinco, Inc. (renamed MSG Rangers Corp.) and The Dolan Family Group.#

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

†

This exhibit is a management contract or a compensatory plan or arrangement.

Certain confidential information - identified by bracketed asterisks “[*****]” - has been omitted from this exhibit pursuant to Item 601(b)(10) of Regulation S-K because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant will furnish the omitted exhibits and schedules to the Securities and Exchange Commission upon request.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 27, 2026

MSG RANGERS CORP.

By:

/s/ Mark Cresitello

Name:

Mark Cresitello

Title:

Senior Vice President, Deputy General Counsel and Secretary

EX-3.1

Filename: d180862dex31.htm · Sequence: 2

EX-3.1

Exhibit 3.1

401 North Carson Street Carson City, Nevada 89701-4201 (775) 684-5708 Profit Corporation

Certificate of Amendment (PURSUANT TO NRS 78.380, 78.385, 78.390) Certificate to Accompany Restated Articles or Amended and Restated Articles (PURSUANT TO NRS 78.403) Officer’s Statement (PURSUANT TO NRS 80.030) TYPE OR PRINT - USE DARK INK

ONLY - DO NOT HIGHLIGHT 1. Entity information: Name of entity as on file with the Nevada Secretary of State: Entity or Nevada Business Identification Number (NVID): 2. Restated or Amended and Restated Articles: (Domestic corporations) If restating,

complete sections 1, 2, and 7. If amending and restating, complete sections 1, 2, 3, 6 and 7. You must include the Restated Articles or the Amended and Restated Articles with this filing. Certificate to Accompany Restated Articles or Amended and

Restated Articles Restated Articles: The articles are being restated without any changes and include all amendments made up to the date of this certificate. The certificate must be signed by an officer of the corporation. Statutory Statement: The

officer signing this certificate confirms that they are authorized to do so by a board resolution adopted on the date listed, and that this certificate accurately reflects the articles of incorporation as amended as of that date. Date the board of

directors adopted the resolution to approve the restated articles: Date: Amended and Restated Articles: The articles are being restated to include all previous amendments and the current changes. 3. Amendment Filing Type: (Select only one box)

Domestic Corporation If amending, complete sections 1, 3, 6 and 7. Certificate of Amendment to Articles of Incorporation - Before Issuance of Stock (Pursuant to NRS 78.380) Statutory statement: The signers are at least two-thirds of the

incorporators or two-thirds of the board of directors, and as of the date of the certificate, the corporation has not issued any voting stock. Certificate of Amendment to Articles of Incorporation - After Issuance of Stock (Pursuant to NRS 78.385

and 78.390) X Check this box if the amendment is for a name change only. No stockholder approval is required for a name change under NRS 78.390(8). If the amendment includes other changes, confirm the following: The proposed amendment(s) were

submitted to the stockholders for approval. Stockholders holding at least a majority of the voting power (or greater, if required by the articles or law) approved the amendment(s). Voting Results (e.g., number of shares for/against or percentage

approved): You must include the filing fee with this form. See the instructions for more information. Page 1 of 2 Revised: 7/1/2026

401 North Carson Street Carson City, Nevada 89701-4201 (775) 684-5708 Profit Corporation

Certificate of Amendment (PURSUANT TO NRS 78.38, 78.385, 78.390) Certificate to Accompany Restated Articles or Amended and Restated Articles (PURSUANT TO NRS 78.403) 4. Officer’s Statement: Foreign corporation s only. Complete 1, 4, 6 and 7.

Name used in the home state (if different from the name used in Nevada): Attach a certified copy or certificate showing that amendments were filed in the state where the corporation was formed. 5. Effective Date and Time: (Optional) Date: Time:

Effective date is not to exceed 90 days of the filing date of this form. If left blank, this form will be effective upon filing with the SOS. If you select a later effective date but the effective time is left blank, the effective time will be at

12:01 Pacific time on the specified date. 6. Describe the Changes: Applicable changes (select all that apply): The entity name has changed The registered agent has changed (attach Certificate of Acceptance from new registered agent) The

entity’s purpose has changed The initial Board of Directors/ Trustees or Stockholders from the organization have changed IRS tax language added. The organization changed the articles The organization deleted articles The authorized shares have

been amended Other The organization amended the articles as follows: (provide article numbers, if available) Article FIRST of the Amended and Restated Articles of Incorporation is hereby amended to read as follows: “FIRST. The name of the

corporation (hereinafter called the “Corporation”) is MSG Rangers Corp.” (attach additional page[s] if necessary) 7. Signature: (Required) Attach additional page(s) if additional signatures are necessary. Officer’s Statement

(PURSUANT TO NRS 80.030) You must include the filing fee with this form. See the instructions for more information. Page 2 of 2 Revised: 7/1/2026

EX-3.2

Filename: d180862dex32.htm · Sequence: 3

EX-3.2

Exhibit 3.2

AMENDED AND RESTATED BYLAWS

MSG RANGERS CORP.

(A NEVADA CORPORATION)

ADOPTED EFFECTIVE AS OF OCTOBER 26, 2026

TABLE OF CONTENTS

Page

Article I Stockholders

Certificates; Uncertificated Shares

Fractional Share Interests

Stock Transfers

Record Date for Stockholders

Meaning of Certain Terms

Stockholder Meetings

Article II Directors

Functions and Definitions

Qualifications and Number

Election and Term

Meeting

Removal of Directors

Action in Writing

Executive Committee

Other Committees

Article III Officers

Officers

Term of Office; Removal

Authority and Duties

The Chairman

Article IV Voting of Stock in Other Companies

Article V Corporate Seal and Corporate Books

Article VI Fiscal Year

Article VII Amendments to Bylaws

Article VIII Indemnification

Article IX Inapplicability of Controlling Interest Statutes

Article X Forum Selection

AMENDED AND RESTATED BYLAWS

MSG RANGERS CORP.

(A NEVADA CORPORATION)

ARTICLE I

STOCKHOLDERS

1. Certificates; Uncertificated Shares. The shares of stock in the corporation shall be represented by

certificates, provided that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of the corporation’s stock shall be uncertificated shares. Any such resolution shall not apply

to shares represented by a certificate theretofore issued until such certificate is surrendered to the corporation. Notwithstanding the adoption of such a resolution by the Board of Directors, to the extent, if any, required by applicable law, every

holder of stock in the corporation represented by a certificate shall be entitled to have a certificate signed by, or in the name of, the corporation by the Chairman, the Chief Executive Officer or Vice Chairman, if any, or by the President, if any,

or a Vice President and by the Treasurer or an Assistant Treasurer or the Secretary or an Assistant Secretary of the corporation certifying the number of shares owned by such stockholder in the corporation. If such certificate is countersigned by a

transfer agent other than the corporation or its employee or by a registrar other than the corporation or its employee, any other signature on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed or

whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent, or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if he or she were such

officer, transfer agent, or registrar at the date of issue.

Whenever the corporation shall be authorized to issue more than one class of

stock or more than one series of any class of stock, and whenever the corporation shall issue any shares of its stock as partially paid stock, the certificates representing shares of any such class or series or of any such partially paid stock shall

set forth thereon any statements prescribed by the Nevada Revised Statutes (as amended from time to time, the “NRS”). Any restrictions on the transfer or registration of transfer of any shares of stock of any class or series shall be

noted conspicuously on the certificate representing such shares. Within a reasonable time after the issuance or transfer of uncertificated stock, the corporation shall send to the registered owner thereof a written notice containing the information

required by law to be set forth or stated on certificates, which may also include a statement that the corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative, participating,

optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.

The corporation may issue a new certificate of stock or uncertificated shares in place of any certificate theretofore issued by it, alleged to

have been lost, stolen, or destroyed, and the Board of Directors may require the owner of any lost, stolen, or destroyed certificate, or such owner’s legal representative, to give the corporation a bond sufficient to indemnify the corporation

against any claim that may be made against it on account of the alleged loss, theft, or destruction of any such certificate or the issuance of any such new certificate.

2. Fractional Share Interests. The corporation may, but shall not be required

to, issue fractions of a share. In lieu thereof it shall either pay in cash the fair value of such fractions of a share, as determined by the Board of Directors, to those entitled thereto or issue scrip in registered form, either represented by a

certificate or uncertificated, or bearer form over the manual or facsimile signature of an officer of the corporation or of its agent, exchangeable as therein provided for full shares, but such scrip shall not entitle the holder to any rights of a

stockholder except as therein provided. Such scrip may be issued subject to the condition that the same shall become void if not exchanged for certificates representing full shares of stock or uncertificated full shares of stock before a specified

date, or subject to the condition that the shares of stock for which such scrip are exchangeable may be sold by the corporation and the proceeds thereof distributed to the holders of such scrip, or subject to any other conditions which the Board of

Directors may determine.

3. Stock Transfers. Upon compliance with provisions restricting the transfer or registration of

transfer of shares of stock, if any, transfers or registration of transfer of shares of stock of the corporation shall be made only on the stock ledger of the corporation by the registered holder thereof, or by such holder’s attorney thereunto

authorized by power of attorney duly executed and filed with the Secretary of the corporation or with a transfer agent or a registrar, if any, and, in the case of shares represented by certificates, on surrender of the certificate or certificates

for such shares of stock properly endorsed and the payment of all taxes due thereon.

4. Record Date for Stockholders. For

the purpose of determining the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment or postponement thereof, or for the purpose of determining stockholders entitled to receive payment of any dividend or

other distribution or the allotment of any rights, or entitled to exercise any rights in respect of any change, conversion, or exchange of stock, or for the purpose of any other lawful action, the directors may fix, in advance, a date as the record

date for any such determination of stockholders. Such date shall not be more than sixty days nor less than ten days before the date of such meeting, nor more than sixty days prior to any other action. If no record date is fixed: (i) the record

date for the determination of stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business

on the day next preceding the day on which the meeting is held; and (ii) the record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution

relating thereto. When a determination of stockholders of record entitled to notice of or to vote at any meeting of stockholders has been made as provided in this paragraph, such determination shall apply to any adjournment or postponement thereof,

subject to any applicable limitations under the NRS; provided, however, that the Board of Directors may fix a new record date for the adjourned or postponed meeting.

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5. Meaning of Certain Terms. As used herein in respect of the right to notice

of a meeting of stockholders or a waiver thereof or to participate or vote thereat, the term “share” or “shares” or “share of stock” or “shares of stock” or “stockholder” or

“stockholders” refers to an outstanding share or shares of stock and to a holder or holders of record of outstanding shares of stock when the corporation is authorized to issue only one class of shares of stock, and said reference is

also intended to include any outstanding share or shares of stock and any holder or holders of record of outstanding shares of stock of any class upon which or upon whom the corporation’s articles of incorporation (as amended from time to

time, the “articles of incorporation”) confers such rights where there are two or more classes or series of shares of stock or upon which or upon whom the NRS confers such rights notwithstanding that the articles of incorporation may

provide for more than one class or series of shares of stock, one or more of which are limited or denied such rights thereunder; provided, however, that no such right shall vest in the event of an increase or a decrease in the

authorized number of shares of stock of any class or series which is otherwise denied voting rights under the provisions of the articles of incorporation, including any Preferred Stock which is denied voting rights under the provisions of the

certificate of designation relating to such Preferred Stock.

6. Stockholder Meetings.

Time. The annual meeting shall be held on the date and at the time fixed, from time to time, by the directors. A special meeting shall

be held on the date and at the time fixed by the directors.

Location. Annual meetings and special meetings shall be held at such

physical location (if any), within or without the State of Nevada, as the directors may, from time to time, fix. Whenever the directors shall fail to fix such physical location (unless such meeting is to be held solely by means of remote

communication), the meeting shall be held at the registered office of the corporation in the State of Nevada. A meeting of stockholders may be held solely or in part by means of remote communication, as may be designated by the directors from time

to time.

Call. Annual meetings and special meetings may be called by the Board of Directors only.

Notice or Waiver of Notice. Notice of all meetings shall be given, stating the physical location (if any), date, and hour of the

meeting, and the means of remote communication (if any) by which stockholders and proxyholders may be deemed to be present in person and vote at such meeting. The notice of an annual meeting shall state that the meeting is called for the election of

directors and for the transaction of other business which may properly come before the meeting, and shall (if any other action which could be taken at a special meeting is to be taken at such annual meeting) state such other action or actions as are

known at the time of such notice. The notice of a special meeting shall in all instances state the purpose or purposes for which the meeting is called. If any action is proposed to be taken which would, if taken, entitle stockholders to receive

payment for their shares of stock, the notice shall include a statement of that purpose and to that effect. Except as otherwise provided or permitted by the NRS (including, without limitation, NRS 78.370(9)), a copy of the notice of any meeting

shall be given, personally or by mail or in such other manner as may be permitted by the NRS, not less than ten days nor more than sixty days before the date of the meeting, unless the lapse of the prescribed period of time shall have been waived.

If mailed, such notice shall be deemed to be given when deposited, with postage thereof prepaid, in the United States mail directed to the stockholder at such stockholder’s record address or at such other address which such stockholder may

have furnished for such purpose in writing to the Secretary of the corporation. In addition, if stockholders have consented to receive notices by a

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form of electronic transmission, then such notice, by facsimile telecommunication, or by electronic mail, shall be deemed to be given when directed to a number or an electronic mail address,

respectively, at which the stockholder has consented to receive notice. If such notice is transmitted by a posting on an electronic network together with separate notice to the stockholder of such specific posting, such notice shall be deemed to be

given upon the later of (i) such posting, and (ii) the giving of such separate notice. If such notice is transmitted by any other form of electronic transmission, such notice shall be deemed to be given when directed to the stockholder.

Notice shall be deemed to have been given to all stockholders of record who share an address if notice is given in accordance with the “householding” rules of the Securities and Exchange Commission (the “Commission”) under

the Securities Exchange Act of 1934 (the “Exchange Act”). For purposes of these amended and restated bylaws (as further amended from time to time, these “bylaws”), “electronic transmission” means any form of

communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form through an automated process.

Notice need not be given to any stockholder who submits a written waiver of notice before or after the time stated therein. Attendance of a person at a meeting of stockholders shall constitute a waiver of notice of such meeting, except when the

stockholder attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose

of, any regular or special meeting of the stockholders need be specified in any written waiver of notice.

Adjournments and

Postponements. Any meeting of stockholders, annual or special, may be adjourned or postponed from time to time, to reconvene (or, in the case of postponement, convene) at the same or some other physical location (if any), and notice need not be

given of any adjourned meeting if the time, physical location, if any, thereof, and the means of remote communication, if any, thereof are announced at the meeting at which the adjournment is taken. At any adjourned or postponed meeting the

corporation may transact any business which might have been transacted at the original meeting. If the adjournment or postponement is for more than thirty days, or if after the adjournment or postponement a new record date is fixed for the adjourned

or postponed meeting, a notice of the adjourned or postponed meeting shall be given to each stockholder of record entitled to vote at the meeting.

Stockholder List. There shall be prepared and made, at least ten days before every meeting of stockholders, a complete list of the

stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder of record (as defined in NRS 78.010(1)(k)) and the number of shares of each class of capital stock of the corporation

registered in the name of each such stockholder of record. Nothing in this Section shall require the corporation to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of

any stockholder, for any purpose germane to the meeting, for a period of at least ten days prior to the meeting either (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list

is provided with the notice of the meeting, or (ii) during ordinary business hours, at the principal place of business of the corporation. In the event that the corporation determines to make the list available on an electronic network, the

corporation may take reasonable steps to ensure that such information is available only to stockholders of the corporation. If the meeting is to be held at a physical location, then a list of stockholders entitled to vote at the meeting shall be

produced and kept at the time and physical

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location of the meeting during the whole time thereof and may be examined by any stockholder who is present. If the meeting is to be held solely by means of remote communication, then such list

shall also be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting. The stock

ledger shall be the only evidence as to who are the stockholders entitled to examine the stock ledger pursuant to NRS 78.105, the list required by this Section or the books of account and financial statements of the corporation (only if and to the

extent required by NRS 78.257), or to vote at any meeting of stockholders.

Conduct of Meeting. Meetings of the stockholders shall

be presided over by one of the following officers in the order of seniority and if present and acting, the Chairman, if any, the Chief Executive Officer, if any, a Vice Chairman, if any, the President, if any, a Vice President, a chairman for the

meeting chosen by the Board of Directors, or, if none of the foregoing is in office and present and acting, by a chairman to be chosen by the stockholders. The Secretary of the corporation, or in his or her absence, an Assistant Secretary, shall act

as secretary of every meeting, but if neither the Secretary nor an Assistant Secretary is present, the chairman for the meeting shall appoint a secretary of the meeting. The presiding officer shall: call the meeting to order; determine when proxies

must be filed with the secretary of the meeting; open the polls, establish the time period for which polls remain open and close the polls; decide who may address the meeting and generally determine the order of business and time for adjournment of

the meeting. The presiding officer shall also maintain proper and orderly conduct, and shall take all means reasonably necessary to prevent or cease disruptions, personal attacks or inflammatory remarks at the meeting. In addition to the powers and

duties specified herein, the presiding officer shall have the authority to make all other determinations necessary for the order and proper conduct of the meeting.

Proxy Representation. Every stockholder may authorize another person or persons to act for such stockholder by proxy in all matters in

which a stockholder is entitled to participate, whether by waiving notice of any meeting or voting or participating at a meeting. Such authorization may take any form permitted by the NRS. No proxy shall be voted or acted upon after six months from

its date unless such proxy provides for a longer period in accordance with the NRS. A duly executed proxy shall be irrevocable if it states that it is irrevocable and, if, and only as long as, it is coupled with an interest sufficient in law to

support an irrevocable power.

Inspectors. The corporation shall, in advance of any meeting of stockholders, appoint one or more

inspectors to act at the meeting or any adjournment or postponement thereof. The corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at the

meeting of stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting. Each inspector before entering upon the discharge of such inspector’s duties, shall take and sign an oath faithfully to

execute the duties of inspector at such meeting with strict impartiality and according to the best of his or her ability. The inspectors shall ascertain the number of shares of stock outstanding and the voting power of each; determine the shares of

stock represented at the meeting and the validity of proxies and ballots; receive, count and tabulate all votes and ballots; determine, and retain for a reasonable period of time a record of the disposition of, any challenges made to their

determinations; and certify their determination of the number of shares represented at the meeting and their count of all votes and ballots. The inspector or inspectors may appoint or retain other entities to assist the inspectors in the performance

of their duties.

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Quorum. Except as the NRS, the articles of incorporation or these bylaws may

otherwise provide, the holders of a majority of the votes represented by the outstanding shares of stock entitled to vote, present in person or represented by proxy (regardless of whether the proxy has authority to vote on any matter), shall

constitute a quorum at a meeting of stockholders for the transaction of any business; provided, however, that if the articles of incorporation or the NRS provides that voting on a particular action is to be by class, the holders of a

majority of the votes, present in person or represented by proxy (regardless of whether the proxy has authority to vote on any matter), represented by the outstanding shares of stock of such class shall constitute a quorum at a meeting of

stockholders for the authorization of such action. Two or more classes or series of stock shall be considered a single class if the holders thereof are entitled to vote together as a single class at the meeting. In the absence of a quorum of the

holders of any class of stock entitled to vote on a matter, either (i) the holders of such class so present or represented may, by majority vote, adjourn the meeting of such class from time to time in the manner provided above in this

Section 6 until a quorum of such class shall be so present or represented or (ii) the chairperson of the meeting may on his or her own motion adjourn the meeting from time to time in the manner provided above in this Section 6 until a

quorum of such class shall be so present and represented, without the approval of the stockholders who are present in person or represented by proxy and entitled to vote and without notice other than announcement at the meeting. When a quorum is

once present to organize a meeting, it is not broken by the subsequent withdrawal of any stockholders.

Voting. Except as otherwise

provided in these bylaws, the articles of incorporation or, with respect to Preferred Stock, the resolution or resolutions of the Board of Directors providing for the issuance thereof and the certificate of designation relating thereto, and except

as otherwise provided by the NRS, at every meeting of the stockholders, each stockholder entitled to vote at such meeting shall be entitled to the number of votes as specified, and to the extent provided for, in the articles of incorporation or,

with respect to Preferred Stock, the resolution or resolutions of the Board of Directors providing for the issuance thereof and the certificate of designation relating thereto, in person or by proxy, for each share of stock entitled to vote held by

such stockholder. In the election of directors, a plurality of the votes cast by each class of stock, voting separately as a class, shall elect the directors that such class is authorized to elect as specified, and to the extent provided for, in the

articles of incorporation. Any other action shall be authorized by a majority of the votes cast (and for the avoidance of doubt, abstentions or broker non-votes are not “votes cast”) except where

the articles of incorporation or the NRS prescribes a different percentage of votes and/or a different exercise of voting power. Voting by ballot shall not be required for corporate action except as otherwise provided by the NRS.

Advance Notice of Stockholder Proposals. At any annual or special meeting of stockholders, proposals by stockholders and persons

nominated for election as directors by stockholders shall be considered only if advance notice thereof has been timely given as provided herein. Notice of any proposal to be presented by any stockholder or of the name of any person to be nominated

by any stockholder for election as a director of the corporation at any meeting of stockholders shall be given to the Secretary of the corporation not less than 60 nor more than 90 days prior to the date of the meeting; provided,

however, that if the date of the meeting is publicly announced or disclosed less than 70 days prior to the date of the meeting, such notice shall be given not more than ten days after such date is first so announced or disclosed. No

additional public announcement or disclosure of the date of any annual meeting of stockholders need be made if the corporation shall have previously disclosed, in these bylaws or otherwise, that the annual meeting in each year is to be held on a

determinable date, unless and until the Board of Directors determines to hold the meeting on a different date. The person presiding at the meeting shall determine whether such notice has been duly given and shall direct that proposals and nominees

not be considered if such notice has not duly been given.

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Any stockholder who gives notice of any such proposal shall deliver therewith the text of

the proposal to be presented, including the text of any resolutions to be presented for consideration by the stockholders, a brief written statement of the reasons why such stockholder favors the proposal, such stockholder’s name and address,

the number and class of all shares of each class of stock of the corporation and each derivative instrument beneficially owned by such stockholder, a description of any material interest of such stockholder in the proposal (other than as a

stockholder) and a description of all agreements, arrangements and understandings between such stockholder, if any, and any other person or persons (including the names of such persons) in connection with the proposal.

Any stockholder desiring to nominate any person for election as a director of the corporation shall deliver with such notice a statement in

writing setting forth the name of the person to be nominated, the number and class of all shares of each class of stock of the corporation and each derivative instrument beneficially owned by such person, the information regarding such person

required by Item 401 of Regulation S-K adopted by the Commission (“Regulation S-K”), such person’s signed consent to serve as a director of the

corporation if elected, all other information relating to such person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for the election of directors in a

contested election pursuant to Section 14 of the Exchange Act (including the rules and regulations promulgated thereunder), a representation confirming that such nominee is eligible for consideration as an independent director under the

relevant standards contemplated by Item 407(a) of Regulation S-K and the primary national stock exchange upon which the corporation’s shares are then listed (including for purposes of membership on the

audit and compensation committees of the Board of Directors), any compensation or other material agreements, arrangements understandings or relationships between such director nominee and such stockholder or any other person in connection with the

nomination, such stockholder’s name and address and the number and class of all shares of each class of stock of the corporation and each derivative instrument beneficially owned by such stockholder. The corporation may also require any

nominee to furnish such other information, including completion of the corporation’s director questionnaire, as it may reasonably request.

Any notice delivered with respect to proposals by stockholders and persons nominated for election as directors by stockholders must also

include (a) a representation that the stockholder that submitted the notice is a stockholder of record (as defined in NRS 78.010(1)(k)) of the corporation entitled to vote at such meeting of the corporation on the matter proposed and intends to

appear in person at such meeting to propose its nomination or other business and (b) if the stockholder intends to solicit proxies in support of such stockholder’s proposal, a representation to that effect.

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As used herein, (i) shares “beneficially owned” shall mean all shares as to

which such person, together with such person’s affiliates and associates (as defined in Rule 12b-2 under the Exchange Act), may be deemed to beneficially own pursuant to Rules 13d-3 and 13d-5 under the Exchange Act, as well as all shares as to which such person, together with such person’s affiliates and associates, has the right to become the

beneficial owner pursuant to any agreement or understanding, or upon the exercise of warrants, options or rights to convert or exchange (whether such rights are exercisable immediately or only after the passage of time or the occurrence of

conditions), (ii) “derivative instrument” shall mean any security or right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the corporation or with a

value derived in whole or in part from the value of any class or series of shares of the corporation, whether or not such instrument or right shall be subject to settlement in the underlying class or series of capital stock of the corporation or

otherwise, and any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the corporation (including, for the avoidance of doubt, any short interest), and (iii) a

meeting is “publicly announced or disclosed” if it is announced in a press release issued by the corporation and distributed by a national news service or disclosed in a document publicly filed by the corporation with the Commission.

ARTICLE II

DIRECTORS

Functions and Definitions. The business of the corporation shall be managed by or under the direction of the Board of Directors of the corporation. The use of the phrase “whole Board of Directors” herein refers to the total number

of directors which the corporation would have if there were no vacancies.

2. Qualifications and Number. A director need not

be a stockholder, a citizen of the United States, or a resident of the State of Nevada. The number of directors constituting the whole Board of Directors shall be at least three. Subject to the foregoing limitation, the number of directors

constituting the whole Board of Directors may be fixed from time to time by action of the Board of Directors only, or, if the number is not fixed, the number shall be 12.

3. Election and Term. Except as may be otherwise specified in the articles of incorporation, directors who are elected or

appointed at an annual meeting of stockholders, and directors who are elected or appointed in the interim to fill vacancies and newly created directorships, shall hold office for the term of the class for which such directors shall have been chosen

and until their successors have been elected and qualified or until their earlier resignation or removal. Any director may resign at any time upon written notice to the corporation. Such resignation shall take effect at the time it is delivered

unless the resignation specifies a later effective date or an effective date determined upon the happening of an event or events. In the interim between annual meetings of stockholders or of special meetings of stockholders called for the election

of directors and/or for the removal of one or more directors and for the filling of any vacancies in the Board of Directors, including vacancies resulting from any removal of directors for cause or without cause, any vacancy in the Board of

Directors may be filled as provided in the articles of incorporation.

4. Meeting.

Time. Meetings shall be held at such time as the Board of Directors shall fix.

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First Meeting. The first meeting of each newly elected Board of Directors may be held

immediately after each annual meeting of the stockholders at the same physical location at which the annual meeting of stockholders is held (if the annual meeting of stockholders is held at a physical location), and no notice of such meeting shall

be necessary, provided a quorum shall be present. In the event such first meeting is not so held immediately after the annual meeting of the stockholders, it may be held at such time and physical location, if any, and/or by such means of

remote communication, if any, as shall be specified in the notice given as hereinafter provided for special meetings of the Board of Directors, or at such time and physical location, if any, and by such means of remote communication, if any, as

shall be fixed by the consent in writing of all of the directors.

Location. Meetings, both regular and special, shall be held at

such physical location, if any, within or without the State of Nevada as shall be fixed by the Board of Directors. A meeting of the Board of Directors may be held solely or in part by means of remote communication, as may be designated by the

directors from time to time.

Call. No call shall be required for regular meetings for which the time and physical location, if

any, and/or means of remote communication, if any, have been fixed. Special meetings may be called by or at the direction of the Chairman, if any, a Vice Chairman, if any, the Chief Executive Officer, or the President, if any, or of a majority of

the directors in office.

Notice or Actual or Constructive Waiver. No notice shall be required for regular meetings for which the

time and physical location, if any, or means of remote communication, if any, have been fixed. Written, oral, electronic or any other mode of notice of the time and physical location, if any, and the means of remote communication, if any, by which

directors may be deemed to be present in person and vote at such meeting, shall be given for special meetings in sufficient time for the convenient assembly of the directors thereat. The notice of any meeting need not specify the purpose of the

meeting. Any requirement of furnishing a notice shall be waived by any director who signs a written waiver of such notice before or after the time stated therein.

Attendance of a director at a meeting of the Board of Directors shall constitute a waiver of notice of such meeting, except when the director

attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened.

Quorum and Action. A majority of the whole Board of Directors shall constitute a quorum except when a vacancy or vacancies prevents

such majority, whereupon a majority of the directors in office shall constitute a quorum; provided, however, that such majority shall constitute at least one-third (1/3) of the whole Board of

Directors. Any director may participate in a meeting of the Board of Directors by remote communication by means of which all directors participating in the meeting can hear each other, and such participation in a meeting of the Board of Directors

shall constitute presence in person at such meeting. A majority of the directors present, whether or not a quorum is present, may adjourn a meeting to another time and physical location, if any (or alternatively, by means of remote communication).

Except as herein otherwise provided, and except as otherwise provided by the NRS or the articles of incorporation, the act of the Board of Directors shall be the act by vote of a majority of the directors present at a meeting, a quorum being

present. The quorum and voting provisions herein stated shall not be construed as conflicting with any provisions of the NRS and these bylaws which govern a meeting of directors held to fill vacancies and newly created directorships in the Board of

Directors.

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Chairman of the Meeting. The Chairman, if any, and if present and acting,

shall preside at all meetings; otherwise, any other director chosen by the Board of Directors shall preside.

5. Removal of

Directors. Any or all of the directors may be removed for cause or without cause by the vote of stockholders representing not less than two-thirds of the voting power of the issued and outstanding

stock entitled to vote; provided, however, that so long as the articles of incorporation provides that each class of stock, voting separately as a class, shall elect a certain percentage of directors, a director may be removed without

cause by stockholders only by the vote of the holders of the class of stock representing not less than two-thirds of the voting power of the issued and outstanding shares of such class of stock entitled to

vote, voting separately as a class, that either elected such director or elected the predecessor of such director whose position was filled by such director due to the predecessor director’s death, resignation or removal.

6. Action in Writing. Any action required or permitted to be taken at any meeting of the Board of Directors or any committee

thereof may be taken without a meeting if all members of the Board of Directors or committee, as the case may be (other than any director abstaining in writing pursuant to and in accordance with NRS 78.315(2)), consent thereto in writing, and the

writing or writings are filed with the minutes of proceedings of the Board of Directors or committee.

7. Executive

Committee.

Powers. The Board of Directors may appoint an Executive Committee of the Board of Directors composed of such number

of members as shall be determined from time to time by the Board of Directors. The term of office of each member of the Executive Committee shall be co-extensive with the term of such member’s office as

a director. Any member of the Executive Committee who shall cease to be a director of the corporation shall ipso facto cease to be a member of the Executive Committee. A majority of the members of the Executive Committee shall constitute a

quorum for the valid transaction of business. The Executive Committee may meet at stated times or on two days’ notice by any member of the Executive Committee to all other members, by delivered letter, by mail, by courier service or by email.

The provisions of Section 4 of this Article II with respect to waiver of notice of meetings of the Board of Directors and participation at meetings of the Board of Directors by means of remote communication shall apply to meetings of the

Executive Committee. The provisions of Section 6 of this Article II with respect to action taken by a committee of the Board of Directors without a meeting shall apply to action taken by the Executive Committee. The Executive Committee shall

have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, unless and only to the extent otherwise limited by the NRS. The Executive Committee shall have power to

make rules and regulations for the conduct of its business. Vacancies in the membership of the Executive Committee shall be filled by the Board of Directors from among the directors at a regular meeting, or at a special meeting held for that

purpose.

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Chairman and Secretary. The Executive Committee shall elect from its own members a

chairman who shall hold office during the term of such person’s office as a member of the Executive Committee. When present, the chairman shall preside over all meetings of the Executive Committee. The Executive Committee shall also elect a

secretary of the Executive Committee who shall attend all meetings of the Executive Committee and keep the minutes of its acts and proceedings. Such secretary shall be a member of the Board of Directors and may, but need not, be a member of the

Executive Committee.

Minutes. The Executive Committee shall keep minutes of its acts and proceedings which shall be

submitted at the next meeting of the Board of Directors, and any action taken by the Board of Directors with respect thereto shall be entered in the minutes of the Board of Directors.

Meetings. The Executive Committee may hold meetings, both regular and special, at a physical location, if any, either within or without

the State of Nevada, as shall be set forth in the notice of the meeting or in a duly executed waiver of notice thereof. A meeting of the Executive Committee may be held solely or in part by means of remote communication as may be designated by the

members of the committee from time to time, subject to any limitations or prescriptions relating thereto prescribed by the Board of Directors.

8. Other Committees. The Board of Directors may from time to time, by resolution adopted by affirmative vote of a majority of the

whole Board of Directors, appoint other committees of the Board of Directors which shall have such powers and duties as the Board of Directors may properly determine. No such other committee of the Board of Directors shall be composed of fewer than

two directors; provided, however, that if a committee appointed by the Board of Directors is initially composed of two or more directors and one or more of such directors are no longer able to serve on the committee due to death,

disability, incapacity, resignation from the Board of Directors or failure to meet the qualifications for service on the relevant committee, the committee may continue its appointment with the powers and duties delegated to it by the Board of

Directors with less than two directors, unless the Board of Directors determines otherwise. Meetings of such committees of the Board of Directors may be held at any physical location, if any, within or without the State of Nevada, from time to time

designated by the Board of Directors or the committee in question. A meeting of a committee of the Board of Directors may be held solely or in part by means of remote communication as may be designated by the members of the committee from time to

time, subject to any limitations or prescriptions relating thereto prescribed by the Board of Directors. Such committees may meet at stated times or on two days’ notice by any member of such committee to all other members, by delivered letter,

by mail, by courier service or by email. Unless the Board of Directors otherwise provides, each committee designated by the Board of Directors may adopt, amend and repeal rules for the conduct of its business. In the absence of a provision by the

Board of Directors or a provision in the rules of such committee to the contrary, a majority of the members then serving on such committee shall constitute a quorum for the transaction of business, the vote of a majority of the members present at a

meeting at the time of such vote if a quorum is then present shall be the act of such committee. The provisions of Section 4 of this Article II with respect to waiver of notice of meetings of the Board of Directors and participation at meetings

of the Board of Directors by means of remote communication shall apply to meetings of such other committees.

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ARTICLE III

OFFICERS

Officers. The directors shall elect the officers required by the NRS, and may elect or appoint an Executive Chairman, a Chief Executive Officer, one or more Vice Chairmen, a President, one or more Vice Presidents (one or more of whom

may be denominated “Executive Vice President” or “Senior Vice President”), a Secretary, one or more Assistant Secretaries, a Treasurer, one or more Assistant Treasurers, a Controller, one or more Assistant Controllers and

such other officers as they may determine. Any number of offices may be held by the same person.

2. Term of Office; Removal.

Unless otherwise provided in the resolution of election or appointment, each officer shall hold office until the meeting of the Board of Directors following the next annual meeting of stockholders and until such officer’s successor has been

elected and qualified, or until such officer’s earlier death, resignation or removal. The Board of Directors may remove any officer for cause or without cause.

3. Authority and Duties. All officers, as between themselves and the corporation, shall have such authority and duties as

generally pertain to their respective offices, as well as such powers and duties as from time to time may be conferred by these bylaws, or, to the extent not so provided, by the Board of Directors. The Board of Directors may delegate to the Chairman

or to the Chief Executive Officer the power and authority to define the authority and duties of any or all of the other officers of the corporation.

4. The Chairman. The Chairman, if any, shall preside at all meetings of the Board of Directors; otherwise, any other director

chosen by the Board of Directors shall preside. The Chairman, if any, shall have such additional duties as the Board of Directors may prescribe. As used in these bylaws, the term “Chairman” means the Executive Chairman, if any.

ARTICLE IV

VOTING OF

STOCK IN OTHER COMPANIES

Unless otherwise ordered by the Board of Directors, the Chairman, the Chief Executive Officer, a Vice

Chairman, the President, a Vice President, the Secretary or the Treasurer shall have full power and authority on behalf of the corporation to attend and to act and vote at any meetings of stockholders of any corporation, or to execute written

consents as a stockholder of any corporation, in which the corporation may hold stock and at any such meeting, or in connection with any such consent, shall possess and exercise any and all of the rights and powers incident to the ownership of such

stock which as the owner thereof the corporation might have possessed and exercised if present or any of the foregoing officers of the corporation may in his or her discretion give a proxy or proxies in the name of the corporation to any other

person or persons, who may vote said stock, execute any written consent, and exercise any and all other rights in regard to it here accorded to the officers. The Board of Directors by resolution from time to time may limit or curtail such power. The

officers named above shall have the same powers with respect to entities which are not corporations.

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ARTICLE V

CORPORATE SEAL AND CORPORATE BOOKS

The corporate seal, if any, shall be in such form as the Board of Directors shall prescribe.

The books of the corporation may be kept within or without the State of Nevada, at such physical location(s) as the Board of Directors may,

from time to time, determine.

ARTICLE VI

FISCAL YEAR

The fiscal

year of the corporation shall be fixed, and shall be subject to change, by the Board of Directors.

ARTICLE VII

AMENDMENTS TO BYLAWS

furtherance and not in limitation of the powers conferred by the NRS and the articles of incorporation, the Board of Directors is expressly authorized to make, alter, amend or repeal these bylaws and to adopt any new bylaws; provided that the

bylaws also may be amended or repealed in any respect, and any new bylaw may be adopted, in each case by the affirmative vote of the holders of a majority of the voting power of the outstanding stock of the corporation entitled to vote in the

election of directors.

ARTICLE VIII

INDEMNIFICATION

A. The

corporation shall indemnify each person who was or is made a party or is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative

(hereinafter a “proceeding”), by reason of the fact that he or she, or a person of whom he or she is the legal representative, is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of

the corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise (including as a manager of a limited liability company), including service with respect to employee

benefit plans, to the fullest extent permitted by the NRS (including, without limitation, NRS 78.7502 and 78.751), as the same exists or may hereafter be amended or supplemented (but, in the case of any such amendment or supplement, only to the

extent that such amendment or supplement permits the corporation to provide broader indemnification rights than said law permitted the corporation to provide prior to such amendment or supplement), or by any successor thereto, from and against all

expense, liability and loss (including attorney’s fees, judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) reasonably incurred by such person in connection with such proceeding. Such indemnification

shall continue as to a person who has ceased to be a director, officer,

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employee or agent and shall inure to the benefit of his or her heirs, executors and administrators. The right to indemnification conferred in this Article shall be a contract right and shall

include the right to be paid by the corporation the expenses incurred in defending any such proceeding in advance of its final disposition; provided, however, that, if the NRS so requires, the payment of such expenses incurred by a

director or officer in advance of the final disposition of a proceeding shall be made only upon receipt by the corporation of an undertaking by or on behalf of such person to repay all amounts so advanced if it shall ultimately be determined that

such person is not entitled to be indemnified by the corporation as authorized in this Article or otherwise.

B. The right to

indemnification and advancement of expenses conferred on any person by this Article shall not limit the corporation from providing any other indemnification permitted by law nor shall it be deemed exclusive of any other right which any such person

may have or hereafter acquire under any statute, provision of the articles of incorporation, bylaw, agreement, vote of stockholders or disinterested directors or otherwise.

C. The corporation may purchase and maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the

corporation or another corporation, partnership, joint venture, or other enterprise against any expense, liability or loss, whether or not the corporation would have the power to indemnify such person against such expense, liability or loss under

the NRS.

ARTICLE IX

INAPPLICABILITY OF CONTROLLING INTEREST STATUTES

Notwithstanding any other provision in these bylaws to the contrary, and in accordance with the provisions of NRS 78.378, the provisions of

NRS 78.378 to 78.3793, inclusive, or any successor statutes, relating to acquisitions of controlling interests in the corporation shall not apply to the corporation or to any acquisition of any shares of the corporation’s capital stock.

ARTICLE X

FORUM

SELECTION

A. To the fullest extent permitted by law, and unless the corporation consents in writing to the selection of an

alternative forum, the Eighth Judicial District Court of Clark County, Nevada (or, if the Eighth Judicial District Court of Clark County, Nevada does not have jurisdiction, any other state court located within the State of Nevada) shall be the sole

and exclusive forum for any actions, suits or proceedings, whether civil, administrative or investigative, (a) that is an internal action (as defined in NRS 78.046), (b) as to which the NRS confers jurisdiction on the district court of the

State of Nevada, or (c) asserting a claim governed by the internal affairs doctrine.

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B. To the fullest extent permitted by law, and unless the corporation consents in writing to

the selection of an alternative forum, the federal district courts of the United States shall be the sole and exclusive forum for any claim arising under the Securities Act of 1933, as amended (the “Securities Act”), or any rule or

regulation promulgated thereunder (in each case, as amended from time to time); provided, however, that if the foregoing provisions of this Section 10(B) are, or the application of such provisions to any person or any circumstance

is, illegal, invalid or unenforceable, the Eighth Judicial District Court of Clark County, Nevada shall be the sole and exclusive state court forum for any claim arising under the Securities Act or any rule or regulation promulgated thereunder (in

each case, as amended from time to time).

C. Notwithstanding anything to the contrary in these bylaws, the foregoing provisions of this

Section 10 shall not apply to any claim seeking to enforce any liability, obligation or duty created by the Exchange Act or any rule or regulation promulgated thereunder (in each case, as amended from time to time) or any other claim for which

the federal courts have exclusive jurisdiction to the extent such application would be contrary to law.

* * * *

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EX-4.1

Filename: d180862dex41.htm · Sequence: 4

EX-4.1

Exhibit 4.1

REGISTRATION RIGHTS AGREEMENT

BY AND AMONG

MSGS SPINCO,

INC.

(TO BE RENAMED MSG RANGERS CORP.)

AND

THE CHARLES F. DOLAN

CHILDREN TRUSTS

REGISTRATION RIGHTS AGREEMENT

Registration Rights Agreement (this “Agreement”) dated as of October 2, 2026 (but effective as provided in

Section 10(l)), by and among MSGS Spinco, Inc. (to be renamed MSG Rangers Corp.), a Nevada corporation (the “Company”), the Charles F. Dolan Children Trusts, created under an Agreement dated December 22, 2009, between

Kathleen M. Dolan, Paul J. Dolan, Matthew J. Dolan and Mary S. Dolan, as Grantors and Trustees (the “Children Trusts”), and the Qualifying Creditors, if any, who have agreed in writing to become bound by this Agreement. Certain

capitalized terms used in this Agreement are defined in Annex A hereto.

WITNESSETH:

WHEREAS, as of the date of this Agreement, the Children Trusts own shares of Class B Common Stock, par value $.01 per share

(“MSGS Class B Common Stock”), of Madison Square Garden Sports Corp. (to be renamed MSG Knickerbockers Corp.), a Nevada corporation (“MSGS”), and shares of Class A Common Stock, par value

$.01 per share (“MSGS Class A Common Stock”), of MSGS;

WHEREAS, the Children Trusts are party to a

Registration Rights Agreement, dated as of September 15, 2015, by and among MSGS and the Children Trusts, and the Children Trusts have certain registration rights under that agreement with respect to shares of MSGS Class A Common Stock;

WHEREAS, MSGS intends to distribute all of the outstanding shares of the Company’s Class A Common Stock, par value $.01 per

share (the “Class A Common Stock”), to the holders of MSGS Class A Common Stock and all of the outstanding shares of the Company’s Class B Common Stock, par value $.01 per share (the

“Class B Common Stock”), to the holders of MSGS Class B Common Stock (the “Distribution”); and

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WHEREAS, the Company and the Children Trusts wish to provide for benefits and restrictions

applicable to the Shares owned by the Children Trust Holders following the Distribution, all as provided herein.

NOW, THEREFORE, in

consideration of the premises and the mutual agreements contained herein, the parties hereby agree as follows:

1. Conversion of

Class B Common Stock into Class A Common Stock.

(a) Transfers Requiring Conversion.

Subject to Section 1(b), (i) each Children Trust agrees that if at any time or from time to time it desires to sell, transfer or otherwise dispose of, directly or indirectly (including, without limitation, any transfer or issuance of

equity or beneficial interests in an entity that is a Children Trust Holder) (a “Transfer”), any or all of its CSCo Shares and (ii) each other Children Trust Holder agrees that if at any time or from time to time it

desires to Transfer any or all of its CSCo Shares, such Children Trust or Children Trust Holder, as the case may be, shall convert such shares of Class B Common Stock into shares of Class A Common Stock in accordance with the terms of the

Amended and Restated Articles of Incorporation of the Company immediately prior to such Transfer. Subject to Section 1(b), the Company shall be under no obligation to record the Transfer on its books of such shares of Class B Common Stock

until they have been converted into Class A Common Stock.

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(b) Permissible Transfers Without Conversion. The provisions of subparagraph

(a) of this Section 1 are inapplicable to (i) any Transfer of shares of Class B Common Stock (including any Transfer of equity or beneficial interests in an entity that is a Children Trust Holder) to any person related to

Charles F. Dolan by reason of being his ancestor or descendent (natural or adopted), any Acceptable Marital Trust, any entity (whether a corporation, partnership, limited liability company, trust or other entity of any kind) all of the equity or

beneficial interests in which are owned or held by any of the foregoing persons, or any person (whether or not such person is one of the foregoing persons) who is a trustee for, or is acting on behalf of, any of such foregoing persons, and

(ii) any bona fide pledge or similar perfected security interest relating to any interest in any of the foregoing persons (an “Indirect Pledge”) or to Collateral Stock, in either case for the benefit of any Creditor;

provided, however, that the Transfer shall not be permissible and shall be void for all purposes unless (x) in the case of a Transfer referred to in clause (i) of this Section 1(b) the transferee executes a

joinder agreement in the form attached hereto as Exhibit A (it being understood that, if such transferee is also a successor to a Children Trust, neither the obligation to execute, nor the execution of, such joinder agreement shall limit the effect

of the first sentence of Section 10(d)), and (y) in the case of a Transfer referred to in clause (ii) of this Section 1(b), (A) such shares of Collateral Stock or, in the case of an Indirect Pledge, such interests

in such other person, remain registered solely in the name of one or more Children Trust Holders, and (B) any such Creditor agrees with the Company in a writing reasonably acceptable to the Company not to foreclose on, or otherwise make

use of or exercise remedies with respect to, or effect any Transfer of, the Collateral Stock or, in the case of an Indirect Pledge,

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such interests, without prior conversion of the shares of Collateral Stock or, in the case of an Indirect Pledge, the shares of Class B Common Stock, owned by the person the interests in

which are the subject of the Indirect Pledge into shares of Class A Common Stock in accordance with the terms of the Amended and Restated Articles of Incorporation of the Company, and provided further that the last sentence of

paragraph (a) of this Section 1 shall remain applicable to any CSCo Shares that are the subject of a Transfer, including any pledge or the creation of any security interest, pursuant to this Section 1(b).

(c) Legends. All certificates representing CSCo Shares that are covered by this Agreement shall have endorsed thereon or, if such share

is uncertificated, in the stock ledger a legend which shall read substantially as follows:

“The shares represented by this

certificate or book-entry are held subject to the terms of a certain Registration Rights Agreement, dated October 2, 2026, by and among MSG Rangers Corp. (formerly MSGS Spinco, Inc.) and the Dolan Children Trusts, as amended from time to time, a

copy of which is on file with the Secretary of MSG Rangers Corp., and such shares may not be sold, transferred or otherwise disposed of, directly or indirectly, except in accordance with the terms of such Registration Rights Agreement.”

2. Demand Registration by the Children Trust Parties of the Shares.

(a) Demand Registration. One or more of the Children Trust Parties may request in writing, with the Dolan Consent, that the Company

file a registration statement on an appropriate form for the general registration of securities under the Securities Act, and include therein such number of the Shares owned by such Children Trust Party as such person may specify in its written

request; provided, however, that (x) the Company shall not be required to file a registration statement pursuant to this

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Section 2 if (A) the Shares requested to be so registered do not, in the case of a Children Trust Holder, together with any Shares timely requested to be registered by other Children

Trust Holders and Other Holders pursuant to the third-to-last sentence of this Section 2(a), have an aggregate Market Price exceeding the Rule 144 Threshold as of

the Trading Day immediately preceding the expiration of the applicable Notice Period under such sentence or, in the case of a Qualifying Creditor, do not have an aggregate Market Price exceeding the Rule 144 Threshold as of the Trading Day

immediately preceding the date on which the request for registration is received by the Company, or (B) the Company delivers to each Children Trust Party requesting registration under this Section 2 an opinion of counsel to the

Company (such opinion and such counsel to be reasonably acceptable to each such Children Trust Party, it being agreed that the Company’s regular outside securities counsel shall be deemed to be reasonably acceptable counsel for this purpose)

to the effect that the Shares proposed to be registered by such person may be offered and sold by such person to the public in the United States together with the Shares requested to be registered by all other Children Trust Parties and Other

Holders (I) without registration pursuant to an effective registration statement under the Securities Act and (II) within the volume limitations under Rule 144(e) promulgated under the Securities Act (or any successor rule or

regulation) whether or not such volume limitations are then applicable, (y) subject to the next sentence, the Children Trust Holders shall in the aggregate have the right on only four occasions to require the Company to file a

registration statement pursuant to this Section 2, and (z) subject to the next sentence, a Qualifying Creditor may require registration only following the exercise of its remedies under a security agreement with a Children Trust

Holder and for the

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purpose of Transferring Shares pursuant thereto and each Qualifying Creditor may only require one registration hereunder. The total number of demand registrations under clauses (y) and (z)

of the immediately preceding sentence and under the corresponding provisions of the Dolan Registration Rights Agreement shall not exceed four. Notwithstanding anything in this Agreement to the contrary, it is understood and agreed that the Dolan

Consent may be granted by the person or entity then entitled to grant such consent with respect to a Qualifying Creditor at the time the pledge or similar security arrangement applicable to such Qualifying Creditor is created, and that such consent

will thereafter constitute an irrevocable Dolan Consent for any future request by such Qualifying Creditor for a registration under this Section 2, whether or not the person or entity that granted such Dolan Consent is the person or entity

otherwise entitled to grant Dolan Consents at the time such request is actually exercised. All requests made pursuant to this paragraph shall specify the aggregate number of Shares to be registered and the intended methods of disposition thereof,

which methods may include an underwritten public offering. Upon receipt of a written request for registration from a Children Trust Holder pursuant to the preceding sentences, the Company shall promptly give written notice of the proposed

registration to each such other Children Trust Holder and each Other Holder and provide each such other holder with the opportunity to join in such request by written notice to the Company specifying the aggregate number of Shares to be registered

by such holder within 20 days from the date of the Company’s written notice (such period is referred to as the “Notice Period”). Subject to Section 2(c) of this Agreement, the Company will use its reasonable best

efforts to ensure that each registration statement required to be filed pursuant to this Section 2 shall be filed with the

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Securities and Exchange Commission (the “Commission”) as promptly as reasonably practicable, but not later than 45 days after receipt of such request by the Company, and the

Company shall use its reasonable best efforts to cause such registration statement to be declared effective by the Commission as promptly thereafter as practicable; provided, however, that the Company shall not be required to maintain

such effectiveness for more than 90 days. Notwithstanding the Company’s rights to effect a Suspension of Filing or Suspension of Effectiveness in Section 2(c), the Children Trust Parties that made the registration request under this

Section 2(a) shall have the right to withdraw any such request, and such withdrawn request shall not count as a demand registration under clause (y) or (z) of this Section 2(a) or the corresponding provisions under the Dolan

Registration Rights Agreement, if (1) the registration statement required to be filed pursuant to this Section 2 is not filed with the Commission by the date that is 45 days after such request is received by the Company and has not

at the time of such withdrawal been filed with the Commission, or is not declared effective by the date that is 90 days after the date such registration statement is filed with the Commission and has not at the time of such withdrawal been declared

effective, and (2) in either case, such Children Trust Parties notify the Company of the withdrawal of such request no later than 10 days after such 45th or 90th day, as the case may be.

(b) Concurrent Primary Offering. Anything in this

Section 2 to the contrary notwithstanding, if the Company at the time of receipt of a request for registration pursuant to this Section 2 has a bona fide intent and plan to file a registration statement (other than on Form S-4 or S-8 or any successor forms) covering a primary offering by the Company of its Common Equity Securities, the Company, by notice to the

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applicable Children Trust Parties, may delay the filing (but not the preparation) of the requested registration statement for a period ending on the earlier of (i) 60 days after the

closing of such offering or (ii) 120 days after receipt of the request for registration; and, provided, further, if the Company either abandons its plan to file such registration statement or does not file the same within 75

days after receipt of such request, the Company shall promptly thereafter file the requested registration statement. The Company may not, pursuant to the immediately preceding sentence, delay the filing of a requested registration statement more

than once during any two-year period.

Company to any Children Trust Party which has requested registration under this Section 2 that a negotiation or consummation of a transaction by the Company or any of its subsidiaries is pending or an event has occurred, which negotiation,

consummation or event would require disclosure in the registration statement for the requested registration and such disclosure would, in the good faith judgment of the board of directors of the Company, be materially adverse to the business

interests of the Company, and the nondisclosure of which in the registration statement would reasonably be expected to cause the registration statement to fail to comply with applicable disclosure requirements (a “Materiality

Notice”), the Company may delay the filing (but not the preparation) of such registration statement (a “Suspension of Filing”). Upon the delivery of a Materiality Notice by the Company pursuant to the preceding sentence

at any time when a registration statement has been filed but not declared effective, the Company may delay seeking the effectiveness of such registration statement (a “Suspension of Effectiveness”), and each Children Trust Party

named therein shall immediately discontinue any offers of Shares

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under such registration statement until such Children Trust Party receives copies of a supplemented or amended prospectus that corrects such misstatement or omission, or until it is advised in

writing by the Company that offers under such registration statement may be resumed and has received copies of any additional or supplemental filings which are incorporated by reference in such registration statement. Upon the delivery of a

Materiality Notice by the Company pursuant to the first sentence of this Section 2(c) at any time when a registration statement has been filed and declared effective, each Children Trust Party named therein shall immediately discontinue offers

and sales of Shares under such registration statement until such Children Trust Party receives copies of a supplemented or amended prospectus that corrects such misstatement or omission and notice that any post-effective amendment has become

effective, or until it is advised in writing by the Company that offers under such registration statement may be resumed and has received copies of any additional or supplemental filings which are incorporated by reference in the registration

statement (a “Suspension of Offering;” a Suspension of Filing, a Suspension of Effectiveness and a Suspension of Offering are collectively referred to herein as, “Suspensions”). If so directed by the

Company, each Children Trust Party will deliver to the Company all copies (other than permanent file copies then in such Children Trust Party’s possession) of any prospectus covering Shares in the possession of such Children Trust Party or its

agents current at the time of receipt of any Materiality Notice. In any 12-month period, the aggregate time of all Suspensions shall not, without the consent of a majority of the Children Trust Holders (by

number of Shares held), which consent shall not be unreasonably withheld, exceed 180 days. If interrupted by a Suspension of Offering, any 90-day period in respect of which the Company is

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required to maintain the effectiveness of a registration statement pursuant to Section 2(a) of this Agreement shall be extended by the number of days during which the Suspension of Offering

was in effect. In the event of any Suspension of Offering of more than 30 days in duration prior to which the Children Trust Parties have sold less than 75% of the Shares to be sold in such offering, the Children Trust Parties shall be entitled to

withdraw such registration prior to the later of (i) the end of the Suspension of Offering and (ii) three business days after the Company has provided the Dolan Family Parties written notice of the anticipated date on which

the Suspension of Offering will end, and, if such registration is withdrawn, the related demand for registration shall not count for the purposes of the limitations set forth under clauses (y) and (z) of Section 2(a) or the comparable

provisions under the Dolan Registration Rights Agreement.

(d) Market Price; Trading Day. For purposes of this Section 2:

(i) “Market Price” of a share of Class A Common Stock shall mean the weighted average of the closing

prices for the Class A Common Stock on each Trading Day (as defined below) in the 30-day period ending on the day prior to the date of determination as reported in the consolidated transaction reporting

system of the New York Stock Exchange or on the comparable reporting system of such other exchange or trading system that is at the time the principal market for the Class A Common Stock.

(ii) “Trading Day” shall mean any day on which trading takes place on the New York Stock Exchange or such

other exchange or trading system that is at the time the principal market for the Class A Common Stock.

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3. Coordination of Piggyback Registration Rights.

Each of the Children Trust Parties hereby acknowledges and consents to the grant by the Company to the Dolan Family Holders (as defined in the

Dolan Registration Rights Agreement and hereinafter referred to in this Agreement as the “Other Holders”), in the Dolan Registration Rights Agreement, of the right of the Other Holders to include certain of their respective shares

of Class A Common Stock in certain registration statements filed pursuant hereto. Each of the Children Trust Parties further acknowledges and agrees that if any offering hereunder is to be underwritten and if the managing underwriter or

underwriters of such offering informs such person in writing that the number of shares of Class A Common Stock which the Children Trust Parties, and the Other Holders, as the case may be, intend to include in such offering is sufficiently large

so as to affect the offering price of such offering materially and adversely, then the respective number of shares of Class A Common Stock to be offered for the account of each Children Trust Party and each Other Holder, as the case may be, who

is participating in such offering shall be reduced pro rata to the extent necessary to reduce the total number of shares of Class A Common Stock to be included in such offering to the number recommended by such managing underwriter. Except for

such piggyback registration rights granted to Other Holders, and to any transferee of the shares of Class A Common Stock owned by an Other Holder which may be registered pursuant to the Dolan Registration Rights Agreement, neither the Company

nor any of its security holders shall have the right to include any of the Company’s securities in any registration statement filed pursuant hereto.

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4. Piggyback Registration of the Shares.

If the Company proposes to file a registration statement under the Securities Act with respect to an offering (a) by an Other

Holder of its holdings of Class A Common Stock pursuant to the Dolan Registration Rights Agreement, (b) by any other holder of any Common Equity Securities or (c) by the Company for its own account of any Common Equity

Securities (other than a registration statement on Form S-4 or S-8, or any successor form or a form filed in connection with an exchange offer or an offering of

securities solely to the existing stockholders of the Company), the Company shall give written notice of such proposed filing to each of the Children Trust Holders at least 20 days before the anticipated filing date which shall state whether such

registration will be in connection with an underwritten offering and offer such Children Trust Holders the opportunity, subject, if applicable, to receipt of the Dolan Consent, to include in such registration statement such number of the Shares as

such Children Trust Holder may request not later than three days prior to the anticipated filing date. The Company shall use its reasonable best efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit

such Children Trust Holders to be included in the registration for such offering and to include such Shares in such offering on the same terms and conditions as the Common Equity Securities included in such offering. If such proposed offering is to

be underwritten, then upon request by the managing underwriter or underwriters given to such Children Trust Holders prior to the effective date of the offering, any Children Trust Holder electing to have Shares included in the registration statement

shall either enter into underwriting agreements with customary terms and conditions for a secondary offering with such underwriter or underwriters providing for

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the inclusion of such number of the Shares owned by such Children Trust Holder in such offering on such terms and conditions or, if such Children Trust Holder shall refuse to enter into any such

agreement, the Company shall have the right to exclude from such registration all (but not less than all) of the Shares of such Children Trust Holder. Notwithstanding the foregoing, (x) in no event will any Children Trust Holder be

required in such underwriting agreement (or in any other agreement in connection with such offering) to (i) make any representations or warranties to or agreements with the underwriters other than representations, warranties or

agreements customarily made by selling securityholders in underwritten secondary offerings, (ii) make any representations or warranties to or agreements with the Company other than representations, warranties or agreements regarding such

Children Trust Holder, the ownership of such Children Trust Holder’s Common Equity Securities, the authorization, validity and binding effect of transaction documents executed by such Children Trust Holder in connection with such registration

and such Children Trust Holder’s intended method or methods of distribution and any other representation required by law; provided that no Children Trust Holder shall be required to make any representation or warranty to any person

covered by the indemnity in Section 8(b) other than on a several (and not joint) basis, or (iii) furnish any indemnity to any person which is broader than the indemnity customarily furnished by selling security holders in

underwritten offerings; provided that no Children Trust Holder shall be required to furnish any indemnity broader than the indemnity furnished by such Children Trust Holder in Section 8(b) to any person covered by the indemnity in

Section 8(b), and (y) if the managing underwriter or underwriters of such offering informs the Children Trust Holders in writing that the number of Shares which the

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Children Trust Holders and the number of Shares which the Other Holders intend to include in such offering is sufficiently large so as to affect materially and adversely the success of such

offering, the Shares to be offered for the account of the Children Trust Holders and the Other Holders shall first be reduced pro rata to the extent necessary to reduce the total number of shares of Class A Common Stock to be included in such

offering to the number recommended by such managing underwriter. In giving effect to the foregoing reduction, the respective number of the Shares to be offered for the account of Children Trust Holders shall be reduced pro rata.

5. Holdback Agreements.

(a) Restrictions on Public Sale by Children Trust Parties. To the extent not inconsistent with applicable law, each Children Trust

Party agrees not to offer publicly or effect any public sale or distribution of Common Equity Securities, including a sale pursuant to Rule 144 under the Securities Act (or any successor rule or regulation), during the seven days prior to, and

during the 90-day period beginning on, the effective date of any registration statement filed by the Company pursuant to which any such shares or securities are being registered (except as part of such

registration), if and to the extent requested by the Company in the case of a non-underwritten public offering or if and to the extent requested by the managing underwriter or underwriters in the case of an

underwritten public offering.

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(b) Restrictions on Public Sale by the Company and Others. The Company agrees

(i) that during the seven days prior to, and during the 90-day period beginning on, the effective date of any registration statement filed at the request of a Children Trust Party pursuant hereto,

the Company will not offer publicly or effect any public sale or distribution of Common Equity Securities (other than any such sale or distribution of such securities in connection with any merger or consolidation of the Company or any subsidiary

with, or the acquisition by the Company or a subsidiary of the capital stock or substantially all of the assets of, any other person or any offer or sale of such securities pursuant to a registration statement on Form

S-8), and (ii) that any agreement entered into after the date of this Agreement pursuant to which the Company issues or agrees to issue any privately placed Common Equity Securities shall

contain a provision under which holders of such securities agree not to effect any public sale or distribution of any such securities during the periods described in (i) above, in each case including a sale pursuant to Rule 144 (or any

successor rule or regulation) under the Securities Act (except as part of any such registration, if permitted).

6. Registration

Procedures.

In connection with any registration of the Shares owned by a Children Trust Party contemplated hereby, the Company will

as expeditiously as possible:

(a) Furnish to such Children Trust Party, prior to filing a registration statement, copies of such

registration statement as proposed to be filed, and thereafter such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits thereto), the prospectus included in such registration

statement (including each preliminary prospectus) and such other documents in such quantities as such Children Trust Party may reasonably request from time to time in order to facilitate the disposition of the Shares.

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(b) Use its reasonable best efforts to register or qualify the Shares being registered as

contemplated hereby (the “Registered Class A”) under such other securities or blue sky laws of such jurisdictions as such Children Trust Party reasonably requests and do any and all other acts and things which

may be reasonably necessary or advisable to enable such Children Trust Party to consummate the disposition in such jurisdictions of the Registered Class A; provided that the Company will not be required to (i) qualify

generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (b), (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process

in any such jurisdiction.

such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable such Children Trust Party to consummate the disposition of such Registered Class A.

(d) Notify such Children Trust Party at any time, (i) of any request by the Commission or any other federal or state governmental

authority for amendments or supplements to a registration statement or related prospectus or for additional information, (ii) of the issuance by the Commission of any stop order suspending the effectiveness of a registration statement or

the initiation of any proceedings for that purpose, (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registered Class A for

sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (iv) when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of

which the prospectus included in such registration statement contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary

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to make the statements therein not misleading, and, except as otherwise provided in Section 2(c) hereof, the Company will, as expeditiously as practicable, prepare a supplement or amendment

to such prospectus so that, as thereafter delivered to the purchasers of such Registered Class A, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or

necessary to make the statements therein not misleading.

(e) Use its reasonable best efforts to obtain the withdrawal of any order

suspending the effectiveness of a registration statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registered Class A for sale in any jurisdiction at the earliest date reasonably

practical.

(f) Cause all such Registered Class A to be listed on the New York Stock Exchange or on any other securities exchange on

which the Class A Common Stock is then listed, provided that the applicable listing requirements are satisfied.

(g) Enter

into customary agreements (including an underwriting agreement in customary form) and take such other actions as are reasonably requested by the relevant Children Trust Party in order to expedite or facilitate the disposition of the Registered

Class A.

(h) Make available for inspection by such Children Trust Party, any underwriter participating in any disposition pursuant

to such registration statement, and any attorney, accountant or other agent retained by such Children Trust Party or such underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents

and properties of the Company (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and

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cause the officers, directors and employees of the Company to supply all information reasonably requested by any such Inspector in connection with such registration statement. Records which the

Company determines, in good faith, to be confidential and which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a

misstatement or omission in the registration statement or (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction. Any Children Trust Party shall use reasonable best

efforts, prior to any disclosure by any such Inspector under clause (i) of the preceding sentence, to inform the Company that such disclosure is necessary to avoid or correct a misstatement or omission in the registration statement. Each

Children Trust Party further agrees that it will, upon learning that disclosure of Records is sought in a court of competent jurisdiction, give notice to the Company (unless prohibited by law after taking reasonable actions to permit such notice)

and allow the Company, at the expense of the Company, to undertake appropriate action to prevent disclosure of the Records deemed confidential.

(i) In the event such sale is pursuant to an underwritten offering, use its reasonable best efforts to (i) obtain a comfort letter

from the independent public accountants for the Company in customary form and covering such matters of the type customarily covered by such letters as any Children Trust Party reasonably requests and (ii) ensure that (A) the

representations, warranties and covenants contained in the applicable underwriting agreement shall expressly be for the benefit of any Children Trust Party participating in such sale, (B) the conditions to closing in said underwriting

agreement shall be reasonably satisfactory to such Children Trust Party and (C) to the extent customary, all comfort letters and opinions of counsel contemplated by said underwriting agreements are delivered to such Children Trust Party

on the closing date of the offering.

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(j) Otherwise use its reasonable best efforts to comply with all applicable rules and

regulations of the Commission and have the registration statement declared effective as soon as practicable after filing.

The Company may

require any Children Trust Party to furnish to the Company such information regarding such Children Trust Party as the Company may from time to time reasonably request in writing, in each case only as required by the Securities Act or the rules and

regulations thereunder.

Each Children Trust Party agrees that, upon receipt of any notice from the Company of the happening of any event

of the kind described in Section 6(d) hereof, such Children Trust Party will forthwith discontinue disposition of the Registered Class A pursuant to the registration statement covering such Registered Class A until such Children Trust

Party receives the copies of the supplemented or amended prospectus contemplated by Section 6(d) hereof, and, if so directed by the Company, such Children Trust Party will deliver to the Company (at the expense of the Company) all copies, other

than permanent file copies then in such Children Trust Party’s possession, of the prospectus covering such Registered Class A current at the time of receipt of such notice. If interrupted by receipt of any such notice pursuant to

Section 6(d), any 90-day period in respect of which the Company is required to maintain the effectiveness of a registration statement pursuant to Section 2(a) shall be extended by the number of days

during which the interruption was in effect.

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7. Registration Expenses.

Other than in the case of (a) a registration at the request of a Qualifying Creditor or (b) a demand registration

under Section 2(a) after the second such registration (each registration referred to in clause (a) or (b), a “Designated Registration”), all expenses incident to the performance of or compliance with this Agreement by

the Company, including, without limitation, all registration and filing fees, fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of the

Registered Class A), printing expenses, messenger and delivery expenses, internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the fees and expenses

incurred in connection with the listing of the Registered Class A on the New York Stock Exchange or any other securities exchange on which such Class A Common Stock is then listed, fees and disbursements of counsel for the Company and its

independent certified public accountants (including the expenses of any special audit or comfort letters required by or incident to such performance), securities acts liability insurance (if the Company elects to obtain such insurance), the fees and

expenses of any special experts retained by the Company in connection with such registration, the fees and expenses of other persons retained by the Company, including transfer agents, trustees, depositories and registrars (all such expenses being

herein called “Registration Expenses”), will be borne by the Company. In the case of a Designated Registration, all Registration Expenses other than internal expenses of the Company and securities acts liability insurance obtained

by the Company at its election, shall be borne by the Qualifying Creditor or the Children Trust Holders participating in the offering, as the case may be. The Company will not have any responsibility for any of the expenses of any Children Trust

Party incurred in connection with any registration statement hereunder, including, without limitation, underwriting discounts or commissions attributable to the sale of Registered Class A and fees and expenses of counsel for such Children Trust

Party.

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8. Indemnification; Contribution.

(a) Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law,

(i) each Children Trust Party, (ii) the directors, officers, partners, employees, agents, beneficiaries, trustees, members and affiliates of each Children Trust Party, and the directors, officers, partners, employees and

agents of each such affiliate, and (iii) each person who controls any of the foregoing (within the meaning of the Securities Act and the Exchange Act), and any investment adviser thereof, against any and all losses, claims, damages,

liabilities, expenses (or actions or proceedings in respect thereof) or costs (including, without limitation, costs of investigation and reasonable attorneys’ fees and disbursements incurred by any such indemnified person in connection with

enforcing its rights hereunder preparing, pursuing or defending any such loss, claim, damage, liability, expense, action or proceeding), including any of the foregoing incurred in settlement of any litigation commenced or threatened (collectively,

“Losses”), joint or several, based upon or arising out of (x) any untrue or alleged untrue statement of material fact contained in any registration statement, prospectus, preliminary prospectus, summary prospectus or

amendment or supplement thereto, (y) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the

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statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading, or (z) any violation by the Company of any federal,

state or common law rule or regulation applicable to the Company in connection with such registration, and the Company will reimburse each such indemnified party for any such Loss, except in each case insofar as any such Loss arises out of or is

based upon an untrue statement or omission made in any such registration statement, prospectus, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement, or a violation of law or regulation in reliance upon and in

conformity with written information furnished to the Company by such indemnified party expressly for use in the preparation thereof, it being understood that the information to be furnished to the Company for use in the preparation of any such

document shall be limited only to the information specifically referenced in the penultimate sentence of Section 8(b). Such indemnity shall remain in full force and effect regardless of any investigation made by such indemnified person and

shall survive the Transfer of any Shares by any such indemnified person. The indemnity in this Section 8(a) shall not apply to Losses incurred by a person other than in his or her capacity as a selling security holder. In connection with an

underwritten offering, the Company will indemnify the underwriters thereof, their officers and directors and each person who controls such underwriters (within the meaning of the Securities Act or the Exchange Act) to the same extent as provided

above with respect to the indemnification of each Children Trust Party.

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(b) Indemnification by Children Trust Parties. In connection with any registration

statement contemplated hereby, each Children Trust Party participating in any offer or sale pursuant to such registration statement will furnish to the Company in writing such information with respect to such Children Trust Party as the Company

reasonably requests for use in connection with any such registration statement, prospectus, preliminary prospectus, summary prospectus or amendment or supplement thereto and agrees to indemnify and hold harmless, severally, and not jointly, to the

fullest extent permitted by law, the Company, its directors, officers, employees, agents and affiliates and the directors, officers, partners, employees and agents of each such affiliate and each person who controls the Company (within the meaning

of the Securities Act or the Exchange Act) against any Losses insofar as such Losses arise out of or are based upon (i) an untrue or alleged untrue statement of a material fact contained in any such registration statement, prospectus,

preliminary prospectus, summary prospectus or amendment or supplement thereto or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a

prospectus, in the light of the circumstances under which they were made) not misleading, to the extent that such untrue statement or omission is contained in or omitted from any information with respect to such Children Trust Party so furnished in

writing by such Children Trust Party expressly for use in the preparation of such registration statement, prospectus, preliminary prospectus, summary prospectus or amendment or supplement thereto, as the case may be, or (ii) any

violation by such Children Trust Party of any federal, state or common law rule or regulation applicable to such Children Trust Party in connection with such registration. It is understood that the information to be furnished by a Children Trust

Party to the Company for use in the preparation of any such document shall be limited only to information regarding such Children Trust Party, the ownership of such Children Trust Party’s Common Equity

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Securities, such Children Trust Party’s intended method or methods of distribution and any other information required by law. The liability of a Children Trust Party under this

Section 8(b) shall not exceed the amount of net proceeds received by such Children Trust Party (net of underwriting discounts borne by such Children Trust Party) from the sale of the Shares in the offering that is the subject of an indemnity

claim under this Section 8(b).

agrees to give prompt written notice to the indemnifying party after the receipt by such person of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof made in writing for which such person will

claim indemnification or contribution pursuant to this Agreement, provided that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnified party of its obligations under this Section 8, except to

the extent that the indemnifying party is materially prejudiced by such failure to give notice. Unless in the reasonable judgment of such indemnified party, a conflict of interest may exist between such indemnified party and the indemnifying party

with respect to such claim, the indemnified party shall permit the indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to such indemnified party. If the indemnifying party is not entitled to, or elects not to,

assume the defense of a claim, it will not be obligated to pay the fees and expenses of more than one counsel with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such

indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be

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obligated to pay the fees and expenses of such additional counsel or counsels. No indemnifying party will be subject to any liability for any settlement made without its consent. No indemnifying

party, in the defense of any such claim or litigation shall, except with the consent of the applicable indemnified party, which consent shall not be unreasonably withheld, consent to entry of any judgment or enter into any settlement which does not

include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation.

(d) Indemnification Payments. Any indemnification required to be made by an indemnifying party pursuant to this Section 8 shall be

made by periodic payments to the indemnified party during the course of the action or proceeding, as and when bills are received by such indemnifying party with respect to indemnifiable Losses incurred by such indemnified party.

(e) Contribution. If the indemnification provided for in this Section 8 from the indemnifying party is unavailable to an

indemnified party hereunder in respect of any Losses or is insufficient to hold harmless an indemnified party from all Losses covered thereby, then the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the

amount paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified parties in connection with the actions which resulted in such

Losses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a

material fact or

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omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or indemnified parties, and the parties’ relative intent, knowledge, access

to information and opportunity to correct or prevent such statements or omissions. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to

the limitations set forth in Section 8(c), any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding.

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(e) were determined by pro

rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in the immediately preceding paragraph. No person guilty of fraudulent misrepresentation (within the meaning of

Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

Notwithstanding anything else contained herein, (i) no party shall be liable for contribution under this Section 8(e) except

to the extent and under such circumstances as such party would have been liable to indemnify under this Section 8 if such indemnification were enforceable under applicable law and (ii) no Children Trust Party (or related indemnified

party) shall be required to contribute any amount in excess of the amount by which the net proceeds received by such Children Trust Party (net of underwriting discounts borne by such Children Trust Party) from the sale of Shares in the offering that

is the subject of the claim for contribution exceeds the amount of any damages which such Children Trust Party (or related indemnified party) would have been required to pay by reason of the indemnity under this Section 8 if such

indemnification was enforceable under applicable law.

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If indemnification is available under this Section 8, the indemnifying parties shall

indemnify each indemnified party to the full extent provided in Sections 8(a) and (b) without regard to the relative fault of said indemnifying party or indemnified party or any other equitable consideration provided for in this

Section 8(e).

9. Participation in Underwritten Registrations. A Children Trust Party may not participate in any underwritten

registration hereunder or under the Dolan Registration Rights Agreement or otherwise unless such Children Trust Party (a) agrees to sell the Shares on the basis provided in any underwriting arrangements with customary terms and

conditions for a secondary offering approved by the persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents

reasonably required under the terms of such underwriting arrangements, provided that none of the foregoing shall in any way limit the obligations of the Company under Section 8.

10. Miscellaneous.

(a)

Specific Performance. The Company and each Children Trust Party acknowledge that it will be impossible to measure in money the damage to the Company if such Children Trust Party fails to comply with any of the obligations imposed by

Section 1 of this Agreement, that every such obligation therein is material and that, in the event of any such failure, the Company will not have an adequate remedy at law or in damages. Accordingly, each Children Trust Party consents to the

issuance of an injunction or the enforcement of other equitable remedies against it at the suit of the Company without bond or other security, to compel performance by such Children Trust Party of all the terms of Section 1 hereof, and waives

any defenses of (i) failure of consideration, (ii) breach of any other provision of this Agreement and (iii) availability of relief in damages.

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(b) No Inconsistent Agreements. The Company will not hereafter enter into any

agreement with respect to its securities which is inconsistent with the rights granted to the Children Trust Parties in this Agreement.

(c) Amendments. This Agreement may not be amended, modified or altered except by a writing duly signed by the party against which such

amendment or modification is sought to be enforced.

(d) Successors and Assigns. This Agreement shall be binding upon and inure to

the benefit of the Company, the Children Trust Parties and the respective successors and permitted assigns of the Company and the Children Trust Parties. This Agreement may not be assigned by either the Company or a Children Trust Party without the

prior written consent of the other party hereto. The Company shall assign its rights and obligations hereunder to any entity that succeeds to all or substantially all of its assets, by merger or otherwise, including to any holding company that may

be formed to be the parent of the Company, if such entity becomes the issuer of the securities then owned by the Children Trust Holders.

(e) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of

which together shall constitute one and the same instrument.

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(f) Headings. The headings in this Agreement are for reference purposes only and

shall not constitute a part hereof.

(g) Construction. This Agreement shall be governed by, and construed in accordance

with, the internal laws of the State of New York without giving any effect to principles of conflicts of laws.

(h) Notices.

Any notice required or desired to be delivered hereunder shall be (i) in writing, (ii) delivered by personal delivery, sent by commercial delivery service or certified mail, return receipt requested, or by electronic mail,

(iii) deemed to have been given on the date of personal delivery, the date set forth in the records of the delivery service or return receipt, or in the case of electronic mail, upon dispatch, and (iv) addressed as designated

on Schedule 1 hereto (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof), with copies as designated on Schedule 1 hereto.

(i) Severability. If any provision of this Agreement or the application of any provision hereof to any person or circumstance is held

invalid, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected unless the provision held invalid shall substantially impair the benefits of the remaining portions of this

Agreement.

(j) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and is

intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth

or referred to herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

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(k) Attorneys’ Fees. In any action or proceeding brought to enforce any

provision of this Agreement, or where any provision hereof is validly asserted as a defense, the successful party shall be entitled to recover reasonable attorneys’ fees in addition to any other available remedy.

(l) Effectiveness. This Agreement shall become effective on the date on which the Distribution is consummated, without any further

action of any of the parties hereto.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first

written above.

MSGS SPINCO, INC.

(to be renamed

MSG Rangers Corp.)

By:

/s/ David Granville-Smith

Name: David Granville-Smith

Title: Executive Vice President

[Signature Page to

Children Trusts Registration Rights Agreement (MSGS Spinco)]

KATHLEEN M. DOLAN, individually, and as a Trustee of Charles F. Dolan Children Trusts FBO Kathleen M. Dolan, Deborah Dolan-Sweeney, Marianne Dolan Weber and James L. Dolan

By: /s/ Kathleen M. Dolan

Kathleen M. Dolan, Trustee

PAUL J. DOLAN, not individually but as a Trustee of Charles F. Dolan Children Trusts FBO Kathleen M. Dolan and James L. Dolan

By: /s/ Paul J. Dolan

Paul J. Dolan, Trustee

MATTHEW J. DOLAN, not individually, but as a Trustee of Charles F. Dolan Children Trust FBO Marianne Dolan Weber

By: /s/ Matthew J. Dolan

Matthew J. Dolan, Trustee

MARY S. DOLAN, not individually, but as a Trustee of Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney

By: /s/ Mary S. Dolan

Mary S. Dolan, Trustee

Definitions:

“Acceptable Marital Trust” means a marital trust the income of which is for the benefit of any spouse of any descendant of

Charles F. Dolan and the principal of which (including all shares of Class B Common Stock held by such trust) is for the sole benefit of any descendant of Charles F. Dolan.

“Children Trust Holders” means the Children Trusts and any transferee of shares of Class B Common Stock pursuant to

clause (i) of Section 1(b).

“Children Trust Parties” means all Children Trust Holders and any Qualifying

Creditor.

“Children Trusts” has the meaning ascribed thereto in the Recitals.

“Class A Common Stock” has the meaning ascribed thereto in the Recitals.

“Class B Common Stock” has the meaning ascribed thereto in the Recitals.

“Collateral Stock” means shares of Class B Common Stock that are the subject of a bona fide pledge or similar

perfected security interest.

“Commission” has the meaning ascribed thereto in Section 2(a) hereof.

“Common Equity Securities” means shares of any class of common stock, or any securities convertible into or exchangeable or

exercisable for shares of any class of common stock of the Company.

“Company” has the meaning ascribed thereto in the

Recitals.

“Creditor” means any financial institution approved by the Company, such approval not to be unreasonably

withheld.

“CSCo Shares” means (a) shares of Class B Common Stock issued in the Distribution in respect of

shares of MSGS Class B Common Stock that were previously issued in respect of Class B Common Stock, par value $.01 per share, of The Madison Square Garden Company that were previously issued in respect of Cablevision NY Group Class B

Common Stock, par value $.01 per share, of Cablevision Systems Corporation that were (i) owned at any time by Cablevision Systems Company, CFD Joint Venture or MAC TRUST GROUP or (ii) issued by Cablevision Systems Corporation in respect of

any such shares as a result of any stock split, stock dividend or other recapitalization, and (b) any shares of Class B Common Stock issued by the Company in respect of such shares issued in the Distribution as a result of any stock split,

stock dividend or other recapitalization.

“Designated Registration” shall have the meaning ascribed thereto in

Section 7 hereof.

“Distribution” has the meaning ascribed thereto in the Recitals.

“Dolan Consent” means the affirmative vote of two-thirds of the votes of the

members of the Dolan Family Committee.

“Dolan Family Committee” means the Dolan Family Committee established pursuant

to the MSGS Spinco, Inc. (to be renamed MSG Rangers Corp.) Class B Stockholders’ Agreement, dated as of October 2, 2026, by and among the signatories thereto, as the same may be amended, modified or amended and restated from time to time.

“Dolan Registration Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof, between

the Company and the Dolan Family Affiliates (as defined therein), as the same may be amended, modified or amended and restated from time to time.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Inspectors” has the meaning ascribed thereto in Section 6(g) hereof.

“Losses” has the meaning ascribed thereto in Section 8(a) hereof.

“Market Price” has the meaning ascribed thereto in Section 2(d) hereof.

“Materiality Notice” has the meaning ascribed thereto in Section 2(c) hereof.

“MSGS” has the meaning ascribed thereto in the Recitals.

“MSGS Class A Common Stock” has the meaning ascribed thereto in the Recitals.

“MSGS Class B Common Stock” has the meaning ascribed thereto in the Recitals.

“Other Holders” has the meaning ascribed thereto in Section 3 hereof.

“Permanent Incapacity” means, with respect to an individual, any individual whose ability to receive and evaluate

information effectively or to communicate decisions, or both, is impaired to such an extent that the individual permanently lacks the capacity to manage his or her financial resources, as determined by certification of one licensed physician.

“Public Offering” has the meaning ascribed thereto in the Recitals.

“Qualifying Creditor” means a Creditor who has, at the written request of

a Children Trust Holder, signed an instrument in form reasonably acceptable to the Company agreeing to be bound by the provisions of this Agreement. Any affiliate of a Qualifying Creditor who owns Collateral Stock shall be deemed to be the same

person as the Qualifying Creditor for purposes of Section 2.

“Records” has the meaning ascribed thereto in

Section 6(g) hereof.

“Registered Class A” has the meaning ascribed thereto in

Section 6(b).

“Registration Expenses” has the meaning ascribed thereto in Section 7 hereof.

“Rule 144 Threshold” means the product of (a) the maximum number of shares of Class A Common Stock of the

Company that could be sold under Rule 144(e)(1) under the Securities Act (or any successor rule or regulation) and (b) the applicable Market Price provided for in this Agreement.

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

“Shares” means (i) shares of Class A Common Stock and Class B Common Stock acquired by any Children

Trust Holder in the Distribution or pursuant to a Transfer in accordance with Section 1(b), (ii) shares of Class A Common Stock and Class B Common Stock acquired by any Children Trust Holder as a result of any stock split,

stock dividend or other recapitalization with respect to any shares of Class A Common Stock and Class B Common Stock acquired by any Children Trust Holder in the Distribution, pursuant to a Transfer in accordance with Section 1(b) or

as provided in this clause (ii) and (iii) shares of Class A Common Stock acquired upon conversion of Class B Common Stock acquired by any Children Trust Holder in the Distribution, pursuant to a Transfer in accordance with

Section 1(b) or as provided in clause (ii).

“Suspension of Effectiveness” has the meaning ascribed thereto in

Section 2(c) hereof.

“Suspension of Filing” has the meaning ascribed thereto in Section 2(c) hereof.

“Suspension of Offering” has the meaning ascribed thereto in Section 2(c) hereof.

“Trading Day” has the meaning ascribed thereto in Section 2(d) hereof.

“Transfer” has the meaning ascribed thereto in Section 1(a) hereof.

EX-4.2

Filename: d180862dex42.htm · Sequence: 5

EX-4.2

Exhibit 4.2

REGISTRATION RIGHTS AGREEMENT

BY AND AMONG

MSGS SPINCO,

INC.

(TO BE RENAMED MSG RANGERS CORP.)

AND

THE DOLAN FAMILY AFFILIATES

REGISTRATION RIGHTS AGREEMENT

Registration Rights Agreement (this “Agreement”) dated as of October 2, 2026 (but effective as provided in

Section 9(k)), by and among MSGS Spinco, Inc. (to be renamed MSG Rangers Corp.), a Nevada corporation (the “Company”), the parties set forth on Annex A to this Agreement (the “Dolan Family Affiliates”) and

the Qualifying Creditors, if any, who have agreed in writing to become bound by this Agreement. Certain capitalized terms used in this Agreement are defined in Annex B hereto.

WITNESSETH:

WHEREAS, as

of the date of this Agreement, the Dolan Family Affiliates own shares of Class B Common Stock, par value $.01 per share (“MSGS Class B Common Stock”), of Madison Square Garden Sports Corp. (to be renamed

MSG Knickerbockers Corp.), a Nevada corporation (“MSGS”), and shares of Class A Common Stock, par value $.01 per share (“MSGS Class A Common Stock”), of MSGS;

WHEREAS, the Dolan Family Affiliates are party to a Registration Rights Agreement, dated as of September 15, 2015, by and among MSGS and

the Dolan Family Affiliates, and the Dolan Family Affiliates have certain registration rights under that agreement with respect to shares of MSGS Class A Common Stock;

WHEREAS, MSGS intends to distribute all of the outstanding shares of the Company’s Class A Common Stock, par value $.01 per share

(the “Class A Common Stock”), to the holders of MSGS Class A Common Stock and all of the outstanding shares of the Company’s Class B Common Stock, par value $.01 per share (the

“Class B Common Stock”), to the holders of MSGS Class B Common Stock (the “Distribution”); and

WHEREAS, the Company and the Dolan Family Affiliates wish to provide for benefits and

restrictions applicable to the Shares owned by the Dolan Family Holders following the Distribution, all as provided herein.

NOW,

THEREFORE, in consideration of the premises and the mutual agreements contained herein, the parties hereby agree as follows:

1. Demand

Registration by the Dolan Family Parties of the Shares.

(a) Demand Registration. One or more of the Dolan Family Parties may

request in writing, with the Dolan Consent, that the Company file a registration statement on an appropriate form for the general registration of securities under the Securities Act, and include therein such number of the Shares owned by such Dolan

Family Party as such person may specify in its written request; provided, however, that (i) the Company shall not be required to file a registration statement pursuant to this Section 1 if (x) the Shares

requested to be so registered do not, in the case of a Dolan Family Holder, together with any Shares timely requested to be registered by other Dolan Family Holders and Other Holders pursuant to the third-to-last sentence of this Section 1(a), have an aggregate Market Price exceeding the Rule 144 Threshold as of the Trading Day immediately preceding the expiration of the applicable Notice Period

under such sentence or, in the case of a Qualifying Creditor, do not have an aggregate Market Price exceeding the Rule 144 Threshold as of the Trading Day immediately preceding the date on which the request for registration is received by the

Company, or (y) the Company

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delivers to each Dolan Family Party requesting registration under this Section 1 an opinion of counsel to the Company (such opinion and such counsel to be reasonably acceptable to each such

Dolan Family Party, it being agreed that the Company’s regular outside securities counsel shall be deemed to be reasonably acceptable counsel for this purpose) to the effect that the Shares proposed to be registered by such person may be

offered and sold by such person to the public in the United States together with the Shares requested to be registered by all other Dolan Family Parties and Other Holders (I) without registration pursuant to an effective registration

statement under the Securities Act and (II) within the volume limitations under Rule 144(e) promulgated under the Securities Act (or any successor rule or regulation) whether or not such volume limitations are then applicable,

(ii) subject to the next sentence, the Dolan Family Holders shall in the aggregate have the right on only four occasions to require the Company to file a registration statement pursuant to this Section 1, and

(iii) subject to the next sentence, a Qualifying Creditor may require registration only following the exercise of its remedies under a security agreement with a Dolan Family Holder and for the purpose of Transferring Shares pursuant

thereto and each Qualifying Creditor may only require one registration hereunder. The total number of demand registrations under clauses (ii) and (iii) of the immediately preceding sentence and under the corresponding provisions of the Dolan

Children Trusts Registration Rights Agreement shall not exceed four. All requests made pursuant to this paragraph shall specify the aggregate number of Shares to be registered and the intended methods of disposition thereof, which methods may

include an underwritten public offering. Upon receipt of a written request for registration from a

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Dolan Family Holder pursuant to the preceding sentences, the Company shall promptly give written notice of the proposed registration to each such other Dolan Family Holder and each Other Holder

and provide each such other holder with the opportunity to join in such request by written notice to the Company specifying the aggregate number of Shares to be registered by such holder within 20 days from the date of the Company’s written

notice (such period is referred to as the “Notice Period”). Subject to Section 1(c) of this Agreement, the Company will use its reasonable best efforts to ensure that each registration statement required to be filed pursuant

to this Section 1 shall be filed with the Securities and Exchange Commission (the “Commission”) as promptly as reasonably practicable, but no later than 45 days after receipt of such request by the Company, and the Company

shall use its reasonable best efforts to cause such registration statement to be declared effective by the Commission as promptly thereafter as practicable; provided, however, that the Company shall not be required to maintain such

effectiveness for more than 90 days. Notwithstanding the Company’s rights to effect a Suspension of Filing or Suspension of Effectiveness in Section 1(c), the Dolan Family Parties that made the registration request under this

Section 1(a) shall have the right to withdraw any such request, and such withdrawn request shall not count as a demand registration under clause (ii) or (iii) of this Section 1(a) or the corresponding provisions under the Dolan

Children Trusts Registration Rights Agreement, if (1) the registration statement required to be filed pursuant to this Section 1 is not filed with the Commission by the date that is 45 days after such request is received by the

Company and has not at the time of such withdrawal been filed with the Commission, or is not declared effective by the date that is 90 days after the date such registration statement is filed with the Commission and has not at the time of such

withdrawal been declared effective, and (2) in either case, such Dolan Family Parties notify the Company of the withdrawal of such request no later than 10 days after such 45th or 90th day, as the case may be.

-4-

(b) Concurrent Primary Offering. Anything in this Section 1 to the contrary

notwithstanding, if the Company at the time of receipt of a request for registration pursuant to this Section 1 has a bona fide intent and plan to file a registration statement (other than on Form S-4 or S-8 or any successor forms) covering a primary offering by the Company of its Common Equity Securities, the Company, by notice to the applicable Dolan Family Parties, may delay the filing (but not the preparation)

of the requested registration statement for a period ending on the earlier of (i) 60 days after the closing of such offering or (ii) 120 days after receipt of the request for registration; and, provided, further, if the

Company either abandons its plan to file such registration statement or does not file the same within 75 days after receipt of such request, the Company shall promptly thereafter file the requested registration statement. The Company may not,

pursuant to the immediately preceding sentence, delay the filing of a requested registration statement more than once during any two-year period.

(c) Suspension of Offering. Upon notice by the Company to any Dolan Family Party which has requested registration under this

Section 1 that a negotiation or consummation of a transaction by the Company or any of its subsidiaries is pending or an event has occurred, which negotiation, consummation or event would require disclosure in the registration statement for the

requested registration and such

-5-

disclosure would, in the good faith judgment of the board of directors of the Company, be materially adverse to the business interests of the Company, and the nondisclosure of which in the

registration statement would reasonably be expected to cause the registration statement to fail to comply with applicable disclosure requirements (a “Materiality Notice”), the Company may delay the filing (but not the preparation)

of such registration statement (a “Suspension of Filing”). Upon the delivery of a Materiality Notice by the Company pursuant to the preceding sentence at any time when a registration statement has been filed but not declared

effective, the Company may delay seeking the effectiveness of such registration statement (a “Suspension of Effectiveness”), and each Dolan Family Party named therein shall immediately discontinue any offers of Shares under such

registration statement until such Dolan Family Party receives copies of a supplemented or amended prospectus that corrects such misstatement or omission, or until it is advised in writing by the Company that offers under such registration statement

may be resumed and has received copies of any additional or supplemental filings which are incorporated by reference in such registration statement. Upon the delivery of a Materiality Notice by the Company pursuant to the first sentence of this

Section 1(c) at any time when a registration statement has been filed and declared effective, each Dolan Family Party named therein shall immediately discontinue offers and sales of Shares under such registration statement until such Dolan

Family Party receives copies of a supplemented or amended prospectus that corrects such misstatement or omission and notice that any post-effective amendment has become effective, or until it is advised in writing by the Company that offers under

such registration statement may be resumed

-6-

and has received copies of any additional or supplemental filings which are incorporated by reference in the registration statement (a “Suspension of Offering;” a Suspension of

Filing, a Suspension of Effectiveness and a Suspension of Offering are collectively referred to herein as, “Suspensions”). If so directed by the Company, each Dolan Family Party will deliver to the Company all copies (other

than permanent file copies then in such Dolan Family Party’s possession) of any prospectus covering Shares in the possession of such Dolan Family Party or its agents current at the time of receipt of any Materiality Notice. In any 12-month period, the aggregate time of all Suspensions shall not, without the consent of a majority of the Dolan Family Holders (by number of Shares held), which consent shall not be unreasonably withheld, exceed

180 days. If interrupted by a Suspension of Offering, any 90-day period in respect of which the Company is required to maintain the effectiveness of a registration statement pursuant to Section 1(a) of

this Agreement shall be extended by the number of days during which the Suspension of Offering was in effect. In the event of any Suspension of Offering of more than 30 days in duration prior to which the Dolan Family Parties have sold less than 75%

of the Shares to be sold in such offering, the Dolan Family Parties shall be entitled to withdraw such registration prior to the later of (i) the end of the Suspension of Offering and (ii) three business days after the

Company has provided the Dolan Family Parties written notice of the anticipated date on which the Suspension of Offering will end, and, if such registration is withdrawn, the related demand for registration shall not count for the purposes of the

limitations set forth under clauses (ii) and (iii) of Section 1(a) or the comparable provisions under the Dolan Trusts Registration Rights Agreement.

-7-

(d) Market Price; Trading Day. For purposes of this Section 1:

(i) “Market Price” of a share of Class A Common Stock shall mean the weighted average of the closing

system of the New York Stock Exchange or on the comparable reporting system of such other exchange or trading system that is at the time the principal market for the Class A Common Stock.

(ii) “Trading Day” shall mean any day on which trading takes place on the New York Stock Exchange or such

other exchange or trading system that is at the time the principal market for the Class A Common Stock.

2. Coordination of

Piggyback Registration Rights.

Each of the Dolan Family Parties hereby acknowledges and consents to the grant by the Company to the

Children Trust Holders (as defined in the Dolan Children Trusts Registration Rights Agreement and hereinafter referred to in this Agreement as the “Other Holders”), in the Dolan Children Trusts Registration Rights Agreement,

of the right of the Other Holders to include certain of their respective shares of Class A Common Stock in certain registration statements filed pursuant hereto. Each of the Dolan Family Parties further acknowledges and agrees that if any

offering hereunder is to be underwritten and if the managing underwriter or underwriters of such offering informs such person in writing that the number of shares of Class A Common Stock which the Dolan Family Parties, and the Other Holders, as

the case may be, intend

-8-

to include in such offering is sufficiently large so as to affect the offering price of such offering materially and adversely, then the respective number of shares of Class A Common Stock

to be offered for the account of each Dolan Family Party and each Other Holder, as the case may be, who is participating in such offering shall be reduced pro rata to the extent necessary to reduce the total number of shares of Class A Common

Stock to be included in such offering to the number recommended by such managing underwriter. Except for such piggyback registration rights granted to Other Holders, and to any transferee of the shares of Class A Common Stock owned by an Other

Holder which may be registered pursuant to the Dolan Children Trusts Registration Rights Agreement, neither the Company nor any of its security holders shall have the right to include any of the Company’s securities in any registration

statement filed pursuant hereto.

3. Piggyback Registration of the Shares.

If the Company proposes to file a registration statement under the Securities Act with respect to an offering (a) by an Other

Holder of its holdings of Class A Common Stock pursuant to the Dolan Children Trusts Registration Rights Agreement, (b) by any other holder of any Common Equity Securities or (c) by the Company for its own account of any

Common Equity Securities (other than a registration statement on Form S-4 or S-8, or any successor form or a form filed in connection with an exchange offer or an

offering of securities solely to the existing stockholders of the Company), the Company shall give written notice of such proposed filing to each of the Dolan Family Holders at least 20 days before the anticipated filing date which shall state

whether such registration will be in connection with an underwritten offering and offer such Dolan

-9-

Family Holders the opportunity to include in such registration statement such number of the Shares as such Dolan Family Holder may request not later than three days prior to the anticipated

filing date. The Company shall use its reasonable best efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit such Dolan Family Holders to be included in the registration for such offering and to

include such Shares in such offering on the same terms and conditions as the Common Equity Securities included in such offering. If such proposed offering is to be underwritten, then upon request by the managing underwriter or underwriters given to

such Dolan Family Holders prior to the effective date of the offering, any Dolan Family Holder electing to have Shares included in the registration statement shall either enter into underwriting agreements with customary terms and conditions for a

secondary offering with such underwriter or underwriters providing for the inclusion of such number of the Shares owned by such Dolan Family Holder in such offering on such terms and conditions or, if such Dolan Family Holder shall refuse to enter

into any such agreement, the Company shall have the right to exclude from such registration all (but not less than all) of the Shares of such Dolan Family Holder. Notwithstanding the foregoing, (x) in no event will any Dolan Family

Holder be required in such underwriting agreement (or in any other agreement in connection with such offering) to (i) make any representations or warranties to or agreements with the underwriters other than representations, warranties or

Dolan Family

-10-

Holder, the ownership of such Dolan Family Holder’s Common Equity Securities, the authorization, validity and binding effect of transaction documents executed by such Dolan Family Holder in

connection with such registration and such Dolan Family Holder’s intended method or methods of distribution and any other representation required by law; provided that no Dolan Family Holder shall be required to make any representation

or warranty to any person covered by the indemnity in Section 7(b) other than on a several (and not joint) basis, or (iii) furnish any indemnity to any person which is broader than the indemnity customarily furnished by selling

security holders in underwritten offerings; provided that no Dolan Family Holder shall be required to furnish any indemnity broader than the indemnity furnished by such Dolan Family Holder in Section 7(b) to any person covered by the indemnity

in Section 7(b), and (y) if the managing underwriter or underwriters of such offering informs the Dolan Family Holders in writing that the number of Shares which the Dolan Family Holders and the number of Shares which the Other

Holders intend to include in such offering is sufficiently large so as to affect materially and adversely the success of such offering, the Shares to be offered for the account of the Dolan Family Holders and the Other Holders shall first be reduced

pro rata to the extent necessary to reduce the total number of shares of Class A Common Stock to be included in such offering to the number recommended by such managing underwriter. In giving effect to the foregoing reduction, the respective

number of the Shares to be offered for the account of Dolan Family Holders shall be reduced pro rata.

-11-

4. Holdback Agreements.

(a) Restrictions on Public Sale by Dolan Family Parties. To the extent not inconsistent with applicable law, each Dolan Family Party

agrees not to offer publicly or effect any public sale or distribution of Common Equity Securities, including a sale pursuant to Rule 144 under the Securities Act (or any successor rule or regulation), during the seven days prior to, and during the 90-day period beginning on, the effective date of any registration statement filed by the Company pursuant to which any such shares or securities are being registered (except as part of such registration), if and to

the extent requested by the Company in the case of a non-underwritten public offering or if and to the extent requested by the managing underwriter or underwriters in the case of an underwritten public

offering.

(b) Restrictions on Public Sale by the Company and Others. The Company agrees (i) that during the seven days

prior to, and during the 90-day period beginning on, the effective date of any registration statement filed at the request of a Dolan Family Party pursuant hereto, the Company will not offer publicly or effect

any public sale or distribution of Common Equity Securities (other than any such sale or distribution of such securities in connection with any merger or consolidation of the Company or any subsidiary with, or the acquisition by the Company or a

subsidiary of the capital stock or substantially all of the assets of, any other person or any offer or sale of such securities pursuant to a registration statement on Form S-8), and (ii) that any

agreement entered into after the date of this Agreement pursuant to which the Company issues or agrees to issue any privately placed Common Equity Securities shall contain a provision under which holders of such securities agree not to effect

any public sale or distribution of any such securities during the periods described in (i) above, in each case including a sale pursuant to Rule 144 (or any successor rule or regulation) under the Securities Act (except as part of any such

registration, if permitted).

-12-

5. Registration Procedures.

In connection with any registration of the Shares owned by a Dolan Family Party contemplated hereby, the Company will as expeditiously as

possible:

(a) Furnish to such Dolan Family Party, prior to filing a registration statement, copies of such registration statement as

proposed to be filed, and thereafter such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits thereto), the prospectus included in such registration statement (including each

preliminary prospectus) and such other documents in such quantities as such Dolan Family Party may reasonably request from time to time in order to facilitate the disposition of the Shares.

(b) Use its reasonable best efforts to register or qualify the Shares being registered as contemplated hereby (the “Registered

Class A”) under such other securities or blue sky laws of such jurisdictions as such Dolan Family Party reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to

enable such Dolan Family Party to consummate the disposition in such jurisdictions of the Registered Class A; provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it

would not otherwise be required to qualify but for this paragraph (b), (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such jurisdiction.

-13-

with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable such Dolan Family Party to consummate the disposition of such Registered Class A.

(d) Notify such Dolan Family Party at any time, (i) of any request by the Commission or any other federal or state governmental

which the prospectus included in such registration statement contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and, except as

otherwise provided in Section 1(c) hereof, the Company will, as expeditiously as practicable, prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registered Class A, such

prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

-14-

(e) Use its reasonable best efforts to obtain the withdrawal of any order suspending the

effectiveness of a registration statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registered Class A for sale in any jurisdiction at the earliest date reasonably practical.

(f) Cause all such Registered Class A to be listed on the New York Stock Exchange or on any other securities exchange on which the

Class A Common Stock is then listed, provided that the applicable listing requirements are satisfied.

(g) Enter into

customary agreements (including an underwriting agreement in customary form) and take such other actions as are reasonably requested by the relevant Dolan Family Party in order to expedite or facilitate the disposition of the Registered

Class A.

(h) Make available for inspection by such Dolan Family Party, any underwriter participating in any disposition pursuant to

such registration statement, and any attorney, accountant or other agent retained by such Dolan Family Party or such underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and

properties of the Company (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the officers, directors and employees of the Company to supply all

information reasonably requested by any such Inspector in connection with such registration statement. Records which the Company determines, in good faith, to be confidential and

-15-

which it notifies the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or

omission in the registration statement or (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction. Any Dolan Family Party shall use reasonable best efforts, prior to any

disclosure by any such Inspector under clause (i) of the preceding sentence, to inform the Company that such disclosure is necessary to avoid or correct a misstatement or omission in the registration statement. Each Dolan Family Party further

agrees that it will, upon learning that disclosure of Records is sought in a court of competent jurisdiction, give notice to the Company (unless prohibited by law after taking reasonable actions to permit such notice) and allow the Company, at the

expense of the Company, to undertake appropriate action to prevent disclosure of the Records deemed confidential.

(i) In the event such

sale is pursuant to an underwritten offering, use its reasonable best efforts to (i) obtain a comfort letter from the independent public accountants for the Company in customary form and covering such matters of the type customarily

covered by such letters as any Dolan Family Party reasonably requests and (ii) ensure that (A) the representations, warranties and covenants contained in the applicable underwriting agreement shall expressly be for the

benefit of any Dolan Family Party participating in such sale, (B) the conditions to closing in said underwriting agreement shall be reasonably satisfactory to such Dolan Family Party and (C) to the extent customary, all

comfort letters and opinions of counsel contemplated by said underwriting agreements are delivered to such Dolan Family Party on the closing date of the offering.

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(j) Otherwise use its reasonable best efforts to comply with all applicable rules and

regulations of the Commission and have the registration statement declared effective as soon as practicable after filing.

The Company may

require any Dolan Family Party to furnish to the Company such information regarding such Dolan Family Party as the Company may from time to time reasonably request in writing, in each case only as required by the Securities Act or the rules and

regulations thereunder.

Each Dolan Family Party agrees that, upon receipt of any notice from the Company of the happening of any event of

the kind described in Section 5(d) hereof, such Dolan Family Party will forthwith discontinue disposition of the Registered Class A pursuant to the registration statement covering such Registered Class A until such Dolan Family Party

receives the copies of the supplemented or amended prospectus contemplated by Section 5(d) hereof, and, if so directed by the Company, such Dolan Family Party will deliver to the Company (at the expense of the Company) all copies, other than

permanent file copies then in such Dolan Family Party’s possession, of the prospectus covering such Registered Class A current at the time of receipt of such notice. If interrupted by receipt of any such notice pursuant to

Section 5(d), any 90-day period in respect of which the Company is required to maintain the effectiveness of a registration statement pursuant to Section 1(a) shall be extended by the number of days

during which the interruption was in effect.

-17-

6. Registration Expenses.

Other than in the case of (a) a registration at the request of a Qualifying Creditor or (b) a demand registration

under Section 1(a) after the second such registration (each registration referred to in clause (a) or (b), a “Designated Registration”), all expenses incident to the performance of or compliance with this Agreement by

by the

-18-

Company at its election, shall be borne by the Qualifying Creditor or the Dolan Family Holders participating in the offering, as the case may be. The Company will not have any responsibility for

any of the expenses of any Dolan Family Party incurred in connection with any registration statement hereunder, including, without limitation, underwriting discounts or commissions attributable to the sale of Registered Class A and fees and

expenses of counsel for such Dolan Family Party.

7. Indemnification; Contribution.

(a) Indemnification by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law,

(i) each Dolan Family Party, (ii) the directors, officers, partners, employees, agents, beneficiaries, trustees, members and affiliates of each Dolan Family Party, and the directors, officers, partners, employees and agents

of each such affiliate, and (iii) each person who controls any of the foregoing (within the meaning of the Securities Act and the Exchange Act), and any investment adviser thereof, against any and all losses, claims, damages,

-19-

prospectus or amendment or supplement thereto, (y) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements

therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading, or (z) any violation by the Company of any federal, state or common law rule or regulation applicable to the Company in

connection with such registration, and the Company will reimburse each such indemnified party for any such Loss, except in each case insofar as any such Loss arises out of or is based upon an untrue statement or omission made in any such

registration statement, prospectus, preliminary prospectus, final prospectus, summary prospectus, amendment or supplement, or a violation of law or regulation in reliance upon and in conformity with written information furnished to the Company by

such indemnified party expressly for use in the preparation thereof, it being understood that the information to be furnished to the Company for use in the preparation of any such document shall be limited only to the information specifically

referenced in the penultimate sentence of Section 7(b). Such indemnity shall remain in full force and effect regardless of any investigation made by such indemnified person and shall survive the Transfer of any Shares by any such indemnified

person. The indemnity in this Section 7(a) shall not apply to Losses incurred by a person other than in his or her capacity as a selling security holder. In connection with an underwritten offering, the Company will indemnify the underwriters

thereof, their officers and directors and each person who controls such underwriters (within the meaning of the Securities Act or the Exchange Act) to the same extent as provided above with respect to the indemnification of each Dolan Family Party.

-20-

(b) Indemnification by Dolan Family Parties. In connection with any registration

statement contemplated hereby, each Dolan Family Party participating in any offer or sale pursuant to such registration statement will furnish to the Company in writing such information with respect to such Dolan Family Party as the Company

writing by such Dolan Family Party expressly for use in the preparation of such registration statement, prospectus, preliminary prospectus, summary prospectus or amendment or supplement thereto, as the case may be, or (ii) any violation

by such Dolan Family Party of any federal, state or common law rule or regulation applicable to such

-21-

Dolan Family Party in connection with such registration. It is understood that the information to be furnished by a Dolan Family Party to the Company for use in the preparation of any such

document shall be limited only to information regarding such Dolan Family Party, the ownership of such Dolan Family Party’s Common Equity Securities, such Dolan Family Party’s intended method or methods of distribution and any other

information required by law. The liability of a Dolan Family Party under this Section 7(b) shall not exceed the amount of net proceeds received by such Dolan Family Party (net of underwriting discounts borne by such Dolan Family Party) from the

sale of the Shares in the offering that is the subject of an indemnity claim under this Section 7(b).

Indemnification Proceedings. Any person entitled to indemnification hereunder agrees to give prompt written notice to the indemnifying party after the receipt by such person of any written notice of the commencement of any action, suit,

proceeding or investigation or threat thereof made in writing for which such person will claim indemnification or contribution pursuant to this Agreement, provided that the failure of any indemnified party to give notice as provided herein shall not

relieve the indemnified party of its obligations under this Section 7, except to the extent that the indemnifying party is materially prejudiced by such failure to give notice. Unless in the reasonable judgment of such indemnified party, a

conflict of interest may exist between such indemnified party and the indemnifying party with respect to such claim, the indemnified party shall permit the indemnifying party to assume the defense of such claim with counsel reasonably satisfactory

to such indemnified party. If the

-22-

indemnifying party is not entitled to, or elects not to, assume the defense of a claim, it will not be obligated to pay the fees and expenses of more than one counsel with respect to such claim,

unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be obligated

to pay the fees and expenses of such additional counsel or counsels. No indemnifying party will be subject to any liability for any settlement made without its consent. No indemnifying party, in the defense of any such claim or litigation shall,

except with the consent of the applicable indemnified party, which consent shall not be unreasonably withheld, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the

claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation.

(d)

Indemnification Payments. Any indemnification required to be made by an indemnifying party pursuant to this Section 7 shall be made by periodic payments to the indemnified party during the course of the action or proceeding, as and when

bills are received by such indemnifying party with respect to indemnifiable Losses incurred by such indemnified party.

-23-

(e) Contribution. If the indemnification provided for in this Section 7 from the

indemnifying party is unavailable to an indemnified party hereunder in respect of any Losses or is insufficient to hold harmless an indemnified party from all Losses covered thereby, then the indemnifying party, in lieu of indemnifying such

indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and indemnified parties in connection

with the actions which resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified parties shall be determined by reference to, among other things, whether the untrue

or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or indemnified parties, and the parties’ relative intent, knowledge, access to

information and opportunity to correct or prevent such statements or omissions. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the

limitations set forth in Section 7(c), any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding.

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 7(e) were determined by pro

Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

-24-

Notwithstanding anything else contained herein, (i) no party shall be liable for

contribution under this Section 7(e) except to the extent and under such circumstances as such party would have been liable to indemnify under this Section 7 if such indemnification were enforceable under applicable law and

(ii) no Dolan Family Party (or related indemnified party) shall be required to contribute any amount in excess of the amount by which the net proceeds received by such Dolan Family Party (net of underwriting discounts borne by such Dolan

Family Party) from the sale of Shares in the offering that is the subject of the claim for contribution exceeds the amount of any damages which such Dolan Family Party (or related indemnified party) would have been required to pay by reason of the

indemnity under this Section 7 if such indemnification was enforceable under applicable law.

If indemnification is available under

this Section 7, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Sections 7(a) and (b) without regard to the relative fault of said indemnifying party or indemnified party or any other

equitable consideration provided for in this Section 7(e).

8. Participation in Underwritten Registrations. A Dolan Family

Party may not participate in any underwritten registration hereunder or under the Dolan Children Trusts Registration Rights Agreement or otherwise unless such Dolan Family Party (a) agrees to sell the Shares on the basis provided in any

underwriting arrangements with customary terms and conditions for a secondary offering approved by the persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney,

indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, provided that none of the foregoing shall in any way limit the obligations of the Company under Section 7.

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9. Miscellaneous.

(a) No Inconsistent Agreements. The Company will not hereafter enter into any agreement with respect to its securities which is

inconsistent with the rights granted to the Dolan Family Parties in this Agreement.

(b) Amendments. This Agreement may not be

amended, modified or altered except by a writing duly signed by the party against which such amendment or modification is sought to be enforced.

(c) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Company, the Dolan Family Parties and

the respective successors and permitted assigns of the Company and the Dolan Family Parties. This Agreement may not be assigned by either the Company or a Dolan Family Party without the prior written consent of the other party hereto. The Company

shall assign its rights and obligations hereunder to any entity that succeeds to all or substantially all of its assets, by merger or otherwise, including to any holding company that may be formed to be the parent of the Company, if such entity

becomes the issuer of the securities then owned by the Dolan Family Holders.

(d) Counterparts. This Agreement may be executed in

one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.

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(e) Headings. The headings in this Agreement are for reference purposes only and

shall not constitute a part hereof.

(f) Construction. This Agreement shall be governed by, and construed in accordance

with, the internal laws of the State of New York without giving any effect to principles of conflicts of laws.

(g) Notices.

on Schedule 1 hereto (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof), with copies as designated on Schedule 1 hereto.

(h) Severability. If any provision of this Agreement or the application of any provision hereof to any person or circumstance is held

Agreement.

(i) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and is

or referred to herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

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(j) Attorneys’ Fees. In any action or proceeding brought to enforce any

(k) Effectiveness. This Agreement shall become effective on the date on which the Distribution is consummated, without any further

action of any of the parties hereto.

-28-

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first

written above.

MSGS SPINCO, INC.

(to be renamed

MSG Rangers Corp.)

By:

/s/ David Granville-Smith

Name: David Granville-Smith

Title: Executive Vice President

[Signature Page to Family Affiliates Registration Rights Agreement (MSGS Spinco)]

MARY S. DOLAN

/s/ Mary S. Dolan

As Trustee of Charles F. Dolan 2009 Family Trusts FBO Kathleen M. Dolan, Deborah A. Dolan-Sweeney, Marianne Dolan Weber, James L. Dolan and Patrick F. Dolan, CFD 2010 Grandchildren Trusts FBO Descendants of Kathleen M. Dolan and

Marianne E. Dolan Weber, Kathleen M. Dolan 2012 Descendants Trust and CFD 2021 GC Trusts FBO Kevyn A. Dolan and Tara E. Dolan

CORBY DOLAN LEINAUER

/s/ Corby Dolan Leinauer

Marianne E. Dolan Weber and CFD 2021 GC Trusts FBO Kevyn A. Dolan and Tara E. Dolan

KATHLEEN M. DOLAN

/s/ Kathleen M. Dolan

As Trustee of Tara Dolan 1989 Trust and Ryan Dolan 1989 Trust

PAUL J. DOLAN

/s/ Paul J. Dolan

As Trustee of Kathleen M. Dolan 2012 Descendants Trust

RICH BACCARI

/s/ Rich Baccari

As Trustee of Marianne E. Dolan Weber 2012 Descendants Trust

JAMES L. DOLAN

/s/ James L. Dolan

James L. Dolan, individually

ANNEX B

Definitions

“Acceptable Marital Trust” means a marital trust the income of which is for the benefit of any spouse of any descendant of

Charles F. Dolan and the principal of which (including all shares of Class B Common Stock held by such trust) is for the sole benefit of any descendant of Charles F. Dolan.

“Class A Common Stock” has the meaning ascribed thereto in the Recitals.

“Class B Common Stock” has the meaning ascribed thereto in the Recitals.

“Collateral Stock” means shares of Class B Common Stock that are the subject of a bona fide pledge or similar

perfected security interest.

“Commission” has the meaning ascribed thereto in Section 1(a) hereof.

“Common Equity Securities” means shares of any class of common stock, or any securities convertible into or exchangeable or

exercisable for shares of any class of common stock of the Company.

“Company” has the meaning ascribed thereto in the

Recitals.

“Creditor” means any financial institution approved by the Company, such approval not to be unreasonably

withheld.

“Designated Registration” shall have the meaning ascribed thereto in Section 6 hereof.

“Distribution” has the meaning ascribed thereto in the Recitals.

“Dolan Children Trusts Registration Rights Agreement” means the Registration Rights Agreement, dated as of the date hereof,

between the Company and the Charles F. Dolan Children Trusts, as the same may be amended, modified or amended and restated from time to time.

“Dolan Consent” means the affirmative vote of two-thirds of the votes of the

members of the Dolan Family Committee.

“Dolan Family Affiliates” has the meaning ascribed thereto in the Preamble

hereof.

“Dolan Family Committee” means the Dolan Family Committee established

pursuant to the MSGS Spinco, Inc. (to be renamed MSG Rangers Corp.) Stockholders’ Agreement.

“Dolan Family

Holders” means the Dolan Family Affiliates and any other Dolan Family Member that is a party to the Stockholders’ Agreement who or that is a transferee of shares of Class B Common Stock from a Dolan Family Affiliate or other

Dolan Family Member.

“Dolan Family Member” means any person related to Charles F. Dolan by reason of being his

ancestor or descendent (natural or adopted), any Acceptable Marital Trust, any entity (whether a corporation, partnership, limited liability company, trust or other entity of any kind) all of the equity or beneficial interests in which are owned or

held by any of the foregoing persons, or any person (whether or not such person is one of the foregoing persons) who is a trustee for, or is acting on behalf of, any of such foregoing persons.

“Dolan Family Parties” means all Dolan Family Holders and any Qualifying Creditor.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Inspectors” has the meaning ascribed thereto in Section 5(g) hereof.

“Losses” has the meaning ascribed thereto in Section 7(a) hereof.

“Market Price” has the meaning ascribed thereto in Section 1(d) hereof.

“Materiality Notice” has the meaning ascribed thereto in Section 1(c) hereof.

“MSGS” has the meaning ascribed thereto in the Recitals.

“MSGS Class A Common Stock” has the meaning ascribed thereto in the Recitals.

“MSGS Class B Common Stock” has the meaning ascribed thereto in the Recitals.

“Other Holders” has the meaning ascribed thereto in Section 2 hereof.

“Permanent Incapacity” means, with respect to an individual, any individual whose ability to receive and evaluate

“Public Offering” has the meaning ascribed thereto in the Recitals.

“Qualifying Creditor” means a Creditor who has, at the written request of a Dolan Family Holder, signed an instrument in

form reasonably acceptable to the Company agreeing to be bound by the provisions of this Agreement. Any affiliate of a Qualifying Creditor who owns Collateral Stock shall be deemed to be the same person as the Qualifying Creditor for purposes of

Section 1.

“Records” has the meaning ascribed thereto in Section 5(g) hereof.

“Registered Class A” has the meaning ascribed thereto in Section 5(b).

“Registration Expenses” has the meaning ascribed thereto in Section 6 hereof.

“Rule 144 Threshold” means the product of (a) the maximum number of shares of Class A Common Stock of the

Company that could be sold under Rule 144(e)(1) under the Securities Act (or any successor rule or regulation) and (b) the applicable Market Price provided for in this Agreement.

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

“Shares” means (i) shares of Class A Common Stock and Class B Common Stock acquired by any Dolan

Family Holder in the Distribution, (ii) shares of Class A Common Stock and Class B Common Stock acquired by any Dolan Family Holder as a result of any stock split, stock dividend or other recapitalization with respect to any

shares of Class A Common Stock and Class B Common Stock acquired by any Dolan Family Holder in the Distribution or acquired as provided in this clause (ii) and (iii) shares of Class A Common Stock acquired upon conversion

of Class B Common Stock acquired by any Dolan Family Holder in the Distribution or acquired as provided in clause (ii).

“Stockholders’ Agreement” means the MSGS Spinco, Inc. (to be renamed MSG Rangers Corp.) Class B Stockholders’

Agreement, dated as of October 2, 2026, by and among the signatories thereto, as the same may be amended, modified or amended and restated from time to time.

“Suspension of Effectiveness” has the meaning ascribed thereto in Section 2(c) hereof.

“Suspension of Filing” has the meaning ascribed thereto in Section 1(c) hereof.

“Suspension of Offering” has the meaning ascribed thereto in Section 1(c) hereof.

“Trading Day” has the meaning ascribed thereto in Section 1(d) hereof.

“Transfer” means a sale, transfer or other disposition.

EX-8.1

Filename: d180862dex81.htm · Sequence: 6

EX-8.1

[Letterhead of Sullivan & Cromwell LLP]

EXHIBIT 8.1

October 26, 2026

Madison Square Garden Sports Corp.,

Two Pennsylvania

Plaza,

New York, NY 10121

Ladies and Gentlemen:

We have acted as U.S. tax counsel to Madison Square Garden Sports Corp., a Nevada corporation (“MSG Sports”), in connection

with the Distribution as described in the Form 10 Registration Statement of MSGS Spinco, Inc. (“Controlled”) effective October 9, 2026. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the

officer’s certificate to us from MSG Sports, dated October 26, 2026 (the “Officer’s Certificate”).

rendering our opinion, we have examined and relied upon the accuracy and completeness of the facts set forth in the Officer’s Certificate and such other documents as we have deemed necessary or appropriate. In addition, we have relied upon the

representation letter to us from James L. Dolan. In connection with this opinion, we have assumed that the Contribution and the Distribution will be consummated in the manner described in the Officer’s Certificate, and we have made the

assumptions described in Exhibit E attached thereto.

In rendering our opinion, we have considered the applicable provisions of the

Internal Revenue Code of 1986, as amended (the “Code”), Treasury Regulations promulgated thereunder, pertinent judicial authorities, interpretive rulings of the Internal Revenue Service, and such other authorities as we have

deemed appropriate under the circumstances. All such authorities are subject to change, and any of such changes could apply retroactively.

Based upon the foregoing, we are of the opinion that under current law,

(1) The Contribution and Distribution, taken together, will qualify as a reorganization under Section 368(a)(1)(D) of the Code;

(2) Neither MSG Sports nor Controlled will recognize gain or loss upon the Contribution;

(3) MSG Sports will not recognize gain or loss upon the Distribution under Section 355(c) or Section 361(c) of the Code; and

(4) Stockholders of MSG Sports will not recognize gain or loss upon the Distribution under Section 355(a) of the Code, and no amount will

be included in such shareholders’ income, except in respect of cash received in lieu of fractional shares of Controlled.

Our opinion is expressly conditioned upon the assumptions and statements of reliance set

forth above. We express no other opinion as to the tax consequences (including any applicable state, local or foreign tax consequences) of the transactions referred to herein or in the Officer’s Certificate.

Very truly yours,

/s/ Sullivan

& Cromwell LLP

-2-

EX-10.1

Filename: d180862dex101.htm · Sequence: 7

EX-10.1

Exhibit 10.1

TRANSFER CONSENT AGREEMENT

THIS TRANSFER CONSENT AGREEMENT is made this 23rd day of October, 2026 by and among: (i) the NATIONAL HOCKEY LEAGUE, a joint venture

organized as an unincorporated association (the “NHL”); (ii) NEW YORK RANGERS, LLC, a Delaware limited liability company (“Rangers LLC”), RANGERS HOLDINGS, LLC, a Delaware limited liability company (“RH

LLC”), MSG NYR HOLDINGS, LLC, a Delaware limited liability company (“MSG NYR Holdings”), and MSGS SPINCO, INC., a Nevada corporation to be renamed MSG Rangers Corp. (“Spinco”) (the entities listed in

this clause (ii) are referred to collectively as the “Club Parties”); and (iii) MSG SPORTS, LLC, a Delaware limited liability company to be renamed MSG Knicks, LLC (“MSG Sports”), and MADISON SQUARE

GARDEN SPORTS CORP., a Nevada corporation to be renamed MSG Knickerbockers Corp. (“Remainco”) (the entities listed in this clause (iii) are referred to collectively as the “Transferring Parties”, and

together with the Club Parties, the “Transaction Parties”).

Background

(a) Rangers LLC owns all of the assets comprising the New York Rangers hockey club (the “Rangers”). All of the membership

interests of Rangers LLC are directly owned by RH LLC. All of the membership interests of RH LLC are directly owned by MSG NYR Holdings.

(b) Spinco has been formed as a direct wholly owned subsidiary of Remainco. On the date hereof, MSG Sports will transfer all of the ownership

interests of MSG NYR Holdings to Spinco. Pursuant to a Distribution Agreement dated as of September 30, 2026 (the “Distribution Agreement”), between Remainco and Spinco, Remainco has agreed to distribute on October 26, 2026 (the

“Distribution Date”) to the holders of its common stock all of the outstanding shares of the common stock of Spinco such that all of the holders of record of Class A common stock and Class B common stock of Remainco will

receive a proportionate number of shares of Class A common stock and Class B common stock, respectively, of Spinco (the “Distribution”). The transactions described in this paragraph (b), including the Distribution, are

referred to collectively as the “Proposed Transactions”.

(i) all of the membership interests of MSG NYR Holdings will be directly owned by Spinco; (ii) except as set forth on Schedule 1A and in paragraph (d) below, to the knowledge of the Transaction Parties, no person or entity will

own more than 5% of the capital stock of Spinco; and (iii) the Transferring Parties will no longer own any direct or indirect interest in Rangers LLC or the Rangers.

(d) On the Distribution Date after giving effect to the Proposed Transactions, James L. Dolan (“JLD”) and certain trusts

for the benefit of members of the Dolan family (together with JLD and current and future family members or trusts, or entities wholly owned by the foregoing, that directly or indirectly own (or are or may become beneficiaries of), or subsequently

acquire in accordance with this Transfer Consent Agreement and that certain letter agreement to be executed on the Distribution Date in favor of the NHL by JLD and certain Dolan family members and trusts for the benefit of members of the Dolan

family, shares of Class B common stock of Spinco, collectively, the “Dolan Family Owners”) will collectively own all of the outstanding shares of Class B common stock of Spinco and, as a result thereof, have the right to

elect 75% of the board of directors of Spinco.

NOW, THEREFORE, in consideration of the foregoing premises and the representations,

warranties, covenants and agreements set forth herein, and subject to the following terms and conditions, it is agreed as follows:

Ownership, Control.

(a) The Club Parties represent, warrant and covenant to the NHL that JLD is the Governor of the Rangers and

the Executive Chairman and Chief Executive Officer of Spinco, and he is responsible for and has the authority to manage the business and affairs of the Rangers and each Club Party, subject to certain prior approvals of the board of directors of

Spinco as required by law.

(b) Notwithstanding any provision in any other agreement which may be to the contrary, the NHL Entities and

Member Clubs may rely upon as binding upon the Rangers and each Club Party any action of the Governor and each Alternate Governor of the Rangers with respect to any communication, agreement, understanding, action, consent or other transaction with

or concerning any NHL Entity or the Member Clubs.

(i) The ownership of the Rangers, any proposed transfer of the location of the Rangers and any proposed Transfer (as defined

below) of the assets of, or any direct or indirect ownership interest in, Rangers LLC or any other Club Party are subject to the NHL Constitution and Agreements (as defined below), including this Transfer Consent Agreement. Without limiting the

foregoing, subject to Section 1(c)(ii)(D), any Transfer of the assets of, or a direct or indirect ownership interest in, any of the Club Parties shall be subject to and conditioned upon approval of the NHL pursuant to Article 3.5 of the NHL

Constitution (attached hereto as Annex A), unless otherwise provided in the NHL Constitution and Agreements, provided, that: (A) subject to certain conditions, it is acknowledged and agreed that shares of Spinco common stock held by the

Dolan Family Owners shall be deemed to be held by JLD for the purposes of this Transfer Consent Agreement and the NHL Constitution and Agreements and nothing herein or therein shall restrict transfers of such common stock among Dolan Family Owners,

(B) the Dolan Family Owners may pledge stock of Spinco owned by them as collateral for loans made to them, provided that, in the event that if after giving effect to the Transfer of all of the stock subject to any such pledges the

Dolan Family Owners would collectively own in the aggregate less than 51% of the voting power of Spinco, then the pledgees and pledgors with respect to all such pledges shall have executed and delivered to the NHL a lender letter agreement in a form

prescribed by the NHL, and (C) the Transfer of the stock of Spinco shall not be deemed to be a transfer of a controlling interest in Spinco for purposes of Article 3.5 of the Constitution to the extent that, following any such Transfer, the

Dolan Family Owners collectively have the right in the aggregate to elect a majority of the board of directors of Spinco. Spinco shall be considered a “member” for purposes of Section 3.5 of the NHL Constitution as currently

constituted (which shall govern the Transfer of Spinco common stock for so long as Spinco is a publicly traded company and it owns the Rangers and Section 3.5 is so constituted).

(ii) Without limiting the provisions of subsection (i) above, and

except as specifically set forth in (i) above, each Club Party acknowledges and agrees that each of the below listed actions are subject to the approval of the NHL and, accordingly, any such actions taken but not approved by the NHL shall

subject the Club Parties and the Rangers to all remedies and rights which may be enforced by the NHL or its Member Clubs (as defined below):

(A)

Rangers LLC, RH LLC, or MSG NYR Holdings to change their respective statuses as Delaware limited liability

companies, or Spinco to change its status as a Nevada corporation;

(B)

any Club Party to liquidate or dissolve or Transfer a substantial part of its assets to another entity, if such

assets include an interest in the Rangers;

(C)

a change in control of any Club Party, whether or not presently provided in the limited liability company

agreement or other governing document of such Club Party;

(D)

except as set forth in Section 1(c)(i) or as may otherwise be specifically authorized by this Transfer

Consent Agreement, any transaction that will result in a change, directly or indirectly, in the ownership of the Rangers or any Club Party, to the extent such change would constitute a transfer of a membership or ownership interest in a Member Club

under Article 3.5 of the NHL Constitution. The parties acknowledge and agree that any transfer of a direct ownership interest in Spinco is subject to compliance with the NHL Constitution and Agreements and that to the extent required by the NHL

Constitution and Agreements they shall use reasonable efforts to obtain the NHL’s prior approval of such transactions whenever practicable; provided, however, that, notwithstanding anything to the contrary contained in this Transfer

Consent Agreement, any such transfer effectuated without the NHL’s prior written consent (if such consent is required under the NHL Constitution and Agreements) and for which such consent is not granted within 30 days after such transfer by

the NHL, will subject the Club Parties and the Rangers, as the NHL’s sole remedy against the Club Parties, to any

and all rights and remedies that the NHL may have against one or more Club Parties and/or the Rangers in connection with a material breach by any Club Party of the NHL Constitution and

Agreements, including without limitation, those enumerated in Section 3(g) below. The Club Parties agree to be bound by any decision of the NHL and its Member Clubs, and any actions taken by the NHL or its Member Clubs, in connection with the

exercise of the NHL’s rights and remedies as contemplated by this Section in respect of such decision not to approve any person or entity to whom any direct ownership interest in Spinco is transferred without the NHL’s written consent

(if such consent is required under the NHL Constitution and Agreements) (a “Transferee”) as a holder of an ownership interest in a Member Club. The Affiliated NHL Parties shall be entitled to indemnification in accordance with

Section 2 hereof with respect to all Losses arising out of any claim by a Transferee, any Transaction Party or any affiliate of a Transaction Party with respect to the NHL’s and its Member Clubs’ decision not to approve such

Transferee as a holder of an ownership interest in a Member Club or any actions taken by the NHL or its Member Clubs in connection with the exercise of its remedies contemplated by this Section in respect of such decision not to approve such

Transferee. The parties hereto agree that the failure to obtain the approval of the NHL and/or its Member Clubs for any transfer described in this Section will not in and of itself affect the ability of the transferor to convey good title to the

shares transferred. The NHL further agrees that it shall not seek to enjoin any sale of stock of Spinco, provided that the NHL may seek injunctive or other relief to prevent such transferee from exercising dominion or control directly or indirectly

over any Club Party or its assets.

(iii) The foregoing covenants apply and shall be enforceable

notwithstanding any provision of any document or instrument to the contrary.

(d) Each of the Club Parties (other than Spinco) agrees that

its stock, limited liability company or partnership certificate or other document evidencing ownership in such entity, if any, will bear a legend substantially as follows:

“The transfer, pledge or other disposition of this [limited liability company interest] is subject to the approval and consent of the

National Hockey League pursuant to the NHL Constitution and Bylaws and a certain Transfer Consent Agreement dated October 23, 2026 with the NHL.”

(e) For the purposes of this Transfer Consent Agreement:

(i) “NHL Constitution and Agreements” means: (A) the NHL Constitution, (B) the NHL

By-laws, (C) the governing documents of each of the NHL, NHL Enterprises, L.P., NHL Enterprises Canada, L.P., NHL Enterprises, Inc., National Hockey League Enterprises Canada, Inc., NHL Enterprises B.V.,

Intra-Continental Ensurers, Limited, NHL Interactive CyberEnterprises, LLC, NHL Network US, L.P., NHL Network US, Inc., NHL IHT, LP, NHL IHT, Inc., NHL IHT Canada Holdco, Inc., NHL IHT US, LP, NHL IHT US GP, LLC, NHL IHT US Holdco, LLC, NHL China

Holdings, LLC, NHL International Holdco, Inc., TLD, LLC, NHL Club Media, Inc., and any entity that may be formed by the member clubs of the NHL (the “Member Clubs”) generally after the date of this Transfer Consent Agreement, and

each of their respective affiliates and subsidiaries and other present or future affiliates (all of the foregoing entities, including the NHL but excluding the Member Clubs, the “NHL Entities”), (D) all other existing or future

rules, regulations, interpretations, memoranda, procedures, directives, policies, guidelines, positions and resolutions of, including, without limitation, positions taken with, and covenants, representations and warranties made to, any court or

governmental or quasi-governmental agency by, each of the NHL Entities, the NHL Board of Governors and the Commissioner (the “Commissioner”), (E) this Transfer Consent Agreement, the Transaction Approval Agreement, that certain

letter agreement, dated November 6, 2025, by and among the NHL, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Rangers LLC and the other parties thereto relating to certain obligations secured, among other

things, by certain assets of Rangers LLC (as amended, restated, amended and restated, replaced, supplemented or otherwise modified from time to time, the “Lender Letter Agreement”) and, to the extent not superseded, each other

consent agreement or similar agreement at any time entered into by any Transaction Party or its affiliates with the NHL, (F) the current and future collective bargaining agreements between the NHL and the National Hockey League Players’

Association and between the NHL and the National Hockey League Officials’ Association and all other agreements, consent agreements, decrees, cooperation agreements and settlement agreements presently or hereafter in effect or entered into

between or among any NHL Entity or Entities, on the one hand, and the Member Clubs generally, on the other hand, or any NHL Entity or Entities and/or the Member Clubs generally, on the one hand, or other persons, on the other hand, in furtherance of

the NHL’s (or any other NHL Entity’s) business or interests or as otherwise authorized by the NHL Board of Governors, the Commissioner, the applicable NHL Entity, the NHL Constitution or the NHL

By-laws, and (G) the Commissioner’s interpretation of, opinions concerning, and the custom and practice under, any of the foregoing, all as may be amended from time to time.

(ii) “Transfer” means any transfer, sale, assignment, issuance, foreclosure, liquidation,

wind-up, dissolution, division, combination, merger, consolidation, mortgage, hypothecation, allocation, pledge or other impairment, encumbrance or distribution, including by division or otherwise by operation

of law.

2. Release and Limitation of Liability.

(a) As partial consideration for the NHL providing the consents contained herein, each of the Transaction Parties on their own behalf and on

behalf of their respective subsidiaries and other past, present and future affiliates and the past, present and future heirs, executors, administrators, trustees, beneficiaries, legal representatives, agents, attorneys, servants, insurers,

employees, directors, officers, partners, principals, shareholders, members, managers, investors, predecessors, successors and assigns of any such person or entity (collectively, the “Releasors”), provided, however, that

(x) the Releasors shall not include shareholders, members or investors of Remainco, Spinco or any other affiliate controlled by a Transaction Party who are not Included Releasors (as defined in the following clause (y)) and (y) for the

avoidance of doubt, the Releasors include (A) JLD and current and future Dolan family members and trusts or entities wholly owned by the foregoing and (B) the Transaction Parties and their subsidiaries (clauses (A) and (B),

collectively, the “Included Releasors”), hereby forever releases and discharges the NHL, all of the other NHL Entities, all of the Member Clubs (except the Rangers, but including any and all future Member Clubs), each of their

respective subsidiaries and other past, present and future affiliates, each of their respective predecessors, successors and assigns, and each of their respective past, present and future, direct or indirect, owners, partners, members, shareholders,

principals, directors, officers, agents, trustees, managers, employees, governors, attorneys and other representatives in their respective capacities as such (collectively, “Affiliated NHL Parties” and each individually, an

“Affiliated NHL Party”) from (i) any and all actions, claims, demands, causes of action, and liabilities of any kind whatsoever (upon any legal or equitable theory, whether contractual,

common-law, statutory, decisional, Canadian, United States, foreign, state, provincial, local or otherwise), whether known or unknown (collectively, “Claims”) that are not otherwise

expressly described in subparagraph (ii) below and that any Transaction Party ever had, now has or hereafter can, shall or may have by reason of, arising out of, attributable to, in connection with, or in any way relating to or concerning any

act, omission, transaction, occurrence, rule, regulation, resolution, policy, procedure, or directive taken (or not taken), occurring (or not occurring), or existing (or not existing) at any time up to and including the date of the execution of this

Transfer Consent Agreement, relating to, or arising from, any hockey operations or any NHL activity, including without limitation, the performance, presentation or exploitation of any hockey game or hockey exhibition, or in respect of the Proposed

Transactions; and (ii) all of the “Released MSG Claims” as defined in paragraph 1(f) of that certain Settlement Agreement dated March 23, 2009 (the “Settlement Agreement”) and those Claims based on the

actions, policies or practices described in items (i) through (iii) of paragraph 1(f) of the Settlement Agreement, in each case, that exist as of the date of the execution of this Transfer Consent Agreement or continue materially unchanged

after the date of the execution of this Transfer Consent Agreement; provided that nothing in this paragraph shall be construed or interpreted as a release and discharge by any of the Transaction Parties of (x) any Claims expressly

reserved in the Settlement Documents (as such term is defined in the Settlement Agreement) pursuant to paragraphs 13 and 16 of the Supplemental Agreement dated as of March 23, 2009, except that the Transaction Parties acknowledge that the

actions, policies or practices described in paragraphs 13 and 16 of such Supplemental Agreement have not changed materially between the Effective Date of the Settlement Documents and the date of the execution of this Transfer Consent Agreement;

(y) any obligation of the NHL or any Affiliated NHL Party under any of the Settlement Documents, or (z) any amounts due to any of the Transaction Parties from any Affiliated NHL Parties in the ordinary course, or any amounts due or claims

under agreements executed prior to the date hereof (including, but not limited to, in respect of player transactions). With respect to clause (i) of this paragraph, the parties agree that no inferences shall be drawn against the Affiliated NHL

Parties from the absence of a provision that the release applies to such actions, policies or practices continuing materially unchanged after

the date of the execution of this Transfer Consent Agreement and, as such, either party shall be free to raise any and all arguments whatsoever about the scope and/or applicability of the

Court’s October 10, 2008 Opinion in Madison Square Garden, L.P. v. National Hockey League, et al., No. 07 CIV. 8455 (LAP) relating to the extent to which the Claims covered by clause (i) of this paragraph are released as

related to actions, policies and practices that continue materially unchanged after the date of the execution of this Transfer Consent Agreement, provided, for clarity, that all Claims covered by clause (i) that exist as of the date of the

execution of this Transfer Consent Agreement are released. To the extent any Affiliated NHL Party asserts a claim against any Transaction Party then the release contained in this paragraph shall not prohibit such Transaction Party from asserting a

defense or counterclaim to that claim. Except as expressly described herein, nothing in this paragraph shall be construed to be in derogation or as a limitation of any rights any Transaction Party or any Affiliated NHL Party has pursuant to the

Settlement Documents.

(b) Without limiting any other rights the NHL may have:

(i) the Club Parties hereby jointly and severally agree to indemnify and hold harmless the Affiliated NHL Parties from and

against any and all losses, obligations, claims, liabilities, fines, penalties, damages, costs and expenses (including without limitation, reasonable costs of investigation and settlement and attorneys’ fees, including in actions with

Affiliated NHL Parties) incurred or required to be paid by an Affiliated NHL Party (collectively, “Losses”) arising out of, attributable to or relating to any liability or obligation of the Club Parties under this Transfer Consent

Agreement; and

(ii) the Transferring Parties hereby jointly and severally agree to indemnify and hold harmless the

Affiliated NHL Parties from and against any and all Losses arising out of, attributable to or relating to any liability or obligation of the Transferring Parties under this Transfer Consent Agreement.

Any Affiliated NHL Party claiming a right of indemnity hereunder shall give the indemnifying party prompt notice of the claim, action, suit, proceeding or

circumstance giving rise to the potential Losses and shall afford the indemnifying party the opportunity to participate in the defense of such claim, action, suit or proceeding; provided, however, that the failure of any Affiliated NHL Party

to give such prompt notice shall not affect its right to receive indemnification under the Transfer Consent Agreement except to the extent that the indemnifying party is materially and adversely affected by such failure. No claim against either an

individual Member Club or which is based primarily on an act or omission of the Rangers for which indemnification is sought under this paragraph will be settled without the consent of the indemnifying parties, such consent not to be unreasonably

withheld. In any event, the Rangers and the other Transaction Parties agree that they shall reasonably cooperate in good faith with the NHL, its designated counsel and other representatives in connection with any such claim.

3. Additional Provisions.

(a) This Transfer Consent Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and

assigns, including but not limited to, any corporation or other business entity into which any party shall be merged, consolidated or amalgamated or to which substantially all of the assets of a party shall be transferred in each case in accordance

with the NHL Constitution and Agreements. No Transaction Party may assign any of its rights or delegate any of its duties under this Transfer Consent Agreement without the prior written consent of the NHL. Notwithstanding anything in the

Distribution Agreement or any other material agreement relating to the Proposed Transactions (each, a “Transaction Document”) to the contrary, except as provided in paragraph 11 of the Settlement Agreement, any dispute between or

among the parties hereunder relating to the subject matter hereof shall be deemed to be a dispute which shall be resolved in accordance with Section 6.3 of the NHL Constitution and the Commissioner shall have full and exclusive jurisdiction and

authority to arbitrate and resolve such dispute unless the NHL shall have waived the application of Section 6.3 of the NHL Constitution to any future agreement or relationship in a writing that refers to that provision. Notwithstanding anything

to the contrary contained in any Transaction Document, Rangers LLC shall have the right: (i) to amend, modify, rescind or restate all governing, constitutive, operating and other agreements or documents relating to the NHL or any other NHL

Entity and any of their subsidiaries or affiliates, whether now existing or formed in the future, and to liquidate, dissolve or merge any of those entities, (ii) to vote in favor of any of the actions set forth in clause (i), and (iii) to

invest or acquire an interest in any entity in which Member Clubs generally are investing or acquiring interests.

(b) Any notice or other

communication under this Transfer Consent Agreement shall be in writing and shall be considered given when delivered personally or sent by facsimile (with a copy by any other means permitted for the giving of notices under this section), one

(1) day after being sent by a reputable overnight courier, or three (3) days after being mailed by registered or certified mail, postage prepaid, return receipt requested, as follows:

If to the NHL:

National Hockey League

One Manhattan West

395 9th Avenue

New York, New York 10001

Attention: General Counsel

with a copy to:

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036

Attention: Arthur Burke

If to any Club Party:

Two Penn Plaza

New York, New York 10121

Attention: Chief Legal Officer

If to any Transferring Party:

Two Penn Plaza

New York, New York 10121

Attention: Chief Legal Officer

or to such other persons or to such other addresses as the parties hereto shall designate from time to time

by like notice.

the laws of the State of Delaware applicable to agreements made and to be performed entirely in Delaware. It is acknowledged and agreed that the NHL will suffer immediate and irreparable harm in the event of a breach of this Transfer Consent

Agreement by any other party hereto of any of its or his obligations hereunder and will not have an adequate remedy at law, and therefore, the NHL shall in addition to any other remedy available to it at law or in equity, except as otherwise

provided herein, be entitled to temporary, preliminary and permanent injunctive relief (except as provided in Section 1(c)(ii)(D)) and a decree for specific performance in the event of a breach or threatened or attempted breach, without the

necessity of showing any actual damage or irreparable harm or the posting of any bond or furnishing of any other security. The Transaction Parties also acknowledge and agree that to the extent permitted by the NHL Constitution and Agreements

(including this Transfer Consent Agreement), certain actions of only one or more of the Transaction Parties or their respective affiliates or subsidiaries may result in the exercise of rights and remedies against Rangers LLC, other Club Parties

and/or the Rangers, including, but not limited to, the involuntary termination of the Rangers. This Transfer Consent Agreement shall be interpreted neutrally and without regard to the party that drafted it and, in particular, no rule of construction

shall be applied as against any party hereto that would result in the resolution of an ambiguity contained herein against the drafting party solely by reason of such party being the drafting party.

(d) This Transfer Consent Agreement may be executed in counterparts (including by facsimile or other electronic transmission), each of which

shall constitute an original, but all of which taken together shall constitute one and the same instrument.

(e) No failure on the part of

any party to exercise, and no delay of exercising, any right, power or remedy under this Transfer Consent Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or remedy preclude any other or

further exercise thereof or of any other right, power or remedy. No waiver by any party of another party’s compliance with the provisions of this Transfer Consent Agreement shall be effective unless set forth in a writing signed by the party

granting such waiver, and no waiver of any provision on any one occasion shall constitute a waiver of such provision or any other provision on any subsequent occasion.

(f) Except as expressly provided in this Transfer Consent Agreement, the representations, covenants and agreements contained in this Transfer

Consent Agreement shall be construed as several representations, covenants and agreements between, as applicable, each of the parties hereto other than the NHL, on the one hand, and the NHL, on the other hand, and not as representations, covenants

and agreements between any of such parties other than the NHL between each other. Accordingly, any of such representations, covenants and agreements, and any of the transactions referred to in such representations, covenants and agreements, may be

waived, amended, consented to or otherwise approved by the NHL, on the one hand, and the particular party other than the NHL to which such representations, covenants, agreements or transactions apply, on the other hand, without the consent or

approval of any other party. By way of illustration and not limitation, changes in any party’s direct or indirect ownership of the Rangers or in the

ownership of any party may, for all purposes of this Transfer Consent Agreement, be consented to by such party and the NHL without the consent of any other party. Notwithstanding the preceding

provisions of this Section 3(f), absent an express provision to the contrary, (i) the covenants in this Transfer Consent Agreement in favor of the NHL and/or the Affiliated NHL Parties by each of the Club Parties shall be joint and several

with the other Club Parties and (ii) the covenants in this Transfer Consent Agreement in favor of the NHL and/or the Affiliated NHL Parties by each of the Transferring Parties shall be joint and several with the other Transferring Parties.

(g) The parties hereto acknowledge and agree that the failure by any of the Transaction Parties to comply in a material respect with any of

the provisions of this Transfer Consent Agreement shall constitute a material breach of this Transfer Consent Agreement which entitles the NHL to take action permitted by the NHL Constitution and Agreements and/or this Transfer Consent Agreement.

Said action includes, in addition to any and all other rights to which the NHL shall be entitled to under this Transfer Consent Agreement or otherwise, the right of the NHL to commence termination proceedings under Article III of the NHL

Constitution and except as provided in Section 1(c)(ii)(D) such other remedies as may be provided by law or in equity for the breach of a material obligation; provided that, if in the judgment of the NHL, which shall not be exercised in an

arbitrary or capricious way, a breach that occurs is one which may be cured by a Transaction Party, the NHL shall not commence termination proceedings under Article III of the NHL Constitution, or permit any such termination proceedings commenced by

any other person to be concluded, unless it shall have first given to such Transaction Party notice of and such opportunity to cure the default as the NHL deems appropriate under the circumstances in its judgment, which shall not be exercised in an

arbitrary or capricious manner. No party hereto shall attempt to prevent the NHL’s exercise of such rights on the basis that the NHL cannot exercise dominion or control over its allocable share of the rights or assets that are the subject of

the NHL’s actions because it was not the breaching party.

(h) The headings in the sections of this Transfer Consent Agreement are

inserted for convenience of reference only and shall not constitute a part thereof.

(i) This Agreement does not create, and shall not be

construed as creating, any rights enforceable by any person not a party to this Agreement (except for the NHL Entities and as provided in Section 2).

(j) If any provision of this Agreement shall be deemed invalid or unenforceable by a court having jurisdiction, the balance of this Agreement

shall remain in effect and shall be enforced to the maximum extent permitted by law.

(k) As used in this Agreement, the term

“affiliate” means, with respect to a specified person or entity: (i) any other person or entity directly or indirectly controlled by, controlling, or under common control with the specified person or entity, and (ii) any family

member of the specified person or trust for the benefit of one or more family members of the specified person.

(1) Subject to the third sentence of Section 3(a), the courts of Delaware located in

Wilmington, Delaware and the United States District Court for the District of Delaware shall have exclusive jurisdiction over the parties (and the subject matter) with respect to any dispute or controversy arising under or in connection with this

Transfer Consent Agreement, and by execution of this Transfer Consent Agreement, each Transaction Party submits to and accepts the exclusive jurisdiction of those courts and irrevocably agrees to be bound by any final judgment rendered thereby in

connection with this Agreement or any matter affecting Rangers LLC or the Rangers, in general. A summons or complaint in any such action or proceeding may be served in accordance with Section 3(b). Each Transaction Party irrevocably waives any

objection, including, without limitation, any objection to the laying of venue or based on the grounds of forum non conveniens, which it or he may now or hereafter have to the bringing of any such action or proceeding in any such jurisdiction.

(m) Whenever the context may require, any pronoun shall include the corresponding masculine and feminine forms.

[Signature pages follow.]

IN WITNESS WHEREOF, this Transfer Consent Agreement has been executed as of the date first

written above.

NATIONAL HOCKEY LEAGUE

By:

/s/ Thomas A. Ferree

Name:

Thomas A. Ferree

Title:

Executive Vice President and General Counsel

[Signature Page to NHL Transfer Consent Agreement]

NEW YORK RANGERS, LLC

By:

/s/ Paul DiCicco

Name: Paul DiCicco

Title: Executive Vice President, Chief Financial Officer and Treasurer

RANGERS HOLDINGS, LLC

By:

/s/ Paul DiCicco

Name: Paul DiCicco

Title: Executive Vice President, Chief Financial Officer and Treasurer

MSG NYR HOLDINGS, LLC

By:

/s/ Paul DiCicco

Name: Paul DiCicco

Title: Executive Vice President, Chief Financial Officer and Treasurer

MSGS SPINCO, INC.

(to be renamed MSG Rangers Corp.)

By:

/s/ Paul DiCicco

Name: Paul DiCicco

Title: Executive Vice President, Chief Financial Officer and Treasurer

[Signature Page to NHL Transfer Consent Agreement]

MSG SPORTS, LLC

(to be renamed MSG Knicks, LLC)

By:

/s/ David Granville-Smith

Name: David Granville-Smith

Title: Executive Vice President

MADISON SQUARE GARDEN SPORTS CORP.

(to be renamed MSG Knickerbockers Corp.)

By:

/s/ David Granville-Smith

Name: David Granville-Smith

Title: Executive Vice President

[Signature Page to NHL Transfer Consent Agreement]

Annex A

CONSTITUTION

….

3.5. Transfer of Membership or Ownership Interest in a Member Club. No membership or ownership interest in a Member Club may be sold,

assigned or otherwise transferred except (a) with the consent of three-fourths of the members of the League, and (b) upon the condition that the transferee will at all times be bound by and comply with the terms, provisions and conditions

of this Constitution, and (c) upon the further condition that the transferee shall assume or guarantee all debts, liabilities and obligations of the transferor member existing at the date of transfer. Application for the sale, transfer or

assignment of a membership or ownership interest must be made in writing to the Commissioner. Upon receipt of such application, the Commissioner shall conduct such investigation as he deems appropriate. Upon completion of the investigation, the

Commissioner shall submit the application to the members for approval, together with his recommendations thereon and all such information that the Commissioner deems pertinent. Transfer of membership or ownership interest in a Member Club shall not

release the transferor from any debt, liability or obligation to the League existing at the date of transfer. Upon transfer of membership or ownership interest in a Member Club any and all interest of the transferor in and to any and all funds,

property, rights and interests in the League shall cease.

“Ownership interest” in a Member Club as used above shall include

any stock, partnership (general or limited) or other proprietary holding in any corporation, company association, partnership, or other organization which holds, directly or indirectly, the franchise of Member Club. The approval required for

transfer of an ownership interest in a Member Club (as distinguished from transfer of membership) shall be waived for all publicly held companies owning such interest prior to June 24, 1981. Such approval requirement shall also be waived for

any transfer of a non-controlling ownership interest of any member whose stock is listed on the American, New York, Toronto or other public stock exchange. If the proposed sale, assignment or transfer involves

an interest of five percent (5%) or less, the Commissioner shall have the authority to approve the transaction without submitting it to the Board of Governors. If the proposed sale, assignment or transfer involves an interest of between five percent

(5%) and ten percent (10%), it may be approved by the Executive Committee without submitting it to the full Board of Governors.

All legal

fees and costs incurred by the League in effecting a transfer of member or ownership interest shall be assessed against the Member Club whose membership or ownership interest is being transferred, and, unless agreed to the contrary by the parties,

shall be the obligation of the transferee.

EX-10.2

Filename: d180862dex102.htm · Sequence: 8

EX-10.2

Exhibit 10.2

MSG RANGERS CORP.

(formerly known as MSGS Spinco, Inc.)

Executive Deferred Compensation Plan

MSG Rangers Corp. (formerly known as MSGS Spinco, Inc.) has established the MSG Rangers Corp. Executive Deferred Compensation Plan for the

purpose of permitting a select group of highly-compensated employees to defer the employee’s annual base salary and bonus into the Plan with returns on such deferrals tracking the performance of certain investments. The Company hereby adopts

the Plan as of the Effective Date.

Article 1. Definitions

Whenever the following words and phrases are used in the Plan, with the first letter capitalized, they shall have the meanings specified below.

1.1

Administrator means the MSG Rangers Corp. Investment and Benefits Committee or any other committee of at

least three members appointed by the Compensation Committee of the Board. The administration of the Plan, the exclusive power to interpret it and the responsibility for carrying out its provisions are vested in the Administrator.

1.2

Affiliate means any entity that is, or would be, aggregated and treated as a single employer with the

Company under Sections 414(b) or (c) of the Code; provided, however, that an ownership threshold of at least 50% shall be used hereunder instead of the 80% minimum ownership threshold that would otherwise apply under such sections of the Code.

1.3

Annual Enrollment Letter means the letter provided prior to the Deferral Deadline by the Administrator

to an Eligible Employee for each Plan Year in which an employee is an Eligible Employee setting forth the Eligible Employee’s eligibility to defer compensation under the Plan, the maximum amount that the Eligible Employee is eligible to defer

under the Plan and such other terms as the Administrator may determine.

1.4

Board means the Board of Directors of the Company.

1.5

Change in Control means a change in ownership or effective control of the Company or in the ownership of

a substantial portion of its assets, in each case within the meaning of Section 409A(a)(2)(A)(v) of the Code, other than the acquisition, in a transaction or a series of related transactions by members of the immediate family, including

descendants, of Charles F. Dolan or trusts for the benefit of Charles F. Dolan’s immediate family (or an entity or entities controlled by any of them) or any employee benefit plan sponsored or maintained by the Company, of the power to direct

the management of the Company or substantially all of its assets (as constituted immediately prior to such transaction or transactions).

1.6

Code means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute.

Any reference to any section of the Code shall also be a reference to any successor provision and any Treasury Regulation promulgated thereunder.

1.7

Company means MSG Rangers Corp. (formerly known as MSGS Spinco, Inc.) and any successor company thereto.

1.8

Deferral Deadline means the date by which the Participation Agreement must be completed.

1.9

Deferred Compensation Account means the account, which may be by book-keeping entry, maintained by the

Employer for each Participant that reflects the sum of the amounts in the Participant’s Deferred Compensation Principal Account and the Deferred Compensation Earnings Account (including any negative amount as a result of any net losses). The

Deferred Compensation Account may be divided into subaccounts (based on the source of the Deferred Compensation Amount, on a Plan Year basis, or such other basis determined by the Administrator).

1.10

Deferred Compensation Amount means the amount voluntarily deferred under Article 2.

1.11

Deferred Compensation Earnings Account means the account, which may be by bookkeeping entry, maintained

by the Employer for each Participant that reflects the earnings, if any, with respect to such Participant’s Deferred Compensation Amount debited by amounts equal to all distributions to the Participant. The Deferred Compensation Earnings

Account may be divided into subaccounts (based on a Plan Year basis or such other basis determined by the Administrator).

1.12

Deferred Compensation Principal Account means the account, which may be by bookkeeping entry, maintained

by the Employer for each Participant that reflects such Participant’s Deferred Compensation Amount adjusted by amounts equal to all distributions to the Participant. The Deferred Compensation Principal Account may be divided into subaccounts

(based on a Plan Year basis or such other basis determined by the Administrator).

1.13

Disability means that the Participant received short term disability income replacement payments for six

months, and thereafter (A) has been determined to be disabled in accordance with the Company’s long term disability plan in which employees of the Company are generally able to participate, if one is in effect at such time, or

(B) to the extent no such long term disability plan exists, has been determined to have a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of

not less than 12 months as determined by the department or vendor directed by the Company to determine eligibility for unpaid medical leave.

1.14

Eligible Employee means a full-time employee of the Employer at a manager level of Senior Vice President

or above, who otherwise has been designated as eligible to participate in the Plan in accordance with the parameters established by the Administrator.

1.15

Employer means the Company and any Participating Affiliate. All acts required of the Employers under the

Plan may be performed by the Company for itself and its Participating Affiliates.

1.16

ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any

successor statute. Any reference to any section of ERISA shall also be a reference to any successor provision and any Department of Labor regulation promulgated thereunder.

1.17

Investments means one or more investment alternatives as may be determined from time to time by the

Administrator.

1.18

Participant means an Eligible Employee who has become a Participant in accordance with the provisions of

Article 2 and who has not received a complete distribution of all amounts credited to his or her Deferred Compensation Account.

1.19

Participating Affiliate means an Affiliate that the Administrator has designated as a Participating

Affiliate. At such times and under such conditions as the Administrator may direct, one or more other Affiliates may become Participating Affiliates or a Participating Affiliate may be withdrawn from the Plan. An initial list of the Participating

Affiliates is set forth in Appendix A to the Plan.

1.20

Participation Agreement means the agreement, in a form prescribed by the Administrator, filed by a

Participant on a Plan Year basis on or prior to December 31 of the calendar year prior to the calendar year during which services for which the Eligible Compensation is paid are performed.

1.21

Person means any natural person, corporation, business trust, limited liability company, joint venture,

association, company, partnership or government, or any agency or political subdivision thereof.

1.22

Plan means the MSG Rangers Corp. Executive Deferred Compensation Plan, as it may be amended from time to

time.

1.23

Plan Year means the calendar year or any other

12-consecutive-month period that may be designated by the Company as the plan year of the Plan.

1.24

Scheduled Withdrawal Date means the date elected by the Participant for an in-service withdrawal, if any, as set forth on the applicable Participation Agreement executed by the Participant.

1.25

Subsidiary means with respect to any specified Person, any corporation or other legal entity of which

such Person or any of its Subsidiaries controls or owns, directly or indirectly, more than 50% of the stock or other equity interests entitled to vote on the election of members to the board of directors or similar governing body or, in the case of

a Person with no governing body, more than 50% of the equity interests.

1.26

Termination or Termination of Employment means that a Participant shall have incurred a

“separation from service” within the meaning of Section 409A of the Code and the Treasury Regulations and other applicable guidance issued thereunder. Whether a Termination has occurred, including as a result of military leave, sick

leave or other bona fide leave of absence, shall be determined in accordance with Section 409A of the Code.

In the event of any dispute as to whether a Participant has separated from service, the Administrator shall make the final determination in accordance with the Treasury Regulations and other

guidance issued under Section 409A of the Code.

1.27

Treasury Regulations means the regulations promulgated under the Code by the United States Internal

Revenue Service, as they may be from time to time amended.

Article 2. Deferred Amounts

2.1

General. For each Plan Year, on or prior to the Deferral Deadline, an Eligible Employee may elect to

participate in the Plan by filing a Participation Agreement with the Company. An employee who is newly eligible to participate in the Plan after a Deferral Deadline may elect to participate in the Plan by filing a Participation Agreement with the

Company within 30 days after becoming an Eligible Employee. A Participation Agreement must be filed in the manner specified by the Administrator. A new Participation Agreement shall be filed by the Eligible Employee for each Plan Year in which he or

she is permitted to elect to make a deferral election. After the Deferral Deadline (or, for a newly eligible Participant, the applicable 30-day period, subject to Section 6.2 and Section 6.3), an

Eligible Employee’s election to defer Eligible Compensation shall be irrevocable. An Eligible Employee’s eligibility to participate in the Plan in any Plan Year shall not be a guarantee of the Eligible Employee’s eligibility to

participate in the Plan for future Plan Years.

2.2

Eligible Deferrals. Each Eligible Employee may elect to defer receipt of one or more of the following to

his or her Deferred Compensation Account (the “Eligible Compensation”):

•

up to a maximum of 75% of his or her annual base salary, in increments of 5%; and

•

all or any portion of his or her earned award, if any, under the Management Performance Incentive Plan (the

“MPIP”), in increments of 25%.

For a newly eligible Participant, Eligible Compensation only includes

such portions of salary and MPIP awards earned with respect to service after the date on which the Participation Agreement becomes irrevocable as determined by the Administrator in accordance with Section 409A of the Code.

If an Eligible Employee is also eligible to participate in a deferred compensation plan sponsored by a Participating Affiliate, the Company and

such Participating Affiliate shall coordinate so as to ensure any Eligible Compensation is not double counted.

2.3

Allocation of Deferred Compensation Amounts. A Participant’s Deferred Compensation Amount shall be

credited to his or her Deferred Compensation Principal Account as soon as administratively practicable following the time the Participant is paid the Eligible Compensation for that Plan Year (or, if all of the Eligible Compensation is deferred, at

the time such Eligible Compensation would otherwise have been paid). The amount initially credited to the Participant’s Deferred Compensation Principal Account shall equal the amount deferred.

Article 3. Vesting

3.1

Deferred Compensation Principal Account. A Participant shall at all times be fully vested in his or her

Deferred Compensation Principal Account.

3.2

Deferred Compensation Earnings Account. A Participant shall at all times be fully vested in his or her

Deferred Compensation Earnings Account.

Article 4. [Reserved]

Article 5. Investments

5.1

The Administrator shall have the sole discretion to determine the Investments in which the Deferred

Compensation Amounts will be invested and may change, limit or eliminate an Investment from time to time.

5.2

In the manner specified by the Administrator, Participants may elect one or more Investments in which the funds

in their Deferred Compensation Earnings Account are invested and may elect to change the Investment allocations of the Deferred Compensation Account by filing an election on a form or in the manner provided by the Administrator. Except as provided

below, Participants may prospectively change their Investment elections once each calendar month, and the new investment allocations will be effective on the first day of the next month.

Article 6. Timing and Form of Benefit Distributions

6.1

Form and Timing. Subject to the provisions of this Article 6, the Deferred Compensation Account for a

Participant for each Plan Year shall be distributed to the Participant in a lump sum, cash payment, or up to five annual cash installments, in each case on or beginning 90 days following the first to occur of: (i) the Scheduled Withdrawal Date,

(ii) a Termination of Employment, (iii) the Participant’s Disability and (iv) a Change in Control. Participants must file such payment timing elections on or prior to the Deferral Deadline for the applicable Plan Year. For those

Participants who fail to file a timely election, payment will be made in the form of a lump sum payment. Subject to the provisions of this Article 6, the Deferred Compensation Account for a Participant for each Plan Year shall be distributed to the

Participant’s estate in a lump sum, cash payment, on the 90th day following the Participant’s death.

6.2

Domestic Relations Orders. To the extent permitted by Section 409A of the Code, and notwithstanding

any provision of the Plan to the contrary, the Administrator, in its sole discretion, may elect to accelerate the time or form of payment of a benefit owed to a Participant hereunder in accordance with the terms and subject to the conditions of

Treasury Regulation 1.409A-3(j)(4)(ii).

6.3

Unforeseeable Emergency. In the event the Administrator, upon written request of a Participant,

determines in its sole discretion that the Participant has suffered an unforeseeable emergency, consistent with the guidance contained in Section 1.409A-3(i)(3) of the Treasury Regulations, the

Administrator may (i) revoke the Participant’s

deferral election with respect to future Eligible Compensation in accordance with Section 1.409A-3(j)(4)(viii) of the Treasury Regulations and/or

(ii) pay to a Participant as soon as practicable following such determination, an amount from a Participant’s Deferred Compensation Account that shall not exceed the minimum amount necessary to satisfy the emergency, including payment of

applicable taxes, consistent with the guidance in Section 1.409A-3(i)(3)(ii) of the Treasury Regulations. A Participant who receives a hardship distribution pursuant to this Section 6.3 shall be

ineligible to make any additional deferrals under the Plan for the balance of the Plan Year in which the hardship distribution occurs and for the immediately following Plan Year.

6.4

Subsequent Elections. With respect to any Deferred Compensation Account for a Plan Year that a

Participant elected to receive in a lump sum, in the event of a distribution pursuant to Section 6.1(i), the Participant may delay the distribution of such Deferred Compensation Amount subject to the following requirements: (A) the new

election may not take effect until at least 12 months after the date on which the new election is made; (B) the new election must provide for the deferral of the distribution for a period of at least five years from the date such distribution

otherwise would have been made and (C) the new election must be made at least 12 months prior to the date such distribution otherwise would have been made.

Article 7. Administration

7.1

Administration by the Committee. The Administrator shall be responsible for the general operation and

administration of the Plan and for carrying out the provisions thereof.

7.2

General Powers of Administration. The Administrator shall have all the authority that may be necessary

or helpful to enable it to discharge its responsibilities with respect to the Plan. The Administrator may, subject to the provisions of the Plan, establish such rules and regulations as it deems necessary or advisable for the proper administration

of the Plan, and may make determinations and may take such other action in connection with or in relation to the Plan as it deems necessary or advisable. Each determination or other action made or taken pursuant to the Plan, including interpretation

of the Plan, shall be final and conclusive for all purposes and persons. The Administrator shall be entitled to rely conclusively upon all certificates, opinions, and information furnished by any counsel, or other person employed or engaged by the

Administrator with respect to the Plan.

7.3

Indemnification. In addition to such other rights of indemnification as they may have as members of the

MSG Rangers Corp. Investment and Benefits Committee, or as its delegatees, the members of the MSG Rangers Corp. Investment and Benefits Committee and its delegatees shall be indemnified by the Company against (a) the reasonable expenses (as

such expenses are incurred), including attorneys’ fees actually and necessarily incurred in connection with the defense of any action, suit or proceeding (or in connection with any appeal therein), to which they or any of them may be a party

by reason of any action taken or failure to act under or in connection with the Plan; and (b) against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the Company) or

paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in

such action, suit or proceeding that such member or delegatee is liable for gross negligence or misconduct in the performance of his duties; provided that within 60 days after institution of any

such action, suit or proceeding a member or delegatee shall in writing the Company offer the opportunity, at its own expense, to handle and defend the same.

7.4

Section 409A of the Code. It is intended that the payments and benefits under the

Plan comply with the provisions of Section 409A of the Code. The Plan will be administered and interpreted in a manner consistent with this intent, and any provision that would cause the Plan to fail to satisfy Section 409A of the Code

will have no force and effect until amended to comply therewith (which amendment may be retroactive to the extent permitted by Section 409A of the Code). In addition, for purposes of the Plan, each amount to be paid or benefit to be provided to

the Participant pursuant to the Plan, which constitutes deferred compensation subject to Section 409A of the Code, shall be construed as a separate identified payment for purposes of Section 409A of the Code. The Company shall have no

liability to any Participant, beneficiary or otherwise if the Plan or any amounts paid or payable hereunder are subject to the additional taxes and penalties under Section 409A of the Code.

To the extent that any amount payable to the Participant pursuant to the Plan is determined by the Company to constitute “non-qualified deferred compensation” subject to Section 409A of the Code and is payable to the Participant by reason of the Participant’s termination of employment (other than death), then if

the Participant is a “specified employee” (within the meaning of Section 409A of the Code as determined by the Company), such payment shall not be made before the date that is six months after the date of the Participant’s

termination of employment (or, if earlier than the expiration of such six month period, the date of death). Any amount not paid at the end of such six-month period shall be paid to the Participant in a lump

sum on the expiration of such six-month period.

Article 8. Claims Appeal Procedure

8.1

Initial Claims. After first discussing any claims a Participant (or anyone claiming through a

Participant) may have under the Plan with the Company’s Vice President, Benefits, the Participant may then make a claim under the Plan in writing to the Administrator. The Administrator shall make all determinations concerning such claim. Any

decision by the Administrator denying such claim shall be in writing and shall be delivered to the Participant, or if applicable, anyone who makes claim in respect of the Participant. Such decision shall set forth the reasons for denial in plain

language. Pertinent provisions of the Plan shall be cited and, where appropriate, an explanation as to how the claimant can perfect the claim will be provided. This notice of denial of benefits will be provided within 90 days of the

Administrator’s receipt of the claimant’s claim for benefits (or within 180 days if special circumstances require an extension of time for processing the claim and if written notice of such extension and special circumstances is given to

the claimant within the initial 90-day period). If the Administrator fails to notify the claimant of its decision regarding the claim within such period, the claim shall be considered denied as of the last day

of such period, and the claimant shall then be permitted to proceed with the appeal as provided in Section 8.2.

8.2

Appeals. A claimant who has been completely or partially denied a benefit shall be entitled to appeal

this denial of his/her claim by filing a written statement of his/her position with the Administrator no later than 60 days after receipt of the written notification of such claim denial. If the claimant does not request a review within such 60-day or 180-day period, he or she shall be barred and estopped from challenging the Administrator’s determination.

The Administrator shall schedule an opportunity for a full and fair review of the issue within 30 days of receipt of the appeal. The decision

on review shall set forth specific reasons for the decision, and shall cite specific references to the pertinent Plan provisions on which the decision is based. Following the review of any additional information submitted by the claimant, either

through the hearing process or otherwise, the Administrator shall render a decision on the review of the denied claim. The Administrator shall make its decision regarding the merits of the denied claim within 60 days following receipt of the request

for review (or within 120 days after such receipt, in a case where there are special circumstances requiring extension of time for reviewing the appealed claim). The Administrator shall deliver the decision to the claimant in writing. If an

extension of time for reviewing the appealed claim is required because of special circumstances, written notice of the extension shall be furnished to the claimant prior to the commencement of the extension. If the decision on review is not

furnished within the prescribed time, the claim shall be deemed denied on review.

8.3

General. The Administrator may at any time alter the claims procedure set forth above. The claims

procedure set forth in this Article 8 is intended to comply with United States Department of Labor Regulation §2560.503-1 and should be construed in accordance with such regulation. In no event shall the

claims procedure be interpreted as expanding the rights of claimants beyond what is required by United States Department of Labor Regulation §2560.503-1. A claimant must exhaust all administrative

remedies under the Plan prior to bringing an action. No such action may be brought later than three years from the date the claim arose. The Administrator’s interpretations, determinations and decisions with respect to any claim shall be made

in its sole discretion based on the Plan and other relevant documents and shall be final and binding on all persons.

Article 9.

Amendment and Termination of Plan

9.1

Amendment or Termination. The Company intends the Plan to be permanent but reserves the right to amend

or terminate the Plan when, in the sole opinion of the Company, such amendment or termination is advisable. Any such amendment or termination shall be made pursuant to a resolution of the Board or the Compensation Committee of the Board. To the

extent the Company has delegated the authority to amend the Plan to the Committee, any such amendment by the Administrator shall be made by resolution of the Administrator.

9.2

Effect of Amendment or Termination. No amendment or termination of the Plan shall directly or indirectly

reduce the balance of any account held hereunder as of the effective date of such amendment or termination. No amendment, modification, suspension or termination will accelerate distributions unless such acceleration is approved by the Company and

permitted under Section 409A of the Code and the Treasury Regulations and other applicable guidance issued thereunder. A Participant’s Deferred Compensation

Account shall continue to be credited with gains and losses pursuant to Article 3 of the Plan until the balance of such Deferred Compensation Account has been fully distributed to the Participant

or such Participant’s beneficiary.

9.3

Employer’s Right to Terminate Plan. Any Employer may, at any time, by resolution of the Board or

the Compensation Committee of the Board, terminate participation in the Plan with respect to its employees, in accordance with Section 9.2. If the Plan is terminated by fewer than all Employers, the Plan shall continue in effect for employees

of the remaining Employers. In the event that an Employer shall, for any reason, cease to exist, the Plan shall terminate with respect to the employees of such Employer, unless a successor organization adopts the Plan and thereby continues their

participation.

Article 10. Miscellaneous

10.1

Participant’s Rights Unsecured. Except as set forth in Section 10.2, the Plan at all times

shall be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of the Company for payment of any distributions hereunder. The right of a Participant or his or her beneficiary to receive a distribution

hereunder shall be an unsecured claim against the general assets of the Company and the Employer, and neither a Participant nor a beneficiary shall have any rights in or against any specific assets of the Company. All amounts credited to Deferred

Compensation Accounts of Participants shall constitute general assets of the Company and may be disposed of by the Company at such time and for such purposes as it may deem appropriate.

10.2

Trust Agreement. Notwithstanding the provisions of Section 10.1, an Employer may, at its

discretion, enter into a trust agreement (“Trust Agreement”) with a bank or trust company located in the continental United States as trustee, whereby the Employer may at its discretion contribute deferrals under the Plan to a

trust (“Trust”). Such Trust Agreement shall be substantially in the form of the model trust agreement set forth in Internal Revenue Service Revenue Procedure 92-64, or any subsequent

Internal Revenue Service Revenue Procedure, and shall include provisions required in such model trust agreement that all assets of the Trust shall be subject to creditors of the Employer in the event of insolvency. To the extent any benefits

provided under the Plan are paid from the Trust, the Employer shall have no further obligation to pay them. If not paid from the Trust, such benefits shall remain the obligation of the Employer or the Company. Notwithstanding the foregoing, no

Employer contributions shall be made to the Trust if doing so would violate the provisions of Section 409A of the Code.

10.3

No Guarantee of Benefits. Nothing contained in the Plan shall constitute a guaranty by the Company or

any other person or entity that the assets of the Company shall be sufficient to pay any benefit hereunder.

10.4

No Enlargement of Employee Rights. No Participant or Beneficiary shall have any right to receive a

distribution of contributions made under the Plan except in accordance with the terms of the Plan. Establishment of the Plan shall not be construed to give any Participant the right to be retained in the service of the Company or any Employer.

10.5

Spendthrift Provision. No interest of any person or entity in, or right to receive a distribution under,

the Plan shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind, nor may such interest or right to receive a distribution be taken, either voluntarily or

involuntarily for the satisfaction of the debts of, or other obligations or claims against, such person or entity, except with respect to claims for alimony, support or separate maintenance.

10.6

Applicable Law. The Plan shall be construed and administered under the laws of the State of New York,

except to the extent preempted by applicable federal law.

10.7

Incapacity of Recipient. If any person entitled to a distribution under the Plan is deemed by the

Administrator to be incapable of personally receiving and giving a valid receipt for such payment, then, unless and until claim therefor shall have been made by a duly appointed guardian or other legal representative of such person, the

Administrator may provide for such payment or any part thereof to be made to any other person or institution then contributing toward, or providing for the care and maintenance of, such person. Any such payment shall be a payment for the account of

such person and a complete discharge of any liability of the Administrator, the Company, Participating Affiliates and the Plan therefor.

10.8

Corporate Successors. The Plan shall not be automatically terminated by a transfer or sale of assets of

the Company or by the merger or consolidation of the Company into or with any other corporation or other entity, but the Plan shall be continued after such sale, merger or consolidation only if and to the extent that the transferee, purchaser or

successor entity agrees to continue the Plan. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall terminate subject to the provisions of Section 10.2.

10.9

Unclaimed Benefit. Each Participant shall keep the Administrator informed of his or her current address

and the current address of his or her beneficiary. The Administrator shall not be obligated to search for the whereabouts of any person. If the location of a Participant is not made known to the Administrator within three years after the date on

which payment of the Administrator’s Deferred Compensation Account may first be made, payment may be made as though the Participant had died at the end of the three-year period. If, within one additional year after such three-year period has

elapsed, or, within three years after the actual death of a Participant, the Administrator is unable to locate any beneficiary of the Participant, then the Administrator shall have no further obligation to pay any benefit hereunder to such

Participant or beneficiary and such benefit shall be irrevocably forfeited.

10.10

Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, neither the

Company and Participating Affiliates, nor any individual acting as employee or agent of the Company or Participating Affiliates shall be liable to any Participant, former Participant, beneficiary, or any other person for any claim, loss, liability,

or expense incurred in connection with the Plan.

10.11

Withholding Taxes. An Employer shall have the right to deduct from each payment to be made under the

Plan any required withholding taxes.

10.12

Top-Hat Plan. It is the intention of the Company that, to the

extent the Plan is determined to be an employee pension benefit plan subject to ERISA, it shall be considered and interpreted in all respects as an unfunded “top-hat” plan maintained primarily to

provide deferred compensation benefits for “a select group of management or highly compensated employees” within the meaning of Sections 201(2), 301(a)(3), 401(a)(1) and 4021(b)(6) of ERISA.

10.13

Electronic Election. Any reference herein to an election, designation or other action by a Participant

in writing shall be deemed to include an electronic election, designation or act made on the Internet to the maximum extent permitted by applicable law.

IN WITNESS WHEREOF, MSG Rangers Corp. (formerly known as MSGS Spinco, Inc.) has caused the Plan to be executed in its name, by its duly

authorized officer, on this 26th day of October, 2026 (the “Effective Date”).

MSG RANGERS CORP.

(formerly known as MSGS Spinco, Inc.)

By:

/s/ Paul DiCicco

Name: Paul DiCicco

Title: Executive Vice President, Chief Financial Officer and Treasurer

APPENDIX A

PARTICIPATING AFFILIATES

As of the Effective Date

Madison Square Garden Entertainment Corp. and its Subsidiaries

Sphere Entertainment Co. and its Subsidiaries

MSG Knickerbockers Corp. and its Subsidiaries

Subsidiaries of the Company

EX-10.3

Filename: d180862dex103.htm · Sequence: 9

EX-10.3

Exhibit 10.3

October 26, 2026

Mr. James L. Dolan

MSGS Spinco, Inc. (to be renamed

MSG Rangers Corp.)

Two Pennsylvania Plaza

New York, NY

10121

Dear Jim:

This letter agreement (the

“Agreement”), effective as of the closing of the spin-off of MSGS Spinco, Inc. (to be renamed MSG Rangers Corp., the “Company”) from Madison Square Garden Sports Corp. (to be renamed

MSG Knickerbockers Corp., “MSGK”) (the “Effective Date”), will confirm the terms of your employment with the Company.

1. Your

title shall be Executive Chairman and Chief Executive Officer and you will report to the Company’s Board of Directors (the “Board”). It is expected that you will be nominated for election as a director of the Company during the

period you serve as Executive Chairman and Chief Executive Officer. Subject to the provisions of this paragraph, you agree to devote your business time and attention to the business and affairs of the Company. The Company understands that you are a

party to an Employment Agreement with each of MSGK, Madison Square Garden Entertainment Corp. (“MSGE”) and Sphere Entertainment Co. (“Sphere Entertainment”) and recognizes and agrees that your responsibilities to MSGK, MSGE

and Sphere Entertainment will preclude you from devoting substantially all of your time and attention to the Company’s affairs. However, the Company understands, and you agree, that you will not take on another significant and substantial

employment role outside of these four entities (the Company, MSGK, MSGE and Sphere Entertainment) and/or their respective subsidiaries, and that you will devote to the Company’s affairs a sufficiently substantial portion of your time and

attention as may be reasonably necessary to accomplish the objectives of your strategic and operational role for the Company as identified in this Agreement and as mutually agreed between yourself and the Company from time to time (and cooperate

with the Company annually in reviewing the foregoing). In addition, as recognized in Article Tenth of the Company’s Amended and Restated Articles of Incorporation (the “Overlap Policy”), there may be certain potential conflicts of

interest and fiduciary duty issues associated with your roles at the Company, MSGK, MSGE, Sphere Entertainment and AMC Global Media Inc (“AMC”). The Company recognizes and agrees that none of (i) your responsibilities at the

Company, MSGK, MSGE and Sphere Entertainment (and at their respective subsidiaries and controlled affiliates), (ii) your responsibilities at AMC (and its subsidiaries and controlled affiliates) in your capacity as

non-executive chairman of the board of AMC, (iii) your inability to devote substantially all of your time and attention to the Company’s (and its subsidiaries’ and controlled

affiliates’) affairs, (iv) the actual or potential conflicts of interest and fiduciary duty issues that are waived in the Overlap Policy or (v) any actions taken, or omitted to be taken, by you in good faith to comply with your

duties and responsibilities to the Company (and its subsidiaries and controlled affiliates) in light of your responsibilities to the Company, MSGK, MSGE and Sphere Entertainment (and their respective subsidiaries and controlled affiliates) and your

responsibilities to AMC (and its subsidiaries and controlled affiliates) in your capacity as non-executive chairman of the board of directors of AMC, shall be deemed to be a breach by you of your obligations

under this Agreement (including your obligations under Annex A) nor shall any of the foregoing constitute “Cause” as such term is defined in Paragraph 10. Consistent with the foregoing, nothing herein shall preclude you from (i) in

addition to serving as a member of the board of directors of the Company, MSGK, MSGE, and Sphere Entertainment (and their respective subsidiaries and controlled affiliates) and serving as a member of the board of directors of AMC, serving as a

member of the board of directors or advisory board (or their equivalents in the case of a non-corporate entity) of up to one non-competing business with the approval of

the Board (such approval not to be unreasonably withheld and such service to be subject to customary covenants around confidentiality and corporate opportunities) and one charity (for which no further Board approval shall be required), (ii) serving

or continuing to serve as chairman of the board of the Company, MSGK, MSGE and Sphere Entertainment (and their respective subsidiaries and controlled affiliates) and serving or continuing to serve as

non-executive chairman of the board of AMC, (iii) engaging in charitable activities and community affairs, and (iv) managing your personal investments and affairs; provided, however, that the

activities set out in clauses (i), (iii) and (iv) shall be limited by you so as not to interfere with the performance of your duties and responsibilities hereunder, including compliance with the covenants set forth in Annex A, other than in the

case of clauses (iii) and (iv) de minimis interference. For the purposes of this Agreement, the term “controlled affiliate”

means any person or entity of any type whatsoever that is controlled directly or indirectly by any other person or entity of any type whatsoever (or one or more its intermediaries), as a result

of such other person or entity (or its intermediary) possessing the direct or indirect power to direct or cause the direction of the management and policies of such person or entity, whether through the ownership of voting securities, by contract,

or otherwise.

2. Your annual base salary will be not less than $584,000 annually, paid bi-weekly, subject to

annual review and potential increase by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) in its discretion. The Compensation Committee will continue to review your compensation package on

an annual basis to ensure you are paid consistently with the market for other similarly situated executives as well as external data.

3. You will also

participate in our discretionary annual bonus program with an annual target bonus opportunity equal to not less than 200% of your annual base salary (with such target bonus opportunity effective for the current fiscal year). Bonus payments depend on

a number of factors including Company, unit and individual performance. However, the decision of whether or not to pay a bonus, and the amount of that bonus, if any, is made by the Compensation Committee in its sole discretion. Annual bonuses are

typically paid in the first fiscal quarter of the subsequent fiscal year. Except as otherwise provided herein, in order to receive a bonus, you must be employed by the Company at the time bonuses are being paid. Notwithstanding the foregoing, if

your employment with the Company ends on or after the Scheduled Expiration Date set forth in this Agreement (as defined below), you shall be paid your bonus for the fiscal year ending June 30, 2027, based on your base salary rate in effect on

June 30, 2027, and payable at such time as bonuses are generally paid to the Company’s similarly situated active executives, if any, which bonus shall be subject to Company and your business unit performance for that fiscal year as

determined by the Company in its sole discretion, but without adjustment for your individual performance.

4. You will also, subject to your continued

employment by the Company and actual grant by the Compensation Committee, participate in such equity and other long-term incentive programs that are made available in the future to similarly situated executives at the Company but subject to the

terms of this Paragraph. It is expected that such awards will consist of annual grants of cash and/or equity awards with an annual target value of not less than $2,847,000, as determined by the Compensation Committee in its discretion. All awards

described in this Paragraph 4, in addition to being subject to actual grant by the Compensation Committee, would be pursuant to the applicable plan document and would be subject to any terms and conditions established by the Compensation Committee

in its sole discretion that would be detailed in separate agreements you would receive after any award is actually made; provided, however, that such terms and conditions shall be consistent with those in awards granted to similarly situated

executives (subject to any more favorable terms set forth in this Agreement). Long-term incentive awards are currently expected to be subject to three-year vesting.

5. While you are employed by MSGE, you will not be eligible to participate in the Company’s benefits program except as provided below. If your

employment with MSGE terminates while you remain employed by the Company, you will be eligible to participate in the Company’s standard benefits programs, subject to meeting the relevant eligibility requirements, payment of the required

premiums, and the terms of the plans themselves. Notwithstanding the first sentence of this Paragraph 5, you will continue to be eligible to participate in the Company’s Excess Savings Plan and Executive Deferred Compensation Plan and your

full Company base salary will be used to determine the applicable benefits under the Company’s Excess Savings Plan. You will also continue to be eligible for paid time off to be accrued and used in accordance with Company policy, which

currently allows for time off on a flexible and unlimited basis. You will also be entitled to reimbursement of business expenses upon submission of appropriate documentation in accordance with Company policy.

6. If your employment with the Company is terminated on or prior to June 30, 2027 (the “Scheduled Expiration Date”): (i) by the Company

(other than for “Cause”); or (ii) by you for “Good Reason” (other than if “Cause” then exists); then, subject to your execution and delivery, within 60 days after the date of termination of your employment,

and non-revocation (within any applicable revocation period) of the Separation Agreement (as defined below), the Company will provide you with the following:

(a)

Severance in an amount to be determined by the Company (the “Severance Amount”), but in no event

less than two (2) times the sum of your annual base salary and your annual target bonus as in effect at the time your employment terminates. Sixty percent (60%) of the Severance Amount will be payable to you on the six-month anniversary of the date your employment so terminates (the “Termination Date”) and the remaining forty percent (40%) of the Severance Amount will be payable to you on the twelve-month

anniversary of the Termination Date;

(b)

Any unpaid annual bonus for the Company’s fiscal year prior to the fiscal year which includes your

Termination Date, and a pro-rated bonus based on the amount of your base salary actually earned by you during the Company’s fiscal year through the Termination Date, each of which will be paid to

you when such bonuses are generally paid to similarly situated active executives and will be based on your then current annual target bonus as well as Company and your business unit performance for the applicable fiscal year (which performance will

be evaluated on the same business unit performance standards as are applied to other executive officers of the Company in respect of the payment of bonuses for such year) as determined by the Compensation Committee in its sole discretion, but

without adjustment for your individual performance;

(c)

Each of your then-outstanding and not yet vested long-term cash awards (including any deferred compensation

awards under the long-term cash award programs) granted under the plans of the Company, if any, shall immediately vest in full and shall be payable to you at the same time as such awards are paid to active executives of the Company, and the payment

amount of such award shall be to the same extent that other similarly situated active executives receive payment as determined by the Compensation Committee (subject to satisfaction of any applicable performance criteria but without adjustment for

your individual performance);

(d)

(i) All of the time-based restrictions on each of your then-outstanding and

not-yet vested restricted stock or restricted stock unit awards granted to you under the plans of the Company, if any, shall immediately be eliminated, (ii) payment and deliveries with respect to your

restricted stock that are not subject to performance criteria or are subject to performance criteria that have previously been satisfied (as certified by the Compensation Committee) shall be made immediately after the effective date of the

Separation Agreement, (iii) payment and deliveries with respect to your restricted stock units that are not subject to performance criteria or are subject to performance criteria that have previously been satisfied (as certified by the

Compensation Committee) shall be made on the 90th day after the termination of your employment and (iv) payments or deliveries with respect to your restricted stock and restricted stock units that are subject to performance criteria that have

not yet been satisfied shall be made on the 90th day after the applicable performance criteria is certified by the Compensation Committee as having been satisfied; and

(e)

Each of your then-outstanding and not yet vested stock options and stock appreciation awards, if any, under the

plans of the Company shall immediately vest and become exercisable, and you shall have the right to exercise each of those options and stock appreciation awards for the remainder of the term of such option or award.

If you die after a termination of your employment that is subject to this Paragraph 6, your estate or beneficiaries will be provided with any remaining

benefits and rights under this Paragraph 6.

(a) If you cease to be an employee of the Company prior to the Scheduled Expiration Date as a result of your

death or your Disability (as defined in the Company’s Long Term Disability Plan), and at such time Cause does not exist, then, subject (other than in the case of death) to your execution and delivery, within 60 days after the date of

termination of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement, you or your estate or beneficiary shall be provided with the benefits and rights set

forth in Paragraphs 6(b), (d) and (e) above, and each of your outstanding long-term cash awards granted under the plans of the Company shall immediately vest in full, whether or not subject to performance criteria and shall be payable on the

90th day after the termination of your employment; provided, that if any such award is subject to any performance criteria, then (i) if the measurement period for such performance criteria has not yet been fully completed, then the payment

amount shall be at the target amount for such award and (ii) if the measurement period for such performance criteria has already been fully completed, then the payment of such award shall be at the same time and to the extent that other

similarly situated executives receive payment as determined by the Compensation Committee (subject to satisfaction of the applicable performance criteria).

(b)

If, prior to or after the Scheduled Expiration Date, you cease to be employed by the Company for any reason

other than your being terminated for Cause, you shall have three years to exercise outstanding stock options and stock appreciation awards, unless you are afforded a longer period for exercise pursuant to another provision of this Agreement or any

applicable award letter, but in no event exercisable after the end of the applicable regularly scheduled term (except in the case of death, as may otherwise be permitted under the applicable Employee Stock Plan or award letter).

(c)

If, after the Scheduled Expiration Date, your employment with the Company is terminated (i) by the Company

without Cause, (ii) by you for Good Reason, or (iii) as a result of your death or Disability, and at the time of any such termination described in clause (i), (ii) or (iii), Cause does not exist, then, subject (other than in the case of

your death) to your execution and delivery, within 60 days after the date of termination of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement, each of

your then outstanding long term cash awards and equity awards (including restricted stock, restricted stock units, options and stock appreciation rights) that was awarded prior to the Scheduled Expiration Date shall vest and/or be payable as set

forth in Paragraphs 6(c), (d) and (e) above.

(d)

Upon the termination of your employment with the Company, the Company shall pay you any unpaid base salary

through the date of termination by no later than the next payroll period, and shall reimburse you for any unreimbursed expenses incurred through the date of termination in accordance with the Company’s reimbursement policy. Except as otherwise

specifically provided in this Agreement, your rights to benefits and payments under the Company’s pension and welfare plans (other than severance benefits) and any outstanding long-term cash or equity awards shall be determined in accordance

with the then current terms and provisions of such plans, agreements and awards under which such benefits and payments (including such long-term cash or equity awards) were granted.

8. For purposes hereof, “Separation Agreement” shall mean the Company’s standard severance agreement (which will be substantially similar to

the form currently utilized by MSGK, with such reasonable modifications made from time to time by the Company and modified to reflect the terms of this Agreement) which will include, without limitation, the provisions set forth in Paragraphs 6, 7

and 9 hereof and Annex A hereto regarding non-compete (limited to one year), non-disparagement,

non-hire/non-solicitation, confidentiality (including, without limitation, the last paragraph of Section 3 of Annex A), and further cooperation obligations and

restrictions on you (with Company reimbursement of your associated expenses and payment for your services as described in Annex A in connection with any required post-employment cooperation) as well as a general release by you of the Company and its

subsidiaries and controlled affiliates (and their respective directors and officers), but shall otherwise contain no post-employment covenants unless agreed to by you. The Company shall provide you with the form of Separation Agreement within seven

days of your termination of employment. For avoidance of doubt, the general release contained in the Separation Agreement will include reasonable customary carve-outs in light of then-existing circumstances, including carve-outs for (i) your

rights, if any, of indemnification, whether under the Company’s Amended and Restated Articles of Incorporation, under your indemnification agreement with the Company or under the certificates of incorporation, bylaws, operating agreements,

partnership agreements or similar governance

documents with different names or policies of the Company’s subsidiaries or controlled affiliates, (ii) your rights, if any, under any applicable directors’ and officers’

insurance policy, (iii) your rights, if any, to accrued vested benefits under applicable benefit plans of the Company, any subsidiary or any controlled affiliate, which will remain payable in accordance with the terms and conditions of such

plans, (iv) your rights, if any, to payments or benefits under the Separation Agreement, (v) your rights, if any, as a holder of equity securities or equity derivatives of the Company or its subsidiaries or controlled affiliates, in each

case, subject to the terms and conditions of any award agreement or other document governing such equity securities or equity derivatives or (vi) rights, if any, that cannot be released by law.

9. Except as otherwise set forth in Paragraphs 6 and 7 hereof, in connection with any termination of your employment, your then outstanding equity and cash

incentive awards shall be treated in accordance with their terms and, other than as provided in this Agreement, you shall not be eligible for severance benefits under any other plan, program or policy of the Company. Nothing in this Agreement is

intended to limit any more favorable rights that you may be entitled to under your equity and cash incentive award agreements, including, without limitation, your rights in the event of a termination of your employment, a “Going Private

Transaction” or a “Change of Control” (as those terms are defined in the applicable award agreement).

10. For purposes of this

Agreement, “Cause” means your (i) commission of an act of fraud, embezzlement, misappropriation, willful misconduct, gross negligence or breach of fiduciary duty against the Company or an affiliate thereof, or

(ii) commission of any act or omission that results in a conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any crime involving moral turpitude or any felony.

For purposes of this Agreement, “Good Reason” means that (1) without your written consent and other than by your own causation,

(A) your annual base salary or annual target bonus (as each may be increased from time to time in the Compensation Committee’s sole discretion) is reduced, (B) you are no longer the Executive Chairman and Chief Executive Officer of

the Company, (C) you no longer report directly to the Board of Directors of the Company, (D) the Company requires that your principal office be located outside of Nassau County or the Borough of Manhattan, (E) the Company materially

breaches its obligations to you under this Agreement; or (F) your responsibilities as in effect immediately after the Effective Date are thereafter materially diminished, (2) you have given the Company written notice, referring

specifically to this Agreement and definition, that you do not consent to such action, (3) the Company has not corrected such action within 30 days of receiving such notice, and (4) you voluntarily terminate your employment with the

Company within 90 days following the happening of the action described in subsection (1) above.

11. This Agreement does not constitute a guarantee

of employment for any definite period. Your employment is at will and may be terminated by you or the Company at any time, with or without notice or reason, provided that in order for you to terminate your employment without Good Reason, you agree

to provide the Company with at least 60 days prior written notice.

12. The Company may withhold from any payment due to you any taxes required to be

withheld under any law, rule or regulation. If any payment otherwise due to you hereunder would result in the imposition of the excise tax imposed by Section 4999 of the Code, the Company will instead pay you either (i) such amount or

(ii) the maximum amount that could be paid to you without the imposition of the excise tax, depending on whichever amount results in your receiving the greater amount of after-tax proceeds. In the event

that the payments and benefits payable to you would be reduced as provided in the previous sentence, then such reduction will be determined in a manner which has the least economic cost to you and, to the extent the economic cost is equivalent, such

payments or benefits will be reduced in the inverse order of when the payments or benefits would have been made to you (i.e. later payments will be reduced first) until the reduction specified is achieved. If the Company elects to retain any

accounting or similar firm to provide assistance in calculating any such amounts, the Company shall be responsible for the costs of any such firm.

13. It

is intended that this Agreement will comply with or be exempt from Section 409A, and that this Agreement shall be interpreted on a basis consistent with such intent. Any payment or benefit under Paragraph 6 or 7 of this Agreement that is

payable to you by reason of your termination of employment shall be made or provided to you only upon a “separation from services” as defined for purposes of Section 409A under applicable regulation,

provided that the service recipient and the employer for this purpose shall be the service recipient as defined by Treasury Regulation

Section 1.409A-1(g). If and to the extent that any payment or benefit under this Agreement, or any plan, award or arrangement of the Company or its affiliates, constitutes

“non-qualified deferred compensation” subject to Section 409A and is payable to you by reason of your termination of employment, then if you are a “specified employee” (within the

meaning of Section 409A as determined by the Company), (i) any payments will not be made to you and instead will be made to a trust in compliance with Rev. Proc. 92-64 (the “Rabbi Trust”),

provided, however, that no payment will be made to the Rabbi Trust if it would be contrary to law or cause you to incur additional tax under Section 409A, (ii) any benefits will be delayed, and (iii) such payments or benefits shall

not be made or provided to you before the date that is six months after the date of your separation from service (or your earlier death). Any amount not paid or benefit not provided in respect of the six month period specified in the preceding

sentence will be paid to you, together with interest on such delayed amount at a rate equal to the average of the one-year SOFR fixed rate equivalent for the ten business days prior to the date of your

employment termination, in a lump sum or provided to you as soon as practicable after the expiration of such six month period. Each payment or benefit provided under this Agreement shall be treated as a separate payment for purposes of

Section 409A to the extent Section 409A applies to such payment. If the Rabbi Trust has not been established at the time of the termination of your employment, you may select an institution to serve as the trustee of the Rabbi Trust (so

long as the institution is reasonably acceptable to the Company). You may negotiate such terms with the trustee as are customary for such arrangements and reasonably acceptable to the Company. The Company will bear all costs related to the

establishment and operation of the Rabbi Trust, including your attorney’s fees. In no event may you, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred

compensation. In no event shall the timing of your execution of a Separation Agreement, directly or indirectly, result in your designating the calendar year of payment, and if a payment that is subject to execution of a Separation Agreement could be

made in more than one taxable year, payment shall be made in the later taxable year.

14. To the extent you are entitled to any expense reimbursement from

the Company that is subject to Section 409A, (i) the amount of any such expenses eligible for reimbursement in one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year (except under any lifetime

limit applicable to expenses for medical care), (ii) in no event shall any such expense be reimbursed after the last day of the calendar year following the calendar year in which you incurred such expense, and (iii) in no event shall any right

to reimbursement be subject to liquidation or exchange for another benefit.

15. The Company will not take any action, or omit to take any action, that

would expose any payment or benefit to you to the additional tax of Section 409A, unless (i) the Company is obligated to take the action under an agreement, plan or arrangement to which you are a party, (ii) you request the action,

(iii) the Company advises you in writing that the action may result in the imposition of the additional tax and (iv) you subsequently request the action in a writing that acknowledges you will be responsible for any effect of the action

under Section 409A. The Company will hold you harmless for any action it may take or omission in violation of this Paragraph 15, including any attorney’s fees you may incur in enforcing your rights.

16. It is our intention that the benefits and rights to which you could become entitled in connection with termination of employment be exempt from or comply

with Section 409A. If you or the Company believes, at any time, that any of such benefit or right is not exempt or does not comply, it will promptly advise the other and will negotiate reasonably and in good faith to amend the terms of such

arrangement such that it complies (with the most limited possible economic effect on you and on the Company).

17. This Agreement is personal to you and

without the prior written consent of the Company shall not be assignable by you. This Agreement shall inure to the benefit of and be enforceable by your legal representatives. This Agreement shall inure to the benefit of and be binding upon the

Company and its successors and assigns. The rights or obligations of the Company under this Agreement may only be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or

liquidation of all or substantially all of the assets of Company; provided, however, that the assignee or transferee is the successor to all or substantially all of the assets of Company and such assignee or transferee assumes the liabilities and

duties of Company, as contained in this Agreement, either contractually or as a matter of law.

18. To the extent permitted by law, you and the Company waive any and all rights to a jury trial with

respect to any matter relating to this Agreement (including the covenants set forth in Annex A hereof). This Agreement will be governed by and construed in accordance with the law of the State of New York applicable to contracts made and to be

performed entirely within that State.

19. Both the Company and you hereby irrevocably submit to the jurisdiction of the courts of the State of New

York and the federal courts of the United States of America in each case located in the City of New York, Borough of Manhattan, solely in respect of the interpretation and enforcement of the provisions of this Agreement, and each party hereby

waives, and agrees not to assert, as a defense that either party, as appropriate, is not subject thereto or that the venue thereof may not be appropriate. You and the Company each agree that mailing of process or other papers in connection with any

such action or proceeding in any manner as may be permitted by law shall be valid and sufficient service thereof.

20. This Agreement may not be amended

or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or

enforceability of any other provision of this Agreement. It is the parties’ intention that this Agreement not be construed more strictly with regard to you or the Company.

21. This Agreement and your indemnification agreements with the Company and MSGK reflect the entire understanding and agreement of you and the Company with

respect to the subject matter hereof and supersede all prior understandings or agreements relating thereto.

22. The Company hereby agrees that it shall

indemnify you and hold you harmless to the fullest extent provided in the Company’s Amended and Restated Articles of Incorporation and on the same terms as those applicable to other similarly situated executives. In addition, the Company

agrees to maintain a director’s and officer’s liability insurance policy or policies covering you at a level and on terms and conditions no less favorable than the Company provides its directors and senior level officers currently

(subject to any future improvement in such terms and conditions) until such time as legal or regulatory action against you are no longer permitted by law.

23. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the

same agreement.

24. All notices between the parties will be in writing and will be deemed received when delivered in person or by electronic mail or five

(5) days after being deposited in the mail, postage prepaid, certified or registered mail addressed to the other party at the corporate headquarters of the Company, or at such other address as such party may supply by written notice to the

other. Any notice to the Company will be sent to the Company’s General Counsel at the corporate headquarters of the Company with a copy to legalnotices@msg.com. Any notice to you will be sent to your corporate email address on file with the

Company with a copy to Kenneth A. Lefkowitz at ken.lefkowitz@hugheshubbard.com. This Paragraph 24 does not apply to the service of any proceedings or other documents in any legal action or, where applicable, any arbitration or other method of

dispute resolution.

25. This Agreement will automatically terminate, and be of no further force or effect, on the Scheduled Expiration Date; provided,

however, that the provisions of Paragraphs 6 through 10, 12 through 25, Annex A, and any amounts earned but not yet paid to you pursuant to the terms of this Agreement as of the Scheduled Expiration Date shall survive the termination of the

Agreement and remain binding on you and the Company in accordance with their terms.

[Signature Page Follows]

Sincerely,

MSGS SPINCO, INC. (to be renamed MSG RANGERS CORP.)

/s/ Paul DiCicco

By:

Paul DiCicco

Title:

Executive Vice President, Chief Financial Officer and Treasurer

Accepted and Agreed:

/s/ James L. Dolan

James L. Dolan

[Signature Page to James Dolan Employment Agreement – MSG Rangers]

ANNEX A

ADDITIONAL COVENANTS

(This Annex

constitutes part of the Agreement)

You agree to comply with the following covenants in addition to those set forth in the Agreement.

1. CONFIDENTIALITY

You agree to retain in strict confidence and

not divulge, disseminate, copy or disclose (each, a “Disclosure Action”) to any third party (other than MSGK and its subsidiaries and controlled affiliates, provided that you have the good faith belief that any such Disclosure Action

will not harm, in any material respect, MSGR and its subsidiaries and controlled affiliates) any Confidential Information, other than for legitimate business purposes of the Company and its subsidiaries. As used herein, “Confidential

Information” means any non-public information that is material or of a confidential, proprietary, commercially sensitive or personal nature of, or regarding, the Company or any of its subsidiaries or any

current or former director, officer or member of senior management of any of the foregoing (collectively “Covered Parties”). The term Confidential Information includes information in written, digital, oral or any other format and

includes, but is not limited to (i) information designated or treated as confidential; (ii) budgets, plans, forecasts or other financial or accounting data; (iii) customer, guest, fan, vendor, sponsor, marketing affiliate or

shareholder lists or data; (iv) technical or strategic information regarding the Covered Parties’ advertising, sports, or other businesses; (v) advertising, sponsorship, business, sales or marketing tactics, strategies or

information; (vi) policies, practices, procedures or techniques; (vii) trade secrets or other intellectual property; (viii) information, theories or strategies relating to litigation, arbitration, mediation, investigations or matters

relating to governmental authorities; (ix) terms of agreements with third parties and third party trade secrets; (x) information regarding employees, talent, players, coaches, agents, consultants, advisors or representatives, including

their compensation or other human resources policies and procedures; (xi) information or strategies relating to any potential or actual business development transactions and/or any potential or actual business acquisition, divestiture or joint

venture, and (xii) any other information the disclosure of which may have an adverse effect on the Covered Parties’ business reputation, operations or competitive position, reputation or standing in the community.

If disclosed, Confidential Information could have an adverse effect on the Company’s standing in the community, its business reputation, operations or

competitive position or the standing, reputation, operations or competitive position of any of its controlled affiliates, subsidiaries, officers, directors, employees, coaches, consultants or agents or any of the Covered Parties.

Notwithstanding the foregoing, the obligations of this Section 1, other than with respect to subscriber information, shall not apply to Confidential

Information which is:

a) already in the public domain or which enters the public domain other than by your breach of this Section 1;

b) disclosed to you by a third party with the right to disclose it in good faith; or

c) specifically exempted in writing by the Company from the applicability of this Agreement.

Notwithstanding anything elsewhere in this Agreement, including this Section 1 and Section 3 below, you are hereby notified that the immunity

provisions in Section 1833 of title 18 of the United States Code provide that an individual cannot be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made (1) in

confidence to federal, state or local government officials, either directly or indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of the law, (2) under seal in a complaint or other

document filed in a lawsuit or other proceeding, or (3) to your attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade secret may be used in the court proceedings for such lawsuit) as

long as any document containing the trade secret is filed under seal and the trade secret is not disclosed except pursuant to court order. Furthermore, you are authorized to make any disclosure required of you by any federal, state and local laws or

judicial, arbitral or governmental agency proceedings (including making truthful statements in connection with a judicial or arbitral proceeding to enforce your rights under this Agreement, to the extent reasonably required and made in good faith),

after, to the extent legal, providing the Company with prior written notice and an opportunity to respond prior to such disclosure. In addition, this Agreement in no way restricts or prevents you from providing truthful testimony concerning the

Company or any Covered Parties to judicial, administrative, regulatory or other governmental authorities. Notwithstanding the foregoing, you recognize that, in connection with the provision of

information to any governmental entity, you must inform such governmental entity that the information you are providing is confidential. Despite the foregoing, you are not permitted to reveal to any third party, including any governmental entity,

information you came to learn during your service to the Company that is protected from disclosure by any applicable privilege, including but not limited to the attorney-client privilege or attorney work product doctrine. The Company does not waive

any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other privileged information.

2. NON-COMPETE

You

acknowledge that due to your executive position in the Company and your knowledge of the Company’s and its subsidiaries’ and controlled affiliates’ confidential and proprietary information, your employment or affiliation with

certain entities would be irreparably harmful and detrimental to the Company and/or its subsidiaries or controlled affiliates. During your employment with the Company and thereafter through the first anniversary of the date on which your employment

with the Company is terminated by the Company or you for any reason, you agree not to (other than with the prior written consent of the Company), represent, become employed by, consult to, advise in any manner or have any material interest in any

business directly or indirectly in any Competitive Entity (as defined below). A “Competitive Entity” shall mean any person or entity that (i) owns or operates a professional sports team in the New York City metropolitan area

(excluding MSGK and its subsidiaries and controlled affiliates, provided, however, that any team owned or operated by MSGK is not a member of the NHL) or (ii) directly competes with any other business of the Company or one of its subsidiaries

or controlled affiliates that produced greater than 10% of the Company’s revenues in the calendar year immediately preceding the year in which the determination is made. An entity shall be deemed to compete with the on-line content business of the Company, or any of its subsidiaries or controlled affiliates only if the entity directly competes against the on-line content business of the

Company, or its subsidiary(ies) or controlled affiliate(s); provided, however, that an entity’s business shall not be deemed to directly compete merely by the fact that the business sells ads on-line,

unless the business specifically targets such ads to the same customers or potential customers as being targeted by the on-line content business of the Company, its subsidiary or controlled affiliate. The

ownership by you of not more than 1% of the outstanding equity of any publicly traded company shall not, by itself, be a violation of this Section 2.

3. ADDITIONAL UNDERSTANDINGS

You agree, for yourself and others

acting on your behalf, that you (and they) have not disparaged and will not disparage, make negative statements about (either “on the record” or “off the record”), or act in any manner which is intended to or does damage to

the good will of, or the business or personal reputations of the Company or any of its incumbent or former officers, directors, agents, consultants, employees, successors and assigns or any of the Covered Parties. Notwithstanding the foregoing, you

are authorized to provide information to, file a charge with and participate in an investigation conducted by any governmental agency, and you do not need the Company’s permission to do so.

The Company agrees that, except as necessary to comply with applicable law or the rules of the New York Stock Exchange or any other stock exchange on which

the Company’s stock may be traded (and any public statements made in good faith by the Company in connection therewith), it and its corporate officers and directors, employees in its public relations department or third party public relations

representatives retained by the Company will not disparage you or make negative statements in the press or other media which are damaging to your business or personal reputation. In the event that the Company so disparages you or makes such negative

statements, then notwithstanding the “Additional Understandings” provision to the contrary, you may make a proportional response thereto. Notwithstanding the foregoing, the Company is authorized to provide information to, file a charge

with and participate in an investigation conducted by any governmental agency, and the Company does not need your permission to do so.

In addition, you

agree that the Company is the owner of all rights, title and interest in and to all documents, tapes, videos, designs, plans, formulas, models, processes, computer programs, inventions (whether patentable or not),

schematics, music, lyrics and other technical, business, financial, advertising, sales, marketing, customer or product development plans, forecasts, strategies, information and materials (in any

medium whatsoever) developed or prepared by you or with your cooperation in connection with your employment by the Company (the “Materials”). For purposes of clarity, Materials shall not include any music or lyrics written (in the past

or in the future) by you, and shall not include any documents, tapes or videos that relate to such music or lyrics or the performance of such music or lyrics other than music or lyrics written in connection with your employment. The Company will

have the sole and exclusive authority to use the Materials in any manner that it deems appropriate, in perpetuity, without additional payment to you.

requested by the Company, you agree to deliver to the Company upon the termination of your employment, or at any earlier time the Company may request, all memoranda, notes, plans, files, records, reports, and software and other documents and data

(and copies thereof regardless of the form thereof (including electronic copies)) containing, reflecting or derived from Confidential Information or the Materials of the Company or any of its subsidiaries or controlled affiliates which you may then

possess or have under your control as a result of your performance of services for the Company or any of its subsidiaries or controlled affiliates. If so requested, you shall provide to the Company a signed statement confirming that you have fully

complied with this Section 3. Notwithstanding the foregoing, you shall be entitled to retain your contacts, calendars and personal diaries and any materials needed for your tax return preparation or related to your compensation.

4. FURTHER COOPERATION

Following the date of termination of

your employment with the Company (the “Expiration Date”), you will no longer provide any regular services to the Company or represent yourself as a Company agent. If, however, the Company so requests, you agree to cooperate fully with

the Company in connection with any matter with which you were involved prior to the Expiration Date, or in any litigation or administrative proceedings or appeals (including any preparation therefore) where the Company believes that your personal

knowledge, attendance and participation could be beneficial to the Company. This cooperation includes, without limitation, participation on behalf of the Company in any litigation or administrative proceeding brought by any former or existing

Company employees, representatives, agents or vendors. The Company will pay you for your services rendered under this provision at the rate of $11,500 per day for each day or part thereof, within 30 days of the approval of the invoice therefor;

provided that, if you provide services on the same day for any of the Company, MSGK, MSGE and Sphere Entertainment, your daily rate shall not exceed $11,500 in the aggregate.

The Company will provide you with reasonable notice in connection with any cooperation it requires in accordance with this Section 4 and will take

reasonable steps to schedule your cooperation in any such matters so as not to materially interfere with your other professional and personal commitments. The Company will reimburse you for any reasonable out-of-pocket expenses you reasonably incur in connection with the cooperation you provide hereunder as soon as practicable after you present appropriate documentation evidencing such expenses. You agree to

provide the Company with an estimate of such expense before you incur the same.

5. NON-HIRE OR SOLICIT

You agree not to hire, seek to hire, or cause any person or entity to hire or seek to hire (without the prior written consent of the Company), directly or

indirectly (whether for your own interest or any other person or entity’s interest) any person who is or was in the prior six months an employee of the Company, or any of its subsidiaries, until the first anniversary of the date on which your

employment is terminated by the Company or you for any reason; provided, that engaging in a general solicitation not specifically targeted at such employees shall not be prohibited hereby. This restriction does not apply to any former employee who

was discharged by the Company or any of its affiliates. In addition, this restriction will not prevent you from providing references.

6. ACKNOWLEDGMENTS

You acknowledge that the restrictions contained in this Annex A, in light of the nature of the Company’s business and your position and

responsibilities, are reasonable and necessary to protect the legitimate interests of the Company. You acknowledge that the Company has no adequate remedy at law and would be irreparably harmed if you breach or threaten to breach the provisions of

this Annex A, and therefore agree that the Company shall be

entitled to injunctive relief, to prevent any breach or threatened breach of any of those provisions and to specific performance of the terms of each of such provisions in addition to any other

legal or equitable remedy it may have. You further agree that you will not, in any equity proceeding relating to the enforcement of the provisions of this Annex A, raise the defense that the Company has an adequate remedy at law. Nothing in this

Annex A shall be construed as prohibiting the Company from pursuing any other remedies at law or in equity that it may have or any other rights that it may have under any other agreement. If it is determined that any of the provisions of this Annex

A or any part thereof, is unenforceable because of the duration or scope (geographic or otherwise) of such provision, it is the intention of the parties that the duration or scope of such provision, as the case may be, shall be reduced so that such

provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced.

7. SURVIVAL

The provisions of this Annex A shall survive any termination of your employment by the Company, by you or the expiration of the Agreement except as otherwise

provided herein.

* * *

EX-10.4

Filename: d180862dex104.htm · Sequence: 10

EX-10.4

Exhibit 10.4

October 26, 2026

Mr. David Granville-Smith

MSGS Spinco, Inc. (to be renamed

MSG Rangers Corp.)

Two Pennsylvania Plaza

New York, NY

10121

Dear David:

This letter agreement (the

“Agreement”), effective as of the closing of the spin-off of MSGS Spinco, Inc. (to be renamed MSG Rangers Corp., the “Company”) from Madison Square Garden Sports Corp. (to be renamed

MSG Knickerbockers Corp., “MSGK”) (the “Effective Date”), will confirm the terms of your employment with the Company as of the Effective Date.

1. Your title will be Executive Vice President and you will report to the Executive Chairman and Chief Executive Officer of the Company. Subject to

Section 2 below, you agree to devote such amount of your business time and attention to the business and affairs of the Company as is necessary, and as you may be requested, to perform your duties in a diligent, competent, professional and

skillful manner and in accordance with applicable law.

2. The Company acknowledges that, in addition to your services pursuant to this Agreement, you

will simultaneously be employed by, and are expected to devote a portion of your business time and attention to, each of MSGK, Sphere Entertainment Co. (“Sphere”), and AMC Global Media Inc. (“AMC”). The Company understands

that you have entered into employment agreements with MSGK, Sphere, and AMC and recognizes and agrees that your responsibilities to MSGK, Sphere, and AMC will preclude you from devoting substantially all of your time and attention to the

Company’s affairs, but apart from your arrangements with MSGK, Sphere, and AMC you will not undertake any outside business commitments without the Company’s consent and you will, upon request, cooperate with the Company in reviewing your

obligations under Section 1 above. In addition, as recognized in Article Tenth of the Company’s Amended and Restated Articles of Incorporation (the “Overlap Policy”), there may be certain potential conflicts of interest and

fiduciary duty issues associated with your roles at the Company, MSGK, Sphere, and AMC. The Company recognizes and agrees that none of (i) your multiple responsibilities at the Company, MSGK, Sphere, and AMC, (ii) your inability to devote

substantially all of your time and attention to the Company’s affairs, (iii) the actual or potential conflicts of interest and fiduciary duty issues that are waived in the Overlap Policy, or (iv) any actions taken, or omitted to be

taken, by you in good faith to comply with your duties and responsibilities to the Company in light of your multiple responsibilities to the Company, MSGK, Sphere, and AMC, shall be deemed to be a breach by you of your obligations under this

Agreement (including your obligations under Annex A) nor shall any of the foregoing constitute “Cause” as such term is defined in Section 11 hereof.

3. Your annual base salary will be not less than $292,000 annually, paid bi-weekly, subject to annual review and

potential increase by the Compensation Committee of the Board of Directors

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of the Company (the “Compensation Committee”) in its discretion. The Compensation Committee will review your compensation package on an annual basis to ensure that you are paid

consistently with other similarly situated executives as well as external peers.

4. You will also participate in our discretionary annual bonus program

with an annual target bonus opportunity equal to not less than 100% of your annual base salary. Bonus payments depend on a number of factors including Company, unit and individual performance. However, the decision of whether or not to pay a bonus,

and the amount of that bonus, if any, is made by the Compensation Committee, in its sole discretion. Annual bonuses are typically paid early in the subsequent fiscal year. Except as otherwise provided herein, in order to receive a bonus, you must be

employed by the Company at the time bonuses are being paid.

5. You will also, subject to your continued employment by the Company and actual grant by the

Compensation Committee, participate in such equity and other long-term incentive programs that are made available in the future to similarly situated executives at the Company. It is expected that such awards will consist of annual grants of cash

and/or equity awards with an annual target value of not less than $620,500, all as determined by the Compensation Committee in its discretion. All awards described in this Section, in addition to being subject to actual grant by the Compensation

Committee, would be pursuant to the applicable plan document and would be subject to any terms and conditions established by the Compensation Committee in its sole discretion that would be detailed in separate agreements you would receive after any

award is actually made; provided, however, that such terms and conditions shall be consistent with those in awards granted to similarly situated executives. Long-term incentive awards are currently expected to be subject to three-year vesting.

6. While you are employed by MSGK, you will not be eligible to participate in the Company’s benefit program except as provided below. If your employment

with MSGK terminates while you remain employed by the Company, you will be eligible to participate in our standard benefits program, subject to meeting the relevant eligibility requirements, payment of the required premiums, and the terms of the

plans themselves. Notwithstanding the first sentence of this Section 6, you will be eligible to participate in the Company’s standard life insurance program, Excess Savings Plan and Executive Deferred Compensation Plan and your full

Company base salary will be used to determine the applicable benefits under the Company’s Excess Savings Plan. To the extent required by the Company’s insurance provider, any payout under the Company’s life insurance program

will be aggregated with similar payouts under AMC’s, MSGK’s and/or Sphere’s life insurance programs with respect to any applicable maximum coverage. You will be eligible for flexible time off in accordance with Company policy.

7. If your employment with the Company is terminated on or prior to June 15, 2028 (the “Scheduled Expiration Date”) (i) by the Company (other

than for “Cause”); or (ii) by you with “Good Reason” (other than if “Cause” then exists); then, subject to your execution and delivery, within 60 days after the date of termination of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement (as defined below), the Company will provide you with the following:

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(a)

Severance in an amount to be determined by the Company (the “Severance Amount”), but in no event

less than two (2) times the sum of your annual base salary and your annual target bonus as in effect at the time your employment terminates (not taking into account any reductions which would constitute “Good Reason”). Sixty percent

(60%) of the Severance Amount will be payable to you on the six-month anniversary of the date your employment so terminates (the “Termination Date”) and the remaining forty percent (40%) of the

Severance Amount will be payable to you on the twelve-month anniversary of the Termination Date;

(b)

Any unpaid annual bonus for the Company’s fiscal year prior to the fiscal year which includes your

Termination Date, and a pro rated bonus based on the amount of your base salary actually earned by you during the Company’s fiscal year through the Termination Date, each of which will be paid to you when such bonuses are generally paid to

similarly situated active executives and will be based on your then current annual target bonus as well as Company and your business unit performance for the applicable fiscal year as determined by the Company in its sole discretion, but without

adjustment for your individual performance;

(c)

Each of your outstanding long-term cash awards, if any, granted under the plans of the Company shall

immediately vest in full and shall be payable to you at the same time as such awards are paid to active executives of the Company and the payment amount of such award shall be to the same extent that other similarly situated active executives

receive payment as determined by the Compensation Committee (subject to satisfaction of any applicable performance criteria but without adjustment for your individual performance);

(d)

(i) All of the time-based restrictions on each of your outstanding restricted stock or restricted stock unit

awards granted to you under the plans of the Company, shall immediately be eliminated, (ii) deliveries with respect to your restricted stock that are not subject to performance criteria or are subject to performance criteria that have

previously been satisfied (as certified by the Compensation Committee) shall be made immediately after the effective date of the Separation Agreement, (iii) payment and deliveries with respect to your restricted stock units that are not subject

to performance criteria or are subject to performance criteria that have previously been satisfied (as certified by the Compensation Committee) shall be made as soon as reasonably practicable after your execution and delivery of the Separation

Agreement (and the expiration of any applicable revocation period), and (iv) payments or deliveries with respect to your restricted stock and restricted stock units that are subject to performance criteria that have not yet been satisfied shall

be made at the same time and to the extent that other similarly situated executives receive payment as determined by the Compensation

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Committee (subject to satisfaction of the applicable performance criteria), provided however, that to the extent any previously granted award (or award issued in respect of a previously granted

award) provides for “deferred compensation” subject to Section 409A, then payment pursuant to this clause (d) will not be made prior to the earliest date permitted under Section 409A; and

(e)

Each of your outstanding stock options and stock appreciation awards, if any, under the plans of the Company

shall immediately vest and become exercisable, and you shall have the right to exercise each of those options and stock appreciation awards for the remainder of the term of such option or award.

If you die after a termination of your employment that is subject to this Section 7, your estate or beneficiaries will be provided with any remaining

benefits and rights under this Section 7.

8. If you cease to be an employee of the Company prior to the Scheduled Expiration Date as a result of

your death or your Disability (as defined in the Company’s Long Term Disability Plan), and at such time Cause does not exist then, subject (other than in the case of death) to your execution and delivery, within 60 days after the date of

forth in Sections 7 (b), (d) and (e) above, and each of your outstanding long-term cash awards, if any, granted under the plans of the Company shall immediately vest in full, whether or not subject to performance criteria and shall be payable

as soon as reasonably practicable after your execution and delivery of the Separation Agreement (and the expiration of any applicable revocation period); provided, that (i) if any such award is subject to any performance criteria, then

(A) if the measurement period for such performance criteria has not yet been fully completed, then the payment amount shall be at the target amount for such award and (B) if the measurement period for such performance criteria has already

been fully completed, then the payment of such award shall be at the same time and to the extent that other similarly situated executives receive payment as determined by the Compensation Committee (subject to satisfaction of the applicable

performance criteria) and (ii) to the extent any previously granted award (or award issued in respect of a previously granted award) provides for “deferred compensation” subject to Section 409A, then payment pursuant to this

Section 8 will not be made prior to the earliest date permitted under Section 409A.

9. For purposes hereof, “Separation

Agreement” shall mean the Company’s standard severance agreement (modified to reflect the terms of this Agreement) which will include, without limitation, the provisions set forth in Sections 7, 8, and 10 hereof, as applicable, and

Annex A hereto regarding non-compete (limited to one year), non-disparagement,

non-hire/non-solicitation, confidentiality (including, without limitation, the last paragraph of section 3 of Annex A), and further cooperation obligations and

affiliates (and their respective directors and officers but such release

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shall not extend to MSGK, Sphere or AMC or their respective subsidiaries to the extent that at the time of your separation you are employed by such entities), but shall otherwise contain no

post-employment covenants unless agreed to by you. The Company shall provide you with the form of Separation Agreement within seven days of your termination of employment. For avoidance of doubt, your rights of indemnification under the

Company’s Amended and Restated Articles of Incorporation, under your indemnification agreement with the Company, and under any insurance policy, or under any other resolution of the Board of Directors of the Company, shall not be released,

diminished or affected by any Separation Agreement or release or any termination of your employment.

10. Except as otherwise set forth in Sections

7 and 8 hereof, in connection with any termination of your employment, your then outstanding equity and cash incentive awards shall be treated in accordance with their terms and, other than as provided in this Agreement, you shall not be eligible

for severance benefits under any other plan, program or policy of the Company. Nothing in this Agreement is intended to limit any more favorable rights that you may be entitled to under your equity and/or cash incentive award agreements, including,

without limitation, your rights in the event of a termination of your employment, a “Going Private Transaction” or a “Change of Control” (as those terms are defined in the applicable award agreement).

11. For purposes of this Agreement, “Cause” means your (i) commission of an act of fraud, embezzlement, misappropriation,

willful misconduct, gross negligence or breach of fiduciary duty against the Company or an affiliate thereof, or (ii) commission of any act or omission that results in a conviction, plea of no contest, plea of nolo contendere, or

imposition of unadjudicated probation for any crime involving moral turpitude or any felony.

For purposes of this Agreement, “Good

Reason” means that (1) without your written consent, (A) your annual base salary or annual target bonus (as each may be increased from time to time in the Compensation Committee’s sole discretion) is reduced, (B) your

title (as in effect from time to time) is diminished, (C) you report to someone other than the Executive Chairman and Chief Executive Officer, (D) the Company requires that your principal office be located outside of the Borough of

Manhattan, or (E) the Company materially breaches its obligations to you under this Agreement, (2) you have given the Company written notice, referring specifically to this Agreement and definition, that you do not consent to such action,

(3) the Company has not corrected such action within 15 days of receiving such notice, and (4) you voluntarily terminate your employment with the Company within 90 days following the happening of the action described in subsection

(1) above.

12. This Agreement does not constitute a guarantee of employment for any definite period. Your employment is at will and may be

terminated by you or the Company at any time, with or without notice or reason.

13. The Company may withhold from any payment due to you any taxes

required to be withheld under any law, rule or regulation. If any payment otherwise due to you hereunder would result in the imposition of the excise tax imposed by Section 4999 of the Code, the Company will

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instead pay you either (i) such amount or (ii) the maximum amount that could be paid to you without the imposition of the excise tax, depending on whichever amount results in your

receiving the greater amount of after-tax proceeds. In the event that the payments and benefits payable to you would be reduced as provided in the previous sentence, then such reduction will be determined in a

manner which has the least economic cost to you and, to the extent the economic cost is equivalent, such payments or benefits will be reduced in the inverse order of when the payments or benefits would have been made to you (i.e. later payments will

be reduced first) until the reduction specified is achieved. If the Company elects to retain any accounting or similar firm to provide assistance in calculating any such amounts, the Company shall be responsible for the costs of any such firm.

14. It is intended that this Agreement will comply with Section 409A to the extent this Agreement is subject thereto, and that this Agreement shall be

interpreted on a basis consistent with such intent. Any payment or benefit under Sections 7 or 8 of this Agreement that is payable to you by reason of your termination of employment shall be made or provided to you only upon a “separation from

service” as defined for purposes of Section 409A under applicable regulation, provided that the service recipient and the employer for this purpose shall be the service recipient as defined by Treasury Regulation Section 1.409A-1(g). If and to the extent that any payment or benefit under this Agreement, or any plan, award or arrangement of the Company or its affiliates, constitutes

“non-qualified deferred compensation” subject to Section 409A and is payable to you by reason of your termination of employment, then if you are a “specified employee” (within the

meaning of Section 409A as determined by the Company), such payment or benefit shall not be made or provided before the date that is six months after the date of your separation from service (or your earlier death). Any amount not paid or

benefit not provided in respect of the six month period specified in the preceding sentence will be paid to you, together with interest on such delayed amount at a rate equal to the average of the one-year

SOFR fixed rate equivalent for the ten business days prior to the date of your employment termination, in a lump sum or provided to you as soon as practicable after the expiration of such six month period. In the event that the timing of any payment

hereunder is determined by reference to, or subject to, your execution and nonrevocation of the Separation Agreement and the period in which the Separation Agreement may become effective and irrevocable spans two calendar years, then such payment

will be made in the second year. Each payment or benefit provided under this Agreement shall be treated as a separate payment for purposes of Section 409A to the extent Section 409A applies to such payment. If any provision hereunder would

be determined by the parties hereto to be in violation of Section 409A, the parties shall cooperate to modify such provision to be in compliance therewith, with the intention of preserving the original economic benefit to you prior to such

modification.

15. To the extent you are entitled to any expense reimbursement from the Company that is subject to Section 409A, (i) the amount

of any such expenses eligible for reimbursement in one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year (except under any lifetime limit applicable to expenses for medical care), (ii) in no event shall

any such expense be reimbursed after the last day of the calendar year following the calendar year in which you incurred such expense, and (iii) in no event shall any right to reimbursement be subject to liquidation or exchange for another

benefit.

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16. The Company will not take any action, or omit to take any action, that would expose any payment or

benefit to you to the additional tax of Section 409A, unless (i) the Company is obligated to take the action under an agreement, plan or arrangement to which you are a party, (ii) you request the action, (iii) the Company advises

you in writing that the action may result in the imposition of the additional tax and (iv) you subsequently request the action in a writing that acknowledges you will be responsible for any effect of the action under Section 409A. The

Company will hold you harmless for any action it may take or omission in violation of this Section 16, including any attorney’s fees you may incur in enforcing your rights.

17. It is our intention that the benefits and rights to which you could become entitled in connection with termination of employment be exempt from or comply

arrangement such that it complies (with the most limited possible economic effect on you and on the Company).

18. This Agreement is personal to you and

duties of Company, as contained in this Agreement, either contractually or as a matter of law.

19. To the extent permitted by law, you and the Company

waive any and all rights to a jury trial with respect to any matter relating to this Agreement (including the covenants set forth in Annex A hereof). This Agreement will be governed by and construed in accordance with the law of the State of New

York applicable to contracts made and to be performed entirely within that State.

20. Both the Company and you hereby irrevocably submit to the

jurisdiction of the courts of the State of New York and the federal courts of the United States of America in each case located in the City of New York, Borough of Manhattan, solely in respect of the interpretation and enforcement of the provisions

of this Agreement, and each party hereby waives, and agrees not to assert, as a defense that either party, as appropriate, is not subject thereto or that the venue thereof may not be appropriate. You and the Company each agree that mailing of

process or other papers in connection with any such action or proceeding in any manner as may be permitted by law shall be valid and sufficient service thereof.

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21. This Agreement may not be amended or modified otherwise than by a written agreement executed by the

parties hereto or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. It is the

parties’ intention that this Agreement not be construed more strictly with regard to you or the Company.

22. This Agreement (and exhibits) and your

indemnification agreement reflect the entire understanding and agreement of you and the Company with respect to the subject matter hereof and supersede all prior understandings or agreements relating thereto.

23. This Agreement will automatically terminate, and be of no further force or effect, on the Scheduled Expiration Date; provided, however, that the

provisions of Sections 7 through 10, 13 through 23 and Annex A and any amounts earned but not yet paid to you pursuant to the terms of this Agreement as of the Scheduled Expiration Date shall survive the termination of the Agreement and remain

binding on you and the Company in accordance with their terms.

Mr. David Granville-Smith

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Sincerely,

MSGS SPINCO, INC. (to be renamed MSG RANGERS CORP.)

/s/ James L. Dolan

By: James L. Dolan

Title: Executive Chairman and Chief Executive Officer

Accepted and Agreed:

/s/ David Granville-Smith

David Granville-Smith

Mr. David Granville-Smith

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ANNEX A

ADDITIONAL COVENANTS

(This Annex

constitutes part of the Agreement)

You agree to comply with the following covenants in addition to those set forth in the Agreement.

1. CONFIDENTIALITY

You agree to retain in strict confidence and

not divulge, disseminate, copy or disclose to any third party any Confidential Information, other than for legitimate business purposes of the Company and its subsidiaries. As used herein, “Confidential Information” means any non-public information that is material or of a confidential, proprietary, commercially sensitive or personal nature of, or regarding, the Company or any of its subsidiaries or any current or former director,

officer or member of senior management of any of the foregoing (collectively “Covered Parties”). The term Confidential Information includes information in written, digital, oral or any other format and includes, but is not limited to

(i) information designated or treated as confidential; (ii) budgets, plans, forecasts or other financial or accounting data; (iii) customer, guest, fan, vendor, sponsor, marketing affiliate or shareholder lists or data;

(iv) technical or strategic information regarding the Covered Parties’ advertising, sports, entertainment, theatrical, or other businesses; (v) advertising, sponsorship, business, sales or marketing tactics, strategies or

If disclosed, Confidential Information or Other Information could have an adverse effect on the Company’s standing in the community, its business

reputation, operations or competitive position or the standing, reputation, operations or competitive position of any of its affiliates, subsidiaries, officers, directors, employees, consultants or agents or any of the Covered Parties.

Notwithstanding the foregoing, the obligations of this section, other than with respect to subscriber information, shall not apply to Confidential Information

which is:

a) already in the public domain or which enters the public domain other than by your breach of this Paragraph 1;

b) disclosed to you by a third party with the right to disclose it in good faith; or

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c) specifically exempted in writing by the Company from the applicability of this Agreement.

Notwithstanding anything elsewhere in this Agreement, including this Paragraph 1 and Paragraph 3 below, you are authorized to make any disclosure required of

you by any federal, state and local laws or judicial, arbitral or governmental agency proceedings (including making truthful statements in connection with a judicial or arbitral proceeding to enforce your rights under this Agreement, to the extent

reasonably required and made in good faith). In addition, this Agreement in no way restricts or prevents you from providing truthful testimony concerning the Company to judicial, administrative, regulatory or other governmental authorities.

2. NON-COMPETE

You

acknowledge that due to your executive position in the Company and your knowledge of the Company’s confidential and proprietary information which you will obtain during the term of your employment hereunder, your employment by certain

businesses would be irreparably harmful to the Company. During your employment with the Company and thereafter through the first anniversary of the date on which your employment with the Company has terminated for any reason, you agree not to (other

than with the prior written consent of the Company) become employed by any Competitive Entity (as defined below). A “Competitive Entity” shall mean any person or entity (other than MSGK, Sphere, AMC, and their respective subsidiaries)

that (1) has a direct or indirect 10% or greater ownership interest in, or management or control of, any business, person or entity that competes with any of the Company’s businesses including, without limitation, any professional sports

team, sports league, or similar or related business (e.g., Internet sites in connection therewith) within the United States or within any other country in which the Company has any competing business or from which such business, person or entity

competes with any of the Company’s domestic businesses, or (2) is an affiliate of a person or entity described in clause (1). For purposes of this Paragraph 2, an affiliate of an entity (including, without limitation, the Company) shall

mean an entity that directly or indirectly controls, is controlled by, or under common control with, such entity. Ownership of not more than 1% of the outstanding equity of any publicly traded company shall not, by itself, be a violation of this

Paragraph. If you remain continuously employed with the Company through the Scheduled Expiration Date, then this agreement not to compete will expire on the Scheduled Expiration Date.

3. ADDITIONAL UNDERSTANDINGS

You agree, for yourself and others

acting on your behalf, that you (and they) have not disparaged and will not disparage, make negative statements about (either “on the record” or “off the record”) or act in any manner which is intended to or does damage to

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The Company agrees that, except as necessary to comply with applicable law or the rules of the New York Stock

Exchange or any other stock exchange on which the Company’s stock may be traded (and any public statements made in good faith by the Company in connection therewith), it and its corporate officers and directors, employees in its public

relations department or third party public relations representatives retained by the Company will not disparage you or make negative statements in the press or other media which are damaging to your business or personal reputation. In the event that

the Company so disparages you or makes such negative statements, then notwithstanding the “Additional Understandings” provision to the contrary, you may make a proportional response thereto.

In addition, you agree that the Company is the owner of all rights, title and interest in and to all documents, tapes, videos, designs, plans, formulas,

models, processes, computer programs,

inventions (whether patentable or not), schematics, music, lyrics and other technical, business, financial,

advertising, sales, marketing, customer or product development plans, forecasts, strategies, information and materials (in any medium whatsoever) developed or prepared by you or with your cooperation in connection with your employment by the Company

(the “Materials”). The Company will have the sole and exclusive authority to use the Materials in any manner that it deems appropriate, in perpetuity, without additional payment to you.

If requested by the Company, you agree to deliver to the Company upon the termination of your employment, or at any earlier time the Company may request, all

memoranda, notes, plans, files, records, reports, and software and other documents and data (and copies thereof regardless of the form thereof (including electronic copies)) containing, reflecting or derived from Confidential Information or the

Materials of the Company or any of its affiliates which you may then possess or have under your control. If so requested, you shall provide to the Company a signed statement confirming that you have fully complied with this Paragraph.

Notwithstanding the foregoing, you shall be entitled to retain your contacts, calendars and personal diaries and any materials needed for your tax return preparation or related to your compensation.

In addition, you agree for yourself and others acting on your behalf, that you (and they) shall not, at any time, participate in any way in the writing or

scripting (including, without limitation, any “as told to” publications) of any book, periodical story, movie, play, or other similar written or theatrical work or video that (i) relates to your services to the Company or any of its

affiliates or (ii) otherwise refers to the Company or its respective businesses, activities, directors, officers, employees or representatives, without the prior written consent of the Company.

4. FURTHER COOPERATION

Following the date of termination of

knowledge, attendance and

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participation could be beneficial to the Company. This cooperation includes, without limitation, participation on behalf of the Company in any litigation or administrative proceeding brought by

any former or existing Company employees, representatives, agents or vendors. The Company will pay you for your services rendered under this provision at the rate of $7,500 per day for each day or part thereof, within 30 days of the approval of

the invoice therefor; provided that, if you provide services on the same day for any of the Company, MSGK, Sphere and AMC, your daily rate shall not exceed $7,500 in the aggregate.

The Company will provide you with reasonable notice in connection with any cooperation it requires in accordance with this section and will take reasonable

steps to schedule your cooperation in any such matters so as not to materially interfere with your other professional and personal commitments. The Company will reimburse you for any reasonable out-of-pocket expenses you reasonably incur in connection with the cooperation you provide hereunder as soon as practicable after you present appropriate documentation evidencing such expenses. You agree to

provide the Company with an estimate of such expense before you incur the same.

5. NON-HIRE OR SOLICIT

You agree not to hire, seek to hire, or cause any person or entity to hire or seek to hire (without the prior written consent of the Company), directly or

termination of employment with the Company. This restriction does not apply to any former employee who was discharged by the Company. In addition, this restriction will not prevent you from providing references. If you remain continuously employed

with the Company through the Scheduled Expiration Date, then this agreement not to hire or solicit will expire on the Scheduled Expiration Date.

ACKNOWLEDGMENTS

You acknowledge that the restrictions contained in this Annex A, in light of the nature of the Company’s business and your position

and responsibilities, are reasonable and necessary to protect the legitimate interests of the Company. You acknowledge that the Company has no adequate remedy at law and would be irreparably harmed if you breach or threaten to breach the provisions

of this Annex A, and therefore agree that the Company shall be entitled to injunctive relief, to prevent any breach or threatened breach of any of those provisions and to specific performance of the terms of each of such provisions in addition to

any other legal or equitable remedy it may have. You further agree that you will not, in any equity proceeding relating to the enforcement of the provisions of this Annex A, raise the defense that the Company has an adequate remedy at law. Nothing

in this Annex A shall be construed as prohibiting the Company from pursuing any other remedies at law or in equity that it may have or any other rights that it may have under any other agreement. If it is determined that any of the provisions of

this Annex A or any part thereof, is unenforceable because of the duration or scope (geographic or otherwise) of such provision, it is the intention of the parties that the duration or scope of such provision, as the case may be, shall be reduced so

that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced.

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7. SURVIVAL

The provisions of this Annex A shall survive any termination of your employment by the Company or the expiration of the Agreement except as otherwise provided

herein.

EX-10.5

Filename: d180862dex105.htm · Sequence: 11

EX-10.5

Exhibit 10.5

October 26, 2026

Mr. Paul DiCicco

MSGS Spinco, Inc. (to be renamed MSG

Rangers Corp.)

Two Pennsylvania Plaza

New York, NY 10121

Dear Paul:

This letter agreement (the

“Agreement”), effective as of the closing of the spin-off of MSGS Spinco, Inc. (to be renamed MSG Rangers Corp., the “Company”) from Madison Square Garden Sports Corp. (to be renamed

MSG Knickerbockers Corp., “MSGK”) (the “Effective Date”), will confirm the terms of your employment with the Company as of the Effective Date.

1. Your title will be Executive Vice President Chief Financial Officer and Treasurer and you will report to the Executive Chairman and Chief

Executive Officer of the Company (except for matters requiring you to report directly to the Board of Directors of the Company (the “Board”) or the Audit Committee of the Board, as determined in the sole discretion of the Board or

its Audit Committee, as applicable). Subject to Paragraph 2 below, you agree to devote such amount of your business time and attention to the business and affairs of the Company as is necessary, and as you may be requested, to perform your

duties in a diligent, competent, professional and skillful manner and in accordance with applicable law.

2. The Company acknowledges that, in addition to

your services pursuant to this Agreement, you will simultaneously be employed by, and are expected to devote a portion of your business time and attention to, MSGK. The Company understands that you have entered into an employment agreement with MSGK

and recognizes and agrees that your responsibilities to MSGK will preclude you from devoting substantially all of your time and attention to the Company’s affairs, but apart from your arrangement with MSGK you will not undertake any outside

business commitments without the Company’s consent and you will, upon request, cooperate with the Company in reviewing your obligations under Paragraph 1 above. In addition, as recognized in Article Tenth of the Company’s Amended and

Restated Articles of Incorporation (the “Overlap Policy”), there may be certain potential conflicts of interest and fiduciary duty issues associated with your roles at the Company and MSGK. The Company recognizes and agrees that none of

(i) your multiple responsibilities at the Company and MSGK, (ii) your inability to devote substantially all of your time and attention to the Company’s affairs, (iii) the actual or potential conflicts of interest and fiduciary

duty issues that are waived in the Overlap Policy, or (iv) any actions taken, or omitted to be taken, by you in good faith to comply with your duties and responsibilities to the Company in light of your multiple responsibilities to the Company

and MSGK, shall be deemed to be a breach by you of your obligations under this Agreement

Mr. Paul DiCicco

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(including your obligations under Annex A) nor shall any of the foregoing constitute “Cause” as such term is defined in Paragraph 11 hereof.

3. Your annual base salary will be not less than $237,250 annually, paid bi-weekly, subject to annual review and

potential increase by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) in its discretion. The Compensation Committee will review your compensation package on an annual basis to ensure

that you are paid consistently with other similarly situated executives of the Company as well as external peers.

4. You will also participate in our

discretionary annual bonus program with an annual target bonus opportunity equal to not less than 100% of your annual base salary. Bonus payments depend on a number of factors including Company, unit and individual performance. However, the decision

of whether or not to pay a bonus, and the amount of that bonus, if any, is made by the Compensation Committee in its sole discretion. Annual bonuses are typically paid early in the subsequent fiscal year. Except as otherwise provided herein, in

order to receive a bonus, you must be employed by the Company at the time bonuses are being paid. Notwithstanding the foregoing, if your employment with the Company ends on or after the Scheduled Expiration Date (as defined below) (other than in the

event of a termination for “Cause” or a resignation without “Good Reason”), you shall be paid a prorated bonus for the fiscal year in which the Termination Date (as defined below) occurs based on your base salary in effect on

the Termination Date and the number of full months worked in the fiscal year through the Termination Date (provided, however, that if the Termination Date is on or after the 16th day of the applicable month, such month shall be included as a full

month in the calculation), which will be paid to you when such bonuses are generally paid to similarly situated active executives and will be based on your then current annual target bonus without adjustment for Company, business unit or individual

performance.

5. You will also, subject to your continued employment by the Company and actual grant by the Compensation Committee, participate in such

equity and other long-term incentive programs that are made available in the future to similarly situated executives at the Company. It is expected that such awards will consist of annual grants of cash and/or equity awards with an annual target

value of not less than $237,250, all as determined by the Compensation Committee in its discretion. All awards described in this Paragraph, in addition to being subject to actual grant by the Compensation Committee, would be pursuant to the

applicable plan document and would be subject to any terms and conditions established by the Compensation Committee in its sole discretion that would be detailed in separate agreements you would receive after any award is actually made; provided,

however, that such terms and conditions shall be consistent with those in awards granted to similarly situated executives. Long-term incentive awards are currently expected to be subject to three-year vesting.

6. While you are employed by MSGK, you will not be eligible to participate in the Company’s benefit program except as provided below. If your employment

with MSGK terminates while you remain employed by the Company, you will be eligible to participate in our standard benefits

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program, subject to meeting the relevant eligibility requirements, payment of the required premiums, and the terms of the plans themselves. Notwithstanding the first sentence of this Paragraph 6,

you will be eligible to participate in the Company’s Excess Savings Plan and Executive Deferred Compensation Plan and your full Company base salary will be used to determine the applicable benefits under the Company’s Excess Savings

Plan. You will be eligible for flexible time off in accordance with Company policy.

7. If your employment with the Company is terminated on or prior

to May 10, 2029 (the “Scheduled Expiration Date”) (i) by the Company (other than for “Cause”); or (ii) by you for “Good Reason” (other than if “Cause” then exists); then, subject to your

execution and delivery, within 60 days after the date of termination of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement (as defined below), the Company

will provide you with the following:

(a)

Severance in an amount to be determined by the Company (the “Severance Amount”), but in no event

anniversary of the Termination Date;

(b)

Any unpaid annual bonus for the Company’s fiscal year prior to the fiscal year which includes your

Termination Date, and a pro rated bonus based on your base salary in effect on the Termination Date and the number of full months worked in the fiscal year through the Termination Date (provided, however, that if the Termination Date is on or

after the 16th day of the applicable month, such month shall be included as a full month in the calculation), each of which will be paid to you when such bonuses are generally paid to similarly

situated active executives and will be based on your then current annual target bonus, without adjustment for Company, business unit or individual performance;

(c)

Each of your outstanding long-term cash awards (or portion thereof), if any, granted under the plans of the

Company that is scheduled to vest on or before the next Annual Vesting Date (as defined below) shall immediately vest in full and shall be payable to you at the same time as such awards are paid to active executives of the Company and the payment

your individual performance); and any portion of each long-term cash award that does not vest in accordance with the foregoing provision shall be forfeited as of the Termination Date;

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(d)

With respect to each of your outstanding restricted stock or restricted stock unit awards granted to you under

the plans of the Company, (i) the time-based restrictions on such award or portion of such award scheduled to vest on or before the next Annual Vesting Date (the “Pro Rata Portion”) shall immediately be eliminated,

(ii) deliveries with respect to the Pro Rata Portion of any such restricted stock that are not subject to performance criteria or are subject to performance criteria that have previously been satisfied (as certified by the Compensation

Committee) shall be made immediately after the effective date of the Separation Agreement, (iii) payment and deliveries with respect to the Pro Rata Portion of any such restricted stock units that are not subject to performance criteria or are

subject to performance criteria that have previously been satisfied (as certified by the Compensation Committee) shall be made as soon as reasonably practicable after the effective date of the Separation Agreement and (iv) payments or

deliveries with respect to the Pro Rata Portion of any such restricted stock and restricted stock units that are subject to performance criteria that have not yet been satisfied shall be made at the same time and to the extent that other similarly

situated executives receive payment as determined by the Compensation Committee (subject to satisfaction of the applicable performance criteria); and any portion of each restricted stock and restricted stock unit award that does not vest in

accordance with the foregoing provision shall be forfeited as of the Termination Date; and

(e)

Each of your outstanding stock options and stock appreciation awards (or portion thereof), if any, granted

under the plans of the Company that is scheduled to vest on or before the next Annual Vesting Date shall immediately vest and become exercisable, and you shall have the right to exercise the vested portion of all outstanding options and stock

appreciation awards for the remainder of the term of such option or award; and any portion of each option and stock appreciation award that is not vested after taking into account the foregoing provision shall be forfeited as of the Termination

Date.

If you die after a termination of your employment that is subject to this Paragraph 7, your estate or beneficiaries will be

provided with any remaining benefits and rights under this Paragraph 7.

For purposes hereof, “Annual Vesting Date” means, (x) with

respect to awards that are not subject to performance conditions, September 15 or such other date on which the award (or a tranche thereof) is scheduled to vest or (y) with respect to awards that are subject to performance conditions,

September 15 or such other date following the applicable performance period on which the award is scheduled to vest. For the avoidance of doubt, and for illustrative purposes only, if (1) the Termination Date occurs between

September 16, 2027 and September 15, 2028 (inclusive), (2) outstanding time-based restricted stock units are scheduled to vest in tranches on each September 15 and (3) outstanding

performance-based restricted stock units are scheduled to vest on the later of September 15 and the date on which the Compensation Committee certifies

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performance following the applicable performance period, then the time-based restricted stock units and performance-based restricted stock units scheduled to vest on September 15, 2028 (or a

later date on which the Compensation Committee certifies performance for such award, to the extent applicable) shall vest and any other outstanding restricted stock units that are scheduled to vest after such dates shall be forfeited.

(a)

If you cease to be an employee of the Company prior to the Scheduled Expiration Date as a result of your death

or your Disability (as defined in the Company’s Long Term Disability Plan), and at such time Cause does not exist then, subject (other than in the case of death) to your execution and delivery, within 60 days after the date of termination of

your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement, you or your estate or beneficiary shall be provided with the benefits and rights set forth in

Paragraphs 7(b), (d), and (e) above, and each of your outstanding long-term cash awards (or portion thereof), if any, granted under the plans of the Company that is scheduled to vest on or before the next Annual Vesting Date shall immediately

vest in full, whether or not subject to performance criteria and shall be payable as soon as reasonably practicable after your execution and delivery of the Separation Agreement (and the expiration of any applicable revocation period); provided,

that if any such award is subject to any performance criteria, then (i) if the measurement period for such performance criteria has not yet been fully completed, then the payment amount shall be at the target amount for such award and

(ii) if the measurement period for such performance criteria has already been fully completed, then the payment of such award shall be at the same time and to the extent that other similarly situated executives receive payment as determined by

the Compensation Committee (subject to satisfaction of the applicable performance criteria); and provided further, that any portion of each long-term cash award that does not vest in accordance with the foregoing provision shall be forfeited as of

the Termination Date.

(b)

If after the Scheduled Expiration Date, your employment with the Company is terminated (i) by the Company

without Cause, (ii) by you for Good Reason, or (iii) as a result of your death or Disability and at the time of any such termination Cause does not exist, then, subject to your (or, in the case of your death, your representative’s)

benefits and rights set forth in Paragraphs 7(b), (d), and (e) above.

9. For purposes hereof, “Separation Agreement”

shall mean the Company’s standard severance agreement (modified to reflect the terms of this Agreement) which will include, without limitation, the provisions set forth in Paragraphs 7, 8 and 10 hereof and Annex A hereto regarding non-compete (limited to one year), non-disparagement, non-hire/non-solicitation,

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confidentiality (including, without limitation, the last paragraph of section 3 of Annex A), and further cooperation obligations and restrictions on you (with Company reimbursement of your

associated expenses and payment for your services as described in Annex A in connection with any required post-employment cooperation) as well as a general release by you of the Company and its affiliates (and their respective directors and officers

but such release shall not extend to MSGK or its respective subsidiaries to the extent that at the time of your separation you are employed by such entities), but shall otherwise contain no post-employment covenants unless agreed to by you. The

Company shall provide you with the form of Separation Agreement within seven days of your termination of employment. For avoidance of doubt, your rights of indemnification under the Company’s Amended and Restated Articles of Incorporation,

under your indemnification agreement with the Company and under any insurance policy, or under any other resolution of the Board of Directors of the Company shall not be released, diminished or affected by any Separation Agreement or release or any

termination of your employment.

10. Except as otherwise set forth in Paragraphs 7 and 8 hereof, in connection with any termination of your employment,

your then outstanding equity and cash incentive awards shall be treated in accordance with their terms and, other than as provided in this Agreement, you shall not be eligible for severance benefits under any other plan, program or policy of the

Company. Nothing in this Agreement is intended to limit any more favorable rights that you may be entitled to under your equity and/or cash incentive award agreements, including, without limitation, your rights in the event of a termination of your

employment, a “Going Private Transaction” or a “Change of Control” (as those terms are defined in the applicable award agreement).

11. For purposes of this Agreement, “Cause” means your (i) commission of an act of fraud, embezzlement, misappropriation, willful

misconduct, gross negligence or breach of fiduciary duty against the Company or an affiliate thereof, or (ii) commission of any act or omission that results in a conviction, plea of no contest, plea of nolo contendere, or

imposition of unadjudicated probation for any crime involving moral turpitude or any felony.

For purposes of this Agreement, “Good

title (as in effect from time to time) is diminished, (C) you report to someone other than to the Executive Chairman and Chief Executive Officer of the Company, (D) you are no longer the Company’s most senior financial officer,

(E) the Company requires that your principal office be located outside of the Borough of Manhattan, or (F) the Company materially breaches its obligations to you under this Agreement, (2) you have given the Company written notice,

referring specifically to this Agreement and definition, that you do not consent to such action, (3) the Company has not corrected such action within 15 days of receiving such notice, and (4) you voluntarily terminate your

employment with the Company within 90 days following the happening of the action described in subsection (1) above.

12. This Agreement does not

constitute a guarantee of employment for any definite period. Your employment is at will and may be terminated by you or the Company at any time, with or without notice or reason; provided, that in order to terminate your employment without Good

Reason, you agree to provide the Company with at least 60 days’ prior written notice.

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13. The Company may withhold from any payment due to you any taxes required to be withheld under any law,

rule or regulation. If any payment otherwise due to you hereunder would result in the imposition of the excise tax imposed by Section 4999 of the Code, the Company will instead pay you either (i) such amount or (ii) the maximum amount

that could be paid to you without the imposition of the excise tax, depending on whichever amount results in your receiving the greater amount of after-tax proceeds. In the event that the payments and benefits

payable to you would be reduced as provided in the previous sentence, then such reduction will be determined in a manner which has the least economic cost to you and, to the extent the economic cost is equivalent, such payments or benefits will be

reduced in the inverse order of when the payments or benefits would have been made to you (i.e. later payments will be reduced first) until the reduction specified is achieved. If the Company elects to retain any accounting or similar firm to

provide assistance in calculating any such amounts, the Company shall be responsible for the costs of any such firm.

14. It is intended that this

Agreement will comply with Section 409A to the extent this Agreement is subject thereto, and that this Agreement shall be interpreted on a basis consistent with such intent. Any payment or benefit under Paragraphs 7 or 8 of this Agreement that

is payable to you by reason of your termination of employment shall be made or provided to you only upon a “separation from service” as defined for purposes of Section 409A under applicable regulation, provided that the service

recipient and the employer for this purpose shall be the service recipient as defined by Treasury Regulation Section 1.409A-1(g). If and to the extent that any payment or benefit under this Agreement, or

any plan, award or arrangement of the Company or its affiliates, constitutes “non-qualified deferred compensation” subject to Section 409A and is payable to you by reason of your termination

of employment, then if you are a “specified employee” (within the meaning of Section 409A as determined by the Company), such payment or benefit shall not be made or provided before the date that is six months after the date of your

separation from service (or your earlier death). Any amount not paid or benefit not provided in respect of the six month period specified in the preceding sentence will be paid to you, together with interest on such delayed amount at a rate equal to

the average of the one-year SOFR fixed rate equivalent for the ten business days prior to the date of your employment termination, in a lump sum or provided to you as soon as practicable after the expiration

of such six month period. In the event that the timing of any payment hereunder is determined by reference to, or subject to, your execution and nonrevocation of the Separation Agreement and the period in which the Separation Agreement may become

effective and irrevocable spans two calendar years, then such payment will be made in the second year. Each payment or benefit provided under this Agreement shall be treated as a separate payment for purposes of Section 409A to the extent

Section 409A applies to such payment.

15. To the extent you are entitled to any expense reimbursement from the Company that is subject to

Section 409A, (i) the amount of any such expenses eligible for reimbursement in one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year

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(except under any lifetime limit applicable to expenses for medical care), (ii) in no event shall any such expense be reimbursed after the last day of the calendar year following the calendar

year in which you incurred such expense, and (iii) in no event shall any right to reimbursement be subject to liquidation or exchange for another benefit.

16. The Company will not take any action, or omit to take any action, that would expose any payment or benefit to you to the additional tax of

Section 409A, unless (i) the Company is obligated to take the action under an agreement, plan or arrangement to which you are a party, (ii) you request the action, (iii) the Company advises you in writing that the action may

result in the imposition of the additional tax and (iv) you subsequently request the action in a writing that acknowledges you will be responsible for any effect of the action under Section 409A. The Company will hold you harmless for any

action it may take or omission in violation of this Paragraph 16, including any attorney’s fees you may incur in enforcing your rights.

17. It

is our intention that the benefits and rights to which you could become entitled in connection with termination of employment be exempt from or comply with Section 409A. If you or the Company believes, at any time, that any of such benefit or

right is not exempt or does not comply, it will promptly advise the other and will negotiate reasonably and in good faith to amend the terms of such arrangement such that it complies (with the most limited possible economic effect on you and on the

Company).

18. This Agreement is personal to you and without the prior written consent of the Company shall not be assignable by you. This Agreement shall

inure to the benefit of and be enforceable by your legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. The rights or obligations of the Company under this Agreement may

only be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of Company; provided, however, that the assignee or

transferee is the successor to all or substantially all of the assets of Company and such assignee or transferee assumes the liabilities and duties of Company, as contained in this Agreement, either contractually or as a matter of law.

19. To the extent permitted by law, you and the Company waive any and all rights to a jury trial with respect to any matter relating to this Agreement

(including the covenants set forth in Annex A hereof). This Agreement will be governed by and construed in accordance with the law of the State of New York applicable to contracts made and to be performed entirely within that State.

20. Both the Company and you hereby irrevocably submit to the jurisdiction of the courts of the State of New York and the federal courts of the United States

of America in each case located in the City of New York, Borough of Manhattan, solely in respect of the interpretation and enforcement of the provisions of this Agreement, and each party hereby waives, and agrees not to assert, as a defense that

either party, as appropriate, is not subject thereto or that the venue thereof may not be appropriate. You and the Company each agree that certified mailing of

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process or other papers in connection with any such action or proceeding in any manner as may be permitted by law shall be valid and sufficient service thereof.

21. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and

legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. It is the parties’ intention that this Agreement not be

construed more strictly with regard to you or the Company. All notices between the parties will be in writing. Any notice to the Company will be directed to the Executive Chairman and/or Chief Executive Officer via

e-mail with a copy to legalnotices@msg.com.

22. This Agreement (and exhibits) and your indemnification agreement

reflect the entire understanding and agreement of you and the Company with respect to the subject matter hereof and supersede all prior understandings or agreements relating thereto.

23. This Agreement will automatically terminate, and be of no further force or effect, on the Scheduled Expiration Date; provided, however, that the

provisions of Paragraphs 7 through 10, 13 through 23 and Annex A, and any amounts earned but not yet paid to you pursuant to the terms of this Agreement as of the Scheduled Expiration Date shall survive the termination of the Agreement and remain

binding on you and the Company in accordance with their terms.

Sincerely,

MSGS SPINCO, INC. (to be renamed MSG RANGERS CORP.)

/s/ James L. Dolan

By: James L. Dolan

Title: Executive Chairman and Chief Executive Officer

Accepted and Agreed:

/s/ Paul DiCicco

Paul DiCicco

Mr. Paul DiCicco

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ANNEX A

ADDITIONAL COVENANTS

(This Annex

constitutes part of the Agreement)

You agree to comply with the following covenants in addition to those set forth in the Agreement.

1. CONFIDENTIALITY

You agree to retain in strict confidence and

not divulge, disseminate, copy or disclose to any third party any Confidential Information, other than for legitimate business purposes of the Company and its subsidiaries or as provided in the exceptions below. As used herein, “Confidential

shareholder lists or data; (iv) technical or strategic information regarding the Covered Parties’ advertising, sports, entertainment, theatrical, or other businesses; (v) advertising, sponsorship, business, sales or marketing

tactics, strategies or information; (vi) policies, practices, procedures or techniques; (vii) trade secrets or other intellectual property; (viii) information, theories or strategies relating to litigation, arbitration, mediation,

investigations or matters relating to governmental authorities; (ix) terms of agreements with third parties and third party trade secrets; (x) information regarding employees, talent, players, coaches, agents, consultants, advisors or

representatives, including their compensation or other human resources policies and procedures; (xi) information or strategies relating to any potential or actual business development transactions and/or any potential or actual business

acquisition, divestiture or joint venture, and (xii) any other information the disclosure of which may have an adverse effect on the Covered Parties’ business reputation, operations or competitive position, reputation or standing in the

community.

If disclosed, Confidential Information could have an adverse effect on the Company’s standing in the community, its business reputation,

operations or competitive position or the standing, reputation, operations or competitive position of any of its affiliates, subsidiaries, officers, directors, employees, coaches, consultants or agents or any of the Covered Parties.

Notwithstanding the foregoing, the obligations of this section, other than with respect to subscriber information, shall not apply to Confidential Information

which is:

Mr. Paul DiCicco

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a) already in the public domain or which enters the public domain other than by your breach of this

Section 1;

b) disclosed to you by a third party with the right to disclose it in good faith; or

c) specifically exempted in writing by the Company from the applicability of this Agreement.

Notwithstanding anything elsewhere in this Agreement, including this Section 1 and Section 3 below, you are hereby notified that the immunity

long as any document containing the trade secret is filed under seal and the trade secret is not disclosed except pursuant to court order. Furthermore, you are authorized to provide information to, file a charge with and participate in an

investigation conducted by any governmental agency, and you do not need the Company’s permission to do so. In addition, it is understood that you are not required to notify the Company of a request for information from any governmental entity

or of your decision to file a charge with or participate in an investigation conducted by any governmental entity. In addition, this Agreement in no way restricts or prevents you from providing testimony concerning the Company or any of its

affiliates to judicial, administrative, regulatory or other governmental authorities. Notwithstanding the foregoing, you recognize that, in connection with the provision of information to any governmental entity, you must inform such governmental

entity that the information you are providing is confidential.

Despite the foregoing, you are not permitted to reveal to any third party, including any

governmental entity, information you came to learn during your service to the Company that is protected from disclosure by any applicable privilege, including but not limited to the attorney-client privilege or attorney work product doctrine. The

Company does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other privileged information.

2. NON-COMPETE

You

acknowledge that due to your executive position in the Company and the knowledge of the Company’s and its affiliates’ confidential and proprietary information which you will obtain during the term of your employment hereunder, your

employment by certain businesses would be irreparably harmful to the Company and/or its affiliates. During your employment with the Company and thereafter through the first anniversary of the date on which your employment with the Company is

terminated by the Company or you for any reason, you agree not to (other than with the prior written consent of the Company), become employed by any Competitive

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Entity (as defined below). A “Competitive Entity” shall mean any NHL team located in New York, New Jersey or Connecticut. The ownership by you of not more than 1% of the outstanding

equity of any publicly traded company shall not, by itself, be a violation of this Section. If you remain continuously employed with the Company through the Scheduled Expiration Date, then this agreement not to compete will expire on the Scheduled

Expiration Date.

3. ADDITIONAL UNDERSTANDINGS

You agree,

for yourself and others acting on your behalf, that you (and they) have not disparaged and will not disparage, make negative statements about (either “on the record” or “off the record”) or act in any manner which is intended

to or does damage to the good will of, or the business or personal reputations of the Company or any of its incumbent or former officers, directors, agents, consultants, employees, successors and assigns or any of the Covered Parties.

Notwithstanding the foregoing, you are authorized to provide information to, file a charge with and participate in an investigation conducted by any governmental agency, and you do not need the Company’s permission to do so.

The Company agrees that, except as necessary to comply with applicable law or the rules of the New York Stock Exchange or any other stock exchange on which

with and participate in an investigation conducted by any governmental agency, and the Company does not need your permission to do so.

In addition, you

agree that the Company is the owner of all rights, title and interest in and to all documents, tapes, videos, designs, plans, formulas, models, processes, computer programs,

inventions (whether patentable or not), schematics, music, lyrics and other technical, business, financial, advertising, sales, marketing, customer or product

development plans, forecasts, strategies, information and materials (in any medium whatsoever) developed or prepared by you or with your cooperation in connection with your employment by the Company (the “Materials”). The Company will

have the sole and exclusive authority to use the Materials in any manner that it deems appropriate, in perpetuity, without additional payment to you.

Mr. Paul DiCicco

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or have under your control. If so requested, you shall provide to the Company a signed statement confirming that you have fully complied with this Section. Notwithstanding the foregoing, you

shall be entitled to retain your contacts, calendars and personal diaries and any materials needed for your tax return preparation or related to your compensation.

In addition, you agree for yourself and others acting on your behalf, that you (and they) shall not, at any time, participate in any way in the writing or

affiliates or (ii) otherwise refers to the Company or its respective businesses, activities, directors, officers, employees or representatives (other than identifying your biographical information), without the prior written consent of the

Company.

4. FURTHER COOPERATION

Following the date of

termination of your employment with the Company (the “Expiration Date”), you will no longer provide any regular services to the Company or represent yourself as a Company agent. If, however, the Company so requests, you agree to

cooperate fully with the Company in connection with any matter with which you were involved prior to the Expiration Date, or in any litigation or administrative proceedings or appeals (including any preparation therefore) where the Company believes

that your personal knowledge, attendance and participation could be beneficial to the Company. This cooperation includes, without limitation, participation on behalf of the Company in any litigation or administrative proceeding brought by any former

or existing Company employees, representatives, agents or vendors. For the avoidance of doubt, the term “cooperation” does not mean that you must provide information that is favorable to the Company; it means only that you will provide

information within your knowledge and possession upon the Company’s request. The Company will pay you for your services rendered under this provision at the rate of $5,000 per day for each day or part thereof, within 30 days of the

approval of the invoice therefor; provided that, if you provide services on the same day for any of the Company and MSGK, your daily rate shall not exceed $5,000 in the aggregate.

The Company will provide you with reasonable notice in connection with any cooperation it requires in accordance with this section and will take reasonable

provide the Company with an estimate of such expense before you incur the same.

5. NON-HIRE OR SOLICIT

You agree not to hire, seek to hire, or cause any person or entity to hire or seek to hire (without the prior written consent of the Company), directly or

indirectly (whether for your own interest

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or any other person or entity’s interest) any person who is or was in the prior six months an employee of the Company, or any of its subsidiaries, until the first anniversary of the date on

which your employment with the Company is terminated by the Company or you for any reason; provided that engaging in a general solicitation not specifically targeted at such employees shall not be prohibited hereby. This restriction does not apply

to any former employee who was discharged by the Company or any of its subsidiaries. In addition, this restriction will not prevent you from providing references. If you remain continuously employed with the Company through the Scheduled Expiration

Date, then this agreement not to hire or solicit will expire on the Scheduled Expiration Date.

6. ACKNOWLEDGMENTS

You acknowledge that the restrictions contained in this Annex A, in light of the nature of the Company’s business and your position and responsibilities,

are reasonable and necessary to protect the legitimate interests of the Company. You acknowledge that the Company has no adequate remedy at law and would be irreparably harmed if you breach or threaten to breach the provisions of this Annex A, and

therefore agree that the Company shall be entitled to injunctive relief, to prevent any breach or threatened breach of any of those provisions and to specific performance of the terms of each of such provisions in addition to any other legal or

equitable remedy it may have. You further agree that you will not, in any equity proceeding relating to the enforcement of the provisions of this Annex A, raise the defense that the Company has an adequate remedy at law. Nothing in this Annex A

shall be construed as prohibiting the Company from pursuing any other remedies at law or in equity that it may have or any other rights that it may have under any other agreement. If it is determined that any of the provisions of this Annex A or any

part thereof, is unenforceable because of the duration or scope (geographic or otherwise) of such provision, it is the intention of the parties that the duration or scope of such provision, as the case may be, shall be reduced so that such provision

becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced.

7. SURVIVAL

The provisions of this Annex A shall survive any termination of your employment by the Company or by you, or the expiration of the Agreement except as

otherwise provided herein.

EX-10.6

Filename: d180862dex106.htm · Sequence: 12

EX-10.6

Exhibit 10.6

October 26, 2026

Mr. Jamaal Lesane

MSGS Spinco, Inc. (to be renamed MSG

Rangers Corp.)

Two Pennsylvania Plaza

New York, NY 10121

Dear Jamaal:

This letter agreement (the

“Agreement”), effective as of the closing of the spin-off of MSGS Spinco, Inc. (to be renamed MSG Rangers Corp., the “Company”) from Madison Square Garden Sports Corp. (to be renamed

MSG Knickerbockers Corp., “MSGK”) (the “Effective Date”), will confirm the terms of your employment with the Company as of the Effective Date.

1. Your title will be Executive Vice President, Chief Legal Officer and you will report to the Company’s Executive Chairman and Chief Executive Officer.

Subject to Paragraph 2 below, you agree to devote such amount of your business time and attention to the business and affairs of the Company as is necessary, and as you may be requested, to perform your duties in a diligent, competent, professional

and skillful manner and in accordance with applicable law.

2. The Company acknowledges that, in addition to your services pursuant to this Agreement, you

will simultaneously be employed by, and are expected to devote a portion of your business time and attention to, MSGK. The Company understands that you have entered into an employment agreement with MSGK and recognizes and agrees that your

responsibilities to MSGK will preclude you from devoting substantially all of your time and attention to the Company’s affairs, but apart from your arrangement with MSGK you will not undertake any outside business commitments without the

Company’s consent and you will, upon request, cooperate with the Company in reviewing your obligations under Paragraph 1 above. In addition, as recognized in Article Tenth of the Company’s Amended and Restated Articles of Incorporation

(the “Overlap Policy”), there may be certain potential conflicts of interest and fiduciary duty issues associated with your roles at the Company and MSGK. The Company recognizes and agrees that none of (i) your multiple

responsibilities at the Company and MSGK, (ii) your inability to devote substantially all of your time and attention to the Company’s affairs, (iii) the actual or potential conflicts of interest and fiduciary duty issues that are

waived in the Overlap Policy, or (iv) any actions taken, or omitted to be taken, by you in good faith to comply with your duties and responsibilities to the Company in light of your multiple responsibilities to the Company and MSGK, shall be

deemed to be a breach by you of your obligations under this Agreement (including your obligations under Annex A) nor shall any of the foregoing constitute “Cause” as such term is defined in Paragraph 11 hereof.

Mr. Jamaal Lesane

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3. Your annual base salary will be not less than $365,000 annually, paid

bi-weekly, subject to annual review and potential increase by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) in its discretion. The Compensation

Committee will review your compensation package on an annual basis to ensure that you are paid consistently with other similarly situated executives of the Company as well as external data.

4. You will also participate in our discretionary annual bonus program with an annual target bonus opportunity equal to not less than 125% of your annual base

salary. Bonus payments depend on a number of factors including Company, unit and individual performance. However, the decision of whether or not to pay a bonus, and the amount of that bonus, if any, is made by the Compensation Committee in its sole

discretion. Annual bonuses are typically paid early in the subsequent fiscal year. Except as otherwise provided herein, in order to receive a bonus, you must be employed by the Company at the time bonuses are being paid. Notwithstanding the

foregoing, if your employment with the Company ends on or after the Scheduled Expiration Date (as defined below) (other than in the event of a termination for “Cause” or a resignation without “Good Reason”), you shall be paid

a prorated bonus for the fiscal year in which the Termination Date (as defined below) occurs based on your base salary in effect on the Termination Date and the number of full months worked in the fiscal year through the Termination Date (provided,

however, that if the Termination Date is on or after the 16th day of the applicable month, such month shall be included as a full month in the calculation), which will be paid to you when such

bonuses are generally paid to similarly situated active executives and will be based on your then current annual target bonus without adjustment for Company, business unit or individual performance.

5. You will also, subject to your continued employment by the Company and actual grant by the Compensation Committee, participate in such equity and other

long-term incentive programs that are made available in the future to similarly situated executives at the Company. It is expected that such awards will consist of annual grants of cash and/or equity awards with an annual target value of not less

than $547,500, all as determined by the Compensation Committee in its discretion. All awards described in this Paragraph, in addition to being subject to actual grant by the Compensation Committee, would be pursuant to the applicable plan document

and would be subject to any terms and conditions established by the Compensation Committee in its sole discretion that would be detailed in separate agreements you would receive after any award is actually made; provided, however, that such terms

and conditions shall be consistent with those in awards granted to similarly situated executives. Long-term incentive awards are currently expected to be subject to three-year vesting.

6. While you are employed by MSGK, you will not be eligible to participate in the Company’s benefit program except as provided below. If your employment

plans themselves. Notwithstanding the first sentence of this Paragraph 6, you will be eligible to participate in the Company’s Excess Savings Plan and Executive Deferred Compensation Plan and your full Company base salary will be used to

determine the applicable benefits under the Company’s Excess Savings Plan. You will be eligible for flexible time off in accordance with Company policy.

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7. If your employment with the Company is terminated on or prior to September 27, 2029 (the

“Scheduled Expiration Date”) (i) by the Company (other than for “Cause”); or (ii) by you for “Good Reason” (other than if “Cause” then exists); then, subject to your execution and delivery, within

60 days after the date of termination of your employment, and non-revocation (within any applicable revocation period) of the Separation Agreement (as defined below), the Company will provide you with the

following:

(a)

Severance in an amount to be determined by the Company (the “Severance Amount”), but in no event

anniversary of the Termination Date;

(b)

Any unpaid annual bonus for the Company’s fiscal year prior to the fiscal year which includes your

after the 16th day of the applicable month, such month shall be included as a full month in the calculation), each of which will be paid to you when such bonuses are generally paid to similarly

situated active executives and will be based on your then current annual target bonus, without adjustment for Company, business unit or individual performance;

(c)

Each of your outstanding long-term cash awards, if any, granted under the plans of the Company shall

receive payment as determined by the Compensation Committee (subject to satisfaction of any applicable performance criteria but without adjustment for your individual performance);

(d)

(i) All of the time-based restrictions on each of your outstanding restricted stock or restricted stock unit

awards granted to you under the plans of the Company shall immediately be eliminated, (ii) deliveries with respect to your restricted stock that are not subject to performance criteria or are subject to performance criteria that have previously

been satisfied (as certified by the Compensation Committee) shall be made immediately after the effective date of the Separation

Mr. Jamaal Lesane

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Agreement, (iii) payment and deliveries with respect to your restricted stock units that are not subject to performance criteria or are subject to performance criteria that have previously

been satisfied (as certified by the Compensation Committee) shall be made as soon as reasonably practicable after your execution and delivery of the Separation Agreement (and the expiration of any applicable revocation period), and

(iv) payments or deliveries with respect to your restricted stock and restricted stock units that are subject to performance criteria that have not yet been satisfied shall be made at the same time and to the extent that other similarly

situated executives receive payment as determined by the Compensation Committee (subject to satisfaction of the applicable performance criteria); and

(e)

Each of your outstanding stock options and stock appreciation awards, if any, under the plans of the Company

shall immediately vest and become exercisable, and you shall have the right to exercise each of those options and stock appreciation awards for the remainder of the term of such option or award.

If you die after a termination of your employment that is subject to this Paragraph 7, your estate or beneficiaries will be provided with any remaining

benefits and rights under this Paragraph 7.

(a)

If you cease to be an employee of the Company prior to the Scheduled Expiration Date as a result of your death

Paragraphs 7(b), (d), and (e) above, and each of your outstanding long-term cash awards, if any, granted under the plans of the Company shall immediately vest in full, whether or not subject to performance criteria and shall be payable as soon

as reasonably practicable after your execution and delivery of the Separation Agreement (and the expiration of any applicable revocation period); provided, that if any such award is subject to any performance criteria, then (i) if the

measurement period for such performance criteria has not yet been fully completed, then the payment amount shall be at the target amount for such award and (ii) if the measurement period for such performance criteria has already been fully

completed, then the payment of such award shall be at the same time and to the extent that other similarly situated executives receive payment as determined by the Compensation Committee (subject to satisfaction of the applicable performance

criteria).

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(b)

If after the Scheduled Expiration Date, your employment with the Company is terminated (i) by the Company

benefits and rights set forth in Paragraphs 7(b), (c), (d), and (e) above.

9. For purposes hereof, “Separation

regarding non-compete (limited to one year), non-disparagement,

non-hire/non-solicitation, confidentiality (including, without limitation, the last paragraph of section 3 of Annex A), and further cooperation obligations and

affiliates (and their respective directors and officers but such release shall not extend to MSGK or its respective subsidiaries to the extent that at the time of your separation you are employed by such entities) with customary carve-outs, but

shall otherwise contain no post-employment covenants unless agreed to by you. The Company shall provide you with the form of Separation Agreement within seven days of your termination of employment. For avoidance of doubt, your rights of

indemnification under the Company’s Amended and Restated Articles of Incorporation, under your indemnification agreement with the Company and under any insurance policy, or under any other resolution of the Board of Directors of the Company

shall not be released, diminished or affected by any Separation Agreement or release or any termination of your employment.

10. Except as otherwise set

forth in Paragraphs 7 and 8 hereof, in connection with any termination of your employment, your then outstanding equity and cash incentive awards shall be treated in accordance with their terms and, other than as provided in this Agreement, you

shall not be eligible for severance benefits under any other plan, program or policy of the Company. Nothing in this Agreement is intended to limit any more favorable rights that you may be entitled to under your equity and/or cash incentive award

agreements, including, without limitation, your rights in the event of a termination of your employment, a “Going Private Transaction” or a “Change of Control” (as those terms are defined in the applicable award agreement).

11. For purposes of this Agreement, “Cause” means your (i) commission of an act of fraud, embezzlement, misappropriation, willful

imposition of unadjudicated probation for any crime involving moral turpitude or any felony.

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For purposes of this Agreement, “Good Reason” means that (1) without your written

consent, (A) your annual base salary or annual target bonus (as each may be increased from time to time in the Compensation Committee’s sole discretion) is reduced, (B) your title (as in effect from time to time) is diminished,

(C) you report to someone other than to the Executive Chairman and Chief Executive Officer of the Company, (D) you are no longer the Company’s most senior legal officer, (E) the Company requires that your principal office be

located outside of the Borough of Manhattan, or (F) the Company materially breaches its obligations to you under this Agreement, (2) you have given the Company written notice, referring specifically to this Agreement and definition, that

you do not consent to such action, (3) the Company has not corrected such action within 15 days of receiving such notice, and (4) you voluntarily terminate your employment with the Company within 90 days following the happening of

the action described in subsection (1) above.

12. This Agreement does not constitute a guarantee of employment for any definite period. Your

employment is at will and may be terminated by you or the Company at any time, with or without notice or reason; provided, that in order to terminate your employment without Good Reason, you agree to provide the Company with at least 60 days’

prior written notice.

13. The Company may withhold from any payment due to you any taxes required to be withheld under any law, rule or regulation. If

any payment otherwise due to you hereunder would result in the imposition of the excise tax imposed by Section 4999 of the Code, the Company will instead pay you either (i) such amount or (ii) the maximum amount that could be paid to

you without the imposition of the excise tax, depending on whichever amount results in your receiving the greater amount of after-tax proceeds. In the event that the payments and benefits payable to you would

be reduced as provided in the previous sentence, then such reduction will be determined in a manner which has the least economic cost to you and, to the extent the economic cost is equivalent, such payments or benefits will be reduced in the inverse

order of when the payments or benefits would have been made to you (i.e. later payments will be reduced first) until the reduction specified is achieved. If the Company elects to retain any accounting or similar firm to provide assistance in

calculating any such amounts, the Company shall be responsible for the costs of any such firm.

14. It is intended that this Agreement will comply with

Section 409A to the extent this Agreement is subject thereto, and that this Agreement shall be interpreted on a basis consistent with such intent. Any payment or benefit under Paragraphs 7 or 8 of this Agreement that is payable to you by reason

of your termination of employment shall be made or provided to you only upon a “separation from service” as defined for purposes of Section 409A under applicable regulation, provided that the service recipient and the employer for

this purpose shall be the service recipient as defined by Treasury Regulation Section 1.409A-1(g). If and to the extent that any payment or benefit under this Agreement, or any plan, award or arrangement

of the Company or its affiliates, constitutes “non-qualified deferred compensation” subject to Section 409A and is payable to you by reason of your termination of employment, then if you are a

“specified employee” (within the meaning of Section 409A as determined by the Company), such payment or benefit shall not be made or provided before the date that is six months after the date of your separation from service (or your

earlier death). Any amount not paid or benefit not provided in respect of the six month period specified in the preceding sentence will be paid to you, together with interest on such delayed amount at a rate equal to the average of the one-year

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SOFR fixed rate equivalent for the ten business days prior to the date of your employment termination, in a lump sum or provided to you as soon as practicable after the expiration of such six

month period. In the event that the timing of any payment hereunder is determined by reference to, or subject to, your execution and nonrevocation of the Separation Agreement and the period in which the Separation Agreement may become effective and

irrevocable spans two calendar years, then such payment will be made in the second year. Each payment or benefit provided under this Agreement shall be treated as a separate payment for purposes of Section 409A to the extent Section 409A

applies to such payment.

15. To the extent you are entitled to any expense reimbursement from the Company that is subject to Section 409A,

(i) the amount of any such expenses eligible for reimbursement in one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year (except under any lifetime limit applicable to expenses for medical care),

(ii) in no event shall any such expense be reimbursed after the last day of the calendar year following the calendar year in which you incurred such expense, and (iii) in no event shall any right to reimbursement be subject to liquidation or

exchange for another benefit.

16. The Company will not take any action, or omit to take any action, that would expose any payment or benefit to you to

the additional tax of Section 409A, unless (i) the Company is obligated to take the action under an agreement, plan or arrangement to which you are a party, (ii) you request the action, (iii) the Company advises you in writing

that the action may result in the imposition of the additional tax and (iv) you subsequently request the action in a writing that acknowledges you will be responsible for any effect of the action under Section 409A. The Company will hold

you harmless for any action it may take or omission in violation of this Paragraph 16, including any attorney’s fees you may incur in enforcing your rights.

17. It is our intention that the benefits and rights to which you could become entitled in connection with termination of employment be exempt from or comply

arrangement such that it complies (with the most limited possible economic effect on you and on the Company).

18. This Agreement is personal to you and

duties of Company, as contained in this Agreement, either contractually or as a matter of law.

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19. To the extent permitted by law, you and the Company waive any and all rights to a jury trial with

performed entirely within that State.

20. Both the Company and you hereby irrevocably submit to the jurisdiction of the courts of the State of New

waives, and agrees not to assert, as a defense that either party, as appropriate, is not subject thereto or that the venue thereof may not be appropriate. You and the Company each agree that certified mailing of process or other papers in connection

with any such action or proceeding in any manner as may be permitted by law shall be valid and sufficient service thereof.

21. This Agreement may not be

amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or

enforceability of any other provision of this Agreement. It is the parties’ intention that this Agreement not be construed more strictly with regard to you or the Company.

22. This Agreement (and exhibits) and your indemnification agreement reflects the entire understanding and agreement of you and the Company with respect to

the subject matter hereof and supersedes all prior understandings or agreements relating thereto.

23. This Agreement will automatically terminate, and be

of no further force or effect, on the Scheduled Expiration Date; provided, however, that the provisions of Paragraphs 7 through 10, 13 through 23 and Annex A, and any amounts earned but not yet paid to you pursuant to the terms of this Agreement as

of the Scheduled Expiration Date shall survive the termination of the Agreement and remain binding on you and the Company in accordance with their terms.

Mr. Jamaal Lesane

Page 9

Sincerely,

MSGS SPINCO, INC. (to be renamed MSG RANGERS CORP.)

/s/ James L. Dolan

By: James L. Dolan

Title: Executive Chairman and Chief Executive Officer

Accepted and Agreed:

/s/ Jamaal Lesane

Jamaal Lesane

Mr. Jamaal Lesane

Page 10

ANNEX A

ADDITIONAL COVENANTS

(This Annex

constitutes part of the Agreement)

You agree to comply with the following covenants in addition to those set forth in the Agreement.

1. CONFIDENTIALITY

You agree to retain in strict confidence and

community.

If disclosed, Confidential Information could have an adverse effect on the Company’s standing in the community, its business reputation,

Mr. Jamaal Lesane

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Notwithstanding the foregoing, the obligations of this section, other than with respect to subscriber

information, shall not apply to Confidential Information which is:

a) already in the public domain or which enters the public domain other than by your

breach of this Section 1;

b) disclosed to you by a third party with the right to disclose it in good faith; or

c) specifically exempted in writing by the Company from the applicability of this Agreement.

Notwithstanding anything elsewhere in this Agreement, including this Section 1 and Section 3 below, you are hereby notified that the immunity

entity that the information you are providing is confidential.

Despite the foregoing, you are not permitted to reveal to any third party, including any

Company does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other privileged information.

2. NON-COMPETE

You

terminated by the Company or you for any reason, you agree, to the extent permissible under applicable rules of professional responsibility, not to (other than with the prior

Mr. Jamaal Lesane

Page 12

written consent of the Company), become employed by any Competitive Entity (as defined below). A “Competitive Entity” shall mean any NHL team located in New York, New Jersey or

Connecticut. The ownership by you of not more than 1% of the outstanding equity of any publicly traded company shall not, by itself, be a violation of this Section. If you remain continuously employed with the Company through the Scheduled

Expiration Date, then this agreement not to compete will expire on the Scheduled Expiration Date.

3. ADDITIONAL UNDERSTANDINGS

You agree, for yourself and others acting on your behalf, that you (and they) have not disparaged and will not disparage, make negative statements about

(either “on the record” or “off the record”) or act in any manner which is intended to or does damage to the good will of, or the business or personal reputations of the Company or any of its incumbent or former officers,

directors, agents, consultants, employees, successors and assigns or any of the Covered Parties. Notwithstanding the foregoing, you are authorized to provide information to, file a charge with and participate in an investigation conducted by any

governmental agency, and you do not need the Company’s permission to do so.

The Company agrees that, except as necessary to comply with applicable

law or the rules of the New York Stock Exchange or any other stock exchange on which the Company’s stock may be traded (and any public statements made in good faith by the Company in connection therewith), it and its corporate officers and

directors, employees in its public relations department or third party public relations representatives retained by the Company will not disparage you or make negative statements in the press or other media which are damaging to your business or

personal reputation. In the event that the Company so disparages you or makes such negative statements, then notwithstanding the “Additional Understandings” provision to the contrary, you may make a proportional response thereto.

Notwithstanding the foregoing, the Company is authorized to provide information to, file a charge with and participate in an investigation conducted by any governmental agency, and the Company does not need your permission to do so.

In addition, you agree that the Company is the owner of all rights, title and interest in and to all documents, tapes, videos, designs, plans, formulas,

models, processes, computer programs, inventions (whether patentable or not), schematics, music, lyrics and other technical, business, financial, advertising, sales, marketing, customer or product development plans, forecasts, strategies,

information and materials (in any medium whatsoever) developed or prepared by you or with your cooperation in connection with your employment by the Company (the “Materials”). The Company will have the sole and exclusive authority to use

the Materials in any manner that it deems appropriate, in perpetuity, without additional payment to you.

If requested by the Company, you agree to

deliver to the Company upon the termination of your employment, or at any earlier time the Company may request, all memoranda, notes, plans, files, records, reports, and software and other documents and data (and copies thereof regardless of the

form thereof (including electronic copies)) containing, reflecting or derived from Confidential Information or the Materials of the Company or any of its affiliates which you may then possess or have under your control. If so requested, you shall

provide to the Company a signed statement confirming that you have fully complied with this Section. Notwithstanding the foregoing, you shall be entitled to retain your contacts, calendars and personal diaries and any materials needed for your tax

return preparation or related to your compensation.

Mr. Jamaal Lesane

Page 13

In addition, you agree for yourself and others acting on your behalf, that you (and they) shall not, at any

time, participate in any way in the writing or scripting (including, without limitation, any “as told to” publications) of any book, periodical story, movie, play, or other similar written or theatrical work or video that

(i) relates to your services to the Company or any of its affiliates or (ii) otherwise refers to the Company or its respective businesses, activities, directors, officers, employees or representatives (other than identifying your

biographical information), without the prior written consent of the Company.

4. FURTHER COOPERATION

Following the date of termination of your employment with the Company (the “Expiration Date”), you will no longer provide any regular services to

the Company or represent yourself as a Company agent. If, however, the Company so requests, you agree to cooperate fully with the Company in connection with any matter with which you were involved prior to the Expiration Date, or in any litigation

or administrative proceedings or appeals (including any preparation therefore) where the Company believes that your personal knowledge, attendance and participation could be beneficial to the Company. This cooperation includes, without limitation,

participation on behalf of the Company in any litigation or administrative proceeding brought by any former or existing Company employees, representatives, agents or vendors. For the avoidance of doubt, the term “cooperation” does not

mean that you must provide information that is favorable to the Company; it means only that you will provide information within your knowledge and possession upon the Company’s request. The Company will pay you for your services rendered under

this provision at the rate of $5,000 per day for each day or part thereof, within 30 days of the approval of the invoice therefor; provided that, if you provide services on the same day for any of the Company and MSGK, your daily rate shall not

exceed $5,000 in the aggregate.

The Company will provide you with reasonable notice in connection with any cooperation it requires in accordance with

this section and will take reasonable steps to schedule your cooperation in any such matters so as not to materially interfere with your other professional and personal commitments. The Company will reimburse you for any reasonable out-of-pocket expenses you reasonably incur in connection with the cooperation you provide hereunder as soon as practicable after you present appropriate documentation

evidencing such expenses. You agree to provide the Company with an estimate of such expense before you incur the same.

Mr. Jamaal Lesane

Page 14

5. NON-HIRE OR SOLICIT

You agree not to hire, seek to hire, or cause any person or entity to hire or seek to hire (without the prior written consent of the Company), directly or

employment with the Company is terminated by the Company or you for any reason; provided that engaging in a general solicitation not specifically targeted at such employees shall not be prohibited hereby. This restriction does not apply to any

former employee who was discharged by the Company or any of its subsidiaries. In addition, this restriction will not prevent you from providing references. If you remain continuously employed with the Company through the Scheduled Expiration Date,

then this agreement not to hire or solicit will expire on the Scheduled Expiration Date.

6. ACKNOWLEDGMENTS

You acknowledge that the restrictions contained in this Annex A, in light of the nature of the Company’s business and your position and responsibilities,

part thereof, is unenforceable because of the duration or scope (geographic or otherwise) of such provision or because of applicable rules of professional responsibility, it is the intention of the parties that the duration or scope of such

provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced.

7. SURVIVAL

The provisions of this Annex A shall survive any

termination of your employment by the Company or by you, or the expiration of the Agreement except as otherwise provided herein.

EX-10.7

Filename: d180862dex107.htm · Sequence: 13

EX-10.7

CERTAIN CONFIDENTIAL INFORMATION, IDENTIFIED BY BRACKETED

ASTERISKS “[*****]”, HAS BEEN OMITTED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

Exhibit 10.7

STANDSTILL AGREEMENT

BY AND AMONG

MSGS SPINCO, INC.

(TO BE RENAMED MSG RANGERS CORP.)

AND

THE DOLAN FAMILY GROUP

STANDSTILL AGREEMENT

Standstill Agreement (this “Agreement”), dated as of October 2, 2026, by and among MSGS Spinco, Inc. (to be renamed MSG

Rangers Corp.), a Nevada corporation (the “Company”), each of the members of the Dolan Family Group listed on Schedule I to this Agreement (the “Dolan Family Parties”) and, as and to the extent provided herein,

their transferees, successors and assigns.

WITNESSETH:

WHEREAS, as of the date of this Agreement, the Dolan Family Parties own shares of Class B Common Stock, par value $.01 per share

(“MSGS Class B Common Stock”), of Madison Square Garden Sports Corp. (to be renamed MSG Knickerbockers Corp.), a Nevada corporation (“MSGS”), and certain Dolan Family Parties also own shares of

Class A Common Stock, par value $.01 per share (“MSGS Class A Common Stock”), of MSGS;

WHEREAS, MSGS intends to distribute all of the outstanding shares of the Company’s Class A Common Stock, par value $.01 per share

(the “Class A Common Stock”), to the holders of MSGS Class A Common Stock and all of the outstanding shares of the Company’s Class B Common Stock, par value $.01 per share (the

“Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”), to the holders of MSGS Class B Common Stock (the “Distribution”); and

WHEREAS, the Company and the Dolan Family Parties wish to provide for certain restrictions

that will be applicable to the Dolan Family Parties following the Distribution, all as provided herein.

NOW, THEREFORE, in consideration

of the premises and the mutual agreements contained herein, the parties hereby agree as follows:

1. Standstill Agreement.

During the 12-month period beginning on the date the Distribution is consummated (the

“Distribution Date”), the Dolan Family Parties shall obtain the prior approval of a majority of the Company’s Independent Directors prior to acquiring Common Stock of the Company through a tender offer that results in

members of the Dolan Family Group beneficially owning more than 50% of the total number of outstanding shares of Common Stock of the Company. For purposes of this Standstill Agreement, the term “Independent Directors” means the

directors of the Company who have been determined by the Company’s Board of Directors to be independent directors for purposes of the New York Stock Exchange corporate governance standards.

2. Transfers and Related Matters.

(a) Transfers. Each Dolan Family Party agrees that if at any time or from time to time prior to the first anniversary of the

Distribution Date it desires to sell, transfer or otherwise dispose of, directly or indirectly (including any transfer of equity or beneficial interests in an entity that is a Dolan Family Party or any other entity to which shares of Class B

Common Stock may have been transferred, directly or indirectly) (a “Transfer”), any or all of its shares of Class B Common Stock to any Dolan Person (as defined below) who is not a

Dolan Family Party, such Dolan Family Party shall, prior to the consummation of such Transfer, cause the transferee to execute a joinder agreement in the form attached hereto as Exhibit A (a

“Joinder”), pursuant to which such transferee shall agree to be bound by the provisions of this Standstill Agreement as a Dolan Family Party. In addition, if prior to the first anniversary of the Distribution Date, any person

becomes a member of the Dolan Family Group, the Dolan Family Parties shall cause such person to execute a Joinder. “Dolan Person” means any individual who is a member of the “immediate family” (as defined in Rule 16a-1(e) under the Securities Exchange Act of 1934, as amended) of a Dolan Family Party; an entity that controls, is controlled by, or is under common control with, a Dolan Family Party; or a trust or estate in

which a Dolan Family Party has an interest (including as a trustee or beneficiary).

(b) Legends. The Company may, at its election,

require that any certificate representing shares of Class B Common Stock that are covered by this Standstill Agreement and that are issued prior to the first anniversary of the Distribution Date shall have endorsed thereon a legend which shall

read substantially as follows:

“The shares represented by this certificate are held subject to the terms of a certain Standstill

Agreement, dated October 2, 2026, by and among MSG Rangers Corp. (formerly MSGS Spinco, Inc.) and the Dolan Family Group, as amended from time to time, a copy of which is on file with the Secretary of MSG Rangers Corp., and such shares may not be

sold, transferred or otherwise disposed of, directly or indirectly, except in accordance with the terms of such Standstill Agreement.”

Following the first anniversary of the Distribution Date, any stockholder may require the Company to remove

the foregoing legend from any of such stockholder’s share certificates promptly after the surrender of any such certificate for such purpose.

3. Miscellaneous.

(a)

Specific Performance. The Company and each Dolan Family Party acknowledge that it will be impossible to measure in money the damage to a party hereto if another party fails to comply with any of the obligations imposed by this Standstill

Agreement, that every such obligation herein is material and that, in the event of any such failure, the non-breaching party will not have an adequate remedy at law or in damages. Accordingly, each party

hereto consents to the issuance of an injunction or the enforcement of other equitable remedies against it without bond or other security, to compel performance by such party of all the terms hereof, and waives any defenses of (i) failure of

consideration, (ii) breach of any other provision of this Agreement and (iii) availability of relief in damages.

(b)

Amendments. This Standstill Agreement may not be amended, modified or altered except by a writing duly signed by the party against which such amendment or modification is sought to be enforced and with the consent of a majority of the

Independent Directors.

to the benefit of the Company, the Dolan Family Parties and the respective successors and permitted assigns of the Company and the Dolan Family Parties. This Standstill Agreement may not be assigned by either the Company or a Dolan Family Party

without the prior written consent of the other party hereto. The Company shall assign its rights and obligations hereunder (and no consent thereto shall be required under this Section 3(c)) to any entity that succeeds to all or substantially

all of its assets, by merger or otherwise, including to any holding company that may be formed to be the parent of the Company, if such entity becomes the issuer of the securities then owned by the Dolan Family Parties.

(d) Termination. This Agreement shall terminate on the first anniversary of the date hereof, but a termination shall not affect any

rights accrued prior to such termination.

(e) Counterparts. This Standstill Agreement may be executed in one or more counterparts,

each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.

(f) Headings.

The headings in this Standstill Agreement are for reference purposes only and shall not constitute a part hereof.

(g)

Construction. This Standstill Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York without giving any effect to principles of conflicts of laws.

(h) Notices. All notices hereunder shall be in writing and shall be deemed to have

been given at the time when mailed by certified mail, addressed to the address below stated of the party to which notice is given, or to such changed address as such party may have fixed by notice:

To the Company:

MSGS Spinco,

Inc. (to be renamed MSG Rangers Corp.)

Two Pennsylvania Plaza

New York, NY 10121

Attn:

Executive Vice President and Chief Legal Officer

Email: [*****]

To a Dolan Family Party:

Brian

G. Sweeney

c/o Cove Neck Point Holdings LLC

[*****]

E-mail: [*****]

With copies to (which shall not constitute notice):

Dolan Family Office LLC

[*****]

Attn: [*****]

E-mail: [*****]

MLC Ventures LLC

[*****]

Attn: [*****]

Email: [*****]

The Knickerbocker Group

[*****]

Attn: [*****]

Email: [*****]

and

Hughes

Hubbard & Reed LLP

[*****]

Attention: [*****]

Email: [*****]

provided, however, that any notice of change of address shall be effective only upon receipt.

(i) Severability. If any provision of this Standstill Agreement or the application of any provision hereof to any

person or circumstance is held invalid, the remainder of this Standstill Agreement and the application of such provision to other persons or circumstances shall not be affected unless the provision held invalid shall substantially impair the

benefits of the remaining portions of this Standstill Agreement.

(j) Entire Agreement. This Standstill Agreement is

intended by the parties as a final expression of their agreement and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no

restrictions, promises, warranties or undertakings, other than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

(k) Attorneys’ Fees. In any action or proceeding brought to enforce any provision of this Agreement, or where any

provision hereof is validly asserted as a defense, the successful party shall be entitled to recover reasonable attorneys’ fees in addition to any other available remedy.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first

written above.

MSGS SPINCO, INC.

(to be renamed MSG Rangers Corp.)

By:

/s/ David Granville-Smith

Name:

Title:

David Granville-Smith

Executive Vice

President

JAMES L. DOLAN, individually

/s/ James L. Dolan

James L. Dolan

PATRICK F. DOLAN, individually

/s/ Patrick F. Dolan

Patrick F. Dolan

MARIANNE DOLAN WEBER, individually

/s/ Marianne Dolan Weber

Marianne Dolan Weber

DEBORAH DOLAN-SWEENEY, individually

/s/ Deborah Dolan Sweeney

Deborah Dolan Sweeney

KATHLEEN M. DOLAN, individually, and as a Trustee of Charles F. Dolan Children Trusts FBO Kathleen M. Dolan, Deborah Dolan-Sweeney, Marianne Dolan Weber and James L. Dolan, Tara Dolan 1989 Trust and Ryan Dolan 1989 Trust

/s/ Kathleen M. Dolan

Kathleen M. Dolan

PAUL J. DOLAN, not individually but as a Trustee of Charles F. Dolan Children Trusts FBO Kathleen M. Dolan and James L. Dolan and Kathleen M. Dolan 2012 Descendants Trust

/s/ Paul J. Dolan

Paul J. Dolan

MATTHEW J. DOLAN, not individually, but as a Trustee of Charles F. Dolan Children Trust FBO Marianne Dolan Weber

/s/ Matthew J. Dolan

Matthew J. Dolan

MARY S. DOLAN, not individually, but as a Trustee of Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney, Charles F. Dolan 2009 Family Trusts FBO Kathleen M. Dolan, Deborah A. Dolan-Sweeney, Marianne Dolan Weber, James L.

Dolan and Patrick F. Dolan, CFD 2010 Grandchildren Trusts FBO Descendants of Kathleen M. Dolan and Marianne E. Dolan Weber, Kathleen M. Dolan 2012 Descendants Trust and CFD 2021 GC Trusts FBO Kevyn A. Dolan and Tara E. Dolan

/s/ Mary S. Dolan

Mary S. Dolan

CORBY DOLAN LEINAUER, not individually, but as a Trustee of Charles F. Dolan 2009 Family Trusts FBO Kathleen M. Dolan, Deborah A. Dolan-Sweeney, Marianne Dolan Weber, James L. Dolan and Patrick F. Dolan, CFD 2010 Grandchildren

Trusts FBO Descendants of Kathleen M. Dolan and Marianne E. Dolan Weber and CFD 2021 GC Trusts FBO Kevyn A. Dolan and Tara E. Dolan

/s/ Cory Dolan Leinauer

Corby Dolan Leinauer

RICH BACCARI, not individually, but as Trustee of Marianne E. Dolan Weber 2012 Descendants Trust

/s/ Rich Baccari

Rich Baccari

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v3.26.3

Document and Entity Information

Oct. 23, 2026

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