SUMMARY OF THE NYI LICENSE AGREEMENT

Term
The term (the Term) of the License Agreement (the NYI License Agreement) between ArenaCo and
the New York Islanders Hockey Club, L.P. (the Islanders), commenced with the 2015-2016 NHL seaso
and is for twenty-five (25) NHL seasons. However, both ArenaCo and the Islanders have the right,
following conclusion of the 2016-17 NHL season, to initiate good faith discussions regarding
modification of the financial arrangements within the NYI License Agreement, with such discussion
period expiring as of January 1, 2018. If the parties are unable to reach an agreement on a modification to
the NYI License Agreement, either party, through delivery of a notice no later than January 30, 2018 (an
Opt-Out Notice), may elect to terminate the NYI License Agreement effective as of the conclusion of
the fourth (4th) NHL season of the NYI License Agreement Term (i.e., conclusion of the 2018-2019 NHL
season); provided, however, that, in the event of an Opt-Out Notice delivery by the Islanders, the
Islanders shall also have the right to terminate the NYI License Agreement effective as of the conclusion
of the third (3rd) NHL season of the NYI License Agreement term (i.e., conclusion of the 2017-2018 NHL
season).
License Fee & ArenaCo Payment
The Islanders pays to ArenaCo an annual license fee of $2 million, plus an operating expense
reimbursement based on actual expenses and costs incurred for ArenaCos operating of the Arena for
Islanders Home Games. Separately, ArenaCo makes an annual payment to the Islanders, which was
$53.5 million for the 2015-2016 NHL season and which escalates at one and one-half percent (1.5%)
annually (the Islanders ArenaCo Payment); provided, however, that the Islanders ArenaCo Payment is
subject to annual reduction based on certain non-game day operating costs incurred by ArenaCo in
connection with the NYI License Agreement, with such annual operating costs approximating $6.7
million.
The Islanders ArenaCo Payment is in consideration for ArenaCos exclusive right to sell and receive the
revenue of the following with respect to Islanders pre-season and regular season games at the Arena:
tickets for admission to Islanders games; food and beverage sales, suites and loge box revenue;
exploitation of radio rights (applicable to Islanders home and away games but only to the extent radio
rights are controlled by the Islanders in the particular NHL season); and exploitation of all Islanders
marketing and promotional rights (e.g., sponsorship, in-Arena advertising and signage during Islanders
games, etc.) (Islanders Advertising). ArenaCo has the exclusive right to sell the foregoing for Islanders
playoff games at the Arena; however, the Islanders have the right to receive (i) ticket revenues for
Islander playoff games; (ii) suites and loge boxes licensed on a single game day basis; and (iii) Islanders
Advertising sold specifically for Islanders playoff games at the Arena.
ArenaCo is entitled to retain thirty percent (30%) of the excess of (x) gross revenue (less any applicable
NHL fees and assessments) from (i) gross ticket sales for Islanders pre-season and regular season games,
and (ii) Islanders Advertising (net of independent agency commissions) for an NHL season over (y) the
Islanders ArenaCo Payment for such NHL season and pay seventy percent (70%) of such excess to the
Islanders.
Use of the Arena by the Islanders
Pursuant to the NYI License Agreement, ArenaCo grants Islanders a license during the Term, to use and
possess the Arena for the purpose of playing Home Games, the exhibition thereof (live and over radio and
television and other forms of electronic media). In addition, Islanders hockey operations personnel shall

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be provided with access at all times during the Term, to designated office space at the Arena, which
Islanders has the right to use on an exclusive basis (subject to such reasonable limitations as may be
dictated by other events in the Arena).
For each Home Game, ArenaCo shall provide the following items and services: ice rink, locker rooms,
box office, event services, security, police & fire, first aid/ambulance, engineering, load in crew, zamboni
drivers, chair set/strike, conversion, event crew, broadcast services, matrix/message boards, IT technician,
cleaning, and utilities.
Scheduling
The Brooklyn Nets have priority over the Islanders with respect to scheduling and reservation of dates
and times for Brooklyn Nets games. Notwithstanding the foregoing, ArenaCo acknowledges under the
Agreement that it shall comply with NHL scheduling requirements under NHL Rules.
Ticket Sales
ArenaCo has the exclusive right to sell all tickets for admission to Islanders Home Games at the Arena,
including without limitation, all season tickets. ArenaCo has absolute discretion in determining the ticket
prices for admission to the Arena for all Islanders Home Games; provided, however, that with respect to
the determination of the ticket prices for admission to the Arena for all home playoff games, the
determination of the ticket prices shall be at Islanders discretion, in consultation with ArenaCo.
ArenaCo shall have the exclusive right to all revenues from the sale of such tickets, except for revenue
received from the sale of home playoff game tickets, which is remitted to the Islanders.
Suite and Loge Box Seat Tickets
ArenaCo shall have the exclusive right to license and sell the suites and the loge box seats; provided,
however, that with respect to the determination of the license fees to be paid for such suites and loge box
seats for home playoff games, the determination of the license fees shall be subject to the mutual
agreement of the parties. ArenaCo shall have absolute discretion in determining the license fees to be
paid for such suites and loge box seats. ArenaCo shall have the exclusive right to all revenues from the
sale of such suites and loge box seats (except for those sold specifically in a single game basis for home
playoff games). The amenities and premium portions allocable to suites and loge box seats are not part of
the ticket revenues relating to the sale of such suites and loge suites.
Determination of Ticket Prices and License Fees.
In determining the ticket prices and license fees, ArenaCo agrees to give due consideration to the ticket
pricing and license fee pricing practices followed by similarly situated NHL franchises.
Concessions
ArenaCo has the exclusive right to sell and retain all revenues from all sales in the Arena of Concessions.
Concessions means food, beverages, merchandise (except than as set forth below), programs and other
publications (e.g., from concession stands, kiosks, clubs, restaurants, etc.). Concessions do not include
merchandise that bears Islanders name, logo(s), or other Islanders intellectual property relating to
Islanders, or any other Islanders intellectual property, including without limitation any merchandise
relating to or depicting the NHL and/or any of its Islanders or players (collectively, Non-Concession

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Merchandise). Islanders retains the right to sell Non-Concession Merchandise other than in the Arena
and to retain all revenue derived therefrom. With respect to the sale of Non-Concession Merchandise in
the Arena, ArenaCo agreed to endeavor to facilitate an arrangement with ArenaCos third party
concessionaire (to the extent applicable) to sell Non-Concession Merchandise at the Arena.
Advertising & Radio
The Islanders grant ArenaCo the exclusive right to create, sell, manage, sublicense and retain all revenue
(except with respect to Advertising sold specifically for the playoffs) from all marketing, advertising, or
sponsorship opportunities (collectively, Advertising), in all categories, with respect to Islanders during
the Term in the Islanders designated NHL territory as defined under NHL Rules. Islanders Advertising
includes without limitation: (i) all interactive, digital, web, and social media advertising and promotional
(e.g., the official Islanders web site), including the right to manage and sell advertising and sponsorships
on Islanders platforms (controlled by Islanders), (ii) all sponsorship, marketing, advertising, or
sponsorship opportunities on television and radio and other media controlled by Islanders, (iii) subject to
the Amended and Restated License Agreement, dated as of July 1, 1996, by and between SportsChannel
Associates and New York Islanders Hockey Club, L.P., as amended (as amended, the MSG
Agreement), the right to produce and exhibit and license the production and exhibition of all of
Islanders games (including home games and away games) and other Islanders-related programming by
any and all forms of radio and to retain all revenue related thereto; provided, that, applicable to each NHL
season during the Term, Islanders shall use its commercially reasonable efforts (which shall include
written requests and reasonable follow-up) to, reacquire or control all the Islanders radio rights (the
Radio Rights) governed by the MSG Agreement for exploitation by ArenaCo, (iv) electronic, virtual, or
static advertising or other signage displayed on Home Dates (in connection with home games ) that
appears inside the Arena spectator bowl; (v) advertising or other signage appearing on (a) Arena
telescreens; (b) Arena electronic scoreboards; (c) Arena LED rings; (d) any part of the Arena spectator
bowl through projection technology; and (e) Arena public address systems, to the extent that such
advertising pertains specifically to the playing of, or is shown or displayed on Home Dates in connection
with home games; (vi) advertising appearing on Islanders programs and tickets to home games; (vii)
Islanders promotions, including without limitation, game day promotions; and (viii) all other sources
typically controlled by NHL teams at a home arena or anywhere else within the Islanders designated
NHL territory. Notwithstanding the foregoing, ArenaCo acknowledges that Islanders shall retain the right
to promote on the Islanders official Web site to promote (v) itself, (w) its AHL affiliate, (x) its practice
facility, (y) the Islanders Childrens Foundation (with the implementation of any such promotion on the
Islanders Web site to be handled by ArenaCo or its designee), and (z) Islanders-branded pro shops;
provided, however, that the parties acknowledge and agree that any such promotion shall not interfere or
conflict with ArenaCos existing advertising or with ArenaCos plans for implementation and operation
of a Islanders Advertising strategy. Islanders Advertising shall not include advertising at Islanders
official practice facility or hockey pro-shops (outside of the Arena) operated and/or managed by
Islanders.
Broadcast Rights
Subject to the terms of the MSG Agreement and the Radio Rights (as applicable), Islanders shall have the
right to exploit the exhibition of Islanders games in any and all forms of media and the retention of any
revenues arising therefrom other than with respect to Islanders Advertising; provided, however, that
Islanders agrees to provide a royalty free, perpetual license (or secure a royalty free perpetual sub-license,
as the case may be) of footage from such games to be used by ArenaCo in any form of media for the
purposes of promoting the Arena and for archival and historical purposes (and, to the extent that NHL
Rules may prohibit Islanders from providing ArenaCo with such footage, then ArenaCo shall be

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permitted to use its in-house video for such purposes). Notwithstanding the foregoing, any advertising
avails, sponsor promotion opportunities, drop-ins, banners, billboards, etc., available to Islanders under
any Islanders game media rights agreement controlled by Islanders shall be considered Islanders
Advertising and will be assigned to ArenaCo. Islanders represents that during the Term, Islanders shall
not amend or modify any elements of the MSG Agreement in a manner which adversely affects
ArenaCos rights, without the prior written approval of ArenaCo, in ArenaCos sole discretion.
Force Majeure and Condemnation
Should any fire or other casualty, act of God, earthquake, flood, epidemic, landslide, enemy act, war, riot,
civil commotion, general unavailability of certain materials, strike, slowdown, boycott, or labor dispute,
or other similar event beyond the reasonable control of either party prevent performance of the NYI
License Agreement in accordance with its provisions, performance of the NYI License Agreement by
either party shall be suspended or excused to the extent commensurate with such interfering occurrence.
In the event the ArenaCos lease for the Arena shall be terminated due to a condemnation, ArenaCo shall
serve Islanders with prompt notice of such termination and the NYI License Agreement would
immediately terminate.
Indemnification
Islanders shall indemnify, defend and hold harmless ArenaCo, its affiliates, their respective shareholders,
agents, officers, directors or employees ("ArenaCo Indemnitees") from and against any and all demands,
losses, judgments, damages, suits, claims, actions, liabilities and expenses (including, without limitation,
all reasonable attorneys' fees and expenses), in law or in equity, threatened or actual, of every kind and
nature whatsoever (each a Claim), which any ArenaCo Indemnitee may suffer or sustain or which may
be asserted or instituted against any ArenaCo Indemnitee caused by or arising directly or indirectly from
(except to the extent caused by the negligent acts or willful misconduct of any ArenaCo Indemnitee) (i)
injury to or death of any person (including players and other Islanders employees) or damage to or
destruction of property caused by Islanders use or occupancy of the Arena or the surrounding areas, and
other spaces provided by ArenaCo, including, without limitation, the conduct or management of its
business or activities; (ii) the breach by Islanders of any of its covenants, warranties or representations
made in the NYI License Agreement ; (iii) the violation by Islanders of any NHL Rules; (iv) any
negligent acts or omissions, willful conduct, intentional misconduct of or failure to act by Islanders during
the Term; (v) the use by ArenaCo of the intellectual property licensed to ArenaCo under the terms of the
NYI License Agreement ; and (vii) any claims by third parties for infringement of intellectual property
rights, arising in connection with the licensed use by ArenaCo as contemplated under the terms of the
NYI License Agreement of the intellectual property of Islanders and Islanders.
ArenaCo shall indemnify, defend and hold harmless Islanders, its affiliates, their respective shareholders,
agents, officers, directors or employees ("Islanders Indemnitees") from and against any and all Claims,
which any Islanders Indemnitee may suffer or sustain or which may be asserted or instituted against any
Islanders Indemnitee caused by or arising directly or indirectly from (except to the extent caused by the
negligent acts or willful misconduct of any Islanders Indemnitee) (i) injury to or death of any person
(ArenaCo employees) or damage to or destruction of property caused by ArenaCo, including, without
limitation, the conduct or management of its business or activities; (ii) the breach by ArenaCo of any of
its covenants, warranties or representations made in the NYI License Agreement; (iii) any negligent acts
or omissions, willful conduct, intentional misconduct of or failure to act by ArenaCo during the Term;
and (iv) the violation of NHL Rules which apply to the rights and obligations of ArenaCo and to which
such NHL Rules ArenaCo is made aware by Islanders.

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Insurance
Islanders shall, at its sole expense, procure and at all times maintain during the Term, such insurance as is
required by ArenaCo.
Standard Default
Upon the occurrence of a default by either party and the continuation of such default for thirty (30) days
after written notice or such longer period of time not to exceed ninety (90) days if the defaulting party is
diligently prosecuting the cure of such default, the non-defaulting party shall have the right to recover all
damages provided by law or in equity and to exercise any other right or remedy available to it at law or in
equity. No right or remedy conferred upon, or reserved to either party, is intended to be exclusive of any
other right or remedy, but each shall be cumulative and in addition to every other right or remedy given or
now or hereafter existing at law or in equity or by statute. The parties shall not have any right to cancel,
rescind or otherwise terminate the NYI License Agreement due to a breach by the other party except in
instances where the other partys default is material and only after expiration of a reasonable notice and
cure period, it being understood that the intention of the parties is that termination will be predicated only
on meaningful and significant matters and not matters of minor importance.
Assignment
ArenaCo may assign the NYI License Agreement without the consent of Islanders to either (a) a reputable
arena operator pursuant to a separate agreement with such operator to operate the Arena, or (b) a
purchaser of the Arena. In addition, ArenaCo shall have the right to collaterally assign the NYI License
Agreement to secure the payment and performance of ArenaCos obligations to the assignee. Islanders
shall not assign the NYI License Agreement or its rights, except with the prior written consent of
ArenaCo, which consent may be withheld at the sole discretion of ArenaCo; provided that the NYI
License Agreement may be assigned by Islanders, without the consent of ArenaCo, to any purchaser
which acquires Islanders in accordance with NHL Rules; provided that such purchaser assumes Islanders
obligations and agrees to be bound hereby.
League Rules
The parties expressly agree that the NYI License Agreement is subject to the Constitution and Bylaws of
the NHL, and the other rules, regulations, requirements and resolutions of, or issued by, the NHL, as they
presently exist and as they may from time to time, be entered into, created or amended (collectively,
NHL Rules). Islanders represented that the NHL Rules do not preclude the performance by Islanders
and Islanders of its obligations or the exercise by ArenaCo of its rights. If any existing NHL Rule or any
new or amended NHL Rule adopted by the NHL amending or modifying any NHL Rule, individually or
in the aggregate, materially diminishes, materially impairs, or otherwise has any material adverse effect
on, any rights granted to ArenaCo or on the exercise or exploitation of such rights by ArenaCo or results
in a material increase in the cost of ArenaCo, ArenaCo shall be entitled to an equitable adjustment of the
terms and conditions of the NYI License Agreement.
Mutual Exculpation
Islanders shall look only to ArenaCo or its property for the satisfaction of its remedies or for the
collection of a judgment (or other judicial process) requiring the payment of money by ArenaCo in the
event of any default by ArenaCo, and no property or assets of ArenaCos partners, members, officers,
directors, shareholders or principals, disclosed or undisclosed, or the partners, members, officers,

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directors, shareholders or principals, disclosed or undisclosed, of any entity which is a partner,

shareholder or member of ArenaCo, shall be subject to levy, execution or other enforcement procedure
for the satisfaction of Islanders remedies under or with respect to the NYI License Agreement , the
relationship of Islanders and ArenaCo, or the exercise by Islanders of its rights.
ArenaCo shall look only to Islanders or its property for the satisfaction of its remedies or for the
collection of a judgment (or other judicial process) requiring the payment of money by Islanders in the
event of any default by Islanders, and no property or assets of Islanders partners, members, officers,
directors, shareholders or principals, disclosed or undisclosed, or the partners, members, officers,
directors, shareholders or principals, disclosed or undisclosed, of any entity which is a partner,
shareholder or member of Islanders, shall be subject to levy, execution or other enforcement procedure
for the satisfaction of ArenaCos remedies under or with respect to the NYI License Agreement , the
relationship of Islanders and ArenaCo, or the exercise by ArenaCo of its rights.

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