[Form 4] Madison Square Garden Entertainment Corp. Insider Trading Activity

Rhea-AI Filing Summary

James L. Dolan, Executive Chairman & CEO of Madison Square Garden Entertainment Corp. (MSGE), received equity awards under the company's 2023 Employee Stock Plan. On 08/25/2025 he was awarded 113,218 restricted stock units (RSUs) that will settle in three equal installments on September 15, 2026, 2027 and 2028. Separately, 100,429 performance restricted stock units (PSUs) converted to MSGE RSUs after the performance conditions were satisfied on 08/25/2025 and are scheduled to vest and settle on September 15, 2025. Each unit represents a right to one share of Class A Common Stock or cash equivalent. The Form 4 reports these grants as directly beneficially owned following the transactions.

Positive

• Performance conditions for 100,429 PSUs were satisfied, triggering scheduled vesting and settlement
• 113,218 RSUs were granted with a clear three‑year vesting schedule, providing retention alignment
• Each unit converts to one share of Class A Common Stock or cash, clarifying settlement mechanics

Negative

• None.

Insights

Financial Analyst

TL;DR: Significant equity awards granted to the CEO, including vested PSUs and time‑vested RSUs, increasing his direct ownership stake.

The report documents a material equity compensation event for MSGE leadership: 100,429 PSUs satisfied performance conditions and are set to vest, while 113,218 RSUs were granted with multi‑year vesting. These awards dilute existing shares only upon settlement and reflect compensation tied to performance and retention. The explicit vesting schedule clarifies timing of potential share issuance or cash settlement and the immediate conversion of PSUs into vested awards is a notable change in near‑term ownership.

Corporate Governance Expert

TL;DR: Governance shows standard executive compensation mechanics—performance criteria met and time‑based vesting disclosed transparently.

The Form 4 disclosure is consistent with plan‑based executive awards: PSUs converted following achievement of performance conditions and RSUs carry staged vesting dates. Reporting as direct beneficial ownership aligns with transparency expectations for Section 16 filers. The filing does not indicate amendments, transfers, or sales; it documents grants and the schedule for settlement, which is important for assessing future insider share availability and potential voting/ownership changes upon settlement.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DOLAN JAMES LAWRENCE

(Last) (First) (Middle)

2 PENNSYLVANIA PLAZA

(Street)

NEW YORK NY 10121

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Madison Square Garden Entertainment Corp. [ MSGE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Executive Chairman & CEO		Member of 13(d) Group

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	08/25/2025		A		113,218		(2)	09/15/2028	Class A Common Stock	113,218	$0.0	113,218	D
Performance Restricted Stock Units	(3)	08/25/2025		A		100,429		(3)	09/15/2025	Class A Common Stock	100,429	$0.0	100,429	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") is granted under the Madison Square Garden Entertainment Corp. ("MSGE") 2023 Employee Stock Plan ("the 2023 Employee Stock Plan) and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof.

2. The RSUs are scheduled to vest and settle in three equal installments on September 15, 2026, September 15, 2027 and September 15, 2028.

3. Each performance restricted stock unit ("PSU") was granted on April 20, 2023 under the 2023 Employee Stock Plan in respect of a PSU granted by Sphere Entertainment Co. ("SPHR") on August 31, 2022 and represents a right to receive one share of MSGE Class A Common Stock or the cash equivalent thereof. The performance conditions were satisfied on August 25, 2025. The PSUs are scheduled to vest and settle on September 15, 2025.

	/s/ James L. Dolan	08/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did James L. Dolan receive according to the MSGE Form 4?

He received 113,218 restricted stock units (RSUs) and 100,429 performance restricted stock units (PSUs) under MSGE's 2023 Employee Stock Plan.

When do the RSUs granted to Dolan vest?

The RSUs are scheduled to vest and settle in three equal installments on September 15, 2026, 2027 and 2028.

What happened to the 100,429 PSUs reported on the Form 4?

The PSUs had their performance conditions satisfied on 08/25/2025 and are scheduled to vest and settle on September 15, 2025.

How does each RSU/PSU convert at settlement?

Each restricted or performance restricted stock unit represents a right to receive one share of MSGE Class A Common Stock or the cash equivalent.

How is Dolan listed in relation to MSGE on the Form 4?

He is reported as Director and as an Officer (Executive Chairman & CEO) and as a member of a 13(d) group.