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

Rhea-AI Filing Summary

Insider report: David J. Collins, EVP and CFO of Madison Square Garden Entertainment Corp. (MSGE), had restricted stock units vest and settle on September 15, 2025. A tranche of 4,781 RSUs granted April 24, 2025 vested and were settled, resulting in 4,781 shares of Class A common stock acquired at a $0 per-share cost under the plan. Simultaneously, 1,723 shares were withheld to satisfy tax-withholding obligations, leaving Mr. Collins with 3,058 additional Class A shares from this event. After these transactions, Mr. Collins beneficially owned 9,564 Class A shares in total. The RSU award schedule shows remaining vesting on 9/15/2026 and 9/15/2027 for the other tranches.

Positive

• Acquisition of shares through vesting: 4,781 RSUs vested and settled into Class A common stock, increasing direct ownership.
• Transparent disclosure: Transaction details, withholding, and future vesting schedule are clearly reported.

Negative

• Tax withholding reduced net share gain: 1,723 shares were withheld, lowering the net shares received from the vesting event.

Insights

Securities Analyst

TL;DR: A routine executive RSU vesting and withholding transaction increased the CFO's direct holdings modestly.

The filing documents a standard settlement of time-based restricted stock units awarded under MSGE's 2023 Employee Stock Plan. One tranche of 4,781 RSUs vested and was settled into shares on 09/15/2025; 1,723 shares were withheld for taxes, producing a net increase of 3,058 shares. This is a customary compensation event and does not indicate a change in corporate guidance, control, or capital structure. The remaining RSU tranches remain scheduled to vest in September 2026 and September 2027.

Corporate Governance Expert

TL;DR: Filing reflects normal executive compensation mechanics with documented withholding under Rule 16b-3.

The report is consistent with standard insider reporting: RSUs granted April 24, 2025 vest in thirds, one-third settled 09/15/2025. The withholding of 1,723 shares to meet tax obligations is noted as exempt under Rule 16b-3. There are no indications of related-party transactions, amendments, or atypical transfer codes that would raise governance concerns. Ownership post-transaction is disclosed as 9,564 Class A shares.

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

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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^*

Collins David J

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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
Class A Common Stock	09/15/2025		M		4,781	A	$0(1)	4,781	D
Class A Common Stock	09/15/2025		F(2)		1,723	D	$43.94	3,058	D

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)	09/15/2025		M			4,781	(1)	09/15/2027	Class A Common Stock	4,781	$0	9,564	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") was granted on April 24, 2025 under the Madison Square Garden Entertainment Corp. ("MSGE") 2023 Employee Stock Plan and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. One-third of the RSUs vested and were settled on September 15, 2025. One-third of the RSUs are scheduled to vest and settle on September 15, 2026. The remaining one-third of the RSUs are scheduled to vest and settle on September 15, 2027.

2. Represents RSUs of MSGE withheld to satisfy tax withholding obligations in connection with the vesting of RSUs described in footone 1 above, exempt under Rule 16b-3.

	/s/ Mark C. Cresitello, Attorney-in-Fact for David J. Collins	09/17/2025
	** 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).
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FAQ

What did the Form 4 filed for MSGE report for David J. Collins?

It reports that 4,781 RSUs vested and were settled into Class A shares on 09/15/2025, with 1,723 shares withheld for taxes, leaving a net 3,058 shares acquired and 9,564 shares beneficially owned.

When were the RSUs originally granted and under which plan?

The RSUs were granted on 04/24/2025 under the Madison Square Garden Entertainment Corp. 2023 Employee Stock Plan.

Are there additional RSU vesting dates disclosed?

Yes. One-third vested and settled 09/15/2025, one-third is scheduled to vest/settle 09/15/2026, and the final one-third on 09/15/2027.

Why were shares withheld and is that routine?

1,723 RSUs were withheld to satisfy tax withholding obligations related to the vesting; the filing notes this withholding is exempt under Rule 16b-3, which is a common practice.

What is David J. Collins' role at MSGE as stated on the form?

He is listed as EVP and CFO and filed the Form 4 as an individual reporting person.