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

Rhea-AI Filing Summary

Madison Square Garden Entertainment Corp. officer Laura Franco received a grant of 9,216 restricted stock units (RSUs) on 08/25/2025 under the company’s 2023 Employee Stock Plan. Each RSU represents a right to one share of Class A Common Stock or a cash equivalent, and the award lists an underlying amount of 9,216 Class A shares with a grant price of $0.0. The RSUs are scheduled to vest and settle in three equal installments on September 15, 2026, September 15, 2027 and September 15, 2028. After the reported transaction, Ms. Franco beneficially owns 9,216 shares directly. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Officer received equity-based compensation (9,216 RSUs), which increases direct beneficial ownership by 9,216 Class A shares
• Clear vesting schedule provided: three equal installments on 09/15/2026, 09/15/2027 and 09/15/2028

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider received an equity compensation award of 9,216 RSUs vesting over three years, increasing direct beneficial ownership by 9,216 shares.

The Form 4 discloses a routine equity grant to an executive (EVP & General Counsel) under the 2023 Employee Stock Plan. The award is structured as RSUs convertible to one Class A share each or cash equivalent, with vesting in three equal annual installments beginning in September 2026. The grant price is shown as $0.0, consistent with standard restricted awards rather than market purchases. This transaction is a non-derivative grant that increases the executive’s direct ownership by 9,216 shares, aligning compensation with equity ownership without reflecting any sale or purchase on the open market.

Corporate Governance Expert

TL;DR: This is a standard executive RSU award documented on Form 4; vesting schedule and award size are explicitly disclosed.

The filing clearly states the instrument (RSUs), the conversion to Class A Common Stock, and the specific vesting dates. Disclosure includes the exact post-transaction beneficial ownership count and the administrative signature by an attorney-in-fact. There are no indications of accelerated vesting, transfers, or other unusual conditions in the text provided. From a governance perspective, the filing meets Section 16 reporting requirements by specifying grant details and ownership change.

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^*

Franco Laura

(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 & General Counsel

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		9,216		(2)	09/15/2028	Class A Common Stock	9,216	$0.0	9,216	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") is granted under the Madison Square Garden Entertainment Corp. 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.

	/s/ Mark C. Cresitello, Attorney-in-Fact for Laura Franco	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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Laura Franco report on Form 4 for MSGE?

She reported a grant of 9,216 RSUs on 08/25/2025 under the Madison Square Garden Entertainment Corp. 2023 Employee Stock Plan.

When do the RSUs granted to Laura Franco vest?

The RSUs vest in three equal installments on 09/15/2026, 09/15/2027 and 09/15/2028.

How many Class A shares does the RSU grant represent?

The grant represents 9,216 Class A shares (one share per RSU) and the post-transaction beneficial ownership is 9,216 shares.

Was there a purchase price for the RSUs reported?

The Form 4 shows a grant price of $0.0, indicating a restricted award rather than a market purchase.

Who signed the Form 4 filing for Laura Franco?

The form was signed by Mark C. Cresitello, Attorney-in-Fact, on 08/27/2025.