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

Rhea-AI Filing Summary

Madison Square Garden Entertainment Corp. (MSGE) reporting person Philip Gerard D'Ambrosio, EVP and Treasurer, acquired equity on 08/25/2025 through awards under the 2023 Employee Stock Plan. He was awarded 18,431 restricted stock units (RSUs) that vest in three equal installments on 09/15/2026, 09/15/2027 and 09/15/2028. In addition, two performance restricted stock unit (PSU) awards vested: 8,370 PSUs (from an April 20, 2023 grant tied to a SPHR PSU) and 791 PSUs (from a separate April 20, 2023 grant tied to a SPHR PSU), both scheduled to settle on 09/15/2025. All awards were reported as acquisitions with a reported price of $0.00 per share.

Positive

• Executive alignment with shareholders: awards vest over multiple years, encouraging retention and long-term performance
• Material performance conditions satisfied: PSUs vested on 08/25/2025, converting performance outcomes into equity for the officer

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider EVP/Treasurer received time- and performance-based equity awards totaling 27,582 units, with staged vesting into 2026-2028.

The filing documents non-cash equity compensation granted to a senior officer: 18,431 RSUs with multi-year vesting and 9,161 PSUs that became eligible and will settle in September 2025. The reported price of $0.00 indicates these are compensatory awards rather than open-market purchases. For investors, this is a routine disclosure of executive compensation and aligned long-term incentives; it does not report sales or transfers reducing insider ownership.

Corporate Governance Expert

TL;DR: Compensation-related equity awards were reported, reflecting retention and performance alignment for an executive officer.

The submission clarifies the awards' origin under the 2023 Employee Stock Plan and links two PSUs to prior Sphere Entertainment Co. grants whose conditions were satisfied on 08/25/2025. Vesting schedules are explicit, with RSUs spread over three years and PSUs settling in 2025. This is a standard governance disclosure showing incentive structures, with no indication of accelerated settlement, dispositions, or related-party transactions beyond the officer's role.

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

OMB Number:			3235-0287
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hours per response:			0.5

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^*

D'Ambrosio Philip Gerard

(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 Treasurer

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		18,431		(2)	09/15/2028	Class A Common Stock	18,431	$0.0	18,431	D
Performance Restricted Stock Units	(3)	08/25/2025		A		8,370		(3)	09/15/2025	Class A Common Stock	8,370	$0.0	8,370	D
Performance Restricted Stock Units	(4)	08/25/2025		A		791		(4)	09/15/2025	Class A Common Stock	791	$0	791	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.

4. 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 May 31, 2023 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/ Mark C. Cresitello, Attorney-in-Fact for Philip D'Ambrosio	08/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did MSGE insider Philip D'Ambrosio acquire on 08/25/2025?

He acquired 18,431 RSUs and had 9,161 PSUs that became eligible to settle, all reported as acquisitions.

When do the RSUs and PSUs vest or settle?

The RSUs vest in three equal installments on 09/15/2026, 09/15/2027, and 09/15/2028. The PSUs are scheduled to settle on 09/15/2025.

Were these purchases or compensatory awards for MSGE (ticker MSGE)?

They are compensatory awards granted under the 2023 Employee Stock Plan, reported with a price of $0.00.

What is the reporting person’s relationship to MSGE?

Philip Gerard D'Ambrosio is an EVP and Treasurer and the Form 4 was filed by one reporting person.

Who signed the Form 4 filing for the reporting person?

The form was signed by Mark C. Cresitello, Attorney-in-Fact for Philip D'Ambrosio on 08/27/2025.