Madison Square Garden Entertainment insider vesting, sales at $43.94 per share
Rhea-AI Filing Summary
Philip Gerard D'Ambrosio, EVP and Treasurer of Madison Square Garden Entertainment Corp. (MSGE), reported multiple restricted stock units (RSUs) and performance restricted stock units (PSUs) that vested and were settled on September 15, 2025. The Form 4 shows RSUs and PSUs granted in 2022–2024 were converted into Class A common shares or cash equivalents, with certain shares withheld to satisfy tax withholding obligations and some shares sold at $43.94 per share. After the reported transactions and withholdings, the filing shows 25,679 MSGE Class A shares beneficially owned (including shares held jointly with spouse).
Positive
- Performance conditions satisfied for PSUs granted in 2023, which vested and were settled on September 15, 2025
- RSU tranches vested as scheduled from grants in 2022–2024, indicating compensation plan functioning as intended
Negative
- Reported dispositions (including sales at $43.94) reduced the executive's beneficial ownership to 25,679 shares
- Significant withholding of vested shares to satisfy tax obligations reduced net share receipt
Insights
TL;DR: Routine executive equity vesting and withholding, including some sales at $43.94, consistent with compensation and tax obligations.
The Form 4 documents scheduled vesting events and settlements of RSUs and PSUs for an executive officer, with portions withheld to satisfy tax obligations and limited open-market dispositions reported at $43.94 per share. These actions are standard within executive compensation programs and raise no immediate governance red flags based on the disclosed facts; they reflect remuneration realization and tax compliance rather than material operational changes.
TL;DR: Performance conditions were met and PSUs vested; net holdings decreased following withholding and sales.
PSUs originally tied to Sphere-related grants satisfied performance conditions on August 25, 2025 and were settled on September 15, 2025. Multiple RSU tranches also vested and settled on that date. The filing shows share withholdings and two disposition events (including sales at $43.94) that reduced the executive's reported beneficial ownership to 25,679 shares. This is a routine crystallization of equity compensation value for the officer.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 2,744 | $0.00 | -- |
| Exercise | Restricted Stock Units | 259 | $0.00 | -- |
| Exercise | Restricted Stock Units | 6,227 | $0.00 | -- |
| Exercise | Restricted Stock Units | 6,007 | $0.00 | -- |
| Exercise | Performance Restricted Stock Units | 8,370 | $0.00 | -- |
| Exercise | Performance Restricted Stock Units | 791 | $0.00 | -- |
| Exercise | Class A Common Stock | 2,744 | $0.00 | -- |
| Exercise | Class A Common Stock | 259 | $0.00 | -- |
| Exercise | Class A Common Stock | 6,227 | $0.00 | -- |
| Exercise | Class A Common Stock | 6,007 | $0.00 | -- |
| Tax Withholding | Class A Common Stock | 7,609 | $43.94 | $334K |
| Exercise | Class A Common Stock | 8,370 | $0.00 | -- |
| Exercise | Class A Common Stock | 791 | $0.00 | -- |
| Tax Withholding | Class A Common Stock | 3,302 | $43.94 | $145K |
Footnotes (1)
- Each Restricted Stock Unit ("RSU") was granted on April 20, 2023 under the Madison Square Garden Entertainment Corp. ("MSGE") 2023 Employee Stock Plan (the "2023 Employee Stock Plan") in respect of an RSU 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. One-third of the RSUs vested and were settled on September 15, 2023. One-third of the RSUs vested and were settled on September 13, 2024. The remaining one-third of the RSUs vested and were settled on September 15, 2025. Each RSU was granted on May 31, 2023 under the 2023 Employee Stock Plan and represents a right to receive one share of MSGE Class A Common Stock or the cash equivalent thereof. One-third of the RSUs vested and were settled on September 15, 2023. One-third of the RSUs vested and were settled on September 13, 2024. The remaining one-third of the RSUs vested and were settled on September 15, 2025. Each RSU was granted on September 1, 2023 under the 2023 Employee Stock Plan and represents a right to receive one share of MSGE Class A Common Stock or the cash equivalent thereof. One-third of the RSUs vested and were settled on September 13, 2024. One-third of the RSUs vested and were settled on September 15, 2025. The remaining one-third of the RSUs are scheduled to vest and settle on September 15, 2026. Each RSU was granted on August 27, 2024 under the 2023 Employee Stock Plan and represents a right to receive one share of MSGE 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. Each performance restricted stock unit ("PSU") was granted on April 20, 2023 under the 2023 Employee Stock Plan in respect of PSUs granted by 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 and the PSUs vested and were settled on September 15, 2025. Each PSU was granted on May 31, 2023 under the 2023 Employee Stock Plan 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 and the PSUs vested and were settled on September 15, 2025. Represents RSUs of MSGE withheld to satisfy tax withholding obligations in connection with the vesting of RSUs described in footnotes 1, 2, 3 and 4 above, exempt under Rule 16b-3. Represents PSUs of MSGE withheld to satisfy tax withholding obligations in connection with the vesting of PSUs described in footnotes 5 and 6 above, exempt under Rule 16b-3. Includes shares held jointly with spouse.
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