MSGS Spinco legal chief acquires 4,469 shares

Q: How many MSGR restricted stock units did Jamaal T. Lesane acquire, and when do they vest?

He acquired 624, 1,252 and 938 restricted stock units on October 26, 2026. They are scheduled to vest and settle, respectively, on September 15, 2027; in equal installments on September 15, 2027 and September 15, 2028; and in three equal installments on September 15, 2027, September 15, 2028 and September 15, 2029.

The acquired RSUs have scheduled vesting and settlement dates spanning September 2027 through September 2029.

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Rhea-AI Filing Summary

MSGR EVP and Chief Legal Officer Jamaal T. Lesane acquired 4,469 shares of Class A common stock in the distribution by MSG Knickerbockers Corp. on October 26, 2026; his reported direct holdings afterward were 4,469 shares. He also acquired 624, 1,252 and 938 restricted stock units in the distribution. Those units are scheduled to vest and settle, respectively, on September 15, 2027; in equal installments on September 15, 2027 and September 15, 2028; and in three equal installments on September 15, 2027, September 15, 2028 and September 15, 2029.

Insider Trade Summary

Other: 7,283 shares

Other 4 txns

Insider Lesane Jamaal T

Role EVP and Chief Legal Officer

Type	Security	Shares	Price	Value
Other	Restricted Stock Units ^{F2, F3, F4}	624	$0.00	$0.00
Other	Restricted Stock Units ^{F2, F3, F5}	1,252	$0.00	$0.00
Other	Restricted Stock Units ^{F2, F3, F6}	938	$0.00	$0.00
Other	Class A Common Stock ^F1	4,469	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 2,814 contracts (Direct); Class A Common Stock — 4,469 shares (Direct)

Footnotes (6)

F1. Represents Class A Common Stock of MSG Rangers Corp. (formerly MSGS Spinco, Inc., and referred to herein as "MSGR") received by the Reporting Person in connection with the distribution by MSG Knickerbockers Corp. (formerly Madison Square Garden Sports Corp., and referred to herein as "MSGK") of outstanding common stock of MSGR to MSGK stockholders, effected on October 26, 2026 (the "Distribution"), in a transaction exempt under Rules 16a-9 and 16b-3. In the Distribution, MSGK distributed one share of MSGR's Class A common stock ("Class A Common Stock") and one share of MSGR's Class B common stock to MSGK stockholders for every two shares of MSGK Class A common stock and MSGK Class B common stock, respectively, in a transaction exempt under Rule 16a-9.
F2. Each restricted stock unit ("RSU") is granted under the MSGR 2026 Employee Stock Plan and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof.
F3. Reflects the acquisition of RSUs in connection with the Distribution in a transaction exempt under Rules 16a-9, 16b-6 and 16b-3. Reporting Person received one MSGR RSU in respect of every two MSGK RSUs.
F4. Pursuant to the terms of the Reporting Person's MSGK RSU award dated August 29, 2024, the RSUs are scheduled to vest and settle on September 15, 2027.
F5. Pursuant to the terms of the Reporting Person's MSGK RSU award dated August 21, 2025, the RSUs are scheduled to vest and settle in two equal installments on September 15, 2027 and September 15, 2028.
F6. Pursuant to the terms of the Reporting Person's MSGK RSU award dated August 26, 2026, the RSUs are scheduled to vest and settle in three equal installments on September 15, 2027, September 15, 2028 and September 15, 2029.

Key Figures

Class A common stock acquired: 4,469 shares Direct Class A common stock holdings after transaction: 4,469 shares Restricted stock units acquired: 624 units +2 more

5 metrics

Class A common stock acquired 4,469 shares Distribution on October 26, 2026

Direct Class A common stock holdings after transaction 4,469 shares October 26, 2026

Restricted stock units acquired 624 units Scheduled to vest and settle on September 15, 2027

Restricted stock units acquired 1,252 units Scheduled to vest and settle in equal installments on September 15, 2027 and September 15, 2028

Restricted stock units acquired 938 units Scheduled to vest and settle in three equal installments on September 15, 2027, September 15, 2028 and September 15, 2029

Key Terms

restricted stock unit, vest and settle, Rule 16a-9, Rule 16b-3

4 terms

restricted stock unit financial

"Each restricted stock unit is granted under the MSGR 2026 Employee Stock Plan"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

vest and settle financial

"the RSUs are scheduled to vest and settle on September 15, 2027"

Rule 16a-9 regulatory

"in a transaction exempt under Rules 16a-9 and 16b-3"

Rule 16b-3 regulatory

"in a transaction exempt under Rules 16a-9 and 16b-3"

Rule 16b-3 is a Securities and Exchange Commission regulation that exempts certain routine, pre-approved transactions by company insiders from automatic liability for short-term trading profits. It acts like a safe harbor: if an insider follows a formal plan or the board approves specific transactions in advance, profits from buying and selling company stock within six months are not automatically reclaimed. Investors care because the rule clarifies when insider trades are permissible and reduces uncertainty about potential clawbacks.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many MSGR shares did Jamaal T. Lesane acquire?

Jamaal T. Lesane, MSGR's EVP and Chief Legal Officer, acquired 4,469 shares of Class A common stock on October 26, 2026, in the distribution; his reported direct holdings after the transaction were 4,469 shares.

How many MSGR restricted stock units did Jamaal T. Lesane acquire, and when do they vest?

He acquired 624, 1,252 and 938 restricted stock units on October 26, 2026. They are scheduled to vest and settle, respectively, on September 15, 2027; in equal installments on September 15, 2027 and September 15, 2028; and in three equal installments on September 15, 2027, September 15, 2028 and September 15, 2029.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/28/2026 - 04:30 PM EDT Accepted by SEC EDGAR 10/28/2026 - 04:30 PM EDT

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
Estimated average burden
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^*

Lesane Jamaal T

(Last)

(First)

(Middle)

TWO PENNSYLVANIA PLAZA

(Street)

NEW YORK

10121

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
MSG Rangers Corp. [ MSGR ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/26/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	10/26/2026		J⁽¹⁾		4,469⁽¹⁾	A	$0.00	4,469⁽¹⁾	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽²⁾	10/26/2026		J⁽³⁾		624⁽³⁾		⁽⁴⁾	09/15/2027	Class A Common Stock	624⁽³⁾	$0.00	624⁽³⁾	D
Restricted Stock Units	⁽²⁾	10/26/2026		J⁽³⁾		1,252⁽³⁾		⁽⁵⁾	09/15/2028	Class A Common Stock	1,252⁽³⁾	$0.00	1,252⁽³⁾	D
Restricted Stock Units	⁽²⁾	10/26/2026		J⁽³⁾		938⁽³⁾		⁽⁶⁾	09/15/2029	Class A Common Stock	938⁽³⁾	$0.00	938⁽³⁾	D

Explanation of Responses:

1. Represents Class A Common Stock of MSG Rangers Corp. (formerly MSGS Spinco, Inc., and referred to herein as "MSGR") received by the Reporting Person in connection with the distribution by MSG Knickerbockers Corp. (formerly Madison Square Garden Sports Corp., and referred to herein as "MSGK") of outstanding common stock of MSGR to MSGK stockholders, effected on October 26, 2026 (the "Distribution"), in a transaction exempt under Rules 16a-9 and 16b-3. In the Distribution, MSGK distributed one share of MSGR's Class A common stock ("Class A Common Stock") and one share of MSGR's Class B common stock to MSGK stockholders for every two shares of MSGK Class A common stock and MSGK Class B common stock, respectively, in a transaction exempt under Rule 16a-9.

2. Each restricted stock unit ("RSU") is granted under the MSGR 2026 Employee Stock Plan and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof.

3. Reflects the acquisition of RSUs in connection with the Distribution in a transaction exempt under Rules 16a-9, 16b-6 and 16b-3. Reporting Person received one MSGR RSU in respect of every two MSGK RSUs.

4. Pursuant to the terms of the Reporting Person's MSGK RSU award dated August 29, 2024, the RSUs are scheduled to vest and settle on September 15, 2027.

5. Pursuant to the terms of the Reporting Person's MSGK RSU award dated August 21, 2025, the RSUs are scheduled to vest and settle in two equal installments on September 15, 2027 and September 15, 2028.

6. Pursuant to the terms of the Reporting Person's MSGK RSU award dated August 26, 2026, the RSUs are scheduled to vest and settle in three equal installments on September 15, 2027, September 15, 2028 and September 15, 2029.

	/s/ Mark C. Cresitello, Attorney-in-Fact for Jamaal T. Lesane	10/28/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR