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

Rhea-AI Filing Summary

Jamaal Lesane, Chief Operating Officer of Madison Square Garden Sports Corp. (MSGS), reported multiple equity award transactions dated 09/15/2025. On that date vested restricted stock units (RSUs) and performance restricted stock units (PSUs) were settled, converting to Class A common shares or cash equivalents. Several settlements involved shares withheld to satisfy tax obligations at a stated withholding price of $210.95 per share. The report lists specific vested amounts and resulting beneficial ownership counts across multiple grant vintages, and notes that some RSUs from 2023 and 2024 remain scheduled to vest in 2026 and 2027.

Positive

• Performance condition satisfied for 2022 PSUs (certified August 21, 2025) leading to vested awards
• Vesting and settlement of multiple RSU/PSU tranches as scheduled demonstrates alignment of executive compensation with plan criteria
• Disclosure includes tax-withholding details and resulting beneficial ownership counts

Negative

• Shares withheld for tax obligations reduced the number of shares delivered to the reporting person (withholding at $210.95)

Insights

Financial Analyst

TL;DR: Routine executive compensation vesting and tax-withholding settlements; not an operational or market-moving disclosure.

The filing documents customary vesting and settlement of RSUs and PSUs for the COO following performance and time-based schedules. The PSU performance condition was satisfied on August 21, 2025, triggering settlement on September 15, 2025. Several tranches were withheld to satisfy tax obligations at an indicated price of $210.95. These transactions reflect compensation realization rather than open-market dispositions and do not, by themselves, change company fundamentals. Impact on outstanding share count is limited to withholding for taxes; remaining RSUs have scheduled vesting through 2027.

Corporate Governance Expert

TL;DR: Compensation governance functioning as intended: performance metrics achieved and awards settled, with standard tax withholding.

The report shows execution of previously approved equity awards under the 2015 Employee Stock Plan and exemptions under Rule 16b-3 for withheld shares. The performance metric for the 2022 PSUs was certified on August 21, 2025, resulting in settlement. Use of withholding to satisfy tax obligations is typical and disclosed appropriately. No indications of accelerated grants, special one-off awards, or unusual transfer mechanisms are present in the form.

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

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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^*

Lesane Jamaal T

(Last) (First) (Middle)

TWO PENN PLAZA

(Street)

NEW YORK NY 10121

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Madison Square Garden Sports Corp. [ MSGS ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

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		830	A	$0(1)	4,678	D
Class A Common Stock	09/15/2025		M		842	A	$0(2)	5,520	D
Class A Common Stock	09/15/2025		M		1,248	A	$0(3)	6,768	D
Class A Common Stock	09/15/2025		F(4)		1,613	D	$210.95	5,155	D
Class A Common Stock	09/15/2025		M		2,655	A	$0(5)	7,810	D
Class A Common Stock	09/15/2025		F(6)		1,468	D	$210.95	6,342	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			830	(1)	09/15/2025	Class A Common Stock	830	$0	0	D
Restricted Stock Units	(2)	09/15/2025		M			842	(2)	09/15/2026	Class A Common Stock	842	$0	843	D
Restricted Stock Units	(3)	09/15/2025		M			1,248	(3)	09/15/2027	Class A Common Stock	1,248	$0	2,496	D
Performance Restricted Stock Units	(5)	09/15/2025		M			2,655	(5)	09/15/2025	Class A Common Stock	2,655	$0	0	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") was granted on August 29, 2022 under the Madison Square Garden Sports Corp. ("MSGS") 2015 Employee Stock Plan ("the 2015 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, 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.

2. Each RSU was granted on August 28, 2023 under the 2015 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 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.

3. Each RSU was granted on August 29, 2024 under the 2015 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.

4. Represents RSUs of MSGS withheld to satisfy tax withholding obligations in connection with the vesting of RSUs described in footnotes 1, 2 and 3, exempt under Rule 16b-3.

5. Each performance restriced stock unit ("PSU") was granted on August 29, 2022 under the 2015 Employee Stock Plan and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. The performance conditions were satisfied on August 21, 2025 and the PSUs vested and were settled on September 15, 2025.

6. Represents PSUs of MSGS withheld to satisfy tax withholding obligations in connection with the vesting and settlement of PSUs described in footnote 5 above, exempt under Rule 16b-3.

	/s/ Mark C. Cresitello, Attorney-in-Fact for Jamaal Lesane	09/17/2025
	** 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

Who filed the Form 4 for MSGS on 09/15/2025?

The Form 4 was filed on behalf of Jamaal Lesane, Chief Operating Officer of Madison Square Garden Sports Corp. (MSGS).

What types of awards vested and were settled according to the filing?

The filing reports settlement of restricted stock units (RSUs) and performance restricted stock units (PSUs) that vested and were settled on 09/15/2025.

Was any performance condition met to trigger vesting?

Yes. The filing states the performance condition for the 2022 PSUs was satisfied on August 21, 2025, and those PSUs vested and were settled on 09/15/2025.

Did the filing disclose shares withheld for taxes and at what price?

Yes. The filing discloses shares were withheld to satisfy tax withholding obligations, with the withholding referenced at a price of $210.95 per share.

Are there remaining award tranches scheduled to vest after 09/15/2025?

Yes. The filing notes that portions of RSUs granted in 2023 and 2024 are scheduled to vest and settle on 09/15/2026 and 09/15/2027.