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

Rhea-AI Filing Summary

Victoria Mink, EVP, CFO & Treasurer of Madison Square Garden Sports Corp. (MSGS), reported multiple equity settlements and withholdings tied to vested restricted stock units (RSUs) and performance RSUs (PSUs) on 09/15/2025. Several tranches of RSUs granted in 2022, 2023, 2024 and April 2025 vested and were settled into Class A common shares on or about 09/15/2025, including 1,244; 1,011; 998; and 131 RSUs, plus 3,983 PSUs whose performance conditions were satisfied on 08/21/2025. The filing shows two separate withholdings to satisfy tax obligations of 1,726 and 1,997 shares sold at $210.95 per share, identified as exempt under Rule 16b-3.

The transactions reflect standard equity compensation vesting and tax withholding mechanics rather than open-market purchases or discretionary sales by the reporting person.

Positive

• Multiple RSU and PSU tranches vested and were settled, converting awarded units into Class A common shares and reflecting earned compensation.
• Withholding transactions executed under Rule 16b-3 to satisfy tax obligations, indicating compliance with insider transaction exemptions and plan mechanics.
• PSU performance conditions were satisfied on 08/21/2025 leading to settlement, demonstrating achievement of the specified performance metric(s) for that grant.

Negative

• None.

Insights

Financial Analyst

TL;DR Multiple RSU/PSU tranches vested and were settled; tax-withholding shares were sold at $210.95 per share.

The filing documents routine executive compensation settlements occurring on 09/15/2025. Material elements include the vesting and settlement of legacy RSUs granted in 2022, 2023 and 2024 and the satisfaction of PSU performance conditions on 08/21/2025 leading to settlement on 09/15/2025. Two withholdings totaling 3,723 shares were effected to satisfy tax obligations at a reported price of $210.95 per share; the withholdings are noted as exempt under Rule 16b-3. These events change the insider's reported share counts through conversion of equity awards rather than through discretionary market trades.

Corporate Governance Expert

TL;DR Transactions appear to follow standard equity-plan rules and Rule 16b-3 exempt withholding; no governance red flags shown.

The Form 4 shows vesting schedules applied as disclosed in grant footnotes and withholding to cover related tax liabilities. Footnotes detail original grant dates, vesting schedules and the PSU performance vesting date, which supports transparency around timing and exemption claims. The presence of attorney-in-fact signature indicates authorized filing. There is no indication in this filing of unusual related-party transfers or departures from plan terms.

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^*

Mink Victoria

(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)
	EVP, CFO & Treasurer

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		1,244	A	$0(1)	13,322	D
Class A Common Stock	09/15/2025		M		1,011	A	$0(2)	14,333	D
Class A Common Stock	09/15/2025		M		998	A	$0(3)	15,331	D
Class A Common Stock	09/15/2025		M		131	A	$0(4)	15,462	D
Class A Common Stock	09/15/2025		F(5)		1,726	D	$210.95	13,736	D
Class A Common Stock	09/15/2025		M		3,983	A	$0(6)	17,719	D
Class A Common Stock	09/15/2025		F(7)		1,997	D	$210.95	15,722	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			1,244	(1)	09/15/2025	Class A Common Stock	1,244	$0	0	D
Restricted Stock Units	(2)	09/15/2025		M			1,011	(2)	09/15/2026	Class A Common Stock	1,011	$0	1,011	D
Restricted Stock Units	(3)	09/15/2025		M			998	(3)	09/15/2027	Class A Common Stock	998	$0	1,997	D
Restricted Stock Units	(4)	09/15/2025		M			131	(4)	09/15/2027	Class A Common Stock	131	$0	263	D
Performance Restricted Stock Units	(6)	09/15/2025		M			3,983	(6)	09/15/2025	Class A Common Stock	3,983	$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. Each RSU was granted on April 23, 2025 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.

5. Represents RSUs of MSGS 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.

6. 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.

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

	/s/ Mark C. Cresitello, Attorney-in-Fact for Victoria Mink	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

What insider reported these transactions for MSGS?

Victoria Mink, EVP, Chief Financial Officer and Treasurer, filed the Form 4.

What types of awards vested and settled on 09/15/2025 for MSGS?

Restricted Stock Units (RSUs) and Performance Restricted Stock Units (PSUs) vested and were settled into Class A common shares.

How many shares were withheld for taxes and at what price?

3,723 shares were withheld in two transactions (1,726 and 1,997 shares) at a reported price of $210.95 per share.

When were the PSUs determined to have met performance conditions?

Performance conditions were satisfied on 08/21/2025, with PSUs vesting and settling on 09/15/2025.

Do these transactions represent open-market purchases or voluntary sales?

No; the Form 4 reflects award vesting and tax-withholding settlements rather than discretionary open-market purchases or sales.