Bryan Warner Reports 291 RSUs Vested; 117 MSGS Shares Sold at $210.95

Rhea-AI Filing Summary

Madison Square Garden Sports Corp. insider Bryan Warner, SVP & Head of Legal, reported vesting and settlement of restricted stock units (RSUs). On 09/15/2025, 291 RSUs vested and were settled, converting into 291 shares of Class A common stock; an additional 117 shares were disposed of at $210.95 each, leaving Mr. Warner with 174 shares after that sale. Following these transactions he beneficially owned 583 Class A shares in total. The RSUs were originally granted 04/23/2025 and vest in three annual tranches through 09/15/2027.

Positive

• RSU vesting completed for one tranche, converting 291 RSUs into shares, aligning executive compensation with long-term incentives
• Clear disclosure of withholding to satisfy tax obligations, noted as exempt under Rule 16b-3

Negative

• 117 shares disposed at $210.95, reducing immediate beneficial holding to 174 shares from the settled tranche

Insights

Securities Analyst

TL;DR: Executive received vested RSUs and sold a portion, reducing immediate shareholdings while retaining overall beneficial ownership.

The filing shows routine compensation vesting under the 2015 Employee Stock Plan with one-third of the grant settling on 09/15/2025. The sale of 117 shares at $210.95 appears to be a withholding or disposition related to tax obligations as noted; total reported beneficial ownership after transactions is 583 Class A shares. This is a typical Section 16 disclosure of compensation-related equity activity rather than a market-timing trade.

Corporate Governance Expert

TL;DR: Transactions reflect standard equity compensation administration with scheduled vesting and tax withholding; no governance red flags disclosed.

Details indicate the RSUs were granted on 04/23/2025 and vest in three equal installments on 09/15 of 2025, 2026, and 2027. The filing explains that some RSUs were withheld to satisfy tax obligations, consistent with Rule 16b-3 exemptions. The signature by an attorney-in-fact is properly recorded. No departure from normal insider reporting or governance procedures is evident from 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

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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^*

Warner Bryan

(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 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)
	SVP, Head of Legal

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		291	A	(1)	291	D
Class A Common Stock	09/15/2025		F		117	D	$210.95(2)	174	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			291	(1)	09/15/2027	Class A Common Stock	291	$0	583	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") was granted on April 23, 2025 under the Madison Square Garden Sports Corp. ("MSGS") 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.

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

	/s/ Mark C. Cresitello, Attorney-in-Fact for Bryan Warner	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 transactions did Bryan Warner report on Form 4 for MSGS?

Answer: On 09/15/2025 Mr. Warner reported the vesting/settlement of 291 RSUs (converted to shares) and a disposition of 117 shares at $210.95.

How many MSGS shares does Bryan Warner beneficially own after the reported transactions?

Answer: The Form 4 reports total beneficial ownership of 583 Class A shares following the transactions.

When were the RSUs originally granted and what is the vesting schedule?

Answer: The RSUs were granted on 04/23/2025 and vest in three equal tranches on 09/15/2025, 09/15/2026, and 09/15/2027.

Why were some shares withheld according to the Form 4?

Answer: The filing states RSUs were withheld to satisfy tax withholding obligations, an action noted as exempt under Rule 16b-3.

Who signed the Form 4 filing for Bryan Warner?

Answer: The Form 4 is signed by Mark C. Cresitello, Attorney-in-Fact for Bryan Warner on 09/17/2025.