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

Rhea-AI Filing Summary

Alexander Shvartsman, SVP, Controller & PAO of Madison Square Garden Sports Corp. (MSGS), reported multiple equity compensation transactions tied to vested restricted stock units (RSUs) and performance restricted stock units (PSUs). RSUs granted in 2022, 2023 and 2024 vested and were settled during the reporting period for 343, 278 and 274 shares respectively. A PSU grant from 2022 satisfied performance conditions and vested for 1,096 shares. The filing shows shares withheld to satisfy tax obligations (reported as 321 and 395 shares). The table reports the number of Class A shares beneficially owned after each transaction, with reported amounts shown up to 6,351 shares; each transaction is reported as direct ownership.

Insights

Financial Analyst

TL;DR: Routine executive compensation vesting; no indications of trading beyond settlement and tax withholding.

The Form 4 documents standard settlement of equity awards: time-based RSUs from 2022–2024 and a 2022 PSU that met performance criteria and settled. The transactions are primarily settlements and tax-withholding events, recorded as direct beneficial ownership changes. From an investor-impact perspective, these are compensation-related movements rather than market-driven buys or sales and are unlikely to materially affect MSGS share supply or valuation given the modest share counts disclosed.

Corporate Governance Expert

TL;DR: Compensation program operating as intended; vesting and tax withholdings are documented and exempt under Rule 16b-3.

The filing confirms the company’s equity incentive plan functioning per schedule: staged vesting for RSUs and performance-based PSUs that achieved vesting conditions. The disclosure notes withholding of shares to cover taxes and explicitly cites Rule 16b-3 exemption for those withholdings. Documentation appears complete for these award settlements and aligns with standard governance practices for executive remuneration.

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^*

Shvartsman Alexander

(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)
	SVP, Controller & PAO

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		343	A	$0(1)	5,024	D
Class A Common Stock	09/15/2025		M		278	A	$0(2)	5,302	D
Class A Common Stock	09/15/2025		M		274	A	$0(3)	5,576	D
Class A Common Stock	09/15/2025		F(4)		321	D	$210.95	5,255	D
Class A Common Stock	09/15/2025		M		1,096	A	$0(5)	6,351	D
Class A Common Stock	09/15/2025		F(6)		395	D	$210.95	5,956	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			343	(1)	09/15/2025	Class A Common Stock	343	$0	0	D
Restricted Stock Units	(2)	09/15/2025		M			278	(2)	09/15/2026	Class A Common Stock	278	$0	278	D
Restricted Stock Units	(3)	09/15/2025		M			274	(3)	09/15/2027	Class A Common Stock	274	$0	550	D
Performance Restricted Stock Units	(5)	09/15/2025		M			1,096	(5)	09/15/2025	Class A Common Stock	1,096	$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 Madison Square Garden Sports Corp. 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 Alexander Shvartsman	09/17/2025
	** 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).
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FAQ

What transactions did Alexander Shvartsman report on Form 4 for MSGS?

The Form 4 reports settlement of time-based RSUs (343, 278, 274 shares) and settlement of PSUs (1,096 shares) tied to MSGS equity awards.

Were any shares withheld for taxes in the reported MSGS transactions?

Yes. The filing shows shares withheld to satisfy tax obligations of 321 and 395 shares, noted as exempt under Rule 16b-3.

Do the reported transactions represent open-market trades or compensation settlements?

They are compensation settlements: vesting and settlement of RSUs and PSUs awarded under the MSGS 2015 Employee Stock Plan, not open-market purchases or sales.

How many shares were reported as the largest post-transaction beneficial ownership?

The filing lists post-transaction beneficial ownership amounts up to 6,351 Class A shares in the transaction table.

Are the vested PSUs performance-based and did they meet performance conditions?

Yes. The PSUs granted in 2022 satisfied performance conditions on August 21, 2025 and vested and were settled on September 15, 2025.