Madison Square Garden Sports Insider Filing: 2,655 PSUs Triggered, 3,755 RSUs Awarded

Rhea-AI Filing Summary

Jamaal Lesane, Chief Operating Officer of Madison Square Garden Sports Corp. (MSGS), reported equity awards in a Form 4. On 08/21/2025 he was granted 3,755 restricted stock units (RSUs) that will vest in three equal installments on 09/15/2026, 09/15/2027 and 09/15/2028 and represent rights to one share of Class A common stock each or cash equivalent. The report also reflects 2,655 performance restricted stock units (PSUs) with performance conditions satisfied on 08/21/2025 and scheduled to vest and settle on 09/15/2025.

The RSUs and PSUs are recorded as direct beneficial ownership and carry a $0.0 per-share conversion price because they convert into Class A common stock. The Form 4 was signed by Mark C. Cresitello as attorney-in-fact on 08/25/2025.

Positive

• Performance conditions for 2,655 PSUs were satisfied on 08/21/2025, enabling vesting scheduled for 09/15/2025
• RSU grant of 3,755 units provides multi-year retention incentives with staggered vesting through 09/15/2028
• Grants are disclosed as direct beneficial ownership, providing clear transparency under Section 16 reporting

Negative

• None.

Insights

Compensation/Corporate Governance Analyst

TL;DR Routine equity-based compensation grants to a senior executive with PSUs meeting performance targets, increasing near-term insider-held shares.

The 2,655 PSUs vesting in September 2025 indicate performance goals were achieved, creating immediate dilution potential when settled and increasing the COO's direct share exposure. The 3,755 RSUs vesting over three years align with retention incentives. These awards are typical executive compensation mechanics rather than corporate material actions, but the PSU vesting signals achieved metrics tied to executive pay.

Securities/Filing Compliance Specialist

TL;DR Form 4 correctly discloses grant and beneficial ownership details; filings appear compliant and timely.

The filing lists transaction date 08/21/2025 and shows direct ownership forms with zero exercise price for underlying Class A shares, consistent with RSU/PSU treatment. Signature by an attorney-in-fact is noted with date 08/25/2025. No amendments or additional transactions are disclosed. From a compliance perspective, the disclosure meets Section 16 reporting requirements based on provided content.

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
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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)
08/21/2025

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

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)	08/21/2025		A		3,755		(2)	09/15/2028	Class A Common Stock	3,755	$0.0	3,755	D
Performance Restricted Stock Units	(3)	08/21/2025		A		2,655		(3)	09/15/2025	Class A Common Stock	2,655	$0.0	2,655	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") is granted under the Madison Square Garden Sports Corp. ("MSGS") 2015 Employee Stock Plan (the "Employee Stock Plan") and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof.

2. The RSUs are scheduled to vest and settle in three equal installments on September 15, 2026, September 15, 2027 and September 15, 2028.

3. Each performance restricted stock unit ("PSU") was granted on August 29, 2022 under the MSGS Employee Stock Plan and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. The performance condiditons were satisfied on August 21, 2025. The PSUs are scheduled to vest and settle on September 15, 2025.

	/s/ Mark C. Cresitello, Attorney-in-Fact for Jamaal Lesane	08/25/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What equity awards did MSGS COO Jamaal Lesane receive?

He received 3,755 RSUs granted 08/21/2025 and 2,655 PSUs (performance conditions satisfied 08/21/2025) as reported on the Form 4.

When do the RSUs and PSUs vest for Jamaal Lesane?

PSUs vest on 09/15/2025. The RSUs vest in three equal installments on 09/15/2026, 09/15/2027, and 09/15/2028.

Do the reported awards convert to common stock and at what price?

Each RSU and PSU represents a right to one share of Class A common stock or cash equivalent and are shown with a $0.0 conversion price.

Was the Form 4 timely signed and filed?

The Form 4 lists the transaction date 08/21/2025 and is signed by an attorney-in-fact, Mark C. Cresitello, with date 08/25/2025 as shown in the filing.

How many total shares will Lesane directly own following these transactions?

The filing reports 3,755 shares underlying RSUs and 2,655 shares underlying PSUs as the amounts beneficially owned following the reported transactions.