Quentin Dolan Reports RSU Vesting and Withholding on MSGS Form 4

Rhea-AI Filing Summary

Madison Square Garden Sports Corp. (MSGS) - Form 4 summary. Quentin F. Dolan, a director, reported transactions on 09/15/2025 showing vesting and settlement activity for restricted stock units (RSUs) granted under MSGS's 2015 Employee Stock Plan. RSUs granted April 25, 2024 and August 29, 2024 partially vested and were settled on or about 09/15/2025, with portions previously settled on 09/13/2024 and future tranches scheduled to vest in 2026 and 2027.

The filing shows withheld shares to satisfy tax obligations in connection with the RSU vesting, and provides post-transaction beneficial ownership counts of Class A common stock of 353, 403, and 369 shares for the respective reported lines. The form is signed by an attorney-in-fact for Mr. Dolan on 09/17/2025.

Positive

• RSU vesting occurred as scheduled, with tranches from April 25, 2024 and August 29, 2024 settled on 09/15/2025.
• Tax withholding satisfied via share withholding, disclosed and claimed exempt under Rule 16b-3.
• Post-transaction beneficial ownership disclosed with specific Class A share counts (353, 403, and 369) reported.

Negative

• Share withholding reduced delivered shares, reflected as dispositions (shares withheld for taxes).
• Holdings are modest in absolute terms, suggesting limited insider share exposure disclosed on this Form 4.

Insights

Financial Analyst

TL;DR: Director RSUs vested and were settled; tax-withholding reduced delivered shares but overall holdings remain modest.

The Form 4 documents routine equity compensation activity rather than market-moving trades. Two grants (April 25, 2024 and August 29, 2024) had one-third tranches that vested and settled on 09/15/2025. Some RSUs were withheld to satisfy taxes, which appears as dispositions rather than open-market sales. The post-transaction beneficial ownership figures reported are low hundreds of Class A shares, indicating limited direct insider exposure relative to large-cap standards.

Corporate Governance Expert

TL;DR: This filing reflects standard executive compensation vesting and compliant tax withholding under Rule 16b-3.

The disclosure indicates grants under the 2015 Employee Stock Plan with scheduled vesting through 2027. The filer cites exemption under Rule 16b-3 for withheld shares used to satisfy tax obligations, which is customary. No indications of derivative exercises, open-market purchases, or other atypical related-party transactions are present in this filing.

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^*

DOLAN QUENTIN F

(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)

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

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		27	A	$0.0(1)	353	D
Class A Common Stock	09/15/2025		M		50	A	$0.0(2)	403	D
Class A Common Stock	09/15/2025		F(3)		34	D	$210.95	369	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			27	(1)	09/15/2026	Class A Common Stock	27	$0	28	D
Restricted Stock Units	(2)	09/15/2025		M			50	(2)	09/15/2027	Class A Common Stock	50	$0	100	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") was granted on April 25, 2024 under the Madison Square Garden Sports Corp. ("MSGS") 2015 Employee Stock Plan (the "2015 Employe 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.

2. 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.

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

	/s/ Mark C. Cresitello, Attorney-in-Fact for Quentin Dolan	09/17/2025
	** Signature of Reporting Person	Date
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FAQ

What transactions did Quentin F. Dolan report on Form 4 for MSGS?

The filing reports vesting and settlement of RSUs on 09/15/2025 from grants dated 04/25/2024 and 08/29/2024, and shares withheld to satisfy tax obligations.

How many Class A shares were reported as beneficially owned after the transactions?

The form reports post-transaction beneficial ownership figures of 353, 403, and 369 Class A shares for the respective reported lines.

Were any derivative securities exercised or acquired?

The Form 4 reports Restricted Stock Units (RSUs) settled into Class A common stock; no options or other derivative exercises are reported.

Why were shares listed as disposed of on the Form 4?

Certain RSUs were withheld to satisfy tax withholding obligations upon vesting; the filing notes these withholdings are exempt under Rule 16b-3.

When are the remaining RSU tranches scheduled to vest?

Remaining tranches from the April 25, 2024 grant are scheduled to vest on 09/15/2026; tranches from the August 29, 2024 grant are scheduled to vest on 09/15/2026 and 09/15/2027.