Madison Square Garden Sports (MSGS) Form 4: PSUs Vest, RSUs Granted

Rhea-AI Filing Summary

Alexander Shvartsman, SVP, Controller & PAO of Madison Square Garden Sports Corp. (MSGS), received equity awards and reported changes in beneficial ownership. The Form 4 discloses grants of 827 Restricted Stock Units (RSUs) awarded under the 2015 Employee Stock Plan that will vest and settle in three equal installments on Sept 15, 2026, 2027 and 2028. It also reports 1,096 Performance Restricted Stock Units (PSUs) whose performance conditions were satisfied on Aug 21, 2025 and which are scheduled to vest and settle on Sept 15, 2025. All reported awards convert into Class A Common Stock or cash equivalent, with the reporting person holding 827 shares post-RSU grant and 1,096 shares post-PSU settlement.

Positive

• PSU performance conditions were satisfied on 08/21/2025, resulting in 1,096 PSUs scheduled to vest on 09/15/2025
• 827 RSUs were granted under the 2015 Employee Stock Plan and have a clear three-year vesting schedule (09/15/2026, 09/15/2027, 09/15/2028)
• Form 4 properly discloses the transactions and post-transaction beneficial ownership counts for the reporting person

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider equity awards and PSU vesting increase insider holdings but do not by themselves indicate a change in company fundamentals.

The filing documents standard compensation-related equity grants and the satisfaction of PSU performance conditions. The PSU vesting on a defined schedule and the RSU staggered vesting over three years align with typical retention incentives for senior officers. The immediate material impact on shareholders is likely limited because this is company compensation execution rather than an open-market transaction; any dilution effect will depend on total outstanding shares and similar awards to other employees, information not provided here.

Corporate Governance Expert

TL;DR: Governance-wise this reflects customary executive compensation mechanics and proper SEC disclosure by the reporting officer.

The Form 4 shows timely reporting of RSU grants and the vesting-triggered settlement of PSUs, demonstrating compliance with Section 16 reporting. The structured vesting schedule supports retention objectives. No departures, amendments, or unusual transactions are disclosed. Absent additional context on total dilution or compensation program changes, this filing is a routine disclosure rather than a governance concern.

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)
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		827		(2)	09/15/2028	Class A Common Stock	827	$0.0	827	D
Performance Restricted Stock Units	(3)	08/21/2025		A		1,096		(3)	09/15/2025	Class A Common Stock	1,096	$0.0	1,096	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 "2015 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 Alexander Shvartsman	08/25/2025
	** 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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** 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 equity awards did Alexander Shvartsman report on Form 4 for MSGS?

The Form 4 reports 827 Restricted Stock Units (RSUs) and 1,096 Performance Restricted Stock Units (PSUs) relating to Class A Common Stock.

When do the reported RSUs and PSUs vest for MSGS insider Alexander Shvartsman?

The RSUs vest in three equal installments on Sept 15, 2026; Sept 15, 2027; and Sept 15, 2028. The PSUs are scheduled to vest and settle on Sept 15, 2025 after performance was satisfied on Aug 21, 2025.

How many shares will Alexander Shvartsman beneficially own after these transactions?

Following the reported transactions the Form 4 shows 827 shares from the RSUs and 1,096 shares from the PSUs as beneficially owned by the reporting person.

Were the awards granted at a purchase price for MSGS stock?

No purchase price is reported; the RSUs and PSUs convert to Class A Common Stock or a cash equivalent with a stated $0.0 price for the underlying shares in the filing.

Who signed the Form 4 filing for Alexander Shvartsman?

The Form 4 was signed by Mark C. Cresitello, Attorney-in-Fact for Alexander Shvartsman on 08/25/2025.