Madison Square Garden Sports Insider: PSUs Satisfied and RSU Grant Reported

Rhea-AI Filing Summary

Victoria Mink, EVP, CFO & Treasurer of Madison Square Garden Sports Corp. (MSGS), reported awards and vesting activity tied to company equity. On 08/21/2025 she was granted 3,755 restricted stock units (RSUs) under the 2015 Employee Stock Plan that will vest in three equal installments on Sep 15, 2026, Sep 15, 2027 and Sep 15, 2028. Also on 08/21/2025 the company recorded that 3,983 performance restricted stock units (PSUs) originally granted on 08/29/2022 satisfied their performance conditions and are scheduled to vest and settle on Sep 15, 2025. Each unit converts to one Class A common share or cash equivalent and the reported price per unit is $0.0. The Form 4 was filed by one reporting person and signed by an attorney-in-fact on 08/25/2025.

Positive

• Performance PSUs satisfied on 08/21/2025, allowing 3,983 shares to vest on 09/15/2025
• RSU grant of 3,755 units with multi-year vesting aligns executive incentives with long-term performance

Negative

• Potential dilution of 7,738 shares if all units settle in shares, increasing outstanding Class A common stock

Insights

Financial Analyst

TL;DR: Insider compensation awards totaling 7,738 equity units were recorded, with nearly half becoming payable next year, representing routine executive remuneration.

The filing documents 3,755 RSUs that vest over three years and 3,983 PSUs whose performance conditions were satisfied and which vest on 09/15/2025. For investors, the near-term effect is modest: 3,983 shares could settle within a year, increasing share count when settled. The awards reflect standard equity-based pay aligning management incentives with shareholder value; there is no cash exercise price and no sale or purchase proceeds reported.

Corporate Governance Expert

TL;DR: The Form 4 shows standard equity compensation and the fulfillment of PSU performance metrics, consistent with governance practices for aligning executive pay.

The disclosure confirms PSUs granted in 2022 met their targets as of 08/21/2025, triggering vesting on 09/15/2025. Granting and scheduled vesting of RSUs is routine and appears governed by the 2015 Employee Stock Plan. The filing is complete and timely, signed by an attorney-in-fact. There are no indications of unusual acceleration, derivative transactions, or sales that would raise governance concerns.

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^*

Mink Victoria

(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)
	EVP, CFO & Treasurer

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		3,983		(3)	09/15/2025	Class A Common Stock	3,983	$0.0	3,983	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 Victoria Mink	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 transactions did Victoria Mink report on Form 4 for MSGS?

The filing reports acquisition of 3,755 RSUs 3,983 PSUs satisfied performance conditions and will vest on Sep 15, 2025.

When will the reported PSUs and RSUs vest for MSGS insider Victoria Mink?

PSUs: scheduled to vest on Sep 15, 2025. RSUs: scheduled to vest in equal installments on Sep 15, 2026, Sep 15, 2027 and Sep 15, 2028.

How many total equity units were reported in the Form 4 for MSGS?

A total of 7,738 equity units were reported: 3,755 RSUs and 3,983 PSUs.

Does the Form 4 show any cash proceeds or sale prices for these transactions?

No. The reported price per unit is listed as $0.0, indicating these are grant/award entries with no cash purchase or sale proceeds reported.

Who filed and signed the Form 4 for Victoria Mink?

The Form 4 was filed by one reporting person and was signed by Mark C. Cresitello, Attorney-in-Fact on 08/25/2025.