James Dolan Gains 20,407 PSUs Vesting; 19,526 RSUs Staged Through 2028

Rhea-AI Filing Summary

James L. Dolan, Executive Chairman and CEO of Madison Square Garden Sports Corp. (MSGS), reported awards and vesting of restricted stock units and performance restricted stock units. On 08/21/2025 Mr. Dolan was granted 19,526 restricted stock units (RSUs) that will settle in three equal installments on 09/15/2026, 09/15/2027 and 09/15/2028. Separately, 20,407 performance restricted stock units (PSUs) granted on 08/29/2022 satisfied their performance conditions on 08/21/2025 and are scheduled to vest and settle on 09/15/2025. Each unit represents the right to one share of Class A Common Stock or cash equivalent. The filings are direct beneficial ownership for Mr. Dolan.

Positive

• Alignment of incentives: PSUs converted to equity after performance conditions were satisfied, linking compensation to results
• Long-term retention: RSUs vest over three years, encouraging continued leadership stability

Negative

• Potential dilution: A total of 39,933 shares (19,526 RSUs and 20,407 PSUs) will be issued upon settlement, which may dilute existing shareholders
• Near-term equity issuance: 20,407 PSUs vest and settle on 09/15/2025, increasing insider-held shares in the short term

Insights

Corporate Governance Expert

TL;DR Insider received RSU and PSU settlements, signaling executive compensation realization and increased direct ownership.

These transactions show routine executive compensation execution under the company’s 2015 Employee Stock Plan. The 19,526 RSUs are time-vested in three equal installments through 2028, which aligns management incentives with multi-year performance. The 20,407 PSUs met their performance criteria and will vest in September 2025, converting performance achievement into equity for the CEO. From a governance perspective, this increases the CEO’s direct stake and ties pay to company performance, consistent with typical alignment practices.

Securities Analyst

TL;DR Material quantity of shares will be issued to the CEO soon, modestly increasing outstanding insider-held Class A shares.

The PSU settlement of 20,407 shares represents an immediate near-term increase in shares deliverable to the CEO on 09/15/2025. The RSU awards total 19,526 shares staged over three years, creating future dilution when settled. While the filing does not state percentage ownership or total outstanding share count, the absolute numbers are meaningful for investor monitoring of insider ownership trends and compensation-related dilution. No cash exercise price is required as price is $0.0 per unit.

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^*

DOLAN JAMES LAWRENCE

(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)

X	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Executive Chairman / CEO		Member of 13(d) Group

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		19,526		(2)	09/15/2028	Class A Common Stock	19,526	$0.0	19,526	D
Performance Restricted Stock Units	(3)	08/21/2025		A		20,407		(3)	09/15/2025	Class A Common Stock	20,407	$0.0	20,407	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 2015 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/ James L. Dolan	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 did James L. Dolan report on Form 4 for MSGS?

He reported grants and vesting of 19,526 RSUs (time-vested) and 20,407 PSUs (performance-vested) with settlement dates in 2025–2028.

When will the PSUs and RSUs for MSGS vest and settle?

The PSUs satisfied performance on 08/21/2025 and are scheduled to vest/settle on 09/15/2025. The RSUs vest in three equal installments on 09/15/2026, 09/15/2027 and 09/15/2028.

How many shares will be issued to James L. Dolan upon settlement?

39,933 units total: 20,407 PSUs and 19,526 RSUs, each representing one share of Class A Common Stock or cash equivalent.

Did the Form 4 indicate any purchase price for the awards?

No purchase price is shown; the reported price per unit is $0.0, indicating settlement in shares or cash equivalent without exercise cost.

What is the reporting person’s relationship to MSGS?

James L. Dolan is Executive Chairman and CEO and is listed as a director and officer on the Form 4.