[Form 4] Sphere Entertainment Co. Insider Trading Activity
Rhea-AI Filing Summary
Ryan Dolan, a director of Sphere Entertainment Co. (SPHR), reported multiple transactions on 09/15/2025 reflecting the vesting and settlement of restricted stock units (RSUs) and performance restricted stock units (PSUs) granted under the 2020 Employee Stock Plan. The filing lists several RSU grants settled for Class A common stock at no cash price and PSUs deemed earned at 100% of target that vested and were settled on that date. Some shares were withheld to satisfy tax withholding obligations, and the reporting person beneficially owned between 2,660 and 3,652 shares across separate line items following the transactions.
The Form 4 was signed by an attorney-in-fact on behalf of Mr. Dolan on 09/17/2025 and discloses routine compensation-related equity settlements rather than open-market purchases or sales.
Positive
- None.
Negative
- None.
Insights
TL;DR: Routine equity compensation vesting and tax-withholding settlements were reported; PSUs were paid at 100% of target.
The filing documents standard executive compensation mechanics: RSUs granted in 2022, 2023 and 2024 vested and settled on 09/15/2025, and PSUs granted in 2022 were deemed earned at 100% and settled. Withholdings were taken to satisfy tax obligations, consistent with typical Rule 16b-3 exemptions. This is a governance disclosure of vested, company-granted equity rather than voluntary trading activity.
TL;DR: No open-market purchases or sales reported; transaction types are equity settlements from compensation plans.
The transactions are coded as settlements (M) and withholdings (F) for RSUs and PSUs with $0.00 per-unit reported for RSU settlements and a noted $60.29 per-share withholding for tax purposes. The filing shows incremental changes in beneficial ownership across multiple grant vintages but does not indicate disposition via market sale.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 165 | $0.00 | -- |
| Exercise | Restricted Stock Units | 269 | $0.00 | -- |
| Exercise | Restricted Stock Units | 275 | $0.00 | -- |
| Exercise | Restricted Stock Units | 321 | $0.00 | -- |
| Exercise | Performance Restricted Stock Units | 494 | $0.00 | -- |
| Exercise | Class A Common Stock | 165 | $0.00 | -- |
| Exercise | Class A Common Stock | 269 | $0.00 | -- |
| Exercise | Class A Common Stock | 275 | $0.00 | -- |
| Exercise | Class A Common Stock | 321 | $0.00 | -- |
| Tax Withholding | Class A Common Stock | 367 | $60.29 | $22K |
| Exercise | Class A Common Stock | 494 | $0.00 | -- |
| Tax Withholding | Class A Common Stock | 176 | $60.29 | $11K |
Footnotes (1)
- Each restricted stock unit ("RSU") was granted on August 31, 2022 under the Sphere Entertainment Co. ("SPHR") 2020 Employee Stock Plan, as amended (the "2020 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, 2023. One-third of the RSUs vested and were settled on September 13, 2024. The remaining one-third of the RSUs vested and were settled on September 15, 2025. Each RSU was granted on September 1, 2023 under the 2020 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 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. Each RSU was granted on April 22, 2024 under the 2020 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 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. Each RSU was granted on August 27, 2024 under the 2020 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. Represents RSUs of SPHR withheld to satisfy tax withholding obligations in connection with the vesting and settlement of RSUs described in footnotes 1, 2, 3 and 4, exempt under Rule 16b-3. Each performance restricted stock unit ("PSU") was granted on August 31, 2022 under the 2020 Employee Stock Plan and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. The Compensation Committee of the Board of Directors of SPHR deemed such PSUs earned at 100% of target on March 27, 2024. The PSUs vested and were settled on September 15, 2025. Represents PSUs of SPHR withheld to satisfy tax withholding obligations in connection with the vesting and settlement of PSUs described in footnote 6, exempt under Rule 16b-3.
