Sphere Entertainment (SPHR) director receives 2,391 RSU equity award

Rhea-AI Filing Summary

Dolan Ryan Thomas reported acquisition or exercise transactions in this Form 4 filing.

Sphere Entertainment Co. director Ryan Thomas Dolan reported receiving a grant of 2,391 Restricted Stock Units (RSUs) tied to the company’s Class A Common Stock. This is a compensation-related award, not an open-market stock purchase or sale.

Each RSU represents the right to receive one share of Class A Common Stock or the cash equivalent under the company’s 2020 Employee Stock Plan. The units are scheduled to vest and settle in three equal installments on March 15, 2027, March 15, 2028, and March 15, 2029, aligning the director’s incentives with the company’s longer-term performance.

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 Ryan Thomas

(Last) (First) (Middle)

TWO PENNSYLVANIA PLAZA

(Street)

NEW YORK NY 10121

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Sphere Entertainment Co. [ SPHR ]

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)
03/11/2026

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)	03/11/2026		A		2,391		(2)	03/15/2029	Class A Common Stock	2,391	$0	2,391	D

Explanation of Responses:

1. Each Restricted Stock Unit ("RSU") is granted under the Sphere Entertainment Co. 2020 Employee Stock Plan, as amended, 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 March 15, 2027, March 15, 2028 and March 15, 2029.

	/s/ Mark C. Cresitello, Attorney-in-Fact for Ryan Dolan	03/13/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did SPHR director Ryan Thomas Dolan report on this Form 4?

Ryan Thomas Dolan reported receiving a grant of 2,391 Restricted Stock Units. These RSUs are a stock-based compensation award, not a market purchase or sale, and are tied to Sphere Entertainment Co.’s Class A Common Stock under its 2020 Employee Stock Plan.

How many Sphere Entertainment (SPHR) RSUs were granted to Ryan Thomas Dolan?

The filing shows a grant of 2,391 Restricted Stock Units to Ryan Thomas Dolan. Each RSU represents the right to receive one share of Class A Common Stock or cash, subject to the plan’s terms and the specified multi-year vesting schedule.

When do Ryan Thomas Dolan’s SPHR RSUs vest and settle?

The RSUs are scheduled to vest and settle in three equal installments. The vesting dates are March 15, 2027, March 15, 2028, and March 15, 2029, creating a long-term incentive structure aligned with Sphere Entertainment Co.’s future performance.

Are the SPHR RSUs granted to Dolan an open-market stock purchase?

No, the RSUs are a compensation grant, not an open-market purchase. They were awarded under the Sphere Entertainment Co. 2020 Employee Stock Plan and give a right to receive Class A Common Stock or cash once the vesting conditions are met over several years.

What does each Sphere Entertainment (SPHR) RSU granted to Dolan represent?

Each Restricted Stock Unit represents the right to receive one share of Sphere Entertainment’s Class A Common Stock or its cash equivalent. Delivery occurs on the scheduled vesting and settlement dates, assuming the applicable conditions under the 2020 Employee Stock Plan are satisfied.