Sphere Entertainment (SPHR) Insider Settlements and Tax Withholding Reported
Rhea-AI Filing Summary
James L. Dolan and Kristin A. Dolan reported Section 16 transactions for Sphere Entertainment Co. (SPHR) with earliest transaction date 09/15/2025. Multiple restricted stock units (RSUs) and performance restricted stock units (PSUs) vested and were settled on 09/15/2025, including 32,917 RSUs, 98,750 PSUs, and 26,896 RSUs from prior grants. Certain vested units were withheld to satisfy tax obligations, and sales resulting from withholding or disposition are reported at a price of $60.29 per share for specified dispositions. The filings show beneficial ownership counts after transactions of 1,026,961, 958,745, 931,849, and related direct and indirect holdings, with some securities held jointly or by family members and disclaimers of beneficial ownership where noted.
Positive
- Vesting and settlement of compensation awards (RSUs and PSUs) completed, converting units into shares or cash equivalents
- PSUs were previously earned at 100% of target, per the filing disclosure
- Tax withholding related to vested awards is documented and indicated as exempt under Rule 16b-3
Negative
- Reported dispositions of shares occurred on 09/15/2025 at $60.29 per share
- Significant changes in direct beneficial ownership counts are shown, including increases and decreases tied to vesting and disposals
Insights
TL;DR Insider equity awards vested and were largely settled on 09/15/2025 with some shares withheld for taxes and disposals executed at $60.29.
The report documents the mechanical settlement of previously granted RSUs and PSUs and the resulting changes in reported beneficial ownership for James L. Dolan and disclosures regarding Kristin A. Dolan's holdings. The filing lists specific unit counts that vested and were settled, and notes withheld shares to satisfy tax withholding obligations, which are reported as exempt under Rule 16b-3. Several dispositions are shown at a transaction price of $60.29 per share; net beneficial ownership figures are provided for each reported line. These are routine Section 16 reporting events arising from compensation plan vesting and related tax withholding.
TL;DR Report shows standard director/executive disclosures: vesting, settlements, tax-withholding, and spousal/minor disclaimers; no new governance actions disclosed.
The Form 4 provides clear attribution of direct and indirect holdings and includes disclaimers regarding spousal and minor holdings. It documents that PSUs were deemed earned at 100% of target previously and subsequently vested and settled on 09/15/2025. Withholdings to satisfy taxes are explicitly identified and treated as exempt under the applicable rule. Signatures are present for the reporting persons. The filing does not disclose any board-level changes, new arrangements, or amendments beyond the compensation-plan settlements recorded.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 32,917 | $0.00 | -- |
| Exercise | Restricted Stock Units | 26,896 | $0.00 | -- |
| Exercise | Performance Restricted Stock Units | 98,750 | $0.00 | -- |
| Exercise | Class A Common Stock | 32,917 | $0.00 | -- |
| Exercise | Class A Common Stock | 26,896 | $0.00 | -- |
| Tax Withholding | Class A Common Stock | 30,534 | $60.29 | $1.84M |
| Exercise | Class A Common Stock | 98,750 | $0.00 | -- |
| Tax Withholding | Class A Common Stock | 48,493 | $60.29 | $2.92M |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
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. Includes shares held jointly with spouse. Securities held directly by James L. Dolan, Kristin A. Dolan's spouse, or jointly by James L. Dolan and Kristin A. Dolan. Ms. Dolan disclaims beneficial ownership of these securities beneficially owned or deemed to be beneficially owned by Mr. Dolan (other than securities held jointly with her spouse) and this report shall not be deemed to be an admission that she is, for purposes of Section 16 or for any other purpose, the beneficial owner of such securities. 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. Represents RSUs of SPHR withheld to satisfy tax withholding obligations in connection with the vesting and settlement of RSUs described in footnotes 1 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. Securities held directly by Kristin A. Dolan, James L. Dolan's spouse. Mr. Dolan disclaims beneficial ownership of these securities beneficially owned or deemed to be beneficially owned by Ms. Dolan (other than securities in which he has a direct pecuniary interest) and this report shall not be deemed to be an admission that Mr. Dolan is, for the purposes of Section 16 or for any other purpose, the beneficial owner of such securities. The reporting persons disclaim beneficial ownership of all securities of SPHR beneficially owned and deemed to be beneficially owned by their minor children and household members and this report shall not be deemed an admission that reporting persons are, for the purposes of Section 16 or for any other purpose, the beneficial owner of such securities.
