[Form 4] Sphere Entertainment Co. Insider Trading Activity

Rhea-AI Filing Summary

Sphere Entertainment (SPHR) reported a director equity grant on a Form 4. On 10/17/2025, director Ryan Dolan acquired 716 Restricted Stock Units (RSUs) under the company’s 2020 Employee Stock Plan at a price of $0.0 per unit. Each RSU represents a right to receive one share of Class A Common Stock or the cash equivalent.

The RSUs vest in three equal installments on March 15, 2026, March 15, 2027, and March 15, 2028. Following the transaction, Dolan beneficially owned 2,728 derivative securities, held directly.

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)
10/17/2025

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)	10/17/2025		A		716		(2)	03/15/2028	Class A Common Stock	716	$0.0	2,728	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 will vest and settle in three equal installments on March 15, 2026, March 15, 2027 and March 15, 2028.

	/s/ Mark C. Cresitello, Attorney-in-Fact for Ryan Dolan	10/21/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did SPHR disclose on this Form 4?

A grant of 716 RSUs to director Ryan Dolan on 10/17/2025 under the 2020 Employee Stock Plan.

How do the RSUs for SPHR vest?

They vest in three equal installments on March 15, 2026, March 15, 2027, and March 15, 2028.

What is the price of the SPHR RSU award?

The Form 4 lists the RSU price as $0.0 per unit.

How many SPHR derivative securities does Ryan Dolan hold after the transaction?

He beneficially owned 2,728 derivative securities following the reported transaction.

What does each SPHR RSU represent?

Each RSU represents a right to receive one share of Class A Common Stock or the cash equivalent.

What is Ryan Dolan’s relationship to SPHR?

He is listed as a Director of Sphere Entertainment Co.