Form 4: MSGE CFO Collins Reports RSU Vesting, Tax Withholding

Madison Square Garden Entertainment Corp.'s EVP and CFO, David J. Collins, reported the vesting of restricted stock units and subsequent share withholding for tax obligations.

Summary

• David J. Collins, Executive Vice President and Chief Financial Officer of Madison Square Garden Entertainment Corp. (MSGE), reported transactions related to his equity holdings.
• On September 15, 2025, 4,781 Restricted Stock Units (RSUs) vested and were settled.
• These RSUs were part of a grant made on April 24, 2025, under the MSGE 2023 Employee Stock Plan.
• This vesting represents one-third of the total RSUs granted, with subsequent one-third portions scheduled to vest on September 15, 2026, and September 15, 2027.
• To satisfy tax withholding obligations in connection with the RSU vesting, 1,723 shares of Class A Common Stock were disposed of at a price of $43.94 per share.
• Following these transactions, Mr. Collins beneficially owns 3,058 shares of Class A Common Stock directly and 9,564 Restricted Stock Units directly.

Sentiment

Score: 7

Explanation: The filing reflects a routine executive compensation event involving the vesting of Restricted Stock Units and subsequent tax-related share disposition. This is a standard practice and generally viewed as a neutral to positive event, indicating ongoing executive incentive alignment.

Positives

• The vesting of 4,781 Restricted Stock Units (RSUs) for EVP and CFO David J. Collins indicates continued executive compensation and alignment with shareholder interests.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, suggesting a pre-arranged, non-discretionary trading strategy.

Negatives

• Disposal of 1,723 shares of Class A Common Stock to cover tax withholding obligations, which reduces direct share ownership.

Future Outlook

One-third of the granted Restricted Stock Units are scheduled to vest and settle on September 15, 2026, with the remaining one-third vesting and settling on September 15, 2027.

Industry Context

This Form 4 filing details routine executive compensation activities, specifically the vesting of Restricted Stock Units and subsequent tax-related share disposals, which are common practices across publicly traded companies to align executive incentives with shareholder value.

Stakeholder Impact

• Shareholders: The vesting and subsequent tax-related disposition of shares are routine executive compensation events, aligning management incentives with shareholder interests without significant direct impact on share price or ownership structure.
• Employees: The transaction highlights the company's equity compensation structure for executives, which may serve as a benchmark or example for broader employee stock plans.

Next Steps

• Scheduled vesting and settlement of one-third of the remaining Restricted Stock Units on September 15, 2026.
• Scheduled vesting and settlement of the final one-third of the Restricted Stock Units on September 15, 2027.

Key Dates

Recommendation

This Form 4 filing details a routine executive compensation event involving the vesting of Restricted Stock Units and subsequent share withholding for tax purposes. It does not provide new fundamental information about the company's operational performance, strategic direction, or financial health that would warrant a change in investment recommendation. The transaction is expected and reflects standard practice for executive equity incentives.

Keywords

MSGE, Madison Square Garden Entertainment, David J. Collins, Form 4, RSU, Restricted Stock Units, executive compensation, insider transaction, equity plan