Form 4: MSGE Director Dolan Granted 3,266 Restricted Stock Units

Madison Square Garden Entertainment Corp. Director Thomas C. Dolan received a grant of 3,266 restricted stock units, increasing his total beneficial ownership to 16,255 derivative securities.

Summary

• Thomas C. Dolan, a Director and Member of the 13(d) Group of Madison Square Garden Entertainment Corp. (MSGE), was granted 3,266 Restricted Stock Units (RSUs).
• The transaction occurred on December 10, 2025.
• Each RSU represents a right to receive one share of Class A Common Stock or its cash equivalent.
• The RSUs were granted under the Madison Square Garden Entertainment Corp. 2023 Stock Plan for Non-Employee Directors.
• The RSUs are fully vested on the grant date.
• Settlement will occur in stock or cash on the first business day 90 days after separation from service.
• Following this transaction, Mr. Dolan beneficially owns 16,255 derivative securities.

Sentiment

Score: 6

Explanation: The filing reports a routine equity grant to a director, which is a neutral event in terms of immediate company performance but is slightly positive as it aligns director interests with shareholders.

Positives

• The grant of 3,266 Restricted Stock Units to a director aligns management's interests with those of shareholders.
• The RSUs are fully vested on the grant date, providing immediate equity interest.

Future Outlook

The Restricted Stock Units will be settled in stock or cash on the first business day 90 days after Thomas C. Dolan's separation from service with Madison Square Garden Entertainment Corp.

Management Comments

• Each restricted stock unit ("RSU") is granted under the Madison Square Garden Entertainment Corp. 2023 Stock Plan for Non-Employee Directors and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof.
• The RSUs are fully vested on the date of the grant and will be settled in stock or in cash on the first business day 90 days after separation from service.

Industry Context

This transaction represents a routine equity grant to a non-employee director, a common practice across publicly traded companies to align director incentives with long-term shareholder value. Such grants are a standard component of director compensation packages in the entertainment and media industry.

Comparison to Industry Standards

• The grant of Restricted Stock Units (RSUs) to non-employee directors is a standard compensation practice, comparable to similar arrangements at companies like Live Nation Entertainment (LYV) or Endeavor Group Holdings (EDR), which also utilize equity-based compensation to incentivize their board members.
• The immediate vesting of RSUs upon grant, as seen here, is a common structure for non-employee director awards, differing from employee grants which often have multi-year vesting schedules.
• The settlement upon separation from service is a typical feature for director equity awards, ensuring continued alignment throughout their tenure.

Stakeholder Impact

• Shareholders: The grant aligns the director's financial interests with long-term shareholder value.
• Employees: No direct impact on employees is indicated by this filing.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated by this filing.

Next Steps

• Thomas C. Dolan will continue to hold the 16,255 derivative securities.
• The 3,266 RSUs will be settled in stock or cash on the first business day 90 days after his separation from service.

Key Dates

Recommendation

This Form 4 filing details a routine equity grant to a non-employee director, which is a standard compensation practice and does not provide new material information regarding the company's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. It primarily serves to disclose insider ownership changes.

Keywords

MSGE, Madison Square Garden Entertainment, Thomas Dolan, Form 4, Restricted Stock Units, RSU, Director Compensation, Equity Grant, Insider Transaction