Form 4: MSGE EVP & Treasurer D'Ambrosio Receives Equity Grants

Madison Square Garden Entertainment Corp.'s EVP and Treasurer, Philip D'Ambrosio, was granted 27,592 equity awards, including RSUs and PSUs, on August 25, 2025.

Summary

• Philip D'Ambrosio, EVP and Treasurer of Madison Square Garden Entertainment Corp. (MSGE), acquired 27,592 derivative securities on August 25, 2025.
• This includes 18,431 Restricted Stock Units (RSUs) granted under the 2023 Employee Stock Plan, with vesting scheduled in three equal installments on September 15, 2026, September 15, 2027, and September 15, 2028.
• Additionally, 8,370 Performance Restricted Stock Units (PSUs) were acquired, with performance conditions satisfied on August 25, 2025, and scheduled to vest and settle on September 15, 2025. These PSUs originated from a Sphere Entertainment Co. (SPHR) grant on August 31, 2022.
• Another 791 Performance Restricted Stock Units (PSUs) were acquired, with performance conditions satisfied on August 25, 2025, and scheduled to vest and settle on September 15, 2025. These PSUs originated from a Sphere Entertainment Co. (SPHR) grant on May 31, 2023.
• All units represent a right to receive one share of MSGE Class A Common Stock or its cash equivalent, with an acquisition price of $0.0.

Sentiment

Score: 7

Explanation: The filing reports routine executive compensation in the form of equity grants, which is generally a positive sign for aligning management and shareholder interests. The satisfaction of performance conditions for PSUs is also a positive indicator of goal achievement.

Positives

• The grants align management's interests with shareholders, as equity awards incentivize long-term performance and retention of key executives.
• The satisfaction of performance conditions for 9,161 PSUs indicates the achievement of specific company or individual performance targets.

Future Outlook

The vesting schedules for the Restricted Stock Units extend through September 2028, indicating a long-term incentive structure for the executive and a commitment to future performance.

Industry Context

Executive equity grants are a standard practice across industries, particularly in entertainment and media, to align executive incentives with shareholder value creation and retain key talent. The grants, including those related to Sphere Entertainment Co., reflect the compensation structure following the spin-off of Sphere from MSGE.

Stakeholder Impact

• Shareholders: Increased alignment of executive incentives with long-term shareholder value. Potential for dilution upon vesting, though this is standard for equity compensation.
• Employees: Reflects the company's compensation strategy for key executives, potentially setting a precedent or standard for other employee equity programs.

Next Steps

• The RSUs are scheduled to vest and settle in three equal installments on September 15, 2026, September 15, 2027, and September 15, 2028.
• The PSUs are scheduled to vest and settle on September 15, 2025.

Key Dates

Recommendation

This Form 4 filing details routine executive equity compensation and does not provide new information that would fundamentally alter the investment thesis for Madison Square Garden Entertainment Corp. It reflects standard practice for aligning executive incentives with long-term company performance. Investors should consider this as part of ongoing compensation disclosures rather than a catalyst for a 'buy' or 'sell' decision.

Keywords

Madison Square Garden Entertainment, MSGE, Philip D'Ambrosio, EVP and Treasurer, Restricted Stock Units, Performance Restricted Stock Units, RSU, PSU, Equity Grant, Insider Ownership, Executive Compensation, SEC Form 4, Sphere Entertainment Co., SPHR