Form 4: MSGS Executive Shvartsman Reports Stock Vesting

Madison Square Garden Sports Corp. SVP, Controller & PAO Alexander Shvartsman reported the vesting and settlement of restricted and performance stock units, along with associated tax withholdings.

Summary

• Alexander Shvartsman, SVP, Controller & PAO of Madison Square Garden Sports Corp. (MSGS), reported the vesting and settlement of various restricted stock units (RSUs) and performance restricted stock units (PSUs) on September 15, 2025.
• A total of 343 RSUs from an August 29, 2022 grant, 278 RSUs from an August 28, 2023 grant, and 274 RSUs from an August 29, 2024 grant vested and settled.
• 1,096 performance restricted stock units (PSUs) from an August 29, 2022 grant also vested and settled after performance conditions were satisfied on August 21, 2025.
• To cover tax withholding obligations, 321 shares of Class A Common Stock were disposed of at $210.95 per share for RSUs, and an additional 395 shares were disposed of at $210.95 per share for PSUs.
• Following these transactions, Shvartsman directly beneficially owns 5,956 shares of Class A Common Stock.
• He also holds 278 unvested RSUs scheduled to vest on September 15, 2026, and 550 unvested RSUs with vesting dates on September 15, 2026, and September 15, 2027.

Sentiment

Score: 5

Explanation: Neutral. This is a routine disclosure of executive compensation vesting and tax withholding, which is a standard operational event and does not indicate significant positive or negative news about the company's fundamental performance or outlook.

Positives

• The vesting of RSUs and PSUs indicates successful achievement of performance conditions for PSUs and continued service for RSUs, reflecting executive retention and performance.
• Increased direct beneficial ownership of Class A Common Stock (net of tax withholdings) by a key executive, aligning management interests with shareholders.

Negatives

• A portion of vested shares (716 shares) was withheld to satisfy tax obligations, reducing the immediate increase in direct beneficial ownership, though this is a standard practice.

Future Outlook

The filing indicates future vesting events for Alexander Shvartsman's remaining restricted stock units, with 278 units scheduled to vest on September 15, 2026, and 550 units scheduled to vest on September 15, 2026, and September 15, 2027.

Industry Context

This filing reflects a routine executive compensation event common across publicly traded companies, where equity awards like RSUs and PSUs vest over time, aligning executive incentives with long-term company performance and shareholder value.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) as part of executive compensation is a standard practice across various industries, including sports and entertainment.
• The vesting schedules (typically 3-year annual vesting) and tax withholding mechanisms are consistent with common corporate governance and compensation structures seen in comparable companies like Live Nation Entertainment (LYV) or Endeavor Group Holdings (EDR), which also utilize equity-based incentives for their executives.
• The reported transactions are typical for an SVP-level executive at a company of Madison Square Garden Sports Corp.'s size and market capitalization.

Stakeholder Impact

• Shareholders: Increased alignment of executive interests with shareholders through direct stock ownership (net of taxes).
• Employees: Reflects the company's ongoing equity compensation program for executives, which can be a component of overall employee retention strategy.

Next Steps

• Scheduled vesting of 278 RSUs on September 15, 2026.
• Scheduled vesting of 274 RSUs on September 15, 2026.
• Scheduled vesting of 276 RSUs on September 15, 2027.

Key Dates

Keywords

Madison Square Garden Sports, MSGS, Alexander Shvartsman, Form 4, SEC filing, insider trading, stock vesting, restricted stock units, performance stock units, executive compensation, beneficial ownership