Madison Square Garden Sports Corp. 8-K

What Happened
Madison Square Garden Sports Corp. (MSGS) announced that its Board appointed Paul DiCicco as Executive Vice President, Chief Financial Officer and Treasurer, effective May 11, 2026 (or a later agreed date). DiCicco, 51, joins MSGS from Stephen Gould Corporation where he has served as CFO since 2023 and previously held senior finance roles at Harris Blitzer Sports and Entertainment (2016–2022) and at PricewaterhouseCoopers earlier in his career. MSGS and DiCicco entered into an employment agreement dated April 28, 2026, which is filed as an exhibit to the 8‑K.

Key Details

• Base salary: at least $650,000 per year.
• Annual bonus: eligible starting fiscal year beginning July 1, 2026, with target equal to not less than 100% of base salary.
• Long-term incentive: expected annual awards with aggregate target value of at least $650,000; eligible for future long-term programs for similarly situated executives.
• Severance and vesting protections: if terminated by MSGS without “cause” or by DiCicco for “good reason” on or before May 10, 2029 (Scheduled Expiration Date), and he signs a separation agreement, he will receive severance of no less than 2x (base salary + annual target bonus), unpaid and prorated bonuses, acceleration of certain cash awards, elimination of time-based restrictions on stock awards scheduled to vest by the next annual vesting date, and immediate vesting of options scheduled to vest by the next annual vesting date. Similar acceleration applies on death or disability.
• Restrictive covenant: noncompetition restricting competitive activities for one year after termination (but expires if he remains employed through the Scheduled Expiration Date).
• Employment agreement filed as Exhibit 10.1 to the 8‑K.

Why It Matters
This appointment fills MSGS’s top finance role and sets clear compensation, incentive and severance terms that affect near-term cash compensation and equity vesting. Investors should note the significant target pay and protections (base salary, 100% bonus target, and minimum $650,000 annual equity target) and the multi-year severance/acceleration provisions that could affect future cash or equity payouts if DiCicco’s employment ends before May 10, 2029. The filing provides the formal contract terms for transparency around governance and executive pay.