MSGS CEO James L. Dolan Exercises Awards; Sells $7.24M

What Happened

• James L. Dolan, Executive Chairman & CEO of Madison Square Garden Sports Corp. (MSGS), had equity awards (RSUs and PSUs) vest and convert into common shares on September 15, 2026. The filing shows conversions/exercises totaling 33,309 shares (conversion price $0 for the awards). To satisfy tax withholding obligations, 18,417 shares were surrendered/disposed at $393.27 per share, yielding proceeds of $7,242,854 (two withholding transactions: 10,048 shares → $3,951,577; 8,369 shares → $3,291,277). The remaining settled shares were retained by Dolan.

Key Details

• Transaction date: September 15, 2026; Form 4 filed September 17, 2026 (appears timely).
• Converted/issued (derivative exercise/settlement): 33,309 shares (zero-dollar award conversions).
• Shares withheld/sold for taxes (F-code): 18,417 shares at $393.27 per share; total proceeds $7,242,854.
• Net shares retained from this settlement: 14,892 shares (33,309 converted − 18,417 withheld).
• Relevant footnotes: RSUs granted Aug 28, 2023; RSUs/PSUs from Aug 29, 2024 and Aug 21, 2025; PSUs performance condition satisfied Aug 26, 2026 (see F1–F7). Withheld shares are to satisfy tax obligations and are exempt under Rule 16b‑3 (F5, F7). Some holdings are held jointly with spouse and certain disclaimers apply (F2, F8, F9).
• Transaction codes explained: M = exercise/conversion of derivative award; F = payment of exercise price or tax liability (here, shares surrendered for tax withholding).

Context

• These transactions reflect vested award settlements and tax-related share withholding (a form of cashless settlement), not open-market selling for investment purposes. Such withholding is routine when equity awards vest and does not by itself indicate a change in the insider’s market view.