Andrew Lustgarten - Sep 15, 2021 Form 4 Insider Report for Madison Square Garden Entertainment Corp. (SPHR)

Role: President
Signature: /s/ Emma Y. Barnett, Attorney-in-Fact for Andrew Lustgarten
Stock symbol: SPHR
Transactions as of: Sep 15, 2021
Transactions value $: -$572,346
Form type: 4
Date filed: 9/17/2021, 04:30 PM
Previous filing: Aug 31, 2021
Next filing: Mar 8, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SPHR	Class A Common Stock	Options Exercise	$0	+1.63K	+28.62%	$0.00	7.32K	Sep 15, 2021	Direct	F1
transaction	SPHR	Class A Common Stock	Options Exercise	$0	+1.8K	+24.59%	$0.00	9.12K	Sep 15, 2021	Direct	F2
transaction	SPHR	Class A Common Stock	Options Exercise	$0	+219	+2.4%	$0.00	9.34K	Sep 15, 2021	Direct	F3
transaction	SPHR	Class A Common Stock	Options Exercise	$0	+3.86K	+41.34%	$0.00	13.2K	Sep 15, 2021	Direct	F4
transaction	SPHR	Class A Common Stock	Tax liability	-$347K	-4.31K	-32.62%	$80.51	8.9K	Sep 15, 2021	Direct	F5
transaction	SPHR	Class A Common Stock	Options Exercise	$0	+4.89K	+54.92%	$0.00	13.8K	Sep 15, 2021	Direct	F6
transaction	SPHR	Class A Common Stock	Tax liability	-$226K	-2.8K	-20.34%	$80.51	11K	Sep 15, 2021	Direct	F7

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SPHR	Restricted Stock Units	Options Exercise	$0	-1.63K	-100%	$0.00^*	0	Sep 15, 2021	Class A Common Stock	1.63K		Direct	F1
transaction	SPHR	Restricted Stock Units	Options Exercise	$0	-1.8K	-50%	$0.00	1.8K	Sep 15, 2021	Class A Common Stock	1.8K		Direct	F2
transaction	SPHR	Restricted Stock Units	Options Exercise	$0	-219	-50%	$0.00	219	Sep 15, 2021	Class A Common Stock	219		Direct	F3
transaction	SPHR	Restricted Stock Units	Options Exercise	$0	-3.86K	-33.33%	$0.00	7.72K	Sep 15, 2021	Class A Common Stock	3.86K		Direct	F4
transaction	SPHR	Performance Restricted Stock Units	Options Exercise	$0	-4.89K	-100%	$0.00^*	0	Sep 15, 2021	Class A Common Stock	4.89K		Direct	F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit ("RSU") was granted on April 17, 2020 under the Madison Square Garden Entertainment Corp. ("MSGE") 2020 Employee Stock Plan (the "2020 Employee Stock Plan") in respect of an RSU granted by Madison Square Garden Sports Corp. ("MSGS") on August 29, 2018 and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. Half of the RSUs vested and were settled on September 15, 2020. The remaining half of the RSUs vested and were settled on September 15, 2021.
F2	Each RSU was granted on April 17, 2020 under the 2020 Employee Stock Plan in respect of an RSU granted by MSGS on August 29, 2019 and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. One-third of the RSUs vested and were settled on September 15, 2020. One-third of the RSUs vested were settled on September 15, 2021. The remaining one-third of the RSUs are scheduled to vest and settle on September 15, 2022.
F3	Each RSU was granted on May 21, 2020 under the 2020 Employee Stock Plan and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. One-third of the RSUs vested and were settled on September 15, 2020. One-third of the RSUs vested were settled on September 15, 2021. The remaining one-third of the RSUs are scheduled to vest and settle on September 15, 2022.
F4	Each RSU was granted on August 25, 2020 under the 2020 Employee Stock Plan and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. One-third of the RSUs vested were settled on September 15, 2021. The remaining two-thirds of the RSUs are scheduled to vest and settle in two equal installments on September 15, 2022 and September 15, 2023.
F5	Represents RSUs of MSGE withheld to satisfy tax withholding obligations in connection with the vesting of RSUs described in footnotes 1, 2, 3 and 4, exempt under Rule 16b-3.
F6	Each performance restricted stock unit ("PSU") was granted on April 17, 2020 under the 2020 Employee Stock Plan in respect of a PSU granted by MSGS on August 29, 2018 and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. The performance conditions were satisfied on August 27, 2021. The PSUs vested and were settled on September 15, 2021.
F7	Represents PSUs of MSGE withheld to satisfy tax withholding obligations in connection with the vesting of PSUs described in footnote 6, exempt under Rule 16b-3.