See Note 16 to the consolidated financial statements included in our 2026 Form 10-K for more information regarding the Company’s 2015 Employee Stock Plan, as amended (the “Employee Stock Plan”) and its 2015 Stock Plan for Non-Employee Directors (as amended, the “Non-Employee Director Plan”).

Share-based compensation expense was recognized in the accompanying consolidated statements of operations as a component of selling, general and administrative expenses. Share-based compensation expense was $3,953 and $4,844 for the three months ended September 30, 2026 and 2025, respectively. There were no costs related to share-based compensation that were capitalized for the three months ended September 30, 2026 and 2025.

The following table summarizes activity related to the Company’s restricted stock units (“RSUs”) and performance restricted stock units (“PSUs”), held by employees of the Company, Sphere Entertainment and MSG Entertainment, for the three months ended September 30, 2026:


	Number of		Weighted-Average Fair Value Per Share at Date of Grant
	RSUs	PSUs
Unvested award balance, June 30, 2026	93	126	$	196.38
Granted	21	19	$	404.23
Vested	(52)	(40)	$	187.59
Forfeited / Cancelled	(1)	(1)	$	224.46
Unvested award balance, September 30, 2026	61	104	$	250.81

The fair value of RSUs and PSUs that vested during the three months ended September 30, 2026 was $36,097. Upon delivery, RSUs and PSUs granted under the Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations. To fulfill the employees’ statutory minimum tax withholding obligations for the applicable income and other employment taxes, 43 of these RSUs and PSUs, with an aggregate value of $16,966, inclusive of $866 related to the Company’s former employees (who vested in the Company’s RSUs), were retained by the Company and the taxes paid are reflected as financing activity in the accompanying consolidated statement of cash flows for the three months ended September 30, 2026.

The fair value of RSUs and PSUs that vested during the three months ended September 30, 2025 was $21,962. The weighted-average fair value per share at grant date of RSUs and PSUs granted during the three months ended September 30, 2025 was $195.27.


	Number of Time Vesting Options	Weighted-Average Exercise Price Per Share (a)		Weighted-Average Remaining Contractual Term (In Years)	Aggregate Intrinsic Value

Balance as of June 30, 2026	94	$	138.78
Granted	—	$	—
Cancelled	—	$	—
Balance as of September 30, 2026	94	$	138.78	1.21	$	24,998
Exercisable as of September 30, 2026	94	$	138.78	1.21	$	24,998

In connection with the Rangers Distribution, (i) each holder of a Company employee restricted stock unit (“RSU”) or performance stock unit (“PSU”) received one MSG Rangers RSU or PSU, as applicable, in respect of every two Company RSUs or PSUs owned on the Record Date and continues to be entitled to one share of Class A Common Stock (or at the option of the Compensation Committee, cash or other property) for each Company RSU or PSU in accordance with the applicable Company award agreement, (ii) each holder of a Company non-employee director RSU received one share of MSG Rangers’ Class A common stock in respect of every two Company RSUs owned on the Record Date and continues to be entitled to one share of Class A Common Stock (or at the option of the Compensation Committee, cash or other property) in accordance with the applicable Company award agreement, and (iii) for each option to purchase Class A Common Stock owned on the Record Date, one option to purchase MSG Rangers’ Class A common stock was issued.