Laura Franco - 15 Sep 2025 Form 4 Insider Report for Sphere Entertainment Co. (SPHR)

Role: EVP & General Counsel
Signature: /s/ Mark C. Cresitello, Attorney-in-Fact for Laura Franco
Issuer symbol: SPHR
Transactions as of: 15 Sep 2025
Net transactions value: -$260,332
Form type: 4
Filing time: 17 Sep 2025, 16:05:06 UTC
Previous filing: 27 Aug 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Franco Laura	EVP & General Counsel	TWO PENNSYLVANIA PLAZA, NEW YORK	/s/ Mark C. Cresitello, Attorney-in-Fact for Laura Franco	17 Sep 2025	0001769491

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SPHR	Class A Common Stock	Options Exercise	$0	+8,302	+180%	$0.000000	12,919	15 Sep 2025	Direct	F1
transaction	SPHR	Class A Common Stock	Options Exercise	$0	+1,093	+8.5%	$0.000000	14,012	15 Sep 2025	Direct	F2
transaction	SPHR	Class A Common Stock	Options Exercise	$0	+1,323	+9.4%	$0.000000	15,335	15 Sep 2025	Direct	F3
transaction	SPHR	Class A Common Stock	Tax liability	$260,332	-4,318	-28%	$60.29	11,017	15 Sep 2025	Direct	F4

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	-8,302	-59%	$0.000000	5,812	15 Sep 2025	Class A Common Stock	8,302		Direct	F1
transaction	SPHR	Restricted Stock Units	Options Exercise	$0	-1,093	-50%	$0.000000	1,093	15 Sep 2025	Class A Common Stock	1,093		Direct	F2
transaction	SPHR	Restricted Stock Units	Options Exercise	$0	-1,323	-33%	$0.000000	2,647	15 Sep 2025	Class A Common Stock	1,323		Direct	F3

* 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 22, 2024 under the Sphere Entertainment Co. ("SPHR") 2020 Employee Stock Plan, as amended (the "2020 Employee Stock Plan"), and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. 32% of the RSUs vested and were settled on September 13, 2024. 40% of the RSUs vested and were settled on September 15, 2025. 24% of the RSUs are scheduled to vest and settle on September 15, 2026. 4% of the RSUs are scheduled to vest and settle on September 15, 2027.
F2	Each RSU was granted on April 22, 2024 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 13, 2024. One-third of the RSUs vested and were settled on September 15, 2025. The remaining one-third of the RSUs are scheduled to vest and settle on September 15, 2026.
F3	Each RSU was granted on August 27, 2024 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, 2025. One-third of the RSUs are scheduled to vest and settle on September 15, 2026. The remaining one-third of the RSUs are scheduled to vest and settle on September 15, 2027.
F4	Represents RSUs of SPHR withheld to satisfy tax withholding obligations in connection with the vesting and settlement of RSUs described in footnotes 1, 2 and 3, exempt under Rule 16b-3.