Ryan Thomas Dolan - 25 Oct 2023 Form 4 Insider Report for Sphere Entertainment Co. (SPHR)

Role: Director
Signature: /s/ Mark C. Cresitello, Attorney-in-Fact for Ryan Dolan
Issuer symbol: SPHR
Transactions as of: 25 Oct 2023
Net transactions value: $0
Form type: 4
Filing time: 13 Mar 2026, 16:06:41 UTC
Previous filing: 19 Sep 2023
Next filing: 08 Dec 2023
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Dolan Ryan Thomas	Director	TWO PENNSYLVANIA PLAZA, NEW YORK	/s/ Mark C. Cresitello, Attorney-in-Fact for Ryan Dolan	13 Mar 2026	0001794486

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

Type	Sym	Class	Transaction	Shares	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	SPHR	Stock Appreciation Rights	Award	+14,031	$0.000000^*	14,031	25 Oct 2023	Class A Common Stock	14,031	$42.23	Direct	F1, F2
transaction	SPHR	Stock Appreciation Rights	Award	+14,031	$0.000000^*	14,031	25 Oct 2023	Class A Common Stock	14,031	$45.60	Direct	F1, F2
transaction	SPHR	Stock Appreciation Rights	Award	+14,031	$0.000000^*	14,031	25 Oct 2023	Class A Common Stock	14,031	$50.67	Direct	F1, F2

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

Explanation of Responses:

Id	Content
F1	The stock appreciate rights ("SARS") were granted on October 25, 2023 under the Sphere Entertainment Co. 2020 Employee Stock Plan, as amended, and represent the right to receive, upon exercise, a cash amount equal to the number of shares of Class A Common Stock ("Shares") underlying the SARSs being exercised multiplied by the excess of (i) the fair market value of one Share on the date the SARs are exercised over (ii) the exercise price.
F2	The SARs will vest on October 20, 2026 if Ryan Dolan has remained employed by the Issuer or any of its subsidiaries through such date (subject to certain limited exceptions).

Content

The stock appreciate rights ("SARS") were granted on October 25, 2023 under the Sphere Entertainment Co. 2020 Employee Stock Plan, as amended, and represent the right to receive, upon exercise, a cash amount equal to the number of shares of Class A Common Stock ("Shares") underlying the SARSs being exercised multiplied by the excess of (i) the fair market value of one Share on the date the SARs are exercised over (ii) the exercise price.

The SARs will vest on October 20, 2026 if Ryan Dolan has remained employed by the Issuer or any of its subsidiaries through such date (subject to certain limited exceptions).