Business Context and Reporting Period
This Form 8-K Current Report was filed by Madison Square Garden Entertainment Corp. on March 24, 2026. The filing discloses the execution of a new employment agreement with Philip D'Ambrosio, the Company's Executive Vice President and Treasurer, effective April 1, 2026.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation terms.
- Annual Base Salary: Not less than $750,000.
- Annual Target Bonus: Not less than 100% of annual base salary.
- Long-Term Incentives: Expected aggregate target value of not less than $1,400,000 annually.
Material Changes
The primary material change is the renewal of the employment contract for the Executive Vice President and Treasurer, replacing the prior agreement that expired. The new agreement extends the term through March 31, 2029, and establishes specific severance and vesting conditions.
Guidance, Outlook, and Risks
The filing contains no financial guidance or outlook. Key contractual terms and contingencies include:
- Severance Provisions: Upon termination without cause or for good reason prior to March 31, 2029, the executive is entitled to a severance payment of at least one year of base salary plus the annual target bonus, plus unpaid and prorated bonuses.
- Death or Disability: Triggers payment of unpaid and prorated bonuses.
- Voluntary Resignation: If the executive resigns with 90 days' notice prior to the scheduled expiration date, all outstanding long-term cash awards, restricted stock, and stock options immediately vest in full.
- Non-Competition: The agreement includes a non-compete clause restricting competitive activities for one year following termination on or prior to the scheduled expiration date.
Investor Verification Checklist
- Verify the total potential cash and equity compensation exposure for the Executive Vice President and Treasurer under the new agreement.
- Review the definitions of "cause" and "good reason" in the attached Exhibit 10.1 to understand the triggers for severance payments.
- Assess the impact of the immediate vesting clause on the company's equity dilution if the executive resigns voluntarily.
- Confirm the duration and scope of the non-competition restriction.