Business Context and Reporting Period
This Form 8-K is a current report filed by Madison Square Garden Entertainment Corp. on November 19, 2025. The filing discloses the appointment of a new senior executive and the terms of their employment agreement.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and personnel changes.
Material Changes
The primary material change reported is the appointment of Alexander Shvartsman as Senior Vice President, Controller & Principal Accounting Officer, effective November 24, 2025. Mr. Shvartsman previously held the same title at Madison Square Garden Sports Corp. since April 2020.
Management Commentary and Compensation Details
The filing details the employment agreement entered into with Mr. Shvartsman, dated November 19, 2025. Key terms include:
- Base Salary: Not less than $500,000 annually.
- Annual Bonus: Target bonus equal to not less than 50% of the annual base salary.
- Long-Term Incentives: Expected to receive annual awards with an aggregate target value of not less than $500,000. A mid-year grant is expected for the fiscal year ending June 30, 2026, pro-rated for the final seven months.
- Severance: In the event of termination without cause or for good reason prior to the third anniversary, the company will provide a severance payment of no less than the sum of the annual base salary and annual target bonus, plus unpaid and prorated bonuses.
- Restrictions: The agreement includes a non-competition covenant effective for one year following termination.
Investor Verification Checklist
- Verify the effective date of Mr. Shvartsman's appointment (November 24, 2025).
- Review the attached Exhibit 10.1 for the full text of the Employment Agreement and specific definitions of "cause" and "good reason."
- Confirm the pro-rata calculation for the mid-year long-term incentive grant for the fiscal year ending June 30, 2026.
- Note that this filing does not provide updated financial results; refer to the most recent 10-Q or 10-K for financial metrics.