Sphere Entertainment Co. — Director's Dealing 2025

Sep 17, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Sphere Entertainment Co. (SPHR)
CIK: 0001795250
Period of Report: 2025-09-15

Reporting Person: Dolan Ryan Thomas (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-09-15	Class A Common Stock	M	165	$0.00	Acquired	2660	Direct
2025-09-15	Class A Common Stock	M	269	$0.00	Acquired	2929	Direct
2025-09-15	Class A Common Stock	M	275	$0.00	Acquired	3204	Direct
2025-09-15	Class A Common Stock	M	321	$0.00	Acquired	3525	Direct
2025-09-15	Class A Common Stock	F	367	$60.29	Disposed	3158	Direct
2025-09-15	Class A Common Stock	M	494	$0.00	Acquired	3652	Direct
2025-09-15	Class A Common Stock	F	176	$60.29	Disposed	3476	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-09-15	Restricted Stock Units	$	M	165	Disposed	2025-09-15	Class A Common Stock (165)	Direct
2025-09-15	Restricted Stock Units	$	M	269	Disposed	2026-09-15	Class A Common Stock (269)	Direct
2025-09-15	Restricted Stock Units	$	M	275	Disposed	2026-09-15	Class A Common Stock (275)	Direct
2025-09-15	Restricted Stock Units	$	M	321	Disposed	2027-09-15	Class A Common Stock (321)	Direct
2025-09-15	Performance Restricted Stock Units	$	M	494	Disposed	2025-09-15	Class A Common Stock (494)	Direct

Footnotes

F1: Each restricted stock unit ("RSU") was granted on August 31, 2022 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. One-third of the RSUs vested and were settled on September 15, 2023. One-third of the RSUs vested and were settled on September 13, 2024. The remaining one-third of the RSUs vested and were settled on September 15, 2025.

F2: Each RSU was granted on September 1, 2023 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 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.

F4: 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.

F5: Represents RSUs of SPHR withheld to satisfy tax withholding obligations in connection with the vesting and settlement of RSUs described in footnotes 1, 2, 3 and 4, exempt under Rule 16b-3.

F6: Each performance restricted stock unit ("PSU") was granted on August 31, 2022 under the 2020 Employee Stock Plan and represents a right to receive one share of Class A Common Stock or the cash equivalent thereof. The Compensation Committee of the Board of Directors of SPHR deemed such PSUs earned at 100% of target on March 27, 2024. The PSUs vested and were settled on September 15, 2025.

F7: Represents PSUs of SPHR withheld to satisfy tax withholding obligations in connection with the vesting and settlement of PSUs described in footnote 6, exempt under Rule 16b-3.