Madison Square Garden Entertainment Renews EVP & Treasurer Employment Agreement with $2.9M Target Compensation

summarizeSummary

Madison Square Garden Entertainment has renewed the employment agreement for its Executive Vice President and Treasurer, Philip D'Ambrosio, with a target annual compensation package of approximately $2.9 million.

check_boxKey Events

• Executive Employment Agreement Renewed

  The company entered into a new employment agreement with Philip D'Ambrosio, Executive Vice President and Treasurer, effective April 1, 2026, following the expiration of his prior agreement.

• Substantial Compensation Package

  The agreement provides for an annual base salary of at least $750,000, a target annual bonus of 100% of base salary, and long-term incentive awards with an aggregate target value of at least $1.4 million, totaling approximately $2.9 million in target annual compensation.

• Severance and Equity Vesting Terms

  The agreement includes severance benefits of at least the sum of base salary and target bonus if terminated without cause or for good reason before March 31, 2029, and accelerated vesting of certain equity awards upon voluntary termination with 90 days' notice.

• Protective Covenants Included

  The agreement contains standard protective covenants, including a non-competition clause (for one year post-termination, unless employment continues through the scheduled expiration date), non-disparagement, non-hire/non-solicitation, and confidentiality provisions.

auto_awesomeAnalysis

This 8-K details the new employment agreement for Philip D'Ambrosio, Executive Vice President and Treasurer, ensuring continuity in a key financial leadership role. The agreement outlines a substantial compensation package, including a base salary of $750,000, a target annual bonus of 100% of base salary, and long-term incentive awards targeting $1.4 million annually, totaling approximately $2.9 million in target compensation. The agreement also includes standard severance provisions and protective covenants such as a non-compete clause. This move secures a critical executive, which is generally a positive for stability, though the compensation package is significant.