---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-21-363635"
form_type: "8-K"
ticker: "MSGS"
cik: "0001636519"
company_name: "Madison Square Garden Sports Corp."
filed_at: "2021-12-21T23:59:59+00:00"
generated_at: "2026-06-27T23:20:42.250504+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# CEO Andrew Lustgarten signs new employment agreement with base salary $1M, target bonus 200%

## Summary
- Base salary not less than $1,000,000 annually; target bonus not less than 200% of base salary.
- Long-term incentive target value not less than $4,000,000; FY2022 mid-year grant of $700,000.
- Severance upon termination without cause or for good reason before Dec 31, 2024: at least 2x (base + target bonus).
- Equity and cash awards accelerate vesting upon qualifying termination; non-compete covenant for 1 year.
- Agreement effective January 1, 2022; replaces prior employment agreement.

## SEC filing metadata
- accession: 0001193125-21-363635
- form_type: 8-K
- ticker: MSGS
- cik: 0001636519
- company_name: Madison Square Garden Sports Corp.
- filed_at: 2021-12-21T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1636519/000119312521363635/0001193125-21-363635-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1636519/000119312521363635/d257447d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-21-363635
- JSON: https://secwatch.observer/filing/0001193125-21-363635.json
- Plain text: https://secwatch.observer/filing/0001193125-21-363635.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.