Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-12

Sphere Entertainment (SPHR)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$14,284,275
James Dolan total, FY2025
CEO pay percentile vs peers
379:1
CEO-to-median pay ratio
94.15%
Say-on-pay support, latest vote
Companies that benchmark against SPHR
3 companies name SPHR as a compensation peer

Each company listed discloses SPHR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SPHR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
James Dolan$230,000$188,324$0$13,027,275$378,994$0$459,682$14,284,275
Executive Chairman and Chief Executive Officer
Jennifer Koester1,450,0001,112,9486,477,10401,714,5530488,82311,243,428
President and Chief Operating Officer of Sphere
Andrea Greenberg906,16403,738,2590020,7922,100,6066,765,821
Former President and Chief Executive Officer, MSG Networks
Robert Langer967,123659,4002,894,1870923,900015,5265,460,136
Executive Vice President, Chief Financial Officer and Treasurer
David Granville-Smith800,000327,5202,516,8650659,120044,0004,347,505
Executive Vice President
Laura Franco458,082187,6331,036,4520377,63002,223,8584,283,655
Former Executive Vice President and General Counsel
Gregory Brunner377,3970488,63300025,685891,715
Former Senior Vice President, Controller and Principal Accounting Officer and Former Interim PFO
Christopher Winters41,64432,7520073,9120656148,964
Senior Vice President, Controller and Principal Accounting Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
James Dolan$14,284,275$27,441,193$16,310,205−13,156,918
Jennifer Koester11,243,42813,012,83313,012,833−1,769,405
Andrea Greenberg6,765,8216,550,6366,443,602+215,185
Robert Langer5,460,136
David Granville-Smith4,347,5053,930,3554,850,402+417,150
Laura Franco4,283,655
Gregory Brunner891,7151,029,191176,054−137,476
Christopher Winters148,964

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Dividend-equivalent accruals2026-06-1015,28612 insiders, 12 accrual rows

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 12 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Thomas Charles DolanDirector2026-06-10A1,173$0$0Derivative, Class A CommonForm 4 ↗
John L. SykesDirector2026-06-10A1,17300Derivative, Class A CommonForm 4 ↗
Isiah L. Thomas IIIDirector2026-06-10A1,17300Derivative, Class A CommonForm 4 ↗
Debra G. PerelmanDirector2026-06-10A1,83300Derivative, Class A CommonForm 4 ↗
Vincent TeseDirector2026-06-10A1,17300Derivative, Class A CommonForm 4 ↗
Charles P. DolanDirector2026-06-10A1,17300Derivative, Class A CommonForm 4 ↗
Marianne Dolan WeberDirector2026-06-10A1,17300Derivative, Class A CommonForm 4 ↗
Joseph J. LhotaDirector2026-06-10A1,17300Derivative, Class A CommonForm 4 ↗
Kristin A. DolanDirector2026-06-10A1,72300Derivative, Class A CommonForm 4 ↗
Joel M. LitvinDirector2026-06-10A1,17300Derivative, Class A CommonForm 4 ↗
Brian G. SweeneyDirector2026-06-10A1,17300Derivative, Class A CommonForm 4 ↗
Paul Joseph DolanDirector2026-06-10A1,17300Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jennifer KoesterPSU2025-12-1946,58751,76356,939$4,826,382
Robert LangerPSU2025-12-1918,10320,11422,1251,875,429
David Granville-SmithRSU2025-03-1220,114641,435
Robert LangerRSU2025-03-1211,832377,322
Laura FrancoPSU2025-12-197,4558,2839,111772,307
David Granville-SmithPSU2025-12-1918,10320,11422,1251,875,429
Gregory BrunnerRSU2025-03-123,905124,530
Jennifer KoesterRSU2025-03-1251,7631,650,722
Andrea GreenbergRSU2025-03-1229,875952,714
Andrea GreenbergPSU2025-12-1926,88829,87532,8632,785,545
Gregory BrunnerPSU2025-12-193,5153,9054,296364,102
Laura FrancoRSU2025-03-128,283264,145
Robert LangerRSU2025-03-1220,114641,435
James L. DolanOPTION2025-01-08984,70013,027,275
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jennifer Koester$1,650,722$4,826,382$074.5%
Robert Langer1,018,7571,875,429064.8%
David Granville-Smith641,4351,875,429074.5%
Laura Franco264,145772,307074.5%
Gregory Brunner124,530364,102074.5%
Andrea Greenberg952,7142,785,545074.5%
James L. Dolan0013,027,2750.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Andrea GreenbergRSU80,615$6,443,602
Andrea GreenbergRSU995100,524
David Granville-SmithRSU22,3233,930,355
David Granville-SmithPSU21,538925,000
Jennifer KoesterRSU488,82341,672,868
DolanRSU459,68239,188,556
Andrea GreenbergRSU76,8396,550,636
David Granville-SmithRSU44,0004,347,505
Andrea GreenbergRSU20,7922,100,606
Robert LangerRSU15,5261,323,614
Gregory BrunnerRSU25,685891,715
Gregory BrunnerRSU18,3661,029,191
05

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee has designed a program that generally reflects four key overarching executive compensation principles: (1) A significant portion of compensation opportunities should be at risk. (2) Long-term performance incentives should generally outweigh short-term performance incentives. (3) Executive officers should be aligned with our stockholders through equity-based compensation. (4) The compensation structure should enable the Company to attract, retain, motivate and reward the best talent in a competitive industry.

CEO STI target (% of salary)200%
CEO LTI target (% of salary)
Independent consultantClearBridge Compensation Group LLC
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1085,248,0655,299,12665,06694.15%Passed
20252025-06-0485,308,1014,436,029147,40794.9%Passed
20242024-12-0984,542,6765,687,69895,63393.7%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1094.15%a
20252025-06-0494.9%b
20242024-12-0993.7%c

a. Voting standard not stated in the filing.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have the same effect as a vote against the proposal.”.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)379 : 1
CEO total compensation$14,284,275
Median employee compensation$37,719
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
John L. SykesIndependent · Compensation (Chair)$137,500$162,689$0$0$300,189
Joseph J. LhotaIndependent · Audit (Chair) · Compensation115,000162,68900277,689
Vincent TeseIndependent · Audit · Compensation98,571162,68900261,260
Joel M. LitvinIndependent75,000162,68900237,689
Charles P. DolanNot independent75,000162,68900237,689
Thomas C. DolanNot independent75,000162,68900237,689
Quentin F. DolanNot independent75,000162,68900237,689
Brian G. SweeneyNot independent75,000162,68900237,689
Paul J. DolanNot independent75,000162,68900237,689
Isiah L. Thomas IIINot independent75,000162,68900237,689
Kristin A. DolanNot independent75,000162,68900237,689
Marianne Dolan WeberNot independent75,000162,68900237,689
Debra G. PerelmanIndependent · Audit · Newly elected51,429162,68900214,118
Carl E. VogelIndependent · Audit · Not standing for re-election · Departed during FY82,5000082,500
James L. DolanEmployee director · Board Chair00000
Ryan T. DolanEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$160,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,160,000
Equity awards (grant-date value)$2,114,957
All other compensation$0
Total cost of the board$3,274,957

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Sphere Entertainment2025James Dolan$230,000$0$13,027,275$378,994$14,284,275

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, James DolanDEF 14A2026-04-280001628280-26-027969Section “2025 Summary Compensation Table” · page 66. As printed: 14,284,275. Filing ↗machine: t77 · r3 · c25 · span 804469–804479
2Section 01, Jennifer KoesterDEF 14A2026-04-280001628280-26-027969Section “2025 Summary Compensation Table” · page 66. As printed: 11,243,428. Filing ↗machine: t77 · r9 · c25 · span 823495–823505
3Section 01, Andrea GreenbergDEF 14A2026-04-280001628280-26-027969Section “2025 Summary Compensation Table” · page 66. As printed: 6,765,821. Filing ↗machine: t77 · r19 · c25 · span 853297–853306
4Section 01, Robert LangerDEF 14A2026-04-280001628280-26-027969Section “2025 Summary Compensation Table” · page 66. As printed: 5,460,136. Filing ↗machine: t77 · r7 · c25 · span 818737–818746
5Section 01, David Granville-SmithDEF 14A2026-04-280001628280-26-027969Section “2025 Summary Compensation Table” · page 66. As printed: 4,347,505. Filing ↗machine: t77 · r12 · c25 · span 834042–834051
6Section 01, Laura FrancoDEF 14A2026-04-280001628280-26-027969Section “2025 Summary Compensation Table” · page 66. As printed: 4,283,655. Filing ↗machine: t77 · r23 · c25 · span 867600–867609
7Section 01, Gregory BrunnerDEF 14A2026-04-280001628280-26-027969Section “2025 Summary Compensation Table” · page 66. As printed: 891,715. Filing ↗machine: t77 · r25 · c25 · span 872544–872551
8Section 01, Christopher WintersDEF 14A2026-04-280001628280-26-027969Section “2025 Summary Compensation Table” · page 66. As printed: 148,964. Filing ↗machine: t77 · r16 · c25 · span 846911–846918
9Section 03, Jennifer Koester PSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r5 · c5 · span 693105–693111
10Section 03, Robert Langer PSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r4 · c5 · span 691256–691262
11Section 03, David Granville-Smith RSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r6 · c5 · span 694985–694991
12Section 03, Robert Langer RSUDEF 14A2026-04-280001628280-26-027969Section “2025 GRANTS OF PLAN-BASED AWARDS” · grants of plan-based awards table. Filing ↗machine: t81 · r6 · c25 · span 1004192–1004199
13Section 03, Laura Franco PSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r10 · c5 · span 701407–701412
14Section 03, David Granville-Smith PSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r6 · c5 · span 694985–694991
15Section 03, Gregory Brunner RSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r11 · c5 · span 703454–703459
16Section 03, Jennifer Koester RSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r5 · c5 · span 693105–693111
17Section 03, Andrea Greenberg RSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r9 · c5 · span 699360–699366
18Section 03, Andrea Greenberg PSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r9 · c5 · span 699360–699366
19Section 03, Gregory Brunner PSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r11 · c5 · span 703454–703459
20Section 03, Laura Franco RSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r10 · c5 · span 701407–701412
21Section 03, Robert Langer RSUDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t68 · r4 · c5 · span 691256–691262
22Section 03, James L. Dolan OPTIONDEF 14A2026-04-280001628280-26-027969Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t81 · r4 · c17 · span 998232–998239
23Section 07, pay ratioDEF 14A2026-04-280001628280-26-027969Section “CEO Pay Ratio”. As printed: 379 : 1. Filing ↗machine: span 1471309–1471314
24Section 08, John L. SykesDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 300,189. Filing ↗machine: t39 · r13 · c8 · span 359387–359394
25Section 08, Joseph J. LhotaDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 277,689. Filing ↗machine: t39 · r9 · c8 · span 353966–353973
26Section 08, Vincent TeseDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 261,260. Filing ↗machine: t39 · r14 · c8 · span 360639–360646
27Section 08, Joel M. LitvinDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 237,689. Filing ↗machine: t39 · r10 · c8 · span 355220–355227
28Section 08, Charles P. DolanDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 237,689. Filing ↗machine: t39 · r3 · c8 · span 345643–345650
29Section 08, Thomas C. DolanDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 237,689. Filing ↗machine: t39 · r8 · c8 · span 352510–352517
30Section 08, Quentin F. DolanDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 237,689. Filing ↗machine: t39 · r7 · c8 · span 351255–351262
31Section 08, Brian G. SweeneyDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 237,689. Filing ↗machine: t39 · r12 · c8 · span 357933–357940
32Section 08, Paul J. DolanDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 237,689. Filing ↗machine: t39 · r6 · c8 · span 349612–349619
33Section 08, Isiah L. Thomas IIIDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 237,689. Filing ↗machine: t39 · r15 · c8 · span 362098–362105
34Section 08, Kristin A. DolanDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 237,689. Filing ↗machine: t39 · r4 · c8 · span 346899–346906
35Section 08, Marianne Dolan WeberDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 237,689. Filing ↗machine: t39 · r5 · c8 · span 348359–348366
36Section 08, Debra G. PerelmanDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 214,118. Filing ↗machine: t39 · r11 · c8 · span 356677–356684
37Section 08, Carl E. VogelDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 82,500. Filing ↗machine: t39 · r17 · c2 · span 363435–363441
38Section 08, James L. DolanDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 0. Filing ↗
39Section 08, Ryan T. DolanDEF 14A2026-04-280001628280-26-027969Section “Director Compensation”. As printed: 0. Filing ↗
40Section 02, Thomas Charles Dolan 2026-06-10Form 42026-06-120001193125-26-269364Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, John L. Sykes 2026-06-10Form 42026-06-120001193125-26-269363Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Isiah L. Thomas III 2026-06-10Form 42026-06-120001193125-26-269351Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Debra G. Perelman 2026-06-10Form 42026-06-120001193125-26-269374Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Vincent Tese 2026-06-10Form 42026-06-120001193125-26-269372Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Charles P. Dolan 2026-06-10Form 42026-06-120001193125-26-269350Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Marianne Dolan Weber 2026-06-10Form 42026-06-120001193125-26-269373Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Joseph J. Lhota 2026-06-10Form 42026-06-120001193125-26-269353Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Kristin A. Dolan 2026-06-10Form 42026-06-120001193125-26-269586Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Joel M. Litvin 2026-06-10Form 42026-06-120001193125-26-269352Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Brian G. Sweeney 2026-06-10Form 42026-06-120001193125-26-269361Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Paul Joseph Dolan 2026-06-10Form 42026-06-120001193125-26-269356Insider equity transaction reported since the proxy statement. Filing ↗
52Section 06, 2026 voteForm 8-K2026-06-120001193125-26-269473Item 5.07 · say-on-pay result. As reported: 94.15% (votes for as printed: 85,248,065). Filing ↗
53Section 06, 2025 voteForm 8-K2025-06-050001193125-25-135929Item 5.07 · say-on-pay result. As reported: 94.9% (votes for as printed: 85,308,101). Filing ↗
54Section 06, 2024 voteForm 8-K2024-12-100001193125-24-274286Item 5.07 · say-on-pay result. As reported: 93.7% (votes for as printed: 84,542,676). Filing ↗
55Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
56Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
57Section 09b board cost (computed)ComputedcomputedCash 1,160,000 + equity 2,114,957 + all other 0 = 3,274,957, summed across the director compensation table rows.machine: formula: Σ = 3,274,957
58Sphere Entertainment (subject), Section 10b CEO totalDEF 14A2026-04-280001628280-26-027969CEO total compensation as printed in Sphere Entertainment's own proxy. As printed: 14,284,275. Filing ↗machine: t77 · r3 · c25 · span 804469–804479