Company: FOX
Filing Date: 2025-10-23
Form Type: DEFA14A
Source: 0001628280-25-046082
Chunk: 2

Company: Fox Corp
Filing Date: 2025-10-23
Form: DEFA14A
Chunk 2
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 to acquire additional Class A and Class B common stock, thereby further aligning Mr. L.K. Murdoch with the Company’s stockholders. The pledged

shares were not used to shift or hedge any economic risk of ownership of the Company’s Class B common stock by Mr. L.K. Murdoch. As such, the pledge, coupled with the material personal capital committed by trusts associated with Mr. L.K. Murdoch in the transaction, actually contributes to the ongoing stability of the ownership, leadership, vision and management of the Company, which is in the best interest of stockholders. Additionally, LGC Holdco and Mr. L.K. Murdoch have informed the Company that they have no intention to pledge additional shares, nor to employ hedging or monetization strategies.

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#### Financial Capacity to Repay.
We have been informed that the LGC Holdco members have the financial capacity to repay the loan independently, without relying on the pledged shares. This minimizes any risk of forced liquidation or disruption to the Company’s stock.

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#### No Link to Executive Compensation.
The pledged shares of Class B common stock were not acquired through any Company equity compensation plan grants. They represent pre-existing ownership in the Company and are not shares tied to executive incentives or performance.

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#### No Company Involvement.
The Company was not a participant in the loan transaction, and the pledge is entirely external and does not impact the Company’s business or financial operations.

Mr. L.K. Murdoch’s Interests Are Aligned Deeply with Stockholders’ Interests

• Proven, Long-Term Commitment to the Company’s Success . As the Company’s Executive Chair and Chief Executive Officer, Mr. L.K. Murdoch’s leadership and tenure reflect a sustained alignment with shareholder value creation.

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#### Significant Investment in Company Stock.
In connection with the resolution of the MFT matter, trusts associated with Mr. L.K. Murdoch committed substantial personal capital to acquire additional shares of FOX Class A and Class B common stock – reinforcing confidence in the Company’s future.

• Mr. L.K. Murdoch’s Personal Share Ownership Is Well Beyond Required Ownership Thresholds. Mr. L. K. Murdoch’s direct personal holdings (outside of those held by LGC Holdco) far exceed the Company’s CEO stock ownership guidelines, which mandate ownership equal to at least six times his annual base salary. This level of investment underscores his long-term stake in the Company’s performance and shareholder returns.

ISS’s recommendation with respect to the members of the Compensation Committee is entirely misguided. The members of the