Company: FOX
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001628280-25-042772
Chunk: 42

Company: Fox Corp
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 42
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” in “Executive Compensation” below.

(1) “Adjusted EBITDA” is defined as revenues less operating expenses and selling, general and administrative expenses. Adjusted EBITDA does not include amortization of cable distribution investments, depreciation and amortization, restructuring, impairment and other corporate matters, equity earnings (losses) of affiliates, interest expense, net, non-operating other, net and income tax expense. Adjusted EBITDA is the aggregation of the Segment EBITDA of each of the Company’s operating segments. For a discussion of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA, see pages 40-41 of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025.

| 24 |     | 2025 Proxy Statement |

#### COMPENSATION DISCUSSION AND ANALYSIS
Quantitative Element of Annual Incentive Compensation

For fiscal 2025, the Compensation Committee set the threshold and maximum performance levels and target performance range for Adjusted EBITDA for the quantitative element of the Annual Incentive Compensation opportunities in the table below:

| Performance Level |     | Adjusted EBITDA (in billions) |     | Performance Goal as a Percentage of Target Adjusted EBITDA |     | Payout as a Percentage of Financial Performance Portion of Annual Incentive Compensation |
| Maximum           |     |                         $3.74 |     | 120%                                                       |     | 200%                                                                                     |
| Target            |     |                 $3.07 - $3.17 |     | 100%                                                       |     | 100%                                                                                     |
| Threshold         |     |                         $2.50 |     | 80%                                                        |     | 50%                                                                                      |

A narrow target range is used, rather than a fixed dollar goal, to address challenges associated with setting performance goals with precision and to avoid unintended windfalls or shortfalls in actual payouts to the named executive officers. The target range for the Annual Incentive Compensation was designed around a midpoint that reflects the Adjusted EBITDA target for FOX’s company-wide operating plan, which was reviewed and approved by the Compensation Committee in August 2024. No quantitative portion of the Annual Incentive Compensation is payable below the threshold performance level and no additional amount is payable above the maximum performance level.

The Company’s fiscal 2025 Adjusted EBITDA of $3.624 billion fell between the target