Company: FOX
Filing Date: 2025-10-23
Form Type: DEFA14A
Source: 0001628280-25-046082
Chunk: 1

Company: Fox Corp
Filing Date: 2025-10-23
Form: DEFA14A
Chunk 1
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 the Compensation Committee based on either a misguided understanding of the pledge of certain shares owned by LGC Holdco (a legal entity owned by trusts associated with Mr. L.K. Murdoch, Ms. Grace Murdoch and Ms. Chloe Murdoch (“Remaining Beneficiaries”)) which currently holds 36.2% of the Company’s Class B common stock, or a flawed, overly formulaic policy that deems any share pledge connected to management unacceptable in all circumstances.

As the Company previously announced on September 8, 2025, the Company was informed of the resolution of legal proceedings in Nevada related to the Murdoch Family Trust (“MFT”), resulting in the termination of all related litigation and the acquisition by LGC Holdco of additional shares in the Company. The Company welcomed this important development and the transactions related to it as strengthening the stability of its ownership, leadership, vision and management, all of which are in the best interests of the Company’s stockholders.

As the Company was informed, and as was subsequently disclosed by LGC Holdco, the share purchase transaction included cash payments that were financed in part by proceeds from a collateralized loan where LGC Holdco pledged 37,002,060 shares of the Company’s Class B common stock. Together with additional material personal capital investments, the Remaining Beneficiaries used these funds to acquire, through LGC Holdco, a substantial amount of additional Company shares from the departing beneficiaries.

The Pledge Does Not Present a Significant Risk to Stockholders

•

#### Not a CEO Pledge.
Despite ISS’s attribution of the entire pledge to Mr. L.K. Murdoch, the pledge was effectuated by LGC Holdco, a separate legal entity that is not owned by Mr. L.K. Murdoch. Rather, LGC Holdco is owned by trusts established for the benefit of certain Murdoch family members and charities, of which trusts associated with Mr. L.K. Murdoch represent only a one-third interest. Therefore, ISS’s own arbitrary metrics misrepresent and overstate the pledge’s applicability to Mr. L. K. Murdoch by approximately threefold. For example, the portion of the Class B shares that are pledged and applicable to trusts associated with Mr. L.K. Murdoch is approximately 12.3 million (approximately $640 million) representing 2.8% of the market value of the Company despite ISS using three times these amounts in their metric analysis.

• Pledge Used to Increase Ownership, Not Hedge Risk. The shares were pledged in connection with a loan, the proceeds of which were used