Company: FOX
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001628280-25-003592
Chunk: 52

Company: Fox Corp
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 8
Chunk 52
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NOTE 7. EQUITY-BASED COMPENSATION

The Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2024 Form 10-K).The following table summarizes the Company’s equity-based compensation:For the three months ended December 31,For the six months ended December 31,2024202320242023(in millions)Equity-based compensation$34 $24 $68 $48 Intrinsic value of all settled equity-based awards$25 $7 $103 $72 Tax benefit on settled equity-based awards$2 $1 $17 $11 The Company’s equity-based awards are settled in Class A Common Stock. As of December 31, 2024, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $165 million and is expected to be recognized over a weighted average period between two and three years.The computation of diluted earnings per share did not include stock options or performance-based stock options outstanding during each period presented if their inclusion would have been antidilutive, and, for those shares that are contingently issuable, all necessary conditions have not been satisfied for the periods presented.Awards Vested, Granted and ExercisedRestricted Stock UnitsDuring the six months ended December 31, 2024 and 2023, approximately 1.5 million and 1.9 million restricted stock units (“RSUs”) vested and approximately 1.7 million and 2.0 million RSUs were granted, respectively. These RSUs generally vest in equal annual installments over a three-year period subject to participants’ continued employment with the Company.Performance-Based Stock OptionsDuring the six months ended December 31, 2024 and 2023, approximately 2.5 million and 0.4 million performance-based stock options were exercised and approximately 3.4 million and 4.0 million were granted, respectively, which will vest in full at the end of a three-year performance period as the market condition has been met and have a term of seven years thereafter.

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FOX CORPORATIONNOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 8. COMMITMENTS AND CONTINGENCIES

CommitmentsThe Company has commitments under certain firm contractual arrangements (“firm commitments”) to make