Company: FOX
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001628280-25-042772
Chunk: 41

Company: Fox Corp
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 41
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s our named executive officers’ interests with those of our stockholders while also rewarding the named executive officers for superior individual and group achievements.

The Compensation Committee thoroughly reviewed the fiscal 2024 annual non-equity incentive compensation program (the “Annual Incentive Compensation”) and, following this review, the Compensation Committee elected not to change the performance metrics under which the fiscal 2025 Annual Incentive Compensation would be assessed. Consistent with the prior fiscal year, the Compensation Committee determined that 75% of the fiscal 2025 Annual Incentive Compensation would be based on the Company’s achievement of Adjusted EBITDA 1 versus the budgeted Adjusted EBITDA goal, and 25% of the Annual Incentive Compensation would be based on qualitative factors, including each named executive officer’s contributions to the Company’s financial and non-financial objectives, individually and as a group. The Compensation Committee believes that Adjusted EBITDA is widely used by investors and stockholders to measure the Company’s performance and is a material driver in stockholder returns and therefore is the appropriate quantitative metric against which our named executive officers’ performance should be assessed. The target range of the Adjusted EBITDA metric established by the Compensation Committee is designed to drive total stockholder return for our stockholders by providing our named executive officers with a rigorous, but achievable, short-term Company performance metric.

The Compensation Committee approved the following target and maximum Annual Incentive Compensation opportunities for each named executive officer for fiscal 2025.

| Named Executive Officer |     | Fiscal 2025 Target Annual Incentive 
 Opportunity                         |     | Fiscal 2025 Maximum Annual 
 Incentive Opportunity      |
| Lachlan K. Murdoch      |     | 200% of Base Salary                 |     | 200% of Target             |
| John P. Nallen(a)       |     | 150% of Base Salary                 |     | 200% of Target             |
| Steven Tomsic           |     | 157% of Base Salary                 |     | 200% of Target             |
| Adam Ciongoli           |     | 157% of Base Salary                 |     | 200% of Target             |

(a) Pursuant to his amended employment agreement, beginning July 1, 2025, Mr. Nallen is entitled to receive target Annual Incentive Compensation Opportunities equal to 200% of Base Salary. For additional information on this arrangement, please see the section titled “Employment Arrangements