Fox Corp (FOX) Director Receives 52 Deferred Stock Units at $60.16

Rhea-AI Filing Summary

Margaret L. Johnson, a director of Fox Corporation (FOX), acquired 52 deferred stock units on 09/24/2025. Each deferred stock unit equals one share of Class A common stock and the reported units include dividend equivalents. The transaction used a per-unit price of $60.16 and the reporting shows 11,540 deferred stock units beneficially owned after the grant. These deferred units become payable in stock on the earlier of the first trading day of the quarter five years after the grant or the director's end of service. The Form 4 was signed by an attorney-in-fact on 09/25/2025.

Positive

• Director received equity-based compensation in the form of 52 deferred stock units, aligning interests with shareholders
• Deferred units include dividend equivalents, which accrue and vest on the same terms as underlying units
• Clear payout schedule: units payable in stock on the earlier of five years after grant or end of service

Negative

• None.

Insights

Financial Analyst

TL;DR Director received 52 deferred stock units, modest change to ownership with clear vesting/payment terms.

The filing documents a small grant of 52 deferred stock units to Director Margaret L. Johnson at a reported price of $60.16 per unit, with 11,540 units held in aggregate after the transaction. Each unit represents one share and includes dividend equivalents that vest on the same schedule as the underlying units. Payment is in stock on a defined future schedule or upon end of service, which means the economic exposure is deferred and not an immediate sale or purchase of liquid shares. The disclosure is routine for director compensation and does not show exercise or sale activity.

Corporate Governance Expert

TL;DR Routine director deferred equity grant with standard payout timing and dividend-equivalent treatment.

The Form 4 indicates a typical deferred stock unit grant structure for a director: 52 units granted plus dividend equivalents, payable in Class A common stock either after five years or upon termination of service. The filing clarifies indirect beneficial ownership and payment mechanics but does not indicate any change in control, related-party transaction, or immediate liquidity event. Signature by attorney-in-fact is properly noted. This is a standard governance disclosure for director compensation.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Johnson Margaret L

(Last) (First) (Middle)

C/O FOX CORPORATION

1211 AVENUE OF THE AMERICAS

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Fox Corp [ FOX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	(1)	09/24/2025		A		52(2)		(3)	(3)	Class A Common Stock	52	$60.16	11,540(4)	D

Explanation of Responses:

1. Each deferred stock unit represents the equivalent of one share of Fox Corporation's Class A Common Stock.

2. Represents dividend equivalents accrued with respect to deferred stock units.

3. The deferred stock units representing dividend equivalents become payable in stock upon the pay out of the underlying deferred stock units. The reported deferred stock units become payable on the earlier of (i) the first trading day of the quarter five years following the grant and (ii) the Reporting Person's end of service as a Director.

4. Represents the aggregate number of deferred stock units held by the Reporting Person, including dividend equivalents accrued that vest on the same terms as the respective underlying deferred stock units.

Remarks:

	/s/ Laura A. Cleveland as Attorney-in-Fact for Margaret L. Johnson	09/25/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Margaret L. Johnson report on Form 4 for FOX?

She reported the acquisition of 52 deferred stock units on 09/24/2025, increasing her total deferred stock units to 11,540.

What is the value per deferred stock unit reported on the FOX Form 4?

The Form 4 lists a price of $60.16 per deferred stock unit for the reported transaction.

When do the deferred stock units become payable according to the filing?

They become payable in Class A common stock on the earlier of the first trading day of the quarter five years after the grant or the reporting person's end of service as a director.

Do the deferred stock units include dividend equivalents in the FOX filing?

Yes, the filing states the reported units include dividend equivalents that accrue with respect to the deferred stock units and vest on the same terms.

Who signed the Form 4 for Margaret L. Johnson?

The Form 4 was signed by Laura A. Cleveland as Attorney-in-Fact for Margaret L. Johnson on 09/25/2025.