FOX Form 4: Murdoch acquires 1,234 RSUs; vesting schedules detailed

Rhea-AI Filing Summary

Lachlan K. Murdoch, Executive Chair and CEO of Fox Corporation, acquired 1,234 restricted stock units on 09/24/2025 as dividend equivalents that were converted into additional RSUs at no cash cost. The Form 4 reports the additions across three outstanding RSU grants, increasing the aggregate holdings for those grants to 56,807, 109,318 and 100,428 restricted stock units respectively. Each restricted stock unit represents one share of Class A common stock. The filing restates the vesting schedules for the grants: one grant vested one-third on 08/15/2024 and 08/15/2025 with the remainder on 08/15/2026; a second vested one-third on 08/15/2025 with further vesting in 2026 and 2027; the third vests in equal thirds on 08/15/2026, 08/15/2027 and 08/15/2028. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Murdoch on 09/25/2025.

Insights

Financial Analyst

TL;DR: Routine equity compensation conversion; no cash outlay and no immediate sale activity, minimal direct market impact.

The transaction reflects dividend equivalents converted into additional restricted stock units for existing RSU grants, occurring on 09/24/2025. The incremental 1,234 RSUs were issued at $0 price and increase the reporting persons long-term equity stake across three grant tranches now totaling 56,807; 109,318; and 100,428 RSUs. This is a non-cash, customary corporate compensation event and does not change outstanding share count until RSUs settle into shares, subject to vesting schedules spanning 20242028. For investors, this is a disclosure of insider holdings movement rather than a signal of trading or liquidity change.

Corporate Governance Expert

TL;DR: Standard executive compensation mechanics documented; vesting schedules remain unchanged and were disclosed transparently.

The Form 4 documents accruals of dividend equivalents converted into additional RSUs for Lachlan K. Murdoch with clear vesting timetables. The filing identifies Mr. Murdochs roles as Executive Chair and CEO and shows indirect beneficial ownership through RSU awards. Signature by an attorney-in-fact is properly noted. This is a routine disclosure consistent with equity plan practices and corporate governance transparency norms; it does not indicate compensation policy changes or extraordinary benefit events.

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

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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^*

MURDOCH LACHLAN K

(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
X	Officer (give title below)		Other (specify below)
	Executive Chair, CEO

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
Restricted Stock Units	(1)	09/24/2025		A		263(2)		(3)	(3)	Class A Common Stock	263	$0	56,807(4)	D
Restricted Stock Units	(1)	09/24/2025		A		506(2)		(5)	(5)	Class A Common Stock	506	$0	109,318(4)	D
Restricted Stock Units	(1)	09/24/2025		A		465(2)		(6)	(6)	Class A Common Stock	465	$0	100,428(4)	D

Explanation of Responses:

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

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

3. The restricted stock units vested one-third on August 15, 2024, one-third on August 15, 2025 and the remainder of the award will vest on August 15, 2026.

4. Represents the aggregate number of restricted stock units with respect to a specific grant that are held by the Reporting Person, including dividend equivalents accrued that vest on the same terms as the respective underlying restricted stock units.

5. The restricted stock units vested one-third on August 15, 2025, will vest one-third on August 15, 2026 and the remainder of the award will vest on August 15, 2027.

6. The restricted stock units will vest one-third on each of August 15, 2026, August 15, 2027 and August 15, 2028.

Remarks:

	/s/ Laura A. Cleveland as Attorney-in-Fact for Lachlan K. Murdoch	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.
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FAQ

What did Lachlan K. Murdoch report on Form 4 for FOX?

The Form 4 reports acquisition of 1,234 restricted stock units converted from dividend equivalents on 09/24/2025, at a $0 price.

How many RSUs does Mr. Murdoch hold after the reported transactions?

The filing shows aggregate holdings for the three grants of 56,807, 109,318 and 100,428 restricted stock units respectively.

When do the reported RSU grants vest?

Vesting schedules: one grant vested one-third on 08/15/2024 and 08/15/2025 with remainder on 08/15/2026; a second vested one-third on 08/15/2025 with further vesting on 08/15/2026 and 08/15/2027; the third vests in thirds on 08/15/2026, 08/15/2027 and 08/15/2028.

Did Mr. Murdoch sell any FOX shares in this filing?

No. The Form 4 shows acquisitions (transaction code A) of RSUs/dividend equivalents and lists a $0 price; there are no dispositions reported.

Who signed the Form 4 and when?

The Form 4 was signed by Laura A. Cleveland as Attorney-in-Fact for Lachlan K. Murdoch on 09/25/2025.