Fox Corp (FOX) Form 4: Director Receives 143 Deferred Stock Units

Rhea-AI Filing Summary

Paul D. Ryan, a Director of Fox Corporation (FOX), acquired 143 deferred stock units on 09/24/2025 representing dividend equivalents tied to Class A Common Stock at a recorded price of $60.16. The form reports the reporting person holds an aggregate 31,491 deferred stock units, each equivalent to one share of Class A common stock. The deferred stock units representing dividend equivalents become payable in stock upon payout of the underlying deferred stock units and vest payable 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. The Form 4 was filed by one reporting person and signed by an attorney-in-fact.

Positive

• Alignment of interests: The award is equity-settled deferred compensation, which ties the director's pay to shareholder value.
• Transparency: The Form 4 discloses exact amount (143 deferred stock units) and aggregate holdings (31,491 units) with payability conditions.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR Routine director deferred-compensation accrual; aligns director pay with shareholder equity.

The reported grant of 143 deferred stock units on 09/24/2025 represents dividend equivalents under Fox Corporation's deferred compensation arrangements for directors. Such awards are standard non-cash compensation that convert to Class A shares under the stated payout schedule. The filing discloses ownership of 31,491 deferred stock units and clarifies payability timing and vesting triggers, which is consistent with typical governance practices to link director incentives to long-term shareholder value.

Financial Analyst

TL;DR Small, routine equity-based director accrual with limited immediate market impact.

The transaction is an accrual of 143 deferred stock units recorded at $60.16 per underlying share and increases the reporting person's aggregate units to 31,491. The instrument represents future issuance of Class A common stock rather than an immediate open-market purchase or sale, indicating no immediate change in share supply or cash flows. The report provides clear mechanics for payment timing but offers no new financial metrics or operational disclosures.

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^*

Ryan Paul D

(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		143(2)		(3)	(3)	Class A Common Stock	143	$60.16	31,491(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 Paul D. Ryan	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 Paul D. Ryan report on the Form 4 for FOX?

He reported acquiring 143 deferred stock units on 09/24/2025 representing dividend equivalents tied to Class A common stock.

How many deferred stock units does Paul D. Ryan beneficially own after this transaction?

The filing shows an aggregate of 31,491 deferred stock units beneficially owned following the reported transaction.

When do the deferred stock units become payable to the reporting person?

They become payable in 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.

What is the recorded price for the deferred stock units in this filing?

The deferred stock units are reported with a price of $60.16 per underlying share.

Was this Form 4 filed by one reporting person and who signed it?

Yes, the form was filed by one reporting person and was signed by Laura A. Cleveland as Attorney-in-Fact on 09/25/2025.