The Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2023 Form 10-K).


	For the three months ended December 31,				For the six months ended December 31,
	2023		2022		2023		2022
	(in millions)
Equity-based compensation	$	24	$	25	$	48	$	32
Intrinsic value of all settled equity-based awards	$	7	$	—	$	72	$	76
Tax benefit on settled equity-based awards	$	1	$	(1)	$	11	$	13

The Company’s equity-based awards are settled in Class A Common Stock. As of December 31, 2023, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $125 million and is expected to be recognized over a weighted average period between one and two years.

As of December 31, 2023 and 2022, the Company had approximately 5 million stock options outstanding. The computation of diluted earnings per share did not include 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.

During the six months ended December 31, 2023 and 2022, restricted stock units (“RSUs”) with a value of approximately $1.9 million and $1.5 million vested, respectively, and RSUs with a value of approximately $2.0 million were granted in each period. These RSUs generally vest in equal annual installments over a three-year period subject to participants’ continued employment with the Company.

During the six months ended December 31, 2023 and 2022, the Company granted approximately 4 million performance-based stock options, in each period, which will vest in full at the end of a three-year performance period if the market condition is met, and have a term of seven years thereafter.