The Company has one equity plan, the Fox Corporation 2019 Shareholder Alignment Plan (the “SAP”) (See Note 12—Equity-Based Compensation in the 2020 Form 10-K).

	For the three months ended March 31,				For the nine months ended March 31,
	2021		2020		2021		2020
	(in millions)
Equity-based compensation	$	37	$	41	$	112	$	115
Intrinsic value of all settled equity-based awards	$	4	$	2	$	95	$	8
Tax benefit on settled equity-based awards	$	1	$	1	$	17	$	2

The Company’s stock based awards are settled in Class A Common Stock. As of March 31, 2021, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $105 million and is expected to be recognized over a weighted average period between one and two years.

As of March 31, 2021 and 2020, the Company had approximately 6.4 million and 7.0 million stock options outstanding, respectively. For the nine months ended March 31, 2021 and 2020, the computation of diluted earnings per share did not include most of the stock options outstanding during these periods, because their inclusion would have been antidilutive.

During the nine months ended March 31, 2021, approximately 3.5 million restricted stock units (“RSUs”) vested and approximately 2.0 million RSUs were granted, which generally vest in equal annual installments over a three-year period subject to the participants’ continued employment with the Company.

During the nine months ended March 31, 2020, approximately 1.1 million RSUs were granted, which vest in equal annual installments over a three-year period subject to the participants’ continued employment with the Company.

During the nine months ended March 31, 2020, approximately 3.8 million stock options were granted, which generally have a term of seven years and vest in equal annual installments over a three-year period subject to the participants’ continued employment with the Company.

Performance-based stock options (“PSOs”) are awards that entitle the holder to purchase a specified number of shares of Class A Common Stock at a specified price for a specified period of time, contingent on the performance of the Class A Common Stock over a three-year period, subject to the terms and conditions of the SAP, the applicable award documents and such other terms and conditions as the Compensation Committee of the Board may establish. The PSOs granted under the SAP will vest in full only if the Company’s Class A Common Stock exceeds the exercise price of the PSO by a certain threshold over a certain period of time during the performance period (the “market condition”). The PSOs were fair valued using a Monte Carlo simulation model that uses the following assumptions: (i) expected volatility; (ii) expected term; (iii) risk-free interest rate; and (iv) expected dividend yield. Compensation cost related to the PSO will be recognized even if the market condition is not met.

During the nine months ended March 31, 2021, the Company granted approximately 5.0 million PSOs, which will vest in full at the end of a three-year performance period as the market condition has been met and have a term of seven years thereafter.