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).

The following table summarizes the Company’s equity-based compensation:


	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
	(in millions)
Equity-based compensation	$	21	$	23	$	69	$	55
Intrinsic value of all settled equity-based awards	$	2	$	1	$	74	$	77
Tax benefit on settled equity-based awards	$	—	$	1	$	11	$	14

The Company’s equity-based awards are settled in Class A Common Stock. As of March 31, 2024, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $100 million and is expected to be recognized over a weighted average period between one and two years.

As of March 31, 2024 and 2023, 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 nine months ended March 31, 2024 and 2023, approximately 1.9 million and 1.5 million restricted stock units (“RSUs”) vested, respectively, and approximately 2.0 million RSUs 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 nine months ended March 31, 2024 and 2023, 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.