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Fox Corporation 8-K Report: Executive Compensation Insights Revealed

$FOX
Form 8-K
Filed on: 2019-04-26
Source
Fox Corporation 8-K Report: Executive Compensation Insights Revealed

Here are the key insights extracted from the provided 8-K filing by Fox Corporation:

  1. Report Date: The report is dated April 26, 2019, and pertains to events that have occurred starting from this date.
  2. Company Information: The exact name of the registrant is Fox Corporation, incorporated in Delaware, with a SEC file number of 001-38776 and IRS employer identification number 83-1825597. Its principal executive office is located at 1211 Avenue of the Americas, New York, New York 10036.
  3. Executive Compensation:
  • The Board of Directors approved new compensatory arrangements for several executives including K. Rupert Murdoch, Lachlan K. Murdoch, John P. Nallen, Viet D. Dinh, and Steven Tomsic, effective from March 19, 2019, until June 30, 2022.
  • Each executive's employment agreements memorialize the previously approved arrangements and outline their roles and compensation structures.
  1. Key Executive Details:
  • Lachlan K. Murdoch: Serves as Executive Chairman and CEO. His compensation includes a base salary, eligibility for an annual bonus, and participation in the Fox Corporation 2019 Shareholder Alignment Plan. His severance package includes various benefits based on circumstances of termination.
  • John P. Nallen: Serves as COO with similar compensation terms to Lachlan but without legacy severance benefits.
  • Viet D. Dinh: Serves as Chief Legal and Policy Officer with similar terms to Lachlan's but without legacy severance or retirement benefits.
  • Steven Tomsic: Serves as CFO, also with similar compensation terms to Lachlan's, excluding legacy benefits.
  1. Termination Provisions:
  • Executives are entitled to accrued benefits upon termination, including base salary, bonuses, and insurance benefits, with additional severance depending on the nature of termination (e.g., without cause, for good reason).
  • There are specific terms related to "change in control" scenarios, which could significantly impact severance calculations.
  1. Restrictive Covenants: Executives are subject to confidentiality, non-solicitation, and non-competition agreements during and after their employment.
  2. Legacy Benefits: Some executives, notably Lachlan K. Murdoch and John P. Nallen, are entitled to legacy enhanced retirement benefits from prior agreements with News Corporation.

This report highlights important changes in executive compensation and management structure within Fox Corporation, providing insights into their governance and financial commitments to top executives.