AZNAR JOSE MARIA 4

What Happened

• Jose Maria Aznar, a director of News Corporation (NWS), had 1,644 deferred stock units converted/settled for cash on April 1, 2026, resulting in a cash disposition to the issuer of $40,623 (1,644 × $24.71). On the same date he was granted 1,972 deferred stock units valued at $48,728 (1,972 × $24.71). The settlement and the new award are derivative-related transactions (codes M, D and A).

Key Details

• Transaction date: April 1, 2026.
• Cash settlement/disposition: 1,644 deferred units settled at $24.71 per share for $40,623 (Disposition to issuer, code D).
• Grant/award: 1,972 deferred stock units granted at $24.71 each, total value $48,728 (code A).
• Derivative conversion: exercise/conversion entries (code M) reflect conversion/settlement of deferred units; one M entry shows acquisition (conversion) and another shows disposition as part of settlement.
• Shares owned after transaction: not specified in the filing.
• Filing timeliness: no late-filing indication in the report.

Context

• These were deferred stock unit (DSU) transactions — the DSUs represent the economic equivalent of common shares but are payable in cash. Footnotes clarify: each DSU equals one share; certain DSUs were deemed settled for cash; and the newly reported DSUs become payable in cash on the earlier of the first trading day of the quarter five years after grant or the director’s end of service. This is effectively a cash settlement of vested deferred units combined with a new deferred-unit award (a routine compensation-related transaction), not an open-market buy or sale by the director.