Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 151

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 151
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, arrangement or other obligation.

“” has the
meaning set forth in the definition of “.”

“” means the
Intellectual Property set forth in of the Company Disclosure Letter.

“”
means all material Contracts (including development agreements, settlement agreements, license agreements (including Key Out-License Agreements), assignment agreements and Affiliation Agreements) relating to
the development or Exploitation of any COT Properties, including all modifications, amendments and supplements thereto, and waivers thereunder.

“” means each Senior Executive and each other Retained Entity Employee classified by the Company as a
“Career Band 2” or “Career Band 3” employee.

“” means the “Data
Processing Agreement” as defined in the Separation and Distribution Agreement.

“” has the meaning
given to such term in the Separation and Distribution Agreement.

“” has the meaning given to such
term in the Separation and Distribution Agreement.

“” means the “Record Date” as
defined in the Separation and Distribution Agreement.

“” means the registration
statement to register under the Securities Act or the Exchange Act, as applicable, the Spinco Shares (as defined in the Separation and Distribution Agreement) to be distributed in the Distribution, as such registration statement may be amended or
supplemented from time to time.

“” means any effect, event, development, change, state of facts, condition,
circumstance or occurrence.

Annex A-7

“ Effective Time FD Share Count” means the number of outstanding shares of Company Stock as of immediately prior to the Effective Time on a fully diluted, as converted and as exercised basis in accordance with the treasury stock method, shares of Company Stock reserved for, and subject to, issuance pursuant to the Company Stock Plans (including Company RSUs, Company PRSUs (assuming the achievement of performance criteria at target levels), Company Options and Company DSUs) and any other outstanding securities or obligations of the Company convertible into or exercisable for shares of Company Stock. “ Environmental Law” means any Law or Governmental Order relating to the protection, investigation or restoration of the environment or natural resources or, as it relates to any exposure to any hazardous or toxic substance in the environment, to the protection of human health and safety. “ Employee Matters Agreement” means the “Employee Matters Agreement” as defined in the Separation and Distribution Agreement. “ Equity Award Exchange Ratio” means the sum (rounded to four decimals) of (x) the Exchange Ratio plus (y) the fraction obtained by