Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 211

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 211
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) During the period of time from and after the Distribution Date through the resolution of any payment
contemplated by , each of the Company and SpinCo shall afford to each other and their respective accountants and counsel in connection with any actions contemplated by this
reasonable access during normal business hours to all the properties, personnel and records of such other party relevant to the Statement, the Notice of Disagreement and any payments contemplated by this
.

44

2.17 Restructuring Plan. Prior to the Distribution Effective Time, the Restructuring Plan may be amended, modified or supplemented by the Company; provided, that (i) prior to making any non- de minimisamendment, modification or supplement, the Company shall notify Buyer in writing and (ii) prior to making any such amendment, modification or supplement that would materially adversely affect Buyer, its Affiliates or the Company Group (taking into account both positive and negative effects of all prior and proposed amendments, modifications or supplements, in the aggregate), the Company shall also obtain Buyer’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed); provided, further, that if Buyer reasonably withholds such consent in accordance with the preceding proviso, Buyer shall promptly cooperate with the Company in good faith and use commercially reasonable efforts to determine whether there is a reasonably acceptable alternative amendment, modification or supplement to the Restructuring Plan to address the intended result of the Company’s initial proposed amendment, modification or supplement, as the case may be. 5 ARTICLE III THE DISTRIBUTION 3.1 Sole and Absolute Discretion; Cooperation. (a) Subject to Section 10.15, the Company shall, in its sole and absolute discretion, determine the terms of the Distribution or the Debt-for-DebtExchange, as applicable, including the form, structure and terms of any transaction(s) or offering(s) to effect the Distribution or the Debt-for-DebtExchange, as applicable, and the timing and conditions to the consummation thereof. In addition, subject to Section 9.1, the Company may, at any time and from time to time until the consummation of all or part of the Distribution or the Debt-for-DebtExchange, as applicable, decide to abandon the Distribution or the Debt-for-DebtExchange, as applicable, or, subject to Section 10.15,modify or change the terms of the Distribution or the Debt-for-DebtExchange, as applicable, including by accelerating or delaying the timing of