Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 177

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 177
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 from the conduct of the SpinCo Business, the SpinCo Assets or the other business, operations, activities or
Liabilities referred to in clauses (i) through (iii) of this , or (2) such litigation, claim, investigation, sanction or order includes or is based on allegations relating to, arising out of or
resulting from any member of the Company Group’s or of the SpinCo Group’s direct or indirect beneficial ownership of the equity interests of any member of the SpinCo Group prior to the Distribution Effective Time or any member of the
Company Group’s or of the SpinCo Group’s management, oversight, supervision or operation of the SpinCo Business, the SpinCo Assets, the SpinCo Group Employees or the SpinCo Liabilities prior to the Distribution Effective Time, and
(B) all Liabilities to the extent relating to, arising out of or resulting from any matter set forth on ; it being understood that to the extent any such litigation, claim, investigation, sanction or order includes or
is based on allegations relating to, arising out of or resulting from any member of the SpinCo Group’s direct or indirect beneficial ownership of the capital stock of any member of the Company Group prior to the Distribution Effective Time,
any such Liabilities shall be Company Liabilities, and not SpinCo Liabilities.

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(b) Company Liabilities. For the purposes of this Agreement,
“” shall mean all Liabilities relating to, arising out of or resulting from the actions, inactions, events, omissions, conditions, facts or circumstances occurring or existing prior to the Distribution Effective
Time (whether or not such Liabilities cease being contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, at or after the Distribution Effective Time) of any member of the Company Group and, prior to the
Distribution Effective Time, any member of the SpinCo Group, in each case that are not SpinCo Liabilities, including:

(i)
all Liabilities relating to, arising out of or resulting from the inactions, events, omissions, conditions, facts or circumstances occurring or existing prior to the Distribution Effective Time (whether or not such Liabilities cease being
contingent, mature, become known, are asserted or foreseen, or accrue, in each case before, at or after the Distribution Effective Time), in each case to the extent that such Liabilities relate to, arise out of or result from the Company Business or
a Company Asset;

(ii) the applicable portion