Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 148

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 148
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 means any deferred stock unit of the Company.

“” means the Company’s 2011 Employee Stock Purchase Plan (as amended).

“” means the Company Options, the Company RSUs, the Company PRSUs, the Company DSUs and the Company
Notional Units.

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

“” means all Information Technology owned, leased or licensed by the Post-Separation Retained
Entities.

“” means each Person that is a Retained Entity that is not wholly owned directly or indirectly by
the Company as of the date of this Agreement.

“”means any Effect that, individually or in the aggregate with any other Effect is, or would reasonably be expected to be, materially adverse to the financial condition, properties, assets, operations,
liabilities, business or results of operations of the Retained Business taken as a whole;, , that, none of the following, alone or in combination, shall be deemed to constitute a Company Material Adverse Effect, or
be taken into account in determining whether a Company Material Adverse Effect has occurred or would reasonably be expected to occur:

(A) Effects generally affecting the economy, credit, capital, securities or financial markets or political, regulatory,
economic or business conditions (including tariffs, trade policies and sanctions) in any jurisdiction in which the Retained Business has operations or in which products or services of the Retained Business are sold;

Annex A-4

(B) Effects that are the result of factors generally affecting the
industries, markets or geographical areas in which the Retained Business has operations;

(C) changes in the relationship
of the Retained Business, contractual or otherwise, with customers, employees, unions, suppliers, distributors, financing sources, partners or similar relationship or any resulting Effect that was caused by the entry into, announcement, pendency or
performance of the Transactions, or resulting or arising from the identity of or any facts or circumstances relating to, or any actions taken or failed to be taken by, Buyer or its Affiliates;

(D) changes or modifications in accounting standards applicable to the Retained Business, including GAAP, or in any Law
applicable to the Retained Business, including the repeal thereof, or in the interpretation or enforcement thereof, after the date of this Agreement;

(E) any failure by the Retained Business to meet any internal or public projections or forecasts or estimates of revenues or
earnings for any period; that the exception in this clause (E) shall