Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 281

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 281
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 Company Compensation Committee prior to the Distribution Effective
Time, and each Adjusted PRSU Award and SpinCo Post-2025 PRSU Award shall otherwise be subject to the same terms and conditions (including with respect to service-based vesting) after the Distribution Effective Time as were applicable to such
Post-2025 PRSU Award immediately prior to the Distribution Effective Time.

Section 8.2 . Subject to the occurrence of, and effective as of immediately prior to, the Distribution Effective Time, () the performance-vesting criteria
applicable to each unvested Company PRSU Award (other than a Post-2025 PRSU Award) shall be deemed to be satisfied in accordance with this and otherwise consistent with terms of the applicable award agreement
and Company Equity Plan, () the number of Company Shares subject to such Company PRSU Award as of immediately prior to the Distribution Effective Time shall be deemed to be adjusted accordingly and () any such
performance-vesting criteria shall no longer apply to such award, such that immediately following the Distribution Effective Time, any Company Equity Award or SpinCo Equity Award received in respect of any such Company PRSU Award shall only be
subject to service-based vesting requirements.

(a) FCF Vesting Conditions. For each unvested Company PRSU Award (other than a
Post-2025 PRSU Award) outstanding as of immediately prior to the Distribution Effective Time the vesting of which is determined based on Company free cash flow performance, the number of Company Shares subject to such Company PRSU Award shall be
determined on a pro-rated basis () based on actual performance for any portion of the applicable performance period ending on or prior to the Distribution Date and () target
performance for any portion of the performance period following the Distribution Date.

(b) rTSR Vesting Conditions. For each
unvested Company PRSU Award (other than a Post-2025 PRSU Award) outstanding as of immediately prior to the Distribution Effective Time the vesting of which is determined based on Company relative total shareholder return performance, the number of
Company Shares subject to such Company PRSU Award shall be determined based on relative total shareholder return performance from the start of the applicable performance period through December 31, 2025.

Section 8.3 .

(a) Generally. After the Distribution Date, Adjusted Company RSU Awards, Adjusted Company DSU Awards, Adjusted 2026 PSU Awards and
Adjusted Company Option Awards, regardless of by whom held, shall be settled by the Company, and