Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 179

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 179
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 time prior to the Distribution Effective Time by either Party or any current or former member of its Group (or any of their respective predecessors), including such businesses, operations and activities at times when those of such segment as of the date of this Agreement were part of different segments; providedthat, notwithstanding its inclusion or exclusion, as applicable, in the Global Linear Networks segment, the SpinCo Business shall not include the business, operation and activities set forth on Schedule 1.7(a)and shall include the business, operations and activities set forth on Schedule 1.7(b). “ SpinCo Bylaws” shall mean the Amended and Restated Bylaws of SpinCo, substantially in the form set forth on Exhibit C. “ SpinCo Certificate of Incorporation” shall mean the Amended and Restated Certificate of Incorporation of SpinCo, substantially in the form set forth on Exhibit D 3. “ SpinCo Contracts” shall mean the following contracts and agreements to which either Party or any member of its Group is a party or by which it or any member of its Group or any of their respective Assets is bound, whether or not in writing ( providedthat SpinCo Contracts shall not include any contract or agreement that is listed on Schedule 1.3): (a) (i) any contract or agreement with a Third Party entered into prior to the Distribution Effective Time primarily related to the SpinCo Business, including those listed on Schedule 1.8(a), (subject to clause (a)(ii) of the definition of “Company Contracts”) and (ii) with respect to any contract or agreement entered into with a Third Party prior to the Distribution Effective Time that relates to the SpinCo Business (other than in a de minimisrespect) but is not primarily related to the SpinCo Business, that portion of any such contract or agreement that relates to the SpinCo Business; (b) any contract or agreement that is otherwise expressly contemplated pursuant to this Agreement or any of the Ancillary Agreements to be assigned to SpinCo or any member of the SpinCo Group;

| 3 | Form of A&R Bylaws and Form of A&R Certificate of Incorporation of SpinCo to be determined by the             
 Company in its sole discretion between the signing of the Merger Agreement and the signing of this Agreement. |

19

(c) any credit agreement, indenture, note or other financing agreement or
instrument entered into by SpinCo or any member of the SpinCo Group in connection with the Separation, including any SpinCo Financing Arrang