Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 286

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 286
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(d) SEC Registration; SecuritiesLaws. SpinCo shall file Forms S-1, S-3 and/or S-8 registration statements with respect to, and shall cause to be registered in accordance with applicable securities Laws, the SpinCo Shares authorized for
issuance under the SpinCo Equity Plans by no later than the Distribution Effective Time, and in any event before the date of issuance of any SpinCo Shares. The Parties further agree to take such additional actions as are necessary to comply with
securities Laws and other legal requirements associated with equity awards granted under their respective equity plans in connection with the Transactions in both the U.S. and affected non-U.S. jurisdictions.

ARTICLE IX

DIRECTOR COMPENSATION MATTERS

Section 9.1 Director Cash Compensation Allocable to Service. On or as soon as practicable following
the Distribution Effective Time, the Company shall pay to each member of the Company Board as of immediately prior to the Distribution Effective Time (including each Transferring Director) the quarterly installment of such director’s annual
cash retainer for the calendar quarter in which the Distribution Date occurs, prorated for the number of days occurring in such calendar quarter through the Distribution Date, and the Company shall have no further obligation to pay any remaining
unpaid portion of each Transferring Director’s annual cash retainer thereafter. SpinCo shall commence, and be fully responsible for, paying quarterly cash retainers to the Transferring Directors and other SpinCo
non-employee directors for their service to the SpinCo Group following the Distribution Date. The Company shall continue to be fully responsible for paying quarterly cash retainers to members of the Company
Board for their services to the Company Group following the Distribution Date.

Section 9.2
Non-EmployeeDirectors Deferral Plan. Effective as of the Distribution Date, SpinCo shall establish and sponsor a nonqualified deferred compensation plan for
non-employee directors (the “”), with terms and funding arrangements substantially similar to those of the Company Directors Deferral Plan as of the
Distribution Date. To the extent possible, the Parties will take all actions necessary to ensure that neither the consummation of the Transactions nor any transfer of a Transferring Director’s directorship will trigger a payment or
distribution of compensation under the Company Directors Deferral Plan. The Parties shall cause all account balances and other Liabilities under the Company Directors Deferral Plan relating to any Transferring Director to be transferred to and
assumed by the SpinCo Directors Def