Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 30

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 30
---
 and any unpaid dividends or other distributions that would be payable or deliverable in respect thereof pursuant to had such lost, stolen or destroyed
Certificate been surrendered as provided in this .

Section 3.8 .
The Exchange Agent shall invest the cash included in the Exchange Fund as directed by Buyer; , , that no investment interest, gain or loss thereon shall affect the amounts payable to holders of Company Stock. Any
interest or gains resulting from such investments shall be the sole and exclusive property of Buyer payable to Buyer upon its request, and no part of such interest or gains shall accrue to the benefit of holders of Company Stock; ,
, that any investment of such cash shall in all events be limited to direct short-term obligations of, or short-term obligations fully guaranteed as to principal and interest by, the U.S. government, in commercial paper rated A-1 or P-1 or better by Moody’s Investors Service, Inc. or Standard & Poor’s Corporation, respectively, or in certificates of deposit, bank repurchase
agreements or banker’s acceptances of commercial banks with capital exceeding $10 billion (based on the most recent financial statements of such bank that are then publicly available). If for any reason (including investment losses) the
cash in the Exchange Fund shall be insufficient to fully satisfy all of the payment obligations to be made in cash by the Exchange Agent hereunder, Buyer shall promptly deposit cash into the Exchange Fund in an amount which is equal to the
deficiency in the amount of cash required to fully satisfy such cash payment obligations.

-9-

Section 3.9 .

(a) As of the Effective Time, by virtue of the Merger and without any further action on the part of the holders thereof, the
Company, Buyer or Merger Sub:

(i) .

(A) Each Company Option that is outstanding immediately prior to the Effective Time and that is (x) vested in accordance with all
applicable terms as of the Effective Time or (y) that is held by a former employee or service provider of the Company (each, a “”) shall be cancelled and converted into the right to receive the Merger
Consideration in respect of the Net Company Shares underlying such Vested Company Option in accordance with as if each of the Net Company Shares were one share of Company Stock issued and outstanding
immediately prior to the Effective Time (the “”), except as set forth in Section 3.9(a)(iv); ,, that if the exercise price per share of Company Stock of
such Vested Company Option is