Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 340

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 340
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 receives a Production Incentive to
which SpinCo is entitled under this , the Company shall promptly notify SpinCo and provide a Payment Notice to SpinCo setting forth (i) the amount of any cash payment or actual reduction in Taxes that the
Company Group receives or realizes in respect of such Production Incentive or (ii) if SpinCo directs the Company to monetize such Production Incentive through a third-party sale or other transaction in which such Production Incentive is
monetized at a discount, the discounted value of such Production Incentive so received by the Company Group, in each case net of any reasonable out-of-pocket costs and
expenses incurred by the Company Group and any Taxes thereon, which the Company shall pay to SpinCo in accordance with .

Section 5.04 . If a member of the SpinCo Group receives a Production Incentive to
which the Company is entitled under this , SpinCo shall promptly notify the Company and provide a Payment Notice to the Company setting forth (i) the amount of any cash payment or actual reduction in Taxes
that the SpinCo Group receives or realizes in respect of such Production Incentive or (ii) if the Company directs SpinCo to monetize such Production Incentive through a third-party sale or other transaction in which such Production

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Incentive is monetized at a discount, the discounted value of such Production Incentive so received by the SpinCo Group, in each case net of any reasonable out-of-pocket costs and expenses incurred by the SpinCo Group and any Taxes thereon, which SpinCo shall pay to the Company in accordance with .

Section 6. .

Section 6.01 .

(a) . SpinCo hereby represents and warrants or covenants and agrees, as appropriate, that the facts presented and the
representations made by SpinCo in the SpinCo Tax Representation Letters are or will be from the time presented or made through and including the Distribution Effective Time (and thereafter as relevant) true, correct and complete in all material
respects.

(b) . The Company hereby represents and warrants or covenants and agrees, as appropriate, that the facts
presented and the representations made by the Company in the Company Tax Representation Letters, are or will be from the time presented or made through and including the Distribution Effective Time (and thereafter as relevant) true, correct and
complete in all material respects.

(c) . Other than the Merger, each of the Company and SpinCo represents and
warrants