Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 167

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 167
---
 bound, whether or not in writing, as of the Distribution Effective Time, other than the SpinCo Contracts, including the
following contracts and agreements ( that the Company Contracts shall not include any contracts or agreements listed on :

(a) (i) any contract or agreement with a Third Party entered into prior to the Distribution Effective Time primarily related to
the Company Business, including those listed on , (subject to clause (a)(ii) of the definition of “SpinCo 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 Company Business (other than in a de minimis respect) but is not primarily related to the Company Business, that portion of any such contract or agreement that relates to the Company
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 the Company or any member of the Company Group;

(c) any credit agreement,
indenture, note or other financing agreement or instrument entered into by the Company or any member of the Company Group in connection with the Separation, including any Company Financing Arrangements, provided that such agreements and instruments
shall not include any agreements or instruments pursuant to the terms of which the Company, and any such member of the Company Group, will be released from its obligations thereunder in connection with the completion of the Separation (in which case
such agreements and instruments shall be SpinCo Assets);

(d) Company Leases;

(e) any guarantee, indemnity, representation, covenant, warranty or other Liability of either Party or any member of its Group
in respect of any other Company Contract, any Company Liability or the Company Business;

(f) any interest rate, currency,
commodity or other swap, collar, cap or other hedging or similar agreements or arrangements related primarily to the Company Business; and

(g) any contracts or agreements listed on , including the right to recover any amounts
under such contracts, agreements or settlements.

“” means all information (a) incorporated by
reference from the Company’s securities filings or (b) relating to (i) the Company Business, (ii) the Company Group, (iii) the Company Liabilities, (iv) the Company Assets, (v) the Merger or Buyer and
(vi) the Company Board’s consideration of the Separation and the Distribution or the Merger.

“” shall have the meaning set forth in .

8

“”