Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 252

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 252
---
 value of Company Shares and the cash liquidity component held thereunder.

“” shall have the meaning set forth in .

“” means the quotient obtained by dividing () the Pre-Spin Company Stock Value, by () the Post-Spin Company Stock Value.

“” means the Warner Bros. Discovery, Inc.
Non-Employee Directors Deferral Plan.

“” means each Company
RSU Award (or portion thereof) granted to a current or former non-employee director of the Company under a Company Equity Plan that has vested and the settlement of which into Company Shares has been deferred
pursuant to a timely deferral election made by such current or former non-employee director.

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” means, collectively, the Company Option Awards, Company PRSU Awards and Company RSU Awards.

-2-

“” means, collectively, the Amended and Restated
Warner Bros. Discovery, Inc. Stock Incentive Plan, the Warner Bros. Discovery 2005 Non-Employee Director Incentive Plan, the Warner Bros. Discovery 2013 Incentive Plan and any other equity incentive
compensation plan or arrangement maintained by the Company as of immediately before the Distribution Effective Time (in each case, as amended and/or restated from time to time).

“” shall have the meaning set forth in .

“” shall have the meaning ascribed to it in the Separation Agreement.

“” means, as of any applicable time from and after the Distribution Effective Time, () a
current employee of a Company Group Member (including any such employee who is an Inactive Employee and excluding any non-payroll workers), () any individual who, although deemed to be an employee of
the SpinCo Group under Transfer Regulations due to such individual’s rendering of services to the SpinCo Group pursuant to the Transition Services Agreement or otherwise, is designated by the Parties to be a Company Group Employee or
() a Seconded Company Group Employee.

“” means a member of the Company Group
(including Company).

“” shall have the meaning set forth in
.

“” means any agreement with any Employee
Representative Body to which a member of the Group is a party or bound by and that primarily pertains to Company Group Employees.

“” means any multiemployer plan within the meaning of section 4001(a)(3) of ERISA with respect to
which a Company Group Member is or was a participating employer.

“” means each