Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 322

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 322
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 transaction of such series, or (ii) the total combined voting
power of all outstanding shares of voting stock of SpinCo as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series. Notwithstanding the foregoing, a Proposed Acquisition
Transaction shall not include (x) the adoption by SpinCo of a customary shareholder rights plan (also known as a “poison pill”), (y) issuances by SpinCo that satisfy Safe Harbor VIII (relating to acquisitions in connection with a
Person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulations Section 1.355-7(d), including such issuances net of
exercise price and/or tax withholding (, , that any sale of such stock in connection with a net exercise or tax withholding is not exempt under this clause (y) unless it satisfies the requirements of Safe Harbor VII
of Treasury Regulations Section 1.355-7(d)) or (z) acquisitions that satisfy Safe Harbor VII of Treasury Regulations Section 1.355-7(d). For purposes of
determining whether a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power, any amendment to the certificate of incorporation (or other organizational documents) of SpinCo to the extent a
shareholder’s percentage interest in SpinCo for U.S. federal income tax purposes increases by vote or value, or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof are intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or change
in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its interpretation.

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9

“” has the meaning set forth in
of this Agreement.

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in of this Agreement.

“” means any Company Separate Return or