Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 295

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 295
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 () employment with the

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SpinCo Group shall be treated as employment with the Company with respect to Adjusted Company RSU Awards and Adjusted Company Option Awards held by SpinCo Group Employees. In addition, neither
the Transactions, nor any transfer or assignment of employment pursuant to shall constitute a termination of employment for any SpinCo Group Employee or Company Group Employee for purposes of any Adjusted
Company RSU Award, Adjusted Company Option Award, SpinCo RSU Award or SpinCo Option Award, and, for purposes of vesting, shall be given credit for their service with the Company Group or SpinCo Group, as applicable, prior to the Distribution
Effective Time. Following the Distribution Date, for any Company Equity Award that is converted and/or adjusted pursuant to this , any reference to a “change in control,” “change of control” or
similar definition in an award agreement, employment agreement or Company Equity Plan applicable to such award () with respect to Adjusted Company RSU Awards, Adjusted Company DSU Awards and Adjusted Company Option Awards, shall be
deemed to refer to a “change in control,” “change of control” or similar definition as set forth in the applicable award agreement, employment agreement or Company Equity Plan (a “”), and () with respect to SpinCo RSU Awards, SpinCo DSU Awards and SpinCo Option Awards, shall be deemed to refer to a “Change in Control” as defined in any SpinCo Equity Plan or any applicable award
agreement (a “”). Without limiting the foregoing, a SpinCo Change of Control shall also be treated as a Company Change of Control for purposes of Adjusted Company RSU Awards, Adjusted Company DSU Awards or
adjusted Company Options held by SpinCo Group Employees, Former SpinCo Group Employees and SpinCo Group directors.

(b) Effect of the Merger. To the extent that any Adjusted Company RSU Awards and Adjusted Company Option Awards held by SpinCo Group Employees and Former SpinCo Group Employees are outstanding as of the Effective Time (as defined in the Merger Agreement):
() () the Company or its Affiliate shall remit all cash amounts payable pursuant to Section 3.9 of the Merger Agreement in respect of vested Adjusted Company RSU Awards and Adjusted Company Options held by SpinCo Group
Employees and Former SpinCo Group Employees to SpinCo or its designated Affiliate and () a SpinCo Group Member shall pay such amounts, less any required withholding Taxes, to such individuals through payroll; and
() () the