Company: WBD
Filing Date: 2025-04-11
Form Type: PRE 14A
Source: 0001437107-25-000078
Chunk: 35

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-11
Form: PRE 14A
Chunk 35
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-for-performance compensation philosophy, as follows:  
 ■Align Interests:ensure a strong alignment of the interests of our stockholders and employees;                              
 ■Pay for Performance:design incentives that are earned in line with short-term and long-term performance;                   
 ■Reward Competitively:pay competitively, across salary grades and geographies; and                                          
 ■Attract and Retain World-Class Talent:retain high-performing individuals whose actions create long-term stockholder value. |

| 52 |

| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive    
 Compensation |     | Other   
 Matters |     | Additional  
 Information |     | Appendices |

#### NEO Target Compensation Mix
Our Compensation Committee has designed the executive compensation program based on our compensation philosophy with a significant majority of target total direct compensation for each NEO delivered in performance-based pay. The charts below for fiscal year 2024 demonstrate the balance between cash and equity compensation, and annual and long-term incentive awards, underscored by all pay elements other than base salary being at risk.

#### CEO Target Compensation Mix

#### Other NEOs Target Compensation Mix

#### Stockholder Engagement and Board Responsiveness
Our Board values stockholder feedback and is committed to robust stockholder outreach. Stockholder feedback is conveyed to the full Board and respective committees of the Board and informs the Board and Board committees discussions and decisions.

Following our 2024 Annual Meeting, we:

| Offered engagement to stockholders representing 
 46%                                             
 of outstanding shares                           |     | Engaged in substantive discussions with stockholders representing 
 36%                                                               
 of outstanding shares                                             |     | Our independent directors participated in 
 100%                                      
 of engagement meetings                    |

Our independent Board Chair, Mr. Di Piazza, and our Compensation Committee Chair, Mr. Gould, led the engagement meetings along with representatives from our Investor Relations and Legal teams.

#### 2025 PROXY STATEMENT53
| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive    
 Compensation |     | Other   
 Matters |     | Additional  
 Information |     | Appendices |

We received feedback on, and took action related to, several aspects of our executive compensation program:

| What We Heard                                                                     |     | What We Did                                                                                                                                                                                                                                                                           |     | Why It’s Impactful                                                                                                                                                                                                                           |
| ■WBD should enhance pay-for-performance linkage of executive compensation         
 ■