Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 368

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 368
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, the Separation Agreement or any Ancillary Agreement, including this Agreement: (i) all matters relating 39

to Taxes and Tax Returns of the Parties and their respective Subsidiaries, to the extent such matters are the subject of this Agreement, shall be governed exclusively by this Agreement; and
(ii) for the avoidance of doubt, in the event of any conflict between the Merger Agreement, the Separation Agreement or any Ancillary Agreement, on the one hand, and this Agreement, on the other hand, with respect to such matters, the terms and
conditions of this Agreement shall govern; , that in the event of any conflict between Section 3.6 of the Separation Agreement and this Agreement, the terms and conditions of Section 3.6 of the Separation Agreement shall
govern.

Section 14.09 . Except for Buyer, which is an express third party beneficiary of
, , , , , ,
, and of this Agreement, and as specifically provided herein, the Parties hereby agree that their respective agreements and covenants set
forth in this Agreement are solely for the benefit of the other Parties, as the case may be, on the terms and subject to the conditions set forth in this Agreement, and this Agreement is not intended to, and does not, confer upon any Person other
than the Parties and their respective successors, legal representatives and permitted assigns any rights or remedies, express or implied. For the avoidance of doubt, no stockholder of the Company or SpinCo shall be third-party beneficiaries for any
purpose prior to the Distribution, and no stockholder (or Party on behalf of their respective stockholders) shall be entitled to bring any claim for damages prior to the Distribution based on a decrease in share value or lost premiums.

Section 14.10 . This Agreement shall terminate immediately upon the valid termination of the Separation Agreement, if
the Separation Agreement is validly terminated in accordance with its terms prior to the Distribution. After the Distribution, this Agreement may not be terminated except by an agreement in writing signed by a duly authorized officer of each of the
Company and SpinCo. In the event of any termination of this Agreement, neither Party (or any of their respective directors, officers, members or managers) shall have any liability or further obligation to any other Party by reason of this Agreement.

Section 14.11 .

(a) Except as otherwise expressly provided to the contrary in this Agreement, any amount that is to be paid by or reimbursed by a Party to the