Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 289

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 289
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 SpinCo Group Member prior to their applicable date of
transfer, the Parties will use commercially reasonable efforts to transfer such account balances to a defined contribution retirement Benefit Plan maintained by the SpinCo Group Member or Company Group Member, respectively, to which such employees
are transferred.

Section 7.3 . From and after the Distribution Date, a
pro-rata percentage (based on the number of SpinCo Group Employees employed in Poland relative to the overall number of Group employees employed in Poland) of the funds as of the Distribution Effective Time in
the social fund established for the benefit of Group employees in Poland shall be designated for the benefit of SpinCo Group Employees, and as soon as practicable after the Distribution Date, the Company shall cause such funds to be transferred to a
social fund to be established by a SpinCo Group Member on or following the Distribution Date for the benefit of SpinCo Group Employees in Poland.

ARTICLE VIII

EQUITY COMPENSATION

Section 8.1 . Company Equity Awards that are outstanding as of immediately
prior to the Distribution Effective Time shall be adjusted and/or converted in connection with the Transactions as described in this . Prior to the Distribution Date, SpinCo shall adopt one or more equity incentive plans, to be
effective as of the Distribution Effective Time (the “”), which shall permit the issuance of the SpinCo Equity Awards described in this . The SpinCo Equity Plans shall be approved prior to the
Distribution Date by the Company as SpinCo’s sole stockholder.

(a) Shareholder Method Option Awards. Effective as of the
Distribution Effective Time, each Shareholder Method Option Award, whether vested or unvested, shall be converted, as provided in this , into both an Adjusted Company Option Award and a SpinCo Option Award,
and shall otherwise be subject to the same terms and conditions (including with respect to vesting and the expiration of the exercise period) after the Distribution Effective Time as were applicable to such Shareholder Method Option Award
immediately prior to the Distribution Effective Time.

(i) Adjusted Company Option Award.The number of Company Shares
subject to the Adjusted Company Option Award shall be equal to the product (rounded down to the nearest whole share) of () the number of Company Shares subject to the corresponding Shareholder Method Option Award immediately prior to
the Distribution Effective Time, multiplied by() the Company Stock Value Ratio. The per share exercise price of the Adjusted Company Option Award shall be equal to the quotient (rounded up to the nearest cent) of
() the per share