Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 163

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 163
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 any fines, damages or equitable relief that is imposed, whether imposed or sought to be imposed by a Governmental Authority, another third Person, or a Party, whether based in contract,
tort, implied or express warranty, strict liability, criminal or civil statute, or otherwise, in each case including all costs and expenses relating thereto.

“” shall have the meaning set forth in .

“” shall mean actual losses (including any diminution in value), costs, damages, penalties and expenses (including
reasonable out-of-pocket legal and accounting fees and expenses and costs of investigation, litigation and enforcement of claims under ), whether or not
involving a Third-Party Claim.

“” shall have the meaning set forth in the Recitals.

“” shall have the meaning set forth in the Recitals.

“” shall have the meaning set forth in the Recitals.

“” shall mean the Nasdaq Stock Market LLC.

15

“” shall mean (a) the sum of (i) the amount of
indebtedness of the SpinCo Group for borrowed money (including all principal, accrued interest related thereto and any breakage costs or premiums, consent fees, make-whole payments or similar amounts payable upon repayment of such obligations),
including all amounts outstanding under the SpinCo Financing Arrangements, (ii) the amount of indebtedness of the SpinCo Group evidenced by notes, bonds, debentures, mortgages, letters of credit or similar instruments, but excluding letters of
credit to the extent not drawn upon, (iii) the amount of any obligations of the SpinCo Group as lessee under any lease that has been recorded as a capital lease in the Company’s most recent financial reporting prior to the Distribution
Date or which is required to be capitalized in accordance with United States generally accepted accounting principles, in effect from time to time, applied in a manner consistent with the methodologies, practices and principles that were applied in
preparing the Company’s most recent financial reporting prior to the Distribution Date and (iv) with respect to the items referred to in clauses (i) and (iii) of any other Person, the amount of such indebtedness the payment of which
SpinCo is responsible or liable for, directly or indirectly, as obligor, guarantor, surety or otherwise (, that “Net Debt” shall not include any such liabilities or obligations solely among SpinCo and another member of the
SpinCo Group and , , that “Net Debt” shall exclude the Existing Company Financing Arrangements and