Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 201

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 201
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(e) Securities Law Matters. SpinCo shall file such amendments or
supplements to the Form 10 as may be necessary or advisable in order to cause the Form 10 to become and remain effective as required by the SEC or federal, state or other applicable securities Laws. The Company and SpinCo shall cooperate in
preparing, filing with the SEC and causing to become effective registration statements or amendments thereof which are required to reflect the establishment of, or amendments to, any employee benefit plans and other plans necessary or advisable in
connection with the transactions contemplated by this Agreement and the Ancillary Agreements. The Company and SpinCo shall prepare, and SpinCo shall, to the extent required under applicable Law, file with the SEC any such documentation and any
requisite no-action letters that the Company and SpinCo determine are necessary or desirable to effectuate the Distribution, and the Company and SpinCo shall use reasonable best efforts to obtain all necessary
approvals from the SEC with respect thereto as soon as practicable. The Company and SpinCo shall take all such action as may be necessary or appropriate under the securities or blue sky laws of the United States (and any comparable Laws under any
foreign jurisdiction) in connection with the Distribution.

(f) Information Statement. The Company shall, as soon as
is reasonably practicable after the Form 10 is declared effective under the Exchange Act and the Company Board has approved the Distribution, cause the Information Statement to be sent or otherwise made available to Record Holders.

(g) The Distribution Agent. The Company shall enter into a distribution agent agreement with the Agent or otherwise
provide instructions to the Agent regarding the Distribution.

(h) Stock-Based Employee Benefit Plans. The Company
and SpinCo shall take such actions as may be necessary to approve the grants of adjusted equity awards by the Company (in respect of Company Shares) and SpinCo (in respect of SpinCo Shares) in connection with the Distribution in order to satisfy the
requirements of Rule 16b-3 under the Exchange Act.

(i) New SpinCo Debt Securities. SpinCo shall take all necessary actions to cause the New SpinCo Debt Securities to be issued as part of the Contribution.

3.3 .

(a) The consummation of the Distribution shall be subject to the satisfaction, or waiver by the Company in its sole and
absolute discretion, of the following conditions:

(i) The Company Board shall be satisfied that the Distribution will be
made out of surplus in accordance with Section 170 of the Delaware General Corporation Law and shall have