Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 351

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 351
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, then at the request of either Party, the Parties shall discuss with one another in good faith whether they may be amenable to settlement of
the payment obligations under this Agreement with respect to such Tax Benefits through a lump sum payment on a net present value basis; that, for the avoidance of doubt, neither Party shall be under any obligation to agree to any
such settlement.

Section 5. . Production Incentives shall be allocated between the Company and SpinCo
pursuant to this . For the avoidance of doubt, and notwithstanding anything to the contrary herein, Production Incentives shall not be treated as a Tax Attribute, Tax Benefit, Tax Item or Tax Refund for purposes of
this Agreement.

Section 5.01 . Notwithstanding anything to the contrary herein, all Production
Incentives described in shall be allocated in the manner and based on the proportions set forth on .

Section 5.02 . Except as provided in , (i) the Company shall be
entitled to the benefit of any Production Incentive the IP Owner of which is a member of the Company Group, and (ii) SpinCo shall be entitled to the benefit of any Production Incentive the IP Owner of which is a member of the SpinCo Group.

Section 5.03 . If a member of the Company Group receives a Production Incentive to
which SpinCo is entitled under this , the Company shall promptly notify SpinCo and provide a Payment Notice to SpinCo setting forth (i) the amount of any cash payment or actual reduction in Taxes that the
Company Group receives or realizes in respect of such Production Incentive or (ii) if SpinCo directs the Company to monetize such Production Incentive through a third-party sale or other transaction in which such Production Incentive is
monetized at a discount, the discounted value of such Production Incentive so received by the Company Group, in each case net of any reasonable out-of-pocket costs and
expenses incurred by the Company Group and any Taxes thereon, which the Company shall pay to SpinCo in accordance with .

Section 5.04 . If a member of the SpinCo Group receives a Production Incentive to
which the Company is entitled under this , SpinCo shall promptly notify the Company and provide a Payment Notice to the Company setting forth (i) the amount of any cash payment or actual reduction in Taxes
that the SpinCo Group receives or realizes in respect of such Production Incentive or (ii) if the Company