Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 269

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 269
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 of the Distribution Date under each Company Splitting Non-Qualified Plan relating to any SpinCo Participant in such plan to be transferred to and assumed by each corresponding Mirror SpinCo Non-Qualified Plan, and the SpinCo
Group shall retain sole responsibility for all such Liabilities following the Distribution Effective Time. Each SpinCo Participant in a Company Retained Non-Qualified Plan shall continue to have such rights,
privileges and obligations as provided under such plan following the Distribution Date.

Section 5.2 . From and after the Distribution Date, the SpinCo Group shall assume or retain sponsorship of the SpinCo Non-Qualified Plans and all Assets and
Liabilities arising out of or relating to the SpinCo Non-Qualified Plans; that, for each SpinCo Splitting Non-Qualified Plan, by no later than the
Distribution Effective Time: () the Company shall, or shall cause a Company Group Member to, establish and sponsor a new nonqualified deferred compensation plan (a “”), with reasonably comparable terms and conditions to the corresponding SpinCo Splitting Non-Qualified Plan and () the Parties
shall cause all Liabilities as of the Distribution Date under each SpinCo Splitting Non-Qualified Plan relating to any Company Participant in such plan to be transferred to and assumed by each corresponding
Mirror Company Non-Qualified Plan, and the Company Group shall retain sole responsibility for all such Liabilities following the Distribution Effective Time. Each Company Participant in a SpinCo Retained Non-Qualified Plan shall continue to have such rights, privileges and obligations as provided under such plan following the Distribution Date.

Section 5.3 . Except as required by applicable Law or the last sentence of this
, nothing in this Agreement shall require () any Company Group Member or Company Non-Qualified Plan to transfer Assets or reserves with respect to the Company Non-Qualified Plans to any SpinCo Group Member or SpinCo Non-Qualified Plans or () any SpinCo Group Member or SpinCo
Non-Qualified Plan to transfer Assets or reserves with respect to the SpinCo Non-Qualified Plans to any Company Group Member or Company
Non-Qualified Plans. Notwithstanding the foregoing, () the Parties shall cooperate to, no later than the Distribution Effective Time, transfer ownership of all Company-Owned Life Insurance
Policies to a SpinCo Group Member, () a portion of such Company-Owned Life Insurance Policies having an aggregate death benefit at least equal to two times the value of the Liabilities in respect of Company Participants in the Time