Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 293

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 293
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 or unvested, shall be converted, as provided in this , into either () if held by an
individual who is a Company Group Employee or Former Company Group Employee, an Adjusted Post-2025 PRSU Award or () if held by an individual who is a SpinCo Group Employee or Former SpinCo Group Employee, a SpinCo Post-2025 PRSU Award.
The target number of Company Shares subject to each such Adjusted Post-2025 PRSU Award shall be equal to the product (rounded up to the nearest whole share) of () the target number of Company Shares subject to the corresponding
Post-2025 PRSU Award immediately prior to the Distribution Effective Time, multiplied by() the Company Conversion Ratio. The target number of SpinCo Shares subject to each such SpinCo Post-2025 PRSU Award shall be equal to the
product (rounded up to the nearest whole share) of () the target number of Company Shares subject to the corresponding Post-2025 PRSU Award immediately prior to the Distribution Effective Time, multiplied by() the Company Conversion Ratio. Effective as of the Distribution Effective Time, the performance-vesting criteria applicable to each

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outstanding Adjusted Post-2025 PRSU Award and SpinCo Post-2025 PRSU Award shall be adjusted in the manner determined by the Company Compensation Committee prior to the Distribution Effective
Time, and each Adjusted PRSU Award and SpinCo Post-2025 PRSU Award shall otherwise be subject to the same terms and conditions (including with respect to service-based vesting) after the Distribution Effective Time as were applicable to such
Post-2025 PRSU Award immediately prior to the Distribution Effective Time.

Section 8.2 . Subject to the occurrence of, and effective as of immediately prior to, the Distribution Effective Time, () the performance-vesting criteria
applicable to each unvested Company PRSU Award (other than a Post-2025 PRSU Award) shall be deemed to be satisfied in accordance with this and otherwise consistent with terms of the applicable award agreement
and Company Equity Plan, () the number of Company Shares subject to such Company PRSU Award as of immediately prior to the Distribution Effective Time shall be deemed to be adjusted accordingly and () any such
performance-vesting criteria shall no longer apply to such award, such that immediately following the Distribution Effective Time, any Company Equity Award or SpinCo Equity Award received in respect of any such Company PRSU Award shall only be
subject to service-based vesting requirements.