Company: WBD
Filing Date: 2025-04-11
Form Type: PRE 14A
Source: 0001437107-25-000078
Chunk: 104

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-11
Form: PRE 14A
Chunk 104
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 available for future issuance under the ESPP. When the ESPP was adopted in 2011, approximately 4,000 of our employees were eligible to participate in the ESPP. As of March 31, 2025, approximately 31,000 of our employees were eligible to participate in the ESPP, which reflects the increase in our employee population following the WarnerMedia Transaction. The additional shares subject to the ESPP Amendment are anticipated to meet the needs of eligible employees under the ESPP for approximately nine years, but may last for more or less than nine years depending on currently unknown factors, such as future ESPP participation rates and our share price.

The purpose of the ESPP is to provide eligible employees of WBD and certain of its subsidiaries with an opportunity to purchase shares of our common stock through accumulated payroll deductions. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”).

#### Summary of the ESPP
The following summary of the ESPP and the ESPP Amendment is qualified in its entirety by reference to the text of the ESPP and the ESPP Amendment, copies of which are attached as Appendix C to this proxy statement. You may also obtain a copy of the ESPP and the ESPP Amendment by accessing the proxy statement as filed with the SEC on the Internet at www.sec.gov, by accessing the Investor Relations section of our website at ir.wbd.com, or by contacting our Corporate Secretary at CorporateSecretary@wbd.com.

#### Administration
The ESPP is administered by our Board or by the Compensation Committee. Our Board or the Compensation Committee is authorized to make rules and regulations for the administration of the ESPP.

#### Eligibility
All of our employees are eligible to participate in the ESPP provided that they:

■ are customarily employed by us or a designated subsidiary for more than 20 hours a week;

■ have been employed by us or a designated subsidiary for at least 30 days prior to enrolling in the ESPP; and

■ remain an employee of ours or a designated subsidiary on the first day of the applicable offering period.

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| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive    
 Compensation |     | Other   
 Matters |     | Additional  
 Information |     | Appendices |

No employee is eligible to participate in the ESPP if he or she owns five percent