Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 173

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 173
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 or other earnings or proceeds received with respect to such Asset) to the Party (or to any member of such Party’s Group) so entitled thereto, and such Party (or member of such
Party’s Group) shall accept such Asset. Prior to any such transfer, the Person receiving or possessing such Asset shall hold such Asset in trust for such other Person. In the event that at any time or from time to time (whether prior to, at or
after the Distribution Effective Time), either Party (or any member of such Party’s Group) shall receive or otherwise assume any Liability that is allocated to the other Party (or any member of such Party’s Group) pursuant to this
Agreement or any Ancillary Agreement, such Party shall promptly transfer, or cause to be transferred, such Liability to the Party responsible therefor (or to any member of such Party’s Group), and such Party (or member of such Party’s
Group) shall accept, assume and agree to faithfully perform such Liability. Any Asset or Liability that is transferred under this shall be treated as having been transferred or assumed at the time in which it
was intended to have been so transferred or assumed as provided in this Agreement (including the Restructuring Plan) and/or the applicable Transfer Documents and owned or assumed by the Party (or member of its Group) to whom the Asset or Liability
is transferred for U.S. federal and applicable state or local income tax purposes from and after such time, to the extent permitted by applicable Law.

(e) Waiver of Bulk Sale and Bulk Transfer Laws. SpinCo hereby waives compliance by each member of the Company Group with
the requirements and provisions of any “bulk sale” or “bulk transfer” Laws of any jurisdiction that may otherwise be applicable with respect to the transfer or sale of any or all of the SpinCo Assets to any member of the
SpinCo Group. The Company hereby waives compliance by each member of the SpinCo Group with the requirements and provisions of any “bulk sale” or “bulk transfer” Laws of any jurisdiction that may otherwise be applicable with
respect to the transfer or sale of any or all of the Company Assets to any member of the Company Group.

2.2 .

(a) SpinCo Assets. For purposes of this Agreement, “” shall mean:

(i) all issued and outstanding capital stock or other equity interests of the Transferred Entities that are owned by either
Party or any members of its Group as of the Distribution Effective Time;

(ii) all Assets of either Party or