Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 352

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 352
---
 manner as provided in Article VII
of the Separation Agreement, mutatis mutandis. The Independent Expert shall resolve any matter submitted thereto within thirty (30) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been
submitted to the Independent Expert for resolution. Notwithstanding the preceding sentence, if the Reconciliation Dispute is not resolved before any payment that is the subject of the Reconciliation Dispute, such payment shall be made on the date
prescribed by this Agreement, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Independent Expert or the amendment of any Tax Return shall be borne equally by the Company and SpinCo,
except as provided in the next sentence. Each party shall bear its own costs and expenses (including, without limitation, fees of such party’s own attorneys or accountants) of such proceeding. The Independent Expert shall finally determine any
Reconciliation Dispute and the determinations of the Independent Expert pursuant to this shall be binding on the Company and SpinCo and may be entered and enforced in any court having jurisdiction.

35

Section 14. .

Section 14.01 . Except as otherwise contemplated by this Agreement, all covenants and agreements of the Parties contained
in this Agreement shall survive the Distribution and remain in full force and effect in accordance with their applicable terms.

Section 14.02 . Except as expressly set forth herein, this Agreement is not intended to address, and should not be
interpreted to address, the matters specifically and expressly covered by the Separation Agreement, the Merger Agreement or the Ancillary Agreements.

Section 14.03 .

(a) This Agreement may not be modified or amended except by an agreement in writing specifically designated as an amendment hereto signed by
each of the Parties; that prior to making any such modification or amendment that would materially adversely affect Buyer, its Affiliates or the Company Group, the Company shall also obtain Buyer’s prior written consent (which
consent shall not be unreasonably withheld, conditioned or delayed); further, that consent from Buyer shall not be required if at or before such modification or amendment is made, the Merger Agreement has been terminated in
accordance with the terms thereof . Any provision of this Agreement may be waived, if and only if, such waiver is in writing and signed by the Party against whom the waiver is to be effective.

(b) No failure or delay by any Party in exercising any right, power or privilege hereunder