Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 290

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 290
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 exercise price of the corresponding Shareholder Method Option Award immediately prior to the Distribution Effective Time, divided by () the Company Conversion Ratio.

(ii) SpinCo Option Award. The number of SpinCo Shares subject to the SpinCo Option Award shall be equal to the product (rounded
down to the nearest whole share) of () the number of Company Shares subject to the corresponding Shareholder Method Option Award immediately prior to the Distribution Effective Time, multiplied by() the SpinCo Stock
Value Ratio. The per share exercise price of the SpinCo Option Award shall be equal to the quotient (rounded up to the nearest cent) of () the per share exercise price of the corresponding Shareholder Method Option Award immediately
prior to the Distribution Effective Time, divided by () the SpinCo Conversion Ratio.

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(b) Employer Method Option Awards.

(i) Company Group Employees and Former Company Group Employees. Effective as of the Distribution Effective Time, each Employer Method
Option Award held by each individual who is a Company Group Employee or Former Company Group Employee, whether vested or unvested, shall be converted, as provided in this , into an Adjusted Company Option
Award, and shall otherwise be subject to the same terms and conditions (including with respect to vesting and the expiration of the exercise period) after the Distribution Effective Time as were applicable to such Employer Method Option Award
immediately prior to the Distribution Effective Time. The number of Company Shares subject to the Adjusted Company Option Award shall be equal to the product (rounded down to the nearest whole share) of () the number of Company
Shares subject to the corresponding Employer Method Option Award immediately prior to the Distribution Effective Time, multiplied by() the Company Conversion Ratio. The per share exercise price of the Adjusted Company Option
Award shall be equal to the quotient (rounded up to the nearest cent) of () the per share exercise price of the corresponding Employer Method Option Award immediately prior to the Distribution Effective Time, divided by
() the Company Conversion Ratio.

(ii) SpinCo Group Employees and Former SpinCo Group Employees. Effective as of the
Distribution Effective Time, each Employer Method Option Award held by each individual who is a SpinCo Group Employee or Former SpinCo Group Employee, whether vested or unvested, shall be converted, as provided in this
, into a SpinCo Option Award, and shall otherwise be subject to the same terms and conditions (including with respect to vesting and the expiration of the exercise period) after the Distribution Effective
Time as were applicable to such Employer Method Option Award immediately prior to