Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 334

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 334
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 an indirect acquisition, any recapitalization resulting in a shift of voting power, any amendment to the certificate of incorporation (or other organizational documents) of SpinCo to the extent a
shareholder’s percentage interest in SpinCo for U.S. federal income tax purposes increases by vote or value, or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof are intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or change
in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in this definition and its interpretation.

“” has the meaning set forth in of this Agreement.

“” has the meaning set forth in of this Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in of this Agreement.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in
of this Agreement.

9

“” has the meaning set forth in
of this Agreement.

“” has the meaning set forth
in of this Agreement.

“” means any Company Separate Return or
SpinCo Separate Return.

“” has the meaning set forth in the Separation Agreement.

“” has the meaning set forth in the recitals to this Agreement.

“” means all Taxes attributable to or arising as a result of the Transactions or the Internal
Restructuring, excluding Transfer Taxes.

“” means repurchases or redemptions by
SpinCo that satisfy the following criteria: (i) the repurchase or redemption is motivated by a non-tax business purpose that is unrelated to the Distribution, (ii) the stock to be repurchased or
redeemed is widely held, (iii) the repurchase or redemption is made in the open market or from or through a securities brokerage or investment bank that is not related to SpinCo at an agreed price or formula (including through a call option or
derivative), as part of a repurchase program (including an accelerated share repurchase program) in which the securities brokerage or investment bank purchases shares of stock of SpinCo from anonymous sellers, (iv) the repurchase or redemption
is not motivated to any extent by a desire to increase or decrease the ownership percentage of any particular shareholder or group of shareholders, (v) SpinCo will