Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 131

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 131
---
 each place each such phrase appears) is publicly proposed or publicly disclosed prior to the Company Stockholder
Meeting (a “”), (y )(1) this Agreement is terminated by the Company or Buyer pursuant to or (2) this Agreement is terminated by Buyer pursuant to
as a result of a Willful Breach by the Company of any covenants hereunder and, in each case, (z) concurrently with or within twelve (12) months after such termination, the Company
(1) consummates a Company Qualifying Transaction or (2) enters into a definitive agreement providing for a Company Qualifying Transaction, then the Company shall pay to Buyer, by wire transfer of immediately available funds to an account
designated in writing by Buyer, a fee of $2,800,000,000 in cash (the “”), such payment to be made: (x) concurrently with such termination in the case of clause (A) above; (y) within three
(3) Business Days after such termination in the case of clauses (B) or (C) above; or (z) upon the earlier of within three (3) Business Days after the consummation of such Company Qualifying Transaction or the entry into a
definitive agreement providing for a Company Qualifying Transaction in the case of clause (D) above; it being understood that in no event shall the Company be required to pay the Company Termination Fee on more than one occasion.

(b) . If this Agreement is terminated by (A) the Company or Buyer pursuant to
, and at the time of such termination, (1) one or more of the conditions set forth in or (in each case, solely as a
result of any Antitrust Law or Foreign Regulatory Law) has not been satisfied or waived and (2) all of the other conditions set forth in and have been satisfied or
waived (except for (i) those conditions that by their nature are to be satisfied at the Closing; that such conditions were then capable of being satisfied if the Closing had taken place and (ii) any condition that has not
been satisfied as a result of a breach by Buyer or Merger Sub of its representations, warranties, covenants or agreements contained in this Agreement) or (B) by the Company or Buyer pursuant to due
to any Antitrust Law or Foreign Regulatory Law, then Buyer shall pay to the Company, by wire transfer of immediately available funds to an account designated in writing by the Company, a fee of $ in