Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 282

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 282
---
 SpinCo RSU Awards, SpinCo Post-2025 PRSU Awards, SpinCo DSU Awards and SpinCo Option Awards, regardless of by whom held, shall be settled by SpinCo;
, , that the Company shall be responsible for any dividend equivalent payments with respect to Adjusted Company RSU Awards, Adjusted Company DSU Awards and SpinCo RSU Awards held by Company Group Employees, Former
Company Group Employees or Company Group directors, and SpinCo shall be responsible for any dividend equivalent payments with respect to Adjusted Company RSU Awards, Adjusted Company DSU Awards and SpinCo RSU Awards held by SpinCo Group Employees,
Former SpinCo Group Employees or SpinCo Group directors. For the avoidance of doubt, consistent with , all Company Equity Awards held by Former Company Group Employees shall be settled by the Company into Company
Shares and no such awards shall be settled by SpinCo into SpinCo Shares. Except as otherwise provided in this Agreement, with respect to Company Equity Awards that are converted and/or adjusted pursuant to this ,
() employment with the Company Group shall be treated as employment with SpinCo with respect to SpinCo RSU Awards and SpinCo Option Awards held by Company Group Employees and () employment with the

-24-

SpinCo Group shall be treated as employment with the Company with respect to Adjusted Company RSU Awards and Adjusted Company Option Awards held by SpinCo Group Employees. In addition, neither
the Transactions, nor any transfer or assignment of employment pursuant to shall constitute a termination of employment for any SpinCo Group Employee or Company Group Employee for purposes of any Adjusted
Company RSU Award, Adjusted Company Option Award, SpinCo RSU Award or SpinCo Option Award, and, for purposes of vesting, shall be given credit for their service with the Company Group or SpinCo Group, as applicable, prior to the Distribution
Effective Time. Following the Distribution Date, for any Company Equity Award that is converted and/or adjusted pursuant to this , any reference to a “change in control,” “change of control” or
similar definition in an award agreement, employment agreement or Company Equity Plan applicable to such award () with respect to Adjusted Company RSU Awards, Adjusted Company DSU Awards and Adjusted Company Option Awards, shall be
deemed to refer to a “change in control,” “change of control” or similar definition as set forth in the applicable award agreement, employment agreement or Company Equity Plan (a “”), and () with respect to SpinCo RSU Awards, SpinCo