Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 267

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 267
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 trust agreement forming a part
of the SpinCo U.S. Savings Plan; , , that such transferred amounts shall only be transferred in accordance with Section 414(l) of the Code and all other applicable Laws. In consideration for the transfer of Assets
described herein, SpinCo shall, or shall cause to the applicable members of the SpinCo Group, effective as of the date of transfer described herein, to assume all of the obligations of the Company or Company U.S. Savings Plan in respect of the
account balances accumulated by SpinCo Participants under the Company U.S. Savings Plan (exclusive of any portion of such account balances which are paid or otherwise withdrawn prior to the date of transfer described herein) on or prior to the
Distribution Date.

(d) Stock Fund Treatment.

(i) The Company U.S. Savings Plan will provide, effective no later than the Distribution Effective Time: () for the
establishment of a SpinCo Common Stock Fund; () that such SpinCo Common Stock Fund shall receive a transfer of and hold all SpinCo Shares distributed in connection with the Distribution (as defined in the Separation Agreement) in
respect of Company Shares held in the Company Common Stock Fund under the Company U.S. Savings Plan; () that, following the Distribution, participants in the Company U.S. Savings Plan will be prohibited from increasing their holdings in
such SpinCo Common Stock Fund and no new amounts may be contributed to the SpinCo Common Stock Fund, whether through dividend reinvestments, employee contributions, employer contributions or exchanges; and () that participants in the
Company U.S. Savings Plan may elect to liquidate their holdings in such SpinCo Common Stock Fund and invest the cash received in respect thereof in any other investment fund offered under the Company U.S. Savings Plan in respect of which new
contributions or transfers are permitted. It is expected that Company Participants in the Company U.S. Savings Plan will be permitted to hold SpinCo Shares through the SpinCo Common Stock Fund for a period of up to twelve (12) months following
the Distribution Date (such period, the “”). The Company shall establish rules for any such Company Participants to invest any amounts held in the SpinCo Common Stock Fund in different investment funds offered under
the Company U.S. Savings Plan (in respect of which new contributions or transfers are permitted) during the Sunset Period.

(ii) The
SpinCo U.S. Savings Plan will provide, effective no later than the Distribution Effective Time for the establishment of a SpinCo Common Stock Fund and a Company Common