Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 46

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 46
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 the Transactions, (iv) incurred pursuant to Contracts or Licenses binding on the Company or
any of its Subsidiaries or pursuant to which their respective assets are bound (other than those resulting from a breach of such Contract or License) or (v) that would not, individually or in the aggregate, have a Company Material Adverse
Effect. None of the Retained Business or the Retained Entities is a party to or subject to the provisions of any Governmental Order that would, individually or in the aggregate, have a Company Material Adverse Effect.

Section 4.8 .

(a) Each material Retained Entity Plan as of the date of this Agreement is listed in of the Company
Disclosure Letter, other than employment agreements that do not materially deviate from the Company’s standard forms set forth in of the Company Disclosure Letter. True and complete copies of each of
the material Retained Entity Plans (other than employment agreements that do not materially deviate from the Company’s standard forms set forth in of the Company Disclosure Letter) (or, if unwritten, a
written summary thereof) and all amendments thereto, have been made available to

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Buyer on or prior to the date of this Agreement. The Company shall provide a list to Buyer of each material employment agreement with a Retained Entity Employee, other than any such employment
agreements that do not materially deviate from the Company’s standard forms set forth in of the Company Disclosure Letter, and make available to Buyer true and complete copies (or a summary of the
material terms) of each such material employment agreement within ninety (90) days following the date of this Agreement.

(b) Each
Retained Entity Plan that is subject to ERISA that is an “employee pension benefit plan” within the meaning of Section 3(2) of ERISA (a “”) and intended to be qualified under
Section 401(a) of the Code, has received a favorable determination letter from the IRS and, to the Knowledge of the Company, no circumstance exists that is likely to result in the loss of the qualification of such plan under Section 401(a)
of the Code. Except as would not, individually or in the aggregate, have a Company Material Adverse Effect, each Retained Entity Plan has been established, funded and operated in accordance with its terms and with all applicable Law, including the
applicable provisions of ERISA and the Code.

(c) No liability under Subtitle C or D of Title IV of ERISA has been or