Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 278

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 278
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 Option Award
immediately prior to the Distribution Effective Time. The number of Company Shares subject to the Adjusted Company Option Award shall be equal to the product (rounded down to the nearest whole share) of () the number of Company
Shares subject to the corresponding Employer Method Option Award immediately prior to the Distribution Effective Time, multiplied by() the Company Conversion Ratio. The per share exercise price of the Adjusted Company Option
Award shall be equal to the quotient (rounded up to the nearest cent) of () the per share exercise price of the corresponding Employer Method Option Award immediately prior to the Distribution Effective Time, divided by
() the Company Conversion Ratio.

(ii) SpinCo Group Employees and Former SpinCo Group Employees. Effective as of the
Distribution Effective Time, each Employer Method Option Award held by each individual who is a SpinCo Group Employee or Former SpinCo Group Employee, whether vested or unvested, shall be converted, as provided in this
, into a SpinCo Option Award, and shall otherwise be subject to the same terms and conditions (including with respect to vesting and the expiration of the exercise period) after the Distribution Effective
Time as were applicable to such Employer Method Option Award immediately prior to the Distribution Effective Time. The number of SpinCo Shares subject to the SpinCo Option Award shall be equal to the product (rounded down to the nearest whole
share) of () the number of Company Shares subject to the corresponding Employer Method Option Award immediately prior to the Distribution Effective Time, multiplied by() the SpinCo Conversion Ratio. The per share
exercise price of the SpinCo Option Award shall be equal to the quotient(rounded up to the nearest cent) of () the per share exercise price of the corresponding Employer Method Option Award immediately prior to the Distribution
Effective Time, divided by () the SpinCo Conversion Ratio.

(c) Shareholder Method RSU and PRSU Awards.
Effective as of the Distribution Effective Time, each Shareholder Method RSU Award and Shareholder Method PRSU Award, whether vested or unvested, shall, after adjusting for the attainment of any performance criteria applicable to any such unvested
Shareholder Method PRSU Award pursuant to , be converted, as provided in this , into both an Adjusted Company RSU Award and a SpinCo RSU Award, and shall otherwise be
subject to the same terms and conditions (including with respect to service-based vesting) after the Distribution Effective Time as were applicable to such Shareholder Method RSU Award and Shareholder Method PRSU Award immediately prior to the