Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 147

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 147
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 the Company,
its Subsidiaries or any of their respective securities or the Retained Business; that the exception in this clause (H) shall not prevent or otherwise affect a determination that any Effect underlying such Effect, announcement of
an Effect has resulted in, or contributed to, or would reasonably be expected to result in, or contribute to, a Company Material Adverse Effect;

Annex A-5

(I) any change, in and of itself, in the market price or trading volume of
the securities of the Company (it being understood that the facts or occurrences giving rise to or contributing to such change may be taken into account in determining whether there has been or would reasonably be expected to be a Company Material
Adverse Effect, unless otherwise excluded in this definition of “Company Material Adverse Effect”); or

(J) any
Effect attributable to or arising as a result of the transactions contemplated by the Separation and Distribution Agreement, including any Taxes attributable to or otherwise arising in connection therewith;

, that, with respect to clauses (A), (B), (D) and (F), such Effect shall be taken into account in
determining whether a “Company Material Adverse Effect” has occurred or is occurring to the extent it materially and disproportionately adversely affects the Retained Business (taken as a whole) compared to other businesses operating in
the industries and geographiesin which the Retained Business operate (in which case only the incremental disproportionate impact may be taken into account, and only to the extent otherwise
permitted by this definition).

“” means each notional investment unit with respect to shares of
Company Stock subject to a Company DC Plan.

“” means each option to purchase shares of Company Stock
granted under any Company Stock Plan.

“” means all Intellectual Property owned or purported to be
owned by the Post-Separation Retained Entities.

“” means any performance restricted stock unit of the
Company.

“” means each restricted stock unit of the Company (other than any Company PRSU or Company DSU).

“” means the Amended and Restated Warner Bros. Discovery, Inc. Stock Incentive Plan, the Warner
Bros. Discovery, Inc. 2011 Employee Stock Purchase Plan (as amended), the Warner Bros. Discovery, Inc. 2013 Incentive Plan (as amended) and the Warner Bros. Discovery, Inc. 2005 Non-Employee Director Incentive
Plan (as amended).

“” means the adoption of this Agreement