Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 203

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 203
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 competent
jurisdiction shall have issued or entered into any injunction or other decree, order, judgment, writ, stipulation, award or temporary restraining order, and no applicable Law shall have been enacted or promulgated, in each case that (whether
temporary or permanent) has the effect of enjoining or otherwise prohibiting the consummation of the Separation, the Distribution or any of the transactions related thereto;

(ix) Each of the Ancillary Agreements (other than the Transfer Documents) shall have been duly executed and delivered by the
applicable parties thereto; and

(x) The SpinCo Shares to be distributed in the Distribution shall have been accepted for
listing on Nasdaq, NYSE or such other national securities exchange as selected in the Company’s sole discretion, subject to official notice of distribution.

48

(b) The foregoing conditions are for the sole benefit of the Company and shall not give rise to or create any duty on the part of the Company or the Company Board to waive or not waive any such condition or in any way limit the Company’s right to terminate this Agreement as set forth in Article IXor alter the consequences of any such termination from those specified in Article IX. Any determination made by the Company Board prior to the Distribution concerning the satisfaction or waiver of any or all of the conditions set forth in Section 3.3(a)shall be conclusive and binding on the Parties. 3.4 The Distribution. (a) Subject to Section 3.3, at or prior to the Distribution Effective Time, the Company shall deliver or cause to be delivered to the Agent, for the benefit of the Record Holders, all of the SpinCo Shares that it received in connection with the Contribution, representing all of the outstanding SpinCo Shares, and book-entry transfer authorizations for such SpinCo Shares, and shall cause the transfer agent for the Company Shares to instruct the Agent to distribute at the Distribution Effective Time the appropriate number of SpinCo Shares to each such Record Holder or designated transferee or transferees thereof by way of direct registration in book-entry form. SpinCo shall not issue paper stock certificates in respect of the SpinCo Shares. The Distribution shall be effective at the Distribution Effective Time. (b) Subject to Sections 3.3and 3.4(c), each Record Holder shall be entitled to receive in the Distribution [•] SpinCo Share for every [•] 6Company Share held by such Record Holder on the Record Date. (c) Notwithstanding Section 3.4(b