Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 264

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 264
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 3(3) of ERISA (whether or not subject to ERISA), “voluntary employees’ beneficiary associations,” under Section 501(c)(9)
of the Code, employment, consulting, retirement, severance, termination or change in control agreements and deferred compensation, gratuity, termination allowance, equity-based, incentive, bonus, supplemental retirement, profit sharing, insurance,
medical, welfare, vacation, fringe or other benefits, or remuneration of any kind.

“” shall have the
meaning set forth in .

“” means the continuation coverage requirements
for “group health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Section 4980B of the Code and Sections 601 through 608 of ERISA.

“” means the U.S. Internal Revenue Code of 1986, as amended.

“” shall have the meaning ascribed to it in the preamble to this Agreement.

“” shall have the meaning set forth in .

“” means the Board of Directors of the Company.

“” shall have the meaning ascribed to it in the Separation Agreement.

“” means the unitized stock fund investment option offered or to be offered under the Company U.S.
Savings Plan, with a value based on the value of Company Shares and the cash liquidity component held thereunder.

“” shall have the meaning set forth in .

“” means the quotient obtained by dividing () the Pre-Spin Company Stock Value, by () the Post-Spin Company Stock Value.

“” means the Warner Bros. Discovery, Inc.
Non-Employee Directors Deferral Plan.

“” means each Company
RSU Award (or portion thereof) granted to a current or former non-employee director of the Company under a Company Equity Plan that has vested and the settlement of which into Company Shares has been deferred
pursuant to a timely deferral election made by such current or former non-employee director.

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” means, collectively, the Company Option Awards, Company PRSU Awards and Company RSU Awards.

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“” means, collectively, the Amended and Restated
Warner Bros. Discovery, Inc. Stock Incentive Plan, the Warner Bros. Discovery 2005 Non-Employee Director Incentive Plan, the Warner Bros. Discovery 2013 Incentive Plan and any other equity incentive
comp