Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 339

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 339
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 Benefit relating to such Taxes is received or realized, or (z) the amount or character of any Tax Item is
adjusted or redetermined. Each payment required by the immediately preceding sentence shall be made in accordance with . If a payment is made as a result of an Adjustment Request which does not conclude the
matter, further adjusting payments will be made, as appropriate, to reflect the outcome of subsequent administrative or judicial proceedings.

(e) . For purposes of this Agreement, a Tax Benefit shall be considered realized or utilized at the time
any actual refund of Taxes is received or applied against other cash Taxes due, or at the time of filing a Tax Return (including a Tax Return relating to estimated Taxes) on which the Tax Benefit is applied in reduction of cash Taxes that would
otherwise be payable, in each case determined on a “with and without” basis, and net of reasonable out-of-pocket expenses incurred in

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connection with the realization or utilization of such Tax Benefits. In the event that any Tax Benefits in respect of which a Party is obligated to make a payment to the other Party under this
Agreement are not expected to be realized or utilized in the taxable year in which such Tax Benefits arose, then at the request of either Party, the Parties shall discuss with one another in good faith whether they may be amenable to settlement of
the payment obligations under this Agreement with respect to such Tax Benefits through a lump sum payment on a net present value basis; that, for the avoidance of doubt, neither Party shall be under any obligation to agree to any
such settlement.

Section 5. . Production Incentives shall be allocated between the Company and SpinCo
pursuant to this . For the avoidance of doubt, and notwithstanding anything to the contrary herein, Production Incentives shall not be treated as a Tax Attribute, Tax Benefit, Tax Item or Tax Refund for purposes of
this Agreement.

Section 5.01 . Notwithstanding anything to the contrary herein, all Production
Incentives described in shall be allocated in the manner and based on the proportions set forth on .

Section 5.02 . Except as provided in , (i) the Company shall be
entitled to the benefit of any Production Incentive the IP Owner of which is a member of the Company Group, and (ii) SpinCo shall be entitled to the benefit of any Production Incentive the IP Owner of which is a member of the SpinCo Group.

Section 5.03 . If a member of the Company Group