Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 135

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 135
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 or provided through, a Governmental Entity or Labor Union, (ii) that the Buyer or any of its Subsidiaries is required by Law to maintain or contribute to or (iii) any Multiemployer Plan.

Annex A-3

“” means a percentage equal to 100
minus the Stock Consideration Percentage.

“” means the Internal Revenue Code of 1986.

“” means (a) if the Average Buyer Stock Price is below or equal to the Low End Collar Price, the Low End
Collar Price, (b) if the Average Buyer Stock Price is between the Low End Collar Price and the High End Collar Price, the Average Buyer Stock Price and (c) if the Average Buyer Stock Price is equal to or greater than the High End Collar
Price, the High End Collar Price.

“” means a collective bargaining agreement, works
council agreement, or other similar Contract with a Labor Union.

“” means the Company
Liabilities (as defined in the Separation and Distribution Agreement).

“” means the Warner Bros.
Discovery, Inc. Non-Employee Directors Deferral Plan and the Company’s Supplemental Retirement Plan.

“” means any deferred stock unit of the Company.

“” means the Company’s 2011 Employee Stock Purchase Plan (as amended).

“” means the Company Options, the Company RSUs, the Company PRSUs, the Company DSUs and the Company
Notional Units.

“” has the meaning given to such term in the Separation and Distribution Agreement.

“” means all Information Technology owned, leased or licensed by the Post-Separation Retained
Entities.

“” means each Person that is a Retained Entity that is not wholly owned directly or indirectly by
the Company as of the date of this Agreement.

“”means any Effect that, individually or in the aggregate with any other Effect is, or would reasonably be expected to be, materially adverse to the financial condition, properties, assets, operations,
liabilities, business or results of operations of the Retained Business taken as a whole;, , that, none of the following, alone or in combination, shall be deemed to constitute a Company Material Adverse Effect, or
be taken into account in determining whether a Company Material Adverse Effect has occurred or would reasonably be expected to occur:

(A) Effects generally affecting the economy, credit, capital, securities or financial markets or political, regulatory,
economic or business conditions (including tariffs, trade policies and sanctions) in any