Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 147

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 147
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determining whether a “Buyer Material Adverse Effect” has occurred or is occurring to the extent it materially and disproportionately adversely affects Buyer and its Subsidiaries (taken as a whole) compared to other companies operating
in the industries and geographiesin which Buyer and its Subsidiaries 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 all Intellectual Property owned or purported to be
owned by the Buyer Entities.

“” means each “employee benefit plan” (as defined in
Section 3(3) of ERISA) and each other bonus, commission, stock option, stock appreciation right, restricted stock, restricted stock unit, performance stock unit, stock purchase or other equity-based,
incentive compensation, profit sharing, savings, retirement, disability, vacation, deferred compensation, severance, separation, termination, retention, change of control, stay bonus and other similar material plan, program, agreement or arrangement
that is maintained or contributed to by the Buyer or any of its Subsidiaries or with respect to which Buyer or any of its Subsidiaries could reasonably be expected to have any liability, other than any such plan, scheme or arrangement (i) that
is sponsored or maintained by, 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.

“”