Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 199

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 199
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 a reasonably acceptable alternative amendment, modification or supplement to the Restructuring Plan to address the intended result of the Company’s initial proposed amendment, modification or supplement, as the case may be. 5 ARTICLE III THE DISTRIBUTION 3.1 Sole and Absolute Discretion; Cooperation. (a) Subject to Section 10.15, the Company shall, in its sole and absolute discretion, determine the terms of the Distribution or the Debt-for-DebtExchange, as applicable, including the form, structure and terms of any transaction(s) or offering(s) to effect the Distribution or the Debt-for-DebtExchange, as applicable, and the timing and conditions to the consummation thereof. In addition, subject to Section 9.1, the Company may, at any time and from time to time until the consummation of all or part of the Distribution or the Debt-for-DebtExchange, as applicable, decide to abandon the Distribution or the Debt-for-DebtExchange, as applicable, or, subject to Section 10.15,modify or change the terms of the Distribution or the Debt-for-DebtExchange, as applicable, including by accelerating or delaying the timing of the consummation of all or part of the Distribution or the Debt-for-DebtExchange, as applicable. Nothing herein shall 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. (b) Each of SpinCo and the Company shall cooperate with the other Party to accomplish the Distribution and shall use its reasonable best efforts to promptly take all actions reasonably necessary or desirable to effect the Distribution, including in respect of the registration under the Exchange Act of SpinCo Shares on the Form 10. The Company shall select any investment bank or manager in connection with the Distribution, as well as any financial printer, solicitation or exchange agent and financial, legal, accounting and other advisors for the Company. SpinCo and the Company, as the case may be, shall provide, or cause the applicable member of its Group to provide, to the Agent any information required in order to complete the Distribution ( providedthat any information required to be provided under this Section 3.1(b)shall be subject to Section 6.9).

| 5 | Note to Draft: The Company may alternatively update this Restructuring Plan as contemplated by                           
 Section 2.17 (and subject to Buyer’s prior written consent as set forth therein) prior to