Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 128

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 128
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 the Regulatory Termination Fee, as applicable, if, as and when required pursuant to or any of its other obligations under
expressly contemplated to survive the termination of this Agreement pursuant to; (ii) no such termination shall relieve any Party for liability for such Party’s Fraud or Willful Breach of any
covenant or obligation contained in this Agreement prior to its termination; and (iii) the Confidentiality Agreement and the provisions
of this, and shall survive the termination hereof.

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Section 8.3 .

(a) . If (A) this Agreement is terminated by the Company pursuant to
, (B) this Agreement is terminated by Buyer pursuant to (C) this Agreement is terminated by the Company or Buyer pursuant to
and, immediately prior to the Company Stockholder Meeting, Buyer would have been entitled to terminate this Agreement pursuant to or (D) (x) after the
date of this Agreement, an Acquisition Proposal (substituting in the definition thereof “50%” for “20%” in each place each such phrase appears) is publicly proposed or publicly disclosed prior to the Company Stockholder
Meeting (a “”), (y)(1) this Agreement is terminated by the Company or Buyer pursuant to or (2) this Agreement is terminated by Buyer pursuant to
as a result of a Willful Breach by the Company of any covenants hereunder and, in each case, (z) concurrently with or within twelve (12) months after such termination, the Company (1) consummates
a Company Qualifying Transaction or (2) enters into a definitive agreement providing for a Company Qualifying Transaction, then the Company shall pay to Buyer, by wire transfer of immediately available funds to an account designated in writing
by Buyer, a fee of $2,800,000,000 in cash (the “”), such payment to be made: (x) concurrently with such termination in the case of clause (A) above; (y) within three (3) Business Days after such
termination in the case of clauses (B) or (C) above; or (z) upon the earlier of within three (3) Business Days after the consummation of such Company Qualifying Transaction or the entry into a definitive agreement providing for a Company
Qualifying Transaction in the case of clause (D) above; it being understood that in no event shall the Company be required to pay the Company Termination Fee on more than one occasion.

(b) . If this Agreement is terminated