Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 11

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 11
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, and each holder of (i) a certificate that immediately prior to the Effective Time represented any such shares
of Company Stock (a “”) or (ii) shares of Company Stock held in book-entry form (“”) shall cease to have any rights with respect thereto, except (subject to
) the right to receive the Merger Consideration, without interest, subject to compliance with the procedures set forth in .

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(d) Each share of capital stock of Merger Sub issued and outstanding immediately prior to
the Effective Time shall be converted into and become one (1) validly issued, fully paid and nonassessable share of common stock, par value $0.01 per share, of the Surviving Corporation.

Section 2.2 . Notwithstanding anything in this Agreement to the contrary, if, from the date of this Agreement
until the earlier of (a) the Effective Time and (b) any termination of this Agreement in accordance with , the outstanding shares of Buyer Common Stock or Company Stock shall have been changed into a
different number of shares or a different class by reason of any reclassification, stock split (including a reverse stock split), recapitalization, split-up, combination, exchange of shares, readjustment or
other similar transaction, or a stock dividend thereon shall be declared with a record date within said period (in each case, other than the Distribution, except to account for changes in the number of outstanding shares of Company Stock, Company
Options, Company RSUs, Company PRSUs, Company DSUs and Company Notional Units, as a result of the Distribution being consummated pursuant to a merger in accordance with Section 3.5 of the Separation and Distribution Agreement), then the Merger
Consideration and any other similarly dependent items, as the case may be, shall be appropriately adjusted to provide Buyer and the holders of Company Stock (including Company Options exercisable for Company Stock) the same economic effect as
contemplated by this Agreement prior to such event. Nothing in this shall be construed to permit any Party to take any action that is otherwise prohibited or restricted by any other provision of this Agreement.

Section 2.3 . No fractional shares of Buyer Common Stock shall be issued upon the conversion of Company
Stock pursuant to , and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a holder of Buyer Common Stock. All fractional shares to which a single record holder
of Company Stock would be otherwise entitled to