Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 277

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 277
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 of the SpinCo Equity Awards described in this . The SpinCo Equity Plans shall be approved prior to the
Distribution Date by the Company as SpinCo’s sole stockholder.

(a) Shareholder Method Option Awards. Effective as of the
Distribution Effective Time, each Shareholder Method Option Award, whether vested or unvested, shall be converted, as provided in this , into both an Adjusted Company Option Award and a SpinCo Option Award,
and shall otherwise be subject to the same terms and conditions (including with respect to vesting and the expiration of the exercise period) after the Distribution Effective Time as were applicable to such Shareholder Method Option Award
immediately prior to the Distribution Effective Time.

(i) Adjusted Company Option Award.The number of Company Shares
subject to the Adjusted Company Option Award shall be equal to the product (rounded down to the nearest whole share) of () the number of Company Shares subject to the corresponding Shareholder Method Option Award immediately prior to
the Distribution Effective Time, multiplied by() the Company Stock Value Ratio. The per share exercise price of the Adjusted Company Option Award shall be equal to the quotient (rounded up to the nearest cent) of
() the per share exercise price of the corresponding Shareholder Method Option Award immediately prior to the Distribution Effective Time, divided by () the Company Conversion Ratio.

(ii) SpinCo Option Award. The number of SpinCo Shares subject to the SpinCo Option Award shall be equal to the product (rounded
down to the nearest whole share) of () the number of Company Shares subject to the corresponding Shareholder Method Option Award immediately prior to the Distribution Effective Time, multiplied by() the SpinCo Stock
Value Ratio. The per share exercise price of the SpinCo Option Award shall be equal to the quotient (rounded up to the nearest cent) of () the per share exercise price of the corresponding Shareholder Method Option Award immediately
prior to the Distribution Effective Time, divided by () the SpinCo Conversion Ratio.

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(b) Employer Method Option Awards.

(i) Company Group Employees and Former Company Group Employees. Effective as of the Distribution Effective Time, each Employer Method
Option Award held by each individual who is a Company Group Employee or Former Company Group Employee, whether vested or unvested, shall be converted, as provided in this , into an Adjusted Company Option
Award, and shall otherwise be subject to the same terms and conditions (including with respect to vesting and the expiration of the exercise period) after the Distribution Effective Time as were applicable to such Employer Method