Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 213

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 213
---
 SpinCo Bylaws. On or prior to the Distribution Date, the Company and SpinCo
shall take all necessary actions so that, as of the Distribution Effective Time, the SpinCo Certificate of Incorporation and the SpinCo Bylaws shall become the certificate of incorporation and bylaws of SpinCo, respectively.

(c) SpinCo Directors and Officers. On or prior to the Distribution Date, the Company and SpinCo shall take all necessary
actions so that as of the Distribution Effective Time: (i) the directors and executive officers of SpinCo shall be those set forth in the Information Statement made available to the Record Holders prior to the Distribution Date, unless
otherwise agreed by the Parties; (ii) each individual referred to in clause (i) shall have resigned from his or her position, if any, as a member of the Company Board or as an executive officer of the Company; and (iii) SpinCo shall
have such other officers as SpinCo shall appoint.

(d) Stock Exchange Listing. SpinCo shall prepare and file, and
shall use its reasonable best efforts to have approved, an application for the listing of the SpinCo Shares to be distributed in the Distribution on Nasdaq, NYSE or such other national securities exchange as selected in the Company’s sole
discretion, subject to official notice of distribution.

46

(e) Securities Law Matters. SpinCo shall file such amendments or
supplements to the Form 10 as may be necessary or advisable in order to cause the Form 10 to become and remain effective as required by the SEC or federal, state or other applicable securities Laws. The Company and SpinCo shall cooperate in
preparing, filing with the SEC and causing to become effective registration statements or amendments thereof which are required to reflect the establishment of, or amendments to, any employee benefit plans and other plans necessary or advisable in
connection with the transactions contemplated by this Agreement and the Ancillary Agreements. The Company and SpinCo shall prepare, and SpinCo shall, to the extent required under applicable Law, file with the SEC any such documentation and any
requisite no-action letters that the Company and SpinCo determine are necessary or desirable to effectuate the Distribution, and the Company and SpinCo shall use reasonable best efforts to obtain all necessary
approvals from the SEC with respect thereto as soon as practicable. The Company and SpinCo shall take all such action as may be necessary or appropriate under the securities or blue sky laws of the United States (and any comparable Laws under any
foreign jurisdiction