Company: WBD
Filing Date: 2025-04-11
Form Type: PRE 14A
Source: 0001437107-25-000078
Chunk: 6

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-11
Form: PRE 14A
Chunk 6
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 a two-year (vs. one-year) free cash flow ("FCF") performance goal for the NEOs (other than the CEO). The Compensation Committee believes a two-year performance period is appropriate in light of challenging macroeconomic conditions and the evolving media landscape, both of which are beyond the control of management and make a two-year performance period a more sustainable metric for our plan. These PRSUs are also subject to an additional three-year relative TSR modifier.

#### 2025 PROXY STATEMENT11
| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive    
 Compensation |     | Other   
 Matters |     | Additional  
 Information |     | Appendices |

2025: The Compensation Committee designed a new executive compensation program, beginning in 2025, that it believes will more effectively align pay and performance (both Company performance and individual performance), is consistent with prevailing pay practices in our industry, incents our executives and employees to achieve the over-arching corporate financial objectives that are important to the success of the enterprise as well as the individual strategic objectives established for their own success and development, and rewards above-target performance and exceptional accomplishments.

For the 2025 ICP, the Compensation Committee also modified the payout scale to increase the level of performance required for a minimum payout and also increase the potential payout for "above target" performance to better align with market practice.

In addition, the Compensation Committee modified the scale for the Relative TSR modifier that will be applied to the PRSU awards made in 2025 to the NEOs (other than the CEO). In response to investor feedback, the Compensation Committee took action to strengthen the Relative TSR payout curve and adjusted the modifier between the 25th percentile and the 75th percentile to better align with market practice and to maintain the strong performance orientation of the Relative TSR Modifier.

2026: The Compensation Committee, with effect from 2026, also approved the elimination of the annual Supplemental PRSUs which were originally adopted in 2023.

| 12 |

| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive    
 Compensation |     | Other   
 Matters |     | Additional  
 Information |     | Appendices |

#### Corporate Governance Highlights
The WBD Board represents and acts on behalf of WBD stockholders and is committed to sound corporate governance, as reflected through its policies and practices. The Board believes that strong corporate governance is