Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 287

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 287
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erral Plan, and the SpinCo Group shall retain sole responsibility for all such Liabilities following the Distribution Effective Time.

(a) Stock Fund in Director Deferral Plan. To the extent that the deferral account of any participant in the Company Director Deferral
Plan is notionally invested in the unitized stock fund investment option offered under the Company Director Deferral Plan, with a value based on the value of Company Shares, then such participant’s deferral account in the Company Director
Deferral Plan or SpinCo Director Deferral Plan, as applicable, shall be credited as of immediately after the Distribution Effective Time with () a notional investment in the same number of Company Shares credited to such
participant’s account as of immediately prior to the Distribution Effective Time and () a notional investment in a number SpinCo Shares equal to the product of () the number of Company Shares credited to such
participant’s account as of immediately prior to the Distribution Effective Time multiplied by() the Distribution Ratio.

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Section 9.3 .

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

(i) Adjusted Company DSU Award.The number of Company Shares subject to the Adjusted Company DSU Award shall be equal to the number of Company Shares subject to the corresponding Company DSU Award, as applicable, immediately prior to the Distribution
Effective Time.

(ii) SpinCo DSU Award. The number of SpinCo Shares subject to the SpinCo DSU Award shall be equal to the
product (rounded up to the nearest whole share) of () the number of Company Shares subject to the corresponding Company DSU Award, as applicable, immediately prior to the Distribution Effective Time, multiplied by() the Distribution Ratio.

(iii) For the avoidance of doubt, the Adjusted Company DSU Award and SpinCo DSU Award
received in respect of each Company DSU Award shall be settled into Company Shares or SpinCo Shares, as applicable, at such time or times that such Company DSU Award would have been settled into Company Shares pursuant to the deferral election made
with respect to such Company DSU Award.

ARTICLE X

ADDITIONAL COMP