Company: WBD
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001437107-25-000084
Chunk: 108

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 108
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 our common stock converts into or is exchanged for the right to receive cash, securities or other property or is cancelled;

■ any transfer or disposition of all of our common stock for cash, securities or other property pursuant to a share exchange transaction or other transaction; or

#### ■

#### any liquidation or dissolution of WBD.
If a reorganization event occurs, our Board or the Compensation Committee may take any one or more, or any combination, of the following actions as to outstanding options on such terms as our Board or the Compensation Committee determines:

■ provide that options will be assumed, or substantially equivalent options will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof);

■ upon written notice to employees, provide that all outstanding options will be terminated immediately prior to the consummation of the reorganization event and will become exercisable to the extent of accumulated payroll deductions as of a date specified by our Board or the Compensation Committee in such notice (which date may not be less than 10 days preceding the effective date of the reorganization event);

■ upon written notice to employees, provide that all outstanding options will be cancelled as of a date prior to the effective date of the reorganization event and that all accumulated payroll deductions will be returned to employees on such date;

■ in the event of a reorganization event pursuant to which holders of common stock will receive upon consummation of the event a cash payment for each share surrendered in the reorganization event (such per-share cash payment, the “acquisition price”), upon the consummation of such event make or provide for a cash payment to an employee equal to:

■ the acquisition price times the number of shares of common stock subject to the employee’s option (calculated as of immediately prior to the reorganization event based on the employee’s then accumulated payroll deductions and using the acquisition price to determine the option price) minus

■ the aggregate option price of such option, which cash payment shall be made in exchange for the termination of such option;

■ provide that, in connection with our liquidation or dissolution, options will convert into the right to receive liquidation proceeds (net of the option price thereof).

#### 2025 PROXY STATEMENT103
| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive    
 Compensation |     | Other   
 Matters |     | Additional  
 Information |     | Appendices |

#### Termination and Amendment of Plan
Our Board or the Compensation Committee may at any time