Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 269

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 269
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 to the Distribution Effective Time in calendar year 2026 or
2027.

“” shall have the meaning set forth in .

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“” means the closing price of a Company
Share on NASDAQ trading on the “regular way” basis on NASDAQ on the Distribution Date (or if the Distribution Date is not a trading day, the first trading day after the Distribution Date).

“” means the closing price of a SpinCo Share on NASDAQ or NYSE (as applicable) trading on the
“regular way” basis on NASDAQ or NYSE (as applicable) on the Distribution Date (or if the Distribution Date is not a trading day, the first trading day after the Distribution Date).

“” shall have the meaning set forth in
.

“” shall have the meaning set forth in

“” shall have the meaning set forth in .

“” means the closing price of a Company Share on NASDAQ
trading on the “regular way” basis (inclusive of SpinCo value) on NASDAQ on the last trading day preceding the Distribution Date.

“” means those jurisdictions and/or countries in which both Parties operate, market, distribute or
otherwise make available their services to customers as at the Distribution Effective Time and/or during the Applicable TSA Period.

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” means a Benefit Plan intended to qualify as a cafeteria plan under
Section 125 of the Code and that allows eligible employees to pay for certain benefits on a pre-tax basis.

“” shall have the meaning ascribed to it in the recitals to this Agreement.

“” means any Company Option Award other than an Employer Method Option Award.

“” means any Company PRSU Award other than an Employer Method PRSU Award.

“” means any Company RSU Award (including Company RSU Awards granted under the Warner Bros.
Discovery 2005 Non-Employee Director Incentive Plan) other than an Employer Method RSU Award.

“” shall have the meaning ascribed to it in the preamble to this Agreement.

“” means an award of units representing a general unsecured promise by SpinCo to deliver SpinCo
Shares (or the cash equivalent thereof) upon the satisfaction of a performance-based vesting condition.

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“” shall have the meaning set forth in
.

“” means the Board of Directors of SpinCo.

“”