Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 250

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 250
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 | 35 |
| Section 13.7                                           |     | Amendments                                                            |     | 35 |
| Section 13.8                                           |     | Subsidiaries                                                          |     | 35 |
| Section 13.9                                           |     | No Circumvention                                                      |     | 35 |
| Section 13.10                                          |     | Title and Headings                                                    |     | 35 |
| Section 13.11                                          |     | Severability                                                          |     | 36 |
| Section 13.12                                          |     | No Duplication; No Double Recovery                                    |     | 36 |

-ii-

EMPLOYEE MATTERS AGREEMENT

This EMPLOYEE MATTERS AGREEMENT (this “”) is entered into as of [•] by and between [New Wonder] (the
“”), a Delaware corporation, on behalf of itself and the members of the Company Group, and [Delight] Global Media, Inc. (“”), a Delaware corporation, on behalf of itself and the members of the
SpinCo Group.

RECITALS

WHEREAS, the Company, acting through itself and its direct and indirect Subsidiaries, currently conducts the Company Business and the SpinCo
Business;

WHEREAS, the Company intends to separate the SpinCo Business from the Company Business and form a new publicly traded company
to operate the SpinCo Business, in each case, pursuant to the terms and conditions set forth in the Separation and Distribution Agreement, dated as of the date hereof, by and between the Company and SpinCo (the “”), and the other Ancillary Agreements (including this Agreement); and

WHEREAS, in connection with the Separation and
the Distribution (each as defined in the Separation Agreement) and the other transactions contemplated by the Separation Agreement (collectively, the “”), the Parties wish to enter into this Agreement in respect of
certain employee matters.

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements, provisions and covenants contained
in this Agreement, the Parties hereby agree as follows:

ARTICLE I

DEFINITIONS

As used in
this Agreement, the following terms shall have the meanings set forth below:

“” means a
Post-2025 PRSU Award, as adjusted as of the Distribution Effective Time in accordance with .

“” means a Company Option Award, as adjusted as of the Distribution Effective Time in accordance with .

“” means a Company RSU Award, as adjusted as of the Distribution Effective