Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 280

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 280
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 held by each individual who is a SpinCo Group Employee or Former SpinCo Group Employee, whether vested or unvested, shall, after adjusting for the
attainment of any performance criteria applicable to any such unvested Employer Method PRSU Award pursuant to , be converted, as provided in this , into a SpinCo RSU
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 Employer Method RSU Award and Employer Method PRSU Award
immediately prior to the Distribution Effective Time. The number of SpinCo Shares subject to the SpinCo RSU Award shall be equal to the product (rounded up to the nearest whole share) of () the number of Company Shares subject to
the corresponding Employer Method RSU Award or Employer Method PRSU Award, as applicable, immediately prior to the Distribution Effective Time (which for any unvested Employer Method PRSU Award shall be determined pursuant to
), multiplied by() the SpinCo Conversion Ratio.

(iii) Post-2025 PRSU Awards. Effective as of the Distribution Effective Time, each Post-2025 PRSU Award, whether vested or unvested, shall be converted, as provided in this , into either () if held by an
individual who is a Company Group Employee or Former Company Group Employee, an Adjusted Post-2025 PRSU Award or () if held by an individual who is a SpinCo Group Employee or Former SpinCo Group Employee, a SpinCo Post-2025 PRSU Award.
The target number of Company Shares subject to each such Adjusted Post-2025 PRSU Award shall be equal to the product (rounded up to the nearest whole share) of () the target number of Company Shares subject to the corresponding
Post-2025 PRSU Award immediately prior to the Distribution Effective Time, multiplied by() the Company Conversion Ratio. The target number of SpinCo Shares subject to each such SpinCo Post-2025 PRSU Award shall be equal to the
product (rounded up to the nearest whole share) of () the target number of Company Shares subject to the corresponding Post-2025 PRSU Award immediately prior to the Distribution Effective Time, multiplied by() the Company Conversion Ratio. Effective as of the Distribution Effective Time, the performance-vesting criteria applicable to each

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outstanding Adjusted Post-2025 PRSU Award and SpinCo Post-2025 PRSU Award shall be adjusted in the manner determined by the