Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 145

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 145
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) the Exchange Ratio by (ii) the Average Buyer Stock Price.

“” means any “multiemployer plan” within the meaning of Section 3(37) of ERISA.

“” means the NASDAQ Stock Market.

“” means, with respect to Vested Company Options, a number of whole and partial shares of Company Stock
(computed to the nearest four decimal places) equal to (i) the product obtained by multiplying (A) the number of shares of Company Stock subject to such Vested Company Option immediately prior to the Effective Time, and (B) the
excess, if any, of the Merger Consideration Value over the exercise price per share of Company Stock subject to such Vested Company Option, divided by (ii) the Merger Consideration Value.

“” means, with respect to an action taken by any Person, that such action is consistent with the ordinary
course of business and past practices of such Person.

“” means (i) with respect to any
Person that is a corporation, its articles or certificate of incorporation, memorandum and articles of association, as applicable, and bylaws, or comparable documents, (ii) with respect to any Person that is a partnership, its certificate of
partnership and partnership agreement, or comparable documents, (iii) with respect to any Person that is a limited liability company, its certificate of formation and limited liability company or operating agreement, or comparable documents,
(iv) with respect to any Person that is a trust or other entity, its declaration or agreement of trust or other constituent document or comparable documents and (v) with respect to any other Person that is not an individual, its comparable
organizational documents.

“” has the meaning set forth in the definition of “.”

“” means the Pension Benefit Guaranty Corporation.

“” means $23.25, , that, if the Company has given notice of a Specified Amount
Reduction pursuant to the Separation and Distribution Agreement, then the Per Share Cash Amount shall be reduced by the Per Share Cash Amount Reduction.

“” means an amount equal to (a) the Specified Amount Reduction multiplied by
(b) the Cash Consideration Percentage divided by (c) the Effective Time FD Share Count.

“”
means any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association,
organization, Governmental Entity or other entity of any kind or nature.

Annex A-13

“” means, with respect