Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 282

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 282
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ualified Plan relating to any Company Participant in such plan to be transferred to and assumed by each corresponding
Mirror Company Non-Qualified Plan, and the Company Group shall retain sole responsibility for all such Liabilities following the Distribution Effective Time. Each Company Participant in a SpinCo Retained Non-Qualified Plan shall continue to have such rights, privileges and obligations as provided under such plan following the Distribution Date.

Section 5.3 . Except as required by applicable Law or the last sentence of this
, nothing in this Agreement shall require () any Company Group Member or Company Non-Qualified Plan to transfer Assets or reserves with respect to the Company Non-Qualified Plans to any SpinCo Group Member or SpinCo Non-Qualified Plans or () any SpinCo Group Member or SpinCo
Non-Qualified Plan to transfer Assets or reserves with respect to the SpinCo Non-Qualified Plans to any Company Group Member or Company
Non-Qualified Plans. Notwithstanding the foregoing, () the Parties shall cooperate to, no later than the Distribution Effective Time, transfer ownership of all Company-Owned Life Insurance
Policies to a SpinCo Group Member, () a portion of such Company-Owned Life Insurance Policies having an aggregate death benefit at least equal to two times the value of the Liabilities in respect of Company Participants in the Time
Warner Deferred Compensation Plan will be held in trust for the benefit of the SpinCo Group and the Company Group, and () the portion held in trust for the benefit of the Company Group shall be no greater than the value of the
Liabilities in respect of Company Participants in the Time Warner Deferred Compensation Plan as of the Distribution Effective Time.

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Section 5.4 . The Parties agree that neither the consummation
of the Transactions nor any internal employment transfers pursuant to are intended to trigger a payment or distribution of compensation under any Company Non-Qualified
Plan or SpinCo Non-Qualified Plan to any Company Participant or SpinCo Participant. The payment or distribution of any compensation to which any SpinCo Participant or Company Participant is entitled under any
Company Non-Qualified Plan or SpinCo Non-Qualified Plan will occur upon the time or times provided for under the applicable plan and such participants’ deferral
elections thereunder, which, for Company Splitting Non-Qualified Plans, SpinCo shall cause to be recognized and maintained under the applicable Mirror SpinCo
Non-Qualified Plan.

Section 5.5 . To the extent that the deferral account of any