Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 28

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 28
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-9-

Section 3.9 .

(a) As of the Effective Time, by virtue of the Merger and without any further action on the part of the holders thereof, the
Company, Buyer or Merger Sub:

(i) .

(A) Each Company Option that is outstanding immediately prior to the Effective Time and that is (x) vested in accordance with all
applicable terms as of the Effective Time or (y) that is held by a former employee or service provider of the Company (each, a “”) shall be cancelled and converted into the right to receive the Merger
Consideration in respect of the Net Company Shares underlying such Vested Company Option in accordance with Section 2.1(c) as if each of the Net Company Shares were one share of Company Stock issued and outstanding immediately prior to the
Effective Time (the “”), except as set forth in Section 3.9(a)(vi); ,, that if the exercise price per share of Company Stock of such Vested Company Option
is equal to or greater than the Merger Consideration Value, such Vested Company Option shall be cancelled without any cash payment or other consideration being made in respect thereof.

(B) Each Company Option that is outstanding and unexercised immediately prior to the Effective Time and that is not a Vested Company Option
(each, an “”) shall be assumed by Buyer and automatically converted into the contingent right to receive an amount in cash, without interest, equal to the product obtained by multiplying (i) the excess,
if any, of the Merger Consideration Value over the per-share exercise price for such Unvested Company Option, by (ii) the total number of shares of Company Stock subject to such Unvested Company Option
immediately prior to the Effective Time (the “”); ,, that if the exercise price per share of Company Stock of such Unvested Company Option is equal to or
greater than the Merger Consideration Value, such Unvested Company Option shall be cancelled without any cash payment or other consideration being made in respect thereof. Subject to the holder’s Continued Service through the applicable
vesting dates, such Unvested Company Option Consideration shall vest and become payable at the same time as the Unvested Company Option from which such Unvested Company Option Consideration was converted would have vested and become exercisable
pursuant to its terms and shall otherwise remain subject to the same terms and conditions (including any applicable terms relating to accelerated vesting upon qualifying terminations of employment