Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 281

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 281
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 respect of which new contributions or transfers are permitted. It is expected that SpinCo Participants in the SpinCo U.S. Savings Plan will be permitted to

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hold Company Shares through the Company Common Stock Fund and SpinCo Shares through the SpinCo Common Stock Fund during the Sunset Period. SpinCo shall establish rules for any such SpinCo
Participant to invest any amounts held in the Company Common Stock Fund and SpinCo Common Stock Fund in different investment funds offered under the SpinCo U.S. Saving Plan (in respect of which new contributions or transfer are permitted) during the
Sunset Period.

ARTICLE V

U.S. NON-QUALIFIEDPLANS

Section 5.1 . From and after the Distribution Date, the Company
Group shall retain sponsorship of the Company Non-Qualified Plans and, except as provided in , all Assets and Liabilities arising out of or relating to the Company Non-Qualified Plans; that, for each Company Splitting Non-Qualified Plan, by no later than the Distribution Effective Time: () SpinCo shall, or
shall cause a SpinCo Group Member to, establish and sponsor a new nonqualified deferred compensation plan (a “”), with reasonably comparable terms and
conditions to the corresponding Company Splitting Non-Qualified Plan and () the Parties shall cause all Liabilities as of the Distribution Date under each Company Splitting Non-Qualified Plan relating to any SpinCo Participant in such plan to be transferred to and assumed by each corresponding Mirror SpinCo Non-Qualified Plan, and the SpinCo
Group shall retain sole responsibility for all such Liabilities following the Distribution Effective Time. Each SpinCo Participant in a Company Retained Non-Qualified Plan shall continue to have such rights,
privileges and obligations as provided under such plan following the Distribution Date.

Section 5.2 . From and after the Distribution Date, the SpinCo Group shall assume or retain sponsorship of the SpinCo Non-Qualified Plans and all Assets and
Liabilities arising out of or relating to the SpinCo Non-Qualified Plans; that, for each SpinCo Splitting Non-Qualified Plan, by no later than the
Distribution Effective Time: () the Company shall, or shall cause a Company Group Member to, establish and sponsor a new nonqualified deferred compensation plan (a “”), with reasonably comparable terms and conditions to the corresponding SpinCo Splitting Non-Qualified Plan and () the Parties
shall cause all Liabilities as of the Distribution Date under each SpinCo Splitting Non-Q