Company: WBD
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001437107-25-000084
Chunk: 7

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 7
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. You can find a copy of our Corporate Governance Guidelines, along with the charters of the three standing Board committees, and our Amended and Restated Bylaws ("Bylaws") in the Investor Relations section of our corporate website at ir.wbd.com .

Some highlights of WBD’s corporate governance include:

| Director and Committee 
 Independence           |     | ■12 of 13 directors are independent                                                                                                                                                                                 
 ■Board committees - Audit, Compensation, Nominating and Corporate Governance - fully independent                                                                                                                    |
| Board Accountability   
 and Leadership         |     | ■Annual election of directors effective this 2025 Annual Meeting                                                                                                                                                    
 ■Independent Board Chair                                                                                                                                                                                            
 ■Annual Board and Committee evaluation processes                                                                                                                                                                    |
| Board Refreshment      |     | ■Balance of new and experienced directors, with tenure of independent directors, including our director nominee, averaging 4 years                                                                                  
 ■Added 10 new independent directors since 2022, with another independent director nominated for election at the 2025 Annual Meeting                                                                                 
 ■With Dr. Malone not standing for re-election and the nomination of Mr. Levy for election by our stockholders at the 2025 Annual Meeting, our board size will remain 13 directors following the 2025 Annual Meeting |
| Stockholder Rights     |     | ■Single class of common stock with one vote per share                                                                                                                                                               
 ■No stockholder rights plan or "poison pill"                                                                                                                                                                        
 ■Supermajority provisions in Second Restated Certificate of Incorporation expire at 2025 Annual Meeting                                                                                                             
 ■Stockholders will, subject to approval of Proposal Four, have the right to call a special meeting                                                                                                                  |
| Risk Mitigation        |     | ■Comprehensive Clawback policy for cash and equity incentives triggered by financial statement restatements resulting from fraud or intentional misconduct                                                          
 ■Robust stock ownership guidelines for Named Executive Officers and non-executive directors                                                                                                                         
 ■Insider Trading Policy covers directors, officers and all employees                                                                                                                                                |

#### 2025 PROXY STATEMENT13
| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive    
 Compensation |     | Other   
 Matters |     | Additional  
 Information |     | Appendices |

#### 2024 Executive Compensation

#### Compensation Philosophy
WBD's compensation philosophy is to pay for performance, encourage excellence, retain our high-performing executive talent across the blended organization and reward executives who deliver.

| Our executive compensation programs are designed to implement our pay-for