Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 188

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 188
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 of their respective Group, agrees not to renew or extend the term of, increase any obligations or Liabilities under, or transfer to a Third Party, any loan, guarantee, lease, contract or
other obligation for which the other Party or a member of such other Party’s Group is or may be liable unless all obligations of such other Party and the members of such other Party’s Group with respect thereto are thereupon terminated
by documentation satisfactory in form and substance to such other Party; and (iii) the Parties agree that any such SpinCo Guarantee or Company Guarantee shall remain outstanding subject to the terms of this Agreement in connection with the
Separation and Distribution.

(d) Following the date hereof until the Distribution Effective Time, each Party shall use
commercially reasonable efforts to ensure that, to the extent practicable and appropriate, any newly executed SpinCo Guarantee of a member of the Company Group, and any newly executed Company Guarantee of a member of the SpinCo Group, shall provide
that such SpinCo Guarantee or Company Guarantee, as applicable, is subject to an automatic release and discharge, effective upon or no later than the Distribution Effective Time.

36

2.7 .

(a) Except as set forth in , in furtherance of the releases and other provisions of
, SpinCo and each member of the SpinCo Group, on the one hand, and the Company and each member of the Company Group, on the other hand, hereby terminate all agreements, arrangements, commitments or
understandings, whether or not in writing, between or among SpinCo or any member of the SpinCo Group, on the one hand, and the Company or any member of the Company Group, on the other hand, effective as of the Distribution Effective Time. No such
terminated agreement, arrangement, commitment or understanding (including any provision thereof which purports to survive termination) shall be of any further force or effect after the Distribution Effective Time. Each Party shall, at the reasonable
request of the other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing.

(b) The provisions of shall not apply to any of the following agreements,
arrangements, commitments or understandings (or to any of the provisions thereof): (i) this Agreement, the Merger Agreement and the Ancillary Agreements (and each other agreement or instrument expressly contemplated by this Agreement, the
Merger Agreement or any Ancillary Agreement to be entered into by any of the Parties or any of the members of their respective