Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 26

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 26
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ATION; PROCEDURES FOR SURRENDER

Section 3.1 . Prior to the Effective Time, Buyer shall enter into a customary exchange agreement with a nationally
recognized bank or trust company designated by Buyer and reasonably acceptable to the Company (the “”). Prior to the Effective Time, Buyer shall provide or shall cause to be provided to the Exchange Agent
(i) cash in an aggregate amount sufficient to pay the Cash Consideration and (ii) shares of Buyer Common Stock sufficient in order for the Exchange Agent to distribute the aggregate Stock Consideration, and after the Effective Time, Buyer
shall deposit with the Exchange Agent, as necessary from time to time, any dividends or distributions payable on such shares of Buyer Common Stock pursuant to which had not theretofore been surrendered for
exchange pursuant to (such cash, shares of Buyer Common Stock and dividends or other distributions with respect thereto are collectively referred to as the “”). Buyer shall make
available to the Exchange Agent, for addition to the Exchange Fund, from time to time as needed, cash sufficient to pay cash in lieu of fractional shares in accordance with . The Exchange Agent shall deliver the
Merger Consideration to be issued pursuant to out of the Exchange Fund. Except as provided in , the Exchange Fund shall not be used for any other purpose.

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Section 3.2 .

(a) . Buyer shall cause the Exchange Agent to mail, as soon as reasonably practicable after the Effective Time and in any
event not later than the fifth (5th) Business Day following the Closing Date, to each holder of record of a Certificate whose shares of Company Stock were converted into the Merger Consideration pursuant to ,
() a letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon delivery of the Certificates to the Exchange Agent and shall be in customary form
reasonably satisfactory to the Company) and () instructions for use in effecting the surrender of the Certificates in exchange for the Merger Consideration. Upon surrender of a Certificate for cancellation to the Exchange Agent or to
such other agent or agents as may be appointed by Buyer, together with such letter of transmittal, duly completed and validly executed in accordance with the instructions thereto, and such other documents as may reasonably be required by the
Exchange Agent, the holder of such Certificate shall be entitled to receive in exchange therefor, and Buyer shall cause the Exchange Agent to pay and deliver in exchange therefor as