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

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 25
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 not be required to deliver a Certificate or an executed letter of transmittal to the Exchange Agent to receive the Merger
Consideration that such holder is entitled to receive pursuant to this . In lieu thereof, each holder of record of one (1) or more Book-Entry Shares whose shares of Company Stock were converted into the Merger Consideration
pursuant to shall automatically upon the Effective Time be entitled to receive, and Buyer shall cause the Exchange Agent to pay and deliver as promptly as practicable after the Effective Time, (A) cash in
an amount equal to the Cash Consideration multiplied by the number of shares of Company Stock previously represented by such Book-Entry Shares, (B) the number of shares of Buyer Common Stock (which shall be in book-entry form unless a
certificate is requested) representing, in the aggregate, the whole number of shares

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that such holder has the right to receive in respect of such Book-Entry Shares pursuant to (after taking into account all other Book-Entry Shares
converted by such holder pursuant to this ), (C) any dividends or other distributions payable pursuant to and (D) cash in lieu of fractional shares of Buyer Common
Stock payable pursuant to , and the Book-Entry Shares of such holder shall forthwith be canceled. No interest shall be paid or accrue on any cash payable upon conversion of any Book-Entry Shares.

Section 3.3 .

(a) . No dividends or other distributions with respect to Buyer Common Stock with a record date after the Effective Time
shall be paid to the holder of any Certificate formerly representing Company Stock, and no cash payment in lieu of fractional shares shall be paid to any such holder pursuant to , until the surrender of such
Certificate in accordance with this . Subject to applicable Law, following surrender of any such Certificate, there shall be paid to the holder of the shares of Buyer Common Stock issued in exchange therefor, without
interest, () at the time of delivery of such Buyer Common Stock by the Exchange Agent pursuant to , the amount of dividends or other distributions with a record date after the Effective Time
theretofore paid with respect to such shares of Buyer Common Stock and () at the appropriate payment date, the amount of dividends or other distributions with a record date after the Effective Time but prior to such delivery of such
Buyer Common Stock by the Exchange Agent pursuant to , and a payment date subsequent to such delivery of such Buyer Common Stock by the Exchange Agent pursuant to ,
payable with respect to such shares of