Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 238

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 238
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 Insurance Policy-related contract and shall not be construed to waive any right or remedy of any member of the Company Group in respect of any Insurance Policy or
other Insurance Policy-related contract.

(g) In the event that any member of the Company Group incurs any Liability prior
to or in respect of the period prior to the Distribution Effective Time for which such member of the Company Group is, or claims to be, entitled to coverage under the SpinCo Policies, the same process pursuant to, and other terms of, this
shall apply, substituting the “Company” for “SpinCo” and “SpinCo” for the “Company”, as applicable.

65

5.2 . For all Tax purposes, the Parties agree
to treat (and to cause the applicable members of their Group to treat) (i) any payment required by this Agreement relating to the Internal Restructuring in a manner consistent with the proper treatment of such payment as if such payment had
been paid at or immediately prior to the effective time of the applicable step of the Internal Restructuring, (ii) any other payment required by this Agreement in a manner consistent with the proper treatment of such payment as if such payment
had been paid immediately prior to the effective time of the Contribution, and (iii) any payment of interest as taxable or deductible, as the case may be, to the Party entitled under this Agreement to retain such payment or required under this
Agreement to make such payment, in any case except as otherwise required by applicable Law.

5.3 . Each of SpinCo and the
Company acknowledges and agrees that the other’s willingness to cause, effect and consummate the Separation and the Distribution has been conditioned upon and induced by its covenants and agreements in this Agreement and the Ancillary
Agreements, including its assumption or retention of the SpinCo Liabilities or the Company Liabilities, as applicable, pursuant to the Separation and the provisions of this Agreement and its covenants and agreements contained in .

5.4 . The Parties acknowledge that, after the Distribution Effective Time, each Party
shall be independent of the other Party, with responsibility for its own actions and inactions and its own Liabilities relating to, arising out of or resulting from the conduct of its business, operations and activities following the Distribution
Effective Time, except as may otherwise be provided in any Ancillary Agreement, and each Party shall (except as otherwise provided in ) use commercially reasonable efforts to prevent such Liabilities from being inappropriately borne
by the other