Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 257

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 257
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“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” means a Benefit Plan intended to qualify as a cafeteria plan under
Section 125 of the Code and that allows eligible employees to pay for certain benefits on a pre-tax basis.

“” shall have the meaning ascribed to it in the recitals to this Agreement.

“” means any Company Option Award other than an Employer Method Option Award.

“” means any Company PRSU Award other than an Employer Method PRSU Award.

“” means any Company RSU Award (including Company RSU Awards granted under the Warner Bros.
Discovery 2005 Non-Employee Director Incentive Plan) other than an Employer Method RSU Award.

“” shall have the meaning ascribed to it in the preamble to this Agreement.

“” means an award of units representing a general unsecured promise by SpinCo to deliver SpinCo
Shares (or the cash equivalent thereof) upon the satisfaction of a performance-based vesting condition.

-7-

“” shall have the meaning set forth in
.

“” means the Board of Directors of SpinCo.

“” shall have the meaning ascribed to it in the Separation Agreement.

“” means the unitized stock fund investment option offered or to be offered under the SpinCo U.S.
Savings Plan, with a value based on the value of SpinCo Shares and the cash liquidity component held thereunder.

“” means the quotient obtained by dividing () the Pre-Spin Company Stock Value, by () the Post-Spin SpinCo Stock Value.

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” shall have the meaning set forth in .

“” means a Company Equity Award assumed and adjusted by SpinCo in accordance with
or .

“” shall have the
meaning set forth in .

“” shall have the
meaning set forth in .

“” shall have the meaning ascribed to it in
the Separation Agreement.

“” means, as of any applicable time from and after the Distribution
Effective Time, () a current employee of a SpinCo Group Member (including any such employee who is an Inactive Employee and excluding any non-payroll workers), () any individual who,
although deemed to be an employee of the Company Group under Transfer Regulations due to such individual’s rendering of services to the Company Group pursuant to the Transition Services Agreement or otherwise, is designated by the Parties to