Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 263

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 263
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 and the SpinCo
Business;

WHEREAS, the Company intends to separate the SpinCo Business from the Company Business and form a new publicly traded company
to operate the SpinCo Business, in each case, pursuant to the terms and conditions set forth in the Separation and Distribution Agreement, dated as of the date hereof, by and between the Company and SpinCo (the “”), and the other Ancillary Agreements (including this Agreement); and

WHEREAS, in connection with the Separation and
the Distribution (each as defined in the Separation Agreement) and the other transactions contemplated by the Separation Agreement (collectively, the “”), the Parties wish to enter into this Agreement in respect of
certain employee matters.

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements, provisions and covenants contained
in this Agreement, the Parties hereby agree as follows:

ARTICLE I

DEFINITIONS

As used in
this Agreement, the following terms shall have the meanings set forth below:

“” means a
Post-2025 PRSU Award, as adjusted as of the Distribution Effective Time in accordance with .

“” means a Company Option Award, as adjusted as of the Distribution Effective Time in accordance with .

“” means a Company RSU Award, as adjusted as of the Distribution Effective Time in accordance
with .

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

“” means this Employee Matters Agreement, including all the exhibits hereto, and all amendments made hereto from
time to time.

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

“” means, only for any Company Group Employee or SpinCo Group Employee directly involved in providing
transition services to the SpinCo Group or Company Group, as applicable, pursuant to the applicable Transition Services Agreement, the period from the Distribution Effective Time through the date on which the obligation to provide all such
transition services under the Transition Services Agreement has terminated.

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

“” mean any benefit or compensation plan, program, policy, practice, agreement, contract,
arrangement or other obligation, whether or not in writing and whether or not funded, in each case, which is sponsored or maintained by, or required to be contributed to, or with respect to which any potential liability is borne. Benefit Plans
include, but are not limited to, “employee benefit plans” within the meaning of Section