Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 225

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 225
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 at and following the Distribution Effective
Time, SpinCo, or the applicable member of the SpinCo Group, shall be entitled to the proceeds payable from, and shall assume and be responsible for the reimbursement of any deductible or retention arising from, any
Pre-Distribution Effective Time Claims-Based Insurance Claim, in each case to the extent that such claim relates to the SpinCo Business, the SpinCo Assets or the SpinCo Liabilities.

(d) At the Distribution Effective Time, SpinCo shall have in effect all insurance programs required to comply with the
contractual obligations of SpinCo and the SpinCo Group and such other Insurance Policies required by Law or as reasonably necessary or appropriate for companies operating a business similar to SpinCo’s.

(e) All payments and reimbursements by SpinCo pursuant to this shall be made within
thirty (30) days after SpinCo’s receipt of an invoice therefor from the Company. If the Company incurs costs to enforce SpinCo’s obligations herein, SpinCo agrees to indemnify and hold harmless the Company for such enforcement
costs, including reasonable attorneys’ fees pursuant to .

(f) This Agreement
shall not be considered as an attempted assignment of any Insurance Policy or other 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