Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 255

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 255
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EMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY, AS APPLICABLE, BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS .

10.3 . Except as set forth in any
Ancillary Agreement, this Agreement and each Ancillary Agreement shall be binding upon and inure to the benefit of the Parties hereto and the parties thereto, respectively, and their respective successors and permitted assigns; ,
, that neither Party nor any such party thereto may assign its rights or delegate its obligations under this Agreement or any Ancillary Agreement without the express prior written consent of the other Party hereto or other parties
thereto, as applicable. Notwithstanding the foregoing, no such consent shall be required for the assignment of a party’s rights and obligations under this Agreement and the Ancillary Agreements (except as may be otherwise provided in any such
Ancillary Agreement) in whole (i.e., the assignment of a party’s rights and obligations under this Agreement and all Ancillary Agreements all at the same time) in connection with a change of control or sale of all or substantially all of a
Party (or its assets) so long as the resulting, surviving or transferee Person assumes all the obligations of the relevant party thereto by operation of Law or pursuant to an agreement in form and substance reasonably satisfactory to the other
Party. Nothing herein is intended to, or shall be construed to, prohibit either Party or any member of its Group from being party to or undertaking a change of control or sale of all or substantially all of a Party (or its assets).

79

10.4 . Except (a) for any Company Indemnitee or SpinCo
Indemnitee (in their respective capacities as such) expressly entitled to indemnification rights under this Agreement or any Ancillary Agreement and (b) Buyer, which is an express third party beneficiary of
, , , and of this Agreement and of any section of any Ancillary
Agreement of which Buyer is an express third party beneficiary thereof as set forth in such Ancillary Agreement, and solely with respect to , ,
, and of this Agreement, and of any section of any Ancillary Agreement of which Buyer is an express third party beneficiary thereof as set forth in
such Ancillary Agreement (provided that the exception set forth in this shall be deemed not to apply if the Merger Agreement has been terminated in accordance with the terms thereof), (i) the provisions of
this Agreement and each Ancillary