Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 109

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 109
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tail” insurance policies for the extension of (i) the Retained Entities’ existing directors’ and officers’ insurance policies, and
(ii) the Retained Entities’ existing fiduciary liability insurance policies, in each case for a claims reporting or discovery period of six (6) years from and after the Effective Time (the “”) from one
or more insurance carriers with the same or better credit rating as the Retained Entities’ insurance carrier(s) as of the Effective Time with respect to directors’ and officers’ liability insurance and fiduciary liability insurance
(collectively, “”) with terms, conditions, retentions and limits of liability that are at least as favorable to the insureds as the Retained Entities’ existing policies with respect to matters existing or
occurring at or prior to the Effective Time (including in connection with this Agreement or the Transactions); ,

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, that in no event shall the aggregate cost of such “tail” insurance exceed three hundred percent (300%) of the aggregate annual premium for such insurance in effect as
of the date hereof (the “”); and , , that if the aggregate cost for such “tail” insurance exceeds the Maximum Amount, then the Retained Entities or the Surviving Corporation
shall obtain such “tail” insurance that is the most advantageous to the beneficiaries thereof available for a cost not exceeding the Maximum Amount, unless otherwise directed by Buyer to exceed the Maximum Amount. If the Retained
Entities and the Surviving Corporation for any reason fail to obtain such “tail” insurance policies as of the Effective Time, the Surviving Corporation shall, and Buyer shall cause the Surviving Corporation to, continue to maintain in
effect for the Tail Period the D&O Insurance in place as of the Effective Time with terms, conditions, retentions and limits of liability that are at least as favorable to the insureds as provided in the Retained Entities’ existing
policies as of the Effective Time, or the Surviving Corporation shall, and Buyer shall cause the Surviving Corporation to, purchase comparable D&O Insurance for the Tail Period with terms, conditions, retentions and limits of liability that are
at least as favorable to the insureds as provided in the Retained Entities’ existing policies as of the Effective Time; , , that in no event shall the Surviving Corporation be required to expend for such insurance
an aggregate annual cost in excess of the Maximum Amount; and , , that if such insurance is not reasonably available or the aggregate annual cost for such insurance exceeds