Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 144

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 144
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, pandemic, outbreak of illness or other public health event (including pandemics and epidemics) or any other force majeure event, or any national or international calamity or crisis;

(G) any actions taken or failed to be taken by Buyer or any of its Subsidiaries that are required to be taken by this Agreement
or any actions taken with the Company’s written consent or failed to be taken at the Company’s written request;

(H) any Effect or announcement of an Effect affecting the credit rating or other rating of financial strength of Buyer or any
of its Subsidiaries or any of their respective securities; that the exception in this clause (H) shall not prevent or otherwise affect a determination that any Effect underlying such Effect, announcement of an Effect has
resulted in, or contributed to, or would result in, or contribute to, a Buyer Material Adverse Effect; or

(I) any change,
in and of itself, in the market price or trading volume of the securities of Buyer (it being understood that the facts or occurrences giving rise to or contributing to such change may be taken into account in determining whether there has been or
would reasonably be expected to be a Buyer Material Adverse Effect, unless otherwise excluded in this definition of “Buyer Material Adverse Effect”);

, that, with respect to clauses (A), (B), (D) and (F), such Effect shall be taken into account in
determining whether a “Buyer Material Adverse Effect” has occurred or is occurring to the extent it materially and disproportionately adversely affects Buyer and its Subsidiaries (taken as a whole) compared to other companies operating
in the industries and geographiesin which Buyer and its Subsidiaries operate (in which case only the incremental disproportionate impact may be taken into account, and only to the extent
otherwise permitted by this definition).

“” means all Intellectual Property owned or purported to be
owned by the Buyer Entities.

“” means each “employee benefit plan” (as defined in
Section 3(3) of ERISA) and each other bonus, commission, stock option, stock appreciation right, restricted stock, restricted stock unit, performance stock unit, stock purchase or other equity-based,
incentive compensation, profit sharing, savings, retirement, disability, vacation, deferred compensation, severance, separation, termination, retention, change of control, stay bonus and other similar material plan, program, agreement or arrangement
that is maintained or contributed

Annex A-