Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 129

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 129
---
11:59 p.m., Eastern Time, on the End Date, but as of such time, the Specified Date would occur after the End
Date, the End Date shall be automatically extended, without any further action on the part of any Party hereto, to 11:59 p.m., Eastern Time, on the Specified Date; that the right to terminate the Agreement pursuant to this
shall not be the available to a Party whose breach in any material respect of its obligations under this Agreement has been the primary cause of the failure of the Closing to occur on or before such date;

(ii) any Governmental Entity of competent jurisdiction shall have issued, enacted, enforced or entered any Governmental Order
permanently enjoining or prohibiting the consummation of the Merger, and such Governmental Order shall have become final and non-appealable; that the Party seeking to terminate this Agreement
pursuant to this shall not have breached in any material respect its obligations under this Agreement in any manner that has been the primary cause of such Governmental Order; or

-77-

(iii) if the Company Stockholder Meeting (including any adjournments or postponements
thereof) shall have been held and been concluded and the Company Stockholder Approval shall not have been obtained upon a vote taken thereon;

(c) by the Company:

(i) if
Buyer or Merger Sub shall have breached or failed to perform in any material respect any of their representations, warranties, covenants or other agreements contained in this Agreement, which breach or failure to perform (A) would result in a
failure of a condition set forth in or and (B) cannot be cured by the End Date or, if curable, is not cured by the earlier of (x) the End Date and
(y) forty-five (45) days following the Company’s delivery of written notice to Buyer stating the Company’s intention to terminate this Agreement pursuant to this and the basis for
such termination; that the Company shall not have a right to terminate this Agreement pursuant to this if the Company is then in material breach of any representation, warranty, agreement
or covenant contained in this Agreement; or

(ii) prior to receipt of the Company Stockholder Approval, in order to enter into a
definitive agreement providing for a Company Superior Proposal subject to compliance with .

(d)
by Buyer:

(i) if the Company shall have breached or failed to perform in any material respect any of its representations, warranties,
covenants or