Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 145

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 145
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to by the Buyer or any of its Subsidiaries or with respect to which Buyer or any of its Subsidiaries could reasonably be expected to have any liability, other than any such plan, scheme or
arrangement (i) that is sponsored or maintained by, or provided through, a Governmental Entity or Labor Union, (ii) that the Buyer or any of its Subsidiaries is required by Law to maintain or contribute to or (iii) any Multiemployer
Plan.

“” means a percentage equal to 100 minus the Stock Consideration Percentage.

“” means the Internal Revenue Code of 1986.

“” means (a) if the Average Buyer Stock Price is below or equal to the Low End Collar Price, the Low End
Collar Price, (b) if the Average Buyer Stock Price is between the Low End Collar Price and the High End Collar Price, the Average Buyer Stock Price and (c) if the Average Buyer Stock Price is equal to or greater than the High End
Collar Price, the High End Collar Price.

“” means a collective bargaining agreement,
works council agreement, or other similar Contract with a Labor Union.

“” means the Company
Liabilities (as defined in the Separation and Distribution Agreement).

“” means the Warner Bros.
Discovery, Inc. Non-Employee Directors Deferral Plan and the Company’s Supplemental Retirement Plan.

“” means any deferred stock unit of the Company.

“” means the Company’s 2011 Employee Stock Purchase Plan (as amended).

“” means the Company Options, the Company RSUs, the Company PRSUs, the Company DSUs and the Company
Notional Units.

“” has the meaning given to such term in the Separation and Distribution Agreement.

“” means all Information Technology owned, leased or licensed by the Post-Separation Retained
Entities.

“” means each Person that is a Retained Entity that is not wholly owned directly or indirectly by
the Company as of the date of this Agreement.

“”means any Effect that, individually or in the aggregate with any other Effect is, or would reasonably be expected to be, materially adverse to the financial condition, properties, assets, operations,
liabilities, business or results of operations of the Retained Business taken as a whole;, , that, none of the following, alone or in combination, shall be deemed to constitute a Company Material Adverse Effect, or
be taken into account in determining whether a Company