Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 254

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 254
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-Spin SpinCo Stock Value by () the Distribution Ratio.

“” shall have the meaning ascribed to it in the Separation Agreement.

“” shall have the meaning ascribed to it in the Separation Agreement.

“” means the number of SpinCo Shares each Record Holder (defined in the Separation Agreement) is entitled
receive for every Company Share held by such Record Holder pursuant to of the Separation Agreement.

“” means the U.S. Department of Labor.

“” means a member of the Group’s right to repayment from a current or former employee or
other service provider in respect of a tax reconciliation or equalization payment, sign-on bonus payment, relocation expense payment, tuition payment, reimbursement, loan or other similar item, including any
agreement related thereto.

“” means any union, works council, or other agency or
representative body certified or otherwise recognized for the purposes of bargaining collectively or established for the purposes of notification of or consultation on behalf of any employees.

-4-

“” means each Company Option Award
() held by a Company Group Employee or Former Company Group Employee, () held by any SpinCo Group Employee or Former SpinCo Group Employee residing in a jurisdiction specified on Schedule 1 to
to this Agreement or who is subject to taxation in a jurisdiction specified on Schedule 2 to to this Agreement, in each case, as of immediately prior to the Distribution Effective Time.

“” means each Company PRSU Award () held by a Company Group Employee or Former
Company Group Employee, () held by any SpinCo Group Employee or Former SpinCo Group Employee residing in a jurisdiction specified on Schedule 1 to to this Agreement or who is subject to taxation in a jurisdiction
specified on Schedule 2 to to this Agreement, in each case, as of immediately prior to the Distribution Effective Time or () granted prior to the Distribution Effective Time in calendar years 2026 or 2027.

“” means each Company RSU Award () held by a Company Group Employee or Former Company
Group Employee, () held by any SpinCo Group Employee or Former SpinCo Group Employee residing in a jurisdiction specified on Schedule 1 to to this Agreement or who is subject to taxation in a jurisdiction specified on
Schedule 2 to to this Agreement, in each case, as of immediately prior to the Distribution Effective Time or () granted prior to the Distribution Effective Time in calendar years 2026 or 2027.

“” means the U.S. Employee Retirement Income Security Act of 1974, as amended.

“