Company: WBD
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001437107-25-000084
Chunk: 36

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 36
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#### 2025 PROXY STATEMENT51
| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive    
 Compensation |     | Other   
 Matters |     | Additional  
 Information |     | Appendices |

#### NEO Target Compensation Mix
Our Compensation Committee has designed the executive compensation program based on our compensation philosophy with a significant majority of target total direct compensation for each NEO delivered in performance-based pay. The charts below for fiscal year 2024 demonstrate the balance between cash and equity compensation, and annual and long-term incentive awards, underscored by all pay elements other than base salary being at risk.

| CEO Target Compensation Mix |     | Other NEOs Target Compensation Mix |

#### Stockholder Engagement and Board Responsiveness
Our Board values stockholder feedback and is committed to robust stockholder outreach. Stockholder feedback is conveyed to the full Board and respective committees of the Board and informs the Board and Board committees discussions and decisions.

Following our 2024 Annual Meeting, we:

| Offered engagement to stockholders representing 
 46%                                             
 of outstanding shares                           |     | Engaged in substantive discussions with stockholders representing 
 36%                                                               
 of outstanding shares                                             |     | Our independent directors participated in 
 100%                                      
 of engagement meetings                    |

Our independent Board Chair, Mr. Di Piazza, and our Compensation Committee Chair, Mr. Gould, led the engagement meetings along with representatives from our Investor Relations and Legal teams.

| 52 |

| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive    
 Compensation |     | Other   
 Matters |     | Additional  
 Information |     | Appendices |

We received feedback on, and took action related to, several aspects of our executive compensation program:

| What We Heard                                                                     |     | What We Did                                                                                                                                                                                                                                                                          |     | Why It’s Impactful                                                                                                                                                                                                                           |
| ■WBD should enhance pay-for-performance linkage of executive compensation         
 ■Investors want incentives to be earned based on performance against preset goals |     | ■CEO Annual Bonus: Transitioned away from guaranteed bonus to ensure outcomes are solely driven by Company performance against preset financial and strategic goals                                                                                                                  
 ■Other NEO Annual Bonus: Modified 2025 Incentive Compensation Program ("ICP") to emphasize objective and measurable performance with initial awards determined entirely by financial performance that may be modified up or down by individual or strategic performance achievements