Company: WBD
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001437107-25-000084
Chunk: 4

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 4
---
 ■Replaced Performance Pool utilized in prior years to recognize high-performing executives with a rigorous Individual Performance Multiplier that is only applied after assessment of performance versus financial goals                                                             |     | ■Enhances alignment of annual incentive payouts with preset Company performance goals                                                                                                                                                        
 ■Ensures that payouts for other NEOs are based on individual performance and are contingent upon the achievement of rigorous, pre-determined corporate financial goals and assessment of performance versus rigorous preset individual goals |
| ■WBD should enhance utilization of performance-based long-term incentives                
 ■Investors want metrics to align with TSR/stock price                                    |     | ■Maintained CEO annual equity to consist 100% of Performance Restricted Stock Units ("PRSUs")                                                                                                                                                                                        
 ■Ensured a significant portion of annual equity awards were in the form of PRSUs for other NEOs                                                                                                                                                                                      
 ■Strengthened TSR modifier to have a greater impact on payouts and better align with prevailing market practice                                                                                                                                                                      |     | ■Ensures executives focus on Company performance against preset goals, with ultimate payouts based on stock price performance                                                                                                                |
| ■WBD should eliminate Supplemental Equity grants to NEOs                                 |     | ■Eliminated all NEO Supplemental Equity grants effective 2026                                                                                                                                                                                                                        |     | ■Responds directly to feedback                                                                                                                                                                                                               
 ■Aligns executive compensation program with peers                                                                                                                                                                                            |

| 10 |

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

#### Board Actions Explained

#### Stockholder Right to Call Special Meetings
Following the 2024 Annual Meeting, the Board and the Nominating and Corporate Governance Committee ("Nominating Committee") acknowledged that the vote outcome on the stockholder proposal requesting that we provide stockholders with the ability to call a special meeting represented a call to action. The Nominating Committee conducted an analysis of the prevalence of the right to call a special meeting at our immediate peer companies as well as at companies within the S&P 500 Index. The Nominating Committee also evaluated the proxy voting guidelines of our largest institutional investors to understand their disclosed perspectives. Based on this analysis, the Nominating Committee determined that proposing an amendment to our certificate of incorporation to permit stockholders to call a special meeting was the appropriate response to the stockholder proposal vote.

To inform what the appropriate ownership threshold should be, and prior to the Board approving the proposed