Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 299

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 299
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 through the Distribution Date, and the Company shall have no further obligation to pay any remaining
unpaid portion of each Transferring Director’s annual cash retainer thereafter. SpinCo shall commence, and be fully responsible for, paying quarterly cash retainers to the Transferring Directors and other SpinCo
non-employee directors for their service to the SpinCo Group following the Distribution Date. The Company shall continue to be fully responsible for paying quarterly cash retainers to members of the Company
Board for their services to the Company Group following the Distribution Date.

Section 9.2
Non-EmployeeDirectors Deferral Plan. Effective as of the Distribution Date, SpinCo shall establish and sponsor a nonqualified deferred compensation plan for
non-employee directors (the “”), with terms and funding arrangements substantially similar to those of the Company Directors Deferral Plan as of the
Distribution Date. To the extent possible, the Parties will take all actions necessary to ensure that neither the consummation of the Transactions nor any transfer of a Transferring Director’s directorship will trigger a payment or
distribution of compensation under the Company Directors Deferral Plan. The Parties shall cause all account balances and other Liabilities under the Company Directors Deferral Plan relating to any Transferring Director to be transferred to and
assumed by the SpinCo Directors Deferral Plan, and the SpinCo Group shall retain sole responsibility for all such Liabilities following the Distribution Effective Time.

(a) Stock Fund in Director Deferral Plan. To the extent that the deferral account of any participant in the Company Director Deferral
Plan is notionally invested in the unitized stock fund investment option offered under the Company Director Deferral Plan, with a value based on the value of Company Shares, then such participant’s deferral account in the Company Director
Deferral Plan or SpinCo Director Deferral Plan, as applicable, shall be credited as of immediately after the Distribution Effective Time with () a notional investment in the same number of Company Shares credited to such
participant’s account as of immediately prior to the Distribution Effective Time and () a notional investment in a number SpinCo Shares equal to the product of () the number of Company Shares credited to such
participant’s account as of immediately prior to the Distribution Effective Time multiplied by() the Distribution Ratio.

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Section 9.3 .

(a) Effective as of the Distribution Effective Time, each Company DSU Award, whether vested or unvested, shall be converted, as provided in
this , into both an Adjusted