Company: WBD
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001437107-25-000084
Chunk: 103

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 103
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 the Board may include additional matters for consideration.

The description in this Proposal Four should be read in conjunction with the full text of the Third Restated Certificate, which is included as Appendix A to this proxy statement, and the full text of the Amended Bylaws, which is included as Appendix B to this proxy statement. Appendix A and Appendix B are marked to show the proposed changes described above.

The affirmative vote of a majority of the outstanding shares entitled to vote at the Annual Meeting is required to approve this Proposal Four .

If this Proposal Four is approved, we will promptly file with the Secretary of State of the State of Delaware the Third Restated Certificate following the 2025 Annual Meeting, and the Amended Bylaws will become effective. As required by Delaware law, if our stockholders do not approve this Proposal Four , the Third Restated Certificate and Amended Bylaws would not become effective, stockholders may not have the ability to require the Company to call a special meeting and certain inoperative provisions would remain in our Current Certificate.

| 100 |

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

| Proposal Five                                              
 Approval of Amendment to 2011 Employee Stock Purchase Plan |     |                                                                                             |
|                                                            |     | The Warner Bros. Discovery, Inc. Board of Directors recommends a vote"FOR"thisProposal Five |

At this meeting, we are asking you to approve an amendment to the Warner Bros. Discovery, Inc. 2011 Employee Stock Purchase Plan, as amended April 22, 2022 (the “ESPP”) to increase the number of shares available for issuance under the ESPP by 25,000,000 shares to 27,568,638 shares (the “ESPP Amendment”). On the recommendation of our Compensation Committee, the members of our Board approved the ESPP Amendment on March 31, 2025, subject to stockholder approval. The ESPP was originally adopted by our Board and stockholders in May 2011 and was amended in April 2022 to change the name of the ESPP in connection with the WarnerMedia Transaction.

5,000,000 shares of our common stock were previously authorized for issuance under the ESPP and an additional 4,790,142 shares were made available for issuance under the ESPP effective August 2014 in connection with an extraordinary dividend of