Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 248

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 248
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”; and (k) unless otherwise specified, all dollar amounts, including the symbol “$”, refer to the lawful currency of the United States of America.

| 9 | Note to Draft: The Company may alternatively amend, supplement or modify this Agreement or any Ancillary                                                                                                                                          
 Agreement (or the Exhibits, Schedules and appendices hereto and thereto, subject to any additional restrictions set forth therein) as contemplated by Section 10.15 prior to the signing of this Agreement upon prior written notice to Buyer but 
 without the approval of Buyer or the stockholders of the Company or any other Person; provided that prior to making any such amendment, supplement or modification that would materially adversely affect Buyer, its Affiliates or the Company    
 Group, the Company shall also obtain Buyer’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed).                                                                                                    |

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(b) In the event of any conflict or inconsistency between the terms of this
Agreement and the terms of the Transition Services Agreement, the Tax Matters Agreement, the Employee Matters Agreement, the Intellectual Property Matters Agreement, the Commercial Agreements, the Data Processing Agreement or the Leases (the
“”), the terms of the applicable Specified Ancillary Agreement shall control with respect to the subject matter addressed by such Specified Ancillary Agreement to the extent of such conflict or
inconsistency.

(c) In the event of any conflict or inconsistency between the terms of any Specified Ancillary Agreement or
this Agreement, on the one hand, and any Transfer Document, on the other hand, including with respect to the allocation of Assets and Liabilities as among the Parties or the members of their respective Groups, such Specified Ancillary Agreement or
this Agreement shall control.

10.17 . Notwithstanding anything in this Agreement to the contrary, neither
SpinCo nor any member of the SpinCo Group, on the one hand, nor the Company or any member of the Company Group, on the other hand, shall be liable under this Agreement to the other for, and “Losses” shall not include, any indirect,
punitive, exemplary, remote, speculative or similar damages in excess of compensatory damages of the other arising in connection with the transactions contemplated hereby (other than any such Liability paid or payable to a Third Party with respect
to a Third-Party Claim for which indemnification hereunder is otherwise required).

10.18 . The Company shall cause to
be performed, and hereby guarantees the performance of, all actions, agreements