Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 270

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 270
---
Warner Deferred Compensation Plan will be held in trust for the benefit of the SpinCo Group and the Company Group, and () the portion held in trust for the benefit of the Company Group shall be no greater than the value of the
Liabilities in respect of Company Participants in the Time Warner Deferred Compensation Plan as of the Distribution Effective Time.

-16-

Section 5.4 . The Parties agree that neither the consummation
of the Transactions nor any internal employment transfers pursuant to are intended to trigger a payment or distribution of compensation under any Company Non-Qualified
Plan or SpinCo Non-Qualified Plan to any Company Participant or SpinCo Participant. The payment or distribution of any compensation to which any SpinCo Participant or Company Participant is entitled under any
Company Non-Qualified Plan or SpinCo Non-Qualified Plan will occur upon the time or times provided for under the applicable plan and such participants’ deferral
elections thereunder, which, for Company Splitting Non-Qualified Plans, SpinCo shall cause to be recognized and maintained under the applicable Mirror SpinCo
Non-Qualified Plan.

Section 5.5 . To the extent that the deferral account of any participant in the Company SRP is notionally invested in the unitized stock fund investment option offered under the Company SRP, with a value based on the value of Company Shares, then such
participant’s deferral account in the Company SRP or Mirror SpinCo SRP, 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.

Section 5.6 . Without limiting the generality of , following the
date of this Agreement, Company and SpinCo shall use commercially reasonable efforts to cooperate in administering the Company Non-Qualified Plans and the SpinCo
Non-Qualified Plans for purposes of satisfying any obligations relating to the SpinCo Participants therein and the Company Participants therein, respectively, including by exchanging any necessary participant
records and engaging recordkeepers, administrators, and other third parties.

ARTICLE VI

U.S. HEALTH AND WELFARE PLANS

The terms and conditions set forth in this shall apply to Benefit Plans sponsored or maintained