Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 205

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 205
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 the Distribution Date shall be delivered to SpinCo, and SpinCo or its transfer agent shall hold such SpinCo Shares and cash, if any, in lieu of fractional shares with respect to SpinCo Shares that remain unclaimed by any Record Holder one hundred and eighty (180) days after the Distribution Date for the account of such Record Holder, and the Parties agree that all obligations to provide such SpinCo Shares and cash, if any, in lieu of fractional share interests shall be obligations of SpinCo, subject in each case to applicable escheat or other abandoned property Laws, and the Company shall have no Liability with respect thereto. (e) Until the SpinCo Shares are duly transferred in accordance with this Section 3.4and applicable Law, from and after the Distribution Effective Time, SpinCo shall regard the Persons entitled to receive such SpinCo Shares as record holders of SpinCo Shares in accordance with the terms of the Distribution without requiring any action on the part of such Persons. SpinCo agrees that, subject to any transfers of such shares, from and after the Distribution Effective Time, (i) each such holder shall be entitled to receive all dividends payable on, and exercise voting rights and all other rights and privileges with respect to, the SpinCo Shares then held by such holder and (ii) each such holder shall be entitled, without any action on the part of such holder, to receive evidence of ownership of the SpinCo Shares then held by such holder. 3.5 Distribution Merger. At any time prior to the Distribution Effective Time, the Company may amend this Agreement to provide for the Distribution to be effected pursuant to a merger in which a wholly owned subsidiary of the Company is merged with and into the Company, with each Company Share in part being exchanged for a SpinCo Share and in part remaining outstanding as a result of such merger; provided, that any such amendment shall require Buyer’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed) if such amendment would materially adversely affect Buyer, its Affiliates or the Company Group; provided, further, that consent from Buyer shall not be required if at such time, the Merger Agreement has been terminated in accordance with the terms thereof. 7

| 7 | Note to Draft: The Company may alternatively update this Agreement as contemplated by                                                                                                                                
 Section 3.5 prior to the signing of this Agreement, subject to Buyer’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed) if such amendment would