Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309879
Chunk: 300

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 300
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 Company DSU Award and a SpinCo DSU Award, and shall otherwise be subject to the same terms and conditions (including with respect to service-based vesting) after the Distribution
Effective Time as were applicable to such Company DSU Award immediately prior to the Distribution Effective Time.

(i) Adjusted Company DSU Award.The number of Company Shares subject to the Adjusted Company DSU Award shall be equal to the number of Company Shares subject to the corresponding Company DSU Award, as applicable, immediately prior to the Distribution
Effective Time.

(ii) SpinCo DSU Award. The number of SpinCo Shares subject to the SpinCo DSU Award shall be equal to the
product (rounded up to the nearest whole share) of () the number of Company Shares subject to the corresponding Company DSU Award, as applicable, immediately prior to the Distribution Effective Time, multiplied by() the Distribution Ratio.

(iii) For the avoidance of doubt, the Adjusted Company DSU Award and SpinCo DSU Award
received in respect of each Company DSU Award shall be settled into Company Shares or SpinCo Shares, as applicable, at such time or times that such Company DSU Award would have been settled into Company Shares pursuant to the deferral election made
with respect to such Company DSU Award.

ARTICLE X

ADDITIONAL COMPENSATION AND BENEFITS MATTERS

Section 10.1 .

(a) Generally. Subject to and , effective as of the
Distribution Date, except as otherwise agreed between the Parties, () the Company Group shall assume or retain, as applicable, and be solely responsible for, all Liabilities for severance or other separation payments and benefits
relating to the termination or alleged termination of any Company Group Employee’s or Former Company Group Employee’s employment (including Garden Leave Payments and payouts of any accrued vacation, sick time and other time-off benefits), whether occurring prior to, on or following the Distribution Date and () the SpinCo Group shall assume or retain, as applicable, and be solely responsible for, all Liabilities for
severance or other separation payments and benefits relating to the termination or alleged termination of any SpinCo Group Employee’s or Former SpinCo Group Employee’s employment (including Garden Leave Payments and payouts of any
accrued vacation, sick time and other time-off benefits), whether occurring prior to, on or following the Distribution Date.

(b) Legacy Corporate Employees. Notwithstanding anything to the contrary in this , the net after-tax cost of providing severance to any Legacy Corporate Employee shall