Company: WBD
Filing Date: 2025-06-17
Form Type: 8-K/A
Source: 0001437107-25-000157
Chunk: 4

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-06-17
Form: 8-K/A
Chunk 4
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. The material terms of the Prior Agreement are described in our Current Reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on May 20, 2021 and March 6, 2023.

Upon completion of the Separation, Mr. Zaslav will become the CEO of Streaming & Studios with a term of employment that runs through December 31, 2030 and a base salary of $3,000,000 per annum for the duration of the term. Following the Separation, Mr. Zaslav’s target annual cash bonus opportunity will be reduced to $6,000,000, with the actual payout based on the achievement of

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performance goals established by Streaming & Studios’ compensation committee. The annual bonus payout is subject to a cap of 200% of the target amount. Mr. Zaslav will also be eligible to receive annual equity awards following the Separation under Streaming & Studios’ equity incentive plan (the “Streaming & Studios Plan”) with a target value of $15,500,000 in the first year that Mr. Zaslav receives an equity grant from Streaming & Studios and which will be reduced to an annual target value of $7,500,000 per year thereafter during the term of employment.

The larger initial annual equity award in such first year is intended to incentivize performance results and enhance retention, in regard to the important transition period immediately following the Separation. Fifty percent (50%) of the value of any Streaming & Studios annual equity grant will be in the form of PRSUs and the remaining fifty percent (50%) will be in the form of time-based restricted stock units (“RSUs”), with the terms and conditions of such awards and the performance objectives for the PRSUs established based on Streaming & Studios’ then-standard practices and procedures for awards to other senior executives of Streaming & Studios. In the year that the Separation occurs, Mr. Zaslav’s annual bonus target will be prorated based on the target amount in effect under the Prior Agreement and his reduced annual bonus target under the Zaslav Agreement and he will only receive one annual equity award in such year, which will either be based on the terms of his Prior Agreement or the Zaslav Agreement, depending on whether the Separation has occurred prior to or following the normal time when annual equity grants are made.

Under the Zaslav Agreement, Mr. Zaslav received on June 12, 2025 a