Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 265

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 265
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 other non-solicitation or similar restrictions
in any other Ancillary Agreement or other agreement between the Parties or their respective Affiliates (including any Commercial Agreements (as defined in the Separation Agreement)). It is the intent of the Parties that the provisions of this
shall be enforced to the fullest extent permissible under applicable Law applied in each jurisdiction in which enforcement is sought. If any particular provision or portion of this
shall be adjudicated to be invalid or unenforceable, such provision or portion thereof shall be deemed amended to the minimum extent necessary to render such provision or portion valid and enforceable, and such
amendment shall be deemed to apply only with respect to the operation of such provision or portion thereof in the particular jurisdiction in which such adjudication is made.

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Section 3.6 . Except as otherwise
expressly provided in this Agreement or the Separation Agreement, no provisions of this Agreement shall be construed as a limitation on the right of the Company, SpinCo or any Affiliate thereof to amend any Benefit Plan or terminate its
participation therein that the Company, SpinCo or any Affiliate thereof would otherwise have under the terms of such Benefit Plan or otherwise, and no provision of this Agreement shall be construed to create a right in any Company Participant or
SpinCo Participant under a Benefit Plan that such individual would not otherwise have under the terms of the Benefit Plan itself.

Section 3.7 . Except as otherwise expressly provided in this Agreement, in connection with the completion
of the Internal Reorganization (as defined in the Separation Agreement), the Company shall assume (including sponsorship of) all Benefit Plans sponsored or maintained by Warner Bros. Discovery, Inc., including () the Company Equity
Plans and all awards and grant agreements thereunder, () the Company Health & Welfare Plans and () all retirement, deferred compensation, severance, and retention plans. All such Benefit Plans shall be amended
or deemed to be amended, to the extent necessary or appropriate, to reflect such assumption and change in sponsorship. In connection with the assumption of the Company Equity Plans and all awards thereunder, such awards shall be converted to Company
equity awards in accordance with the Company Equity Plans such that the shares of common stock underlying such awards are shares of Company common stock. The Company shall submit any required filings with the Securities and Exchange Commission in
connection with the foregoing conversion of awards.

ARTICLE IV

U.S. QUALIFIED PLANS

Section 4.1 . From and after the Distribution Date, the SpinCo Group