Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 206

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 206
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 materially adversely 
 affect Buyer, its Affiliates or the Company Group.                                                                                                                                                                   |

50

3.6 . The Company shall treat the Distribution as a taxable transaction
solely for purposes of determining the withholding obligations and liabilities of the Company and its agents with respect to any amounts that are distributed hereunder to (x) a holder of Company Shares that is a nonresident alien individual or
foreign corporation under Sections 1441 or 1442 of the Code (and any comparable provisions of state and local Law) and (y) a holder of Company Shares under Section 3406 of the Code (and any comparable provisions of state and local Law),
and the Company shall instruct its agents to deduct and withhold from any amounts distributable or otherwise payable hereunder such amounts as are required to be deducted and withheld under applicable Law and in accordance with such treatment. Any
amounts so deducted and withheld shall be paid over to the appropriate Governmental Authority in the manner prescribed by applicable Law. To the extent that amounts are so deducted and withheld, such deducted and withheld amounts shall be treated
for all purposes of this Agreement as having been paid to the Persons in respect of which such deduction and withholding was made.

ARTICLE IV

MUTUAL RELEASES; INDEMNIFICATION

4.1 .

(a) SpinCo Release of the Company. Except as provided in , effective as of the
Distribution Effective Time, SpinCo does hereby, for itself and each other member of the SpinCo Group, and their respective successors and assigns, and, to the extent permitted by Law, all Persons who at any time prior to the Distribution Effective
Time have been stockholders, directors, officers, agents or employees of any member of the SpinCo Group (in each case, in their respective capacities as such), remise, release and forever discharge (i) the Company and the members of the Company
Group, and their respective successors and assigns, (ii) all Persons who at any time prior to the Distribution Effective Time have been directors, officers, agents or employees of any member of the Company Group (in each case, in their
respective capacities as such), and who are not, as of immediately following the Distribution Effective Time, directors, officers or employees of SpinCo or a member of the SpinCo Group, and their respective heirs, executors, administrators,
successors and assigns, and (iii) all Persons who at any time prior to the Distribution Effective Time are or have been directors, officers, agents or employees of a