Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-308654
Chunk: 31

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 31
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 been completed prior to the Effective Time shall be deemed to have been achieved at the greater of () target
performance and () actual performance extrapolated through the end of the applicable performance period based on actual performance through the Closing Date , determined by the Company Board or a committee thereof in good faith and
consistent with past practices, in each case, for purposes of the conversion set forth in this.

(iv) . Each Company DSU that is outstanding immediately prior to the Effective Time shall be assumed by Buyer and
automatically converted into a right to receive an amount in cash, without interest, equal to the product obtained by multiplying () the Merger Consideration Value by () the number of shares of Company Stock subject to such
Company DSU immediately prior to the Effective Time (the “”). The Company DSU Consideration shall continue to have, and shall be subject to, the same terms and conditions as applied to the corresponding
Company DSU immediately prior to the Effective Time except as set forth in this Section 3.9(a)(iv) (including with respect to timing of payment).

(v) . Each Company Notional Unit that is outstanding immediately prior to the Effective Time shall be assumed by
Buyer and automatically converted into a notional unit with respect to a number of shares of Buyer Common Stock (a “”) equal to the product (rounded down to the nearest whole share) obtained by multiplying
() the Equity Award Exchange Ratio by () the number of shares of Company Stock subject to such Company Notional Unit immediately prior to the Effective Time. Each such Buyer Notional Unit as so assumed and converted shall
continue to have, and shall be subject to, the same terms and conditions as applied to the corresponding Company Notional Unit immediately prior to the Effective Time (including with respect to timing and form of payment), as set forth in the
applicable Company DC Plan, provided that Buyer Notional Units held by SpinCo Award Holders shall be settled in cash.

(vi) . Notwithstanding anything in this Agreement (including, without limitation, the foregoing subsections of Section 3.9) to the contrary, solely with respect to SpinCo Award Holders: (a) Vested Company Option Consideration
shall instead be payable entirely in cash, without interest, such that each vested Company Option shall be cancelled and converted into the right to receive the Merger Consideration Value in respect of each Net Company Share underlying such Vested
Company Option; (b) Vested Company RSU Consideration shall instead be payable entirely in cash