Company: WBD
Filing Date: 2025-02-27
Form Type: S-3ASR
Source: 0001193125-25-039203
Chunk: 27

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-02-27
Form: S-3ASR
Chunk 27
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 the event of WBD’s voluntary or involuntary liquidation, dissolution or
winding-up, after payment or provision for payment of WBD’s debts and other liabilities, and subject to the preferences and rights, if any, applicable to shares of preferred stock, the holders of shares
of common stock will be entitled to receive all of the remaining assets of WBD available for distribution to WBD stockholders, ratably in proportion to the number of shares of common stock held by them.

Certain Anti-Takeover Effects of the WBD Charter, Bylaws and Delaware Law

Board of Directors

The WBD charter
provides that the business and affairs of WBD will be managed by or under the direction of the Board of Directors consisting of not less than three directors nor, prior to the third annual meeting of stockholders following the completion of the
Merger, to be held in 2025 (the “2025 annual meeting”), more than

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thirteen directors, the exact number of directors to be determined from time to time by resolution adopted by the Board of Directors. Following the completion of the Merger, the Board of Directors was initially divided into three classes of directors with Class I consisting of four directors serving a one-yearinitial term, Class II consisting of four directors serving a two-yearinitial term and Class III consisting of five directors serving a three-year initial term. Upon the expiration of the initial term of each class of directors, successors to such class of directors were elected for a term expiring at WBD’s succeeding annual meeting; provided that the term of each director will continue until the election and qualification of a successor and be subject to such director’s earlier death, resignation or removal. Starting with the election of directors at the 2025 annual meeting, the Board of Directors will cease to be classified and all directors will have terms that expire at WBD’s next annual meeting. At each subsequent annual meeting of WBD stockholders, the successors of directors whose term expires at that meeting will be elected to hold office for a term of one year expiring at the annual meeting of WBD stockholders following the year of their election. The WBD charter provides that any vacancy on the Board of Directors or any newly created directorships may be filled by a majority of the directors then in office, even if less than a quorum, or by a sole remaining director. Any director so elected will hold office for a term that will coincide with the term of the class in which such director will have been chosen or,