Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 268

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 268
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 Stock Fund. Without limiting the generality of
, SpinCo Shares held in the SpinCo Common Stock Fund under the Company U.S. Savings Plan on behalf of SpinCo Participants shall be transferred in kind to the SpinCo Common Stock Fund under the SpinCo U.S.
Savings Plan, and Company Shares held in the Company Common Stock Fund under the Company U.S. Savings Plan on behalf of SpinCo Participants shall be transferred in kind to the Company Common Stock Fund under the SpinCo U.S Savings Plan. The SpinCo
U.S. Savings Plan will provide that, following the Distribution, () participants in the SpinCo U.S. Savings Plan will be prohibited from increasing their holdings in such Company Common Stock Fund or SpinCo Common Stock Fund;
() no new amounts may be contributed to the Company Common Stock Fund or SpinCo Common Stock Fund, whether through dividend reinvestments, employee contributions, employer contributions or exchanges; and () participants in
the SpinCo U.S. Savings Plan may elect to liquidate their holdings in such Company Common Stock Fund or SpinCo Common Stock Fund and invest the cash received in respect thereof in any other investment fund offered under the SpinCo U.S. Savings Plan
in respect of which new contributions or transfers are permitted. It is expected that SpinCo Participants in the SpinCo U.S. Savings Plan will be permitted to

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hold Company Shares through the Company Common Stock Fund and SpinCo Shares through the SpinCo Common Stock Fund during the Sunset Period. SpinCo shall establish rules for any such SpinCo
Participant to invest any amounts held in the Company Common Stock Fund and SpinCo Common Stock Fund in different investment funds offered under the SpinCo U.S. Saving Plan (in respect of which new contributions or transfer are permitted) during the
Sunset Period.

ARTICLE V

U.S. NON-QUALIFIEDPLANS

Section 5.1 . From and after the Distribution Date, the Company
Group shall retain sponsorship of the Company Non-Qualified Plans and, except as provided in , all Assets and Liabilities arising out of or relating to the Company Non-Qualified Plans; that, for each Company Splitting Non-Qualified Plan, by no later than the Distribution Effective Time: () SpinCo shall, or
shall cause a SpinCo Group Member to, establish and sponsor a new nonqualified deferred compensation plan (a “”), with reasonably comparable terms and
conditions to the corresponding Company Splitting Non-Qualified Plan and () the Parties shall cause all Liabilities as