Company: WBD
Filing Date: 2025-12-05
Form Type: 425
Source: 0001193125-25-309939
Chunk: 256

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-12-05
Form: 425
Chunk 256
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 means The NASDAQ
Stock Market LLC.

“” shall have the meaning
set forth in .

“” means the New York Stock Exchange.

“” means, as of any time from and after the Distribution Effective Time, any individual who
is providing services to one or more Company Group Members as an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker,
incidental worker or non-payroll worker or any other individual in any other non-employment or retainer arrangement or other similar relationship.

“” means, as of any time from and after the Distribution Effective Time, any individual who is
providing services to one or more SpinCo Group Members as an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker,
incidental worker or non-payroll worker or any other individual in any other non-employment or retainer arrangement or other similar relationship.

“” means a party to this Agreement.

“” shall have the meaning set forth in .

“” shall have the meaning ascribed to it in the Separation Agreement.

“” means a Company PRSU Award granted prior to the Distribution Effective Time in calendar year 2026 or
2027.

“” shall have the meaning set forth in .

-6-

“” means the closing price of a Company
Share on NASDAQ trading on the “regular way” basis on NASDAQ on the Distribution Date (or if the Distribution Date is not a trading day, the first trading day after the Distribution Date).

“” means the closing price of a SpinCo Share on NASDAQ or NYSE (as applicable) trading on the
“regular way” basis on NASDAQ or NYSE (as applicable) on the Distribution Date (or if the Distribution Date is not a trading day, the first trading day after the Distribution Date).

“” shall have the meaning set forth in
.

“” shall have the meaning set forth in

“” shall have the meaning set forth in .

“” means the closing price of a Company Share on NASDAQ
trading on the “regular way” basis (inclusive of SpinCo value) on NASDAQ on the last trading day preceding the Distribution Date.

“” means those jurisdictions and/or countries in which both Parties operate, market, distribute or
otherwise make available their services to customers as at the Distribution Effective Time and/or during the Applicable TSA Period.

“” shall have the meaning set forth in .