Company: WBD
Filing Date: 2025-04-11
Form Type: PRE 14A
Source: 0001437107-25-000078
Chunk: 37

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-11
Form: PRE 14A
Chunk 37
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 and oversees executive compensation strategy from the management perspective,

| 54 |

| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive    
 Compensation |     | Other   
 Matters |     | Additional  
 Information |     | Appendices |

■ conducted a comprehensive review of practices at peer companies led by the Committee's independent compensation consultant, and

■ continued the transformation of our compensation program with changes being implemented in 2024, 2025, and 2026.

2024: WBD's Incentive Compensation Program ("ICP") was amended to introduce a strategic performance element for all employees to better align with the cash bonus program already in place for the CEO and CFO. Cash bonuses for NEOs who participated in the ICP in 2024 were calculated as follows:

| Base Salary |     | X |     | NEO’s Individual Target 
 Bonus Percentage        |     | X |     | ICP PayoutPercentage 
 (70% financial/      
 30% strategic goals) |     | + |     | Performance Pool Allocation 
 (if applicable)             |     | = |     | Cash Bonus Award 
 paid to NEO      |

In addition, the Committee increased the performance period for PRSUs awarded in 2024 to incorporate a two-year (vs. one-year) free cash flow ("FCF") performance goal for the NEOs (other than the CEO). The Committee believes a two-year performance period is appropriate in light of challenging macroeconomic conditions and the evolving media landscape, both of which are beyond the control of management and make a two-year performance period a more sustainable metric for our plan. These PRSUs are also subject to an additional three-year relative TSR modifier.

2025: The Committee designed a new executive compensation program, beginning in 2025, that it believes will more effectively align pay and performance (both Company performance and individual performance), is consistent with prevailing pay practices in our industry, incents our executives and employees to achieve the over-arching corporate financial objectives that are important to the success of the enterprise as well as the individual strategic objectives established for their own success and development, and rewards above-target performance and exceptional accomplishments. Annual cash bonuses for NEOs who participate in the ICP in 2025 will be calculated as follows:

| Base Salary |     | X |     | NEO’s Individual Target 
 Bonus Percentage        |     | X |     | ICP PayoutPercentage   
 (100% financial goals) |