Company: WBD
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001437107-25-000084
Chunk: 5

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 5
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 amendment to our certificate of incorporation, our Independent Board Chair also sought direct stockholder feedback. During these discussions, the overwhelming feedback was that a 10% threshold was too low, with the most appropriate threshold being between 20% and 25% of outstanding shares. Stockholders also expressed their support for a one year holding period to appropriately protect the Company against the misuse of the Special Meeting right by special interest groups who may not have the same interests as long-term stockholders.

After evaluating the stockholder feedback received and supported by our comprehensive review of peer corporate governance practices, the Nominating Committee recommended, and the Board approved, a proposal to amend our certificate of incorporation to provide stockholders owning 20% of the stock for at least one-year with the ability to call a special meeting. See "Proposal Four — Approval of Third Restated Certificate of Incorporation of Warner Bros. Discovery, Inc.", beginning on page 99for additional information.

#### Executive Compensation Program Updates
Since the closing of the WarnerMedia Transaction in 2022, the Compensation Committee has been focused on ensuring that the evolution of our compensation program is aligned with the Company’s strategic goals, and has worked to reengineer compensation arrangements and programs that were put in place at or prior to the time of the closing of the WarnerMedia Transaction in 2022.

Since the 2024 “Say on Pay” vote, WBD and the Compensation Committee have:

■ engaged in extensive stockholder outreach to elicit feedback (as outlined above),

■ appointed new leadership within our People & Culture function, including a new leader for our total rewards team which develops and oversees executive compensation strategy from the management perspective,

■ 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.

While fulsome details on the updates are disclosed in the Compensation Discussion & Analysis (the "CD&A") section beginning on page 51, the key highlights enacted for each fiscal year are listed below:

2024: WBD's 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. 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 Compensation Committee believes