# EDGAR Filing Document

**Accession Number:** 0001437107
**File Stem:** 0001437107-25-000151
**Filing Date:** 2025-6
**Character Count:** 232680
**Document Hash:** 8f36de6e71e86c42cac9b72db400a6b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437107-25-000151.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001437107-25-000151

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250613

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Warner Bros. Discovery, Inc.
- **CENTRAL INDEX KEY:** 0001437107
- **STANDARD INDUSTRIAL CLASSIFICATION:** CABLE & OTHER PAY TELEVISION SERVICES [4841]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 352333914
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34177
- **FILM NUMBER:** 251050873

**BUSINESS ADDRESS:**
- **STREET 1:** 230 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003
- **BUSINESS PHONE:** 212-548-5555

**MAIL ADDRESS:**
- **STREET 1:** 230 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Discovery, Inc.
- **DATE OF NAME CHANGE:** 20180306

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Discovery Communications, Inc.
- **DATE OF NAME CHANGE:** 20080606

?xml version='1.0' encoding='ASCII'? disca-20250613

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): June 13, 2025**

![WBD_HorizontalLogo_Blue (1).jpg](disca-20250613_g1.jpg)

**Warner Bros. Discovery, Inc.** 

**(Exact name of registrant as specified in its charter)**

**Commission File Number: 001-34177** 

---

| | |
|:---|:---|
| **Delaware** | **35-2333914** |
| **(State or other jurisdiction of incorporation)** | **(IRS Employer Identification No.)** |

---

**230 Park Avenue South** 

**New York, New York 10003** 

**(Address of principal executive offices, including zip code)**

**212-548-5555** 

**(Registrant's telephone number, including area code)**

**(Former name or former address, if changed since last report)**

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:**

**[**☐**] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)**

**[**☐**] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)**

**[**☐**] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))**

**[**☐**] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))**

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| **Series A Common Stock** | **WBD** | **Nasdaq Global Select Market** |
| **4.302% Senior Notes due 2030** | **WBDI30** | **Nasdaq Global Market** |
| **4.693% Senior Notes due 2033** | **WBDI33** | **Nasdaq Global Market** |

---

**Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).**

**Emerging growth company** ☐

**If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐**

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**Item 1.01.&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement&nbsp;&nbsp;&nbsp;&nbsp;**

On June 16, 2025, Warner Bros. Discovery, Inc. (the "Company") announced that the Offerors (as defined below) had received the required consents (the "Requisite Consents") for the adoption of certain proposed amendments (the "Proposed Amendments") to the indentures governing the appliable notes and debentures in the previously-announced Tender Offers and Consent Solicitations (each, as defined herein).

As previously announced, on June 9, 2025, the Company's wholly-owned subsidiaries, Discovery Communications, LLC ("DCL"), WarnerMedia Holdings, Inc. ("WMH"), Warner Media, LLC ("WML") and Historic TW, Inc. ("TWI" and, together with DCL, WMH and WML, the "Offerors"), commenced offers to purchase (the "Tender Offers") for cash substantially all of their outstanding notes and debentures, subject to certain terms and conditions. In conjunction with the Tender Offers, DCL, WMH and TWI also commenced solicitations of consents (the "Consent Solicitations") from holders of substantially all of their outstanding notes and debentures to adopt the Proposed Amendments. The terms and conditions of the Tender Offers and the Consent Solicitations are set forth in the Offerors' Offer to Purchase and Consent Solicitation Statement, dated June 9, 2025 (the "Offer to Purchase and Consent Solicitation Statement").

As a result of receiving the Requisite Consents, DCL, WMH and TWI executed and delivered the following supplemental indentures (collectively, the "Supplemental Indentures") relating to the Proposed Amendments to the applicable indentures. Each of the Supplemental Indentures is effective upon execution but will only become operative upon settlement of the applicable Tender Offer and Consent Solicitation:

&nbsp;&nbsp;&nbsp;&nbsp;(i)Twenty-Third Supplemental Indenture, dated June 13, 2025, among DCL, as the issuer, the guarantors from time to time party thereto and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (in such capacity, the "DCL Indenture Trustee"), with respect to the Indenture, dated August 19, 2009, among DCL, as the issuer, the guarantors from time to time party thereto and the DCL Indenture Trustee, as trustee (the "DCL Supplemental Indenture"); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii)Second Supplemental Indenture, dated June 13, 2025, among WMH, as the issuer, the guarantors from time to time party thereto and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the "WMH Indenture Trustee"), with respect to the Indenture, dated March 15, 2022, among WMH, as the issuer, the guarantors from time to time party thereto and the WMH Indenture Trustee, as trustee (the "2022 WMH Supplemental Indenture");

&nbsp;&nbsp;&nbsp;&nbsp;(iii)Third Supplemental Indenture, dated June 13, 2025, among WMH, as the issuer, the guarantors from time to time party thereto and the WMH Indenture Trustee and Elavon Financial Services DAC, UK Branch, as paying agent ("Elavon"), with respect to the Indenture, dated as of March 10, 2023, among WMH, as the issuer, the guarantors from time to time party thereto and WMH Indenture Trustee, as trustee, and Elavon, as paying agent (the "2023 WMH Supplemental Indenture"); and

&nbsp;&nbsp;&nbsp;&nbsp;(iv)Fifteenth Supplemental Indenture, dated June 16, 2025, among TWI, as the issuer, the guarantors from time to time party thereto and the Bank of New York Mellon, as trustee (in such capacity, the "TWI Indenture Trustee"), with respect to the Indenture, dated January 15, 1993, among TWI, as the issuer, the guarantors from time to time party thereto, and the TWI Indenture Trustee (the "TWI Supplemental Indenture").

The DCL Supplemental Indenture, the 2022 WMH Supplemental Indenture and the 2023 WMH Supplemental Indenture, if they become operative, will, among other things, (a) eliminate substantially all of the restrictive covenants in the applicable indenture with respect to the applicable notes, (b) eliminate certain of the events which may lead to an "Event of Default" in the applicable indenture (other than for the failure to pay principal or interest, insolvency-related events and the cessation of guarantees), (c) eliminate any restrictions on the applicable Offeror or guarantor parties from consolidating with or merging into any other person or conveying, transferring or leasing all or any of its properties and assets to any person and any obligation to repurchase the applicable notes upon a change of control and (d) add (I) limitations on our ability to repurchase or exchange certain

------

of the notes issued by DCL and WMH that remain outstanding following the consummation of the Tender Offers, (II) provisions for the establishment of amended notes that benefit from an additional covenant and (III) non-boycott provisions that will make it impermissible for holders of the applicable notes or beneficial owners of the applicable notes, as applicable, and any affiliates of the foregoing persons (other than specified screened affiliates) to enter into or become subject to or bound by any boycott agreement with respect to new debt issuances for cash by WBD and its subsidiaries until the maturity of the applicable series of notes.

The TWI Supplemental Indenture, if it becomes operative, will, among other things, (a) eliminate substantially all of the restrictive covenants with respect to the 8.30% Discount Debentures due 2036 and 6.85% Debentures due 2026, (b) eliminate certain of the events which may lead to an "Event of Default" in the indenture governing such debentures (other than for the failure to pay principal or interest and insolvency-related events), (c) eliminate any restrictions on the applicable Offeror or guarantor parties to the base indenture from consolidating with or merging into any other person or conveying, transferring or leasing all or any of its properties and assets to any person, (d) eliminate any guarantees of such debentures and (e) amend the defeasance provisions in indenture governing such debentures to permit the defeasance and discharge of the applicable debentures without the provision of a tax opinion or any tax ruling.

The foregoing description of the Supplemental Indentures does not purport to be complete, is subject to and is qualified in its entirety by reference to the copies of the Supplemental Indentures attached hereto as Exhibits 4.1, 4.2, 4.3 and 4.4, which are incorporated herein by reference.

**Item 3.03. Material Modification to Rights of Security Holders**

The disclosures set forth in Item 1.01 (including information incorporated by reference therein) are incorporated by reference into this Item 3.03.

**Item 8.01. Other Events.** 

On June 16, 2025, the Company issued a press release announcing the receipt of consents required for the adoption of certain proposed amendments to the indentures governing the applicable series of notes and debentures in the previously-announced cash tender offers and consent solicitations. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

**No Offer or Solicitation** 

The complete terms and conditions of the Tender Offers and Consent Solicitations are set forth in the Offer to Purchase and Consent Solicitation Statement, along with any amendments and supplements thereto, which holders are urged to read carefully before making any decision with respect to the Tender Offers.

This Current Report on Form 8-K is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Tender Offers are being made only by, and pursuant to the terms of, the Offer to Purchase and Consent Solicitation Statement. The Tender Offers do not constitute an offer to buy or the solicitation of an offer to sell any securities in any jurisdiction in which such offer or solicitation is unlawful. The Tender Offers are void in all jurisdictions where they are prohibited.

**<u>Cautionary Statement Regarding Forward-Looking Information</u>**

This Current Report on Form 8-K (including the exhibits attached hereto) contains certain "forward-looking statements." Forward-looking statements include, without limitation, statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. These forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties and on information available to the Company as of the date hereof.

Forward-looking statements include, without limitation, statements about the timeline and terms of the Tender Offers and the Consent Solicitations, the future company plans, objectives, expectations and intentions, and

------

other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties outside of our control. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are risks relating to satisfaction of conditions to the Tender Offers and Consent Solicitations, whether the Tender Offers and Consent Solicitations will be consummated in accordance with its terms and conditions or at all and the timing of any of the foregoing.

The Company's actual results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risks related to the Tender Offers and the Consent Solicitations. Discussions of additional risks and uncertainties are contained in the Company's filings with the Securities and Exchange Commission, including but not limited to the Company's most recent Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. The Company is not under any obligation, and each expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Persons reading this communication are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof.

------

**Item 9.01. Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 4.1 | <u>[Twenty-Third Supplemental Indenture, dated June 13, 2025, among DCL, as the issuer, the guarantors from time to time party thereto and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee.](a2025-06x16ex41dclindentur.htm)</u> |
| 4.2 | <u>[Second Supplemental Indenture, dated June 13, 2025, among WMH, as the issuer, the guarantors from time to time party thereto and U.S. Bank Trust Company, National Association, as trustee.](a2025-06x16ex42wmh2022inde.htm)</u> |
| 4.3 | <u>[Third Supplemental Indenture, dated June 13, 2025, among WMH, as the issuer, the guarantors from time to time party thereto and the WMH Indenture Trustee and Elavon Financial Services DAC, UK Branch, as paying agent.](a2025-06x16ex43wmh2023inde.htm)</u> |
| 4.4 | <u>[Fifteenth Supplemental Indenture, dated June 16, 2025, among TWI, as the issuer, the guarantors from time to time party thereto and the Bank of New York Mellon, as trustee.](a2025-06x16ex44twi1993inde.htm)</u> |
| 99.1 | <u>[Press Release of Warner Bros. Discovery, Inc., dated June 16, 2025 (Requisite Consents)](wbd-toconsentsolicitatio.htm)</u> |
| 101 | Inline XBRL Instance Document - the instance document does not appear in the Interactive Date File because its XBRL tags are embedded within the Inline XBRL document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: June 16, 2025 | WARNER BROS. DISCOVERY, INC. | WARNER BROS. DISCOVERY, INC. |
|  | By: | /s/ Gunnar Wiedenfels |
|  | Name: | Gunnar Wiedenfels |
|  | Title: | Chief Financial Officer |

---

## Exhibit 4.1

*Execution Version*

**DISCOVERY COMMUNICATIONS, LLC,** 

**Issuer** 

**WARNER BROS. DISCOVERY, INC.,** 

**Parent Guarantor** 

**WARNERMEDIA HOLDINGS, INC. (f/k/a Magallanes, Inc.)**

**and**

**SCRIPPS NETWORKS INTERACTIVE, INC., each, a Subsidiary Guarantor** 

**and** 

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,** 

**Trustee** 

**TWENTY-THIRD SUPPLEMENTAL INDENTURE** 

**DATED AS OF JUNE 13, 2025** 

**TO** 

**INDENTURE** 

**DATED AS OF AUGUST 19, 2009** 

**Relating To** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.900% Senior Notes due 2026**

**1.90% Senior Notes due 2027**

&nbsp;&nbsp;&nbsp;&nbsp;**3.950% Senior Notes due 2028**

&nbsp;&nbsp;&nbsp;&nbsp;**4.125% Senior Notes due 2029**

&nbsp;&nbsp;&nbsp;&nbsp;**3.625% Senior Notes due 2030**

&nbsp;&nbsp;&nbsp;&nbsp;**5.000% Senior Notes due 2037**

&nbsp;&nbsp;&nbsp;&nbsp;**6.350% Senior Notes due 2040**

**4.95% Senior Notes due 2042**

&nbsp;&nbsp;&nbsp;&nbsp;**4.875% Senior Notes due 2043**

**5.200% Senior Notes due 2047**

&nbsp;&nbsp;&nbsp;&nbsp;**5.300% Senior Notes due 2049**

**4.650% Senior Notes due 2050**

**4.000% Senior Notes due 2055**

------

**TWENTY-THIRD SUPPLEMENTAL INDENTURE**

**TWENTY-THIRD SUPPLEMENTAL INDENTURE**, dated as of June 13, 2025 (the "**Twenty-Third Supplemental Indenture**"), to the Base Indenture (defined below) among Discovery Communications, LLC, a Delaware limited liability company (the "**Company**"), Warner Bros. Discovery, Inc. (f/k/a Discovery, Inc.), a Delaware corporation (the "**Parent Guarantor**"), WarnerMedia Holdings, Inc. (f/k/a Magallanes, Inc.), a Delaware corporation ("**WMH**"), Scripps Networks Interactive, Inc., an Ohio corporation ("**Scripps**" and, together with WMH, the "**Subsidiary Guarantors**"), and U.S. Bank Trust Company, National Association, as Trustee (the "**Trustee**").

**RECITALS**

WHEREAS, the Company has executed and delivered to the Trustee the Indenture, dated as of August 19, 2009 (the "**Base Indenture**", and, as amended, supplemented or otherwise modified to the date hereof (but for the avoidance of doubt, excluding this Twenty-Third Supplemental Indenture), the "**Indenture**"), providing for the issuance from time to time of its Securities;

WHEREAS, the Company has previously established a series of its Securities designated as the "6.350% Senior Notes due 2040" (the "**2040 Notes**") and issued $850,000,000 aggregate principal amount of the 2040 Notes, pursuant to the Second Supplemental Indenture, dated as of June 3, 2010, to the Base Indenture (the "**Second Supplemental Indenture**");

WHEREAS, the Company has previously established a series of its Securities designated as the "4.95% Senior Notes due 2042" (the "**2042 Notes**") and issued $500,000,000 aggregate principal amount of the 2042 Notes, pursuant to the Fourth Supplemental Indenture, dated as of May 17, 2012, to the Base Indenture (the "**Fourth Supplemental Indenture**");

WHEREAS, the Company has previously established a series of its Securities designated as the "4.875% Senior Notes due 2043" (the "**2043 Notes**") and issued $850,000,000 aggregate principal amount of the 2043 Notes, pursuant to the Fifth Supplemental Indenture, dated as of March 19, 2013, to the Base Indenture (the "**Fifth Supplemental Indenture**");

WHEREAS, the Company has previously established a series of its Securities designated as the "1.90% Senior Notes due 2027" (the "**2027 Notes**") and issued €600,000,000 aggregate principal amount of the 2027 Notes, pursuant to the Eighth Supplemental Indenture, dated as of March 19, 2015, to the Base Indenture (the "**Eighth Supplemental Indenture**");

WHEREAS, the Company has previously established a series of its Securities designated as the "4.900% Senior Notes due 2026" (the "**2026 Notes**") and issued $500,000,000 aggregate principal amount of the 2026 Notes, pursuant to the Ninth Supplemental Indenture, dated as of March 11, 2016, to the Base Indenture (the "**Ninth Supplemental Indenture**");

WHEREAS, the Company has previously (i) established a series of its Securities designated as the "3.950% Senior Notes due 2028" (the "**2028 Notes**") and issued $1,700,000,000 aggregate principal amount of the 2028 Notes, (ii) established a series of its Securities designated as the "5.000% Senior Notes due 2037" (the "**2037 Notes**") and issued $1,250,000,000 aggregate principal amount of the 2037 Notes and (iii) established a series of its Securities designated as the "5.200% Senior Notes due 2047" (the "**2047 Notes**") and issued $1,250,000,000 aggregate principal amount of the 2047 Notes, in each case pursuant to the Eleventh Supplemental Indenture, dated as of September 21, 2017, to the Base Indenture (the "**Eleventh Supplemental Indenture**");

WHEREAS, the Company has previously (i) established a series of its Securities designated as the "4.125% Senior Notes due 2029" (the "**2029 Notes**") and issued $750,000,000 aggregate principal amount of the 2029 Notes and (ii) established a series of its Securities designated as the "5.300% Senior Notes due 2049" (the "**2049 Notes**") and issued $750,000,000 aggregate principal amount of the 2049 Notes, in each case pursuant to the Seventeenth

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Supplemental Indenture, dated as of May 21, 2019, to the Base Indenture (the "**Seventeenth Supplemental Indenture**");

WHEREAS, the Company has previously (i) established a series of its Securities designated as the "3.625% Senior Notes due 2030" (the "**2030 Notes**") and issued $1,000,000,000 aggregate principal amount of the 2030 Notes and (ii) established a series of its Securities designated as the "4.650% Senior Notes due 2050" (the "**2050 Notes**") and issued $1,000,000,000 aggregate principal amount of the 2050 Notes, in each case pursuant to the Eighteenth Supplemental Indenture, dated as of May 18, 2020, to the Base Indenture (the "**Eighteenth Supplemental Indenture**");

WHEREAS, the Company has previously established a series of its Securities designated as the "4.000% Senior Notes due 2055" (the "**2055 Notes**" and together with the 2026 Notes, the 2027 Notes, the 2028 Notes, the 2029 Notes, the 2030 Notes, the 2037 Notes, the 2040 Notes, the 2042 Notes, the 2043 Notes, the 2047 Notes, the 2049 Notes and the 2050 Notes, collectively, the "**Notes**") and issued $1,732,036,000 aggregate principal amount of the 2055 Notes, pursuant to the Nineteenth Supplemental Indenture, dated as of September 21, 2020, to the Base Indenture (the "**Nineteenth Supplemental Indenture**");

WHEREAS, each of the Second Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Eighth Supplemental Indenture, the Ninth Supplemental Indenture, the Eleventh Supplemental Indenture, the Seventeenth Supplemental Indenture, the Eighteenth Supplemental Indenture and the Nineteenth Supplemental Indenture, in each case, as amended, supplemented or otherwise modified to the date hereof, is referred to herein as an "**Existing Supplemental Indenture**";

WHEREAS, the Company desires to amend the Indenture as set forth in Article 2 of this Twenty-Third Supplemental Indenture (the "**Amendments**");

WHEREAS, Section 8.02 of the Base Indenture, as amended by each of the Existing Supplemental Indentures relating to the Notes, provides that with the consent (evidenced as provided in Article 7 of the Base Indenture) of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series affected by such supplemental indenture (voting as one class), the Company, when authorized by a Consent of the Sole Member, the Guarantor, when authorized by a Guarantor Authorizing Resolution, and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental to the Base Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each such series, other than with respect to certain provisions and rights of the Holders of the Securities which, as set forth in Section 8.02 of the Base Indenture (as amended by each of the Existing Supplemental Indentures), require the consent of the Holder of each Security so affected;

WHEREAS, the Company has solicited consents from the Holders of the Notes for the Amendments to the Indenture, in accordance with the terms and subject to the conditions set forth in the offer to purchase and consent solicitation statement, dated as of June 9, 2025 (the "**Offer to Purchase and Consent Solicitation Statement**");

WHEREAS, as of 5:00 p.m., New York city time, on June 13, 2025, the Company has received, and delivered to the Trustee, (i) the consents from Holders of not less than a majority in aggregate principal amount of all series of outstanding Notes to the Amendments to the Indenture as set forth in Article 2 (other than Section 2.01(b)) hereof, voting as one class and (ii) the consents from Holders of not less than a majority in aggregate principal amount of outstanding 2028 Notes, 2029 Notes, 2030 Notes, 2037 Notes, 2047 Notes, 2049 Notes, 2050 Notes and 2055 Notes with respect to the Amendments to the Indenture as set forth in Section 2.01(b) hereof, voting as one class, in each case as evidenced by a certified report from D.F. King & Co., Inc.;

WHEREAS, the Company has requested that the Trustee execute and deliver this Twenty-Third Supplemental Indenture, and complete all requirements necessary to make this Twenty-Third Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and all acts and things necessary have been done and performed to make this Twenty-Third Supplemental Indenture enforceable against the parties hereto in

------

accordance with its terms, and the execution and delivery of this Twenty-Third Supplemental Indenture has been duly authorized by the parties hereto in all respects.

**WITNESSETH:**

NOW, THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal and ratable benefit of the Holders of the Notes, as follows:

**Article 1**<br> DEFINITIONS

Section 1.01Capitalized terms used but not defined in this Twenty-Third Supplemental Indenture shall have the meanings ascribed to them in the Base Indenture. Terms defined in the preamble or recitals hereto are used herein as therein defined. The words "herein," "hereof" and "hereby" and other words of similar import used in this Twenty-Third Supplemental Indenture refer to this Twenty-Third Supplemental Indenture as a whole and not to any particular section hereof.

Section 1.02References in this Twenty-Third Supplemental Indenture to article and section numbers shall be deemed to be references to article and section numbers of this Twenty-Third Supplemental Indenture unless otherwise specified.

**Article 2**<br>AMENDMENTS TO THE INDENTURE

Section 2.01 *<u>Deletion</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Solely with respect to the Notes, the Indenture shall hereby be amended by deleting the following Clauses, Sections or Articles of the Indenture in their entirety, and such Clauses, Sections or Articles shall be of no further force and effect, and shall no longer apply to the Notes, and the words "[INTENTIONALLY DELETED]" shall be inserted, in each case, in place of the deleted text:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base Indenture

oClause (c) of Section 5.01 ("*Event of Default Defined; Acceleration of Maturity; Waiver of Default*")

oArticle 9 ("*Consolidation, Merger, Sale or Conveyance*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second Supplemental Indenture

oSection 3.01 ("*Limitation on Liens*")

oSection 3.02 ("*Limitation on Sale and Leasebacks*")

oSection 3.03 ("*Consolidation, Sale, Merger or Conveyance*")

oSection 4.02 ("*Purchase of Notes Upon a Change of Control Triggering Event*")

oClause (a)(iv) of Section 5.01 ("*Events of Default*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth Supplemental Indenture

oSection 3.01 ("*Limitation on Liens*")

oSection 3.02 ("*Limitation on Sale and Leasebacks*")

oSection 3.03 ("*Consolidation, Sale, Merger or Conveyance*")

oSection 4.02 ("*Purchase of Notes Upon a Change of Control Triggering Event*")

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oClause (a)(iv) of Section 5.01 ("*Events of Default*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fifth Supplemental Indenture

oSection 3.01 ("*Limitation on Liens*")

oSection 3.02 ("*Limitation on Sale and Leasebacks*")

oSection 3.03 ("*Consolidation, Sale, Merger or Conveyance*")

oSection 4.02 ("*Purchase of Notes Upon a Change of Control Triggering Event*")

oClause (a)(iv) of Section 5.01 ("*Events of Default*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eighth Supplemental Indenture

oSection 3.01 ("*Limitation on Liens*")

oSection 3.02 ("*Limitation on Sale and Leasebacks*")

oSection 3.03 ("*Consolidation, Sale, Merger or Conveyance*")

oSection 4.02 ("*Purchase of Notes Upon a Change of Control Triggering Event*")

oClause (a)(iv) of Section 6.01 ("*Events of Default*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ninth Supplemental Indenture

oSection 3.01 ("*Limitation on Liens*")

oSection 3.02 ("*Limitation on Sale and Leasebacks*")

oSection 3.03 ("*Consolidation, Sale, Merger or Conveyance*")

oSection 4.02 ("*Purchase of Notes Upon a Change of Control Triggering Event*")

oClause (a)(iv) of Section 5.01 ("*Events of Default*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eleventh Supplemental Indenture

oSection 3.01 ("*Limitation on Liens*")

oSection 3.02 ("*Limitation on Sale and Leasebacks*")

oSection 3.03 ("*Consolidation, Sale, Merger or Conveyance*")

oSection 4.02 ("*Purchase of Notes Upon a Change of Control Triggering Event*")

oClause (a)(iv) of Section 5.01 ("*Events of Default*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seventeenth Supplemental Indenture

oSection 3.01 ("*Limitation on Liens*")

oSection 3.02 ("*Limitation on Sale and Leasebacks*")

oSection 3.03 ("*Consolidation, Sale, Merger or Conveyance*")

oSection 4.02 ("*Purchase of Notes Upon a Change of Control Triggering Event*")

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oClause (a)(iv) of Section 5.01 ("*Events of Default*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eighteenth Supplemental Indenture

oSection 3.01 ("*Limitation on Liens*")

oSection 3.02 ("*Limitation on Sale and Leasebacks*")

oSection 3.03 ("*Consolidation, Sale, Merger or Conveyance*")

oSection 4.02 ("*Purchase of Notes Upon a Change of Control Triggering Event*")

oClause (a)(iv) of Section 5.01 ("*Events of Default*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nineteenth Supplemental Indenture

oSection 3.01 ("*Limitation on Liens*")

oSection 3.02 ("*Limitation on Sale and Leasebacks*")

oSection 3.03 ("*Consolidation, Sale, Merger or Conveyance*")

oSection 4.02 ("*Purchase of Notes Upon a Change of Control Triggering Event*")

oClause (a)(iv) of Section 5.01 ("*Events of Default*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Solely with respect to the 2028 Notes, 2029 Notes, 2030 Notes, 2037 Notes, 2047 Notes, 2049 Notes, 2050 Notes and 2055 Notes, each of the Eleventh Supplemental Indenture, the Seventeenth Supplemental Indenture, the Eighteenth Supplemental Indenture and the Nineteenth Supplemental Indenture shall hereby be amended by deleting the following Clauses, Sections or Articles of such Existing Supplemental Indentures and all references and definitions related thereto (to the extent not otherwise used in any other Clauses, Sections or Articles of such Existing Supplemental Indentures or the Securities not affected by this Twenty-Third Supplemental Indenture) in their entirety, and such Clauses, Sections or Articles shall be of no further force and effect, and shall no longer apply to the 2028 Notes, the 2029 Notes, the 2030 Notes, the 2037 Notes, the 2047 Notes, the 2049 Notes, the 2050 Notes and the 2055 Notes, and the words "[INTENTIONALLY DELETED]" shall be inserted, in each case, in place of the deleted text:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eleventh Supplemental Indenture

oSection 3.04 ("*Guarantee by Subsidiaries of the Guarantor*")

oSection 3.05 ("*Certain Subsidiaries*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seventeenth Supplemental Indenture

oSection 3.04 ("*Guarantee by Subsidiaries of the Parent Guarantor*")

oSection 3.05 ("*Certain Subsidiaries*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eighteenth Supplemental Indenture

oSection 3.04 ("*Guarantee by Subsidiaries of the Parent Guarantor*")

oSection 3.05 ("*Certain Subsidiaries*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nineteenth Supplemental Indenture

oSection 3.04 ("*Guarantee by Subsidiaries of the Parent Guarantor*")

------

oSection 3.05 ("*Certain Subsidiaries*")

Section 2.02 *<u>Additional Covenants</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Solely with respect to the 2040 Notes, the provisions set forth on <u>Annex A</u> hereto are hereby added as new Section 3.04, new Section 3.05 and new Section 3.06 to the Second Supplemental Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Solely with respect to the 2042 Notes, the provisions set forth on <u>Annex B</u> hereto are hereby added as new Section 3.04, new Section 3.05 and new Section 3.06 to the Fourth Supplemental Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Solely with respect to the 2043 Notes, the provisions set forth on <u>Annex C</u> hereto are hereby added as new Section 3.04, new Section 3.05 and new Section 3.06 to the Fifth Supplemental Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Solely with respect to the 2027 Notes, the provisions set forth on <u>Annex D</u> hereto are hereby added as new Section 3.04 and new Section 3.05 to the Eighth Supplemental Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Solely with respect to the 2026 Notes, the provisions set forth on <u>Annex E</u> hereto are hereby added as new Section 3.04 and new Section 3.05 to the Ninth Supplemental Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Solely with respect to the 2028 Notes, the 2037 Notes and the 2047 Notes, the provisions set forth on <u>Annex F</u> hereto are hereby added as new Section 3.06, new Section 3.07 and new Section 3.08 to the Eleventh Supplemental Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Solely with respect to the 2029 Notes and the 2049 Notes, the provisions set forth on <u>Annex G</u> hereto are hereby added as new Section 3.06, new Section 3.07 and new Section 3.08 to the Seventeenth Supplemental Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Solely with respect to the 2030 Notes and the 2050 Notes, the provisions set forth on <u>Annex H</u> hereto are hereby added as new Section 3.06, new Section 3.07 and new Section 3.08 to the Eighteenth Supplemental Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Solely with respect to the 2055 Notes, the provisions set forth on <u>Annex I</u> hereto are hereby added as new Section 3.06 and new Section 3.07 to the Nineteenth Supplemental Indenture.

Section 2.03 *<u>Definitions.</u>* Solely with respect to the Notes, the definitions set forth below hereby are added to Section 1.03 of each Existing Supplemental Indenture in alphanumeric order:

"**Amended Notes**" means all or part of a series of Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIP and ISIN for the applicable Existing Notes of such series, but shall otherwise be substantially the same as the applicable series of Existing Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended Notes shall be consolidated and form a single series with the applicable series of Existing Notes and shall have the same terms as to status, redemption or otherwise as such series of Existing Notes.

"**Early Settlement Date**" has the meaning assigned to such term in the Offer to Purchase and Consent Solicitation Statement.

"**Eligible Holders**" means Holders of Amended Notes that properly complete and return an eligibility letter certifying that such Holder is either (i) a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act) or (ii) a person that is not a "U.S. person" (as defined in Regulation S under the Securities Act) outside the United States.

"**Exchange Offer Deadline**" means the earlier of (i) a date that is no later than five business days following the completion of the Transactions (as defined in the Offer to Purchase and Consent Solicitation

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Statement) and (ii) the 18-month anniversary of the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) for the Notes.

"**Existing Notes**" means Notes of any series outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to such series of Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

"**Final Settlement Date**" has the meaning assigned to such term in the Offer to Purchase and Consent Solicitation Statement.

"**Junior Lien Exchange Notes**" means new junior lien secured notes that may be issued by the Company, with such terms as are determined by the Company (in its sole discretion); <u>provided</u> that such terms are not inconsistent with the terms expressly set forth under the "Brief Description of the Junior Lien Exchange Notes" section of the Offer to Purchase and Consent Solicitation Statement.

"**Offer and Consent Solicitation**" means the tender offer and consent solicitation conducted pursuant to the terms of Offer to Purchase and Consent Solicitation Statement.

"**Offer to Purchase and Consent Solicitation Statement**" means the Offer to Purchase and Consent Solicitation Statement, dated June 9, 2025, as amended, supplemented or modified from time to time.

"**Permitted Offer**" means any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for the Notes of any series issued under the Indenture or any notes issued under the WMH 2022 Indenture, in each case, that were subject to the Offer and Consent Solicitation but that were not validly tendered (or that were withdrawn) or with respect to which valid consents were not delivered (or which were revoked) in the Offer and Consent Solicitation; <u>provided</u> that (i) any Amended Notes of any series with the same maturity must be included and prioritized in any such offer, (ii) holders of Amended Notes of any series with the same maturity must be offered equal or greater consideration in any such offer (it being understood that any cash consideration offered to holders of such Amended Notes must be equal or greater than the cash consideration offered to holders of such series of Notes), (iii) in the case of any exchange offer, (a) the notes or any other indebtedness offered in exchange for Notes of such series shall be unsecured and by its terms expressly subordinated in right of payment to the Notes and (b) the indenture, agreement or other instrument governing such indebtedness offered in exchange for Notes of such series shall not include any covenant or other agreement to secure such indebtedness unless the liens securing such indebtedness rank junior to the liens securing the Junior Lien Exchange Notes pursuant to a customary intercreditor agreement and such liens are incurred on or after the issue date of the Junior Lien Exchange Notes.

"**WMH 2022 Indenture**" means that certain indenture, dated as of March 15, 2022 (as amended, supplemented, waived or otherwise modified from time to time), among WMH, as the issuer, the guarantors from time to time party thereto, and U.S. Bank Trust Company, National Association, as trustee.

Section 2.04Any of the terms or provisions present in the Notes that relate to any of the provisions of the Indenture as amended by this Twenty-Third Supplemental Indenture shall also be amended, *mutatis mutandis*, so as to be consistent with the amendments made by this Twenty-Third Supplemental Indenture.

Section 2.05The Indenture is hereby amended by deleting any definitions from the Indenture with respect to which references would be eliminated as a result of the amendments to the Indenture pursuant to Section 2.01 above. The definition of any defined term used in the Indenture or the Notes where such definition is set forth in any of the sections or subsections of the Indenture that are eliminated by this Twenty-Third Supplemental Indenture and the term it defines is still used elsewhere in the Indenture or the Notes after the amendments hereby become operative shall be deemed to become part of, and defined in, Section 1.01 of the Base Indenture or Section 1.03 of each Supplemental Indenture, as applicable. Such defined terms are to be in alphanumeric order within Section 1.01 of the Base Indenture or Section 1.03 of each Supplemental Indenture, as applicable.

Section 2.06None of the Company, the Parent Guarantor, the Subsidiary Guarantors, the Trustee or other parties to or beneficiaries of the Indenture shall have any rights, obligations or liabilities under the Clauses,

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Sections or Articles of the Indenture deleted pursuant to Section 2.01 above. The failure to comply with such Clauses, Sections or Articles of the Indenture shall no longer constitute a Default or Event of Default under the Indenture with respect to the Notes, shall no longer have any consequence under the Indenture with respect to the Notes, and the Holders of the Notes shall be deemed to have waived any Default or Event of Default under the Indenture with respect to such failure (whether before or after the date of this Twenty-Third Supplemental Indenture).

**Article 3**<br> MISCELLANEOUS

Section 3.01 *<u>Forms of Amended Notes</u>.* The Amended Notes of each series shall be substantially in such form (not inconsistent with the Indenture) as shall be established by or pursuant to one or more Consents of the Sole Member (as set forth in a Consent of the Sole Member or, to the extent established pursuant to (rather than set forth in) a Consent of the Sole Member, an Officer's Certificate detailing such establishment).

Section 3.02 *<u>Ratification of Base Indenture</u>*. The Base Indenture, as supplemented by this Twenty-Third Supplemental Indenture, is in all respects ratified and confirmed, and this Twenty-Third Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. Every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

Section 3.03 *<u>Trust Indenture Act Controls</u>*. If any provision, covenant or restriction contemplated by this Twenty-Third Supplemental Indenture limits, qualifies or conflicts with another provision that is required to be included in this Twenty-Third Supplemental Indenture or the Indenture by the Trust Indenture Act of 1939, as amended, as in force at the date such Supplemental Indenture is executed, the provisions required by such Trust Indenture Act shall control.

Section 3.04 *<u>Conflict with Indenture; Severability</u>*. To the extent not expressly amended or modified by this Twenty-Third Supplemental Indenture, the Base Indenture shall remain in full force and effect. If any provision of this Twenty-Third Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the provision of this Twenty-Third Supplemental Indenture shall control. In case any provision, covenant or restriction contemplated by this Twenty-Third Supplemental Indenture is held to be invalid, illegal or unenforceable in any jurisdiction, such covenant or restriction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions, covenants or restrictions; and the invalidity of a particular provision, covenant or restriction in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 3.05 *<u>Governing Law</u>*. THIS TWENTY-THIRD SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS MAY OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF LAW. THE TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE HOLDERS AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS TWENTY-THIRD SUPPLEMENTAL INDENTURE.

Section 3.06 *<u>Successors</u>*. All agreements of the Company, the Parent Guarantor and the Subsidiary Guarantors in the Base Indenture, this Twenty-Third Supplemental Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in the Base Indenture and this Twenty-Third Supplemental Indenture shall bind its successors.

Section 3.07 *<u>Counterparts</u>*. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signature provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to Trustee) shall also be deemed original signatures for all purposes hereunder. Any communication or documents sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee by the authorized representative of the Company). Notwithstanding the foregoing, Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to Trustee in lieu of, or in addition to, any such electronic method. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic

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methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

Section 3.08 *<u>Trustee Disclaimer</u>*. The Trustee makes no representation as to the validity or sufficiency of this Twenty-Third Supplemental Indenture other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company, the Parent Guarantor and the Subsidiary Guarantors and not the Trustee.

Section 3.09 *<u>Effectiveness</u>*. This Twenty-Third Supplemental Indenture shall become effective and binding on the Company, the Parent Guarantor, the Subsidiary Guarantors, the Trustee and every Holder of the Notes of each series heretofore or hereafter authenticated and delivered under the Indenture upon the execution and delivery by the parties of this Twenty-Third Supplemental Indenture; <u>provided</u>, <u>however</u>, that the Amendments shall become operative with respect to a series of Notes only upon the Settlement Date (as defined in the Offer to Purchase and Consent Solicitation Statement) of the Offer with respect to such series of Notes in accordance with the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused the Supplemental Indenture to be duly executed as of the day and year first above written.

**DISCOVERY COMMUNICATIONS, LLC**

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| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title : | Executive Vice President and Treasurer |

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**WARNER BROS. DISCOVERY, INC.**

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| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title : | Executive Vice President and Treasurer |

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**WARNERMEDIA HOLDINGS, INC.**

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| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title : | Executive Vice President and Treasurer |

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**SCRIPPS NETWORKS INTERACTIVE, INC.**

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| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title : | Executive Vice President and Treasurer |

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*[Signature Page to DCL Twenty-Third Supplemental Indenture]*

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**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,**<br> as Trustee,

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| | |
|:---|:---|
| By: | /s/ Michelle Mena-Rosado |
| Name: | Michelle Mena-Rosado |
| Title : | Vice President |

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*[Signature Page to DCL Twenty-Third Supplemental Indenture]*

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**<u>Annex A</u>**

**Section 3.04. *Non-Boycott.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Holder, Notes Beneficial Owner and any affiliate of the foregoing persons (other than Screened Affiliates) (such persons, the "**Subject Persons**") is prohibited from entering into or becoming subject to or bound by any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from (i) purchasing for cash any newly-issued debt or securities issued by the Parent Guarantor and its Subsidiaries or (ii) making any loans in cash to the Parent Guarantor and its Subsidiaries, in the case of clauses (i) and (ii), from time to time after the date hereof (the "**Boycott Agreement**"). Moreover, any person that is party to or otherwise bound by a Boycott Agreement is prohibited from purchasing or otherwise acquiring the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Holder or Notes Beneficial Owner that enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement (or if an affiliate thereof (other than a Screened Affiliate) enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement) shall be in breach of the Indenture and shall be liable to the Company for any damages at law or in equity that the Parent Guarantor and its Subsidiaries may suffer as a result of such breach. Without prejudice to any remedies available to the Company, the Company may enforce the prohibition on Boycott Agreements through specific performance without the posting of any bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of this Section 3.04, the following definitions are applicable.

"**Notes Beneficial Owner**" means a Person who is a beneficial owner of interests in the Notes.

"**Screened Affiliate**" means any affiliate of a Holder or Notes Beneficial Owner (i) that makes investment decisions independently from such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such Holder or Notes Beneficial Owner in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such holder in connection with its investment in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, this Non-Boycott provision shall not be construed to prohibit any Holder or Notes Beneficial Owner or affiliate of the foregoing persons from entering into any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from transacting with the Parent Guarantor and its Subsidiaries with respect to any existing indebtedness of the Parent Guarantor and its Subsidiaries.

**Section 3.05. *Exchange Offer.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At or prior to the Exchange Offer Deadline, the Company shall, in its sole discretion, commence and complete an offer (the "**Exchange Offer**") to exchange Amended Notes held by Eligible Holders for the same principal amount of Junior Lien Exchange Notes. If the Exchange Offer is not commenced by the Company by the Exchange Offer Deadline or is not completed within 60 days of commencement thereof, the Company shall within ten (10) Business Days of such failure make a payment of $100 per $1,000 principal amount of Amended Notes to Holders of Amended Notes as of the date of the Exchange Offer Deadline and all outstanding Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes.

Annex A

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Exchange Offer is commenced by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of the Amended Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $2.50 per $1,000 of principal amount of Amended Notes held by such holders ("**Cash Pay Option**") or (ii) participate in the Exchange Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Holders of Amended Notes that are not Eligible Holders shall not be entitled to participate in the Exchange Offer, but may elect the Cash Pay Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>provided</u> that, Holders of the Amended Notes that (x) do not certify their eligibility as described under the definition of "Eligible Holders," (y) choose not to participate in the Exchange Offer or (z) elect for the Cash Pay Option, as applicable, shall not receive any additional consideration, and such Holders of the Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes (provided that there has been no "significant modification" with respect to such Amended Notes for U.S. federal income tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The delivery, registration, transfer and exchange of any Amended Notes or Existing Notes shall be pursuant to such procedures as are established upon the order of the Company or pursuant to such procedures acceptable to the Trustee or, in the case of any Notes evidenced by a Global Security, the applicable procedures of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Exchange Offer is commenced, the Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations, in each case, to the extent applicable in connection with the Exchange Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations described in the Indenture by virtue of the conflict.

The provisions of this Section 3.05 are solely for the benefit of Holders of Amended Notes; <u>provided</u> that, without the consent of the Holders of any series of Notes, the Company, the Parent Guarantor, the Subsidiary Guarantors and the Trustee may from time to time and at any time enter into an indenture supplemental hereto to modify the provisions of this Section 3.05 such that Holders of all Notes of a series (including any Existing Notes) would benefit from these provisions.

**Section 3.06. *Interim Restricted Debt Purchases***. After the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) but prior to the consummation of the Exchange Offer, the Parent Guarantor shall not, and shall not permit any of its Subsidiaries to, make any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any of the Notes or any notes issued under the WMH 2022 Indenture, other than pursuant to a Permitted Offer for such Notes.

Annex A

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**<u>Annex B</u>**

**Section 3.04. *Non-Boycott.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Holder, Notes Beneficial Owner and any affiliate of the foregoing persons (other than Screened Affiliates) (such persons, the "**Subject Persons**") is prohibited from entering into or becoming subject to or bound by any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from (i) purchasing for cash any newly-issued debt or securities issued by the Parent Guarantor and its Subsidiaries or (ii) making any loans in cash to the Parent Guarantor and its Subsidiaries, in the case of clauses (i) and (ii), from time to time after the date hereof (the "**Boycott Agreement**"). Moreover, any person that is party to or otherwise bound by a Boycott Agreement is prohibited from purchasing or otherwise acquiring the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Holder or Notes Beneficial Owner that enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement (or if an affiliate thereof (other than a Screened Affiliate) enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement) shall be in breach of the Indenture and shall be liable to the Company for any damages at law or in equity that the Parent Guarantor and its Subsidiaries may suffer as a result of such breach. Without prejudice to any remedies available to the Company, the Company may enforce the prohibition on Boycott Agreements through specific performance without the posting of any bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of this Section 3.04, the following definitions are applicable.

"**Notes Beneficial Owner**" means a Person who is a beneficial owner of interests in the Notes.

"**Screened Affiliate**" means any affiliate of a Holder or Notes Beneficial Owner (i) that makes investment decisions independently from such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such Holder or Notes Beneficial Owner in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such holder in connection with its investment in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, this Non-Boycott provision shall not be construed to prohibit any Holder or Notes Beneficial Owner or affiliate of the foregoing persons from entering into any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from transacting with the Parent Guarantor and its Subsidiaries with respect to any existing indebtedness of the Parent Guarantor and its Subsidiaries.

**Section 3.05. *Exchange Offer.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At or prior to the Exchange Offer Deadline, the Company shall, in its sole discretion, commence and complete an offer (the "**Exchange Offer**") to exchange Amended Notes held by Eligible Holders for the same principal amount of Junior Lien Exchange Notes. If the Exchange Offer is not commenced by the Company by the Exchange Offer Deadline or is not completed within 60 days of commencement thereof, the Company shall within ten (10) Business Days of such failure make a payment of $100 per $1,000 principal amount of Amended Notes to Holders of Amended Notes as of the date of the Exchange Offer Deadline and all outstanding Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes.

Annex B

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Exchange Offer is commenced by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of the Amended Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $2.50 per $1,000 of principal amount of Amended Notes held by such holders ("**Cash Pay Option**") or (ii) participate in the Exchange Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Holders of Amended Notes that are not Eligible Holders shall not be entitled to participate in the Exchange Offer, but may elect the Cash Pay Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>provided</u> that, Holders of the Amended Notes that (x) do not certify their eligibility as described under the definition of "Eligible Holders," (y) choose not to participate in the Exchange Offer or (z) elect for the Cash Pay Option, as applicable, shall not receive any additional consideration, and such Holders of the Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes (provided that there has been no "significant modification" with respect to such Amended Notes for U.S. federal income tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The delivery, registration, transfer and exchange of any Amended Notes or Existing Notes shall be pursuant to such procedures as are established upon the order of the Company or pursuant to such procedures acceptable to the Trustee or, in the case of any Notes evidenced by a Global Security, the applicable procedures of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Exchange Offer is commenced, the Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations, in each case, to the extent applicable in connection with the Exchange Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations described in the Indenture by virtue of the conflict.

The provisions of this Section 3.05 are solely for the benefit of Holders of Amended Notes; <u>provided</u> that, without the consent of the Holders of any series of Notes, the Company, the Parent Guarantor, the Subsidiary Guarantors and the Trustee may from time to time and at any time enter into an indenture supplemental hereto to modify the provisions of this Section 3.05 such that Holders of all Notes of a series (including any Existing Notes) would benefit from these provisions.

**Section 3.06. *Interim Restricted Debt Purchases***. After the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) but prior to the consummation of the Exchange Offer, the Parent Guarantor shall not, and shall not permit any of its Subsidiaries to, make any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any of the Notes or any notes issued under the WMH 2022 Indenture, other than pursuant to a Permitted Offer for such Notes.

Annex B

------

**<u>Annex C</u>**

**Section 3.04. *Non-Boycott.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Holder, Notes Beneficial Owner and any affiliate of the foregoing persons (other than Screened Affiliates) (such persons, the "**Subject Persons**") is prohibited from entering into or becoming subject to or bound by any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from (i) purchasing for cash any newly-issued debt or securities issued by the Parent Guarantor and its Subsidiaries or (ii) making any loans in cash to the Parent Guarantor and its Subsidiaries, in the case of clauses (i) and (ii), from time to time after the date hereof (the "**Boycott Agreement**"). Moreover, any person that is party to or otherwise bound by a Boycott Agreement is prohibited from purchasing or otherwise acquiring the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Holder or Notes Beneficial Owner that enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement (or if an affiliate thereof (other than a Screened Affiliate) enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement) shall be in breach of the Indenture and shall be liable to the Company for any damages at law or in equity that the Parent Guarantor and its Subsidiaries may suffer as a result of such breach. Without prejudice to any remedies available to the Company, the Company may enforce the prohibition on Boycott Agreements through specific performance without the posting of any bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of this Section 3.04, the following definitions are applicable.

"**Notes Beneficial Owner**" means a Person who is a beneficial owner of interests in the Notes.

"**Screened Affiliate**" means any affiliate of a Holder or Notes Beneficial Owner (i) that makes investment decisions independently from such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such Holder or Notes Beneficial Owner in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such holder in connection with its investment in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, this Non-Boycott provision shall not be construed to prohibit any Holder or Notes Beneficial Owner or affiliate of the foregoing persons from entering into any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from transacting with the Parent Guarantor and its Subsidiaries with respect to any existing indebtedness of the Parent Guarantor and its Subsidiaries.

**Section 3.05. *Exchange Offer.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At or prior to the Exchange Offer Deadline, the Company shall, in its sole discretion, commence and complete an offer (the "**Exchange Offer**") to exchange Amended Notes held by Eligible Holders for the same principal amount of Junior Lien Exchange Notes. If the Exchange Offer is not commenced by the Company by the Exchange Offer Deadline or is not completed within 60 days of commencement thereof, the Company shall within ten (10) Business Days of such failure make a payment of $100 per $1,000 principal amount of Amended Notes to Holders of Amended Notes as of the date of the Exchange Offer Deadline and all outstanding Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes.

Annex C

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Exchange Offer is commenced by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of the Amended Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $2.50 per $1,000 of principal amount of Amended Notes held by such holders ("**Cash Pay Option**") or (ii) participate in the Exchange Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Holders of Amended Notes that are not Eligible Holders shall not be entitled to participate in the Exchange Offer, but may elect the Cash Pay Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>provided</u> that, Holders of the Amended Notes that (x) do not certify their eligibility as described under the definition of "Eligible Holders," (y) choose not to participate in the Exchange Offer or (z) elect for the Cash Pay Option, as applicable, shall not receive any additional consideration, and such Holders of the Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes (provided that there has been no "significant modification" with respect to such Amended Notes for U.S. federal income tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The delivery, registration, transfer and exchange of any Amended Notes or Existing Notes shall be pursuant to such procedures as are established upon the order of the Company or pursuant to such procedures acceptable to the Trustee or, in the case of any Notes evidenced by a Global Security, the applicable procedures of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Exchange Offer is commenced, the Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations, in each case, to the extent applicable in connection with the Exchange Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations described in the Indenture by virtue of the conflict.

The provisions of this Section 3.05 are solely for the benefit of Holders of Amended Notes; <u>provided</u> that, without the consent of the Holders of any series of Notes, the Company, the Parent Guarantor, the Subsidiary Guarantors and the Trustee may from time to time and at any time enter into an indenture supplemental hereto to modify the provisions of this Section 3.05 such that Holders of all Notes of a series (including any Existing Notes) would benefit from these provisions.

**Section 3.06. *Interim Restricted Debt Purchases***. After the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) but prior to the consummation of the Exchange Offer, the Parent Guarantor shall not, and shall not permit any of its Subsidiaries to, make any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any of the Notes or any notes issued under the WMH 2022 Indenture, other than pursuant to a Permitted Offer for such Notes.

Annex C

------

**<u>Annex D</u>**

**Section 3.04. *Non-Boycott.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Holder, Notes Beneficial Owner and any affiliate of the foregoing persons (other than Screened Affiliates) (such persons, the "**Subject Persons**") is prohibited from entering into or becoming subject to or bound by any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from (i) purchasing for cash any newly-issued debt or securities issued by the Parent Guarantor and its Subsidiaries or (ii) making any loans in cash to the Parent Guarantor and its Subsidiaries, in the case of clauses (i) and (ii), from time to time after the date hereof (the "**Boycott Agreement**"). Moreover, any person that is party to or otherwise bound by a Boycott Agreement is prohibited from purchasing or otherwise acquiring the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Holder or Notes Beneficial Owner that enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement (or if an affiliate thereof (other than a Screened Affiliate) enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement) shall be in breach of the Indenture and shall be liable to the Company for any damages at law or in equity that the Parent Guarantor and its Subsidiaries may suffer as a result of such breach. Without prejudice to any remedies available to the Company, the Company may enforce the prohibition on Boycott Agreements through specific performance without the posting of any bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of this Section 3.04, the following definitions are applicable.

"**Notes Beneficial Owner**" means a Person who is a beneficial owner of interests in the Notes.

"**Screened Affiliate**" means any affiliate of a Holder or Notes Beneficial Owner (i) that makes investment decisions independently from such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such Holder or Notes Beneficial Owner in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such holder in connection with its investment in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, this Non-Boycott provision shall not be construed to prohibit any Holder or Notes Beneficial Owner or affiliate of the foregoing persons from entering into any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from transacting with the Parent Guarantor and its Subsidiaries with respect to any existing indebtedness of the Parent Guarantor and its Subsidiaries.

**Section 3.05. *Interim Restricted Debt Purchases***. After the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) but prior to the consummation of the Exchange Offer, the Parent Guarantor shall not, and shall not permit any of its Subsidiaries to, make any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any of the Notes or any notes issued under the WMH 2022 Indenture, other than pursuant to a Permitted Offer for such Notes.

Annex D

------

**<u>Annex E</u>**

**Section 3.04. *Non-Boycott.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Holder, Notes Beneficial Owner and any affiliate of the foregoing persons (other than Screened Affiliates) (such persons, the "**Subject Persons**") is prohibited from entering into or becoming subject to or bound by any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from (i) purchasing for cash any newly-issued debt or securities issued by the Parent Guarantor and its Subsidiaries or (ii) making any loans in cash to the Parent Guarantor and its Subsidiaries, in the case of clauses (i) and (ii), from time to time after the date hereof (the "**Boycott Agreement**"). Moreover, any person that is party to or otherwise bound by a Boycott Agreement is prohibited from purchasing or otherwise acquiring the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Holder or Notes Beneficial Owner that enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement (or if an affiliate thereof (other than a Screened Affiliate) enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement) shall be in breach of the Indenture and shall be liable to the Company for any damages at law or in equity that the Parent Guarantor and its Subsidiaries may suffer as a result of such breach. Without prejudice to any remedies available to the Company, the Company may enforce the prohibition on Boycott Agreements through specific performance without the posting of any bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of this Section 3.04, the following definitions are applicable.

"**Notes Beneficial Owner**" means a Person who is a beneficial owner of interests in the Notes.

"**Screened Affiliate**" means any affiliate of a Holder or Notes Beneficial Owner (i) that makes investment decisions independently from such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such Holder or Notes Beneficial Owner in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such holder in connection with its investment in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, this Non-Boycott provision shall not be construed to prohibit any Holder or Notes Beneficial Owner or affiliate of the foregoing persons from entering into any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from transacting with the Parent Guarantor and its Subsidiaries with respect to any existing indebtedness of the Parent Guarantor and its Subsidiaries.

**Section 3.05. *Interim Restricted Debt Purchases***. After the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) but prior to the consummation of the Exchange Offer, the Parent Guarantor shall not, and shall not permit any of its Subsidiaries to, make any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any of the Notes or any notes issued under the WMH 2022 Indenture, other than pursuant to a Permitted Offer for such Notes.

Annex E

------

**<u>Annex F</u>**

**Section 3.06. *Non-Boycott.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Holder, Notes Beneficial Owner and any affiliate of the foregoing persons (other than Screened Affiliates) (such persons, the "**Subject Persons**") is prohibited from entering into or becoming subject to or bound by any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from (i) purchasing for cash any newly-issued debt or securities issued by the Parent Guarantor and its Subsidiaries or (ii) making any loans in cash to the Parent Guarantor and its Subsidiaries, in the case of clauses (i) and (ii), from time to time after the date hereof (the "**Boycott Agreement**"). Moreover, any person that is party to or otherwise bound by a Boycott Agreement is prohibited from purchasing or otherwise acquiring the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Holder or Notes Beneficial Owner that enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement (or if an affiliate thereof (other than a Screened Affiliate) enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement) shall be in breach of the Indenture and shall be liable to the Company for any damages at law or in equity that the Parent Guarantor and its Subsidiaries may suffer as a result of such breach. Without prejudice to any remedies available to the Company, the Company may enforce the prohibition on Boycott Agreements through specific performance without the posting of any bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of this Section 3.06, the following definitions are applicable.

"**Notes Beneficial Owner**" means a Person who is a beneficial owner of interests in the Notes.

"**Screened Affiliate**" means any affiliate of a Holder or Notes Beneficial Owner (i) that makes investment decisions independently from such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such Holder or Notes Beneficial Owner in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such holder in connection with its investment in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, this Non-Boycott provision shall not be construed to prohibit any Holder or Notes Beneficial Owner or affiliate of the foregoing persons from entering into any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from transacting with the Parent Guarantor and its Subsidiaries with respect to any existing indebtedness of the Parent Guarantor and its Subsidiaries.

**Section 3.07. *Exchange Offer.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At or prior to the Exchange Offer Deadline, the Company shall, in its sole discretion, commence and complete an offer (the "**Exchange Offer**") to exchange Amended Notes held by Eligible Holders for the same principal amount of Junior Lien Exchange Notes. If the Exchange Offer is not commenced by the Company by the Exchange Offer Deadline or is not completed within 60 days of commencement thereof, the Company shall within ten (10) Business Days of such failure make a payment of $100 per $1,000 principal amount of Amended Notes to Holders of Amended Notes as of the date of the Exchange Offer Deadline and all outstanding Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes.

Annex F

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Exchange Offer is commenced by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of the Amended 2028 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $1.00 per $1,000 of principal amount of Amended 2028 Notes held by such holders ("**2028 Notes Cash Pay Option**") or (ii) participate in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Holders of the Amended 2037 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $2.50 per $1,000 of principal amount of Amended 2037 Notes held by such holders ("**2037 Notes Cash Pay Option**") or (ii) participate in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Holders of the Amended 2047 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $2.50 per $1,000 of principal amount of Amended 2047 Notes held by such holders ("**2047 Notes Cash Pay Option**" and together with the 2028 Notes Cash Pay Option and the 2037 Notes Cash Pay Option, the "**Cash Pay Options**") or (ii) participate in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Holders of Amended Notes that are not Eligible Holders shall not be entitled to participate in the Exchange Offer, but may elect the Cash Pay Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)<u>provided</u> that, Holders of the Amended Notes that (x) do not certify their eligibility as described under the definition of "Eligible Holders," (y) choose not to participate in the Exchange Offer or (z) elect for the Cash Pay Options, as applicable, shall not receive any additional consideration, and such Holders of the Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes (provided that there has been no "significant modification" with respect to such Amended Notes for U.S. federal income tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The delivery, registration, transfer and exchange of any Amended Notes or Existing Notes shall be pursuant to such procedures as are established upon the order of the Company or pursuant to such procedures acceptable to the Trustee or, in the case of any Notes evidenced by a Global Security, the applicable procedures of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Exchange Offer is commenced, the Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations, in each case, to the extent applicable in connection with the Exchange Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations described in the Indenture by virtue of the conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For purposes of this Section 3.07, the following definitions are applicable:

"**Amended 2028 Notes**" means all or part of the 2028 Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIPand ISIN for the Existing 2028 Notes, but shall otherwise be substantially the same as the Existing 2028 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2028 Notes shall be consolidated and form a single series with the Existing 2028 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2028 Notes.

"**Amended 2037 Notes**" means all or part of the 2037 Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIP and ISINfor the Existing 2037 Notes, but shall otherwise be substantially the same as the Existing 2037 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2037 Notes shall be consolidated and form a single series with the Existing 2037 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2037 Notes.

Annex F

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"**Amended 2047 Notes**" means all or part of the 2047 Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIP and ISIN for the Existing 2047 Notes, but shall otherwise be substantially the same as the Existing 2047 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2047 Notes shall be consolidated and form a single series with the Existing 2047 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2047 Notes.

"**Existing 2028 Notes**" means the 2028 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to the 2028 Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

"**Existing 2037 Notes**" means the 2037 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to the 2037 Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

"**Existing 2047 Notes**" means the 2047 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to the 2047 Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

The provisions of this Section 3.07 are solely for the benefit of Holders of Amended Notes; <u>provided</u> that, without the consent of the Holders of any series of Notes, the Company, the Parent Guarantor, the Subsidiary Guarantors and the Trustee may from time to time and at any time enter into an indenture supplemental hereto to modify the provisions of this Section 3.07 such that Holders of all Notes of a series (including any Existing Notes) would benefit from these provisions.

**Section 3.08. *Interim Restricted Debt Purchases***. After the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) but prior to the consummation of the Exchange Offer, the Parent Guarantor shall not, and shall not permit any of its Subsidiaries to, make any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any of the Notes or any notes issued under the WMH 2022 Indenture, other than pursuant to a Permitted Offer for such Notes.

Annex F

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**<u>Annex G</u>**

**Section 3.06. *Non-Boycott.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Holder, Notes Beneficial Owner and any affiliate of the foregoing persons (other than Screened Affiliates) (such persons, the "**Subject Persons**") is prohibited from entering into or becoming subject to or bound by any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from (i) purchasing for cash any newly-issued debt or securities issued by the Parent Guarantor and its Subsidiaries or (ii) making any loans in cash to the Parent Guarantor and its Subsidiaries, in the case of clauses (i) and (ii), from time to time after the date hereof (the "**Boycott Agreement**"). Moreover, any person that is party to or otherwise bound by a Boycott Agreement is prohibited from purchasing or otherwise acquiring the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Holder or Notes Beneficial Owner that enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement (or if an affiliate thereof (other than a Screened Affiliate) enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement) shall be in breach of the Indenture and shall be liable to the Company for any damages at law or in equity that the Parent Guarantor and its Subsidiaries may suffer as a result of such breach. Without prejudice to any remedies available to the Company, the Company may enforce the prohibition on Boycott Agreements through specific performance without the posting of any bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of this Section 3.06, the following definitions are applicable.

"**Notes Beneficial Owner**" means a Person who is a beneficial owner of interests in the Notes.

"**Screened Affiliate**" means any affiliate of a Holder or Notes Beneficial Owner (i) that makes investment decisions independently from such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such Holder or Notes Beneficial Owner in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such holder in connection with its investment in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, this Non-Boycott provision shall not be construed to prohibit any Holder or Notes Beneficial Owner or affiliate of the foregoing persons from entering into any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from transacting with the Parent Guarantor and its Subsidiaries with respect to any existing indebtedness of the Parent Guarantor and its Subsidiaries.

**Section 3.07. *Exchange Offer.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At or prior to the Exchange Offer Deadline, the Company shall, in its sole discretion, commence and complete an offer (the "**Exchange Offer**") to exchange Amended Notes held by Eligible Holders for the same principal amount of Junior Lien Exchange Notes. If the Exchange Offer is not commenced by the Company by the Exchange Offer Deadline or is not completed within 60 days of commencement thereof, the Company shall within ten (10) Business Days of such failure make a payment of $100 per $1,000 principal amount of Amended Notes to Holders of Amended Notes as of the date of the Exchange Offer Deadline and all outstanding Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Exchange Offer is commenced by the Company:

Annex G

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of the Amended 2029 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $1.00 per $1,000 of principal amount of Amended 2029 Notes held by such holders ("**2029 Notes Cash Pay Option**") or (ii) participate in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Holders of the Amended 2049 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $2.50 per $1,000 of principal amount of Amended 2049 Notes held by such holders ("**2049 Notes Cash Pay Option**" and together with the 2029 Notes Cash Pay Option, the "**Cash Pay Options**") or (ii) participate in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Holders of Amended Notes that are not Eligible Holders shall not be entitled to participate in the Exchange Offer, but may elect the Cash Pay Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>provided</u> that, Holders of the Amended Notes that (x) do not certify their eligibility as described under the definition of "Eligible Holders," (y) choose not to participate in the Exchange Offer or (z) elect for the Cash Pay Options, as applicable, shall not receive any additional consideration, and such Holders of the Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes (provided that there has been no "significant modification" with respect to such Amended Notes for U.S. federal income tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The delivery, registration, transfer and exchange of any Amended Notes or Existing Notes shall be pursuant to such procedures as are established upon the order of the Company or pursuant to such procedures acceptable to the Trustee or, in the case of any Notes evidenced by a Global Security, the applicable procedures of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Exchange Offer is commenced, the Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations, in each case, to the extent applicable in connection with the Exchange Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations described in the Indenture by virtue of the conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For purposes of this Section 3.07, the following definitions are applicable:

"**Amended 2029 Notes**" means all or part of the 2029 Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIP and ISIN for the Existing 2029 Notes, but shall otherwise be substantially the same as the Existing 2029 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2029 Notes shall be consolidated and form a single series with the Existing 2029 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2029 Notes.

"**Amended 2049 Notes**" means all or part of the 2049 Notes assigned and placed into a CUSIP, ISIN that is separate from the CUSIP and ISIN for the Existing 2049 Notes, but shall otherwise be substantially the same as the Existing 2049 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2049 Notes shall be consolidated and form a single series with the Existing 2049 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2049 Notes.

"**Existing 2029 Notes**" means the 2029 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to the 2029 Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

"**Existing 2049 Notes**" means the 2049 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to the 2049 Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

Annex G

------

The provisions of this Section 3.07 are solely for the benefit of Holders of Amended Notes; <u>provided</u> that, without the consent of the Holders of any series of Notes, the Company, the Parent Guarantor, the Subsidiary Guarantors and the Trustee may from time to time and at any time enter into an indenture supplemental hereto to modify the provisions of this Section 3.07 such that Holders of all Notes of a series (including any Existing Notes) would benefit from these provisions.

**Section 3.08. *Interim Restricted Debt Purchases***. After the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) but prior to the consummation of the Exchange Offer, the Parent Guarantor shall not, and shall not permit any of its Subsidiaries to, make any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any of the Notes or any notes issued under the WMH 2022 Indenture, other than pursuant to a Permitted Offer for such Notes.

Annex G

------

**<u>Annex H</u>**

**Section 3.06. *Non-Boycott.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Holder, Notes Beneficial Owner and any affiliate of the foregoing persons (other than Screened Affiliates) (such persons, the "**Subject Persons**") is prohibited from entering into or becoming subject to or bound by any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from (i) purchasing for cash any newly-issued debt or securities issued by the Parent Guarantor and its Subsidiaries or (ii) making any loans in cash to the Parent Guarantor and its Subsidiaries, in the case of clauses (i) and (ii), from time to time after the date hereof (the "**Boycott Agreement**"). Moreover, any person that is party to or otherwise bound by a Boycott Agreement is prohibited from purchasing or otherwise acquiring the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Holder or Notes Beneficial Owner that enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement (or if an affiliate thereof (other than a Screened Affiliate) enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement) shall be in breach of the Indenture and shall be liable to the Company for any damages at law or in equity that the Parent Guarantor and its Subsidiaries may suffer as a result of such breach. Without prejudice to any remedies available to the Company, the Company may enforce the prohibition on Boycott Agreements through specific performance without the posting of any bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of this Section 3.06, the following definitions are applicable.

"**Notes Beneficial Owner**" means a Person who is a beneficial owner of interests in the Notes.

"**Screened Affiliate**" means any affiliate of a Holder or Notes Beneficial Owner (i) that makes investment decisions independently from such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such Holder or Notes Beneficial Owner in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such holder in connection with its investment in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, this Non-Boycott provision shall not be construed to prohibit any Holder or Notes Beneficial Owner or affiliate of the foregoing persons from entering into any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from transacting with the Parent Guarantor and its Subsidiaries with respect to any existing indebtedness of the Parent Guarantor and its Subsidiaries.

**Section 3.07. *Exchange Offer.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At or prior to the Exchange Offer Deadline, the Company shall, in its sole discretion, commence and complete an offer (the "**Exchange Offer**") to exchange Amended Notes held by Eligible Holders for the same principal amount of Junior Lien Exchange Notes. If the Exchange Offer is not commenced by the Company by the Exchange Offer Deadline or is not completed within 60 days of commencement thereof, the Company shall within ten (10) Business Days of such failure make a payment of $100 per $1,000 principal amount of Amended Notes to Holders of Amended Notes as of the date of the Exchange Offer Deadline and all outstanding Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Exchange Offer is commenced by the Company:

Annex H

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of the Amended 2030 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $1.00 per $1,000 of principal amount of Amended 2030 Notes held by such holders ("**2030 Notes Cash Pay Option**") or (ii) participate in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Holders of the Amended 2050 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $2.50 per $1,000 of principal amount of Amended 2050 Notes held by such holders ("**2050 Notes Cash Pay Option**" and together with the 2030 Notes Cash Pay Option, the "**Cash Pay Options**") or (ii) participate in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Holders of Amended Notes that are not Eligible Holders shall not be entitled to participate in the Exchange Offer, but may elect the Cash Pay Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>provided</u> that, Holders of the Amended Notes that (x) do not certify their eligibility as described under the definition of "Eligible Holders," (y) choose not to participate in the Exchange Offer or (z) elect for the Cash Pay Options, as applicable, shall not receive any additional consideration, and such Holders of the Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes (provided that there has been no "significant modification" with respect to such Amended Notes for U.S. federal income tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The delivery, registration, transfer and exchange of any Amended Notes or Existing Notes shall be pursuant to such procedures as are established upon the order of the Company or pursuant to such procedures acceptable to the Trustee or, in the case of any Notes evidenced by a Global Security, the applicable procedures of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Exchange Offer is commenced, the Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations, in each case, to the extent applicable in connection with the Exchange Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations described in the Indenture by virtue of the conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For purposes of this Section 3.07, the following definitions are applicable:

"**Amended 2030 Notes**" means all or part of the 2030 Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIP and ISIN for the Existing 2030 Notes, but shall otherwise be substantially the same as the Existing 2030 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2030 Notes shall be consolidated and form a single series with the Existing 2030 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2030 Notes.

"**Amended 2050 Notes**" means all or part of the 2050 Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIP and ISIN for the Existing 2050 Notes, but shall otherwise be substantially the same as the Existing 2050 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2050 Notes shall be consolidated and form a single series with the Existing 2050 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2050 Notes.

"**Existing 2030 Notes**" means the 2030 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to the 2030 Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

"**Existing 2050 Notes**" means the 2050 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to the 2050 Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

Annex H

------

The provisions of this Section 3.07 are solely for the benefit of Holders of Amended Notes; <u>provided</u> that, without the consent of the Holders of any series of Notes, the Company, the Parent Guarantor, the Subsidiary Guarantors and the Trustee may from time to time and at any time enter into an indenture supplemental hereto to modify the provisions of this Section 3.07 such that Holders of all Notes of a series (including any Existing Notes) would benefit from these provisions.

**Section 3.08. *Interim Restricted Debt Purchases***. After the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) but prior to the consummation of the Exchange Offer, the Parent Guarantor shall not, and shall not permit any of its Subsidiaries to, make any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any of the Notes or any notes issued under the WMH 2022 Indenture, other than pursuant to a Permitted Offer for such Notes.

Annex H

------

**<u>Annex I</u>**

**Section 3.06. *Non-Boycott.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Holder, Notes Beneficial Owner and any affiliate of the foregoing persons (other than Screened Affiliates) (such persons, the "**Subject Persons**") is prohibited from entering into or becoming subject to or bound by any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from (i) purchasing for cash any newly-issued debt or securities issued by the Parent Guarantor and its Subsidiaries or (ii) making any loans in cash to the Parent Guarantor and its Subsidiaries, in the case of clauses (i) and (ii), from time to time after the date hereof (the "**Boycott Agreement**"). Moreover, any person that is party to or otherwise bound by a Boycott Agreement is prohibited from purchasing or otherwise acquiring the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Holder or Notes Beneficial Owner that enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement (or if an affiliate thereof (other than a Screened Affiliate) enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement) shall be in breach of the Indenture and shall be liable to the Company for any damages at law or in equity that the Parent Guarantor and its Subsidiaries may suffer as a result of such breach. Without prejudice to any remedies available to the Company, the Company may enforce the prohibition on Boycott Agreements through specific performance without the posting of any bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of this Section 3.06, the following definitions are applicable.

"**Notes Beneficial Owner**" means a Person who is a beneficial owner of interests in the Notes.

"**Screened Affiliate**" means any affiliate of a Holder or Notes Beneficial Owner (i) that makes investment decisions independently from such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such Holder or Notes Beneficial Owner in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such holder in connection with its investment in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, this Non-Boycott provision shall not be construed to prohibit any Holder or Notes Beneficial Owner or affiliate of the foregoing persons from entering into any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from transacting with the Parent Guarantor and its Subsidiaries with respect to any existing indebtedness of the Parent Guarantor and its Subsidiaries.

**Section 3.07. *Interim Restricted Debt Purchases***. After the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) but prior to the consummation of the Exchange Offer, the Parent Guarantor shall not, and shall not permit any of its Subsidiaries to, make any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any of the Notes or any notes issued under the WMH 2022 Indenture, other than pursuant to a Permitted Offer for such Notes.

Annex I

## Exhibit 4.2

*Execution Version*

**WARNERMEDIA HOLDINGS, INC.,** 

**Issuer** 

**WARNER BROS. DISCOVERY, INC.,** 

**Parent Guarantor** 

**DISCOVERY COMMUNICATIONS, LLC,** 

**SCRIPPS NETWORKS INTERACTIVE, INC.,** 

**Subsidiary Guarantors** 

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,** 

**Trustee** 

**SECOND SUPPLEMENTAL INDENTURE** 

**DATED AS OF JUNE 13, 2025**

**TO** 

**INDENTURE** 

**DATED AS OF MARCH 15, 2022** 

**Relating To** 

**3.755% SENIOR NOTES DUE 2027** 

**4.054% SENIOR NOTES DUE 2029** 

**4.279% SENIOR NOTES DUE 2032** 

**5.050% SENIOR NOTES DUE 2042** 

**5.141% SENIOR NOTES DUE 2052** 

**5.391% SENIOR NOTES DUE 2062** 

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<u>SECOND SUPPLEMENTAL INDENTURE</u>

SECOND SUPPLEMENTAL INDENTURE, dated as of June 13, 2025 (the "<u>Second Supplemental Indenture</u>"), to the Indenture (as defined below), among WarnerMedia Holdings, Inc. (formerly known as Magallanes, Inc.), a Delaware corporation (the "<u>Company</u>"), Warner Bros. Discovery, Inc., a Delaware corporation (the "<u>Parent Guarantor</u>"), the guarantors from time to time party thereto and U.S. Bank Trust Company, National Association, as Trustee (the "<u>Trustee</u>").

**RECITALS**

WHEREAS, the Company has executed and delivered to the Trustee the Indenture, dated as of March 15, 2022 (as amended, supplemented or otherwise modified to the date hereof (but for the avoidance of doubt, excluding this Second Supplemental Indenture), the "<u>Indenture</u>"), providing for the issuance from time to time of its securities;

WHEREAS, the Company has previously established and issued (i) $4,000,000,000 principal amount of its 3.755% Senior Notes due 2027 (the "<u>2027 Notes</u>"), (ii) $1,500,000,000 principal amount of its 4.054% Senior Notes due 2029 (the "<u>2029 Notes</u>"), (iii) $5,000,000,000 principal amount of its 4.279% Senior Notes due 2032 (the "<u>2032 Notes</u>"), (iv) $4,500,000,000 principal amount of its 5.050% Senior Notes due 2042 (the "<u>2042 Notes</u>"), (v) $7,000,000,000 principal amount of its 5.141% Senior Notes due 2052 (the "<u>2052 Notes</u>") and (vi) $3,000,000,000 principal amount of its 5.391% Senior Notes due 2062 (together with the 2027 Notes, the 2029 Notes, the 2032 Notes, the 2042 Notes and the 2052 Notes, the "<u>Notes</u>"), in each case pursuant to the Indenture;

WHEREAS, the Company desires to amend the Indenture as set forth in Article 2 of this Second Supplemental Indenture (the "<u>Amendments</u>");

WHEREAS, Section 9.02 of the Indenture provides that with the consent (evidenced as provided in Article VIII of the Indenture) of the Holders of not less than a majority in aggregate principal amount of the Notes at the time Outstanding of any series affected by a supplemental indenture, the Company, the Parent Guarantor, any Subsidiary Guarantor and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental to the Indenture (which shall conform to the provisions of the Trust Indenture Act as then in effect), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes of each such series, other than with respect to certain provisions and rights of the Holders of the Notes which, as set forth in Section 9.02 of the Indenture, require the consent of the Holder of each Note so affected;

WHEREAS, the Company has solicited consents from the Holders of the Notes for the Amendments to the Indenture, in accordance with the terms and subject to the conditions set forth in the offer to purchase and consent solicitation statement, dated as of June 9, 2025 (the "<u>Offer to Purchase and Consent Solicitation Statement</u>");

WHEREAS, as of 5:00 p.m., New York city time, on June 13, 2025, the Company has received, and delivered to the Trustee, the consents from Holders of not less than a majority in aggregate principal amount of the outstanding Notes affected by this Second Supplemental Indenture, as evidenced by a certified report from D.F. King & Co., Inc.; and

WHEREAS, the Company has requested that the Trustee execute and deliver this Second Supplemental Indenture, and complete all requirements necessary to make this Second Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and all acts and things necessary have been done and performed to make this Second Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Second Supplemental Indenture has been duly authorized by the parties hereto in all respects.

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**WITNESSETH:**

NOW, THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal and ratable benefit of the Holders of the Notes, as follows:

**Article 1**<br> DEFINITIONS

Section 1.01As used in this Second Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein as therein defined. The words "herein," "hereof" and "hereby" and other words of similar import used in this Second Supplemental Indenture refer to this Second Supplemental Indenture as a whole and not to any particular section hereof. Terms defined in the preamble or recitals hereto are used herein as therein defined.

Section 1.02References in this Second Supplemental Indenture to article and section numbers shall be deemed to be references to article and section numbers of this Second Supplemental Indenture unless otherwise specified.

**Article 2**<br>AMENDMENTS TO THE INDENTURE

Section 2.01 *<u>Deletion</u>*. Solely with respect to the Notes, the Indenture shall hereby be amended by deleting the following Clauses, Sections or Articles of the Indenture in their entirety, and such Clauses, Sections or Articles shall be of no further force and effect, and shall no longer apply to the Notes, and the words "[INTENTIONALLY DELETED]" shall be inserted, in each case, in place of the deleted text:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Indenture

oSection 3.03 ("*Purchase of Notes Upon a Change of Control Triggering Event*")

oSection 4.06 ("*Limitation on Liens*")

oSection 4.07 ("*Limitation on Sale and Leasebacks*")

oSection 4.08 ("*Activities of the Company Prior to Consummation of the Distribution and the Merger*")

oSection 4.09 ("*Contribution of the Spinco Business*")

oSection 4.10 ("*Certain Subsidiaries*")

oClauses (c) and (g) of Section 6.01 ("*Event of Default Defined; Acceleration of Maturity; Waiver of Default*")

oArticle X ("*Consolidation, Merger, Sale or Conveyance*")

oSection 11.05 ("*Future Guarantors*")

Section 2.02 *<u>Additional Covenants</u>*. Solely with respect to the Notes, the provisions set forth on <u>Annex A</u> hereto are hereby added as new Section 4.11, new Section 4.12 and new Section 4.13 to the Indenture.

Section 2.03 *<u>Definitions.</u>* Solely with respect to the Notes, the definitions set forth below hereby are added to Section 1.01 of the Indenture in alphanumeric order:

"<u>Amended 2027 Notes</u>" means all or part of the 2027 Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIP and ISIN for the Existing 2027 Notes, but shall otherwise be substantially the same as the Existing 2027 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2027 Notes shall be consolidated and form a

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single series with the Existing 2027 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2027 Notes.

"<u>Amended 2029 Notes</u>" means all or part of the 2029 Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIP and ISIN for the Existing 2029 Notes, but shall otherwise be substantially the same as the Existing 2029 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2029 Notes shall be consolidated and form a single series with the Existing 2029 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2029 Notes.

"<u>Amended 2032 Notes</u>" means all or part of the 2032 Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIP and ISIN for the Existing 2032 Notes, but shall otherwise be substantially the same as the Existing 2032 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2032 Notes shall be consolidated and form a single series with the Existing 2032 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2032 Notes.

"<u>Amended 2042 Notes</u>" means all or part of the 2042 Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIP and ISIN for the Existing 2042 Notes, but shall otherwise be substantially the same as the Existing 2042 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2042 Notes shall be consolidated and form a single series with the Existing 2042 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2042 Notes.

"<u>Amended 2052 Notes</u>" means all or part of the 2052 Notes assigned and placed into a CUSIP and ISIN that is separate from the CUSIP and ISIN for the Existing 2052 Notes, but shall otherwise be substantially the same as the Existing 2052 Notes, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended 2052 Notes shall be consolidated and form a single series with the Existing 2052 Notes and shall have the same terms as to status, redemption or otherwise as the Existing 2052 Notes.

"<u>Amended Notes</u>" means, collectively, the Amended 2027 Notes, the Amended 2029 Notes, the Amended 2032 Notes, Amended 2042 Notes and the Amended 2052 Notes.

"<u>DCL Indenture</u>" means that certain indenture, dated as of August 19, 2009 (as amended, supplemented, waived or otherwise modified from time to time prior to the date hereof), among DCL, as the issuer, the guarantors from time to time party thereto, and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee.

"<u>Early Settlement Date</u>" has the meaning assigned to such term in the Offer to Purchase and Consent Solicitation Statement.

"<u>Eligible Holders</u>" means Holders of Amended Notes that properly complete and return an eligibility letter certifying that such Holder is either (i) a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act) or (ii) a person that is not a "U.S. person" (as defined in Regulation S under the Securities Act) outside the United States.

"<u>Exchange Offer Deadline</u>" means the earlier of (i) a date that is no later than five business days following the completion of the Transactions (as defined in the Offer to Purchase and Consent Solicitation Statement) and (ii) the 18-month anniversary of the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) for the Notes.

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"<u>Existing 2027 Notes</u>" means the 2027 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to such series of Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

"<u>Existing 2029 Notes</u>" means the 2029 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to such series of Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

"<u>Existing 2032 Notes</u>" means the 2032 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to such series of Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

"<u>Existing 2042 Notes</u>" means the 2042 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to such series of Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

"<u>Existing 2052 Notes</u>" means the 2052 Notes outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to such series of Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

"<u>Existing Notes</u>" means, collectively, the Existing 2027 Notes, the Existing 2029 Notes, the Existing 2032 Notes, the Existing 2042 Notes and the Existing 2052 Notes.

"<u>Final Settlement Date</u>" has the meaning assigned to such term in the Offer to Purchase and Consent Solicitation Statement.

"<u>Junior Lien Exchange Notes</u>" means new junior lien secured notes that may be issued by the Company, with such terms as are determined by the Company (in its sole discretion); <u>provided</u> that such terms are not inconsistent with the terms expressly set forth under the "Brief Description of the Junior Lien Exchange Notes" section of the Offer to Purchase and Consent Solicitation Statement.

"<u>Offer and Consent Solicitation</u>" means the tender offer and consent solicitation conducted pursuant to the terms of Offer to Purchase and Consent Solicitation Statement.

"<u>Offer to Purchase and Consent Solicitation Statement</u>" means the Offer to Purchase and Consent Solicitation Statement, dated June 9, 2025, as amended, supplemented or modified from time to time.

"<u>Permitted Offer</u>" means any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for the Notes of any series issued under the Indenture or any notes issued under the DCL Indenture, in each case, that were subject to the Offer and Consent Solicitation but that were not validly tendered (or that were withdrawn) or with respect to which valid consents were not delivered (or which were revoked) in the Offer and Consent Solicitation; <u>provided</u> that (i) any Amended Notes of any series with the same maturity must be included and prioritized in any such offer, (ii) holders of Amended Notes of any series with the same maturity must be offered equal or greater consideration in any such offer (it being understood that any cash consideration offered to holders of such Amended Notes must be equal or greater than the cash consideration offered to holders of such series of Notes), (iii) in the case of any exchange offer, (a) the notes or any other indebtedness offered in exchange for Notes of such series shall be unsecured and by its terms expressly subordinated in right of payment to the Notes and (b) the indenture, agreement or other instrument governing such indebtedness offered in exchange for Notes of such series shall not include any covenant or other agreement to secure such indebtedness unless the liens securing such indebtedness rank junior to the liens securing the Junior Lien Exchange Notes pursuant to a customary intercreditor agreement and such liens are incurred on or after the issue date of the Junior Lien Exchange Notes.

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Section 2.04Any of the terms or provisions present in the Notes that relate to any of the provisions of the Indenture as amended by this Second Supplemental Indenture shall also be amended, *mutatis mutandis*, so as to be consistent with the amendments made by this Second Supplemental Indenture.

Section 2.05The Indenture is hereby amended by deleting any definitions from the Indenture with respect to which references would be eliminated as a result of the amendments to the Indenture pursuant to Section 2.01 above. The definition of any defined term used in the Indenture or the Notes where such definition is set forth in any of the sections or subsections of the Indenture that are eliminated by this Second Supplemental Indenture and the term it defines is still used elsewhere in the Indenture or the Notes after the amendments hereby become operative shall be deemed to become part of, and defined in, Section 1.01 of the Indenture. Such defined terms are to be in alphanumeric order within Section 1.01 of the Indenture.

Section 2.06None of the Company, the Parent Guarantor, the Subsidiary Guarantors, the Trustee or other parties to or beneficiaries of the Indenture shall have any rights, obligations or liabilities under the Clauses, Sections or Articles of the Indenture deleted pursuant to Section 2.01 above. The failure to comply with such Clauses, Sections or Articles of the Indenture shall no longer constitute a Default or Event of Default under the Indenture with respect to the Notes, shall no longer have any consequence under the Indenture with respect to the Notes, and the Holders of the Notes shall be deemed to have waived any Default or Event of Default under the Indenture with respect to such failure (whether before or after the date of this Second Supplemental Indenture).

**Article 3**<br> MISCELLANEOUS

Section 3.01 *<u>Forms of Amended Notes</u>.* The Amended Notes of each series shall be substantially in such form (not inconsistent with the Indenture) as provided in a Board Resolution of the Company and as set forth in an Officer's Certificate of the Company.

Section 3.02 *<u>Ratification</u> <u>of Indenture</u>*. The Indenture, as supplemented by this Second Supplemental Indenture, is in all respects ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. Every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

Section 3.03 *<u>Trust Indenture Act Controls</u>*. If any provision, covenant or restriction contemplated by this Second Supplemental Indenture limits, qualifies or conflicts with another provision that is required to be included in this Second Supplemental Indenture or the Indenture by the Trust Indenture Act of 1939, as amended, as in force at the date such Supplemental Indenture is executed, the provisions required by such Trust Indenture Act shall control.

Section 3.04 *<u>Conflict with Indenture; Severability</u>*. To the extent not expressly amended or modified by this Second Supplemental Indenture, the Indenture shall remain in full force and effect. If any provision of this Second Supplemental Indenture relating to the Notes is inconsistent with any provision of the Indenture, the provision of this Second Supplemental Indenture shall control. In case any provision, covenant or restriction contemplated by this Second Supplemental Indenture is held to be invalid, illegal or unenforceable in any jurisdiction, such covenant or restriction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions, covenants or restrictions; and the invalidity of a particular provision, covenant or restriction in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 3.05 *<u>Governing Law</u>*. THIS SECOND SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS MAY OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF LAW. THE TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE HOLDERS AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECOND SUPPLEMENTAL INDENTURE.

Section 3.06 *<u>Successors</u>*. All agreements of the Company, the Parent Guarantor and the Subsidiary Guarantors in the Indenture, this Second Supplemental Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in the Indenture and this Second Supplemental Indenture shall bind its successors.

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Section 3.07 *<u>Counterparts</u>*. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signature provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to Trustee) shall also be deemed original signatures for all purposes hereunder. Any communication or documents sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee by the authorized representative of the Company). Notwithstanding the foregoing, Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to Trustee in lieu of, or in addition to, any such electronic method. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

Section 3.08 *<u>Trustee Disclaimer</u>*. The Trustee makes no representation as to the validity or sufficiency of this Second Supplemental Indenture other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company, the Parent Guarantor and the Subsidiary Guarantors and not the Trustee.

Section 3.09 *<u>Effectiveness</u>*. This Second Supplemental Indenture shall become effective and binding on the Company, the Parent Guarantor, the Subsidiary Guarantors, the Trustee and every Holder of the Notes of each series heretofore or hereafter authenticated and delivered under the Indenture upon the execution and delivery by the parties of this Second Supplemental Indenture; <u>provided</u>, <u>however</u>, that the Amendments shall become operative with respect to a series of Notes only upon the Settlement Date (as defined in the Offer to Purchase and Consent Solicitation Statement) of the Offer with respect to such series of Notes in accordance with the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed as of the day and year first above written.

**WARNERMEDIA HOLDINGS, INC.**

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| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title: | Executive Vice President & Treasurer |

---

**WARNER BROS. DISCOVERY, INC.**

---

| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title: | Executive Vice President & Treasurer |

---

**DISCOVERY COMMUNICATIONS, LLC**

---

| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title: | Executive Vice President & Treasurer |

---

**SCRIPPS NETWORKS INTERACTIVE, INC.**

---

| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title: | Executive Vice President & Treasurer |

---

*[Signature Page to Second Supplemental Indenture]*

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**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,**<br> as Trustee,

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| | |
|:---|:---|
| By: | /s/ Michelle Mena-Rosado |
| Name: | Michelle Mena-Rosado |
| Title : | Vice President |

---

*[Signature Page to Second Supplemental Indenture]*

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**<u>Annex A</u>**

**Section 4.11. *Non-Boycott.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Holder, Notes Beneficial Owner and any affiliate of the foregoing persons (other than Screened Affiliates) (such persons, the "**Subject Persons**") is prohibited from entering into or becoming subject to or bound by any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from (i) purchasing for cash any newly-issued debt or securities issued by the Parent Guarantor and its Subsidiaries or (ii) making any loans in cash to the Parent Guarantor and its Subsidiaries, in the case of clauses (i) and (ii), from time to time after the date hereof (the "**Boycott Agreement**"). Moreover, any person that is party to or otherwise bound by a Boycott Agreement is prohibited from purchasing or otherwise acquiring the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Holder or Notes Beneficial Owner that enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement (or if an affiliate thereof (other than a Screened Affiliate) enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement) shall be in breach of the Indenture and shall be liable to the Company for any damages at law or in equity that the Parent Guarantor and its Subsidiaries may suffer as a result of such breach. Without prejudice to any remedies available to the Company, the Company may enforce the prohibition on Boycott Agreements through specific performance without the posting of any bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of this Section 4.11, the following definitions are applicable.

"<u>Notes Beneficial Owner</u>" means a Person who is a beneficial owner of interests in the Notes.

"<u>Screened Affiliate</u>" means any affiliate of a Holder or Notes Beneficial Owner (i) that makes investment decisions independently from such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such Holder or Notes Beneficial Owner in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such holder in connection with its investment in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, this Non-Boycott provision shall not be construed to prohibit any Holder or Notes Beneficial Owner or affiliate of the foregoing persons from entering into any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from transacting with the Parent Guarantor and its Subsidiaries with respect to any existing indebtedness of the Parent Guarantor and its Subsidiaries.

**Section 4.12. *Exchange Offer.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At or prior to the Exchange Offer Deadline, the Company shall, in its sole discretion, commence and complete an offer (the "<u>Exchange Offer</u>") to exchange Amended Notes held by Eligible Holders for the same principal amount of Junior Lien Exchange Notes. If the Exchange Offer is not commenced by the Company by the Exchange Offer Deadline or is not completed within 60 days of commencement thereof, the Company shall within ten (10) Business Days of such failure make a payment of $100 per $1,000 principal amount of Amended Notes to Holders of Amended Notes as of the date of the Exchange Offer Deadline and all outstanding Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes.

Annex A

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Exchange Offer is commenced by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Holders of the Amended 2027 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $1.00 per $1,000 of principal amount of Amended Notes held by such holders ("<u>2027 Notes Cash Pay Option</u>") or (ii) participate in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Holders of the Amended 2029 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $1.00 per $1,000 of principal amount of Amended Notes held by such holders ("<u>2029 Notes Cash Pay Option</u>") or (ii) participate in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Holders of the Amended 2032 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $1.50 per $1,000 of principal amount of Amended Notes held by such holders ("<u>2032 Notes Cash Pay Option</u>") or (ii) participate in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Holders of the Amended 2042 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $2.50 per $1,000 of principal amount of Amended Notes held by such holders ("<u>2042 Notes Cash Pay Option</u>") or (ii) participate in the Exchange Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Holders of the Amended 2052 Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to $2.50 per $1,000 of principal amount of Amended Notes held by such holders ("<u>2052 Notes Cash Pay Option</u>" and, together with the 2027 Notes Cash Pay Option, the 2029 Notes Cash Pay Option, the 2032 Notes Cash Pay Option and the 2042 Notes Cash Pay Option, the "<u>Cash Pay Options</u>") or (ii) participate in the Exchange Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Holders of Amended Notes that are not Eligible Holders shall not be entitled to participate in the Exchange Offer, but may elect the Cash Pay Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)<u>provided</u> that, Holders of the Amended Notes that (x) do not certify their eligibility as described under the definition of "Eligible Holders," (y) choose not to participate in the Exchange Offer or (z) elect for the Cash Pay Options, as applicable, shall not receive any additional consideration, and such Holders of the Amended Notes shall be assigned and placed into the applicable CUSIP and ISIN of the applicable series of Existing Notes (<u>provided</u> that there has been no "significant modification" with respect to such Amended Notes for U.S. federal income tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The delivery, registration, transfer and exchange of any Amended Notes or Existing Notes shall be pursuant to such procedures as are established upon the order of the Company or pursuant to such procedures acceptable to the Trustee or, in the case of any Notes evidenced by a Global Security, the applicable procedures of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Exchange Offer is commenced, the Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations, in each case, to the extent applicable in connection with the Exchange Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations described in the Indenture by virtue of the conflict.

The provisions of this Section 4.12 are solely for the benefit of Holders of Amended Notes; <u>provided</u> that, without the consent of the Holders of any series of Notes, the Company, the Parent Guarantor, the Subsidiary Guarantors and the Trustee may from time to time and at any time enter into an indenture supplemental hereto to modify the provisions of this Section 4.12 such that Holders of all Notes of a series (including any Existing Notes) would benefit from these provisions.

**Section 4.13. *Interim Restricted Debt Purchases***. After the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) but prior to the consummation of the Exchange Offer, the Parent

Annex A

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Guarantor shall not, and shall not permit any of its Subsidiaries to, make any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any of the Notes or any notes issued under the DCL Indenture, other than pursuant to a Permitted Offer for such Notes.

Annex A

## Exhibit 4.3

*Execution Version*

**WARNERMEDIA HOLDINGS, INC.,** 

**Issuer** 

**WARNER BROS. DISCOVERY, INC., Parent Guarantor** 

**DISCOVERY COMMUNICATIONS, LLC,** 

**SCRIPPS NETWORKS INTERACTIVE, INC.,** 

**Subsidiary Guarantors** 

**and** 

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,** 

**Trustee** 

**THIRD SUPPLEMENTAL INDENTURE** 

**DATED AS OF JUNE 13, 2025**

**TO** 

**INDENTURE** 

**DATED AS OF MARCH 10, 2023** 

**Relating To** 

**4.302% Senior Notes due 2030** 

**4.693% Senior Notes due 2033** 

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**THIRD SUPPLEMENTAL INDENTURE**

**THIRD SUPPLEMENTAL INDENTURE**, dated as of June 13, 2025 (the "**Third Supplemental Indenture**"), to the Base Indenture (as defined below), among WarnerMedia Holdings, Inc., a Delaware corporation (the "**Company**"), Warner Bros. Discovery, Inc., a Delaware corporation (the "**Parent Guarantor**"), the guarantors from time to time party thereto and U.S. Bank Trust Company, National Association, as Trustee (the "**Trustee**").

**RECITALS**

WHEREAS, the Company has executed and delivered to the Trustee the Indenture, dated as of March 10, 2023 (the "**Base Indenture**" and, as amended, supplemented or otherwise modified to the date hereof (but for the avoidance of doubt, excluding this Third Supplemental Indenture), the "**Indenture**"), providing for the issuance from time to time of its Securities;

WHEREAS, the Company has previously provided for the establishment of (i) its 4.302% Senior Notes due 2030 (the "**2030 Notes**") and (ii) its 4.693% Senior Notes due 2033 (the "**2033 Notes**" and, together with the 2030 Notes, the "**Notes**"), in each case pursuant to the Second Supplemental Indenture, dated as of May 17, 2024, to the Base Indenture (the "**Second Supplemental Indenture**");

WHEREAS, the Company desires to amend the Indenture as set forth in Article 2 of this Third Supplemental Indenture (the "**Amendments**");

WHEREAS, Section 8.02 of the Base Indenture, as amended by the Second Supplemental Indenture relating to the Notes, provides that with the consent (evidenced as provided in Article 7 of the Base Indenture) of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series affected by a supplemental indenture (voting as one class), the Company, the Guarantors and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental to the Base Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each such series, other than with respect to certain provisions and rights of the Holders of the Securities which, as set forth in Section 8.02 of the Base Indenture (as amended by the Second Supplemental Indenture relating to the Notes), require the consent of the Holder of each Security so affected;

WHEREAS, the Company has solicited consents from the Holders of the Notes for the Amendments to the Indenture, in accordance with the terms and subject to the conditions set forth in the offer to purchase and consent solicitation statement, dated as of June 9, 2025 (the "**Offer to Purchase and Consent Solicitation Statement**");

WHEREAS, as of 5:00 p.m., New York city time, on June 13, 2025, the Company has received, and delivered to the Trustee, the consents from Holders of not less than a majority in aggregate principal amount of the outstanding Notes affected by this Third Supplemental Indenture, voting as one class, as evidenced by a certified report from D.F. King & Co., Inc.; and

WHEREAS, the Company has requested that the Trustee execute and deliver this Third Supplemental Indenture, and complete all requirements necessary to make this Third Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and all acts and things necessary have been done and performed to make this Third Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Third Supplemental Indenture has been duly authorized by the parties hereto in all respects.

**WITNESSETH:**

NOW, THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal and ratable benefit of the Holders of the Notes, as follows:

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**Article 1**<br> DEFINITIONS

Section 1.01Capitalized terms used but not defined in this Third Supplemental Indenture shall have the meanings ascribed to them in the Base Indenture. The words "herein," "hereof" and "hereby" and other words of similar import used in this Third Supplemental Indenture refer to this Third Supplemental Indenture as a whole and not to any particular section hereof. Terms defined in the preamble or recitals hereto are used herein as therein defined.

Section 1.02References in this Third Supplemental Indenture to article and section numbers shall be deemed to be references to article and section numbers of this Third Supplemental Indenture unless otherwise specified.

**Article 2**<br>AMENDMENTS TO THE INDENTURE

Section 2.01 *<u>Deletion</u>*. Solely with respect to the Notes, the Indenture shall hereby be amended by deleting the following Clauses, Sections or Articles of the Indenture in their entirety, and such Clauses, Sections or Articles shall be of no further force and effect, and shall no longer apply to the Notes, and the words "[INTENTIONALLY DELETED]" shall be inserted, in each case, in place of the deleted text:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base Indenture

oClause (c) of Section 5.01 ("*Event of Default Defined; Acceleration of Maturity; Waiver of Default*")

oArticle 9 ("*Consolidation, Merger, Sale or Conveyance*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second Supplemental Indenture

oSection 3.01 ("*Limitation on Liens*")

oSection 3.02 ("*Limitation on Sale and Leasebacks*")

oSection 3.03 ("*Consolidation, Sale, Merger or Conveyance*")

oSection 3.04 ("*Guarantee by Subsidiaries of the Parent Guarantor*")

oSection 3.05 ("*Certain Subsidiaries*")

oSection 4.02 ("*Purchase of Notes Upon a Change of Control Triggering Event*")

oClause (c) of Section 6.01 ("*Events of Default*")

Section 2.02 *<u>Additional Covenants</u>*. Solely with respect to the Notes, the provisions set forth on <u>Annex A</u> hereto are hereby added as new Section 3.06, new Section 3.07 and new Section 3.08 to the Second Supplemental Indenture.

Section 2.03 *<u>Definitions.</u>* Solely with respect to the Notes, the definitions set forth below hereby are added to Section 1.03 of the Second Supplemental Indenture in alphanumeric order:

"**Amended Notes**" means all or part of a series of Notes assigned and placed into a CUSIP, ISIN and/or Common Code that is separate from the CUSIP, ISIN and/or Common Code for the applicable Existing Notes of such series, but shall otherwise be substantially the same as the applicable series of Existing Note, in each case on the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date). For the avoidance of doubt, the Amended Notes shall be consolidated and form a single series with the applicable series of Existing Notes and shall have the same terms as to status, redemption or otherwise as such series of Existing Notes.

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"**DCL Indenture**" means that certain indenture, dated as of August 19, 2009 (as amended, supplemented, waived or otherwise modified from time to time prior to the date hereof), among DCL, as the issuer, the guarantors from time to time party thereto, and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee.

"**Early Settlement Date**" has the meaning assigned to such term in the Offer to Purchase and Consent Solicitation Statement.

"**Eligible Holders**" means Holders of Amended Notes that properly complete and return an eligibility letter certifying that such Holder is either (i) a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act) or (ii) a person that is not a "U.S. person" (as defined in Regulation S under the Securities Act) outside the United States.

"**Exchange Offer Deadline**" means the earlier of (i) a date that is no later than five business days following the completion of the Transactions (as defined in the Offer to Purchase and Consent Solicitation Statement) and (ii) the 18-month anniversary of the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) for the Notes.

"**Existing Notes**" means Notes of any series outstanding immediately prior to the settlement of the tender offers and/or consent solicitations with respect to such series of Notes pursuant to the terms of the Offer to Purchase and Consent Solicitation Statement.

"**Final Settlement Date**" has the meaning assigned to such term in the Offer to Purchase and Consent Solicitation Statement.

"**Junior Lien Exchange Notes**" means new junior lien secured notes that may be issued by the Company, with such terms as are determined by the Company (in its sole discretion); <u>provided</u> that such terms are not inconsistent with the terms expressly set forth under the "Brief Description of the Junior Lien Exchange Notes" section of the Offer to Purchase and Consent Solicitation Statement.

"**Offer and Consent Solicitation**" means the tender offer and consent solicitation conducted pursuant to the terms of Offer to Purchase and Consent Solicitation Statement.

"**Offer to Purchase and Consent Solicitation Statement**" means the Offer to Purchase and Consent Solicitation Statement, dated June 9, 2025, as amended, supplemented or modified from time to time.

"**Permitted Offer**" means any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any notes issued under the DCL Indenture or the 2022 Indenture, in each case, that were subject to the Offer and Consent Solicitation but that were not validly tendered (or that were withdrawn) or with respect to which valid consents were not delivered (or which were revoked) in the Offer and Consent Solicitation; <u>provided</u> that (i) any Amended Notes of any series with the same maturity must be included and prioritized in any such offer, (ii) holders of Amended Notes of any series with the same maturity must be offered equal or greater consideration in any such offer (it being understood that any cash consideration offered to holders of such Amended Notes must be equal or greater than the cash consideration offered to holders of such series of Notes), (iii) in the case of any exchange offer, (a) the notes or any other indebtedness offered in exchange for Notes of such series shall be unsecured and by its terms expressly subordinated in right of payment to the Notes and (b) the indenture, agreement or other instrument governing such indebtedness offered in exchange for Notes of such series shall not include any covenant or other agreement to secure such indebtedness unless the liens securing such indebtedness rank junior to the liens securing the Junior Lien Exchange Notes pursuant to a customary intercreditor agreement and such liens are incurred on or after the issue date of the Junior Lien Exchange Notes.

------

"**2022 Indenture**" means that certain indenture, dated as of March 15, 2022 (as amended, supplemented, waived or otherwise modified from time to time), among the Company, as the issuer, the guarantors from time to time party thereto, and U.S. Bank Trust Company, National Association, as trustee.

Section 2.04Any of the terms or provisions present in the Notes that relate to any of the provisions of the Indenture as amended by this Third Supplemental Indenture shall also be amended, *mutatis mutandis*, so as to be consistent with the amendments made by this Third Supplemental Indenture.

Section 2.05The Indenture is hereby amended by deleting any definitions from the Indenture with respect to which references would be eliminated as a result of the amendments to the Indenture pursuant to Section 2.01 above. The definition of any defined term used in the Indenture or the Notes where such definition is set forth in any of the sections or subsections of the Indenture that are eliminated by this Third Supplemental Indenture and the term it defines is still used elsewhere in the Indenture or the Notes after the amendments hereby become operative shall be deemed to become part of, and defined in, Section 1.01 of the Base Indenture or Section 1.03 of the Second Supplemental Indenture, as applicable. Such defined terms are to be in alphanumeric order within Section 1.01 of the Base Indenture or Section 1.03 of the Second Supplemental Indenture, as applicable.

Section 2.06None of the Company, the Parent Guarantor, the Subsidiary Guarantors, the Trustee or other parties to or beneficiaries of the Indenture shall have any rights, obligations or liabilities under the Clauses, Sections or Articles of the Indenture deleted pursuant to Section 2.01 above. The failure to comply with such Clauses, Sections or Articles of the Indenture shall no longer constitute a Default or Event of Default under the Indenture with respect to the Notes, shall no longer have any consequence under the Indenture with respect to the Notes, and the Holders of the Notes shall be deemed to have waived any Default or Event of Default under the Indenture with respect to such failure (whether before or after the date of this Third Supplemental Indenture).

**Article 3**<br> MISCELLANEOUS

Section 3.01 *<u>Forms of Amended Notes</u>.* The Amended Notes of each series shall be substantially in such form (not inconsistent with the Indenture) as shall be established by or pursuant to one or more Board Resolutions (as set forth in a Board Resolution or, to the extent established pursuant to (rather than set forth in) a Board Resolution, an Officer's Certificate detailing such establishment).

Section 3.02 *<u>Ratification of Base Indenture</u>*. The Base Indenture, as supplemented by this Third Supplemental Indenture, is in all respects ratified and confirmed, and this Third Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. Every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

Section 3.03 *<u>Trust Indenture Act Controls</u>*. If any provision, covenant or restriction contemplated by this Third Supplemental Indenture limits, qualifies or conflicts with another provision that is required to be included in this Third Supplemental Indenture or the Indenture by the Trust Indenture Act of 1939, as amended, as in force at the date such Supplemental Indenture is executed, the provisions required by such Trust Indenture Act shall control.

Section 3.04 *<u>Conflict with Indenture; Severability</u>*. To the extent not expressly amended or modified by this Third Supplemental Indenture, the Base Indenture shall remain in full force and effect. If any provision of this Third Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the provision of this Third Supplemental Indenture shall control. In case any provision, covenant or restriction contemplated by this Third Supplemental Indenture is held to be invalid, illegal or unenforceable in any jurisdiction, such covenant or restriction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions, covenants or restrictions; and the invalidity of a particular provision, covenant or restriction in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 3.05 *<u>Governing Law</u>*. THIS THIRD SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS MAY OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF LAW. THE TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE HOLDERS AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECOND SUPPLEMENTAL INDENTURE.

------

Section 3.06 *<u>Successors</u>*. All agreements of the Company, the Parent Guarantor and the Subsidiary Guarantors in the Base Indenture, this Third Supplemental Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in the Base Indenture and this Third Supplemental Indenture shall bind its successors.

Section 3.07 *<u>Counterparts</u>*. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signature provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to Trustee) shall also be deemed original signatures for all purposes hereunder. Any communication or documents sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee by the authorized representative of the Company). Notwithstanding the foregoing, Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to Trustee in lieu of, or in addition to, any such electronic method. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

Section 3.08 *<u>Trustee Disclaimer</u>*. The Trustee makes no representation as to the validity or sufficiency of this Third Supplemental Indenture other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company, the Parent Guarantor and the Subsidiary Guarantors and not the Trustee.

Section 3.09 *<u>Effectiveness</u>*. This Third Supplemental Indenture shall become effective and binding on the Company, the Parent Guarantor, the Subsidiary Guarantors, the Trustee and every Holder of the Notes of each series heretofore or hereafter authenticated and delivered under the Indenture upon the execution and delivery by the parties of this Third Supplemental Indenture; <u>provided</u>, <u>however</u>, that the Amendments shall become operative with respect to a series of Notes only upon the Settlement Date (as defined in the Offer to Purchase and Consent Solicitation Statement) of the Offer with respect to such series of Notes in accordance with the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed as of the day and year first above written.

**WARNERMEDIA HOLDINGS, INC.**

---

| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title: | Executive Vice President & Treasurer |

---

**WARNER BROS. DISCOVERY, INC.**

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| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title: | Executive Vice President & Treasurer |

---

**DISCOVERY COMMUNICATIONS, LLC**

---

| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title: | Executive Vice President & Treasurer |

---

**SCRIPPS NETWORKS INTERACTIVE, INC.**

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| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title: | Executive Vice President & Treasurer |

---

*[Signature Page to Third Supplemental Indenture]*

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**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,**<br> as Trustee,

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| | |
|:---|:---|
| By: | /s/ Michelle Mena-Rosado |
| Name: | Michelle Mena-Rosado |
| Title: | Vice President |

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*[Signature Page to Third Supplemental Indenture]*

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**<u>Annex A</u>**

**Section 3.06. *Non-Boycott.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Holder, Notes Beneficial Owner and any affiliate of the foregoing persons (other than Screened Affiliates) (such persons, the "**Subject Persons**") is prohibited from entering into or becoming subject to or bound by any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from (i) purchasing for cash any newly-issued debt or securities issued by the Parent Guarantor and its Subsidiaries or (ii) making any loans in cash to the Parent Guarantor and its Subsidiaries, in the case of clauses (i) and (ii), from time to time after the date hereof (the "**Boycott Agreement**"). Moreover, any person that is party to or otherwise bound by a Boycott Agreement is prohibited from purchasing or otherwise acquiring the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Holder or Notes Beneficial Owner that enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement (or if an affiliate thereof (other than a Screened Affiliate) enters into, becomes subject to or otherwise becomes bound by a Boycott Agreement) shall be in breach of the Indenture and shall be liable to the Company for any damages at law or in equity that the Parent Guarantor and its Subsidiaries may suffer as a result of such breach. Without prejudice to any remedies available to the Company, the Company may enforce the prohibition on Boycott Agreements through specific performance without the posting of any bond or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For purposes of this Section 3.06, the following definitions are applicable.

"**Notes Beneficial Owner**" means a Person who is a beneficial owner of interests in the Notes.

"**Screened Affiliate**" means any affiliate of a Holder or Notes Beneficial Owner (i) that makes investment decisions independently from such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate, (ii) that has in place customary information screens between it and such Holder or Notes Beneficial Owner and any other affiliate of such Holder or Notes Beneficial Owner that is not a Screened Affiliate and such screens prohibit the sharing of information with respect to the Parent Guarantor or its Subsidiaries, (iii) whose investment policies are not directed by such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such Holder or Notes Beneficial Owner in connection with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or Notes Beneficial Owner or any other affiliate of such Holder or Notes Beneficial Owner that is acting in concert with such holder in connection with its investment in the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, this Non-Boycott provision shall not be construed to prohibit any Holder or Notes Beneficial Owner or affiliate of the foregoing persons from entering into any boycott agreement, cooperation agreement, support agreement, lock-up agreement, coordination agreement or other similar agreement that restricts, limits, conditions or otherwise prohibits in any manner any Subject Person party thereto or otherwise bound thereby from transacting with the Parent Guarantor and its Subsidiaries with respect to any existing indebtedness of the Parent Guarantor and its Subsidiaries.

**Section 3.07. *Exchange Offer.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At or prior to the Exchange Offer Deadline, the Company shall, in its sole discretion, commence and complete an offer (the "**Exchange Offer**") to exchange Amended Notes held by Eligible Holders for the same principal amount of Junior Lien Exchange Notes. If the Exchange Offer is not commenced by the Company by the Exchange Offer Deadline or is not completed within 60 days of commencement thereof, the Company shall within ten (10) Business Days of such failure make a payment of €100 per €1,000 principal amount of Amended Notes to Holders of Amended Notes as of the date of the Exchange Offer Deadline and all outstanding Amended Notes shall be assigned and placed into the applicable ISIN and/or Common Code of the applicable series of Existing Notes.

Annex A

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Exchange Offer is commenced by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Holders of the Amended Notes that are Eligible Holders shall have the option to (i) elect to receive a cash payment in an amount equal to €1.50 per €1,000 of principal amount of Amended Notes held by such holders ("**Cash Pay Option**") or (ii) participate in the Exchange Offer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Holders of Amended Notes that are not Eligible Holders shall not be entitled to participate in the Exchange Offer, but may elect the Cash Pay Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>provided</u> that, Holders of the Amended Notes that (x) do not certify their eligibility as described under the definition of "Eligible Holders," (y) choose not to participate in the Exchange Offer or (z) elect for the Cash Pay Option, as applicable, shall not receive any additional consideration, and such Holders of the Amended Notes shall be assigned and placed into the applicable ISIN and/or Common Code of the applicable series of Existing Notes (provided that there has been no "significant modification" with respect to such Amended Notes for U.S. federal income tax purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The delivery, registration, transfer and exchange of any Amended Notes or Existing Notes shall be pursuant to such procedures as are established upon the order of the Company or pursuant to such procedures acceptable to the Trustee or, in the case of any Notes evidenced by a Global Security, the applicable procedures of the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Exchange Offer is commenced, the Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations, in each case, to the extent applicable in connection with the Exchange Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations described in the Indenture by virtue of the conflict.

The provisions of this Section 3.07 are solely for the benefit of Holders of Amended Notes; <u>provided</u> that, without the consent of the Holders of any series of Notes, the Company, the Parent Guarantor, the Subsidiary Guarantors and the Trustee may from time to time and at any time enter into an indenture supplemental hereto to modify the provisions of this Section 3.07 such that Holders of all Notes of a series (including any Existing Notes) would benefit from these provisions.

**Section 3.08. *Interim Restricted Debt Purchases***. After the Early Settlement Date (or if there is no Early Settlement Date, the Final Settlement Date) but prior to the consummation of the Exchange Offer, the Parent Guarantor shall not, and shall not permit any of its Subsidiaries to, make any tender offer subject to the requirements of Rule 14e-1 of the Exchange Act or exchange offer subject to the requirements of Rule 14e-1 of the Exchange Act for any notes issued under the DCL Indenture or the 2022 Indenture, other than pursuant to a Permitted Offer for such Notes.

Annex A

## Exhibit 4.4

**FIFTEENTH SUPPLEMENTAL INDENTURE** (this "<u>Fifteenth Supplemental Indenture</u>") dated as of June 16, 2025, among HISTORIC TW INC., a Delaware corporation (the "<u>Company</u>"), WARNER MEDIA, LLC, a Delaware limited liability company and successor by merger to TIME WARNER INC. ("<u>WM</u>"), HISTORIC AOL LLC (formerly known as AOL LLC), a Delaware limited liability company ("<u>AOL</u>"), TURNER BROADCASTING SYSTEM, INC., a Georgia corporation ("<u>TBS</u>"), HOME BOX OFFICE, INC., a Delaware corporation ("<u>HBO</u>"), and THE BANK OF NEW YORK MELLON (formerly known as The Bank of New York, as successor trustee to The Chase Manhattan Bank (formerly known as Chemical Bank)), a New York banking corporation, as trustee (the "<u>Trustee</u>").

**W I T N E S S E T H**

WHEREAS, the Company, WM, AOL, TBS and HBO have executed and delivered to the Trustee an Indenture, dated as of January 15, 1993, as amended and supplemented by the First Supplemental Indenture, dated as of June 15, 1993, the Second Supplemental Indenture, dated as of October 10, 1996, the Third Supplemental Indenture, dated as of December 31, 1996, the Fourth Supplemental Indenture, dated as of December 17, 1997, the Fifth Supplemental Indenture, dated as of January 12, 1998, the Sixth Supplemental Indenture, dated as of March 17, 1998, the Seventh Supplemental Indenture, dated as of January 11, 2001, the Eighth Supplemental Indenture, dated as of February 23, 2009, the Ninth Supplemental Indenture, dated as of April 16, 2009, the Tenth Supplemental Indenture, dated as of December 3, 2009, the Eleventh Supplemental Indenture, dated as of November 17, 2016, the Twelfth Supplemental Indenture, dated as of December 22, 2017, the Thirteenth Supplemental Indenture, dated as of June 14, 2018, and the Fourteenth Supplemental Indenture, dated as of May 21, 2019 (and as further amended and supplemented hereby to date (but for the avoidance of doubt, excluding this Fifteenth Supplemental Indenture), the "<u>Indenture</u>"), under which the Company has issued, among other things, (i) its 6.85% Debentures due 2026 (the "<u>2026 Notes</u>") and (ii) its 8.30% Discount Debentures due 2036 (the "<u>2036 Notes</u>" and, together with the 2026 Notes and the 2028 Notes, the "<u>Notes</u>");

WHEREAS, Section 902 of the Indenture provides, among other things, that, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may, subject to certain exceptions noted therein, enter into a supplemental indenture for the purpose of adding any provisions to or changing in any manner or eliminating any provisions of the Indenture or of modifying in any manner the rights of the Holders of the Securities of each such series under the Indenture;

WHEREAS, the Company has solicited consents (the "<u>Consent Solicitations</u>") from the Holders of the Notes to certain proposed amendments (the "<u>Proposed Amendments</u>") to the Indenture, as described in Section 2 of this Fifteenth Supplemental Indenture and in the offer to purchase and consent solicitation statement, dated as of June 9, 2025 (the "<u>Offer to Purchase and Consent Solicitation Statement</u>"), which sets forth, among other things, the terms and conditions of the offers by the Company to purchase for cash any and all of the outstanding Notes (each, an "<u>Offer</u>," and collectively, the "<u>Offers</u>") and the concurrent Consent Solicitations;

WHEREAS, the Company has received and caused to be delivered to the Trustee evidence of the consents from Holders of at least a majority of the outstanding aggregate principal amount of each of the 2026 Notes and the 2036 Notes, as applicable, to effect the Proposed Amendments under the Indenture with respect to the Notes;

WHEREAS, the Company is authorized by a Board Resolution to enter into this Fifteenth Supplemental Indenture;

WHEREAS, the Company has requested that the Trustee execute and deliver this Fifteenth Supplemental Indenture;

WHEREAS, the execution and delivery of this Fifteenth Supplemental Indenture has been duly authorized by the parties hereto, and all other acts and requirements necessary to make this Fifteenth Supplemental Indenture a

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valid and binding supplement to the Indenture effectively amending the Indenture as set forth herein have been duly taken; and

WHEREAS, the Proposed Amendments set forth in Section 2 of this Fifteenth Supplemental Indenture shall become operative in respect of a series of Notes, and the terms of the Indenture and such series of Notes shall be amended, supplemented, modified or deleted as provided in Section 2 of this Fifteenth Supplemental Indenture, only upon the Settlement Date (as defined in the Offer to Purchase and Consent Solicitation Statement) of the Offer with respect to such series of Notes.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, WM, AOL, TBS, HBO and the Trustee mutually covenant and agree as follows:

**Section 1.<u>Definitions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Unless otherwise provided herein, the capitalized terms used and not defined herein have the meanings ascribed to such terms in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any definitions used exclusively in the provisions of the Indenture or Notes that are deleted pursuant to the amendments set forth under this Fifteenth Supplemental Indenture, and any definitions used exclusively within such definitions, are hereby deleted in their entirety from the Indenture and the Notes, and all textual references in the Indenture and the Notes exclusively relating to paragraphs, Articles, Sections, Clauses or other terms or provisions of the Indenture that have been otherwise deleted pursuant to this Fifteenth Supplemental Indenture are hereby deleted in their entirety. The words "herein," "hereof" and "hereby" and other words of similar import used in this Fifteenth Supplemental Indenture refer to this Fifteenth Supplemental Indenture as a whole and not to any particular Section hereof.

**Section 2.<u>Amendment to the Indenture</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Solely with respect to the Notes, the Indenture shall hereby be amended by deleting the following Clauses, Sections or Articles of the Indenture and all references and definitions related thereto (to the extent not otherwise used in any other Clauses, Sections or Articles of the Indenture or the Notes not affected by this Fifteenth Supplemental Indenture) in their entirety, and such Clauses, Sections or Articles shall be of no further force and effect, and shall no longer apply to the Amended Notes, and the words "[INTENTIONALLY DELETED]" shall be inserted, in each case, in place of the deleted text:

Clause (3) of Section 403 ("*Defeasance Upon Deposit of Funds or Government Obligations*")

Clauses (4) and (5) Section 501 ("*Events of Default*")

Article Eight ("*Consolidation, Merger, Conveyance or Transfer*")

Section 1005 ("*Legal Existence*")

Section 1006 ("*Limitation on Liens*")

Section 1007 ("*Limitations on Senior Debt*")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The failure to comply with the terms of any of the deleted Clauses, deleted Sections or deleted Articles of the Indenture set forth above shall no longer constitute a Default or Event of Default under the Indenture with respect to the Notes, shall no longer have any consequence under the Indenture with respect to such Notes, and the Holders of such Notes shall be deemed to have waived any Default or Event of Default under the Indenture with respect to such failure (whether before or after the date of this Fifteenth Supplemental Indenture).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Solely with respect to the Notes, the Indenture shall hereby be amended by modifying Section 901 ("Supplemental Indentures without Consent of Securityholders") of the Indenture by renumbering clause (10) as clause (11) and adding the following as clause (10):

"to release any and all of the guarantees under this Indenture at any time at the Company's discretion and terminate the obligations hereunder of each of the foregoing; or;"

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**Section 3.<u>This Fifteenth Supplemental Indenture</u>**. This Fifteenth Supplemental Indenture shall be construed as supplemental to the Indenture and shall form a part of it, and the Indenture is hereby incorporated by reference herein and each is hereby ratified, approved and confirmed.

**Section 4.<u>GOVERNING LAW</u>**. THIS FIFTEENTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

**Section 5.<u>WAIVER OF JURY TRIAL</u>**. EACH OF THE COMPANY, WM, AOL, HBO, TBS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FIFTEENTH SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

**Section 6.<u>Counterparts</u>**. This Fifteenth Supplemental Indenture may be executed in two or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument.

**Section 7.<u>Headings</u>**. The headings of this Fifteenth Supplemental Indenture are for reference only and shall not limit or otherwise affect the meaning hereof.

**Section 8.<u>Trustee Not Responsible for Recitals</u>**. The recitals herein contained are made by the Company, WM, AOL, TBS and HBO and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Fifteenth Supplemental Indenture.

**Section 9.<u>Separability</u>**. In case any one or more of the provisions contained in this Fifteenth Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions; and the invalidity of a particular provision, in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

**Section 10.<u>Conflict with Trust Indenture Act</u>**. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Fifteenth Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

**Section 11.<u>Successors and Assigns</u>**. All covenants and agreements in this Fifteenth Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

**Section 12.<u>Effectiveness and Operability</u>**. This Fifteenth Supplemental Indenture shall become effective upon execution by all parties hereto. The Proposed Amendments set forth in Section 2 of this Fifteenth Supplemental Indenture shall become operative with respect to a series of Notes on the Settlement Date of the Offer with respect to such series of Notes.

**Section 13.<u>Benefits of Fifteenth Supplemental Indenture</u>**. Nothing in this Fifteenth Supplemental Indenture, express or implied, shall give to any person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy, or claim under this Fifteenth Supplemental Indenture.

[*Remainder of Page Intentionally Left Blank*]

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IN WITNESS WHEREOF, the parties hereto have caused this Fifteenth Supplemental Indenture to be duly executed by their respective authorized officers as of the date first written above.

**HISTORIC TW INC.**

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| | |
|:---|:---|
| By: | /s/ Gunnar Wiedenfels |
| Name: | Gunnar Widenfels |
| Title : | Chief Financial Officer |

---

**WARNER MEDIA, LLC**

---

| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title : | Executive Vice President and Treasurer |

---

**HOME BOX OFFICE, INC.**

---

| | |
|:---|:---|
| By: | /s/ Gunnar Wiedenfels |
| Name: | Gunnar Widenfels |
| Title : | Chief Financial Officer |

---

**TURNER BROADCASTING SYSTEM, INC.**

---

| | |
|:---|:---|
| By: | /s/ Gunnar Wiedenfels |
| Name: | Gunnar Widenfels |
| Title : | Chief Financial Officer |

---

**HISTORIC AOL LLC**

By: Warner Media, LLC, as sole member of <br>Historic AOL LLC

---

| | |
|:---|:---|
| By: | /s/ Fraser Woodford |
| Name: | Fraser Woodford |
| Title : | Executive Vice President and Treasurer |

---

[Signature Page to Fifteenth Supplemental Indenture]

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[Signature Page to Fifteenth Supplemental Indenture]

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**THE BANK OF NEW YORK MELLON,**<br> as Trustee

---

| | |
|:---|:---|
| By: | /s/ Stacey B. Poindexter |
| Name: | Stacey B. Poindexter |
| Title : | Vice President |

---

[Signature Page to Fifteenth Supplemental Indenture]

## Exhibit 99.1

![](wbd-toconsentsolicitatio001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR IMMEDIATE RELEASE June 16, 2025 Warner Bros. Discovery Announces Receipt of Requisite Consents for Proposed Amendments in Cash Tender Offer and Consent Solicitation New York, New York -- Warner Bros. Discovery, Inc. (NASDAQ: WBD) ("Warner Bros. Discovery," "WBD," the "Company," "we," "our" or "us") today announced that the Requisite Consents have been received to adopt the Proposed Amendments pursuant to its previously- announced cash tender offers and consent solicitations. Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase and Consent Solicitation Statement, dated June 9, 2025 (the "Offer to Purchase and Consent Solicitation Statement"). As of 5:00 p.m., New York City Time, on June 13, 2025 (the "Consent Expiration Time"), Tender Instructions and Consent Only Instructions representing the principal amount of Notes as described in the table below had been validly delivered and had not been validly withdrawn or revoked, as applicable. As a result, the Issuers have received the Requisite Consents for the adoption of certain proposed amendments to the Indentures governing the Notes (the "Proposed Amendments"). All Consents delivered (including any Consents deemed delivered through submission of Tender Instructions) and not validly revoked at or prior to the Consent Expiration Time have become irrevocable. Supplemental indentures relating to the Proposed Amendments to the applicable Indentures governing the Notes will be effective upon execution, but will only become operative upon the Settlement Date of the applicable Offer. To be eligible to receive Amended Notes in accordance with the terms of the Offer and Consent Solicitations, Holders should not withdraw their Tender & Consent Instructions. A Consent Only Instruction can only be withdrawn to re-submit as a Tender Instruction in accordance with the procedures of relevant Clearing System; and any such change in instruction will lead to a loss in eligibility for receipt of Amended Notes, if applicable. Notes which are subject to a Consent Only Instruction in Pool 6 have been blocked and will continue to be blocked in the relevant account in the relevant Clearing System to enable the delivery of Amended Notes to the applicable holders on the applicable Settlement Date.

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![](wbd-toconsentsolicitatio002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tender Offers / Consent Solicitations Issuer Title of Security CUSIP No./ Common Code & ISIN Aggregate Principal Amount Outstanding Aggregate Principal Amount of Notes with Consents Delivered(1) Percenta ge of Outstan ding Notes with Consents Delivere d(2) Consent Payment(3) Pool 1 Notes DCL 4.900% Senior Notes due 2026 25470DAL3 / US25470DAL38 $650,000,000 $516,541,000 79.47% $2.50 1.90% Senior Notes due 2027 111729824 / XS1117298247 €600,000,000 €463,042,000 77.17% €6.48 WMH 3.755% Senior Notes due 2027 55903VBA0 / US55903VBA08 55903VAG8 / US55903VAG8 6 U55632AD2 / USU55632AD2 4 $4,000,000,000 $3,780,983,000 94.52% $5.29 Pool 2 Notes WMH 4.302% Senior Notes due 2030 282180553 / XS2821805533 €650,000,000 €581,609,000 89.48% €33.21 4.693% Senior Notes due 2033 272162115 / XS2721621154 €850,000,000 €773,539,000 91.00% Pool 3 Notes DCL 3.950% Senior Notes due 2028 25470DAR0 / US25470DAR08 $1,700,000,000 $1,554,607,000 91.45% $21.87 4.000% Senior Notes due 2055 25470DBL2 / US25470DBL29 25470DBK4 / US25470DBK46 U25478AH8 / USU25478AH8 7 $404,843,000 $387,432,000 95.70% $10.45 4.650% Senior Notes due 2050 25470DBH1 / US25470DBH17 $302,548,000 $293,267,000 96.93% $10.32 5.200% Senior Notes due 2047 25470DAT6 / US25470DAT63 $604,594,000 $539,113,000 89.17% $11.21 5.300% Senior Notes due 2049 25470DBG3 / US25470DBG34 $279,031,000 $264,963,000 94.96% $10.53 4.875% Senior Notes due 2043 25470DAJ8 / US25470DAJ81 $219,974,000 $142,017,000 64.56% N/A 4.95% Senior Notes due 2042 25470DAG4 / US25470DAG4 3 $225,508,000 $130,643,000 57.93% 5.000% Senior Notes due 2037 25470DAS8 / US25470DAS80 $548,132,000 $454,862,000 82.98% 6.350% Senior Notes due 2040 25470DAD1 / US25470DAD1 2 $664,475,000 $443,656,000 66.77% Pool 4 Notes WMH 4.279% Senior Notes due 2032 55903VBC6 / US55903VBC63 55903VAL7 / US55903VAL71 U55632AF7 / USU55632AF71 $5,000,000,000 $4,649,260,000 92.99% N/A 5.391% Senior Notes due 2062 55903VBF9 / US55903VBF94 55903VAS2 / US55903VAS25 U55632AJ9 / USU55632AJ93 $3,000,000,000 $2,947,115,000 98.24% $10.18 5.141% Senior Notes due 2052 55903VBE2 / US55903VBE20 55903VAQ6 / $7,000,000,000 $6,901,635,000 98.59% $10.14

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![](wbd-toconsentsolicitatio003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tender Offers / Consent Solicitations Issuer Title of Security CUSIP No./ Common Code & ISIN Aggregate Principal Amount Outstanding Aggregate Principal Amount of Notes with Consents Delivered(1) Percenta ge of Outstan ding Notes with Consents Delivere d(2) Consent Payment(3) US55903VAQ6 8 U55632AH3 / USU55632AH3 8 5.050% Senior Notes due 2042 55903VBD4 / US55903VBD47 55903VAN3 / US55903VAN3 8 U55632AG5 / USU55632AG5 4 $4,301,142,000 $4,122,557,000 95.85% N/A Pool 5 Notes (Subject to Tender Offer and Consent Solicitation) (4) TWI 8.30% Discount Debentures due 2036 887315AZ2 / US887315AZ25 $155,992,000 $150,123,000(5) 96.24% $20.00 6.85% Debentures due 2026 887315BB4 / US887315BB48 $16,557,000 $14,981,000(5) 90.48% $20.00 Pool 6 Notes Consent Solicitation Only DCL 4.125% Senior Notes due 2029 25470DBF5 / US25470DBF50 $750,000,000 $662,268,000 88.30% $22.08 3.625% Senior Notes due 2030 25470DBJ7 / US25470DBJ72 $1,000,000,000 $917,517,000 91.75% WMH 4.054% Senior Notes due 2029 55903VBB8 / US55903VBB80 55903VAJ2 / US55903VAJ26 U55632AE0 / USU55632AE07 $1,500,000,000 $1,364,619,000 90.97% (1) Represents the sum of (i) the aggregate principal amount of Notes for which Tender Instructions had been validly delivered (and for which Consents had been deemed to be validly delivered) and not been validly withdrawn as of the Consent Expiration Time and (ii) if applicable, the aggregate principal amount of Notes for which Consent Only Instructions had been validly delivered and not been validly revoked as of the Consent Expiration Time. (2) Represents the percentage of the aggregate principal amount of Notes for which Consents had been validly delivered and not been validly revoked as of the Consent Expiration Time. (3) Reflects the Consent Payment (rounded to the nearest cent) with respect to each $1,000 principal amount of Dollar Notes or €1,000 principal amount of Euro Notes. No separate Consent Payment is payable with respect tenders of DCL's 5.000% Senior Notes due 2037, DCL's 6.350% Senior Notes due 2040, DCL's 4.95% Senior Notes due 2042, DCL's 4.875% Senior Notes due 2043, WMH's 4.279% Senior Notes due 2032 or WMH's 5.050% Senior Notes due 2042. (4) Represents each series of TWI's Notes subject to the Consent Solicitations. The remaining series of TWI's Notes in Pool 5 have not been presented in this table, but such Notes can still be tendered in the applicable Offers pursuant to the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement. (5) For the Notes subject to a Consent Solicitation in Pool 5, a Consent Payment is only payable with respect to Consent Only Instructions that had been validly delivered and not been validly revoked as of the Consent Expiration Time. As of the Consent Expiration Time, Consent Only Instructions had been validly delivered and not been validly revoked with respect to (i) $22,630,000 in aggregate principal amount of TWI's 8.30% Discount Debentures due 2036 and (ii) $15,000 in aggregate principal amount of TWI's 6.85% Debentures due 2026. Holders of Tendered Consent Fee Eligible Notes that validly tendered and did not validly withdraw their Tender Instructions at or prior to the Consent Expiration Time are eligible to receive a Consent Payment. Additionally, Holders of the Notes that validly delivered and did not validly revoke Consent Only Instructions at or prior to the Consent Expiration Time are eligible to receive a Consent Payment. The Offers and Consent Solicitations are being made pursuant to the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement. Our obligation

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![](wbd-toconsentsolicitatio004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to accept for purchase, and to pay for, Notes validly tendered and not validly withdrawn, and Consents validly delivered and not validly revoked, pursuant to an Offer is conditioned upon certain conditions as described in the Offer to Purchase and Consent Solicitation Statement, including a Financing Condition. Each Offer will expire at 5:00 p.m., New York City time, on July 9, 2025, unless extended by us in our sole discretion or earlier terminated (the "Expiration Time"). To be eligible to receive the applicable Total Consideration, which is inclusive of the Early Tender Premium, holders of Notes must validly tender their Notes and not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on June 23, 2025, unless extended by us in our sole discretion or earlier terminated (the "Early Tender Deadline"). Holders who validly tender their Notes after the Early Tender Deadline and before the Expiration Time will be eligible to receive the applicable Tender Offer Consideration per $1,000 or €1,000, as applicable, of principal amount of Notes tendered by such holders that are accepted for purchase, which is equal to the applicable Total Consideration minus the Early Tender Premium. The Issuers intend to exercise their Early Settlement Right and (i) settle all Notes validly tendered and not validly withdrawn on or prior to the Early Tender Deadline and accepted for purchase, and (ii) pay for Consents validly delivered and not validly revoked prior to the Consent Expiration Time, on June 30, 2025, subject to the satisfaction or waiver of the conditions (other than the Requisite Consent Condition) specified in the Offer to Purchase and Consent Solicitation Statement. Each Issuer will settle payments on the Final Settlement Date with respect to (i) tenders of any Notes validly tendered and not validly withdrawn prior to or at the Expiration Time that have not previously settled on the Early Settlement Date, if any, and which are accepted for purchase, and (ii) Consents validly delivered and not validly revoked prior to the Consent Expiration Time to the extent not previously settled on the Early Settlement Date, if any. The Final Settlement Date will be a date that is promptly after the Expiration Time and is currently expected to occur no earlier than the fourth business day following the Expiration Time. The complete terms and conditions of the Offers and Consent Solicitations are set forth in the Offer to Purchase and Consent Solicitation Statement, along with any amendments and supplements thereto, which holders are urged to read carefully before making any decision with respect to the Offers and Consent Solicitations. The Issuers have retained J.P. Morgan Securities LLC and J.P. Morgan Securities plc to act as the Lead Dealer Managers (the "Lead Dealer Managers"), and Evercore Group L.L.C. to act as Co-Dealer Manager (together with the Lead Dealer Managers, the "Dealer Managers") in connection with the Offers and Consent Solicitations. Kirkland & Ellis LLP is serving as legal counsel to the Issuers and Simpson Thacher & Bartlett LLP is serving as legal counsel to the Dealer Managers. Copies of the Offer to Purchase and Consent Solicitation Statement may be obtained from D.F. King (the "Tender and Information Agent"), by phone at +1 (212) 931-0845 (banks and brokers) or +1 (800) 848-3410 (all others), by WBD@dfking.com or at www.dfking.com/WBD. Questions regarding the Offers may also be directed to the Lead Dealer Managers as set forth below: Lead Dealer Managers:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC As Sole Lead Dealer Manager for the Dollar Notes J.P. Morgan Securities plc As Sole Lead Dealer Manager for the Euro Notes 383 Madison Avenue New York, New York 10179 Collect: +1 (212) 834-4087 Toll-Free: +1 (866) 834-4666 Attn: Liability Management Desk 25 Bank Street Canary Wharf London E14 5JP United Kingdom Collect: +44 20 7134 2468 Attn: EMEA Liability Management Desk This press release must be read in conjunction with the Offer to Purchase and Consent Solicitation Statement. This press release and the Offer to Purchase and Consent Solicitation Statement contain important information which should be read carefully before any decision is made with respect to the Offers and Consent Solicitations. You are recommended to seek your own legal, business, tax or other advice, including as to any tax consequences, immediately from your broker, bank manager, solicitor, accountant or other independent financial or legal advisor. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, commercial bank, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the Offers and Consent Solicitations. None of the Issuers, the Tender and Information Agent or any of the Dealer Managers, nor any director, officer, employee, agent, legal counsel or affiliate of any such person, is acting for any holder of Notes, or will be responsible to any holder of Notes for providing any protections which would be afforded to its clients or for providing advice in relation to the Offers and the Consent Solicitations, and accordingly none of the Tender and Information Agent or any of the Dealer Managers, nor any director, officer, employee, agent, legal counsel or affiliate of any such person, assumes any responsibility for the accuracy of any information concerning any of the Issuers, the Company or the Notes or any failure by any of the Issuers to disclose information with regard to the Issuers, the Company or the Notes which is material in the context of the Offers and the Consent Solicitations and which is not otherwise publicly available. Subject to any restrictions under the Indentures following the adoption of the Proposed Amendments, and any limitations under the terms of the Junior Lien Exchange Notes (if issued), the Company or any of its subsidiaries or affiliates, including the Issuers, may from time to time following the Expiration Time acquire any Notes that remain outstanding in the open market, in privately negotiated transactions, through one or more additional tender offers, one or more exchange offers or otherwise, or may redeem Notes pursuant to the terms of the Indentures governing the Notes. Any future purchases or redemptions may be on the same terms or on terms that are more or less favorable to holders of Notes than the terms of the Offers. Any future purchases or redemptions by the Company or any of its subsidiaries or affiliates will depend on various factors existing at that time. There can be no assurance as to which, if any, of these alternatives (or combinations thereof) the Company or any of its affiliates will choose to pursue in the future. The effect of any of these actions may directly or indirectly affect the price of any Notes or Amended Notes that remain outstanding after the consummation or termination of the Offers. This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Offers and the Consent Solicitations are being made only by, and pursuant to the terms of, the Offer to Purchase and Consent Solicitation Statement. The Offers and the Consent

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solicitations do not constitute an offer to buy or the solicitation of an offer to sell Notes in any jurisdiction in which such offer or solicitation is unlawful. The Offers and the Consent Solicitations are void in all jurisdictions where they are prohibited. In those jurisdictions where the securities, blue sky or other laws require the Offers and the Consent Solicitations to be made by a licensed broker or dealer, the Offers and the Consent Solicitations shall be deemed to be made on behalf of the Issuers by the Dealer Managers or one or more registered brokers or dealers licensed under the laws of such jurisdiction. None of the Issuers, the Tender and Information Agent, the Dealer Managers or any trustee for the Notes is making any recommendation as to whether holders should tender Notes or deliver their Consents in response to the Offers and the Consent Solicitations. Holders must make their own decision as to whether to tender any of their Notes (and, if so, the principal amount of Notes to tender) and/or deliver Consents. ### About Warner Bros. Discovery: Warner Bros. Discovery (Nasdaq: WBD) is a leading global media and entertainment company that creates and distributes the world's most differentiated and complete portfolio of content and brands across television, film and streaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, discovery+, CNN, DC, Eurosport, HBO, Max, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Pictures, Warner Bros. Television, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit www.wbd.com. Cautionary Statement Regarding Forward-Looking Information This press release contains certain "forward-looking statements." Forward-looking statements include, without limitation, statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward- looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. These forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties and on information available to the Company as of the date hereof. Forward-looking statements include, without limitation, statements about the timeline and terms of the Offers and the Consent Solicitations, the future company plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties outside of our control. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are risks relating to satisfaction of conditions to the Offers and Consent Solicitations, whether the Offers and Consent Solicitations will be consummated in accordance with the terms set forth in the Offer to Purchase and Consent Solicitation Statement or at all and the timing of any of the foregoing. The Company's actual

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risks related to the Offers and the Consent Solicitations. Discussions of additional risks and uncertainties are contained in the Company's filings with the Securities and Exchange Commission, including but not limited to the Company's most recent Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. The Company is not under any obligation, and each expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Persons reading this communication are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. Investor Contacts: Investor.Relations@wbd.com 212-548-5882 Media Contacts: Robert Gibbs Robert.Gibbs@wbd.com 347-268-3017 Megan Klein Megan.Klein@wbd.com\ Source: Warner Bros. Discovery, Inc.

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