Document:

EX-10.2

 Exhibit 10.2 

VOTING AGREEMENT 

This VOTING AGREEMENT, is made and entered into as of May 17, 2021 (this “Agreement”), by and among the stockholders
listed on the signature pages hereto (the “Stockholder”), Discovery, Inc., a Delaware corporation (“RMT Partner”), AT&T Inc., a Delaware corporation (“Remainco”), and Magallanes, Inc., a
Delaware corporation (“Spinco”). 
 RECITALS 

WHEREAS, as of the date hereof, each Stockholder is the Beneficial Owner of the number of shares of RMT Partner Series A-1 Preferred Stock and RMT Partner Series C-1 Preferred Stock, in each case set forth opposite such Stockholder’s name on Schedule A hereto
(together with such additional shares of Pre-Closing RMT Partner Voting Capital Stock that become Beneficially Owned by such Stockholder, whether upon the exercise of options, conversion of convertible
securities or otherwise, after the date hereof until the Expiration Date, the “Subject Shares”); 
 WHEREAS, concurrently
with the execution of this Agreement, RMT Partner, Remainco, Spinco and Drake Subsidiary, Inc., a Delaware corporation and a wholly owned subsidiary of RMT Partner, are entering into an Agreement and Plan of Merger, dated as of the date hereof (the
“Merger Agreement”), pursuant to which, upon the terms and subject to the conditions thereof, Merger Sub will be merged with and into Spinco (the “Merger”), with Spinco surviving the Merger as a wholly owned
subsidiary of RMT Partner; 
 WHEREAS, upon the terms and subject to the conditions set forth in the Merger Agreement, at a meeting of the
stockholders of RMT Partner (the “Stockholders Meeting”) duly called in accordance with the Merger Agreement, the stockholders of RMT Partner will vote upon (i) the Amended RMT Partner Charter (which vote will require
the approval of (w) the shares of RMT Partner Series A-1 Preferred Stock, voting as a class; (x) the shares of RMT Partner Series C-1 Preferred
Stock, voting as a class; (y) the shares of RMT Partner Series B Common Stock, voting as a class; and (z) the shares of Pre-Closing RMT Partner Voting Capital Stock, voting as a class);
and (ii) the RMT Partner Share Issuance (which vote will require the approval of the shares of Pre-Closing RMT Partner Voting Capital Stock, voting as a class); 

WHEREAS, the consummation of the transactions contemplated by the Merger Agreement is conditioned upon the approval of the Amended RMT Partner
Charter and the RMT Partner Share Issuance; 
 WHEREAS, upon the terms and subject to the conditions set forth in the Merger Agreement,
(i) at the Charter Amendment Effective Time, RMT Partner will cause the Amended RMT Partner Charter to be executed, acknowledged and filed with the Secretary of State of Delaware as provided in Sections 242 and 245 and the other
applicable provisions of the General Corporation Law of the State of Delaware and (ii) at the Effective Time, RMT Partner will consummate the RMT Partner Share Issuance; 

 

 WHEREAS, pursuant to the RMT Partner Charter Amendment, among other things, each share of
(i) RMT Partner Series A Common Stock issued and outstanding or held by RMT Partner as treasury stock as of immediately prior to the Effective Time shall be reclassified as, and be converted into, one (1) validly issued, fully paid
and non-assessable share of common stock, par value $0.01 per share, designated as Series A Common Stock (the “Common Stock”), (ii) RMT Partner Series B Common Stock issued and
outstanding or held by RMT Partner as treasury stock as of immediately prior to the Effective Time shall be reclassified as, and be converted into, one (1) validly issued, fully paid and non-assessable
share of Common Stock, (iii) RMT Partner Series C Common Stock issued and outstanding or held by RMT Partner as treasury stock as of immediately prior to the Effective Time shall be reclassified as, and be converted into, one
(1) validly issued, fully paid and non-assessable share of Common Stock, (iv) RMT Partner Series A-1 Preferred Stock issued and outstanding or held by RMT
Partner as treasury stock as of immediately prior to the Effective Time shall be reclassified as, and be converted into 13.11346315 validly issued, fully paid and non-assessable shares of Common Stock and
(v) RMT Partner Series C-1 Preferred Stock issued and outstanding or held by RMT Partner as treasury stock as of immediately prior to the Effective Time shall be reclassified as, and be converted
into, such number of validly issued, fully paid and non-assessable shares of Common Stock as the number of shares of RMT Partner Series C Common Stock each such share of RMT Partner Series C-1 Preferred Stock would have been convertible into under the Existing RMT Partner Charter (including, the Series C-1 Preferred Certificate of Designations) in
effect immediately prior to the Effective Time; 
 WHEREAS, as a condition and inducement to the willingness of RMT Partner, Remainco and
Spinco to enter into the Merger Agreement, Remainco and Spinco have required that the Stockholder enters into this Agreement, and the Stockholder desires to enter into this Agreement to induce Remainco and Spinco to enter into the Merger Agreement
and to agree to certain exclusivity and related provisions included therein; and 
 WHEREAS, concurrently with the execution of this
Agreement, Dr. John C. Malone, RMT Partner, Remainco and Spinco are entering into a Voting Agreement, dated as of the date hereof, pursuant to which Mr. Malone is agreeing to vote the shares of
Pre-Closing RMT Partner Voting Capital Stock Beneficially Owned by him in favor of the approval of the Amended RMT Partner Charter and the RMT Partner Share Issuance on terms and subject to conditions
substantially similar to as those set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements contained herein, and intending to be legally bound hereby, the parties hereby agree as follows: 

1.    Voting of Shares. From the period commencing with the execution and delivery of this Agreement and continuing
until the Expiration Date (the “Support Period”), at every meeting of holders of capital stock of RMT Partner called with respect to any of the following, and at every adjournment or postponement thereof, and on every action or
approval by written consent of the holders of capital stock of RMT Partner with respect to any of the following (except with respect to the Stockholder’s right to vote on 

  
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Special A-1 Class Vote Matters (as defined in the Certificate of Designation of Series A-1 Convertible
Participating Preferred Stock of RMT Partner) with respect to which the Stockholder shall have no obligation to vote or cause to be voted the Subject Shares under this Agreement but with respect to which the Stockholder has obligations under that
certain Consent Agreement, entered into contemporaneously herewith by RMT Partner and the Stockholders (the “Consent Letter”), the Stockholder shall (1) appear (in person, including virtually, or by proxy) at each such meeting
(including every adjournment or postponement thereof) or otherwise cause all of the Subject Shares to be counted as present thereat for purposes of establishing a quorum and (2) vote or cause to be voted all of the Subject Shares that the
Stockholder is entitled to vote: 
 (a)    in favor of the RMT Partner Share Issuance; 

(b)    in favor of the RMT Partner Charter Amendment, including the share reclassifications and conversions, the board
structure and all other terms set forth therein (and, in the event that the RMT Partner Charter Amendment is presented as more than one proposal, in favor of each such proposal); 

(c)    in favor of the Merger (but not, for the avoidance of doubt, the Alternative Transaction Structure); 

(d)    in favor of any proposal to adjourn or postpone such meeting of the RMT Partner’s stockholders to a later date
if such adjournment or postponement is proposed in compliance with the provisions of Section 8.5 of the Merger Agreement; 

(e)    against any RMT Partner Acquisition Proposal or any RMT Partner Superior Proposal (without regard to the terms of
such RMT Partner Acquisition Proposal or RMT Partner Superior Proposal, as applicable); and 
 (f)    against any
amendment of the Organizational Documents of RMT Partner (other than the RMT Partner Charter Amendment) or other action or agreement of RMT Partner, in each case for which the vote or consent of the applicable class of capital stock of RMT Partner
is required to authorize such action or agreement, that would reasonably be expected to (i) result in a breach of any covenant, representation or warranty or any other obligation or agreement of RMT Partner under the Merger Agreement,
(ii) result in any of the conditions to the consummation of the Transactions under the Merger Agreement or the Separation and Distribution Agreement not being fulfilled, or (iii) impede, frustrate, interfere with, delay,
postpone or adversely affect the Transactions; provided, that Remainco has advised the Stockholder of such asserted effect set forth in clause (i), (ii) or (iii) in writing at least ten (10) Business Days prior
to the applicable vote. In furtherance of the foregoing, the Stockholder and RMT Partner shall notify Remainco of any action or consent of the holders of Series A-1 Preferred Stock or Series C-1 Preferred Stock proposed to be taken or given written consent pursuant to the Series A-1 or Series C-1 Preferred Certificate of
Designations in writing to the extent practical, at least twenty (20) Business Days prior to, and in any event prior to, the applicable action or consent. 

  
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 2.    Transfer of Shares. The Stockholder agrees that, during the
Support Period, other than the reclassification to be effected pursuant to the RMT Partner Charter Amendment, the Stockholder will not, directly or indirectly, (i) sell, transfer, distribute, pledge, hypothecate, donate, assign, appoint
or otherwise dispose of or encumber (each of the foregoing, a “Transfer”) any of the Subject Shares; (ii) deposit any of the Subject Shares into a voting trust or enter into a voting agreement or arrangement with respect
to the Subject Shares or grant any proxy or power of attorney with respect thereto, (iii) enter into any contract, option or other arrangement or undertaking with respect to the Transfer of any Subject Shares, (iv) enter into
any agreement, arrangement or understanding with any Person, or take any other action, that would conflict with, restrict, limit, violate or interfere with the performance of the Stockholder’s representations, warranties, covenants and
obligations hereunder, or (v) take any action that would reasonably be expected to restrict or otherwise adversely affect the Stockholder’s legal power, authority and right to comply with and perform its covenants and obligations
under this Agreement; provided, however, that the foregoing shall not apply to (x) any conversion of RMT Partner Class C-1 Preferred Stock, (y) any RMT Partner Class C Common
Stock and (z) the shares that are subject to the collar transactions described in the Amendment No. 14 to the Schedule 13D filed by the Stockholders on February 24, 2021; provided, further, that the foregoing shall not
prevent the Stockholders from transferring any Subject Shares to any Person who signs a joinder to this Agreement (in a form reasonably acceptable to RMT Partner) to agree to, and be bound by, the applicable Stockholder’s obligations herein.
Any Transfer in violation of this provision shall be void ab initio. RMT Partner agrees not to register the Transfer of any certificate or book-entry representing any Subject Shares on the books of RMT Partner unless such Transfer is made in
compliance with this Agreement. The foregoing restrictions on Transfers of Subject Shares shall not prohibit any such Transfers by the Stockholders in connection with the Transactions. 

3.    Acquisition Proposals. Except with respect to any Transfer by the Stockholders as contemplated by
Section 2, (a) the Stockholders shall not and shall instruct and use their respective reasonable best efforts to cause their respective Affiliates and their Representatives not to, directly or indirectly, (i) initiate, solicit,
propose or knowingly encourage or facilitate the making of any proposal or offer that constitutes, or would reasonably be expected to lead to, an RMT Partner Acquisition Proposal, (ii) engage in, continue or otherwise participate in any
discussions with or negotiations relating to any RMT Partner Acquisition Proposal or any proposal or offer that would reasonably be expected to lead to an RMT Partner Acquisition Proposal, (iii) provide any information to any Person in
connection with any RMT Partner Acquisition Proposal or any proposal or offer that would reasonably be expected to lead to an RMT Partner Acquisition Proposal, or (iv) otherwise knowingly facilitate any effort or attempt to make any RMT
Partner Acquisition Proposal or (v) make any public statement approving or recommending, any inquiry, proposal or offer which constitutes, or would reasonably be expected to lead to, an RMT Partner Acquisition Proposal, and the Stockholders
shall not, alone or together with any other Person, make an RMT Partner Acquisition Proposal, and (b) if either Stockholder receives any inquiry or proposal regarding any RMT Partner Acquisition Proposal, such Stockholder shall promptly inform
RMT Partner, Remainco and Spinco of such inquiry or proposal and the details thereof. 

  
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 4.    Additional Covenants of the Stockholders. 

(a)    Further Assurances. From time to time and without additional consideration, the Stockholders shall execute
and deliver, or cause to be executed and delivered, such additional instruments, and shall take such further actions, as are reasonably necessary in order to perform their respective obligations under this Agreement. 

(b)    Stock Dividends, etc. In the event of a stock split, stock dividend or distribution, or any change in the
shares of capital stock of RMT Partner by reason of any split-up, reverse stock split, recapitalization, combination, reclassification, reincorporation, exchange of shares or the like, the terms “shares
of capital stock of RMT Partner” and “Subject Shares” shall be deemed to refer to and include such shares as well as all such stock dividends and distributions and any securities into which or for which any or all of such shares may
be changed or exchanged or which are received in such transaction. 
 (c)    Notice of
Acquisitions. Each Stockholder hereby agrees to notify RMT Partner, Remainco and Spinco in writing as promptly as practicable of the number of any additional shares of Pre-Closing RMT Partner Voting
Capital Stock of which such Stockholder acquires Beneficial Ownership on or after the date hereof; provided, that any timely filing with the SEC by a Stockholder pursuant to Section 13 or Section 16 of the Exchange Act reporting any
such acquisition shall constitute notice with respect to this Section 4(c). 

(d)    Disclosure. Without reasonable prior notice (including reasonable opportunity to review and comment)
provided to the Stockholders by RMT Partner and the prior written consent of the Stockholders, RMT Partner, Remainco and Spinco shall not include in any press release or disclose in any announcement or disclosure required by the SEC, including in
the Distribution Registration Statement, RMT Partner Registration Statement, Tender Offer Statement or Proxy Statement any information relating to any Stockholder or any of its Affiliates other than a Stockholder’s identity and ownership of the
Stockholder’s Subject Shares or the nature of the Stockholder’s obligations under this Agreement or the Consent Letter; provided, that the foregoing shall not restrict RMT Partner, Remainco and Spinco from making any disclosure, public
statements or filings with a regulatory authority (other than filings and correspondence with the SEC related to the Distribution Registration Statement, RMT Partner Registration Statement, Tender Offer Statement or Proxy Statement (including the
background section thereof)), in connection with a legal process, to enforce their rights under any agreement relating to the Transactions or as otherwise required by law. Except as required by Law, the Stockholders shall not make any public
statement regarding this Agreement, the Merger Agreement or the Transactions without the prior written consent of RMT Partner after consultation with Remainco; provided, that the foregoing shall not restrict the Stockholders from making any
disclosure or other public statement approved by RMT Partner substantially consistent with any previous disclosure or public statement or as required to be made by the Stockholders under applicable Law, including any amendment filed with the SEC on
Schedule 13D. 

  
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 5.    Transaction Litigation. The Stockholders and RMT Partner,
on the one hand, and Remainco and Spinco, on the other hand, shall promptly advise one another in writing of any (i) RMT Partner Transaction Litigation or Spinco Transaction Litigation, as applicable, or (ii) other
litigation, whether or not brought by a stockholder of RMT Partner or Remainco, as applicable, relating to this Agreement, the Merger Agreement or the Transactions that is brought or, to the applicable party’s knowledge, threatened against such
party or any of its Affiliates in its or their capacity as a participant in the Transactions (together, “Transaction Litigation”), and the Stockholders, RMT Partner, Remainco and Spinco, as applicable, shall keep one another
informed on a reasonably prompt basis regarding any such Transaction Litigation. 
 6.    Regulatory Commitment.
The Stockholders shall, and shall cause their respective Subsidiaries to, use reasonable best efforts to assist and cooperate in obtaining any necessary regulatory approvals; provided, that neither Stockholder nor any such Subsidiaries shall
be required to (i) sell, divest, hold separate or otherwise dispose of any portion of their respective assets, properties or businesses, (ii) take any action that limits their freedom of action with respect to, or their ability to retain,
one or more of their assets, properties or businesses or (iii) take or agree to take any other action or agree to any limitation that would have an adverse effect on the business, assets, liabilities, results of operations or condition
(financial or otherwise) of the Stockholders or any of their Affiliates. 
 7.    Representations and Warranties of
the Stockholder. Each Stockholder on its own behalf hereby represents and warrants as of the date hereof to RMT Partner, Remainco and Spinco, with respect to such Stockholder and such Stockholder’s ownership of the Subject Shares as
follows: 
 (a)    Authority. The Stockholder has all requisite power and authority to enter into this Agreement
and to perform its obligations hereunder. This Agreement has been duly authorized, executed and delivered by the Stockholder and constitutes a valid and binding obligation of the Stockholder enforceable in accordance with its terms, subject to the
Bankruptcy and Equity Exception. Other than as provided in the Merger Agreement and any filings by the Stockholder with the SEC, the execution, delivery and performance by the Stockholder of this Agreement does not require any consent, approval,
authorization or permit of, action by, filing with or notification to any Governmental Entity, other than any consent, approval, authorization, permit, action, filing or notification the failure of which to make or obtain would not, individually or
in the aggregate, be reasonably expected to prevent or materially delay the consummation of the Transactions. 

(b)    No Conflicts. Neither the execution and delivery of this Agreement, nor the performance by the Stockholder
of his obligations hereunder, nor compliance with the terms hereof, will violate, conflict with or result in a material breach of, or constitute a default (with or without notice or lapse of time or both) under any provision of, any trust agreement,
other agreement, judgment, order, decree, statute, law, ordinance, rule or regulation applicable to the Stockholder, other than any such violation, conflict, breach or default that would not, individually or in the aggregate, be reasonably expected
to prevent or materially delay its performance hereunder or the consummation of the Merger or the RMT Partner Charter Amendment. 

  
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 (c)    The Subject Shares. The Stockholder is the Beneficial
Owner of, and has good and marketable title to, the Subject Shares set forth opposite the Stockholder’s name on Schedule A hereto, free and clear of any and all security interests, liens, encumbrances, equities, claims, options or
limitations of whatever nature (including any restriction on the right to vote, sell or otherwise dispose of such Subject Shares), except for any such liens or other restrictions arising under applicable securities Laws or under the Existing Charter
or any of the Certificates of Designations. The Stockholder does not Beneficially Own any shares of Pre-Closing RMT Partner Voting Capital Stock other than the Subject Shares set forth opposite the
Stockholder’s name on Schedule A hereto. The Stockholder has, or will have at the time of the applicable meeting of holders of shares of capital stock of RMT Partner, the sole right to vote or direct the vote of, or to dispose of or
direct the disposition of, such Subject Shares. None of the Subject Shares is subject to any voting trust, agreement, arrangement or restriction with respect to the voting of such Subject Shares, including without limitation the granting of any
proxy or power of attorney with respect thereto, that would prevent or delay the Stockholder’s ability to perform its obligations hereunder. There are no agreements or arrangements of any kind, contingent or otherwise, obligating the
Stockholder to Transfer, or cause to be Transferred, any of the Subject Shares set forth opposite the Stockholder’s name on Schedule A hereto and no Person has any contractual or other right or obligation to purchase or otherwise acquire
any of such Subject Shares. 
 (d)    Reliance by Remainco and Spinco. The Stockholder understands and
acknowledges that RMT Partner, Remainco and Spinco are entering into the Merger Agreement in reliance upon the Stockholder’s execution and delivery of this Agreement. 

(e)    Litigation. As of the date hereof, to the knowledge of the Stockholder, there is no action, proceeding or
investigation pending or threatened in writing against the Stockholder that questions the validity of this Agreement or any action taken or to be taken by the Stockholder in connection with this Agreement. 

(f)    No Other Arrangements. Other than as set forth in this Agreement, the Consent Letter, or as expressly
granted pursuant to the terms of the Series A-1 or Series C-1 Preferred Certificate of Designations, the Stockholder does not have any agreements, arrangements or
understandings of any kind with RMT Partner or any other Person (i) with respect to the Transfer or voting of the Subject Shares or the Transactions, (ii) that would conflict with, restrict, limit, violate or interfere with
the performance of the Stockholder’s covenants and obligations hereunder or (iii) except for the arrangements referred to on Schedule 7.16 of the RMT Partner Disclosure Letter, in connection with the transactions contemplated by the
Merger Agreement. 
 8.    Representations and Warranties. 

(a)    RMT Partner represents and warrants to the Stockholders as follows: RMT Partner is a Delaware corporation duly
incorporated, validly existing and in good 

  
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standing under the Laws of the State of Delaware and has full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution and
delivery of this Agreement and the Merger Agreement by RMT Partner and this Agreement and the consummation of the Transactions have been duly and validly authorized by the board of directors of RMT Partner, and no other corporate proceedings on the
part of RMT Partner are necessary to authorize the execution, delivery and performance of this Agreement or the Merger Agreement by RMT Partner and, subject to receipt of the RMT Partner Stockholder Approval, the consummation of the Transactions.
RMT Partner has duly and validly executed this Agreement, and this Agreement constitutes a legal, valid and binding obligation of RMT Partner enforceable against RMT Partner in accordance with its terms, subject to the Bankruptcy and Equity
Exception. The Stockholders’ execution of this Agreement and performance of their obligations hereunder shall not trigger a Series A-1 Mandatory Conversion (as defined in the Existing RMT Partner
Charter). 
 (b)    Remainco represents and warrants to the Stockholders as follows: Remainco is a Delaware corporation
duly incorporated, validly existing and in good standing under the Laws of the State of Delaware and has full corporate power and authority to execute and deliver this Agreement. The execution and delivery of this Agreement and the Merger Agreement
by Remainco and the consummation of the Transactions have been duly and validly authorized by the board of directors of Remainco, and no other corporate proceedings on the part of Remainco are necessary to authorize the execution and delivery of
this Agreement or the Merger Agreement by Remainco and the consummation of the Transactions, other than such further action of the Remainco Board required, if applicable, to determine the structure of the Distribution, establish the Distribution
Record Date and the Distribution Date, and the effectiveness of the declaration of the Distribution by the Remainco Board (which is subject to the satisfaction or, to the extent permitted by applicable Law, waiver of the conditions set forth in the
Separation and Distribution Agreement). Remainco has duly and validly executed this Agreement, and this Agreement constitutes a legal, valid and binding obligation of Remainco enforceable against Remainco in accordance with its terms, subject to the
Bankruptcy and Equity Exception. 
 (c)    Spinco represents and warrants to the Stockholders as follows: Spinco is a
Delaware corporation duly incorporated, validly existing and in good standing under the Laws of the State of Delaware and has full corporate power and authority to execute and deliver this Agreement. The execution and delivery of this Agreement and
the Merger Agreement by Spinco and the consummation of the Transactions have been duly and validly authorized by the board of directors of Spinco, and no other corporate proceedings on the part of Spinco are necessary to authorize the execution and
delivery of this Agreement or the Merger Agreement by Spinco and the consummation of the Transactions. Spinco has duly and validly executed this Agreement, and this Agreement constitutes a legal, valid and binding obligation of Spinco enforceable
against Spinco in accordance with its terms, subject to the Bankruptcy and Equity Exception. 
 9.    Stockholder
Capacity. No Stockholder executing this Agreement who is or becomes during the term hereof a director or officer of RMT Partner shall be deemed 

  
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to make any agreement or understanding in this Agreement regarding such Person’s performance of his obligations as a director or officer. Each Stockholder is entering into this Agreement
solely in such Stockholder’s capacity as the Beneficial Owner of Subject Shares and nothing herein shall limit or affect any actions taken (or any failures to act) by such Stockholder in such Stockholder’s capacity as a director or officer
of RMT Partner. The taking of any actions (or any failures to act) by any Stockholder (including voting on matters put to the board of directors of RMT Partner or any committee thereof and making any statement at any meeting of such board or any
committee thereof) in such Stockholder’s capacity as a director or officer of RMT Partner shall not be deemed to constitute a breach of this Agreement. 

10.    Certain Definitions. Capitalized terms used and not otherwise defined herein shall have the respective
meanings ascribed to them in the Merger Agreement unless otherwise indicated. For purposes of this Agreement, the term “Beneficial Ownership” and related terms such as “Beneficially Owned” or “Beneficial
Owner” have the meaning given such terms in Rule 13d-3 under the Exchange Act, and the rules and regulations promulgated thereunder, as in effect from time to time. 

11.    Termination. This Agreement shall automatically terminate without further action upon the earliest to occur
(the “Expiration Date”) of (i) the termination of the Merger Agreement in accordance with its terms, (ii) the date of the RMT Partner Stockholders Meeting, including any adjournments or postponements thereof,
after the polls close at such meeting and only if the RMT Partner Stockholder Approval is not obtained at such meeting where a vote was taken in accordance with the Merger Agreement, (iii) any amendment, supplement or modification to the
Merger Agreement or the Separation Agreement or waiver of any condition therein which would materially and adversely affect the Stockholders or increase the relative pro forma aggregate ownership percentage of Remainco’s stockholders in RMT
Partner (as compared to the aggregate ownership percentage of RMT Partner’s stockholders in RMT Partner prior to the Effective) at the Effective Time (other than in a de minimis manner), in each case, if effected without the prior
written consent of the Stockholders, (iv) effectuation of any Alternative Transaction Structure without the prior written consent of the Stockholders, (v) if the Triggering Event has occurred, upon a RMT Partner Change of Recommendation
and (vi) the written agreement of the Stockholders, RMT Partner, Remainco and Spinco to terminate this Agreement; provided, however, that notwithstanding anything in this Agreement to the contrary, (a) no such
termination shall relieve any party of any liability or damages to any other party resulting from any Willful Breach of this Agreement, (b) the provisions set forth in this Section 11, Section 7(f) and Sections 13 through 23,
inclusive, shall survive the termination of this Agreement and (c) the provisions set forth in Section 4(d), Section 5, Section 6 and Section 12 shall survive the termination of this Agreement until the earlier to occur of
the Effective Time and the termination of the Merger Agreement in accordance with its terms. 
 12.    Specific
Performance. The parties acknowledge and agree that (i) the covenants, obligations and agreements contained in this Agreement relate to special, unique and extraordinary matters, (ii) the parties are relying on such
covenants in connection with entering into the Merger Agreement and (iii) a violation of any of the 

  
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terms of such covenants, obligations or agreements will cause the other parties irreparable injury for which adequate remedies are not available at law and for which monetary damages are not
readily ascertainable. Therefore, the parties agree that the other parties hereunder shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond), in addition to remedies at law or in
damages, as a court of competent jurisdiction may deem necessary or appropriate to restrain any other party from committing any violation of such covenants, obligations or agreements, and shall not oppose the granting of such relief on the basis
that the applicable other party has an adequate remedy at law or in damages. 
 13.    Governing Law and Venue;
Waiver of Jury Trial. 
 (a)    THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE
INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF (OR ANY OTHER JURISDICTION) TO THE EXTENT THAT SUCH PRINCIPLES WOULD DIRECT A MATTER TO ANOTHER
JURISDICTION. 
 (b)    Each of the parties hereto agrees that: (i) it shall bring any Proceeding in
connection with, arising out of or otherwise relating to this Agreement, any instrument or other document delivered pursuant to this Agreement or the Transactions exclusively in the courts of the State of Delaware in the Court of Chancery of the
State of Delaware, or (and only if) such court finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware (Complex Commercial Division); provided that if subject matter jurisdiction over the matter that is the
subject of the Proceeding is vested exclusively in the United States federal courts, such Proceeding shall be heard in the United States District Court for the District of Delaware (the “Chosen Courts”); and (ii) solely
in connection with such Proceedings, (A) it irrevocably and unconditionally submits to the exclusive jurisdiction of the Chosen Courts, (B) it waives any objection to the laying of venue in any Proceeding in the Chosen
Courts, (C) it waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party, (D) mailing of process or other papers in connection with any such Proceeding in the manner
provided in Section 16 or in such other manner as may be permitted by applicable Law shall be valid and sufficient service thereof and (E) it shall not assert as a defense, any matter or claim waived by the
foregoing clauses (A) through (D) of this Section 13(b) or that any Governmental Order issued by the Chosen Courts may not be enforced in or by the Chosen Courts. Nothing herein contained shall be deemed to affect the
right of any party to serve process in any manner permitted by Law or to commence any Proceeding or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained in any Proceeding brought pursuant
to this Section 13(b). 
 (c)    EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH
MAY BE IN CONNECTION WITH, ARISE OUT OF OR OTHERWISE RELATE TO THIS AGREEMENT, ANY INSTRUMENT OR OTHER DOCUMENT DELIVERED PURSUANT TO THIS AGREEMENT OR OTHER 

  
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DOCUMENT DELIVERED PURSUANT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THE MERGER AGREEMENT, IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY IRREVOCABLY
AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY PROCEEDING DIRECTLY OR INDIRECTLY, IN CONNECTION WITH, ARISING OUT OF OR OTHERWISE RELATING TO THIS AGREEMENT,
ANY INSTRUMENT OR OTHER DOCUMENT DELIVERED PURSUANT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THE MERGER AGREEMENT. EACH PARTY HEREBY ACKNOWLEDGES AND CERTIFIES (I) THAT NO REPRESENTATIVE OF THE OTHER PARTIES HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTIES WOULD NOT, IN THE EVENT OF ANY PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) IT MAKES THIS
WAIVER VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS, ACKNOWLEDGMENTS AND CERTIFICATIONS CONTAINED IN THIS SECTION 13(C). 

14.    Modification or Amendment. This Agreement may be amended, modified or supplemented only in writing by the
parties hereto. 
 15.    Waivers. Any provision of this Agreement may be waived if, and only if, such waiver is
in writing and signed by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Except as otherwise herein provided, the rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies
provided by Law. 
 16.    Assignment. This Agreement shall not be assignable by operation of Law or otherwise.
Any assignment in contravention of the preceding sentence shall be null and void. 
 17.    No Third-Party
Beneficiaries. This Agreement is not intended to and does not confer upon any Person other than the parties and their respective successors, legal representatives and permitted assigns any rights or remedies, express or implied. 

18.    Notices. All notices, requests, instructions, consents, claims, demands, waivers, approvals and other
communications to be given or made hereunder by one or more parties to one or more of the other parties shall be in writing and shall be deemed to have been duly given or made on the date of receipt by the recipient thereof if received prior to 5:00
p.m. in the place of receipt and such day is a Business Day (or otherwise on the next succeeding Business Day) if (i) served by personal delivery or by a nationally recognized overnight courier service upon the party or parties for whom
it is intended, (ii) delivered by registered or certified mail, return receipt requested or (iii) sent by email; 

  
 11 

 
provided that the email transmission is promptly confirmed by telephone or in writing by the recipient thereof (excluding
out-of-office replies or other automatically generated responses). Such communications shall be sent to the respective parties at the following street addresses or email
addresses or at such other street address or email address for a party as shall be specified for such purpose in a notice given in accordance with this Section 18: 
  

	 	(A)	 if to RMT Partner to: 

Discovery, Inc. 
 230 Park Avenue
South 
 New York, New York 

Attention: Bruce Campbell 
 Email:
bruce_campbell@discovery.com 
 with a copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New
York 10022 

	 	Attn:	 Jeffrey J. Rosen 

Jonathan E. Levitsky 
 Sue Meng

	 	Email:	 jrosen@debevoise.com 

jelevitsky@debevoise.com 

smeng@debevoise.com 
  

	 	(B)	 if to the Stockholders to: 

Advance Publications, Inc. 
 1
World Trade Center 
 New York, NY 10007 

Attention: Michael Fricklas 

Email: CLO@advance.com 
 with a
copy (which shall not constitute notice) to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, NY 10019-6064 

	 	Attention:	 Robert B. Schumer, Esq. 

Ariel J. Deckelbaum, Esq. 

Cullen L. Sinclair, Esq. 

	 	Email:	 rschumer@paulweiss.com 

ajdeckelbaum@paulweiss.com 

csinclair@paulweiss.com 

  
 12 

	 	(C)	 if to Remainco or Spinco to: 

AT&T Inc. 
 208 S. Akard St.

 Dallas, Texas 75202 

Attention: SVP – Corporate Strategy and Development 

Email: sm3763@att.com 
 AT&T
Inc. 
 208 S. Akard St. 

Dallas, Texas 75202 
 Attention:
Senior Executive Vice President and General Counsel 
 dm952g@att.com 

with a copy to (which shall not constitute notice): 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, New
York 10004 

	 	Attn:	 Eric M. Krautheimer 

Melissa Sawyer 

	 	Email:	 krautheimere@sullcrom.com 

sawyerm@sullcrom.com 

19.    Severability. The provisions of this Agreement shall be deemed severable and the illegality, invalidity or
unenforceability of any provision shall not affect the legality, validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is illegal, invalid or
unenforceable, (a) a suitable and equitable provision to be negotiated by the parties, each acting reasonably and in good faith shall be substituted therefor in order to carry out, so far as may be legal, valid and enforceable, the
intent and purpose of such illegal, invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not, subject to clause (a) above, be
affected by such illegality, invalidity or unenforceability, except as a result of such modification, nor shall such illegality, invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in
any other jurisdiction. 
 20.    Entire Agreement. This Agreement and, with respect to the Stockholders and RMT
Partner, the Consent Letter constitute the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings between the parties with respect thereto. 

21.    Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement. 

  
 13 

 22.    Counterparts; Effectiveness. This Agreement may be
executed in any number of counterparts (including by facsimile or by attachment to electronic mail in portable document format (PDF) or by other electronic means), each such counterpart being deemed to be an original instrument, and all such
counterparts shall together constitute the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties hereto. 

23.    Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the party
incurring such cost or expense. 
 24.    Series A-1 Mandatory
Conversion. Nothing in this Agreement shall trigger a Series A-1 Mandatory Conversion (as defined in the RMT Partner Existing Charter). 

25.    No Ownership Interests. Nothing contained in this Agreement shall be deemed to vest in RMT Partner, Remainco
or Spinco any direct or indirect ownership or incidence of ownership of or with respect to any Subject Shares. All rights, ownership and economic benefits of and relating to the Subject Shares shall remain vested in and belong to the Stockholders.
Nothing in this Agreement shall be interpreted as creating or forming a “group” with any other Person, including RMT Partner, Remainco and Spinco, for the purposes of Rule 13d-5(b)(1) of the Exchange
Act or for any other similar provision of applicable Law. 
 [SIGNATURE PAGES FOLLOW] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

					
	DISCOVERY, INC.
		
	By:	 	 /s/ Bruce Campbell

		 	Name:	 	Bruce Campbell
		 	Title:	 	Chief Development, Distribution & Legal Officer
	
	AT&T INC.
		
	By:	 	 /s/ Stephen McGaw

		 	Name:	 	Stephen McGaw
		 	Title:	 	Senior Vice President, Corporate Strategy and Development
	
	MAGALLANES, INC.
		
	By:	 	 /s/ Stephen McGaw

		 	Name:	 	Stephen McGaw
		 	Title:	 	President

 [Signature page to RMT Partner A/N Voting Agreement] 

 
					
	ADVANCE/NEWHOUSE PROGRAMMING PARTNERSHIP
		
	By:	 	 /s/ Steven A. Miron

		 	Name:	 	Steven A. Miron
		 	Title:	 	Chief Executive Officer
	
	ADVANCE/NEWHOUSE PARTNERSHIP
		
	By:	 	 /s/ Steven A. Miron

		 	Name:	 	Steven A. Miron
		 	Title:	 	Chief Executive Officer

 [Signature page to RMT Partner A/N Voting Agreement] 

 SCHEDULE A 
  

							
	 Name of Stockholder
	  	Number of shares of
RMT Partner Series
A-1 Preferred Stock	  	Number of shares of
RMT Partner Series
C-1 Preferred Stock	  	Number of shares of
Series C Common
Stock
	 Advance/Newhouse Programming Partnership
	  	7,852,582.44	  	4,099,296.50	  	12,507,224
	 Advance/Newhouse Partnership
	  	0	  	214,053	  	2EX-10.3

 Exhibit 10.3 

EMPLOYEE MATTERS AGREEMENT 
 BY
AND AMONG 
 AT&T INC., 

MAGALLANES, INC., 
 AND 

DISCOVERY, INC. 
 Dated as of May
17, 2021 

 EMPLOYEE MATTERS AGREEMENT 

EMPLOYEE MATTERS AGREEMENT (this “Agreement”), dated as of May 17, 2021, by and among AT&T Inc., a Delaware
corporation (“Remainco”), Magallanes, Inc., a Delaware corporation (“Spinco”), and Discovery, Inc., a Delaware corporation (“RMT Partner”). Each of Remainco, Spinco and RMT Partner is sometimes
referred to herein as a “Party” and collectively, as the “Parties.” 
 RECITALS 

WHEREAS, Remainco, acting through itself and its direct and indirect Subsidiaries, currently conducts the Remainco Business and the
Spinco Business; 
 WHEREAS, Remainco intends to separate the Spinco Business from the Remainco Business subject to the conditions
set forth in the Separation and Distribution Agreement, dated as of the date hereof, by and among Remainco, Spinco and RMT Partner (the “Separation Agreement”) and the other Transaction Documents; 

WHEREAS, immediately following the Spinco Distribution and pursuant to the Merger Agreement, Merger Sub (as defined in the Merger
Agreement), a wholly owned Subsidiary of RMT Partner, shall be merged with and into Spinco, with Spinco as the surviving entity, all upon the terms and subject to the conditions set forth in the Merger Agreement; and 

WHEREAS, in connection with the transactions contemplated by the Separation Agreement and the Merger Agreement, the Parties wish to
enter into this Agreement in respect of certain employee matters. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual
agreements, provisions and covenants contained in this Agreement, the Parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1    Definitions. As used in this Agreement, the following terms shall
have the meanings set forth below: 
 “Accrued Vacation” shall have the meaning set forth in
Section 7.5. 
 “Adjusted Remainco Option Award” shall have the meaning set forth in
Section 8.2(c). 
 “Adjusted Remainco PSU Award” shall have the meaning set forth in
Section 8.2(b). 
 “Adjusted Remainco Restricted Stock Award” shall have the meaning set forth in
Section 8.2(a). 
 “Adjusted Remainco RSU Award” shall have the meaning set forth in
Section 8.2(a). 
 “Affiliate” shall have the meaning ascribed to it in the Merger Agreement.

 “Agreement” shall have the meaning ascribed to it in the preamble to this
Agreement, including all the exhibits hereto, and all amendments made hereto from time to time. 
 “Assets” shall have the
meaning ascribed to it in the Separation Agreement. 
 “Benefit Plans” mean any benefit or compensation plan, program,
policy, practice, agreement, contract, arrangement or other obligation, whether or not in writing and whether or not funded, in each case, which is sponsored or maintained by, or required to be contributed to, or with respect to which any potential
liability is borne. Benefit Plans include, but are not limited to, “employee benefit plans” within the meaning of Section 3(3) of ERISA, “voluntary employees’ beneficiary associations,” under Section 501(c)(9) of
the Code, employment, consulting, retirement, severance, termination or change in control agreements, deferred compensation, equity-based, incentive, bonus, supplemental retirement, profit sharing, insurance, medical, welfare, vacation, fringe or
other benefits or remuneration of any kind. 
 “Closing” shall have the meaning ascribed to it in the Merger Agreement.

 “Closing Date” shall have the meaning ascribed to it in the Merger Agreement. 

“COBRA” means the continuation coverage requirements for “group health plans” under Title X of the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Section 4980B of the Code and Sections 601 through 608 of ERISA. 

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

“Continuation Period” shall have the meaning set forth in Section 3.4(a). 

“DOL” means the U.S. Department of Labor. 

“Employee Representative Body” means any union, works council, or other agency or representative body certified or otherwise
recognized for the purposes of bargaining collectively or established for the purposes of notification of or consultation on behalf of any employees. 

“Equity Compensation” means, collectively, the Remainco Option Awards, Remainco PSU Awards, Remainco RSU Awards and RMT
Partner RSU Awards. 
 “ERISA” shall have the meaning ascribed to it in the Merger Agreement. 

“Excluded Employees” means employees currently employed by the Spinco Group who do not provide substantial services relating
to the Spinco Business as of immediately prior to the Spinco Distribution Date. 
 “Former Remainco Employees” means any
individual who, as of immediately prior to the Spinco Distribution Date is a former employee of Remainco or the Remainco Group, or any of their respective predecessors or former Affiliates and who, upon his or her last termination of employment with
all members of the Remainco Group and their respective predecessors or former Affiliates (a) was identified in the system then of record as an employee of an entity with a business identifier attributable as of the date hereof to the Remainco
Business or (b) otherwise upon such termination of employment was primarily dedicated to the Remainco Business as evidenced by the records of Remainco or Remainco Group. 

  
 –2– 

 “Former Spinco Employee” means any individual who, as of immediately prior
to the Spinco Distribution Date is a former employee of Remainco, Spinco or a member of their respective Groups, or any of their respective predecessors or former Affiliates and who, upon his or her last termination of employment with all members of
the Spinco Group and Remainco Group and their respective predecessors or former Affiliates (a) was identified in the system then of record as an employee of an entity with a business identifier attributable as of the date hereof to the Spinco
Business or (b) otherwise upon such termination of employment was primarily dedicated to the Spinco Business as evidenced by the records of Remainco, Spinco or their respective Groups. 

“Governmental Entity” shall have the meaning ascribed to it in the Merger Agreement. 

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

“HIPAA” means the Health Insurance Portability and Accountability Act of 1996, as amended. 

“Information” shall mean all information, whether in written, oral, electronic or other tangible or intangible form, stored
in any medium, including non-public financial information, studies, reports, records, books, accountants’ work papers, contracts, instruments, flow charts, data, communications by or to attorneys, memos
and other materials prepared by attorneys and accountants or under their direction (including attorney work product) and other financial, legal, employee or business information or data. 

“IRS” means the U.S. Internal Revenue Service. 

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

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

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

“NASDAQ” means The NASDAQ Stock Market LLC. 

“NYSE” means the New York Stock Exchange. 

“Party” and “Parties” shall have the meanings ascribed thereto in the preamble to this Agreement. 

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

“Remainco” shall have the meaning ascribed to it in the preamble to this Agreement. 

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

  
 –3– 

 “Remainco Common Stock” shall have the meaning ascribed to it in the
Separation Agreement. 
 “Remainco Compensation Committee” shall have the meaning set forth in
Section 8.1. 
 “Remainco Employee” means an employee of a member of the Remainco Group, other
than a Spinco Employee. 
 “Remainco Employee Liabilities” shall have the meaning set forth in
Section 10.1. 
 “Remainco Flexible Spending Accounts Plan” shall have the meaning set forth in
Section 7.2. 
 “Remainco Group” shall have the meaning ascribed to it in the Separation
Agreement. 
 “Remainco Health & Welfare Plans” shall have the meaning set forth in
Section 7.1(a). 
 “Remainco Option Award” means an option to purchase shares of Remainco Common
Stock. 
 “Remainco Participant” means any individual who, immediately following the Spinco Distribution Date, is a
Remainco Employee, a Former Remainco Employee or a beneficiary, dependent or alternate payee of any of the foregoing. 
 “Remainco
Plan” means any Benefit Plan sponsored or maintained by Remainco or any member of the Remainco Group. 
 “Remainco Pension
Plan” shall have the meaning set forth in Section 4.1. 
 “Remainco PSU Award” means an
award of units representing a general unsecured promise by Remainco to deliver a share of Remainco Common Stock, if applicable (or the cash equivalent of either), upon the satisfaction of a performance-based vesting requirement. 

“Remainco Restricted Stock Award” means an award of shares of Remainco Common Stock subject to time-based vesting conditions.

 “Remainco RSU Award” means an award of units representing a general unsecured promise by Remainco to deliver a share of
Remainco Common Stock, if applicable (or the cash equivalent of either), upon the satisfaction of a vesting requirement (other than a performance based vesting requirement). 

“Remainco Share Plans” means, collectively, the AT&T Inc. 2018 Incentive Plan, AT&T Inc. 2016 Incentive Plan and
AT&T Inc. 2011 Incentive Plan and any other equity incentive compensation plan or arrangement maintained by Remainco as of immediately before the Spinco Distribution. 

“Remainco U.S. Savings Plan” shall have the meaning set forth in Section 5.1. 

“RMT Partner” shall have the meaning ascribed to it in the preamble to this Agreement. 

  
 –4– 

 “RMT Partner Common Stock” shall have the meaning ascribed to it in the
Merger Agreement. 
 “RMT Partner Equity Adjustment Ratio” means a number, (a) the numerator of which is the
volume-weighted average price of a share of Remainco Common Stock on NYSE trading on the “regular way” basis (inclusive of Spinco value) on NYSE for each of the ten (10) trading days ending on the last trading day preceding the Spinco
Distribution Date, and (b) the denominator of which is the volume-weighted average of a share of RMT Partner Common Stock on NASDAQ trading on the “regular way” basis (inclusive of Spinco value) on NASDAQ for each of the ten
(10) trading days starting on the first trading day following the Closing Date. 
 “RMT Partner RSU Award” means a
unit representing a general unsecured promise by RMT Partner to deliver a share of RMT Partner Common Stock, if applicable (or the cash equivalent of either), upon the satisfaction of a vesting requirement (other than a performance based vesting
requirement). 
 “RMT Partner Share Plan” means, collectively, the Discovery Communications, Inc. 2013 Incentive Plan, as
amended and restated and any other equity incentive compensation plan or arrangement maintained by RMT Partner as of immediately before the Spinco Distribution. 

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

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

“Spinco” shall have the meaning ascribed to it in the preamble to this Agreement. 

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

“Spinco Disclosure Letter” shall have the meaning ascribed to it in the Merger Agreement. 

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

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

“Spinco Employee” means, collectively, each employee of the Spinco Group as of the Spinco Distribution Date, including any
such employee who is on an approved leave at such time; provided that, for the avoidance of doubt, Spinco Employee shall not include any Excluded Employees. 

“Spinco Employee Adjusted Remainco Option Award” shall have the meaning set forth in
Section 8.2(f). 
 “Spinco Employee Adjusted Remainco Vested RSU Award” shall have the meaning
set forth in Section 8.2(e). 

  
 –5– 

 “Spinco Employee Liabilities” shall have the meaning set forth in
Section 10.1. 
 “Spinco Entity” shall have the meaning ascribed to it in the Merger Agreement.

 “Spinco Flexible Spending Accounts Plan” shall have the meaning set forth in Section 7.2. 

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

“Spinco Health & Welfare Plans” shall have the meaning set forth in
Section 7.1(a). 
 “Spinco Labor Agreement” means any agreement with any Employee Representative
Body to which Remainco or a member of the Remainco Group, or Spinco or a member of the Spinco Group, is a party or bound that pertains to any Spinco Employees. 

“Spinco Multiemployer Plans” shall have the meaning ascribed to it in the Merger Agreement. 

“Spinco Participant” means any individual who, immediately following the Spinco Distribution Date, is a Spinco Employee, a
Former Spinco Employee or a beneficiary, dependent or alternate payee of any of the foregoing. 
 “Spinco Plan” means any
Benefit Plan sponsored or maintained by Spinco or any member of the Spinco Group that is in place immediately prior to the Spinco Distribution. 

“Spinco U.S. Savings Plan” shall have the meaning set forth in Section 5.1. 

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

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

“Tax Matters Agreement” shall have the meaning ascribed to it in the Merger Agreement. 

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

“Transaction Documents” shall have the meaning ascribed to it in the Merger Agreement. 

“TTT 401(k) Plan” shall have the meaning set forth in Section 5.2. 

“U.S.” means the United States of America. 

“WM Supplemental Savings Plan” shall have the meaning set forth in Section 6.1. 

  
 –6– 

 ARTICLE II 

IN-SCOPE EMPLOYEES 

Section 2.1    In-Scope Employees. The
Parties intend that there shall be continuity of employment with respect to the Spinco Employees as set forth below. Each Spinco Employee shall continue to be employed by the Spinco Group on and after the Spinco Distribution Date. 

ARTICLE III 

GENERAL PRINCIPLES 

Section 3.1    Assumption and Retention of Liabilities; Related Assets. 

(a)    As of the Spinco Distribution Date, except as otherwise expressly provided for in this Agreement, Spinco shall, or
shall cause one or more members of the Spinco Group to, assume or retain and Spinco hereby agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all Spinco Plans, (ii) all Liabilities with respect
to the employment, retirement, service, termination of employment or termination of service of all Spinco Employees, Former Spinco Employees, their dependents and beneficiaries and other service providers (including any individual who is, or was, an
independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or
non-payroll worker of any member of the Spinco Group or in any other employment, non-employment, or retainer arrangement or relationship with any member of the Spinco
Group), to the extent arising in connection with or as a result of employment with or the performance of services for any member of the Spinco Group, (iii) any other Liabilities expressly assumed by or retained by Spinco or any of its
Subsidiaries under this Agreement, including, without limitation, Liabilities assumed pursuant to Articles V and VI of this Agreement, and (iv) all Liabilities under all Spinco Multiemployer Plans. For the avoidance
of doubt, all Spinco Plans (including Spinco Plans not specifically addressed in this Agreement) shall continue to be Spinco Plans following the Spinco Distribution Date and shall remain obligations of Spinco. 

(b)    As of the Spinco Distribution Date, except as otherwise expressly provided for in this Agreement, Remainco shall,
or shall cause one or more members of the Remainco Group to, assume or retain and Remainco hereby agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all Remainco Plans, (ii) all Liabilities with
respect to the employment, service, retirement, termination of employment or termination of service of all Remainco Employees, Former Remainco Employees, their dependents and beneficiaries and other service providers (including any individual who
is, or was, an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker of any member of the Remainco Group or in any other employment, non-employment, or retainer arrangement or relationship with any member of the Spinco
Group), and (iii) any other Liabilities expressly assumed or retained by Remainco or any of its Subsidiaries under this Agreement. 

Section 3.2    Spinco Participation in Remainco Plans. Except as otherwise
expressly provided for in this Agreement, effective as of the Spinco Distribution Date, each Spinco Participant shall cease to be an active participant in any Remainco Plan, and Remainco and Spinco shall take all necessary action to effectuate each
such cessation. 

  
 –7– 

 Section 3.3    Service
Recognition. Spinco shall give each Spinco Participant full credit for purposes of eligibility, vesting, determination of level of benefits, and, to the extent applicable, benefit accruals under any Spinco Plan for such Spinco
Participant’s service with any member of the Remainco Group or Spinco Group prior to the Spinco Distribution Date to the same extent such service was recognized by the corresponding Remainco Plans immediately prior to the Spinco Distribution
Date; provided, however, that such service shall not be recognized to the extent that such recognition would result in the duplication of benefits. 

Section 3.4    Post-Distribution Compensation and Benefit Matters. 

(a)    Compensation, Benefits. For the period commencing on the Spinco Distribution Date until December 31,
2023 or, if the Closing occurs after March 31, 2023, until December 31, 2024 (or any longer period as may be required by Law) (the “Continuation Period”), Spinco shall, or shall cause the applicable member of the Spinco
Group to, provide each Spinco Employee with: 
 (i)    base salary or base wage that is no less favorable
than the base salary or base wage such employee received immediately prior to the Spinco Distribution Date; provided that in no event shall such Continuation Period be less than one year with respect to such base salary or base wage, 

(ii)    target annual cash bonus opportunities and target long-term incentive compensation opportunities
(which, for the avoidance of doubt, may be delivered to Spinco Employees in the form of cash awards) no less favorable in the aggregate than the target annual cash bonus opportunities and target long-term incentive compensation opportunities such
employee received immediately prior to the Spinco Distribution Date; provided that in no event shall such Continuation Period be less than one year with respect to such target annual cash bonus opportunities and target long-term incentive
compensation opportunities, and 
 (iii)    employee benefits that are substantially no less favorable in
the aggregate (excluding any Remainco deferred compensation benefits other than as provided in Section 6.1) than those such employee received immediately prior to the Spinco Distribution Date. 

(b)    Severance. Without limiting subsection (a) above, for the
two-year period immediately following the Spinco Distribution Date (or any longer period as may be required by Law), Spinco shall, or shall cause the applicable member of the Spinco Group, to provide each
Spinco Employee whose employment terminates in such period with severance benefits no less favorable than the severance benefits provided to such Spinco Employee prior to the Spinco Distribution Date (including, for the avoidance of doubt, as
permitted pursuant to Section 8.1(a)(iv) of the Spinco Disclosure Letter). 
 (c)    Labor Agreements.
Notwithstanding, and without limiting, the foregoing, Spinco shall, or shall cause the applicable member of the Spinco Group, to provide compensation and benefits to each Spinco Participant covered by a Spinco Labor Agreement in accordance with the
applicable Spinco Labor Agreement. 

  
 –8– 

 (d)    Preservation of Right to Amend or Terminate Plans. Except
as otherwise expressly provided in this Agreement or the Merger Agreement, no provisions of this Agreement shall be construed as a limitation on the right of Remainco, Spinco or RMT Partner, or any Affiliate thereof, to amend any Benefit Plan or
terminate its participation therein that Remainco, Spinco, or RMT Partner, or any Affiliate thereof, would otherwise have under the terms of such Benefit Plan or otherwise, and no provision of this Agreement shall be construed to create a right in
any Spinco Employee or Former Spinco Employee, or dependent or beneficiary of such Spinco Employee or Former Spinco Employee, under a Benefit Plan that such person would not otherwise have under the terms of the Benefit Plan itself. 

ARTICLE IV 
 U.S.
QUALIFIED DEFINED BENEFIT PLANS 
 Section 4.1    Remainco Defined Benefit
Plan. From and after the Spinco Distribution Date, Remainco shall retain all assets and Liabilities for the benefits payable to the Spinco Participants under the AT&T/WarnerMedia Pension Benefit Plan (the “Remainco Pension
Plan”). Each Spinco Participant shall continue to have such rights, privileges and obligations under the Remainco Pension Plan as is provided thereunder following the Spinco Distribution Date. 

ARTICLE V 
 U.S.
QUALIFIED DEFINED CONTRIBUTION PLANS 
 Section 5.1    Remainco 401(k) Plan.
Prior to the Spinco Distribution Date, Remainco shall (i) cause the trustee of the AT&T Retirement Savings Plan (the “Remainco U.S. Savings Plan”) to segregate the assets of such Remainco U.S. Savings Plan representing the
full account balances of Spinco Participants as of the Closing Date, and (ii) make all necessary amendments to the Remainco U.S. Savings Plan and related trust agreement to provide for such segregation of assets and the transfer of assets as
described below. As of the Spinco Distribution Date, Spinco shall, or shall cause the applicable members of the Spinco Group to, establish an individual account plan or individual account plans and associated trusts for the benefit of Spinco
Participants (the “Spinco U.S. Savings Plan”), shall take all necessary action, if any, to qualify such plan under the applicable provisions of the Code and shall make any and all filings and submissions to the appropriate
Governmental Entities required to be made by it in connection with the transfer of assets described below. Spinco shall reimburse Remainco for costs incurred by Remainco with respect to establishing the Spinco U.S. Savings Plan, except to the extent
that such reimbursement would result in duplicate payments by Spinco. As soon as practicable (but no later than 90 days) following the earlier of the delivery to Remainco of a favorable determination letter from the IRS regarding the qualified
status of the Spinco U.S. Savings Plan (as amended to the date of transfer), or the issuance of indemnities satisfactory to Remainco and Spinco, Remainco shall cause the trustee of the Remainco U.S. Savings Plan to transfer in the form of cash (or
promissory notes representing outstanding loans of the Spinco Participants) the full account balances of the Spinco Participants under the Remainco U.S. Savings Plan (which account balances will have been credited with appropriate earnings
attributable to the period 

  
 –9– 

 
from the Spinco Distribution Date to the date of transfer described herein), reduced by any necessary benefit or withdrawal payments to or in respect of Spinco Participants occurring during the
period from the Spinco Distribution Date to the date of transfer described herein, to the appropriate trustee as designated by Spinco or the applicable members of the Spinco Group under the trust agreement forming a part of the Spinco U.S. Savings
Plan; provided, however, such transferred amounts shall only be transferred in accordance with Section 414(l) of the Code and all other applicable Law. In consideration for the transfer of assets described herein, Spinco shall, or
shall cause to the applicable members of the Spinco Group, effective as of the date of transfer described herein, to assume all of the obligations of Remainco or Remainco U.S. Savings Plan in respect of the account balances accumulated by Spinco
Participants under the Remainco U.S. Savings Plan (exclusive of any portion of such account balances which are paid or otherwise withdrawn prior to the date of transfer described herein) on or prior to the Spinco Distribution Date. 

Section 5.2    TTT West Coast, Inc. 401(k) Retirement Savings Plan. Effective no
later than the Spinco Distribution Date, Remainco shall transfer the TTT West Coast, Inc. 401(k) Retirement Savings Plan (the “TTT 401(k) Plan”) to Spinco and Spinco shall assume sponsorship of and responsibility for the TTT 401(k)
Plan, including Liabilities associated with the accounts of each Spinco Participant under the TTT 401(k) Plan. Each Spinco Participant who immediately prior to the Spinco Distribution Date was a participant in, or entitled to future benefits under,
the TTT 401(k) Plan shall continue to have such rights, privileges and obligations under the TTT 401(k) Plan as is provided thereunder following the Spinco Distribution Date. 

ARTICLE VI 

NONQUALIFIED PLANS; RETIREE MEDICAL 

Section 6.1    Supplemental Savings Plan. Effective no later than the Spinco
Distribution Date, Remainco shall transfer the Warner Media Employee Supplemental Savings Plan (the “WM Supplemental Savings Plan”) to Spinco and Spinco shall assume all Liabilities therefor, including Liabilities associated with
the accounts of each Spinco Participant under the WM Supplemental Savings Plan. Each Spinco Participant who immediately prior to the Spinco Distribution Date was a participant in, or entitled to future benefits under, the WM Supplemental Savings
Plan shall continue to have such rights, privileges and obligations under the WM Supplemental Savings Plan as is provided thereunder following the Spinco Distribution Date. 

Section 6.2    Remainco Retiree Medical Plans. For three years following
the Spinco Distribution Date, Spinco shall, or shall cause the applicable member of the Spinco Group, to provide each eligible Spinco Participant with retiree or post-employment medical, dental, vision or other welfare benefits that are
substantially similar to those provided by Remainco immediately prior to the Spinco Distribution Date; provided that Spinco shall not be required to provide any such benefits to, and Remainco shall retain all Liabilities in respect of such
benefits for, any Spinco Participants who met the applicable age and service eligibility provisions in order to be retirement eligible under the Remainco Plans for such benefits on or prior to the Spinco Distribution Date. 

  
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 ARTICLE VII 

U.S. HEALTH AND WELFARE PLANS 

Section 7.1    Spinco Health and Welfare Plans. 

(a)    Establishment of the Spinco Health & Welfare Plans. Remainco or one or more of
its Subsidiaries maintain each of the health and welfare plans set forth on Exhibit A attached hereto (the “Remainco Health & Welfare Plans”) for the benefit of eligible Spinco Participants and
Remainco Participants. Effective as of the Spinco Distribution Date, Spinco shall adopt health and welfare plans for the benefit of eligible Spinco Participants (collectively, the “Spinco Health & Welfare
Plans”). 
 (b)    Terms of Participation in Spinco Health & Welfare
Plans. Spinco shall cause all Spinco Health & Welfare Plans, if applicable, to (i) waive all limitations as to preexisting conditions, exclusions, and service conditions with respect to participation and coverage
requirements applicable to Spinco Participants, other than limitations that were in effect with respect to Spinco Participants immediately prior to the Spinco Distribution Date, (ii) waive any waiting period limitation or evidence of
insurability requirement that would otherwise be applicable to a Spinco Participant immediately prior to the Spinco Distribution Date to the extent such Spinco Participant had satisfied any similar limitation under the analogous Remainco
Health & Welfare Plan, and (iii) credit each Spinco Participant, for the plan year in which the Spinco Distribution occurs, with the amount of any co-insurance, deductibles and out-of-pocket requirements or maximums such Spinco Participant paid prior to the Spinco Distribution Date during such plan year.

Section 7.2    Flexible Spending Accounts Plan. As of the Spinco Distribution
Date, Spinco shall establish a flexible spending accounts plan (the “Spinco Flexible Spending Accounts Plan”) with features that are comparable to those contained in the flexible spending accounts plan maintained by Remainco for the
benefit of Spinco Participants immediately prior to the Spinco Distribution Date (the “Remainco Flexible Spending Accounts Plan”). As of the Spinco Distribution Date, Spinco shall be responsible for administering all reimbursement
claims of Spinco Participants under the Spinco Flexible Spending Accounts Plan with respect to the calendar year in which the Spinco Distribution Date occurs under the Spinco Flexible Spending Accounts Plan. If the aggregate contributions to the
Remainco Flexible Spending Accounts Plan made by Spinco Participants prior to the Spinco Distribution Date for the plan year in which the Spinco Distribution Date occurs is over the aggregate reimbursement payouts made to Spinco Participants prior
to the Spinco Distribution Date for such plan year, then (i) Remainco shall make a payment equal to the value of such excess to Spinco by wire transfer of immediately available funds as soon as practicable, but in no event later than 45 days,
following the Spinco Distribution Date and (ii) Spinco shall cause such amounts to be credited to each such Spinco Participant’s accounts under the Spinco Flexible Spending Accounts Plan. In connection with such transfer, Spinco shall deem
that such employees’ deferral elections made under the Remainco Flexible Spending Accounts Plan for the plan year in which the Spinco Distribution Date occurs shall continue in effect under the Spinco Flexible Spending Accounts Plan for the
remainder of the plan year in which the Spinco Distribution Date occurs. If the aggregate reimbursement payouts made to Spinco Participants from the Remainco Flexible Spending Accounts Plan prior to the Spinco Distribution Date for the plan year in
which the Spinco 

  
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Distribution Date occurs exceed the aggregate accumulated contributions made by the Spinco Participants to such plan prior to the Spinco Distribution Date for such plan year, then Spinco shall
make a payment equal to the value of such excess to Remainco by wire transfer of immediately available funds as soon as practicable, but in no event later than 45 days, following the Spinco Distribution Date. 

Section 7.3    COBRA and HIPAA. Spinco shall assume responsibility for compliance
with the health care continuation requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Spinco Health & Welfare Plans, with respect to any Spinco Participant who incurs
a qualifying event or loss of coverage under the Spinco Health & Welfare Plans on or after the Spinco Distribution Date. Remainco shall retain responsibility for compliance with the health care continuation coverage requirements of
COBRA with respect to Spinco Participants who, as of the day prior to the Spinco Distribution Date, were covered under a Remainco Health & Welfare Plan pursuant to COBRA or who had incurred a COBRA “qualifying event” and were
eligible to elect COBRA under a Remainco Health & Welfare Plan. The Parties hereto agree that neither the Separation nor any transfers of employment directly from the Spinco Group to the Remainco Group or directly from the Remainco
Group to the Spinco Group that occur before the Spinco Distribution Date shall constitute a COBRA “qualifying event” for purposes of COBRA. 

Section 7.4    Liabilities. 

(a)    Health & Welfare. Except as expressly provided in this Agreement, Remainco shall
retain all Liabilities under any Remainco Health & Welfare Plans that are not, after the Spinco Distribution Date, sponsored or maintained by Spinco or a member of the Spinco Group, including Liabilities arising under any group life,
accident, medical, dental or disability plan or similar arrangement (whether or not insured) (other than severance benefit plans) maintained by an entity other than Spinco or a member of the Spinco Group for the benefit of Spinco Participants under
each such plan or similar arrangement to the extent that such Liabilities relate to claims which have been incurred on or prior to the Spinco Distribution Date. For the avoidance of doubt, Spinco shall be responsible for all Liabilities, whenever
incurred, under any employee benefit or compensation plan, program, policy or arrangement that is sponsored or maintained by Spinco or a member of the Spinco Group. 

(b)    Workers’ Compensation. Spinco shall assume all Liabilities of Remainco, with respect to each Spinco
Participant, arising under any workers’ compensation laws relating to accidents or occupational diseases that occurred on, before or after the Spinco Distribution Date, except that Remainco shall retain responsibility for any and all claims
that relate to events occurring prior to the Spinco Distribution Date that are covered under an applicable Remainco workers’ compensation insurance policy, including, without limitation, any such policies issued by a captive insurer. 

(c)    Incurred Claim Definition. For purposes of this Section 7.4, a claim or Liability
is deemed to be incurred (i) with respect to medical, dental, vision and/or prescription drug benefits, upon the rendering of health services or provision of supplies giving rise to such claim or Liability; (ii) with respect to life
insurance, accidental death and dismemberment and business travel accident insurance, upon the occurrence of the event giving rise to such claim or Liability; 

  
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(iii) with respect to disability benefits, upon the date of an individual’s disability, as determined by the disability benefit insurance carrier or claim administrator, giving rise to such
claim or Liability; and (iv) with respect to a period of continuous hospitalization (or any medical or other service or supply performed or provided during the period of continuous hospitalization), upon the date of admission to the hospital.

 Section 7.5    Time-Off Benefits.
Following the Spinco Distribution Date, Spinco shall retain all Liabilities for earned but unused vacation time, sick time and other time-off benefits of the Spinco Participants (“Accrued
Vacation”) through the Spinco Distribution Date. Spinco shall not take away from any Spinco Employee any such Accrued Vacation to the extent such Accrued Vacation was not subject to forfeiture in accordance with the terms and conditions of
the applicable vacation policy of Spinco or its respective Subsidiary pursuant to which it was earned as in effect on the date hereof. 

Section 7.6    Severance Pay Plans. The Parties acknowledge and agree that the
transactions contemplated by the Separation Agreement will not constitute a termination of employment of any Spinco Participant or Remainco Participant for purposes of any policy, plan, program or agreement of Spinco or Remainco or any member of the
Spinco Group or Remainco Group that provides for the payment of severance, separation pay, salary continuation or similar benefits in the event of a termination of employment. Spinco shall retain all Liabilities for severance, separation pay, salary
continuation or similar benefits payable to any Spinco Employee of Former Spinco Employee as a result of a termination of employment outstanding as of and arising after the Spinco Distribution Date. 

ARTICLE VIII 

EQUITY COMPENSATION 

Section 8.1    Equity Compensation. The Parties, including through instructions
with their respective administrators and recordkeepers, shall use commercially reasonable efforts and shall cooperate in good faith to take all actions reasonably necessary or appropriate for the adjustment of the Equity Compensation under the
Remainco Share Plans, for the issuance of the Equity Compensation under the RMT Partner Share Plans, and to coordinate the tax treatment of such Equity Compensation as set forth in this Article VIII, all in a manner
consistent with the resolutions adopted by the Compensation Committee of the Board of Directors of Remainco (the “Remainco Compensation Committee”) in connection with the Spinco Distribution and the provisions of this Article
VIII. 
 Section 8.2    Adjustments, Taxes and Withholding. Remainco RSU
and Restricted Stock Awards Held by Remainco Employees. Upon or following the Closing, each Remainco RSU Award and Remainco Restricted Stock Award held by a Remainco Employee that is outstanding as of the Closing shall remain an award
denominated in Remainco Common Stock and shall be equitably adjusted as determined by the Remainco Compensation Committee to reflect the Spinco Distribution (each adjusted award, an “Adjusted Remainco RSU Award” and an
“Adjusted Remainco Restricted Stock Award” ), (which shall include an adjustment to the number of shares of Remainco Common Stock to which the Adjusted Remainco RSU Award or Adjusted Remainco Restricted Stock Award relates), and the
adjusted award shall otherwise be subject to the same terms and conditions as the terms and conditions applicable to the corresponding Remainco RSU Award or Remainco Restricted Stock Award immediately prior to the Closing. 

  
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 (b)    Remainco PSU Awards Held By Remainco Employees. Upon or
following the Closing, each Remainco PSU Award held by a Remainco Employee that is outstanding as of the Closing shall remain an award denominated in Remainco Common Stock and shall be equitably adjusted as determined by the Remainco Compensation
Committee to reflect the Spinco Distribution (each adjusted award, an “Adjusted Remainco PSU Award”), (which shall include an adjustment to the number of shares of Remainco Common Stock to which the
Adjusted Remainco PSU Award relates and may include an adjustment to the performance metrics applicable to the original Remainco PSU Award), and the Adjusted Remainco PSU Award shall otherwise be subject to the same terms and conditions as the terms
and conditions applicable to the corresponding Remainco PSU Award immediately prior to the Closing. 

(c)    Remainco Stock Option Awards Held By Remainco Employees. Upon or following the Closing, each Remainco Option
Award held by a Remainco Employee that is outstanding as of the Closing shall remain an award denominated in Remainco Common Stock and shall be equitably adjusted as determined by the Remainco Compensation Committee to reflect the Spinco
Distribution (each adjusted award, an “Adjusted Remainco Option Award”), (which shall include an adjustment to the number of shares of Remainco Common Stock and the exercise price per share of Remainco Common Stock to which the
Adjusted Remainco Option Award relates), and the Adjusted Remainco Option Award shall otherwise be subject to the same terms and conditions as the terms and conditions applicable to the corresponding Adjusted Remainco Option Award immediately prior
to the Closing. 
 (d)    Remainco RSU Awards Held By Spinco Employees as of Signing (Unvested Awards). Upon the
Closing, each Remainco RSU Award held by a Spinco Employee that was granted prior to the date hereof and is outstanding and unvested as of the Closing shall be forfeited as of the Closing. Following the Closing, RMT Partner shall grant such Spinco
Employee an RMT Partner RSU Award. The number of shares of RMT Partner Common Stock to which such RMT Partner RSU Award relates shall be equal to the product, rounded up to the nearest whole number of shares, obtained by multiplying (i) the
number of unvested shares of Remainco Common Stock to which the corresponding Remainco RSU Award related immediately prior to the Closing by (ii) the RMT Partner Equity Adjustment Ratio, and the RMT Partner RSU Award shall otherwise be subject
to the same terms and conditions as the terms and conditions applicable to the corresponding Remainco RSU Award immediately prior to the Closing. 

(e)    Remainco RSU Awards Held By Spinco Employees as of Signing (Vested Awards). Upon or following the Closing,
each Remainco RSU Award held by a Spinco Employee that was granted prior to the date hereof and is outstanding and vested as of the Closing shall remain an award denominated in Remainco Common Stock and shall be equitably adjusted as determined by
the Remainco Compensation Committee to reflect the Spinco Distribution (each adjusted award, a “Spinco Employee Adjusted Remainco Vested RSU Award”) (which shall include an adjustment to the number of shares of
Remainco Common Stock to which the Spinco Employee Adjusted Remainco Vested RSU Award relates), and the adjusted award shall otherwise be subject to the same terms and conditions as the terms and conditions applicable to the corresponding Remainco
RSU Award immediately prior to the Closing. 

  
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 (f)    Remainco Stock Option Awards Held By Spinco Employees as of
Signing. Upon or following the Closing, each Remainco Option Award held by a Spinco Employee that was granted prior to the date hereof and is outstanding as of the Closing shall remain an award denominated in Remainco Common Stock and shall be
equitably adjusted as determined by the Remainco Compensation Committee to reflect the Spinco Distribution (each adjusted award, a “Spinco Employee Adjusted Remainco Option Award”), (which shall include an adjustment to the number
of shares of Remainco Common Stock and the exercise price per share of Remainco Common Stock to which the Spinco Employee Adjusted Remainco Option Award relates), and the adjusted award shall otherwise be subject to the same terms and conditions as
the terms and conditions applicable to the corresponding Remainco Option Award immediately prior to the Closing. 

(g)    Remainco RSU Awards Granted to Spinco Employees After Signing. Upon or following the Closing, each Remainco
RSU Award, if any, held by a Spinco Employee that was granted after the date hereof and is outstanding as of the Closing shall be converted into an RMT Partner RSU Award, and shall otherwise be subject to the same terms and conditions after the
Closing as the terms and conditions applicable to the corresponding Remainco RSU Award immediately prior to the Closing; provided, however, that the number of shares of RMT Partner Common Stock to which such RMT Partner RSU Award
relates shall be equal to the product, rounded up to the nearest whole number of shares, obtained by multiplying (i) the number of shares of Remainco Common Stock to which the corresponding Remainco RSU Award related immediately prior to the
Closing by (ii) the RMT Partner Equity Adjustment Ratio. 
 (h)    Payment; Tax Deductions. 

(i)    From and after Closing, Remainco shall have sole responsibility for the settlement of and/or
delivery of shares of Remainco Common Stock pursuant to Adjusted Remainco RSU Awards, Adjusted Remainco Restricted Stock Awards, Adjusted Remainco PSU Awards, Adjusted Remainco Option Awards, Spinco Employee Adjusted Remainco Option Awards and
Spinco Employee Adjusted Remainco Vested RSU Awards. Upon the vesting, exercise, payment or settlement, as applicable, of Adjusted Remainco RSU Awards, Adjusted Remainco Restricted Stock Awards, Adjusted Remainco PSU Awards, Adjusted Remainco Option
Awards, Spinco Employee Adjusted Remainco Option Awards and Spinco Employee Adjusted Remainco Vested RSU Awards, Remainco shall claim any federal, state and/or local tax deductions, and Spinco shall not claim such deductions, and Remainco shall be
responsible for ensuring the satisfaction of all applicable Tax payment and withholding requirements in respect thereof and for ensuring the collection and remittance of applicable Taxes to the applicable Governmental Entity. 

(ii)    From and after Closing, RMT Partner shall have sole responsibility for the settlement of and/or
delivery of shares of RMT Partner Common Stock pursuant to RMT Partner equity awards (including RMT Partner RSU Awards held by Spinco Employees). Upon the vesting, payment or settlement, as applicable, of RMT Partner equity awards

  
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(including RMT Partner RSU Awards held by Spinco Employees), RMT Partner shall claim any federal, state and/or local tax deductions, and Remainco shall not claim such deductions, and Spinco shall
be responsible for ensuring the satisfaction of all applicable Tax payment and withholding requirements in respect thereof and for ensuring the collection and remittance of applicable Taxes to the applicable Governmental Entity. 

(iii)    If either Remainco or Spinco determines in its reasonable judgment that there is a substantial
likelihood that a tax deduction that was assigned to Remainco or Spinco pursuant to this Section 8.2 will instead be available only to the other party (whether as a result of a determination by the IRS, a change in the Code
or the regulations or guidance thereunder, or otherwise), it will notify the other party and both Parties will negotiate in good faith to resolve the issue in accordance with the following principle: the party entitled to the deduction shall pay to
the other party an amount that places the other party in a financial position equivalent to the financial position the party would have been in had the party received the deduction as intended under this Section 8.2. Such
amount shall be paid within 90 days of filing the last tax return necessary to make the determination described in the preceding sentence. 

Section 8.3    Cooperation. In addition to any cooperation principles governed by
Article XIII, if, after the Spinco Distribution Date, Spinco or Remainco identify an administrative error in the individuals identified as holding Equity Compensation, the amount of Equity Compensation so held, the vesting level of such
Equity Compensation, or any other similar error, Spinco and Remainco shall mutually cooperate in taking such actions as are necessary or appropriate to place, as nearly as reasonably practicable, the individual and Spinco and Remainco in the
position in which they would have been had the error not occurred. For purposes of administering Spinco Employee Adjusted Remainco RSU Awards and Spinco Employee Adjusted Remainco Option Award, Spinco shall provide Remainco any information required
for tax withholding/remittance obligations and promptly inform Remainco of any change in employment status of any Spinco Employee who holds a Spinco Employee Adjusted Remainco RSU Award or a Spinco Employee Adjusted Remainco Option Award. 

Section 8.4    SEC Registration. Prior to the Closing, RMT Partner shall have
filed a registration statement on Form S-8 (or other applicable form) with respect to the RMT Partner Common Stock authorized for issuance under the awards converted pursuant to
Section 8.2. The Parties mutually agree to take such additional actions as are deemed necessary or advisable to comply securities laws and other legal requirements associated with equity compensation awards in the U.S. and
affected non-U.S. jurisdictions with respect to the shares of RMT Partner Common Stock authorized for issuance under RMT Partner RSU Awards. 

ARTICLE IX 

ADDITIONAL COMPENSATION AND BENEFITS MATTERS 

Section 9.1    Cash Incentive Awards. Effective as of the Spinco Distribution
Date, Spinco shall assume or retain, as applicable, responsibilities for all Liabilities, and fully perform, pay and discharge all Liabilities when such Liabilities become due, relating to any annual bonus, commission, short- and long- term cash
incentive and retention bonus awards, or portion of any such incentive awards, that any Spinco Participant is eligible to receive with respect to the 

  
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calendar year in which the Spinco Distribution Date occurs and, effective as of the Spinco Distribution Date, Remainco shall have no Liability with respect to any such annual bonus, commission,
short- and long- term cash incentive and retention bonus to be paid to Spinco Employees with respect to the calendar year in which the Spinco Distribution Date occurs.

Section 9.2    Individual Arrangements. 

(a)    Spinco Individual Arrangements. Spinco acknowledges and agrees that, except as otherwise provided
herein, it shall have full responsibility with respect to any Liabilities and the payment or performance of any obligations arising out of or relating to any employment, separation, severance, consulting,
non-competition, retention or other compensatory arrangement previously provided by any member of the Spinco Group or Remainco Group to any Spinco Participant (including, for the avoidance of doubt, pursuant
to Section 8.1(a)(iv) of the Spinco Disclosure Letter). As of the Spinco Distribution Date, RMT Partner shall, or shall cause one of its Subsidiaries to, take any actions necessary to expressly assume any individual agreements (or obligations
thereunder) with Spinco Employees that are Spinco Employee Liabilities to the extent necessary pursuant to their terms. 

(b)    Remainco Individual Arrangements. Remainco acknowledges and agrees that, except as otherwise provided
herein, it shall have full responsibility with respect to any Liabilities and the payment or performance of any obligations arising out of or relating to any employment, separation, severance, consulting,
non-competition, retention or other compensatory arrangement previously provided by any member of the Spinco Group or Remainco Group to any Remainco Participant. 

(c)    Effect of the Distribution on Severance. The Parties acknowledge and agree that the transactions
contemplated by the Separation Agreement will not constitute a termination of employment of any Spinco Participant for purposes of any policy, plan, program or agreement of Spinco or Remainco or any member of the Spinco Group or Remainco Group that
provides for the payment of severance, separation pay, salary continuation or similar benefits in the event of a termination of employment. 

(d)    Restrictive Covenants in Employment and Other Agreements. Effective on the Spinco Distribution Date, Spinco
shall be considered to be a third-party beneficiary with respect to, all agreements containing restrictive covenants (including confidentiality, non-competition, and
non-solicitation provisions) between Remainco and a Spinco Employee or a Former Spinco Employee, such that RMT Partner shall enjoy all the rights and benefits, in addition to Remainco, under such agreements
(including rights and benefits as a third-party beneficiary), with respect to the Spinco Business. Following the Spinco Distribution Date, Remainco and its Affiliates shall not enforce against any Spinco Employee any confidentiality obligations
(solely to the extent such obligations relate to the Spinco Business), or non-competition, non-solicitation or similar contractual obligations, or otherwise assert with
respect to any such Spinco Employee or Spinco Entity claims that would otherwise prohibit or place conditions on any such Spinco Employee’s employment with Spinco or any of its Affiliates, or any actions taken by such Spinco Employee as an
employee of Spinco or any of its Affiliates, in each case, solely to the extent such Spinco Employee is acting in furtherance of the operations or activities relating to the Spinco Business. 

  
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 Section 9.3    Labor Matters.

 (a)    Notwithstanding anything to the contrary in this Agreement, as of the Spinco Distribution Date, Spinco shall,
or shall cause the applicable members of the Spinco Group to, assume, in accordance with their terms, each of the Spinco Labor Agreements covering Spinco Employees as of immediately prior to the Spinco Distribution. For the avoidance of doubt,
nothing in this Section 9.3 shall prohibit Spinco or the applicable members of the Spinco Group from amending, modifying or terminating a Spinco Labor Agreement in accordance with its terms and applicable Law. 

(b)    Prior to the Spinco Distribution Date, the Parties (to the extent applicable) shall satisfy all legal or
contractual requirements that may apply to them between the date of this Agreement and the Spinco Distribution Date to provide notice to, or to enter into any consultation or bargaining procedure with, any employee or any labor union, labor
organization or works council, which is representing any employee, in connection with the Transactions contemplated by the Separation Agreement. To the extent applicable, each Party (and each of its respective Affiliates) agrees to cooperate and use
its reasonable best efforts to assist the other Party in satisfying information and consultation obligations owed to any employee, labor union, labor organization or works council in relation to the Transactions. 

Section 9.4    Section 409A. Notwithstanding
anything in this Agreement to the contrary (including the treatment of supplemental and deferred compensation plans, outstanding long-term incentive awards and annual incentive awards as described herein), the Parties agree to negotiate in good
faith regarding the need for any treatment different from that otherwise provided herein to ensure that the treatment of such supplemental or deferred compensation or long-term incentive award, annual incentive award or other compensation does not
cause the imposition of a Tax under Section 409A of the Code. 
 ARTICLE X 

INDEMNIFICATION 

Section 10.1    Indemnification. All Liabilities retained or assumed by or
allocated to Spinco or the Spinco Group pursuant to this Agreement (“Spinco Employee Liabilities”) shall be deemed to be “Spinco Assumed Liabilities” (as defined in the Separation Agreement) for purposes of the Separation
Agreement, and all Assets retained or assumed by or allocated to Spinco or the Spinco Group pursuant to this Agreement (“Spinco Employee Assets”) shall be deemed to be “Spinco Transferred Assets” (as defined in the
Separation Agreement). All Liabilities retained or assumed by or allocated to Remainco or the Remainco Group pursuant to this Agreement (“Remainco Employee Liabilities”) shall be deemed to be “Remainco Assumed Liabilities”
(as defined in the Separation Agreement) for purposes of the Separation Agreement, and all Assets retained or assumed by or allocated to Remainco or the Remainco Group pursuant to this Agreement (“Remainco Employee Assets”) shall be
deemed to be “Remainco Transferred Assets” (as defined in the Separation Agreement). 

  
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 ARTICLE XI 

RMT PARTNER 

Section 11.1    Obligations of RMT Partner. Following the Closing, in accordance
with Section 9.13 of the Separation Agreement, RMT Partner agrees to cause, and to take all actions to enable, Spinco and the members of the Spinco Group to adhere to each provision of this Agreement which requires an act on the part of Spinco
or any member of the Spinco Group or any of its or their Affiliates to cause or enable Spinco and the Spinco Group to comply with their obligations under this Agreement. In connection with the foregoing, to the extent applicable, RMT Partner may
satisfy any Spinco obligation to provide or establish compensation or benefits to Spinco Participants in accordance with this Agreement pursuant to a Benefit Plan sponsored or maintained by RMT Partner or any of its Subsidiaries. 

ARTICLE XII 

GENERAL AND ADMINISTRATIVE 

Section 12.1    Sharing of Information. Remainco and Spinco (acting directly or
through their respective Subsidiaries) shall provide to the other and their respective agents and vendors all Information as the other may reasonably request to enable the requesting Party to administer efficiently and accurately each of its Benefit
Plans, to assist Spinco in obtaining its own insurance policies to provide benefits under Spinco Plans, and to determine the scope of, as well as fulfill, its obligations under this Agreement; provided, however, that, in the event that
any Party reasonably determines that any such provision of Information could be commercially detrimental to such Party or any member of its Group, violate any Law or agreement to which such Party or member of its Group is a party, or waive any
attorney-client privilege applicable to such Party or member of its Group, the Parties shall provide any such Information and the Parties shall take all reasonable measures to comply with the obligations pursuant to this
Section 12.1 in a manner that mitigates any such harm or consequence to the extent practicable, and the Parties agree to cooperate with each other and take such commercially reasonable steps as may be practicable to
preserve the attorney-client privilege with respect to the disclosure of any such Information. Such Information shall, to the extent reasonably practicable, be provided in the format and at the times and places requested, but in no event shall the
Party providing such Information be obligated to incur any out-of-pocket expenses not reimbursed by the Party making such request or make such Information available
outside of its normal business hours and premises. Any Information shared or exchanged pursuant to this Agreement shall be subject to the same confidentiality requirements set forth in Article VI of the Separation Agreement. 

Section 12.2    Reasonable Efforts/Cooperation. Each of the Parties hereto will
use its commercially reasonable efforts to promptly take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws and regulations to consummate the transactions contemplated
by this Agreement, including adopting plans or plan amendments. Each of the Parties hereto shall cooperate fully on any issue relating to the transactions contemplated by this Agreement for which the other Party seeks a determination letter or
private letter ruling from the IRS, an advisory opinion from the DOL or any other filing, consent or approval with respect to or by a Governmental Entity. 

  
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 Section 12.3    Non-Termination of Employment; No Third-Party Beneficiaries. No provision of this Agreement or the Separation Agreement shall be construed to create any right, or accelerate entitlement, to any compensation
or benefit whatsoever on the part of any Remainco Employee or Spinco Employee or other future, present, or former employee of any member of the Remainco Group or Spinco Group under any Remainco Plan or Spinco Plan or otherwise. This Agreement is
solely for the benefit of the Parties hereto and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to or shall confer upon any other person or persons (including any employee or former
employee of Remainco or Spinco or either of their respective Subsidiaries or any beneficiary or dependent thereof) any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. No provision in this Agreement shall
modify or amend any other agreement, plan, program, or document unless this Agreement explicitly states that the provision “amends” that other agreement, plan, program, or document. This shall not prevent the Parties entitled to enforce
this Agreement from enforcing any provision in this Agreement, but no other person shall be entitled to enforce any provision in this Agreement on the grounds that it is an amendment to another agreement, plan, program, or document unless the
provision is explicitly designated as such in this Agreement, and the person is otherwise entitled to enforce the other agreement, plan, program, or document. If a person not entitled to enforce this Agreement brings a lawsuit or other action to
enforce any provision in this Agreement as an amendment to another agreement, plan, program, or document, and that provision is construed to be such an amendment despite not being explicitly designated as one in this Agreement, that provision in
this Agreement shall be void ab initio, thereby precluding it from having any amendatory effect. Furthermore, nothing in this Agreement is intended to confer upon any employee or former employee of Remainco, Spinco or either of their
respective Subsidiaries any right to continued employment, or any recall or similar rights to an individual on layoff or any type of approved leave. 

Section 12.4    Consent of Third Parties. If any provision of this Agreement is
dependent on the consent of any third party and such consent is withheld, the Parties hereto shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the fullest extent practicable. If any provision of this
Agreement cannot be implemented due to the failure of such third party to consent, the Parties hereto shall negotiate in good faith to implement the provision in a mutually satisfactory manner. 

Section 12.5    Access to Employees. Following the Spinco Distribution Date,
Remainco and Spinco shall, or shall cause each of their respective Subsidiaries to, make available to each other those of their employees who may reasonably be needed in order to defend or prosecute any legal or administrative action (other than a
legal action between any member of the Remainco Group and any member of the Spinco Group) to which any employee, director or Benefit Plan of the Remainco Group or Spinco Group is a party and which relates to their respective Benefit Plans prior to
the Spinco Distribution Date. 
 Section 12.6    Beneficiary Designation/Release of
Information/Right to Reimbursement. To the extent permitted by applicable Law and except as otherwise provided for in this Agreement, all beneficiary designations, authorizations for the release of information and rights to reimbursement
made by or relating to Spinco Participants under Remainco Plans shall be transferred to and be in full force and effect under the corresponding Spinco Plans until such beneficiary designations, authorizations or rights are replaced or revoked by, or
no longer apply to, the relevant Spinco Participant. 

  
 –20– 

 ARTICLE XIII 

MISCELLANEOUS 

Section 13.1    Effect If Separation Does Not Occur. Notwithstanding anything in
this Agreement to the contrary, if the Separation Agreement is terminated prior to the Spinco Distribution Date, then all actions and events that are, under this Agreement, to be taken or occur effective immediately prior to or as of the Spinco
Distribution Date, or otherwise in connection with the transactions, shall not be taken or occur except to the extent specifically agreed to in writing by Spinco and Remainco and neither Party shall have any Liability to the other Party under this
Agreement. 
 Section 13.2     Miscellaneous. Section 11.4
(Governing Law and Venue; Submission to Jurisdiction; Selection of Forum; Waiver of Trial by Jury), Section 11.5 (Specific Performance), Section 11.6 (Notices), Section 11.14 (Successors and Assigns) and Section 11.16
(Interpretation and Construction) of the Merger Agreement are incorporated by reference herein and are effective mutatis mutandis with respect to this Agreement as if set forth herein in their entirety. 

Section 13.3    Complete Agreement; Construction. This Agreement, including
Exhibit A, together with the Transaction Documents, shall constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to
such subject matter. 
 Section 13.4    Counterparts. This Agreement may be
executed and delivered (including by facsimile or other means of electronic transmission, such as by electronic mail in “pdf” form) in more than one counterpart, all of which shall be considered one and the same agreement, each of which
when executed shall be deemed to be an original, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to each of the Parties. 

Section 13.5    Survival of Agreements. Except as otherwise contemplated by this
Agreement, all covenants and agreements of the Parties contained in this Agreement shall survive the Spinco Distribution Date. 

Section 13.6    Waivers. Any provision of this Agreement may be waived if, and
only if, such waiver is in writing and signed by the Party against whom the waiver is to be effective. Notwithstanding the foregoing, no failure to exercise and no delay in exercising, on the part of any Party, any right, remedy, power or privilege
hereunder shall operate as a waiver hereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.
Any consent required or permitted to be given by any Party to any other Party under this Agreement shall be in writing and signed by the Party giving such consent and shall be effective only against such Party (and the members of its Group). 

Section 13.7    Amendments. This Agreement may not be modified or amended except
by an agreement in writing signed by each of the Parties. 

  
 –21– 

 Section 13.8    Subsidiaries.
Each of the Parties shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any entity that is contemplated to be a Subsidiary of such Party after the Spinco
Distribution Date. 
 Section 13.9    No Circumvention. The Parties agree not to
directly or indirectly take any actions, act in concert with any Person who takes an action, or cause or allow any member of any such Party’s Group to take any actions (including the failure to take a reasonable action) such that the resulting
effect is to materially undermine the effectiveness of any of the provisions of this Agreement (including adversely affecting the rights or ability of any Party to successfully pursue indemnification or payment pursuant to this Agreement or Article
V of the Separation Agreement). 
 Section 13.10    Title and Headings.
Titles and headings to Sections herein are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

Section 13.11    Severability. In the event any one or more of the provisions
contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The
Parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 Section 13.12    No Duplication; No Double Recovery. Nothing in this
Agreement is intended to confer to or impose upon any Party a duplicative right, entitlement, obligation or recovery with respect to any matter arising out of the same facts and circumstances (including with respect to the rights, entitlements,
obligations and recoveries that may arise out of this Agreement or any of the Transaction Documents). 
 [signature page follows] 

  
 –22– 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of
the date first above written. 
  

					
	AT&T INC.
		
	By	 	 /s/ Stephen McGaw

		 	Name:	  	Stephen McGaw
		 	Title:	  	Senior Vice President, Corporate Strategy and Development
	
	MAGALLANES, INC.
		
	By	 	 /s/ Stephen McGaw

		 	Name:	  	Stephen McGaw
		 	Title:	  	President
	
	DISCOVERY, INC.
		
	By	 	 /s/ Bruce Campbell

		 	Name:	  	Bruce Campbell
		 	Title:	  	Chief Development, Distribution & Legal Officer

 Exhibit A 

REMAINCO HEALTH & WELFARE PLANS 
  

	1.	 AT&T Healthcare Spending Account 

 

	2.	 AT&T Tuition Aid Policy (Tuition Assistance – Management) 

 

	3.	 AT&T Paid Time Off Policies for U.S. Management Employees (Revised January 2021) 

 

	 	a.	 Calculating Payouts for Unused PTO 

 

	 	b.	 Holidays & Holiday Pay 

 

	 	c.	 Paid Time Off Policy 

 

	 	d.	 Jury Duty & Court Appearances 

 

	 	e.	 Paid Time Off Capping and Carryover 

 

	 	f.	 Paid Time Off for Bereavement 

 

	 	g.	 Situations Impacting PTO for Managers 

 

	 	h.	 Volunteering & Your Community Day 

 

	 	i.	 Paid Caregiver Leave 

 

	 	j.	 Sick Time Guidelines (Revised April 2020) 

 

	 	k.	 Paid Parental Leave Policy 

 

	4.	 The following Remainco Plans under the AT&T Umbrella Benefit Plan No. 3: 

 

	 	a.	 AT&T Medical Programs, administered by Aetna Life Insurance Company & Blue Cross and Blue Shield
of Illinois (Remainco Employees) 

  

	 	b.	 AT&T Group Life Insurance Program for Active Employees 

 

	 	c.	 WarnerMedia Medical Program (Spinco Employees) 

 

	 	d.	 AT&T Dental Program 

 

	 	e.	 AT&T Vision Program 

 

	 	f.	 AT&T CarePlus – A Supplemental Benefit Program 

 

	 	g.	 AT&T Disability Income Program (Management Employees) 

	 	h.	 AT&T Flexible Spending Account Plan 

 

	 	i.	 AT&T Onsite Health Center Program 

 

	 	j.	 AT&T Group Life Insurance Program for Former Management Employees 

 

	5.	 The following Remainco Plans under the AT&T Umbrella Benefit Plan No. 2: 

 

	 	a.	 AT&T Consolidated Long-Term Care Insurance Plan 

 

	 	b.	 Employee Assistance Program 

 

	6.	 The following Remainco Plans under the AT&T Umbrella Benefit Plan No. 1: 

 

	 	a.	 AT&T Group Life Insurance Program for Former Management Employees 

 

	 	b.	 Former Eligible Employee Medical, Dental and Vision Programs 

 

	7.	 Umbrella Benefit Plan - The CW Network and underlying programs 

 

	8.	 AT&T Commuter Benefit Policy 

 

	9.	 AT&T Adoption Reimbursement Policy, AT&T Surrogacy Reimbursement Policy and AT&T Cryopreservation
Reimbursement Policy 

  

	10.	 AT&T Retiree Discounts, Discounts for Retired Employees

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