Warner Bros. Discovery, Inc. — Director's Dealing 2025

Jun 16, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Warner Bros. Discovery, Inc. (WBD)
CIK: 0001437107
Period of Report: 2025-06-12

Reporting Person: Zaslav David (Director, Chief Executive Officer & Pres)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-06-12	Employee Stock Option	$10.16	A	20898776	Acquired	2032-06-12	Series A Common Stock (20898776)	Direct

Footnotes

F1: 8,359,510 options will become exercisable in 5 equal annual installments beginning on 6/12/2026 ("Time-Based Options"). The remaining 12,539,266 options may be earned upon achievement of specified stock prices ("Performance-Based Options"), as described in Mr. Zaslav's Employment Agreement dated 6/12/2025 ("2025 EA"). Performance-Based Options will become exercisable, to the extent the specified stock prices are met, in 5 equal annual installments beginning on 6/12/2026; provided, however, that no Performance-Based Options shall become exercisable, irrespective of whether the performance conditions are met, until the earlier to occur of (a) the completion of the separation transaction announced by Issuer on 6/9/2025 or (b) another "Qualifying Transaction", as defined in the 2025 EA. To the extent that the separation or a Qualifying Transaction does not occur prior to 12/31/2026, any then unvested Time-Based Options and all Performance-Based Options will be immediately forfeited.