Change of Control Employment Agreement dated November 4, 2009



 Exhibit 10.4 
 CHANGE OF CONTROL EMPLOYMENT AGREEMENT 
 CHANGE OF
CONTROL EMPLOYMENT AGREEMENT (this “Agreement”), dated as of November 4, 2009 (“Effective Date”) , by and between tw telecom inc., a Delaware corporation (the “Company”), and Larissa Herda
(the “Executive”). 
 WHEREAS, the Board of Directors of the Company (the “Board”), has
determined that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined
in Section 1(d)). The Board believes it is imperative to diminish the inevitable distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to encourage the
Executive’s full attention and dedication to the Company in the event of any threatened or pending Change of Control, and to provide the Executive with compensation and benefits arrangements upon a Change of Control that ensure that the
compensation and benefits expectations of the Executive will be satisfied and that provide the Executive with compensation and benefits arrangements that are competitive with those of other corporations. 
 NOW, THEREFORE, the parties hereby agree as follows as follows: 
 Section 1. Certain Definitions. (a) “Effective Date” means the first date during the Change of
Control Period (as defined in Section 1(b)) on which a Change of Control occurs. Notwithstanding anything in this Agreement to the contrary, if (A) the Executive’s employment with the Company is terminated by the Company, (B) the
Date of Termination is (x) prior to the date on which a Change of Control occurs and (y) following the date of public announcement of a transaction or event involving the Company which, if consummated, would constitute a Change of Control,
and (C) if it is reasonably demonstrated by the Executive that such termination of employment was at the specific request of a third party that has taken steps reasonably calculated to effect such Change of Control, then “Effective
Date” means the date immediately prior to such Date of Termination. 
 (b) “Change of Control Period”
means the period commencing on the Effective Date and ending on the three year anniversary of the date hereof; provided, however, that, commencing on the date three years after the date hereof, and on each two year anniversary of such
date (such date and each two year anniversary thereof, the “Renewal Date”), unless previously terminated, the Change of Control Period shall be automatically extended so as to terminate two years from such Renewal Date, unless, at
least sixty (60) days prior to the Renewal Date, the Company or the Executive shall give notice to the other party that the Change of Control Period shall not be so extended. 
 (c) “Affiliated Company” means any company controlled by, controlling or under common control with the Company. 

(d) “Change of Control” means: 







 (1) Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of either
(A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally
in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 1(d), the following acquisitions shall not constitute a Change of Control:
(i) any acquisition directly from the Company, (ii) any acquisition by the Company (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliated Company or (iv) any
acquisition pursuant to a transaction that complies with Sections 1(d)(3)(A), 1(d)(3)(B) and 1(d)(3)(C); 
 (2) Any time at
which individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director
subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board; 
 (3) Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or
substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business
Combination: 
 (A) all or substantially all of the individuals and entities that were the beneficial owners of
the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a
non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may
be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or
more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, 
 (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related
trust) of the Company or an

  

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Affiliated Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 25% or more of, respectively, the then- outstanding shares of common
stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and

 (C) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent
governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 
 (4) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 
 Section 2. Employment Period. The Company hereby agrees to continue the Executive in its employ, subject to the terms and
conditions of this Agreement, for the period commencing on the Effective Date and ending on the eighteen-month anniversary of the Effective Date (the “Employment Period”). The Employment Period shall terminate upon the
Executive’s termination of employment for any reason. 
 Section 3. Terms of Employment.
(a) Position and Duties. (1) During the Employment Period, (A) the Executive’s position (including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be at least
commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the 120-day period immediately preceding the Effective Date and (B) the Executive’s services shall be performed at the
office where the Executive was employed immediately preceding the Effective Date or at any other location less than 35 miles from such office. 
 (2) During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote reasonable attention and time during normal
business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive hereunder, to use the Executive’s reasonable best efforts to perform faithfully and efficiently
such responsibilities. During the Employment Period, it shall not be a violation of this Agreement for the Executive to (A) serve on corporate, civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or
teach at educational institutions and (C) manage personal investments, so long as such activities do not significantly interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this
Agreement. It is expressly understood and agreed that, to the extent that any such activities have been conducted by the Executive prior to the Effective Date, the continued conduct of such activities (or the conduct of activities similar in nature
and scope thereto) subsequent to the Effective Date shall not thereafter be deemed to interfere with the performance of the Executive’s responsibilities to the Company. 
  

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 (b) Compensation. (1) Base Salary. During the Employment
Period, the Executive shall receive an annual base salary (the “Annual Base Salary”) at an annual rate at least equal to 12 times the highest monthly base salary paid or payable, including any base salary that has been earned but
deferred, to the Executive by the Company and the Affiliated Companies in respect of the 12-month period immediately preceding the month in which the Effective Date occurs. The Annual Base Salary shall be paid at such intervals as the Company pays
executive salaries generally. During the Employment Period, the Annual Base Salary shall be reviewed at least annually, beginning no more than twelve (12) months after the last salary increase awarded to the Executive prior to the Effective
Date. Any increase in the Annual Base Salary shall not serve to limit or reduce any other obligation to the Executive under this Agreement. The Annual Base Salary shall not be reduced after any such increase and the term “Annual Base
Salary” shall refer to the Annual Base Salary as so increased. 
 (2) Annual Bonus. In addition to the Annual
Base Salary, the Executive shall be awarded, for each fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) in cash at least equal to the Executive’s target bonus opportunity under the
Company’s Annual Incentive Plan, or any comparable bonus under any predecessor or successor plan (the “Annual Incentive Plan”) for the fiscal year in which the Effective Date occurs (or if, prior to the Effective Date, the
target bonus opportunity for such year has not been established, the target bonus opportunity for the fiscal year ending immediately prior to the Effective Date), and in each case taking into account any increases in Annual Base Salary to the extent
relevant (the “Target Bonus”). For each fiscal year ending during the Employment Period, (a) any performance goals or other criteria used to determine the actual Annual Bonus earned shall be substantially as favorable to the
Executive as the performance goals or other criteria established with respect to the Executive’s Annual Bonus opportunity for the year in which the Effective Date occurs (or if, prior to the Effective Date, the performance goals or criteria for
such year have not been established, the performance goals or criteria applicable for the fiscal year ending immediately prior to the Effective Date) and (b) to the extent permitted under the Annual Incentive Plans, the exercise of negative
discretion under the Annual Incentive Plan shall be no greater than the exercise of such discretion for the year immediately preceding the year in which the Effective Date occurs. Each such Annual Bonus shall be paid no later than two and a half
months after the end of the fiscal year for which the Annual Bonus is awarded, unless the Executive shall elect to defer the receipt of such Annual Bonus pursuant to an arrangement that meets the requirements of Section 409A of the Code.

 (3) Incentive, Savings and Retirement Plans. During the Employment Period, the Executive shall be entitled to
participate in all cash incentive, equity incentive, savings and retirement plans, practices, policies, and programs applicable generally to other peer executives of the Company and the Affiliated Companies, but in no event shall such plans,
practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and
retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and the Affiliated Companies for the Executive under such plans, practices, policies and programs as in effect
at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, those

  

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provided generally at any time after the Effective Date to other peer executives of the Company and the Affiliated Companies. 
 (4) Welfare Benefit Plans. During the Employment Period, the Executive and/or the Executive’s family, as the case may be,
shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices, policies and programs provided by the Company and the Affiliated Companies (including, without limitation, medical, prescription, dental,
disability, employee life, group life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to other peer executives of the Company and the Affiliated Companies, but in no event shall such plans,
practices, policies and programs provide the Executive with benefits that are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period
immediately preceding the Effective Date or, if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and the Affiliated Companies. . In addition, during the Employment
Period, the Company will pay Executive the annual sum of $48,000 for the purpose of purchasing term life and supplemental disability insurance under policies arranged by the Company. Executive shall be under no obligation to use the payments made by
the Company pursuant to the preceding sentence to purchase life or disability insurance. The payments made to Executive hereunder shall not be taken into account for any purpose under any retirement, profit sharing or other benefit plan of the
Company or any Company. 
 (5) Expenses. During the Employment Period, the Executive shall be entitled to
receive prompt reimbursement for all reasonable expenses incurred by the Executive in accordance with the most favorable policies, practices and procedures of the Company and the Affiliated Companies in effect for the Executive at any time during
the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and the Affiliated Companies. 
 (6) Fringe Benefits. During the Employment Period, the Executive shall be entitled to fringe benefits, including, without
limitation, tax and financial planning services, payment of club dues, in accordance with the most favorable plans, practices, programs and policies of the Company and the Affiliated Companies in effect for the Executive at any time during the
120-day period immediately preceding the Effective Date or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and the Affiliated Companies. 
 (7) Office and Support Staff. During the Employment Period, the Executive shall be entitled to an office or offices of a size
and with furnishings and other appointments, and to personal secretarial and other assistance, at least equal to the most favorable of the foregoing provided to the Executive by the Company and the Affiliated Companies at any time during the 120-day
period immediately preceding the Effective Date or, if more favorable to the Executive, as provided generally at any time thereafter with respect to other peer executives of the Company and the Affiliated Companies. 
  

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 (8) Vacation. During the Employment Period, the Executive shall be entitled to
paid vacation in accordance with the most favorable plans, policies, programs and practices of the Company and the Affiliated Companies as in effect for the Executive at any time during the 120-day period immediately preceding the Effective Date or,
if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and the Affiliated Companies. 
 Section 4. Termination of Employment. (a) Death or Disability. The Executive’s employment shall terminate automatically if the Executive dies during the
Employment Period. If the Company determines in good faith that the Disability (as defined herein) of the Executive has occurred during the Employment Period (pursuant to the definition of “Disability”), it may give to the Executive
written notice in accordance with Section 12(b) of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such
notice by the Executive (the “Disability Effective Date”), provided that, within the thirty (30) days after such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties.
“Disability” means the absence of the Executive from the Executive’s duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness that is determined
to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive’s legal representative. 
 (b) Cause. The Company may terminate the Executive’s employment during the Employment Period with or without Cause. “Cause” means: 
 (1) Executive’s conviction (treating a nolo contendere plea as a conviction) of a felony (whether or not any right to
appeal has been exercised); 
 (2) willful refusal without proper cause to perform her obligations under this
Agreement; 
 (3) misappropriation, embezzlement or reckless or willful destruction of Company property;

 (4) willful and material breach of any statutory or common law duty of loyalty to the Company having a
significant adverse effect on the Company’s financial condition or reputation; or 
 (5) Executive’s
material breach of the covenants provided for in Section 7 of this Agreement. 
 For purposes of this Section 4(b), no act, or failure
to act, on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests
of the Company. Any act, or failure to act, based upon authority (A) given pursuant to a resolution duly adopted by the Board, or if the Company is not the ultimate parent corporation of the Affiliated Companies and is not publicly-traded, the
board of directors of the ultimate

  

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parent of the Company (the “Applicable Board”), or (B) based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by
the Executive in good faith and in the best interests of the Company. With respect to the conduct described in Sections 4(b)(2), (3), (4) and (5), the Company shall provide the Executive with written notice setting forth the details of any
claimed breach and the Executive shall have a reasonable period of time (not less than thirty (30) days) to cure such claimed breach if the breach is curable. The cessation of employment of the Executive shall not be deemed to be for Cause
unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the entire membership of the Applicable Board (excluding the Executive, if the Executive
is a member of the Applicable Board) at a meeting of the Applicable Board called and held for such purpose (after reasonable notice is provided to the Executive and the Executive is given an opportunity, together with counsel for the Executive, to
be heard before the Applicable Board), finding that, in the good faith opinion of the Applicable Board, the Executive is guilty of the conduct described in Section 4(b)(1) through 4(b)(5), and specifying the particulars thereof in detail.

 (c) Good Reason. The Executive’s employment may be terminated by the Executive for Good Reason or by the
Executive voluntarily without Good Reason. “Good Reason” means: 
 (1) the assignment to the
Executive of any duties substantively inconsistent (and excluding the assignment of insubstantial and isolated additional duties that are not substantively inconsistent) with the Executive’s position (including status, offices, titles and
reporting requirements), authority, duties or responsibilities as contemplated by Section 3(a), or any other diminution in such position, authority, duties or responsibilities (whether or not occurring solely as a result of the Company’s
ceasing to be a publicly traded entity), excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by the Executive;

 (2) any failure by the Company to comply with any of the provisions of Section 3(b), other than an
isolated, insubstantial and inadvertent failure not occurring in bad faith and that is remedied by the Company promptly after receipt of notice thereof given by the Executive; 
 (3) the Company’s requiring the Executive (i) to be based at any office or location other than as provided in
Section 3(a)(1)(B), (ii) to be based at a location other than the principal executive offices of the Company if the Executive was employed at such location immediately preceding the Effective Date, or (iii) to travel on Company
business to a substantially greater extent than required immediately prior to the Effective Date; 
 (4) any
purported termination by the Company of the Executive’s employment otherwise than as expressly permitted by this Agreement; or 
 (5) any failure by the Company to comply with and satisfy Section 11(c). 
  

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 For purposes of this Section 4(c), the determination of Good Reason shall be made by the Executive in
good faith, and shall be described in reasonable detail in a written notice provided to the Company not later than 180 days after the occurrence of the events deemed to constitute Good Reason. The Executive’s mental or physical incapacity
following the occurrence of an event described above in clauses (1) through (5) shall not affect the Executive’s ability to terminate employment for Good Reason. 
 (d) Notice of Termination. Any termination by the Company for Cause, or by the Executive for Good Reason, shall be
communicated by Notice of Termination to the other party hereto given in accordance with Section 12(b). “Notice of Termination” means a written notice that (1) indicates the specific termination provision in this Agreement
relied upon, (2) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and (3) if the Date of
Termination (as defined herein) is other than the date of receipt of such notice, specifies the Date of Termination (which Date of Termination shall be not more than thirty (30) days after the giving of such notice). The failure by the
Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the
Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s respective rights hereunder. 
 (e) Date of Termination. “Date of Termination” means (1) if the Executive’s employment is terminated by the Company for Cause, or by the Executive for Good Reason,
the date of receipt of the Notice of Termination or any later date specified in the Notice of Termination, as the case may be, (2) if the Executive’s employment is terminated by the Company other than for Cause, death or Disability, the
date on which the Company notifies the Executive of such termination, (3) if the Executive resigns without Good Reason, the date on which the Executive notifies the Company of such termination, and (4) if the Executive’s employment is
terminated by reason of death or Disability, the date of death of the Executive or the Disability Effective Date, as the case may be. Notwithstanding the foregoing, in no event shall the Date of Termination occur until the Executive experiences, and
the Company and the Executive shall take all steps necessary (including with regard to any post-termination services by the Executive) to ensure that any termination described in this Section 4 constitutes, a “separation from service”
within the meaning of Section 409A of the Code, and notwithstanding the foregoing, the date on which such separation from service takes place shall be the “Date of Termination.” 
 Section 5. Obligations of the Company upon Termination. (a) Good Reason; Other Than for Cause, Death or
Disability. If, during the Employment Period, the Company terminates the Executive’s employment other than for Cause or Disability or the Executive terminates employment for Good Reason: 
 (1) the Company shall pay to the Executive, in a lump sum in cash within thirty (30) days after the Date of Termination,
the aggregate of the following amounts: 
  

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 (A) the sum of (i) the Executive’s Annual Base Salary through the
Date of Termination to the extent not theretofore paid, (ii) any accrued vacation pay to the extent not theretofore paid, (iii) the Executive’s Annual Bonus for the fiscal year immediately preceding the fiscal year in which the Date
of Termination occurs (other than any portion of such Annual Bonus that was previously deferred, which portion shall instead be paid in accordance with the applicable deferral arrangement and any election thereunder) to the extent not previously
paid as of the Date of Termination, and (iv) the Executive’s business expenses that have not been reimbursed by the Company as of the Date of Termination that were incurred by the Executive prior to the Date of Termination in accordance
with the applicable Company policy (the sum of the amounts described in subclauses (i), (ii), (iii) and (iv), the “Accrued Obligations”); 
 (B) the product of (i) the Target Bonus and (ii) a fraction, the numerator of which is the number of days in the
current fiscal year through the Date of Termination and the denominator of which is 365 (the “Pro Rata Bonus”); 
 (C) the amount equal to the product of (i) 2.99 and (ii) the sum of (x) the Executive’s Annual Base Salary and (y) the Target Bonus; and 
 (D) $42,900 in lieu of 18 months of premiums for the health care continuation coverage mandated by the Consolidated Omnibus
Budget Reconciliation Act; 
 (2) the Company shall, at its sole expense as incurred, provide the Executive with
(i) outplacement services, including office space and secretarial support, the scope and provider of which shall be selected by the Executive in the Executive’s sole discretion, provided that the cost of such outplacement shall not
exceed $75,000; and provided, further, that such outplacement benefits shall end not later than the one year anniversary following the Date of Termination, and (ii) automatic referral or automatic forwarding of incoming Company e-mails
to the Executive for one year following the Date of Termination; and 
 (3) to the extent not theretofore paid or
provided, the Company shall timely pay or provide to the Executive any Other Benefits (as defined in Section 6) in accordance with the terms of the underlying plans or agreements. 
 Notwithstanding the foregoing provisions of this Section 5(a)(1), in the event that the Executive is a “specified employee” (within the meaning of Section 409A of the Code and with
such classification to be determined in accordance with the methodology established by the applicable employer as in effect on the Date of Termination) (a “Specified Employee”), amounts that constitute “nonqualified deferred
compensation” within the meaning of Section 409A of the Code that would otherwise be payable under Section 5(a)(1) during the six-month period immediately following the Date of Termination (other than the Accrued Obligations) shall
instead be paid, with interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code (“Interest”) determined as of the Date of Termination, on

  

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the first business day after the date that is six (6) months following the Executive’s “separation from service” within the meaning of Section 409A of the Code (the
“409A Payment Date”). 
 (b) Death. If the Executive’s employment is terminated by reason of
the Executive’s death during the Employment Period, the Company shall provide the Executive’s estate or beneficiaries with (1) the Accrued Obligations, (2) the Pro Rata Bonus, (3) the timely payment or delivery of the Other
Benefits, and (4) an amount equal to the Executive’s Annual Base Salary that would have otherwise been payable if the Executive had remained employed during the period commencing on the Date of Termination and ending on the date thirty
(30) days following the Date of Termination (the “Supplemental Salary Payment”), and the Company shall have no other severance obligations under this Agreement. The Accrued Obligations, the Pro Rata Bonus and the Supplemental
Salary Payment shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within thirty (30) days of the Date of Termination. With respect to the provision of the Other Benefits, the term “Other
Benefits” as utilized in this Section 5(b) shall include, without limitation, and the Executive’s estate and/or beneficiaries shall be entitled to receive, benefits at least equal to the most favorable benefits provided by the Company
and the Affiliated Companies to the estates and beneficiaries of peer executives of the Company and the Affiliated Companies under such plans, programs, practices and policies relating to death benefits, if any, as in effect with respect to other
peer executives and their beneficiaries at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive’s estate and/or the Executive’s beneficiaries, as in effect on the date of the
Executive’s death with respect to other peer executives of the Company and the Affiliated Companies and their beneficiaries. 
 (c) Disability. If the Executive’s employment is terminated by reason of the Executive’s Disability during the Employment Period, the Company shall provide the Executive with (1) the Accrued Obligations,
(2) a lump sum cash payment equal to (A) 75% of the amount equal to (i) the sum of the Executive’s Annual Base Salary and Target Bonus, multiplied by (ii) 1.5 (the “Disability Lump Sum”), and (3) the
timely payment or delivery of the Other Benefits in accordance with the terms of the underlying plans or agreements, and shall have no other severance obligations under this Agreement. The Accrued Obligations and the Disability Lump Sum shall be
paid to the Executive in a lump sum in cash within thirty (30) days of the Date of Termination, provided, that in the event that the Executive is a Specified Employee, the Disability Lump Sum shall instead be paid, with Interest, to the
Executive on the 409A Payment Date. With respect to the provision of the Other Benefits, the term “Other Benefits” as utilized in this Section 5(c) shall include, and the Executive shall be entitled after the Disability Effective Date
to receive, disability and other benefits at least equal to the most favorable of those generally provided by the Company and the Affiliated Companies to disabled executives and/or their families in accordance with such plans, programs, practices
and policies relating to disability, if any, as in effect generally with respect to other peer executives and their families at any time during the 120-day period immediately preceding the Effective Date or, if more favorable to the Executive and/or
the Executive’s family, as in effect at any time thereafter generally with respect to other peer executives of the Company and the Affiliated Companies and their families. 
  

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 (d) Cause; Other Than for Good Reason. If the Executive’s employment is
terminated for Cause during the Employment Period, the Company shall provide the Executive with the Accrued Obligations and the timely payment or delivery of the Other Benefits, and shall have no other severance obligations under this Agreement. If
the Executive voluntarily terminates employment during the Employment Period, excluding a termination for Good Reason, the Company shall provide the Executive with (1) the Accrued Obligations, (2) the Pro Rata Bonus and (3) the timely
payment or delivery of the Other Benefits in accordance with the terms of the underlying plans or agreements, and shall have no other severance obligations under this Agreement. The Accrued Obligations and, if applicable, the Pro Rata Bonus shall be
paid to the Executive in a lump sum in cash within thirty (30) days of the Date of Termination, provided, that in the event the Executive is a Specified Employee, the Pro Rata Bonus shall instead be paid, with Interest, to the Executive
on the 409A Payment Date. 
 Section 6. Non-exclusivity of Rights. Nothing in this Agreement shall prevent or
limit the Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or the Affiliated Companies and for which the Executive may qualify, nor, subject to Section 12(f), shall anything
herein limit or otherwise affect such rights as the Executive may have under any other contract or agreement with the Company or the Affiliated Companies. Amounts that are vested benefits or that the Executive is otherwise entitled to receive under
any plan, policy, practice or program of or any other contract or agreement with the Company or the Affiliated Companies (including, for the avoidance of doubt, the Executive’s rights to benefits and payments under any stock options, restricted
stock, restricted stock units or other incentive awards or plans) at or subsequent to the Date of Termination (“Other Benefits”) shall be payable in accordance with such plan, policy, practice or program or contract or agreement,
except as explicitly modified by this Agreement. Without limiting the generality of the foregoing, the Executive’s resignation under this Agreement with or without Good Reason, shall in no way affect the Executive’s ability to terminate
employment by reason of the Executive’s “retirement” under any compensation and benefits plans, programs or arrangements of the Affiliated Companies, including without limitation any retirement or pension plans or arrangements or to
be eligible to receive benefits under any compensation or benefit plans, programs or arrangements of the Affiliated Companies, including without limitation any retirement or pension plan or arrangement of the Affiliated Companies or substitute plans
adopted by the Company or its successors, and any termination which otherwise qualifies as Good Reason shall be treated as such even if it is also a “retirement” for purposes of any such plan. Notwithstanding the foregoing, if the
Executive receives payments and benefits pursuant to Section 5(a) of this Agreement, the Executive shall not be entitled to any severance pay or benefits under any severance plan, program or policy of the Company and the Affiliated Companies,
unless otherwise specifically provided therein in a specific reference to this Agreement. 
 Section 7. Full
Settlement. The payments and benefits provided for in this Agreement upon termination of the Executive’s employment are in full settlement of any and all claims by the Executive known as of the date hereof with respect to the
circumstances of such termination of the Executive’s employment. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off,
counterclaim, recoupment, defense, or other claim, right or action that the Company may have against the Executive or others. In no event shall the

  

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Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, and such
amounts shall not be reduced whether or not the Executive obtains other employment. The Company agrees to pay as incurred (within ten (10) days following the Company’s receipt of an invoice from the Executive), all legal fees and expenses
that the Executive may reasonably incur as a result of any contest by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including
as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement) (each a “Contest”), plus, in each case, Interest; provided, that, in the case of a Contest initiated by the Executive,
the Executive shall have commenced any legal action (whether or not including litigation) within eighteen (18) months of the Date of Termination; and provided, further, that in the event the resolution of any such Contest includes
a finding denying, in total, the Executive’s claims in such Contest, the Executive shall be required to reimburse the Company, over a period of twelve (12) months from the date of such resolution, for all sums paid to the Executive
pursuant to this Section 7. 
 Section 8. Certain Reductions in Payments. 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event that Ernst & Young LLP or such other nationally
recognized accounting firm as shall be selected by the Executive and the Company (as it exists prior to the Effective Date) (the “Accounting Firm”) shall determine that receipt of all payments, benefits or distributions by the
Company or its affiliates in the nature of compensation to or for the Executive’s benefit, whether paid or payable pursuant to this Agreement or otherwise (a “Payment”) would (after taking into account any value attributable to
the non-competition covenant in Section 10(a)), subject the Executive to the excise tax under Section 4999 of the Code, the Accounting Firm shall determine whether it is necessary to reduce any of the Payments paid or payable pursuant to
this Agreement (the “Agreement Payments”) to the Reduced Amount (as defined below). The Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that the Executive would have a greater Net
After-Tax Receipt (as defined below) of aggregate Payments if the Executive’s Agreement Payments were reduced to the Reduced Amount. If such a determination is not made by the Accounting Firm, the Executive shall receive all Agreement Payments
to which the Executive is entitled under this Agreement. Notwithstanding anything to the contrary, in no event shall the value (if any) attributable to the non-competition covenant in Section 10(a) be taken into account for purposes of the
Accounting Firm’s determination, if it would reduce the Agreement Payments to be paid to the Executive, it being understood that any such valuation is intended solely to reduce the amounts that are considered “parachute payments” and
therefore any excise tax under Section 4999 of the Code. Any valuation of the non-competition covenant in Section 10(a) shall be determined by the Accounting Firm (or, if the Accounting Firm is not able to make such determination, an
independent third-party valuation specialist, selected by the Executive), and the Company shall cooperate in good faith in connection with any such valuation process. 
 (b) If the Accounting Firm determines that aggregate Agreement Payments should be reduced to the Reduced Amount, the Company shall promptly give the Executive notice to that effect and a copy of the
detailed calculation thereof. All determinations made by

  

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the Accounting Firm (or, with respect to the valuation of the non-competition covenant in Section 10(a), to the extent applicable, the independent third-party valuation specialist) under
this Section 8 shall be binding upon the Company and the Executive and shall be made as soon as reasonably practicable and in no event later than fifteen (15) days following the Date of Termination.1 For purposes of reducing the Agreement Payments to the Reduced
Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. The reduction of the Agreement Payments to the Reduced Amount, if applicable, shall be made by reducing the Agreement Payments under the following sections
in the following order: (i) Section 5(a)(1)(C), (ii) Section 5(a)(1)(B), and (iii) Section 5(a)(1)(D). All fees and expenses of the Accounting Firm and the independent third-party valuation specialist (if any) shall be borne
solely by the Company. 
 (c) As a result of the uncertainty in the application of Sections 280G and 4999 of the Code at the
time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement which should not have been so paid or
distributed (“Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of the Executive pursuant to this Agreement could have been so paid or distributed
(“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either the
Company or the Executive which the Accounting Firm believes has a high probability of success determines that an Overpayment has been made, the Executive shall pay any such Overpayment to the Company together with Interest; provided, however,
that no amount shall be payable by the Executive to the Company if and to the extent such payment would not either reduce the amount on which the Executive is subject to tax under Sections 1 and 4999 of the Code or generate a refund of such taxes.
In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than thirty (30) days following
the date on which the Underpayment is determined) by the Company to or for the benefit of the Executive together with Interest. 
 (d) For purposes hereof, the following terms have the meanings set forth below: 
 (1) “Reduced
Amount” shall mean the greatest amount of Agreement Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Agreement Payments
pursuant to Section 8(a). 
 (2) “Net After-Tax Receipt” shall mean the present value
(as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on the Executive with respect thereto under Sections 1 and 4999 of the Code and under applicable state and local laws,
determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied

  

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to the Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as the Executive certifies, in the Executive’s sole discretion, as likely to apply to
him or her in the relevant tax year(s). 
 Section 9. Confidential Information. The Executive shall hold in a
fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or the Affiliated Companies, and their respective businesses, which information, knowledge or data shall have been
obtained by the Executive during the Executive’s employment by the Company or the Affiliated Companies and which information, knowledge or data shall not be or become public knowledge (other than by acts by the Executive or representatives of
the Executive in violation of this Agreement). After termination of the Executive’s employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process,
communicate or divulge any such information, knowledge or data to anyone other than the Company and those persons designated by the Company. In no event shall an asserted violation of the provisions of this Section 9 constitute a basis for
deferring or withholding any amounts otherwise payable to the Executive under this Agreement. 
 Section 10.
Restrictive Covenants. (a) Non-competition. In consideration for the payments and benefits under this Agreement, during the period commencing on the Effective Date ending on the six-month anniversary of the Date
of Termination, the Executive shall not directly or indirectly through another be or become an officer, director, partner or employee of or consultant to or act in any managerial capacity with or own any equity interest in any Competitive Business
Entity (as defined below); provided, however, that ownership of less than one percent (1%) of the outstanding equity securities of any entity listed on any national securities exchange or traded on the National Association of Securities Dealers
Automated Quotation System shall not be prohibited hereby. A “Competitive Business Entity” is any Incumbent Local Exchange Carrier (as defined in the Telecommunications Act of 1996), emerging telecommunications provider or cable
television or communication company that competes with the Company in the provision of voice, data, Internet or other services to customers in any state of the United States in which, as of the Date of Termination, the Company or its controlled
affiliates engages or has publicly announced definitive plans to engage, in the ownership, operation or management of such a business. 
 (b) Non-solicitation. In consideration for the payments and benefits under this Agreement, during the period commencing on the Effective Date and ending on the first anniversary of the Date of Termination, the Executive
shall not directly or indirectly, (1) induce or attempt to induce any employee of the Company to leave the employ of the Company or in any way interfere with the relationship between the Company, on the one hand, and any employee thereof, on
the other hand, (2) hire any person who was an employee of the Company until six (6) months after such individual’s employment relationship with the Company has been terminated or (3) induce or attempt to induce any customer,
supplier, licensee or other business relation of the Company to cease doing business with the Company, or in any way interfere with the relationship between any such customer, supplier, licensee or business relation, on the one hand, and the
Company, on the other hand; provided, that, solicitations incidental to general advertising or other general solicitations in the ordinary

  

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course not specifically targeted at such persons and employment of any person not otherwise solicited in violation hereof shall not be considered a violation of this Section 10(b).

 (c) Acknowledgement; Reasonableness. The Executive understands that the foregoing restrictions may limit
his or her ability to earn a livelihood in a business similar to the business of the Company, but the Executive nevertheless believes that he or she has received and will receive sufficient consideration and other benefits as an employee of the
Company and as otherwise provided hereunder to clearly justify such restrictions which, in any event (given his or her education, skills and ability), the Executive does not believe would prevent him or her from otherwise earning a living. The
Executive has carefully considered the nature and extent of the restrictions place upon him or her by this Section 10, and hereby acknowledges and agrees that the same are reasonable in time and territory and do not confer a benefit upon the
Company disproportionate to the detriment of the Executive. Following the Effective Date, the covenants set forth in this Section 10 shall be the exclusive contractual covenants applicable to the Executive with respect to the subject matter
therein and shall supersede and replace any and all similar covenants contained in any other agreement between the Company and the Executive or plan in which the Executive participates. 
 (d) Enforcement. Because the Executive’s services are unique and because the Executive has access to confidential
information, the parties hereto agree that money damages would be an inadequate remedy for any breach of this Section 10. Therefore, in the event of a breach or threatened breach of this Section 10, the Company or its respective successors
or assigns may, in addition to other rights and remedies existing in their favor at law or in equity, apply to any court of competent jurisdiction for specific performance and/or injunction relief in order to enforce, or prevent any violations of,
the provision hereof (without posting a bond or other security) or require the Executive to account for and pay over to the Company all compensation, profits, moneys, accruals or other benefits derived from or received as a result of any
transactions constituting a breach of the covenants contained herein, if and when final judgment of a court of competent jurisdiction is so entered against the Executive. 
 (e) Interpretation. For purposes of this Section 10, references to “the Company” shall mean the Company as hereinbefore defined and any of its controlled affiliates.

 Section 11. Successors. (a) This Agreement is personal to the Executive, and, without the prior
written consent of the Company, shall not be assignable by the Executive other than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives.

 (b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. Except as
provided in Section 11(c), without the prior written consent of the Executive this Agreement shall not be assignable by the Company. 
 (c) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. “Company” means the Company as hereinbefore defined and
any

  

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successor to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law or otherwise. 
 Section 12. Miscellaneous. (a) This Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified other than by a written
agreement executed by the parties hereto or their respective successors and legal representatives. 
 (b) All notices and other
communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 if to the Executive: 
 At the most recent address on file at the Company. 
 if to the Company: 
 tw telecom inc. 
 10475 Park Meadows Drive 
 Littleton, Colorado 80124 
 Attention: General Counsel 
 or to
such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 
 (c) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement. 
 (d) The Company may withhold from any amounts payable under this Agreement such United States
federal, state or local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 (e) The Executive’s or the Company’s failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation,
the right of the Executive to terminate employment for Good Reason pursuant to Sections 4(c)(1) through 4(c)(5), shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 
 (f) The Executive and the Company acknowledge that, except as may otherwise be provided under any other written agreement between the
Executive and the Company, the employment of the Executive by the Company is “at will” and, subject to

  

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Section 1(a), prior to the Effective Date, the Executive’s employment may be terminated by either the Executive or the Company, in which case the Executive shall have no further rights
under this Agreement. From and after the Effective Date, except as specifically provided herein, this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof, including, without limitation, the
Amended and Restated Employment Agreement dated December 12, 2008 and the Employment Agreement, dated of even date herewith, between the Company and the Executive. 
 (g) The Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom and shall in all respects be administered in accordance with
Section 409A of the Code. Each payment under this Agreement shall be treated as a separate payment for purposes of Section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment
to be made under this Agreement. If the Executive dies following the Date of Termination and prior to the payment of the any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of
the Executive’s estate within thirty (30) days after the date of the Executive’s death. All reimbursements and in-kind benefits provided under this Agreement that constitute deferred compensation within the meaning of
Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the Code, including, without limitation, that (i) in no event shall reimbursements by the Company under this Agreement be made
later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred, provided, that the Executive shall have submitted an invoice for such fees and expenses at least ten (10) days
before the end of the calendar year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of in-kind benefits that the Company is obligated to pay or provide in any given calendar year shall not affect
the in-kind benefits that the Company is obligated to pay or provide in any other calendar year; (iii) the Executive’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for
any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits apply later than the Executive’s remaining lifetime (or if longer, through the 20th anniversary of
the Effective Date). Prior to the Effective Date but within the time period permitted by the applicable Treasury Regulations, the Company may, in consultation with the Executive, modify the Agreement, in the least restrictive manner necessary and
without any diminution in the value of the payments to the Executive, in order to cause the provisions of the Agreement to comply with the requirements of Section 409A of the Code, so as to avoid the imposition of taxes and penalties on the
Executive pursuant to Section 409A of the Code. 
 (f) Notwithstanding the foregoing or anything in this Agreement to the
contrary, the Executive may be characterized, for purposes of tax withholding and reporting, as an employee of tw telecom holdings inc. or another Affiliated Entity, and any compensation and benefit obligations of the Company hereunder, other than
any rights to equity compensation in respect of the Company, may be performed or fulfilled by tw telecom holdings inc. or another Affiliated Entity. 
  

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 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant
to the authorization from the Board, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 
  

			
	LARISSA HERDA
	
	 /s/ Larissa Herda

	
	tw telecom inc.
		
	By:	 	 /s/ Roscoe C. Young, II

	Name:	 	Roscoe C. Young, II
	Title:	 	Chairman of the Compensation Committee


  

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