EX-10.21




 EXHIBIT 10.21 
 Time Warner Inc. 2010 Stock Incentive Plan 
 RSU Executive Agreement,
Version 2 (10RUEXC2) 
 For Use from February 2013 

Restricted Stock Units Agreement 
 General Terms and Conditions 
 WHEREAS, the Company has adopted the Plan
(as defined below), the terms of which are hereby incorporated by reference and made a part of this Agreement; and 
 WHEREAS,
the Committee has determined that it would be in the best interests of the Company and its stockholders to grant the restricted stock units (the “RSUs”) provided for herein to the Participant pursuant to the Plan and the
terms set forth herein. 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as
follows: 
  

	1.	Definitions.  Whenever the following terms are used in this Agreement, they shall have the meanings set forth below. Capitalized terms not
otherwise defined herein shall have the same meanings as in the Plan. 

  

	 	a)	“Cause” means “Cause” as defined in an employment agreement between the Company or any of its Affiliates and the Participant or, if
not defined therein or if there is no such agreement, “Cause” means (i) the Participant’s continued failure substantially to perform such Participant’s duties (other than as a result of total or partial incapacity due to
physical or mental illness) for a period of ten (10) days following written notice by the Company or any of its Affiliates to the Participant of such failure, (ii) dishonesty in the performance of the Participant’s duties,
(iii) the Participant’s conviction of, or plea of nolo contendere to, a crime constituting (A) a felony under the laws of the United States or any state thereof or (B) a misdemeanor involving moral turpitude, (iv) the
Participant’s insubordination, willful malfeasance or willful misconduct in connection with the Participant’s duties or any act or omission which is injurious to the financial condition or business reputation of the Company or any of its
Affiliates, or (v) the Participant’s breach of any non-competition, non-solicitation or confidentiality provisions to which the Participant is subject. The determination of the Committee as to the existence of “Cause” will be
conclusive on the Participant and the Company. 

  

	 	b)	“Disability” means “Disability” as defined in an employment agreement between the Company or any of its Affiliates and the Participant
or, if not defined therein or if there shall be no such agreement, “disability” of the Participant shall have the meaning ascribed to such term in the Company’s long-term disability plan or policy, as in effect from time to time, to
the extent that such definition also constitutes such Participant being considered “disabled” under Section 409A(a)(2)(C) of the Code. 

  









	 	c)	 “Good Reason” means “Good Reason” as defined in an employment agreement between the Company or any of its Affiliates
and the Participant or, if not defined therein or if there is no such agreement, “Good Reason” means (i) the failure of the Company to pay or cause to be paid the Participant’s base salary or annual bonus when due or
(ii) any substantial and sustained diminution in the Participant’s authority or responsibilities materially inconsistent with the Participant’s position; provided that either of the events described in clauses (i) and
(ii) will constitute Good Reason only if the Company fails to cure such event within 30 days after receipt from the Participant of written notice of the event which constitutes Good Reason; provided, further, that “Good
Reason” will cease to exist for an event on the sixtieth (60th) day following the later of its occurrence or the Participant’s knowledge thereof, unless the Participant has given the Company written notice of his or her termination of employment for Good
Reason prior to such date. 


  

	 	d)	“Notice” means (i) the Notice of Grant of Restricted Stock Units that accompanies this Agreement, if this Agreement is delivered to the
Participant in “hard copy,” and (ii) the screen of the website for the stock plan administration with the heading “Vesting Schedule and Details,” which contains the details of the grant governed by this Agreement, if this
Agreement is delivered electronically to the Participant. 

  

	 	e)	“Participant” means an individual to whom RSUs have been awarded pursuant to the Plan and shall have the same meaning as may be assigned to the
terms “Holder” or “Participant” in the Plan. 

  

	 	f)	“Performance Period” means the year with respect to which the Performance Target is set by the Committee pursuant to Section 4(b).


  

	 	g)	“Performance Target” means the specific written objective goal or goals based on the criteria set forth in Section 9(b) of the Plan and
that are timely approved by the Committee pursuant to Section 9(b) of the Plan for the Participant for the applicable Performance Period. 

  

	 	h)	“Plan” means the equity plan maintained by the Company that is specified in the Notice, which equity plan has been provided to the Participant
separately and forms a part of this Agreement, as such plan may be amended, supplemented or modified from time to time. 

  

	 	i)	“Retirement” means a voluntary termination of employment by the Participant (i) following the attainment of age 55 with ten (10) or
more years of service as an employee or a director with the Company or any Affiliate or (ii) pursuant to the retirement plan or program of the Company or any Affiliate that is applicable to the Participant. 


 

	 	j)	 “Severance Period” means the period of time following a termination of Employment during which a Participant is entitled to
receive both salary 



  
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continuation payments and continued participation under the health benefit plans of the Company or any of its Affiliates, whether pursuant to an employment contract with, or a severance plan or
other arrangement maintained by, the Company or any Affiliate. 

  

	 	k)	“Shares” means shares of Common Stock of the Company. 


 

	 	l)	“Vesting Date” means each vesting date set forth in the Notice. 


 

	2.	Grant of Restricted Stock Units.  The Company hereby grants to the Participant (the “Award”), on the terms and
conditions hereinafter set forth, the number of RSUs set forth on the Notice. Each RSU represents the unfunded, unsecured right of the Participant to receive a Share on the Vesting Date(s) specified herein, subject to the terms, conditions and
Section 162(m) performance-based vesting requirements set forth herein. RSUs do not constitute issued and outstanding shares of Common Stock for any corporate purposes and do not confer on the Participant any right to vote on matters that are
submitted to a vote of holders of Shares. 

  

	3.	 Dividend Equivalents, Retained Dividend Equivalents and Retained Distributions.  If on any date while RSUs are outstanding
hereunder the Company shall pay any regular cash dividend on the Shares, (i) if the Committee has certified that the Performance Target has been satisfied, in accordance with Section 9(b) of the Plan, then, for each RSU held by the
Participant on the record date, the Participant shall be paid an amount of cash equal to the dividend paid on a Share (the “Dividend Equivalents”) or (ii) if the Committee has not yet certified that the Performance
Target has been satisfied, in accordance with Section 9(b) of the Plan, then, for each RSU held by the Participant on the record date, the Participant shall be credited with a bookkeeping entry in an amount equal to the dividend paid on a Share
(the “Retained Dividend Equivalents”), with such payment or crediting, as applicable, made at the time that such dividends are paid to holders of Shares. If on any date while RSUs are outstanding hereunder the Company shall
pay any dividend other than a regular cash dividend or make any other distribution on the Shares, the Participant shall be credited with a bookkeeping entry equivalent to such dividend or distribution for each RSU held by the Participant on the
record date for such dividend or distribution, but the Company shall retain custody of all such dividends and distributions unless the Board has in its sole discretion determined that an amount equivalent to such dividend or distribution shall be
paid currently to the Participant (the “Retained Distributions”); provided, however, that if the Retained Distribution relates to a dividend paid in Shares, the Participant shall receive an additional amount of
RSUs equal to the product of (I) the aggregate number of RSUs held by the Participant pursuant to this Agreement through the related dividend record date, multiplied by (II) the number of Shares (including any fraction thereof) payable as a
dividend on a Share. Retained Distributions and Retained Dividend Equivalents will not bear interest and will be subject to the same restrictions as the RSUs to which they relate. Unless they are forfeited pursuant to Section 4(b), the Retained
Dividend Equivalents will be paid to the Participant promptly, but not more than 60 days, after the Committee certifies that the Performance Target for such RSUs has been achieved, in accordance with Section 9(b) of the Plan. Notwithstanding
anything else contained in this paragraph 3, no payment of 



  
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Dividend Equivalents, Retained Dividend Equivalents or Retained Distributions shall occur before the first date on which a payment could be made without subjecting the Participant to tax under
the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 

  

	4.	Vesting and Delivery of Vested Securities. 

  

	 	a)	Subject to the terms and provisions of the Plan and this Agreement, no later than 60 days after each Vesting Date with respect to the Award, the Company shall issue or
transfer to the Participant the number of Shares corresponding to such Vesting Date and the Retained Distributions, if any, covered by that portion of the Award. Except as otherwise provided in paragraphs 5, 6 and 7, the vesting of such RSUs and any
Retained Distributions relating thereto shall occur only if (i) the Participant has continued in Employment of the Company or any of its Affiliates on the Vesting Date and has continuously been so employed since the Date of Grant (as defined in
the Notice) and (ii) the Performance Target has been achieved, as certified by the Committee in accordance with Section 9(b) of the Plan. 

  

	 	b)	Section 162(m) Vesting Requirement.  The Award is subject to performance vesting requirements based on the achievement of the Performance Target
for the Performance Period and the certification of achievement of such Performance Target by the Committee pursuant to Section 9(b) of the Plan. The Performance Target shall be established by the Committee for the Award no later than 90 days
following the beginning of the Performance Period that applies to the Award. If the Performance Target for the Award is not satisfied, all of the RSUs in the Award and any Retained Dividend Equivalents and Retained Distributions will be forfeited
immediately. The Performance Period shall be (i) the calendar year in which the Award is granted if the Award is granted prior to April 1 or (ii) the first full calendar year ending after the grant of the Award if the Award is granted
on or after April 1. 

  

	 	c)	RSUs Extinguished.  Upon each issuance or transfer of Shares in accordance with this Agreement, a number of RSUs equal to the number of Shares issued
or transferred to the Participant shall be extinguished and such number of RSUs will not be considered to be held by the Participant for any purpose. 

  

	 	d)	Final Issuance.  Upon the final issuance or transfer of Shares, Retained Dividend Equivalents and Retained Distributions, if any, to the Participant
pursuant to this Agreement, in lieu of a fractional Share, the Participant shall receive a cash payment equal to the Fair Market Value of such fractional Share. 


 

	 	e)	Section 409A.  Notwithstanding anything else contained in this Agreement, no Shares shall be issued or transferred to a Participant before the
first date on which a payment could be made without subjecting the Participant to tax under the provisions of Section 409A of the Code. 


  
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	5.	Termination of Employment. 

  

	 	(a)	If the Participant’s Employment with the Company and its Affiliates is terminated by the Participant for any reason other than those described in clauses (b),
(c) and (d) below prior to the Vesting Date with respect to any portion of the Award, then the RSUs covered by any such portion of the Award and all Retained Dividend Equivalents and Retained Distributions relating thereto shall be
completely forfeited on the date of any such termination, unless otherwise provided in an employment agreement between the Participant and the Company or an Affiliate. 


 

	 	(b)	If the Participant’s Employment terminates as a result of his or her death or Disability, then the RSUs for which a Vesting Date has not yet occurred and all
Retained Dividend Equivalents and Retained Distributions relating thereto shall, to the extent the RSUs were not extinguished or forfeited prior to such termination of Employment, fully vest on the date of any such termination and Shares subject to
the RSUs shall be issued or transferred to the Participant (along with the Retained Dividend Equivalents and Retained Distributions relating thereto) as soon as practicable, but no later than 90 days, following such termination of Employment.


  

	 	(c)	If the Participant’s Employment (i) terminates as a result of his or her Retirement or (ii) is terminated by the Company and its Affiliates for any
reason other than for Cause on a date when the Participant satisfies the requirements for Retirement, then the RSUs for which a Vesting Date has not yet occurred and all Retained Dividend Equivalents and Retained Distributions relating thereto
shall, to the extent the RSUs were not extinguished or forfeited prior to such termination of Employment, fully vest on the later of (A) the date of such termination of Employment and (B) the certification by the Committee of the
achievement of the Performance Target; and Shares subject to the RSUs shall be issued or transferred to the Participant (along with the Retained Dividend Equivalents and Retained Distributions relating thereto) as soon as practicable, but no later
than 90 days, following such termination of Employment or Committee certification, whichever is applicable. If the Participant’s Employment terminates prior to the certification of achievement of the Performance Target by the Committee and the
Performance Target is not satisfied, then the RSUs and any Retained Dividend Equivalents and Retained Distributions related thereto shall be forfeited immediately. 


 

	 	(d)	 If the Participant’s Employment is terminated by the Company and its Affiliates for any reason other than for Cause on a date when the Participant
does not satisfy the requirements for Retirement (unless such termination is due to death or Disability), then, subject to achievement of the Performance Target, (i) the RSUs that were scheduled to vest on any Vesting Dates that occur during a
Severance Period, and any Retained Dividend Equivalents and Retained Distributions relating thereto, and (ii) a pro rata portion of the RSUs that were scheduled to vest on the next Vesting Date, if any, after the end of a Severance Period (or
after the 



  
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termination of Employment if there is no Severance Period), and any Retained Dividend Equivalents and Retained Distributions relating thereto, shall, to the extent the RSUs were not extinguished
or forfeited prior to such termination of Employment, become vested, and Shares subject to such RSUs shall be issued or transferred to the Participant (along with the Retained Dividend Equivalents and Retained Distributions relating thereto) as soon
as practicable, but no later than 90 days, following the later of (x) such termination of Employment and (y) the certification by the Committee of the achievement of the Performance Target. The pro rata portion of the RSUs scheduled to
vest on the next Vesting Date following the end of a Severance Period (or after the termination of Employment if there is no Severance Period) shall be determined as follows: 

 

	 	(x)	the number of RSUs covered by the portion of the Award that were scheduled to vest on such Vesting Date multiplied by; 


 

	 	(y)	a fraction, the numerator of which shall be the number of days from the last Vesting Date (or the Date of Grant if there was no prior Vesting Date) during which the
Participant either remained in Employment or was within a covered Severance Period, and the denominator of which shall be the number of days from the last Vesting Date (or the Date of Grant if there was no prior Vesting Date) through such Vesting
Date. 

 If the product of (x) and (y) results in a fractional share, such fractional share shall be
rounded to the next higher whole share. 
 The RSUs and any Retained Dividend Equivalents and Retained Distributions related
thereto that have not vested shall be completely forfeited on the date of any such termination. If the Participant’s Employment is terminated prior to the certification of achievement of the Performance Target by the Committee and the
Performance Target is not satisfied, then the RSUs and any Retained Dividend Equivalents and Retained Distributions related thereto shall be forfeited immediately. 
 For purposes of this paragraph 5, a temporary leave of absence shall not constitute a termination of Employment or a failure to be continuously employed by the Company or any Affiliate regardless of the
Participant’s payroll status during such leave of absence if such leave of absence is approved in writing by the Company or any Affiliate; provided, that such leave of absence constitutes a bona fide leave of absence and not a Separation From
Service under Treas. Reg. 1.409A-1(h)(1)(i). Notice of any such approved leave of absence should be sent to the Company at One Time Warner Center, New York, New York 10019, attention: Director, Global Stock Plans Administration, but such notice
shall not be required for the leave of absence to be considered approved. 
 In the event the Participant’s Employment with
the Company or any of its 
  
  

  
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	 	Affiliates is terminated, the Participant shall have no claim against the Company with respect to the RSUs and related Retained Dividend Equivalents and Retained
Distributions, if any, other than as set forth in this paragraph 5, the provisions of this paragraph 5 being the sole remedy of the Participant with respect thereto. 


 

	6.	Acceleration of Vesting Date.  In the event a Change in Control, subject to paragraph 7, has occurred, to the extent that any such occurrence
also constitutes a change in ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, within the meaning of Section 409A(a)(2)(A)(v) of the Code (a “409A Change of
Control Event”), (A) the Award will vest in full upon the earlier of (i) the expiration of the one-year period immediately following the Change in Control, provided the Participant’s Employment with the Company and its
Affiliates has not terminated, (ii) the original Vesting Date with respect to each portion of the Award, or (iii) the termination of the Participant’s Employment by the Company or any of its Affiliates (I) by the Company other
than for Cause (unless such termination is due to death or Disability) or (II) by the Participant for Good Reason and (B) Shares subject to the RSUs shall be issued or transferred to the Participant, as soon as practicable, but in no event
later than 60 days following such Vesting Date, along with the Retained Dividend Equivalents and Retained Distributions related thereto; provided, however, that notwithstanding the foregoing, to the extent that any such occurrence does not
constitute a 409A Change of Control Event, the RSUs shall vest as described under this paragraph 6, but the issuance of Shares shall be made at the times otherwise provided hereunder as if no Change of Control had occurred. In the event of any such
vesting as described in clauses (i) and (iii) of the preceding sentence, the date described in such clauses shall be treated as the Vesting Date. 


 

	7.	Limitation on Acceleration.  Notwithstanding any provision to the contrary in the Plan or this Agreement, if the Payment (as hereinafter
defined) due to the Participant hereunder as a result of the acceleration of vesting of the RSUs pursuant to paragraph 6 of this Agreement, either alone or together with all other Payments received or to be received by the Participant from the
Company or any of its Affiliates (collectively, the “Aggregate Payments”), or any portion thereof, would be subject to the excise tax imposed by Section 4999 of the Code (or any successor thereto), the following
provisions shall apply: 

  

	 	a)	If the net amount that would be retained by the Participant after all taxes on the Aggregate Payments are paid would be greater than the net amount that would be
retained by the Participant after all taxes are paid if the Aggregate Payments were limited to the largest amount that would result in no portion of the Aggregate Payments being subject to such excise tax, the Participant shall be entitled to
receive the Aggregate Payments. 

  

	 	b)	If, however, the net amount that would be retained by the Participant after all taxes were paid would be greater if the Aggregate Payments were limited to the largest
amount that would result in no portion of the Aggregate Payments being 

  

 

  
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subject to such excise tax, the Aggregate Payments to which the Participant is entitled shall be reduced to such largest amount. 


The term “Payment” shall mean any transfer of property within the meaning of Section 280G of the Code.

 The determination of whether any reduction of Aggregate Payments is required and the timing and method of any such required
reduction in Payments under this Agreement or in any such other Payments otherwise payable by the Company or any of its Affiliates consistent with any such required reduction, shall be made by the Participant, including whether any portion of such
reduction shall be applied against any cash or any shares of stock of the Company or any other securities or property to which the Participant would otherwise have been entitled under this Agreement or under any such other Payments, and whether to
waive the right to the acceleration of the Payment due under this Agreement or any portion thereof or under any such other Payments or portions thereof, and all such determinations shall be conclusive and binding on the Company and its Affiliates.
To the extent that Payments hereunder or any such other Payments are not paid as a consequence of the limitation contained in this paragraph 7, then the RSUs and Retained Dividend Equivalents and Retained Distributions related thereto (to the extent
not so accelerated) and such other Payments (to the extent not vested) shall be deemed to remain outstanding and shall be subject to the provisions hereof and of the Plan as if no acceleration or vesting had occurred. Under such circumstances, if
the Participant terminates Employment for Good Reason or is terminated by the Company or any of its Affiliates without Cause, the RSUs and Retained Dividend Equivalents and Retained Distributions related thereto (to the extent that they have not
already become vested) shall become immediately vested in their entirety upon such termination and Shares subject to the RSUs shall be issued or transferred to the Participant, as soon as practicable following such termination of Employment, subject
to the provisions relating to Section 4999 of the Code set forth herein. 
 The Company shall promptly pay, upon demand by
the Participant, all legal fees, court costs, fees of experts and other costs and expenses which the Participant incurred in any actual, threatened or contemplated contest of the Participant’s interpretation of, or determination under, the
provisions of this paragraph 7. 
  

	8.	Withholding Taxes. 

  

	a)	 Obligation to Pay Withholding Taxes.  The Participant acknowledges and agrees that, regardless of any action the Company or the
Participant’s employer takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (the “Tax-Related Items”), the ultimate liability for all Tax-Related
Items legally due by the Participant (i) is and remains the Participant’s responsibility and (ii) may exceed the amount actually withheld by the Company or the Participant’s employer. The Participant further agrees and
acknowledges that the Company and the Participant’s employer (x) make no representations or undertakings regarding the treatment of any Tax-



  
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Related Items in connection with any aspect of the Award, including the grant of the Award, the vesting of the RSUs or the subsequent sale of any Shares acquired from vesting of the RSUs, and the
receipt of any Dividend Equivalents, Retained Dividend Equivalents or Retained Distributions; and (y) do not commit to and are under no obligation to structure the terms of the Award to reduce or eliminate the Participant’s liability for
Tax-Related Items or achieve any particular tax result. Further, the Participant understands and acknowledges that if the Participant has become subject to tax in more than one jurisdiction between the Date of Grant and the date of any relevant
taxable event, the Company and/or the Participant’s employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Company’s obligation to deliver the Shares
subject to the RSUs or to pay any Dividend Equivalents, Retained Dividend Equivalents or Retained Distributions shall be subject to payment of all Tax-Related Items by the Participant. 


 

	b)	Satisfaction of Company’s Withholding Obligations.  At the time any portion of an Award of RSUs, Dividend Equivalent, Retained Dividend
Equivalents or Retained Distribution relating thereto, becomes taxable to the Participant, he or she will be required to pay to the Company or the Participant’s employer, as applicable, any Tax-Related Items due as a result of such taxable
event. The Company or the Participant’s employer shall have the right to withhold from any payment in respect of RSUs, transfer of Shares acquired at vesting, or payment made to the Participant or to any person hereunder, whether such payment
is to be made in cash or in Shares, all Tax-Related Items as shall be required, in the determination of the Company, pursuant to any statute or governmental regulation or ruling. The Participant acknowledges and agrees that the Company or the
Participant’s employer, in their sole discretion, may satisfy such withholding obligation by any one or a combination of the following methods: 

  

	 	(i)	by requiring the Participant to deliver a properly executed notice together with irrevocable instructions to a broker approved by the Company to sell a sufficient
number of Shares to generate net proceeds (after commission and fees) equal to the amount required to be withheld and promptly deliver such amount to the Company; 


 

	 	(ii)	by requiring or allowing the Participant to pay the amount required to be withheld in cash or by check; 


 

	 	(iii)	by deducting the amount required to be withheld from the Participant’s current compensation or other amounts payable to the Participant; 


 

	 	(iv)	by allowing the Participant to surrender other Shares that (A) in the case of Shares initially acquired from the Company (upon exercise of a stock option or
otherwise), have been owned by the Participant for such period (if any) as may be required to avoid a charge to the Company’s earnings, and (B) have a fair market value on the date of surrender equal to the amount required to be withheld;



  
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	 	(v)	by withholding a number of Shares to be issued upon delivery of Shares that have a fair market value equal to the minimum statutory amount required to be withheld;


  

	 	(vi)	by selling any Shares to the extent required to pay the amount required to be withheld; or 


 

	 	(vii)	by such other means or method as the Committee in its sole discretion and without notice to the Participant deems appropriate. 


The Company may satisfy its obligation to withhold the Tax-Related Items on Dividend Equivalents, Retained Dividend Equivalents and
Retained Distributions payable in cash by withholding a sufficient amount from the payment or by such other means as the Committee in its sole discretion and without notice to the Participant deems appropriate, including withholding from salary or
other amounts payable to the Participant, Shares or cash having a value sufficient to satisfy the withholding obligation for Tax-Related Items. 
 The Company will not issue any Shares to the Participant until the Participant satisfies the withholding obligation for Tax-Related Items. If the withholding obligation for Tax-Related Items is satisfied
by withholding in Shares, for tax purposes, the Participant shall be deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the
Tax-Related Items due as a result of any aspect of the Participant’s participation in the Plan. 
  

	 	c)	Compliance with Applicable Laws.  The Committee may also require the Participant to acknowledge that he or she shall not sell or transfer Shares
except in compliance with all applicable laws, and may apply such other restrictions on the sale or transfer of the Shares as it deems appropriate. 

  

	9.	Changes in Capitalization and Government and Other Regulations.  The Award shall be subject to all of the terms and provisions as provided in
this Agreement and in the Plan, which are incorporated by reference herein and made a part hereof, including, without limitation, the provisions of Section 10 of the Plan (generally relating to adjustments to the number of Shares subject to the
Award, upon certain changes in capitalization and certain reorganizations and other transactions). 

  

	10.	Forfeiture.  A breach of any of the foregoing restrictions or a breach of any of the other restrictions, terms and conditions of the Plan or
this Agreement, with respect to any of the RSUs or any Dividend Equivalents, Retained Dividend Equivalents and Retained Distributions relating thereto, except as waived by the Board or the Committee, will cause a forfeiture of such RSUs, Retained
Dividend Equivalents and any Dividend Equivalents or Retained Distributions relating thereto. 

  

	11.	 Right of Company to Terminate Employment.  Nothing contained in the Plan or this Agreement shall confer on any Participant any
right to continue in the employ of the 



  
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Company or any of its Affiliates and the Company and any such Affiliate shall have the right to terminate the Employment of the Participant at any such time, with or without cause,
notwithstanding the fact that some or all of the RSUs and related Retained Dividend Equivalents and Retained Distributions covered by this Agreement may be forfeited as a result of such termination. The granting of the RSUs under this Agreement
shall not confer on the Participant any right to any future Awards under the Plan. 

  

	12.	Notices.  Any notice which either party hereto may be required or permitted to give the other shall be in writing and may be delivered
personally or by mail, postage prepaid, addressed to Time Warner Inc., at One Time Warner Center, New York, NY 10019, attention Director, Global Stock Plans Administration, and to the Participant at his or her address, as it is shown on the records
of the Company or its Affiliate, or in either case to such other address as the Company or the Participant, as the case may be, by notice to the other may designate in writing from time to time. 


 

	13.	Interpretation and Amendments.  The Board and the Committee (to the extent delegated by the Board) have plenary authority to interpret this
Agreement and the Plan, to prescribe, amend and rescind rules relating thereto and to make all other determinations in connection with the administration of the Plan. The Board or the Committee may from time to time modify or amend this Agreement in
accordance with the provisions of the Plan, provided that no such amendment shall adversely affect the rights of the Participant under this Agreement without his or her consent. 


 

	14.	Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and shall
be binding upon and inure to the benefit of the Participant and his or her legatees, distributees and personal representatives. 

  

	15.	Copy of the Plan and Documents.  By entering into the Agreement, the Participant agrees and acknowledges that he or she has received and read a
copy of the Plan. The Participant acknowledges and agrees that the Participant may be entitled from time to time to receive certain other documents related to the Company, including the Company’s annual report to stockholders and proxy
statement related to its annual meeting of stockholders (which become available each year approximately three months after the end of the calendar year), and the Participant consents to receive such documents electronically through the Internet or
as the Company otherwise directs. 

  

	16.	Governing Law.  The Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to any
choice of law rules thereof which might apply the laws of any other jurisdiction. 

  

	17.	Waiver of Jury Trial.  To the extent not prohibited by applicable law which cannot be waived, each party hereto hereby waives, and covenants
that it will not assert (whether as plaintiff, defendant or otherwise), any right to trial by jury in any forum in respect of any suit, action, or other proceeding arising out of or based upon this Agreement. 


  
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	18.	Submission to Jurisdiction; Service of Process.  Each of the parties hereto hereby irrevocably submits to the jurisdiction of the state courts
of the State of New York located in the County of New York and the jurisdiction of the United States District Court for the Southern District of New York for the purposes of any suit, action or other proceeding arising out of or based upon this
Agreement. Each of the parties hereto to the extent permitted by applicable law hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding brought in such courts, any claim that it
is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that such suit, action or proceeding in the above-referenced courts is brought in an inconvenient forum,
that the venue of such suit, action or proceedings, is improper or that this Agreement may not be enforced in or by such court. Each of the parties hereto hereby consents to service of process by mail at its address to which notices are to be given
pursuant to paragraph 12 hereof. 

  

	19.	 Personal Data.  The Company, the Participant’s local employer and the local employer’s parent company or companies
may hold, collect, use, process and transfer, in electronic or other form, certain personal information about the Participant for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The
Participant understands that the following personal information is required for the above named purposes: his/her name, home address and telephone number, office address (including department and employing entity) and telephone number, e-mail
address, date of birth, citizenship, country of residence at the time of grant, work location country, system employee ID, employee local ID, employment status (including international status code), supervisor (if applicable), job code, title,
salary, bonus target and bonuses paid (if applicable), termination date and reason, tax payer’s identification number, tax equalization code, US Green Card holder status, contract type (single/dual/multi), any shares of stock or directorships
held in the Company, details of all grants of RSUs (including number of grants, grant dates, vesting type, vesting dates, and any other information regarding RSUs that have been granted, canceled, vested, or forfeited) with respect to the
Participant, estimated tax withholding rate, brokerage account number (if applicable), and brokerage fees (the “Data”). The Participant understands that Data may be collected from the Participant directly or, on
Company’s request, from the Participant’s local employer. The Participant understands that Data may be transferred to third parties assisting the Company in the implementation, administration and management of the Plan, including the
brokers approved by the Company, the broker selected by the Participant from among such Company-approved brokers (if applicable), tax consultants and the Company’s software providers (the “Data Recipients”). The
Participant understands that some of these Data Recipients may be located outside the Participant’s country of residence, and that the Data Recipient’s country may have different data privacy laws and protections than the
Participant’s country of residence. The Participant understands that the Data Recipients will receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the
Participant’s participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Participant’s behalf by a broker




  
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or other third party with whom the Participant may elect to deposit any Shares acquired pursuant to the Plan. The Participant understands that Data will be held only as long as necessary to
implement, administer and manage the Participant’s participation in the Plan. The Participant understands that Data may also be made available to public authorities as required by law, e.g., to the U.S. government. The Participant understands
that the Participant may, at any time, review Data and may provide updated Data or corrections to the Data by written notice to the Company. Except to the extent the collection, use, processing or transfer of Data is required by law, the Participant
may object to the collection, use, processing or transfer of Data by contacting the Company in writing. The Participant understands that such objection may affect his/her ability to participate in the Plan. The Participant understands that he/she
may contact the Company’s Stock Plan Administration to obtain more information on the consequences of such objection. 
  

 
  
  

 
  
  

 

  
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