Document:

Separation Agreement (Lang)

 Exhibit 10.10 

TIME INC. 

1271 AVENUE OF THE AMERICAS 

NEW YORK, NEW YORK 10020 

October 8, 2013 
 Via Hand Delivery 

Ms. Laura Lang 
 1271 Avenue of the Americas 

New York, New York 10020 
 Dear Laura: 

Reference is made to your Employment Agreement dated December 2, 2011 and effective as of January 9, 2012 (the “Employment
Agreement”) with Time Inc. (the “Company”). Capitalized terms used herein but not otherwise defined in this letter agreement (“Letter Agreement”) shall have the meanings given such terms in the Employment Agreement. We have
agreed that your employment with the Company will be terminated and the provisions of Section 4.2 of your Employment Agreement will apply, subject to the modifications set forth in this Letter Agreement (which modifications shall be deemed to
constitute an amendment to your Employment Agreement). This Letter Agreement sets forth the understandings between the Company and you concerning the termination of your employment and your entitlements under the Employment Agreement. 

You and the Company, intending to reflect our mutual understanding regarding the terms of the plan for the separation of your employment from
the Company, hereby agree as follows: 
 1. Pursuant to Section 4.2 of the Employment Agreement, the term of your employment with the
Company shall terminate with an Effective Termination Date of November 2, 2013. You shall continue to receive your current Base Salary ($1,000,000 per annum) and all other benefits as described in the Employment Agreement through the Effective
Termination Date. You will also receive a bonus payment of $2,339,014 as your pro-rata bonus for the period from January 1, 2013 through the Effective Termination Date. As provided for in the plan document, you will also remain eligible for a
payment pursuant to the Company’s cash long-term incentive plan (“Cash LTIP”) in accordance with the Cash LTIP. You acknowledge that payment under the Cash LTIP will be made at regularly scheduled distribution time, unless otherwise
required pursuant to Paragraph 12 below, and will be based on actual performance of the Company. You acknowledge that these payments fully discharge the Company of its obligations to you under Section 4.2.1. 

 2. Your last day working in the office will be Friday, August 30, 2013, but you agree to be
available to assist the Company with an orderly transition from Tuesday, September 3, 2013, through the Effective Termination Date. Your cooperation shall include giving such assistance as may be reasonably requested by the Chairman and Chief
Executive Officer of Time Warner Inc. (“Time Warner”). Such cooperation shall extend to additional matters as reasonably requested by the Chairman and Chief Executive Officer of Time Warner from time to time and agreed to by you. The
Company shall promptly reimburse you for all reasonable expenses in fulfilling your obligations under this Paragraph 2. As of the beginning of the day on September 3, 2013, you shall no longer serve in any officer or director positions with the
Company, Time Warner and any affiliates and subsidiaries of the Company or Time Warner and, to the extent action has not been taken to elect a successor to an officer or director position as of such date, you shall be deemed to have resigned from
the position effective September 3, 2013. In addition, you agree to execute the attached officer resignation letter and the letter formally resigning as Time Inc.’s representative to the MPA (Attachments A and B respectfully), which the
Company acknowledges will not affect or change the application of Section 4.2 of the Employment Agreement to your termination of employment. You agree that you will have taken all accrued vacation days prior to the Effective Termination Date.

 2A. The Company agrees that through December 31, 2013, the Company shall, without charge to you, make available to you office space
and an administrative assistant at one of the Company’s or Time Warner’s locations in the New York City metropolitan area. Such office space will be reasonably appropriate to an employee of your position and responsibilities prior to such
termination of employment, but taking into account your reduced need for such office space and furnishings. 
 2B. Beginning on
November 3, 2013, the Company will make available to you career counseling and outplacement services in an amount not to exceed $30,000 from an outplacement firm to be selected by the Company. Career counseling and outplacement services
must be used no later than the date that is six months following the Effective Termination Date. 
 2C. The Company shall reimburse you for
expenses incurred prior to November 3, 2013 provided that such expenses and related necessary documentation complies with the Company’s policies for such reimbursements. You agree to submit all such expense requests within 30 days of the
Effective Termination Date. 
 2D. You agree to return to all Company property to the Company’s Human Resources department prior to
November 3, 2013, including any desktop/laptop computers, tablets or smartphones, so that all Company information can be appropriately wiped from the devices. 

2E. The Company agrees to allow you to purchase any of your office furnishings and equipment at fair market value and to ship such office
furnishings and equipment to you at your expense. 
 3. In accordance with Section 4.2 of the Employment Agreement, you shall be
entitled to receive payments of Base Salary and Average Annual Bonus from the Effective Termination Date through the date which is twenty-four months after the Effective Termination Date (the “Severance Term Date”), as described in
Section 4.2.2 of the Employment Agreement at the times provided in Section 4.7 of the Employment Agreement. 

 4. In accordance with Sections 7.2 and 7.4 of the Employment Agreement: 

A. After the Effective Termination Date and prior to the Severance Term Date, you shall continue to be treated as an employee
of the Company for purposes of eligibility to participate in the Company’s health and welfare benefit plans and to receive the health and welfare benefits required to be provided to you under the Employment Agreement to the extent such health
and welfare benefits are maintained in effect by the Company for its executives, including but not limited to payment of two times the premium you would have to pay to obtain life insurance under a standard group universal life insurance program in
an amount equal to $3,000,000 in accordance with Section 7.4 of the Employment Agreement. At the Severance Term Date, your rights to benefits and payments under any benefit plans or any insurance or other death benefit plans or
arrangements of the Company shall be determined in accordance with the terms and provisions of such plans. 
 B. After the
Effective Termination Date, you shall not be entitled to any additional awards or grants under any stock option, restricted stock or other stock-based incentive plan and you shall not be entitled to continue elective deferrals in or accrue
additional benefits under any qualified or nonqualified retirement programs maintained by the Company or Time Warner. 
 C.
At the Severance Term Date or, if earlier, the Equity Cessation Date, your rights to benefits and payment under any stock option, restricted stock, stock appreciation right, bonus unit, management incentive or other plan of the Company or Time
Warner shall be determined in accordance with the terms and provisions of such plans and any agreements under which such stock options, restricted stock or other awards were granted. However, notwithstanding the foregoing or any more restrictive
provisions of any such plan or agreement, in accordance with Section 7.2 of the Employment Agreement, (i) all stock options to purchase shares of Time Warner Common Stock shall continue to vest through the earlier of the Severance Term
Date or the Equity Cessation Date, (ii) all stock options to purchase shares of Time Warner Common Stock granted to you on or after the Effective Date of the Employment Agreement (such stock options, the “Term Options”) that would
have vested on or before the Severance Term Date shall vest and become immediately exercisable on the earlier of the Severance Term Date or the Equity Cessation Date, to the extent they have not already vested, and (iii) all your vested Term
Options shall remain exercisable for a period of three years after the earlier of the Severance Term Date or the Equity Cessation Date (but not beyond the term of such stock options) and any other vested stock options shall remain exercisable for a
period of one year after the earlier of the Severance Term Date or the Equity Cessation Date (but not beyond the term of such stock options). 

D. With respect to Time Warner restricted stock units (“RSUs”) held at the Effective Termination Date, (x) for
the RSUs received pursuant to Section 3.3, the treatment of the RSUs will be determined at the Effective Termination Date pursuant to the applicable grant agreements, (y) the RSUs received pursuant to Section 3.5 will vest following
the Effective Termination Date and (z) the shares underlying the vested RSUs will be paid to you promptly following the Effective Termination Date, subject to Paragraph 12 of this Letter Agreement. 

 E. Following the Severance Term Date, or your earlier election not to be treated
as an employee for purposes of benefits, you will be eligible to elect continued coverage at the COBRA continuation rate in accordance with the requirements of the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) under the Company
group health plan from which you were entitled to coverage immediately prior to such date (“Company COBRA Coverage”). You will receive separate information regarding your rights to elect continued coverage at the COBRA continuation
rate under COBRA at the time of your entitlement to make a COBRA coverage election. If you fully exhaust your entitlement to Company COBRA Coverage (which shall only occur after the expiration of the full Company COBRA Coverage period available to
you, without your failing to pay the full applicable premium on time for any reason, and without your having lost Company COBRA Coverage on account of your entitlement to other employer sponsored group health coverage), you will be entitled to
purchase coverage at the COBRA continuation rate on an after-tax basis under the Company group health plan otherwise then available to salaried employees of the Company (“Company Voluntary Health Coverage Extension”), subject to the
following conditions: 
 (x) You are eligible for the Company Voluntary Health Coverage Extension, if at any time prior to
you becoming eligible to participate in the federal Medicare program you are not eligible for any other (A) group coverage (whether insured or self-insured), at any price, that does not exclude coverage for preexisting conditions
(whether that coverage is through your employment, a spouse’s employment, or a public or private insurance coverage exchange or marketplace), or (B) individual health coverage, at any price, that is reasonably comparable to the health
coverage then provided to its employees by the Company and that does not excluded coverage for a pre-existing condition (whether that coverage is through a public or private insurance coverage exchange or marketplace or otherwise).

(y) The election to elect coverage under the Company Voluntary Health Coverage Extension can be made only one time and you must
provide the Company with such documentation as may be reasonably requested by Company to support your entitlement to such coverage. The Company will not be obligated to provide you with coverage under the Company Voluntary Health Coverage
Extension until you provide the reasonably requested documentation to the Company to support your entitlement to such coverage. Any coverage under the Company Voluntary Health Coverage Extension will be provided on a prospective basis only as
of the date that such eligibility is verified by the Company. 
 (z) Your entitlement to the Company Voluntary Health
Coverage Extension will terminate if you fail to pay the full premium amount for any month of coverage by the first business day of each month for which coverage is elected (by way of example, the premium for January of any year would be due by the
first business day of January) or you become eligible for any other group or individual health coverage (whether insured or self-insured), at any price, that does not exclude coverage for preexisting conditions

 
(whether that coverage is through your other employment, a spouse’s employment, a public or private insurance coverage exchange or marketplace, or Medicare). In addition, your entitlement to
the Company Voluntary Health Coverage Extension will be subject to all other applicable terms of coverage under the applicable group health plan and may be terminated by Company for cause on account of fraud or misrepresentation or any other reason
to the same extent that an employee’s entitlement to group health coverage may be terminated. In all events, once your entitlement to the Company Voluntary Health Coverage Extension is terminated due to such cause, or you fail to pay for
that coverage in full and on time, it may not be recommenced or elected at a later date. 
 4A. The Company will make a payment (the
“Transaction Payment”) to you in lieu of the transaction bonus, which you acknowledge you are no longer eligible to receive. The Transaction Payment, in the amount of $2,500,000, will be paid to you as soon as practical, but not more than
60 days, following the date the attached Release (Attachment C) becomes effective. 
 5. In accordance with Section 4.4 of the
Employment Agreement, the obligations of the Company to make or continue any of the payments to you or to take any actions with respect to Paragraphs 1 through 4 above are subject to your execution of the Release attached hereto. If you fail to
execute and deliver the Release within 60 days following the Effective Termination Date, or if you revoke the Release as provided therein, then in lieu of the payments and benefits provided herein, you shall receive a severance payment determined in
accordance with the Company’s polices relating to notice and severance reduced by the aggregate amount of severance payments paid pursuant to this Letter Agreement, if any, prior to the date of your failure to deliver, or revocation of, such
Release. 
 6. In accordance with Section 11.15 of the Employment Agreement, the Company shall be subject to any obligations it owes to
you and you shall continue to be subject to any obligations you owe to it under the Employment Agreement that survive your termination under Section 4.2 thereof, including but not limited to Sections 3.4 (Indemnification), 4.4 (Release), 4.5
(Mitigation), 4.6 (Payments), 4.7 (Limitation of Certain Payments), 4.8 (Retirement) and 7 (Other Benefits, 8 (Protection of Confidential Information), 9 (Ownership of Work Product), 10 (Notices) through 11 (General). In addition, you agree that you
shall not at any time denigrate, ridicule or criticize the Company or any of its lines of business, joint venture partners, officers, directors or employees to any third party for a period of three years from the Effective Termination Date. 

7. You agree and acknowledge that you have no further right to receive any compensation, payments or benefits from the Company, other than as
set forth in the Employment Agreement, as amended by this Letter Agreement. You shall be under no obligation to seek other employment after the Effective Termination Date and there shall be no offset against amounts due to You under this Letter
Agreement and/or Employment Agreement on account of any compensation attributable to any subsequent employment that You may obtain. 
 8.
Except as provided in Section 11.7 of the Employment Agreement, any claims, controversies or disputes arising out of or related to this Letter Agreement or the Release, the interpretation, validity or enforceability of this Letter Agreement or
the Release, or the alleged breach of this Letter Agreement or the Release shall be submitted to resolution in arbitration in accordance with the procedures set forth in Section 11.8 of the Employment Agreement. 

 9. This Letter Agreement, taken together with the Release and Employment Agreement, as modified
by this Letter Agreement, constitute and contain the entire agreement and understanding concerning your employment, termination from employment and the other subject matters addressed herein between the parties and supersedes and replaces all prior
negotiations and all agreements proposed or otherwise, whether written or oral, concerning the subject matters hereof. This is an integrated document. Except as expressly amended by this Letter Agreement, the Employment Agreement remains in full
force and effect. 
 10. This Letter Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy
of a signed original. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 
 11. This
Letter Agreement shall be governed by and construed and enforced in accordance with the substantive laws of the State of New York applicable to agreements made and to be performed entirely in New York, unless superseded by federal law. 

12. This Letter Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”), and will be interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything herein or contained in the Employment Agreement to the contrary, (i) if at the Effective Termination Date you
are a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a
result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits under this
Letter Agreement and/or the Employment Agreement (without any reduction in such payments or benefits ultimately paid or provided to you) until the date that is six months following your termination of employment with the Company (or the earliest
date as is permitted under Section 409A of the Code) and (ii) if any other payments of money or other benefits due to you under this Letter Agreement and/or the Employment Agreement could cause the application of an accelerated or
additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits
shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due to you under this Letter Agreement and/or the
Employment Agreement constitutes “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to you in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each
payment made under this Agreement or under the Employment Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code. The Company shall consult with you in good faith regarding the
implementation of the provisions of this Section 12; provided that neither the Company nor any of its employees or representatives shall have any liability to you with respect to thereto. 

 If the foregoing accurately reflects our agreement, please so indicate by signing where indicated
below. 
  

			
	Very truly yours,
	
	TIME INC.
		
	By:	 	/s/ James Cummings
		 	 Name: James Cummings
 Title:   Vice
President

  

			
	Agreed and Accepted:
	
	/s/ Laura Lang
	Laura Lang

 Date: Oct 8,
2013                             

 RELEASE 

This Release is made by and among LAURA LANG.(“You”) and TIME INC. (the “Company”), 1271 Avenue of the Americas, New York, New York 10020
as of the date set forth below in connection with the Employment Agreement made December 2, 2011 and effective as of January 9, 2012, and the letter agreement (the “Letter Agreement” between You and the Company dated as of
October 8, 2013 (as so amended, the “Employment Agreement”), and in association with the termination of your employment with the Company. 

In consideration of payments made to You and other benefits to be received by You by the Company and other benefits to be received by You pursuant to the
Employment Agreement and the Letter Agreement, You, being of lawful age, on behalf of yourself and your heirs, executors, successors and assigns do hereby release and forever discharge the Company, its successors, related companies, affiliates,
officers, directors, shareholders, subsidiaries, agents, employees, heirs, executors, administrators, assigns, benefit plans (including but not limited to the Time Inc. Severance Pay Plan For Regular Employees), benefit plan sponsors and benefit
plan administrators, trustees and fiduciaries, and all of their successors and assigns, in their individual and official capacities, of and from any and all actions, causes of action, claims, or demands for general, special or punitive damages,
attorney’s fees, expenses, or other compensation or damages (collectively, “Claims”), whether known or unknown, arising up to and including the date you sign the Letter Agreement and this Release, which in any way relate to or arise
out of your employment with the Company or the termination of Your employment, which You may now have under any federal, state or local law, regulation or order, including without limitation, Claims related to the stock options held by You or
granted to You by the Company that are scheduled to vest subsequent to the Severance Term Date (i.e., the stock options scheduled to vest on February 15, 2016 because you acknowledge that such stock options are being forfeited and cancelled)
and Claims under the Age Discrimination in Employment Act (with the exception of Claims that may arise after the date You sign this Release), Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, as amended, the
Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974, the New York State Human Rights Law, the New York City Human Rights Law (all as amended), any Claim for severance or benefits or notice pay under any plan or policy
of the Company (other than for the enforcement of the Employment Agreement and/or the Letter Agreement, any Claim under any whistleblower protection law, any Claim sounding in tort, any Claim for breach of contract (express and implied), and any
Claim for attorney’s fees, costs, damages and equitable relief through and including the date of this Release; provided, however, that the execution of this Release shall not prevent You from bringing a lawsuit against the Company to enforce
its obligations under the Employment Agreement, the Letter Agreement and/or this Release. 
 Notwithstanding anything to the contrary, nothing in this
Release shall prohibit or restrict You from (i) making any disclosure of information required by law; (ii) filing a charge with, providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by,
any federal, state or local regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company’s legal, compliance or human resources officers; (iii) filing, testifying or participating in or
otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization; or

 
(iv) challenging the validity of my release of claims under the Age Discrimination in Employment Act. Provided, however, You acknowledge that You cannot recover any monetary damages or equitable
relief in connection with a charge brought by You or through any action brought by a third party with respect to the Claims released and waived in the Employment Agreement and/or Letter Agreement. Further, notwithstanding the above, You are not
waiving or releasing: (i) any claims arising after the Effective Date of this Letter Agreement and Release; (ii) any claims for enforcement of the Employment Agreement and/or this Letter Agreement; (iii) any rights or claims You may
have to workers compensation or unemployment benefits; (iv) claims for accrued, vested benefits under any employee benefit plan of the Company in accordance with the terms of such plans and applicable law; (v) any claims You may have for
indemnification by the Company under Section 3.4 of the Employment Agreement; and/or (vi) claims under the Fair Labor Standards Act or any claims or rights that cannot be waived by law. 

You agree that you are receiving valuable consideration in exchange for signing the Letter Agreement and this Release that is more than what you are otherwise
entitled to under any policy or plan of or prior agreement with the Company. You also acknowledge and agree that apart from the payments and benefits that you will be eligible for and receive under the Letter Agreement, you have, as of the date you
signed the Letter Agreement and Release, received all compensation, notice, leave and benefits due to you from the Company and that you are not entitled to any other payment or benefit other than as set forth in the Letter Agreement and this
Release. 
 You further state that You have reviewed this Release, that You know and understand its contents, and that You have executed it voluntarily.

 You acknowledge that You have been given 21 days from the date You received a copy of the Release to sign it. You also acknowledge that by signing this
Release You may be giving up valuable legal rights and that You have been advised to consult with an attorney. You understand that You have the right to revoke Your consent to the Release for seven days following Your signing of the Release. You
further understand that You cease to receive any payments or benefits under the Employment Agreement and/or this Letter Agreement (except as set forth in Section 4.4 of the Employment Agreement) if You do not sign this Release or if You revoke
Your consent to the Release within seven days after signing the Release. The Release shall not become effective or enforceable with respect to claims under the Age Discrimination Act until the expiration of the seven-day period following Your
signing of this Release. To revoke, You send a written statement of revocation by certified mail, return receipt requested, or by hand delivery. If You do not revoke, the Release shall become effective on the eighth day after You sign it. 

 

			
	Accepted and Agreed to:
	
	/s/ Laura Lang
	Laura Lang

 Dated: Oct. 8,
2013Employment Agreement (Averill)

 Exhibit 10.11 

July 20, 2010 
 Howard M. Averill 

c/o Time Inc. 
 1271 Avenue of the Americas 

New York, NY 10020 
 Dear Howard: 

This will confirm our discussions concerning the terms and conditions of your employment with Time Inc. (the “Company”) and will constitute our
agreement (“Agreement”) as follows: 
 1. Term of Employment. The term of employment under this Agreement
(“Term of Employment”) will commence on the date hereof (“Effective Date”) and will continue thereafter until three (3) years from the Effective Date and will be automatically extended for subsequent one (1) day periods
for each day of the Term of Employment that passes after the Effective Date, unless sooner terminated by either party as provided in Section 5 hereof. The intent of the foregoing provision is that the Agreement becomes “evergreen” on
the Effective Date so that on each passing day after the Effective Date the Term of Employment automatically extends to a full three-year period. 

2. Employment. The Company will, during the Term of Employment, employ you and you will serve as Executive Vice President, Chief
Financial Officer, or in such additional executive capacities as may be assigned from time to time by the Chief Executive Officer of the Company (“CEO”). You will report to the CEO and will have such authority, functions, duties, powers
and responsibilities as the CEO may delegate to you; provided that the scope of your duties shall be consistent with your position as an Executive Vice President at the Company. As Chief Financial Officer, you will act as principal financial officer
of the Company and oversee the financial affairs of the Company. You agree, subject to your appointment as such and without additional compensation, to hold such additional titles and serve, during the Term of Employment, in such additional offices
and positions to which you may be appointed from time to time in the Company and its affiliated companies. You will devote substantially all of your business time, attention, skill and efforts to the performance of your duties hereunder and will
faithfully and diligently serve the Company. You may manage your passive investments and be involved in charitable, religious, and civic interests so long as they do not materially interfere with the performance of your duties hereunder, and so long
as they do not otherwise violate the written policies of the Company and Time Warner Inc. (“TWI”). In performing your duties hereunder, you will comply with all written policies and procedures of the Company and TWI. 

 3. Compensation and Other Remuneration. 

3.1 Base Salary. The Company will pay to you during the Term of Employment, a base salary at the rate of not less than $800,000
per annum (the “Base Salary”). The Company may increase (subject to annual merit reviews), but not decrease, the Base Salary during the Term of Employment. Base Salary will be paid in accordance with the customary payroll practices of
the Company and shall be subject to payroll deductions and required withholdings. 
 3.2 Bonuses and Long Term Incentives. 

(a) You shall be eligible to participate in the Company’s annual incentive cash bonus plans (“Bonus”) to the extent that you
are eligible in accordance with the terms of such plans. Your current Bonus target is $700,000. 
 (b) So long as your employment
with the Company has not been terminated, you shall also be eligible to participate in any stock option or other long-term incentive program, whether now existing or established hereafter, to the extent executives at your level are generally deemed
eligible to participate therein (collectively, the “Long-Term Incentive Plans”). It is agreed that your participation in the Long-Term Incentive Plans will be comparable to other Company executives at your level. 

4. Benefits. You will be eligible to participate in any pension plan, employee stock ownership plan, group life insurance,
extended travel and accident insurance, hospitalization, medical, health, disability or other insurance plan and any other employee benefit or welfare plan, program or policy of the Company, whether now existing or established hereafter
(collectively, the “Benefit Plans”), to the extent that you are eligible under the general provisions thereof as in effect from time to time. 

5. Termination. 

5.1 Termination for Cause. 

(a) The Company may terminate your Term of Employment and all of the Company’s obligations hereunder, other than its obligations set
forth below in this Section 5.1, at any time for “Cause.” “Cause” shall mean termination because of your (a) conviction (treating a nolo contendere plea as a conviction) of a felony (whether or not any right to appeal
has been or may be exercised), (b) willful failure or refusal without proper cause to perform your duties with the Company, including your obligations under this Agreement (other than any such failure resulting from your incapacity due to
physical or mental impairment) and, after having been given written notice thereof by the Company, failure to correct such willful failure or refusal to perform (if curable) within 30 days after receipt of such notice, (c) misappropriation,
embezzlement or reckless or willful destruction of Company property, (d) breach of any statutory or common law duty of loyalty to the Company, (e) intentional and improper conduct materially prejudicial to the business of the Company or
any of its affiliates, or (f) breach of any of the covenants provided for in Section 6 hereof. 
 (b) In the event of termination
by the Company for Cause, without prejudice to any other rights or remedies that the Company may have at law or in equity, the Company shall have no further obligations to you other than to: (i) pay Base Salary and unused vacation accrued
through the effective date of termination, (ii) pay any unpaid Bonus for any completed prior fiscal year and (iii) comply with obligations owed under the Benefit Plans in accordance with their terms as in effect as of the effective date of
termination ((i) through (iii) collectively, the “Termination Entitlement”). 

  
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 5.2 Termination Due to Death. This Agreement shall terminate upon your death and the
Company shall not have any further obligations hereunder, except that your estate will be entitled to receive, in addition to any regular life insurance benefits paid by the Company, the Termination Entitlement. 

5.3 Termination Due to Disability. If during the Term of Employment you become physically or mentally disabled, whether totally or
partially, so that you are prevented from performing the material functions of your position for periods aggregating six (6) months in any twelve (12) month period, the Company will be entitled to terminate the Term of Employment upon
written notice to you given at any time thereafter during which you are still disabled. You will thereafter be entitled to receive, in addition to the Termination Entitlement, (subject to the requirements of Section 5.7) Base Salary and
“Average Annual Bonus” (as defined below) for twenty-four (24) months, but reduced on a monthly basis by an amount equal to the disability payments received for such month by you from Worker’s Compensation, Social Security and
disability insurance policies maintained by the Company or its affiliate; provided, however, that all payments under this Section 5.3 shall cease upon the earlier of: (i) your commencing substantially full-time employment, or (ii) you
ceasing to be eligible for long-term disability benefits under the Company’s or an affiliate’s long-term disability plan or becoming eligible only for partial benefits of less than fifty percent (50%) under such plan. Upon the
termination of payments made pursuant to this Section 5.3, your disability payments, if any, will be determined in accordance with the Company’s long-term disability program then in effect, and no further payments will be made pursuant to
the terms of this Agreement. All payments made under this Section 5.3 after the date of termination of employment are intended to be disability payments, regardless of the manner in which they are computed. For purposes of this Agreement,
“Average Annual Bonus” shall be defined as an amount equal to the average of the two (2) highest Bonus amounts received by you (excluding any special, spot or long-term incentive plan bonuses) during the most recent five
(5) completed fiscal years of the Company. 
 5.4 Other Termination by the Company. 

(a) The Company may terminate the Term of Employment, other than a termination under Sections 5.1, 5.2, or 5.3, at any time upon thirty
(30) days written notice to you. In lieu of thirty (30) days written notice, upon providing you written notice of its termination of the Term of Employment, the Company may instead terminate the Term of Employment immediately or at any
time during the thirty (30) day notice period, in which case it will continue to pay your Base Salary for thirty (30) days or the remainder of the notice period, as the case may be. In the event that your Term of Employment is so
terminated, you will (subject to the requirements of Section 5.7) be treated as an employee of the Company (but without any title) until the end of the Severance Period (defined in Section 5.4(b) below) and entitled to receive Base Salary
and Average Annual Bonus payments for that period in bi-weekly installments; provided however, that 
 (i) if you die during such period,
your payments pursuant to this Section 5.4(a) shall cease, and your estate will be entitled to receive, in addition to any regular life insurance benefits paid by the Company, any payments due pursuant to this Section 5.4(a) through the
date of your death; 

  
 3 

 (ii) if you accept employment with any other corporation, partnership, trust, government or
other entity during such period, or notify the Company in writing of your intention to terminate your status as an employee during such period, you will continue to receive all payments pursuant to this Section 5.4(a), but shall cease to be
treated as an employee of the Company for purposes of your rights to receive certain post-termination benefits under Section 5.4(c) below, effective upon the commencement of such employment, or the effective date of such termination as
specified by you in such notice. Notwithstanding the foregoing, if the Term of Employment is terminated by the Company pursuant to this Section 5.4, all TWI equity grants shall continue to vest until September 7, 2011; and 

(iii) if you accept employment with TWI or a related or affiliated entity during such period, your payments pursuant to this
Section 5.4(a) shall cease effective the first date of employment with TWI or such related or affiliated entity. 
 (b) The
“Severance Period” shall be 24 months. 
 (c) During the period you are treated as an employee of the Company, unless prohibited
by law, (i) you will continue to be eligible to participate in the Company’s health and life insurance plans on the same terms and conditions as regular full-time employees, and (ii) the TWI restricted stock units (“RSUs”)
and options to purchase TWI stock granted to you by the Company will continue to vest and be exercisable pursuant to the plans and option agreements under which such options and RSUs were granted, (but not beyond the expiration of any such options).
However, during such period, you will not be entitled to any additional awards or grants under any stock plan or other Long-Term Incentive Plan. 

(d) If the Company terminates the Term of Employment pursuant to this Section 5.4, any unpaid Bonus for the fiscal year of such
termination shall be paid in accordance with the terms of the relevant Bonus plan. 
 (e) In the event that the Company terminates the Term
of Employment pursuant to this Section 5.4, you shall not be required to take actions in order to mitigate your damages hereunder, unless Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), would apply to
any payments to you by the Company and your failure to mitigate would result in the Company losing tax deductions to which it would otherwise have been entitled. In such an event, you will engage in whatever mitigation is necessary to preserve the
Company’s tax deductions. With respect to the preceding sentences, any payments or rights to which you are entitled by reason of the termination of employment without cause shall be considered as damages hereunder. Any obligation to mitigate
your damages pursuant to this Section 5.4(e) shall not be a defense or offset to the Company’s obligation to pay you in full the amounts provided in this Section 5.4 upon the occurrence of a termination by the Company pursuant to
Section 5.4 at the times provided herein, or the timely and full performance of any of the Company’s other obligations under this Section 5.4. 

5.5 Termination Due to Material Breach by Company. You will have the right, exercisable by notice to the Company, to terminate your
employment, effective thirty (30) days after the giving of notice, if at the time of such notice, the Company shall be in material breach of its obligations hereunder; provided, however, that this Agreement and your employment will not so

  
 4 

 
terminate if within such 30-day period the Company has cured all such material breaches of its obligations hereunder; and provided further, that such notice is provided to the Company within 90
days after the occurrence of such material breach. If such material breach has not been so cured, you may elect, subject to the requirements of Section 5.7, to treat such breach as a termination of the Term of Employment by the Company pursuant
to Section 5.4 above, and you shall be entitled to the rights and benefits provided for therein. 
 5.6 Resignation or
Retirement. You may terminate the Term of Employment for any reason, including, without limitation, your retirement, at any time on ninety (90) days’ prior written notice to the Company. In such event, the Company’s only
obligations to you will be for the Termination Entitlement. In any instance in which you provide written notice of your termination of the Term of Employment to the Company, the Company may elect to terminate you immediately, in which case the
Company’s only obligations to you will be for the Termination Entitlement, treating the last day of the notice period as the date of termination solely for purposes of calculating the Termination Entitlement. In no event will the Company’s
early termination of you pursuant to the preceding sentence be considered a termination of the Term of Employment by the Company under Section 5.4 and in no event shall the Company’s early termination of you pursuant to the preceding
sentence require the Company to provide the Termination Entitlement for any greater period than the period beginning on the date your written notice of termination is received by the Company and ending ninety (90) days thereafter. 

5.7 Release. In the event of a termination of the Term of Employment pursuant to Sections 5.3, 5.4, or 5.5 above, a condition precedent
to the Company’s obligation to make or continue to make the payments associated with such termination shall be your execution and delivery to the Company of a release of all claims you have against the Company, its affiliates and their related
persons arising out of or in connection with your employment or termination of employment, including, but not limited to, a release of all claims of discrimination, in substantially the form attached hereto as Exhibit A (as such form may be updated
in the discretion of the Company). The Company will deliver such release to you at or about the time it delivers or receives the notice of termination, and you will execute and deliver such release to the CEO or his or her designee within
twenty-one (21) days thereafter. If you fail to execute and deliver such release to the Company within such 21-day period, or if you revoke your consent to such release as provided therein, you will not be eligible to receive any further
payments from the Company. 
 5.8 Benefits and Other Payments Upon Termination. Upon termination of the Term of Employment, your
rights to benefits and payments under any Benefit Plan or Long-Term Incentive Plan or other plan of the Company or TWI will be determined in accordance with the then current terms and provisions of such plans and any agreements under which such
benefits or payments were granted. 
 6. Protection of Confidential Information, Non-Compete and Non-Disparagement.  

6.1 Protection of Confidential Information and Non-Compete Covenants. 

(a) Acknowledgements. You acknowledge that your employment by the Company will bring you into close contact with many confidential
affairs of the Company, including information about costs, profits, markets, sales, products, key personnel, operational methods, technical processes, plans for future development and other business affairs and editorial

  
 5 

 
matters not readily available to the public. You further acknowledge that the services to be performed under this Agreement are of a special, unique, unusual, extraordinary and intellectual
character. You further acknowledge that the business of the Company is international in scope, that its products are marketed throughout the world, that the Company competes in nearly all of its business activities with other organizations that are
or could be located in nearly any part of the world and that the nature of your services, position and expertise are such that you are capable of competing with the Company from nearly any location in the world. In recognition of the foregoing, you
covenant and agree to the requirements of this Section 6. 
 (b) Safeguarding of Confidential Information. You will keep secret
all confidential matters of the Company, including without limitation, the terms and provisions of this Agreement, and will not use for your own benefit or intentionally disclose such matters to anyone outside of the Company, either during or after
the Term of Employment, except with the Company’s written consent, provided that (i) you will have no such obligation to the extent such matters are or become publicly known other than as a result of your breach of your obligations
hereunder; (ii) you may, after giving prior notice to the Company to the extent practicable under the circumstances, disclose such matters to the extent required by applicable laws or governmental regulations or judicial or regulatory process;
(iii) you may disclose the terms of this Agreement to your spouse or life partner, attorney, accountant, and/or financial advisor, provided that such persons also agree to maintain such confidentiality; and (iv) during the Term of
Employment, you may disclose certain Company confidential financial information to appropriate third parties in the good faith discharge of your duties as Chief Financial Officer. The rights set forth herein are in addition to all rights the
Company may have under the common law or applicable statutory laws relating to the protection of trade secrets; 
 (c) Return or Erasure
of Company Information. You will deliver promptly to the Company (or erase from memory on your computer) on termination of your employment by the Company, or at any other time the Company may so request, all memoranda, notes, records, reports
and other documents (and all copies thereof) in any form whatsoever (including information contained in computer memory or on any computer disks) relating to the Company’s business, which you obtained while employed by, or otherwise serving or
acting on behalf of, the Company and which you may then possess or have under your control; 
 (d) Nonsolicitation of Employees. In
the event your employment terminates for any reason, then for a period of one (1) year after such termination, you will not employ or solicit the employment of, and shall not assist or encourage any other person or entity to employ or
solicit the employment of, any person who was an employee of the Company or any of its affiliated companies at the date of your termination or within six (6) months prior thereto; provided, however, that this Section 6.1(d) shall not
preclude general print advertising for personnel or responding to an unsolicited request for a personal recommendation for or evaluation of an employee of the Company or any of its subsidiaries or affiliates; and 

(e) Noncompetition. During the Term of Employment and, for a period of one (1) year after (i) the effective date of
your retirement or other voluntary termination of employment, or (ii) the date of any termination of your employment under Section 5, you will not, directly or indirectly, without the prior written consent of the CEO of the Company, or his
or her designee, render any services to any other person or entity, or acquire any interest of any type in any other person or entity which is engaged, either directly or indirectly, in any line of business that is substantially the same as any
line of business which the Company primarily engages in, 

  
 6 

 
conducts or, to your knowledge has definitive plans to primarily engage in or conduct. The foregoing shall not be deemed to prohibit you from acquiring securities of any corporation which
are publicly traded so long as such securities do not constitute more than one percent (1%) of the outstanding voting power of that public company. 

6.2 No Use of Client Information; Nonsolicitation of Company Clients or Prospective Clients. You acknowledge that the Company has a
compelling business interest in preventing unfair competition stemming from the use or disclosure of confidential client information, including but not limited to the identity of clients and prospective clients (“Client Information”), in
the event that, after any termination of your employment with the Company, you go to work for or become affiliated with a competitor of the Company or otherwise engage in business activities that are competitive with those of the Company. You
further acknowledge that all clients serviced by you as an executive of the Company are clients of the Company and not yours personally, and that by virtue of your employment with the Company, you have gained or will gain knowledge of the identity,
characteristics, and preferences of clients, and that you would inevitably have to draw on Client Information if you were to solicit or service the Company’s clients or contact prospective clients on behalf of a competing business enterprise.
Accordingly, you agree that for one (1) year following the termination of your employment for any reason, you will not solicit the business of or perform any services for any actual or prospective client for whom you provided any services or as
to whom you had access to Client Information during the course of your employment with the Company. You also agree that, during this one-year period, you will not encourage or assist any person or entity in competition with the Company to solicit or
service any actual or prospective client of the Company covered by this Section 6.2, or otherwise seek to encourage or induce any such client to cease doing business with, or lessen its business with, the Company. 

6.3 Non-Disparagement. You will not make any statements that are professionally or personally disparaging about, or adverse to, the
interests of the Company (including any subsidiaries or affiliates and each of their officers, directors, and employees), including, but not limited to, any statements that disparage any person, product, service, financial condition, or any other
aspect of the business of the Company, Company subsidiaries or affiliates. 
 6.4 Specific Remedy. In addition to such other rights
and remedies as the Company may have at equity or in law with respect to any breach of this Agreement, if you commit a material breach of any of the provisions of this Section 6, the Company will have the right and remedy to have such
provisions specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide an adequate
remedy to the Company. In the event that you violate any of the provisions of this Section 6, the period of the restrictive covenants set forth in those provisions shall be extended for the period of time you remain in violation. You also agree
to indemnify the Company and hold the Company harmless from any and all losses suffered by the Company as a result of any violation by you of this Agreement, and to pay the Company’s reasonable attorneys’ fees and other legal expenses
incurred to enforce this Agreement. 
 7. Ownership of Work Product. You acknowledge that during the Term of Employment, you
may, in the course of your employment, conceive of, discover, invent or create inventions, improvements, new contributions, literary property, material, ideas and discoveries, whether patentable or copyrightable or not (all of the
foregoing being collectively referred to herein 

  
 7 

 
as “Work Product”), and that various business opportunities shall be presented to you by reason of your employment by the Company. You acknowledge that, unless the Company otherwise
agrees in writing, all of the foregoing shall be owned by and belong exclusively to the Company and that you will have no personal interest therein, provided that they are, in the case of Work Product, conceived or made on the Company’s time or
with the use of the Company’s facilities or materials, or, in the case of business opportunities, are presented to you for the possible interest or participation of the Company. You will further, unless the Company otherwise agrees in writing,
(i) promptly disclose any such Work Product and business opportunities to the Company; (ii) assign to the Company, upon request and without additional compensation, the entire rights to such Work Product and business opportunities to the
extent not otherwise owned at law by the Company; (iii) sign all papers necessary to carry out the foregoing; and (iv) give testimony in support of his/her inventorship or creation in any appropriate case. You agree that you will not
assert any rights to any Work Product or business opportunity as having been made or acquired by you prior to the date of this Agreement except for Work Product or business opportunities, if any, disclosed to and acknowledged by the Company in
writing prior to the date hereof. In furtherance of and without limiting the foregoing, any copyrightable work created in connection with the services provided by you hereunder shall be considered “work made for hire” under the Copyright
Law of 1976 and any successor thereto, and the Company shall be the owner of such work. 
 8. Representations. 

(a) You represent and warrant that you are not a party to any agreements or understandings which would prevent your fulfillment of the terms
of this Agreement or which would be violated by entering into this Agreement and performing your obligations hereunder. 
 (b) The Company
and TWI shall have the right to use your name, biography and likeness in connection with their respective businesses and that of their subsidiaries and affiliates, but not as a direct endorsement. 

9. Indemnification. You shall be entitled throughout the Term of Employment (and after the end of the Term of Employment, to the
extent relating to service during the Term of Employment) to the benefit of the indemnification provisions contained on the date hereof in the Charter and By-laws of the Company (not including any amendments or additions after the Effective Date
that limit or narrow, but including any that add to or broaden, the protection afforded to you by those provisions). 
 10.
General. 
 10.1 Notices. All notices, requests, consents and other communications required or permitted to be given
hereunder shall be in writing and shall be deemed to have been duly given, if delivered personally or mailed first-class, postage prepaid, by registered or certified mail, as follows (or to such other or additional address as either party shall
designate by notice in writing to the other in accordance herewith): 
 If to the Company: 

Time Inc. 
 1271 Avenue of the
Americas 
 New York, NY 10020 

Attn: Chief Executive Officer 
 If to you, to
the address set forth on the records of the Company. 

  
 8 

 10.2 Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York. 
 10.3 Captions. The section headings contained herein are for reference purposes
only and shall not in any way affect the meaning or interpretation of this Agreement. 
 10.4 Entire Agreement and No Other
Representations. The parties expressly acknowledge, represent and agree that this Agreement is fully integrated, and contains and constitutes the complete and entire agreement and understanding of the parties with respect to the subject matters
hereof and supersedes any and all agreements, understandings, and discussions, whether written or oral, between the parties with respect to the subject matters hereof. The parties further acknowledge, represent and agree that neither has made any
representations, promises or statements to induce the other party to enter into this Agreement, and each party specifically disclaims reliance, and represents that there has been no reliance, on any such representations, promises or statements and
any rights arising therefrom. 
 10.5 Assignability. This Agreement and your rights and obligations hereunder may not be assigned by
you. The Company may assign its rights, together with its obligations, hereunder in connection with any sale, transfer or other disposition of all or substantially all of the business and assets of the Company or of the magazine, group, or division,
which is employing you and such rights and obligations shall inure to, and be binding upon, any successor to the business or substantially all of the assets of the Company or of the magazine, group, or division which is employing you; whether by
merger, purchase of stock or assets or otherwise, and such successor shall expressly assume such obligations. 
 10.6 Amendments,
Waivers. This Agreement may be amended, modified or superseded, and the terms or covenants hereof may be waived only by written instrument executed by both of the parties hereto, or in the case of a waiver, by the party waiving compliance. The
failure of either party at any time or times to require performance of any provisions hereof shall in no manner affect such party’s right at a later time to enforce the same. No waiver by either party of the breach of any term or covenant
contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained
in this Agreement. 
 10.7 Arbitration. The parties agree that all claims, disputes, and/or controversies arising under this
Agreement and your employment hereunder (whether or not based on contract, tort or upon any federal, state or local statute, including but not limited to claims asserted under the Age Discrimination in Employment Act, as amended, Title VII of the
Civil Rights Act of 1964, as amended, any state Fair Employment Practices Act, and/or the Americans with Disabilities Act), shall be resolved exclusively through mediation/arbitration by JAMS in accordance with the JAMS Rules and Procedures for
Mediation/Arbitration of Employment Disputes; provided, however, that in the event that the Company alleges that you are in breach of any of the provisions contained in Section 6 or 7 of this Agreement, the Company shall not be required to
submit such dispute to mediation/arbitration. In such event, the Company shall have the right to obtain from any court or 

  
 9 

 
arbitrator having jurisdiction, such injunctive or equitable relief, in addition to any other remedies which may be available to the Company. In the event that the Company chooses to bring any
such suit, proceeding or action in an appropriate court, you hereby waive your right, if any, to trial by jury, and hereby waive your right, if any, to interpose any counterclaim or set-off for any cause whatever. 

10.8 Acknowledgment and Consent. You acknowledge that the restrictions contained in this Agreement, including but not limited to those
contained in Sections 6 and 7, are fair, reasonable and necessary for the protection of the legitimate business interests of the Company, and that the Company will suffer irreparable harm in the event of any actual or threatened breach by you. You
therefore consent to the entry of a restraining order, preliminary injunction, or other court order to enforce this Agreement and expressly waive any security that might otherwise be required in connection with such relief. You also agree that any
request for such relief by the Company shall be in addition to and without prejudice to any claim or monetary damages which that Company might elect to assert. 

10.9 Severability. If any provision of this Agreement is held to be unenforceable by a court, the remaining provisions shall be
enforced to the maximum extent possible. If a court should determine that any provision of this Agreement is overbroad or unreasonable, such provision shall be given effect to the maximum extent possible by narrowing or enforcing in part that aspect
of the provision found overbroad or unreasonable. 
 10.10 Conflict of Interest. Attached as Exhibit B and made part of this
Agreement is the Company Standards of Business Conduct. You confirm that you have read, understand and will comply with the terms thereof and any reasonable amendments thereto. In addition, as a condition of your employment under this Agreement, you
understand that you may be required periodically to confirm that you have read, understand and will comply with the Standards of Business Conduct as the same may be revised from time to time. 

10.11 Withholding Taxes. Payments made to you pursuant to this Agreement shall be subject to withholding and social security taxes and
other ordinary and customary payroll deductions. 
 10.12 Compliance with IRC Section 409A. This Agreement is intended to comply
with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and will be interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything herein to the contrary, if at the time
of your termination of employment with the Company you are a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any
payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of
the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to you) until the expiration of the six-month period measured from the date of your separation from service with
the Company (or the earliest date as is permitted under Section 409A of the Code). On the first day of the seventh month following the date of your separation from service, or if earlier, the date of your death, (x) all payments delayed
pursuant to this paragraph (whether they would have otherwise been paid or reimbursed to you in a single sum or in installments) shall be paid or 

  
 10 

 
reimbursed to you in a single sum and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal dates specified for them in this
Agreement. In addition, if any other payments of money or other benefits due to you hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if
deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause
such an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due to you under this Agreement constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits
shall be paid to you in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code. The
Company shall consult with you in good faith regarding the implementation of the provisions of this Section 10.12; provided that neither the Company nor any of its employees or representatives shall have any liability to you with respect to
thereto. 
 10.13 No Offset. Neither you nor the Company shall have any right to offset any amounts owed by one party hereunder
against amounts owed or claimed to be owed to such party, whether pursuant to this Agreement or otherwise, and you and the Company shall make all the payments provided for in this Agreement in a timely manner. 

10.14 Survival. Sections 6, 7, 8, 9 and 10 shall survive any termination of the Term of Employment by the Company for cause pursuant to
Section 5.1. Sections 6, 7, 8, 9 and 10 shall survive any termination of the term of employment pursuant to Sections 5.2, 5.3, 5.4 and 5.5. Sections 5.4(c), 5.4(d), 5.4(e) and 5.7 shall also survive any termination of the Term of Employment
pursuant to Sections 5.4 and 5.5. 
 10.15 Beneficiaries. Whenever this Agreement provides for any payment to your estate, such
payment may be made instead to such beneficiary or beneficiaries as you may designate by written notice to the Company. You shall have the right to revoke any such designation and to redesignate a beneficiary or beneficiaries by written notice to
the Company (and to any applicable insurance company) to such effect. 
 10.16 Counterparts. This Agreement may be executed in any
number of counterparts all of which shall constitute one original instrument. 
 10.17 No Other Payments or Benefits. In the event
the Term of Employment is terminated pursuant to any section of this Agreement, you shall not be entitled to any severance under the Company’s general employee policies or any severance policy or plan maintained by the Company, the payment and
benefits provided for in this Agreement constituting the sole source of any payments or benefits payable to you except any amounts payable to you as required by applicable law. 

  
 11 

 If the foregoing correctly sets forth the understanding between you and the Company, please sign and date below
and return this Agreement to the Company. 
  

							
	TIME INC.	 		 	ACCEPTED AND AGREED:
			
	By:     /s/ Ann S.
Moore                                        
        	 		 	/s/ Howard M. Averill
	      Ann S. Moore	 		 	Howard M. Averill
				
		 		 	Dated:	 	    7/20/10

  
 12 

 EXHIBIT A 

FORM OF RELEASE 
 This Release is made by
and among                      and TIME INC. (the “Company”), 1271 Avenue of the Americas, New York, NY 10020, as of the date set
forth below in connection with the Employment Agreement dated                     , and the letter agreement (the “Letter
Agreement”) between                      and the Company dated as of
            , and in association with the termination of my employment with the Company. 

In consideration of payments made to me and other benefits to be received by me by the Company and other benefits to be received by me pursuant to the
Employment Agreement, as further reflected in the Letter Agreement, I,                     , being of lawful age, and on behalf of
myself, my heirs, dependents, executors, administrators, trustees, legal representatives and assigns (collectively referred to as “Releasors”) do hereby release and forever discharge the Company and Time Warner Inc., and each of their
respective parent entities, subsidiaries, divisions, related and affiliated entities and employee benefit plans, and all of their officers, directors, shareholders, agents, administrators, trustees, fiduciaries and employees (in their official and
individual capacities), and all of their heirs, executors, administrators, predecessors, successors, and assigns (collectively referred to herein as “Time Inc. Entities and Persons”), of and from any and all actions, causes of action,
claims, or demands of any kind whatsoever (including without limitation for general, special or punitive damages, attorney’s fees, expenses, or other compensation and/or equitable remedy), known or unknown, which in any way relate to or arise
out of my employment with the Time Inc. Entities and Persons or the termination of such employment, which I had or may now have against any Time Inc. Entities or Persons by reason of any actual or alleged act, omission, transaction, practice,
conduct, statement, occurrence, or other matter up to and including the date I sign this Release. Each of the Time Inc. Entities and Persons is intended to be a third party beneficiary under this Release. 

Without limiting the generality of the foregoing, this Release is intended to and shall release the Time Inc. Entities and Persons from any and all claims,
whether known or unknown, which Releasors ever had or may now have against any of the Time Inc. Entities and Persons arising out of my employment, the terms and conditions of such employment, and/or the termination or separation of my employment,
including but not limited to: (i) any claims of discrimination or harassment in employment on the basis of age, religion, gender, sexual orientation, race, national origin, disability or any other legally protected characteristic, and of
retaliation, under, without limitation, Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 1981, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Equal Pay Act, the New York Human Rights Law, the New York
Labor Law; the New York City Administrative Code, and all other federal, state and local equal employment opportunity and fair employment practice laws (all as amended); (ii) any claims under the Employee Retirement Income Security Act of 1974
(except as set forth below), the Family and Medical Leave Act and state and local laws of similar effect, the National Labor Relations Act, Workers Adjustment and Retraining Notification Act, the New York Workers Adjustment and Retraining
Notification Act and other state and local laws of similar effect (all as amended); and (iii) any other claim (whether based on federal, state, or local law, statutory or decisional) relating to or arising out of my employment, the terms and

 
conditions of such employment, and/or the termination or separation of such employment, and/or any of the events and decisions relating directly or indirectly to or surrounding the termination of
that employment, including but not limited to claims for breach of contract (express or implied), wrongful discharge, detrimental reliance, defamation, whistleblowing, harassment, retaliation, mental distress, emotional distress, physical injury,
humiliation or compensatory or punitive damages. 
 By virtue of this Release, I agree that I have waived any damages and other relief available to me
(including, without limitation, money damages, equitable relief and reinstatement) with respect to any claim or cause of action waived or released herein. Nothing herein, however, shall constitute a waiver of claims arising after the date I sign
this Release or the Letter Agreement, claims to enforce the Employment Agreement, my rights to accrued, vested benefits under any qualified or non-qualified employee benefit plan of the Company or its parent companies or subsidiaries (in accordance
with the terms of the official plan documents and applicable law), claims for benefits under the Company group medical, dental and vision plans (in accordance with the terms of such plans and applicable law), claims for unemployment or workers
compensation benefits, claims under the Fair Labor Standards Act, or any claim that cannot be waived by law. Nothing contained herein shall constitute a release of any claim for indemnification for acts or omissions taken or omitted to be taken by
me on or prior to                     , under the Charter and Bylaws of the Company or any of its subsidiaries or affiliates. Additionally,
nothing in the Letter Agreement or this Release shall be construed to prevent me from filing a charge with, responding to a subpoena from, or participating in an investigation conducted by, any governmental agency, though I acknowledge and agree
that I have waived the right to recover monetary damages and any other relief with respect to the claims I am waiving and releasing in this Release in connection with any charge or proceeding. 

I acknowledge that I have been given 21 days from the day I received a copy of this Release and the Letter Agreement to sign these papers and that I have been
advised to consult an attorney before signing them. I understand that I have the right to revoke my consent to this Release and the Letter Agreement for seven days following my signing this Release and the Letter Agreement. Provided I do not revoke
them, the effective date of this Release and the Letter Agreement shall be the 8th day after I sign them (the “Effective Date”). 

I further state that I have read the foregoing document and the Letter Agreement, that I know and understand the contents thereof, and that I knowingly and
voluntarily have signed the same as my own free act. 
 WITNESS my hand this             
day of                     , 20__. 
  

	
	   

  
 A-2 

 EXHIBIT B 

TIME INC. STANDARDS OF BUSINESS CONDUCT 

(Attached) 

					
	 

	 		 	 Time Inc.
 Time & Life Building

1271 Avenue of the Americas
 New York, NY 10020

 As of October 17, 2011 

Via Facsimile and Overnight Delivery 
 Howard M. Averill

 c/o Time Inc. 
 1271 Avenue of the Americas 

New York, NY 10020 
  

	RE:	Amendment to Employment Agreement 

 Dear Howard: 

Reference is hereby made to the employment agreement (the “Agreement”) by and between Howard M. Averill (“you”) and Time Inc. (the
“Company”) made and effective July 20, 2010, regarding the terms and conditions of your employment with the Company. 
 This letter (the
“Amendment”) will confirm our mutual agreement to amend the Agreement. Terms used but not otherwise defined in this Amendment shall have the meanings given such terms in the Agreement. 

The Agreement is amended as follows: 
  

	 	A.	Section 3.4 is added to the Agreement 

 3.4 Recognition Bonus. The Company will pay
you a Recognition bonus (“Recognition Bonus”) in an amount equal to the amount of any AIP bonus you receive for 2011, less applicable deductions and withholdings. The Recognition Bonus will be paid to you on or before March 15, 2012.
The payment of the Recognition Bonus is subject to your employment with the Company through December 31, 2011. If, prior to December 31, 2011, you voluntarily terminate employment with the Company or you are terminated for Cause you will
forfeit any Recognition Bonus. If, prior to December 31, 2011, your employment is terminated without cause or due to death, disability or job elimination, any Recognition Bonus will be prorated through your last day of employment. 

  
 16 

 Except as amended hereby, the Agreement shall remain in full force and effect. 

IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly executed as of the date first above written. 

 

			
	TIME INC.
		
	By:	 	 /s/ James Cummings

	Name:	 	James Cummings
	Title:	 	Vice President

 CONFIRMED AND AGREED: 
  

					
	 /s/ Howard M. Averill
	 		 	 10/17/11

	Howard M. Averill	 		 	Date

  
 17 

 TIME INC. 

1271 AVENUE OF THE AMERICAS 

NEW YORK, NEW YORK 10020 

December 6, 2013 
 Via Hand Delivery 

Mr. Howard Averill 
 1271 Avenue of the Americas 

New York, New York 10020 
 Dear Howard: 

Reference is made to your Employment Agreement made and effective July 20, 2010 and amended October 17, 2011 (the “Employment
Agreement”) with Time Inc. (the “Company”). Capitalized terms used herein but not otherwise defined in this letter agreement (“Letter Agreement”) shall have the meanings given such terms in the Employment Agreement. You and
the Company have agreed that you will resign your position as Executive Vice President and Chief Financial Officer to accept employment with Time Warner Inc. We have agreed that your employment with the Company will end at the beginning of
September 3, 2013 (“Effective Termination Date”) and the provisions of Section 5.6 of your Employment Agreement will apply, subject to the modifications set forth in this Letter Agreement (which modifications shall be deemed to
constitute an amendment to your Employment Agreement). This Letter Agreement sets forth the understandings between the Company and you concerning the termination of your employment and your entitlements under the Employment Agreement. 

You and the Company, intending to reflect our mutual understanding regarding the terms of the plan for the separation of your employment from
the Company, hereby agree as follows: 
 1. From the Date of this Letter Agreement through the beginning of the Effective Termination Date,
you will continue to perform your duties, as outlined in your Employment Agreement, as Executive Vice President and Chief Financial Officer for Time Inc. From the date of this Letter Agreement through the Effective Termination Date, your Base Salary
will continue to be paid at the times set forth in the Employment Agreement. Your pro-rated Bonus for 2013 for the period from January 1, 2013 through September 2, 2013 will be paid in 2014 at the time bonuses are paid to other executives
of the Company and in accordance with the normal processes that have been followed in connection with your Bonus in prior years. You and the Company have agreed that your individual rating for purposes of calculating the

 
pro-rated Bonus for 2013 will be 150. With respect to the Time Inc. Cash Long-Term Incentive Plan (“Cash LTIP”) awards for which the performance period has not ended prior to the
Effective Termination Date, the vesting and payout will be determined in accordance with the terms of the Cash LTIP. 
 2. On the Effective
Termination Date, you will step down from your position as Executive Vice President and Chief Financial Officer. You will coordinate with the Company regarding the officer and director positions you currently hold with the Company’s
subsidiaries such that you agree that you will resign at the time(s) requested as successor(s) are identified and appointed to such subsidiary positions, with the understanding that the appointment of successors in the subsidiary positions will be
completed by December 31, 2013. To the extent action has not been taken to elect a successor to an officer or director position at a Company subsidiary as of such date, you shall be deemed to have resigned from the position. 

3. You agree to cooperate with the Company in providing for an orderly transition through your last day of employment and thereafter, which
cooperation shall include giving such assistance as may be reasonably requested by the Company. Such cooperation shall extend to additional matters as reasonably requested by the Company from time to time, including, without limitation, legal
matters about which you have knowledge by virtue of your employment with the Company. The Company shall reimburse you for all reasonable expenses (as determined in the discretion of the Company) in fulfilling your obligations under this paragraph.

 4. You and the Company acknowledge that you have not met the requirements to be eligible to receive the transaction bonus described in
the March 15, 2013 letter between you and the Company. You agree that you will not receive any transaction bonus from the Company pursuant to the March 15, 2013 letter between you and the Company. 

5. You agree and acknowledge that you have no further right to receive any compensation, payments or benefits from the Company, other than as
set forth in the Employment Agreement, as amended by this Letter Agreement. 
 6. Except as expressly amended by this Letter Agreement, the
Employment Agreement remains in full force and effect 
 7. This Letter Agreement may be executed in counterparts, and each counterpart,
when executed, shall have the efficacy of a signed original. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 

8. This Letter Agreement shall be governed by and construed and enforced in accordance with the substantive laws of the State of New York
applicable to agreements made and to be performed entirely in New York. 
 9. This Letter Agreement is intended to comply with
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and will be interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything herein or contained in the Employment
Agreement to the contrary, (i) if at the Effective Termination Date you are a “specified employee” as defined in Section 409A of the Code (and any related 

  
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regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is
necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder or under the Employment Agreement (without
any reduction in such payments or benefits ultimately paid or provided to you) until the date that is six months following your termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code) and
(ii) if any other payments of money or other benefits due to you hereunder or under the Employment Agreement could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits
shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company,
that does not cause such an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due to you under this Letter Agreement or under the Employment Agreement constitutes “deferred compensation” under
Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to you in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this Agreement or under the Employment Agreement shall
be designated as a “separate payment” within the meaning of Section 409A of the Code. The Company shall consult with you in good faith regarding the implementation of the provisions of this Paragraph 12; provided that neither the
Company nor any of its employees or representatives shall have any liability to you with respect to thereto. 
 If the foregoing accurately
reflects our agreement, please so indicate by signing where indicated below. 
  

			
	Very truly yours,
	
	TIME INC.
		
	By:	 	/s/ James Cummings
		 	Name: James Cummings
		 	Title: Vice President

  

			
	Agreed and Accepted:
	
	/s/ Howard M. Averill
	Howard Averill
		
	Date:	 	12/6/2013

  
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