Document:

EX-10.2 LETTER AGREEMENT

Exhibit 10.2

TIME WARNER ENTERTAINMENT COMPANY, L.P.

One Time Warner Center

North Tower

New York, New York 10019

August 5, 2008

Mr. Robert D. Marcus

Senior Executive Vice President &

Chief Financial Officer

Time Warner Cable Inc.

One Time Warner Center

17th Floor, North Tower

New York, NY 10019

     RE:      Clarification of Employment Agreement

Dear Rob:

          This letter serves to confirm our mutual understanding about how your August 15, 2005
employment agreement will affect your equity awards in connection with the planned separation (the
“Separation”) of Time Warner Cable Inc. (“TWC”) from Time Warner Inc. (“Time Warner”). If you
agree with this description, please sign and return a copy of this letter to TWC. These
clarifications will be a part of your employment agreement effective on August 5, 2008.

     1. Under your employment agreement, the Separation will not have an impact on the vesting or
term of your TWC equity awards, nor will the Separation result in any special treatment of your
awards under the TWC LTIP. Accordingly, the Separation will not accelerate the vesting of any of
your TWC equity awards, nor will the term of those awards be shortened on account of the
Separation.

     2. Upon a termination without cause, unless you are then eligible for retirement, all of your
vested TWC and Time Warner stock options, and not just those that vest as a result of such
termination, will remain exercisable for three years after you cease to be treated as an employee
of the Company (but not beyond the original term of the options). This same treatment applies if
you terminate your employment in connection with a “Material Breach” by the Company of your
employment agreement.

     3. The reference in section 7.5 of your employment agreement to the phrase “left the payroll”
will be understood as “ceased to be treated as an employee.”

 

 

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/ Marc Lawrence-Apfelbaum
 	 
	 	Marc Lawrence-Apfelbaum, 	 
	 	Executive Vice President,

General Counsel & Secretary 	 
	 

Agreed and Accepted:

ROBERT MARCUS

/s/
Robert D. Marcus      

Date: August 5, 2008EX-10.1 Amendment to the AOL Time Warner Inc.

Exhibit 10.1

AMENDMENT TO THE

AOL TIME WARNER INC. 1994 STOCK OPTION PLAN

     1. This Amendment to the AOL Time Warner Inc. 1994 Stock Option Plan (the “Plan”) shall become
effective on October 1, 2008 (the “Effective Date”).

     2. The terms “Fair Market Value,” “fair market value” and “Market Value,” as applicable, and
their respective definitions, as may be set forth in the Plan shall be amended by replacing any
such terms with “Fair Market Value” and replacing their respective definitions with the following:

“Fair Market Value” means, on a given date, (i) if there should be a public market
for the shares of Common Stock on such date, the closing sale price of the shares of
Common Stock on the New York Stock Exchange Composite Tape, or, if the shares of
Common Stock are not listed or admitted on any national securities exchange, the
average of the per share closing bid price and per share closing asked price on such
date as quoted on the National Association of Securities Dealers Automated Quotation
System (or such market in which such prices are regularly quoted) (the “NASDAQ”),
or, if no sale of shares of Common Stock shall have been reported on the New York
Stock Exchange Composite Tape or quoted on the NASDAQ on such date, then the
immediately preceding date on which sales of the shares of Common Stock have been so
reported or quoted shall be used, and (ii) if there should not be a public market
for the shares of Common Stock on such date, the Fair Market Value shall be the
value established by the Board of Directors or authorized Board committee in good
faith.

     3. This Amendment shall apply with respect to the administration of awards under the Plan for
any and all awards granted under the Plan that are outstanding on or after the Effective Date,
provided however, that this Amendment shall not amend or affect the exercise price of any stock
options granted under the Plan prior to October 1, 2008.

Date: September 10, 2008

 

TIME WARNER INC.

	 	 	 
	By:
	 	/s/ Harry L. Spencer

	 	 	 

	 	 	Harry L. Spencer

	 	 	Vice President, Global Benefits & HR OperationsEX-10.2 Amendment to the Time Warner Corporate

Exhibit 10.2

AMENDMENT TO THE

TIME WARNER CORPORATE GROUP STOCK INCENTIVE PLAN

     1. This Amendment to the Time Warner Corporate Group Stock Incentive Plan (the “Plan”) shall
become effective on October 1, 2008 (the “Effective Date”).

     2. The terms “Fair Market Value,” “fair market value” and “Market Value,” as applicable, and
their respective definitions, as may be set forth in the Plan shall be amended by replacing any
such terms with “Fair Market Value” and replacing their respective definitions with the following:

“Fair Market Value” means, on a given date, (i) if there should be a public market
for the shares of Common Stock on such date, the closing sale price of the shares of
Common Stock on the New York Stock Exchange Composite Tape, or, if the shares of
Common Stock are not listed or admitted on any national securities exchange, the
average of the per share closing bid price and per share closing asked price on such
date as quoted on the National Association of Securities Dealers Automated Quotation
System (or such market in which such prices are regularly quoted) (the “NASDAQ”),
or, if no sale of shares of Common Stock shall have been reported on the New York
Stock Exchange Composite Tape or quoted on the NASDAQ on such date, then the
immediately preceding date on which sales of the shares of Common Stock have been so
reported or quoted shall be used, and (ii) if there should not be a public market
for the shares of Common Stock on such date, the Fair Market Value shall be the
value established by the Board of Directors or authorized Board committee in good
faith.

     3. This Amendment shall apply with respect to the administration of awards under the Plan for
any and all awards granted under the Plan that are outstanding on or after the Effective Date,
provided however, that this Amendment shall not amend or affect the exercise price of any stock
options granted under the Plan prior to October 1, 2008.

Date: September 10, 2008

 

TIME WARNER INC.

	 	 	 
	By:
	 	/s/ Harry L. Spencer

	 	 	 

	 	 	Harry L. Spencer

	 	 	Vice President, Global Benefits & HR OperationsEX-10.3 Amendment to the Time Warner 1997 Stock

Exhibit 10.3

AMENDMENT TO THE

TIME WARNER 1997 STOCK OPTION PLAN

     1. This Amendment to the Time Warner 1997 Stock Option Plan (the “Plan”) shall become
effective on October 1, 2008 (the “Effective Date”).

     2. The terms “Fair Market Value,” “fair market value” and “Market Value,” as applicable, and
their respective definitions, as may be set forth in the Plan shall be amended by replacing any
such terms with “Fair Market Value” and replacing their respective definitions with the following:

“Fair Market Value” means, on a given date, (i) if there should be a public market
for the shares of Common Stock on such date, the closing sale price of the shares of
Common Stock on the New York Stock Exchange Composite Tape, or, if the shares of
Common Stock are not listed or admitted on any national securities exchange, the
average of the per share closing bid price and per share closing asked price on such
date as quoted on the National Association of Securities Dealers Automated Quotation
System (or such market in which such prices are regularly quoted) (the “NASDAQ”),
or, if no sale of shares of Common Stock shall have been reported on the New York
Stock Exchange Composite Tape or quoted on the NASDAQ on such date, then the
immediately preceding date on which sales of the shares of Common Stock have been so
reported or quoted shall be used, and (ii) if there should not be a public market
for the shares of Common Stock on such date, the Fair Market Value shall be the
value established by the Board of Directors or authorized Board committee in good
faith.

     3. This Amendment shall apply with respect to the administration of awards under the Plan for
any and all awards granted under the Plan that are outstanding on or after the Effective Date,
provided however, that this Amendment shall not amend or affect the exercise price of any stock
options granted under the Plan prior to October 1, 2008.

Date: September 10, 2008

 

TIME WARNER INC.

	 	 	 
	By:
	 	/s/ Harry L. Spencer

	 	 	 

	 	 	Harry L. Spencer

	 	 	Vice President, Global Benefits & HR OperationsEX-10.4 Amendment to the America Online, Inc.

Exhibit 10.4

AMENDMENT TO THE

AMERICA ONLINE, INC. 1992 EMPLOYEE, DIRECTOR AND CONSULTANT STOCK OPTION PLAN

     1. This Amendment to the America Online, Inc. 1992 Employee, Director and Consultant Stock
Option Plan (the “Plan”) shall become effective on October 1, 2008 (the “Effective Date”).

     2. The terms “Fair Market Value,” “fair market value” and “Market Value,” as applicable, and
their respective definitions, as may be set forth in the Plan shall be amended by replacing any
such terms with “Fair Market Value” and replacing their respective definitions with the following:

“Fair Market Value” means, on a given date, (i) if there should be a public market
for the shares of Common Stock on such date, the closing sale price of the shares of
Common Stock on the New York Stock Exchange Composite Tape, or, if the shares of
Common Stock are not listed or admitted on any national securities exchange, the
average of the per share closing bid price and per share closing asked price on such
date as quoted on the National Association of Securities Dealers Automated Quotation
System (or such market in which such prices are regularly quoted) (the “NASDAQ”),
or, if no sale of shares of Common Stock shall have been reported on the New York
Stock Exchange Composite Tape or quoted on the NASDAQ on such date, then the
immediately preceding date on which sales of the shares of Common Stock have been so
reported or quoted shall be used, and (ii) if there should not be a public market
for the shares of Common Stock on such date, the Fair Market Value shall be the
value established by the Board of Directors or authorized Board committee in good
faith.

     3. This Amendment shall apply with respect to the administration of awards under the Plan for
any and all awards granted under the Plan that are outstanding on or after the Effective Date,
provided however, that this Amendment shall not amend or affect the exercise price of any stock
options granted under the Plan prior to October 1, 2008.

Date: September 10, 2008

 

TIME WARNER INC.

	 	 	 
	By:
	 	/s/ Harry L. Spencer

	 	 	 

	 	 	Harry L. Spencer

	 	 	Vice President, Global Benefits & HR Operations

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