Document:

Exhibit

Time Inc.
Inducement Award Plan

Non Qualified Stock Option Agreement
WHEREAS, the Company has adopted the “Plan” (as defined below), the terms of which are hereby incorporated by reference and made a part of this Non Qualified Stock Option Agreement, including any appendices attached hereto (collectively the “Agreement”); and
WHEREAS, the Company has determined to grant the stock option (“Option”) provided for herein to the Grantee pursuant to the Plan and the terms set forth herein to induce the Grantee to become employed by Employer.
NOW, THEREFORE, the Company grants the Option subject to the following terms and conditions:
1.    Definitions.  Whenever the following terms are used in this Agreement, they shall have the meanings set forth below.  Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.
(a)    “Cause” means, “Cause” as defined in an employment agreement between the Company or any of its Affiliates and the Grantee or, if not defined therein or if there is no such agreement, “Cause” means (i) the Grantee’s continued failure substantially to perform such Grantee’s duties (other than as a result of total or partial incapacity due to physical or mental illness) for a period of ten (10) days following written notice by the Company or any of its Affiliates to the Grantee of such failure, (ii) dishonesty in the performance of the Grantee’s duties, (iii) the Grantee’s conviction of, or plea of nolo contendere to, a crime constituting (A) a felony or equivalent crime under the laws of the United States or any state thereof or foreign country or (B) a misdemeanor or other crime involving moral turpitude, (iv) the Grantee’s insubordination, willful malfeasance or willful misconduct in connection with the Grantee’s duties or any act or omission which is injurious to the financial condition or business reputation of the Company or any of its Affiliates, or (v) the Grantee’s breach of any non-competition, non-solicitation or confidentiality provisions to which the Grantee is subject.  The determination of the Committee as to the existence of “Cause” will be conclusive on the Grantee and the Company.
(b)    “Date of Grant” has the meaning assigned to such term in the Notice.
(c)    “Disability” means, “Disability” as defined in an employment agreement between the Company or any of its Affiliates and the Grantee or, if not defined therein or if there shall be no such agreement, “disability” of the Grantee shall have the meaning ascribed to such term in the Company’s long-term disability plan or policy, as in effect from time to time.
(d)    “Employer” has the meaning assigned to such term in Section 8(a) of the Agreement. 

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(e)    “Employment” means a Grantee’s service as (i) an employee of the Company or any of its Affiliates or (ii) a member of the Company’s board of directors.  A leave of absence shall not constitute a termination of Employment if such leave of absence is approved by the Company or its Affiliate in writing; provided, that such leave of absence constitutes a bona fide leave of absence.  Employment shall continue if a Grantee transfers (including a termination with an immediate rehire) between the Company and one of its Affiliates or between the Company’s Affiliates without a break in service.  For purposes of the Plan, unless otherwise provided in an employment agreement between the Grantee and the Company or an Affiliate, a Grantee shall not be deemed to be providing services during any statutory or common-law notice period or any period of “garden leave” mandated under employment laws.  The Committee will have sole discretion to determine whether a Grantee has ceased to provide services and the effective date on which the Grantee ceased to provide services.  
(f)    “Expiration Date” means the date set forth on the Notice (as defined below).
(g)    “Good Reason” means “Good Reason” as defined in an employment agreement between the Company or any of its Affiliates and the Grantee or, if not defined therein or if there is no such agreement, “Good Reason” means (i) the failure of the Company to pay or cause to be paid the Grantee’s base salary or annual bonus when due or (ii) any substantial and sustained diminution in the Grantee’s authority or responsibilities materially inconsistent with the Grantee’s position; provided that either of the events described in clauses (i) and (ii) will constitute Good Reason only if the Company fails to cure such event within 30 days after receipt from the Grantee of written notice of the event which constitutes Good Reason; provided, further, that “Good Reason” will cease to exist for an event on the sixtieth (60th) day following the later of its occurrence or the Grantee’s knowledge thereof, unless the Grantee has given the Company written notice of his or her termination of employment for Good Reason prior to such date.
(h)    “Grantee” means the individual to whom this grant of Option has been granted pursuant to the Plan.
(i)    “Notice” means (i) the Notice of Grant of Stock Option that accompanies this Agreement, if this Agreement is delivered to the Grantee in “hard copy,” and (ii) the screen display of the website for the stock plan administration with the heading “Vesting Schedule and Details,” which contains the details of the grant governed by this Agreement, if this Agreement is delivered electronically to the Grantee.  
(j)    “Option Price” has the meaning assigned to such term in Section 2 of the Agreement.
(k)    “Plan” means the equity plan maintained by the Company that is specified in the Notice, which equity plan has been provided to the Grantee separately and forms a part of this Agreement, as such plan may be amended, supplemented or modified from time to time.

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(l)    “Severance Period” means the period following a termination of Employment during which a Grantee is entitled to receive salary continuation payments and continued participation under the health benefit plans of the Company or any of its Affiliates, whether pursuant to an employment agreement with, or a severance plan or other arrangement maintained by, the Company or any Affiliate.
(m)    “Tax-Related Items” has the meaning assigned to such term in Section 8(a) of the Agreement.
(n)    “Vested Portion” means, at any time, the portion of an Option which has become vested, as described in Section 3 of this Agreement.
(o)    “Vesting Date” means each vesting date set forth in the Notice.
2.    Grant of Option.  The Company hereby grants to the Grantee the right and Option to purchase, on the terms and conditions hereinafter set forth, the number of Shares set forth on the Notice, subject to adjustment as set forth in the Plan.  The purchase price of the Shares subject to the Option (the “Option Price”) shall be as set forth on the Notice.  The Option is intended to be a non-qualified stock option, and as such is not intended to be treated as an option that complies with Section 422 of the Internal Revenue Code of 1986, as amended.
3.    Vesting of the Option.
(a)    In General.  The Option shall vest and become exercisable at such times as are set forth in the Notice.
(b)    Termination of Employment.  If the Grantee’s Employment with the Company and its Affiliates terminates for any reason (including, unless otherwise determined by the Committee, a Grantee’s change in status from an employee to a non-employee (other than director of the Company or any Affiliate)), the Option, to the extent not then vested, shall be immediately canceled by the Company without consideration unless otherwise provided in the Separation from Service Addendum to this Agreement.  The Vested Portion of the Option shall remain exercisable for the period set forth in Section 4(a) of this Agreement and the Separation from Service Addendum.  If the Grantee is absent from work with the Company or with an Affiliate because of a temporary disability (any disability other than a Disability), the Grantee shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated Employment, except to the extent that the Committee so determines.
4.    Exercise of Option.
(a)    Period of Exercise.  Subject to the provisions of the Plan and this Agreement (including the Separation from Service Addendum), and the terms of any employment agreement entered into by the Grantee and the Company or an Affiliate that provides for treatment of Options that is more favorable to the Grantee, the Grantee may exercise all or any part of the Vested Portion of the Option at any time prior to the closing time of trading of the Shares on the NYSE or other stock exchange or trading system that is the primary exchange for such Shares on 

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the Expiration Date (or 5:00 p.m.  Eastern time on the Expiration Date, if earlier).  Notwithstanding the foregoing, if the Grantee’s Employment terminates prior to the Expiration Date, the Vested Portion of the Option shall remain exercisable for the period set forth in the Separation from Service Addendum.  If the last day on which the Option may be exercised, whether the Expiration Date or an earlier date due to a termination of the Grantee’s Employment prior to the Expiration Date, is a Saturday, Sunday or other day that is not a trading day on the NYSE or, if the Company’s Shares are not then listed on the NYSE, such other stock exchange or trading system that is the primary exchange on which the Company’s Shares are then traded, then the last day on which the Option may be exercised shall be the preceding trading day on the NYSE or such other stock exchange or trading system.  
(b)    Method of Exercise.
(i)    Subject to Section 4(a) of this Agreement and the Separation from Service Addendum hereto, the Vested Portion of an Option may be exercised by delivering to the Company at its principal office written notice of intent to so exercise; provided that the Option may be exercised with respect to whole Shares only.  Such notice shall specify the number of Shares for which the Option is being exercised, shall be signed (whether or not in electronic form) by the person exercising the Option and shall make provision for the payment of the Option Price and any Tax-Related Items withholding.  Payment of the aggregate Option Price shall be paid to the Company, at the election of the Committee, pursuant to one or more of the following methods: (A) in cash, or its equivalent; (B) for U.S. Grantees, by transferring Shares already owned by the Grantee (for the period necessary to avoid a charge to the Company’s earnings for financial reporting purposes) having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased to the Company and satisfying such other requirements as may be imposed by the Committee; (C) for U.S. Grantees, partly in cash and partly in Shares; or (D) if there is a public market for the Shares at such time, subject to such rules as may be established by the Committee, through delivery of irrevocable instructions to a broker to sell the Shares otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the aggregate Option Price and any Tax-Related Items withholding.  No Grantee shall have any rights to dividends or other rights of a stockholder with respect to the Shares subject to the Option until the issuance of the Shares.
(ii)    Notwithstanding any other provision of the Plan or this Agreement to the contrary, absent an available exemption to registration or qualification, the Option may not be exercised prior to the completion of any registration or qualification of the Option or the Shares under applicable U.S. state, federal or foreign securities or other laws, or under any ruling or regulation of any governmental body or national securities exchange that the Committee shall in its sole reasonable discretion determine to be necessary or advisable.
(iii)    Upon the Company’s determination that the Option has been validly exercised as to any of the Shares, the Company shall issue certificates in the Grantee’s name for such Shares or register the Grantee’s ownership of such shares electronically.  However, the Company shall not be liable to the Grantee for damages relating to any delays in issuing the Shares to the Grantee, any loss by the Grantee of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves.

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(iv)    In the event of the Grantee’s death, the Vested Portion of an Option shall remain vested and exercisable by the Grantee’s executor or administrator, or the person or persons to whom the Grantee’s rights under this Agreement shall pass by will or by the laws of descent and distribution as the case may be, to the extent set forth in Section 4(a) of this Agreement.  Any heir or legatee of the Grantee shall take rights herein granted subject to the terms and conditions hereof.
5.    No Right to Continued Employment or Future Grants of Options.  The Grantee understands that nothing contained herein constitutes an employment contract and neither the Plan nor this Agreement shall be construed as giving the Grantee the right to be retained in the Employment of the Company or any Affiliate.  Further, the Company or its Affiliate may at any time dismiss the Grantee or discontinue any other relationship, free from any liability or any claim under the Plan or this Agreement, except as otherwise expressly provided herein.  The Grantee also agrees and acknowledges that grants of Options under the Plan are discretionary and any grant of Options under the Plan does not imply or create any obligation on the part of the Company to make any future grants of Options to the Grantee.
6.    Legend on Certificates.  The certificates representing the Shares purchased by exercise of an Option shall be subject to such stop transfer orders and other restrictions as the Committee may deem reasonably advisable under the Plan or the rules, regulations, and other requirements of the U.S. Securities and Exchange Commission, any stock exchange upon which such Shares are listed, any applicable federal, state or foreign securities laws and the Company’s Articles of Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.
7.    Transferability.  Unless otherwise determined by the Committee, an Option may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate.
8.    Responsibility for Taxes.  
(a)    Obligation to Pay Withholding Taxes.  The Grantee acknowledges and agrees that, regardless of any action taken or failed to be taken by the Company or, if different, the Grantee’s employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax and payment on account or other tax-related items related to Grantee’s participation in the Plan and legally applicable to Grantee (the “Tax-Related Items”), is and remains the Grantee’s responsibility and may exceed the amount actually withheld by the Company or the Employer.  The Grantee further agrees and acknowledges that the Company and the Employer (A) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option, including the grant of the Option, the vesting or exercise of the Option, the subsequent sale of any Shares acquired pursuant to such exercise and the receipt of any dividends; and (B) do not commit to and are under no obligation to structure the terms of the Option or any aspect of the Option to reduce or eliminate the Grantee’s liability for Tax-Related Items or achieve any particular tax result.  Further, if the Grantee is subject to tax in more than one 

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jurisdiction, as applicable, the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.  
(b)    Satisfaction of Company’s Withholding Obligations.
(i)    No later than any relevant taxable or tax withholding event, as applicable, the Grantee agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items due as a result of such taxable or tax withholding event.  In this regard, Grantee authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by withholding from any payment due or transfer made under the Option or under the Plan or from any proceeds of the sale of Shares in a cashless exercise or any compensation or other amount owing to a Grantee, by the Company or the Employer, the amount (in cash, Shares, other securities, other Options or other property) of any applicable Tax-Related Items in respect of the Option, its exercise, or any payment or transfer under the Option or under the Plan.  Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering minimum applicable rates or other withholding rates including maximum applicable rates, in which case the Grantee will receive a refund of any over-withheld amount in cash and will have no entitlement to the Share equivalent.
(ii)    The Grantee agrees to pay to the Company or the Employer, any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Grantee’s participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Grantee fails to comply with his or her obligations in connection with the Tax-Related Items.
9.    Securities Laws.  Upon the acquisition of any Shares pursuant to the exercise of an Option, the Grantee will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.
10.    Notices.  Any notice under this Agreement shall be addressed to the Company in care of its General Counsel at the principal executive office of the Company, with a copy to Stock Plan Administration, at the principal executive office of the Company, and to the Grantee at the address appearing in the personnel records of the Company for the Grantee or to either party at such other address as either party hereto may hereafter designate in writing to the other.  Any such notice shall be deemed effective upon receipt thereof by the addressee.
11.    Data Privacy.  The Grantee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Grantee’s personal data as described in this Agreement and any other Option grant materials (“Data”) by and among, as applicable, the Employer, the Company and its Affiliates for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan.

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The Grantee understands that the Company and the Employer may hold certain personal information about the Grantee, including, but not limited to, the Grantee’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Grantee’s favor, for the exclusive purpose of implementing, administering and managing the Plan.  
The Grantee understands that Data will be transferred to Fidelity Stock Plan Services, LLC, or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan.  The Grantee understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Grantee’s country.  The Grantee understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative.  The Grantee authorizes the Company, Fidelity Stock Plan Services, LLC and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan.  The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage the Grantee’s participation in the Plan.  If the Grantee resides outside the U.S., the Grantee understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative.  Further, the Grantee understands that he or she is providing the consents herein on a purely voluntary basis.  If the Grantee does not consent, or if the Grantee later seeks to revoke his or her consent, his or her employment status or service and career with the Employer will not be affected; the only consequence of refusing or withdrawing the Grantee’s consent is that the Company would not be able to grant the Grantee Options or other equity awards or administer or maintain such awards.  Therefore, the Grantee understands that refusing or withdrawing his or her consent may affect the Grantee’s ability to participate in the Plan.  For more information on the consequences of the Grantee’s refusal to consent or withdrawal of consent, the Grantee understands that he or she may contact his or her local human resources representative.
12.    No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Grantee’s participation in the Plan, or the Grantee’s acquisition or sale of the underlying Shares.  The Grantee is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.
13.    Governing Law; Submission to Jurisdiction.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflicts of laws, and any and all disputes between the Grantee and the Company or any Affiliate 

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relating to the Option shall be brought only in a state or federal court of competent jurisdiction sitting in Manhattan, New York, and the Grantee and the Company and any Affiliate hereby irrevocably submit to the jurisdiction of any such court and irrevocably agree that venue for any such action shall be only in any such court.
13.    Waiver of Jury Trial.  To the extent not prohibited by applicable law which cannot be waived, each party hereto hereby waives, and covenants that it will not assert (whether as plaintiff, defendant or otherwise), any right to trial by jury in any forum in respect of any suit, action, or other proceeding arising out of or based upon this Agreement.
14.    Entire Agreement.  This Agreement, together with the Notice and the Plan, embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.  No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement or the Notice shall affect or be used to interpret, change or restrict, the express terms and provisions of this Agreement or the Notice; provided, that this Agreement and the Notice shall be subject to and governed by the Plan, and in the event of any inconsistency between the provisions of this Agreement or the Notice and the provisions of the Plan, the provisions of the Plan shall govern.
15.    Modifications And Amendments.  The terms and provisions of this Agreement and the Notice may be modified or amended as provided in the Plan.
16.    Waivers And Consents.  Except as provided in the Plan, the terms and provisions of this Agreement and the Notice may be waived, or consent for the departure therefrom granted, only by a written document executed by the party entitled to the benefits of such terms or provisions.  No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement or the Notice, whether or not similar.  Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.
17.    Reformation; Severability.  If any provision of this Agreement or the Notice (including any provision of the Plan that is incorporated herein by reference) shall hereafter be held to be invalid, unenforceable or illegal, in whole or in part, in any jurisdiction under any circumstances for any reason, (i) such provision shall be reformed to the minimum extent necessary to cause such provision to be valid, enforceable and legal while preserving the intent of the parties as expressed in, and the benefits of the parties provided by, this Agreement, the Notice and the Plan or (ii) if such provision cannot be so reformed, such provision shall be severed from this Agreement or the Notice and an equitable adjustment shall be made to this Agreement or the Notice (including, without limitation, addition of necessary further provisions) so as to give effect to the intent as so expressed and the benefits so provided.  Such holding shall not affect or impair the validity, enforceability or legality of such provision in any other jurisdiction or under any other circumstances.  Neither such holding nor such reformation or severance shall affect the legality, validity or enforceability of any other provision of this Agreement, the Notice or the Plan.

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18.    Entry into Force.  By accepting this Option, the Grantee agrees and acknowledges that (i) the Grantee has received and had an opportunity to read a copy of the Plan and (ii) the Option is granted pursuant to the Plan and is therefore subject to all of the terms of the Plan.  The Grantee acknowledges and agrees that the Grantee may be entitled from time to time to receive certain other documents related to the Company, including the Company’s annual report to stockholders and proxy statement related to its annual meeting of Shareholders (which become available each year approximately three months after the end of the calendar year), and the Grantee consents to receive such documents electronically through the Internet or as the Company otherwise directs.
19.    Appendices For Non-U.S. Grantees.  Notwithstanding any provisions in this Agreement, Grantees residing and/or working outside the United States shall be subject to the Terms and Conditions for Non-U.S. Grantees attached hereto as Appendix A and to any Country-Specific Terms and Conditions for the Grantee’s country attached hereto as Appendix B.  If the Grantee relocates from the United States to another country, the Terms and Conditions for Non-U.S. Grantees and the applicable Country-Specific Terms and Conditions will apply to the Grantee, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.  Moreover, if the Grantee relocates between any of the countries included in the Country-Specific Terms and Conditions, the special terms and conditions for such country will apply to the Grantee, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.  The Terms and Conditions for Non-U.S. Grantees and the Country-Specific Terms and Conditions constitute part of this Agreement.
20.    Repayment/Forfeiture.  As an additional condition of receiving this Option, the Grantee  agrees that this Option and any proceeds or other benefits the Grantee may receive upon exercise or otherwise hereunder shall be subject to forfeiture and/or repayment to the Company to the extent and in the manner required (i) under the terms of any policy adopted by the Company as may be amended from time to time (and such requirements shall be deemed incorporated into this Agreement without the consent of the Grantee) or (ii) to comply with any requirements imposed under applicable laws and/or the rules and regulations of the securities exchange or inter-dealer quotation system on which the Shares are listed or quoted, including, without limitation, pursuant to Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
21.    Acceptance Terms.  If the Grantee does not wish to receive this Option and/or does not consent and agree to the terms and conditions upon which this Option is offered, as set forth in the Plan and this Agreement, including the Appendices A and B attached hereto, then the Grantee must reject the Option by notifying the Company at 225 Liberty Street, New York, NY 10281, attention General Counsel no later than 60 days following the Date of Grant, in which case the Option will be cancelled.  The Grantee’s failure to notify the Company of his or her rejection of the Option within this specified period will constitute the Grantee’s acceptance of the Option and the terms and conditions upon which the Option is offered, as set forth in the Plan and this Agreement, including the Appendices A and B attached hereto.

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Separation from Service Addendum
The following terms and conditions shall apply to a Grantee’s Option unless the Grantee is party to a written agreement with the Company or one of its Affiliates that provides for different treatment specific to the Option (and not generally to employment benefits).  Where no such other agreement exists, a Grantee whose Employment with the Company or any of its Affiliates terminates shall have no claim against the Company with respect to the Option, other than as set forth in this Addendum, and this Addendum shall be the Grantee’s sole basis for any remedy under this Option related to such termination of Employment.  
	
			
	Event Triggering Employment Termination
	Vesting Acceleration on Employment Termination
	Post-Termination Exercise Period

	Termination of Employment for any reason (other than due to Disability or death or following a Change in Control as provided below): If the Grantee’s Employment terminates prior to the Vesting Date with respect to any portion of the Award for any reason other than due to Grantee’s death or Disability, or termination of Employment without Cause or resignation for Good Reason following a Change in Control:
	No vesting acceleration.  Unvested portion of the Option forfeits at 11:59pm on date Grantee’s employment terminates.
	(i) Any unvested portion of the Option shall be completely forfeited on the date of the termination of Employment; (ii) any Vested Portion of the Option may be exercised by the Grantee no later than three (3) months following the Grantee’s termination of Employment (but in no even later than the Expiration Date); and, (iii) if the Vested Portion of the Option is not exercised in the three-month period following the Grantee’s termination of Employment, such portion will be completely forfeited on the first day following such three-month period (or if earlier, the Expiration Date).

	Termination of Employment due to Disability or death:  If the Grantee’s Employment terminates due to the Grantee’s Disability or death prior to the Vesting Date, then:
	Full Vesting.
The unvested portion of the Option shall fully vest on the date of the termination of Employment
	(i) The Option shall be exercisable by the Grantee or his or her heirs for one (1) year following the termination of Employment (but in no event later than the Expiration Date); and, (ii) to the extent not exercised, the Option will be completely forfeited on the first day following such one-year period (or if earlier, the Expiration Date).

	Change in Control:  If, (i) on or within twelve (12) months following the date of a “Change in Control,” the Grantee’s Employment with the Company and its Affiliates terminates due to a termination of Grantee’s Employment without Cause or Grantee’s resignation for Good Reason, in either case, prior to the Vesting Date with respect to any portion of the Award, then:
	Full Vesting (subject to net after tax benefit rule)
The unvested portion of the Option shall fully vest on the date of the termination of Employment unless the accelerated amount would be subject to an excise tax under Section 280G in which case the portion of the Options that vest will be reduced if such reduction results in a larger net after tax benefit to the Grantee
	(i) The vested portion of the Option shall be exercisable for three (3) months following termination of Employment (or if earlier, the Expiration Date) and (ii) to the extent not exercised, the vested portion of the Option will be completely forfeited on the first day following such three-month period (or if earlier, the Expiration Date).

APPENDIX A
Time Inc.
2014 Inducement Award Plan
Non Qualified Stock Option Agreement
Terms and Conditions for Non-U.S. Grantees
Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Plan and the Non Qualified Stock Option Agreement.
		
	1.
	Nature of Grant.  In accepting the grant of the Option, the Grantee acknowledges, understands and agrees that:

		
	a)
	the Plan is established voluntarily by the Company and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

		
	b)
	the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of Options, or benefits in lieu of Options, even if Options have been granted in the past; 

		
	c)
	all decisions with respect to future Options or other grants, if any, will be at the sole discretion of the Company; 

		
	d)
	the Option grant and the Grantee’s participation in the Plan shall not create a right to Employment or be interpreted as forming an employment or services contract with the Company, the Employer or any Affiliate and shall not interfere with the ability of the Company, the Employer or any Affiliate, as applicable, to terminate the Grantee’s Employment; 

		
	e)
	the Grantee is voluntarily participating in the Plan; 

		
	f)
	the Option and the Shares subject to the Option are not intended to replace any pension rights or compensation; 

		
	g)
	the Option and the Shares subject to the Option, and the income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; 

		
	h)
	unless otherwise agreed with the Company, the Option and the Shares subject to the Option, and the income and value of same, are not granted as consideration for, or in connection with, services the Grantee may provide as a director of an Affiliate of the Company;

A-1

		
	i)
	the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty; 

		
	j)
	if the underlying Shares do not increase in value, the Option will have no value;

		
	k)
	if the Grantee exercises the Option and acquires Shares, the value of such Shares may increase or decrease in value, even below the Exercise Price;

		
	l)
	no claim or entitlement to damages shall arise from forfeiture of the Option resulting from the termination of the Grantee’s Employment; and

		
	m)
	the Grantee acknowledges and agrees that neither the Company, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between the Grantee’s local currency and the United States Dollar that may affect the value of the Option or of any amounts due to the Grantee pursuant to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise.

		
	2.
	Insider Trading Restrictions/Market Abuse Laws.  The Grantee acknowledges that, depending on his or her country of residence, the Grantee may be subject to insider trading restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell Shares or rights to Shares (e.g., Options) under the Plan during such times as the Grantee is considered to have “inside information” regarding the Company (as defined by the laws in the Grantee’s country).  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy.  The Grantee is responsible for ensuring compliance with any applicable restrictions and is advised to consult his or her personal legal advisor on this matter.

		
	3.
	Foreign Asset/Account Reporting; Exchange Controls.  The Grantee’s country may have certain foreign asset and/or account reporting requirements and/or exchange controls that may affect the Grantee’s ability to acquire or hold Shares under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside the Grantee’s country.  The Grantee may be required to report such accounts, assets or transactions to the tax or other authorities in the Grantee’s country.  The Grantee also may be required to repatriate sale proceeds or other funds received as a result of the Grantee’s participation in the Plan to the Grantee’s country through a designated bank or broker and/or within a certain time after receipt.  The Grantee acknowledges that it is the Grantee’s responsibility to be compliant with such regulations, and the Grantee is advised to consult the Grantee’s personal legal advisor for any details.

		
	4.
	Language.  If the Grantee has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

A-2

APPENDIX B
Time Inc.
2014 Inducement Award Plan
Non Qualified Stock Option Agreement
Country-Specific Terms and Conditions
Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Plan, the Non Qualified Stock Option Agreement and the Terms and Conditions for Non-U.S. Grantees.
Terms and Conditions
This Appendix B includes additional terms and conditions that govern the Option if the Grantee resides and/or works in one of the countries listed below.  If the Grantee is a citizen or resident of a country (or is considered as such for local law purposes) other than the one in which the Grantee is currently residing and/or working or if the Grantee moves to another country after receiving the grant of the Option, the Company will, in its discretion, determine the extent to which the terms and conditions herein will be applicable to the Grantee.
Notifications
This Appendix B also includes information regarding exchange controls and certain other issues of which the Grantee should be aware with respect to the Grantee’s participation in the Plan.  The information is based on the securities, exchange control and other laws in effect in the respective countries as of February 2016.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that the Grantee not rely on the information in this Appendix B as the only source of information relating to the consequences of the Grantee’s participation in the Plan because the information may be out of date at the time that the Option is exercised or the Grantee sells Shares acquired under the Plan.
In addition, the information contained herein is general in nature and may not apply to the Grantee’s particular situation and the Company is not in a position to assure the Grantee of a particular result.  Accordingly, the Grantee is advised to seek appropriate professional advice as to how the relevant laws in the Grantee’s country may apply to the Grantee’s situation.
If the Grantee is a citizen or resident of a country other than the one in which the Grantee is currently residing and/or working (or if the Grantee is considered as such for local law purposes) or if the Grantee moves to another country after receiving the grant of the Option, the information contained herein may not be applicable to the Grantee in the same manner.

B-1

CANADA

Terms and Conditions

Method of Exercise/Responsibility for Taxes.  This section supplements Section 4(b) and Section 8 of the Agreement:

Notwithstanding anything to the contrary in this Agreement, Canadian Grantees shall not be permitted to pay the Exercise Price or Tax-Related Items by surrendering previously acquired Shares to the Company.

Termination of Employment/Nature of Grant.  This section supplements the definition of “Employment” in Section 5 of the Agreement and Section 1(c) of the Conditions for Non-U.S. Grantees.

The Grantee understands and agrees that the Grantee’s Employment shall be deemed to cease as of: (i) the date the Grantee is no longer actively employed by the Employer or (ii) if earlier, the date the Grantee receives notice of termination of employment from the Employer, in each case regardless of any notice period or period of pay in lieu of such notice required under local law (including, but not limited to statutory law, regulatory law and/or common law).  The Grantee further understands that the Committee shall have the exclusive discretion to determine when the Grantee is no longer actively providing services for purposes of the Plan and the effective date on which the Grantee ceased to provide services.

The following terms and conditions will apply if the Grantee is a resident of Quebec:

Language Consent.  The parties acknowledge that it is their express wish that the Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents exécutés, avis donnés et procédures judiciairies intentées, directement ou indirectement, relativement à ou suite à la présente convention.

Data Privacy.  This provision supplements Section 11 of the Agreement:

The Grantee hereby authorizes the Company and the Company’s representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan.  The Grantee further authorizes the Company, any Affiliate and the administrator of the Plan to disclose and discuss the Plan with their advisors.  The Grantee further authorizes the Company, any Affiliate and the administrator of the Plan to record such information and to keep such information in his or her employee file.

B-2

Notifications

Securities Law Information.  The Grantee is permitted to sell Shares acquired under the Plan through the designated broker appointed under the Plan, if any, provided that the resale of such Shares takes place outside of Canada through the facilities of a stock exchange on which the Shares are listed (i.e., the NYSE).

Foreign Asset /Account Reporting Information.  The Grantee understands that the Grantee is required to report any foreign property (including Shares acquired under the Plan) on form T1135 (Foreign Income Verification Statement), on an annual basis, if the total cost of the individual’s foreign property exceeds C$100,000 at any time in the year.  Thus if the C$100,000 cost threshold is exceeded by other foreign property held by the individual, Shares acquired under the Plan must be reported.

For purposes of the reporting, Shares acquired under the Plan may be reported at their adjusted cost bases.  The adjusted cost basis of a Share is generally equal to the fair market value of such Share at the time of acquisition; however, if the individual owns other Shares (e.g., acquired under other circumstances or at another time), the adjusted cost basis may be different. 

The Grantee is advised to consult his or her personal tax advisor to determine the Grantee’s exact reporting requirements in this regard.

HONG KONG

Notifications
Securities Law Notification.  WARNING:  The contents of this document have not been reviewed by any regulatory authority in Hong Kong.  The Grantee is advised to exercise caution in relation to the offer.  If The Grantee is in any doubt about any of the contents of this document, the Grantee should obtain independent professional advice.  Neither the grant of the Option nor the issuance of Shares upon exercise of the Option constitutes a public offering of securities, and it is only available for employees of the Company or any of its Affiliates.  The Agreement, including Appendices A and B, the Plan and other incidental communication materials distributed in connection with the Option (i) have not been prepared in accordance with and are not intended to constitute a “prospectus” for a public offering of securities under the applicable securities legislation in Hong Kong, and (ii) are intended only for the personal use of employees of the Company and its Affiliates and may not be distributed to any other person.  

Occupational Retirement Schemes Ordinance Notification.  The Company specifically intends that the Plan will not be an occupational retirement scheme for purposes of the Occupational Retirement Schemes Ordinance.

B-3

INDIA

Terms and Conditions

Method of Payment.  The following provision supplements Section 4(b) of the Agreement.

Due to legal restrictions in India, Grantee will not be permitted to pay the Exercise Price by a broker assisted partial cashless exercise such that a certain number of Shares subject to the exercised Option are sold immediately upon exercise and the proceeds of the sale remitted to the Company to cover the aggregate Exercise Price and any Tax-Related Items.

Notifications

Exchange Control Notification.  The Grantee must repatriate to India any funds received pursuant to the Plan from proceeds from the sale of Shares, within 90 days of receipt, and any dividends, Dividend Equivalents or Retained Distributions with 180 days of receipt.  The Grantee should obtain evidence of the repatriation of funds in the form of a foreign inward remittance certificate (“FIRC”) from the bank where the Grantee deposits the foreign currency.  The Grantee should maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation.  The Grantee is also responsible for complying with any other exchange control laws in India that may apply to the Option or the Shares acquired under the Plan.

Foreign Asset/Account Reporting Notification.  The Grantee is required to declare any foreign bank accounts and any foreign financial assets (including Shares acquired under the Plan, proceeds from the sale of Shares and, possibly, the Option) in the Grantee’s annual tax return.

NETHERLANDS

Notifications

UNITED KINGDOM

Terms and Conditions

The following terms and conditions apply only if Grantee is an employee.

B-4

Responsibility for Taxes.  The following provisions supplement Section 8 of the Agreement:
If payment or withholding of the income tax due in connection with the Option is not made within ninety (90) days of the end of the tax year in which of any event giving rise to the income tax liability occurs or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of any uncollected income tax shall constitute a loan owed by the Grantee to the Employer, effective on the Due Date.  The Grantee agrees that the loan will bear interest at the official rate of Her Majesty’s Revenue and Customs (“HMRC”) and will be immediately due and repayable by the Grantee, and the Company and/or the Employer may recover it at any time thereafter by any of the means referred to in Section 8 of the Agreement or otherwise permitted under the Plan.  The Grantee authorizes the Company to delay the issuance of any Shares unless and until the loan is repaid in full.

Notwithstanding the foregoing, if the Grantee is an executive officer or director (as within the meaning of section 13(k) of the Exchange Act), the Grantee shall not be eligible for a loan to cover the income tax due as described above.  In the event that the Grantee is an executive officer or director and Tax-Related Items are not collected from or paid by the Grantee by the Due Date, the amount of any uncollected Tax-Related Items may constitute a benefit to the Grantee on which additional income tax and national insurance contributions may be payable.  the Grantee acknowledges that the Grantee ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or the Employer (as applicable) for the value of any national insurance contribution due on this additional benefit.  The Grantee further acknowledges that the Company or the Employer may recover such amounts from the Grantee by any of the means referred to in Section 8 of the Agreement, or otherwise permitted under the Plan.
Joint Election.  As a condition of the Grantee’s participation in the Plan, the Grantee agrees to accept any liability for secondary Class 1 national insurance contributions which may be payable by the Company and/or the Employer in connection with the Option and any event giving rise to Tax-Related Items (the “Employer’s NICs”).  Without limitation to the foregoing, the Grantee agrees to enter into a joint election with the Company (the “Joint Election”), the form of such Joint Election being formally approved by HMRC, and to execute any other consents or elections required to accomplish the transfer of the Employer’s NICs to the Grantee.  The Grantee further agrees to execute such other joint elections as may be required between the Grantee and any successor to the Company and/or the Employer.  The Grantee further agrees that the Company and/or the Employer may collect the Employer’s NICs from him or her by any of the means set forth in Section 8 of the Agreement.

If the Grantee does not complete the Joint Election prior to exercise of the Option, or if approval of the Joint Election is withdrawn by HMRC and a new Joint Election is not entered into, the Option shall become null and void and may not be exercised, without any liability to the Company or the Employer.

B-5Exhibit

  
Time Inc.            
225 Liberty Street 
New York, NY 10281

212-522-1212

July 24, 2016

Evelyn Webster
c/o Time Inc.
225 Liberty Street
New York, New York 10281

Dear Evelyn:

Reference is made to your Employment Agreement dated February 19, 2014 (the “Employment Agreement”) with Time Inc. (the “Company”).  Capitalized terms used herein but not otherwise defined in this agreement (“Separation 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 5.4 of your Employment Agreement will apply, subject to the modifications set forth in this Separation Agreement (which modifications shall be deemed to constitute an amendment to your Employment Agreement).  This Separation 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.
	Your duties and responsibilities as Executive Vice President shall cease effective August 31, 2016 (“Separation Date”) at which time you shall be deemed to have resigned from all boards, committees and positions related to, or affiliated with, the Company.  

		
	2.
	Pursuant to Section 5.4 of the Employment Agreement, and subject to your execution of the General Release attached hereto as Exhibit “A” and incorporated by reference herein, you shall receive a severance benefit equivalent to 18 months of Base Salary (at the annual rate of $850,000) and Average AIP (at the annual rate of $707,903), for a total cash severance payment of $2,336,855, less applicable withholdings and deductions.  Effective the first day after the Separation Date, you will receive such severance by remaining on Company payroll and receiving such severance in substantially equal bi-weekly payments for 18 months (the “Severance Period”).  

		
	3.
	During the Severance Period, unless prohibited by law, 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.  During the Severance Period, you will not be entitled to any additional awards or grants under any equity plan or other Long-Term Incentive Plan or to continue elective deferrals in or accrue additional benefits under the Company’s 401(k) plan or any other qualified or nonqualified retirement programs maintained by the Company.  Your unvested equity will cancel on the Separation Date in accordance with the terms of the applicable Award Agreement(s).

		
	4.
	If you accept employment with the Company or a related or affiliated company during the Severance Period, all payments under this Separation Agreement shall cease immediately upon the acceptance of such employment, and any remaining payments shall be forfeited.

1

		
	5.
	If you accept benefits-eligible employment with any other corporation, partnership, trust, government or other entity during the Severance Period (notice of such employment to be provided to the Company within ten (10) business days) or otherwise notify the Company in writing of your intention to terminate your benefits during the Severance Period, you shall cease to receive any applicable post-termination benefits described in Paragraph 3 above, effective upon the commencement of such employment or the effective date of such termination as specified by you in your notice of intention to terminate benefits.  Unless the employment violates Section 6 of the Employment Agreement or the provisions of Section 6.1(f) of the Employment Agreement apply, you will continue to receive all payments pursuant to this Separation Agreement.

		
	6.
	If you die during the Severance Period, your payments pursuant to this Separation Agreement 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 Separation Agreement through the date of your death.

		
	7.
	The Company will provide you with one year of outplacement services.  Such outplacement services must commence within 90 days of the Separation Date.  

		
	8.
	On or before March 15, 2017, at the same time as all other eligible employees, you will receive an additional severance payment in lieu of an AIP Bonus payment for 2016 in the amount of what you would have earned under the AIP plan if your employment had not terminated, calculated using a prorated target based on the number of days you were employed in 2016, a strategic rating of 100% and actual Company/Division financial performance.

		
	9.
	You will receive payment for any unused vacation and personal days accrued through your Separation Date.  After that date, you will not accrue any additional vacation and you will not be eligible for any additional personal days. 

		
	10.
	The Company agrees to pay for the preparation of your US and UK tax returns for 2016, 2017 and 2018 and will cover the costs of any tax-related expenses insofar as they relate to your employment with Time Inc.

		
	11.
	Without limiting the express provisions of this Separation Agreement, Sections 1, 2, 3, 4, 5 (except for Sections 5.7, 5.8 and 5.9) of the Employment Agreement, are superseded in their entirety by this Separation Agreement, and shall have no further force or effect.  The remaining portions of the Employment Agreement shall continue in accordance with their terms after giving effect to the amendments provided for in this Separation Agreement, and you shall continue to be subject to any obligations under the Employment Agreement that survive your termination of employment including, but not limited to, Sections 6 (confidential information, non-compete and non-solicitation), 7 (ownership of work product) and 8 (representations).  

		
	12.
	You acknowledge and agree that except as provided in this Separation Agreement, no other termination payments or payments of any other kind are due you by the Company, other than any vested benefits to which you may be entitled under the Time Inc. Savings Plan, the Time Inc. Supplemental Savings Plan, and/or the Time Inc. Deferred Compensation Plan, as applicable.  Nothing contained herein shall constitute a release of any claim for indemnification for acts or omissions taken or omitted to be taken 

2
        

by you or prior to August 31, 2016, under the Charter and Bylaws of the Company or any of its subsidiaries or affiliates.
 
		
	13.
	You agree that the Company has provided you with Travel and Expense reimbursement of all expenses incurred in performance of your job functions through the date of this letter and that there are no outstanding reimbursements due. 

		
	14.
	You must keep this Agreement and its terms confidential and may only discuss the contents and substance of this Separation Agreement with your immediate family members, and your financial and legal advisors, provided such other persons agree to be bound by the terms of such confidentiality provisions, except where required by lawful subpoena or where required by law.  

		
	15.
	You agree to cooperate with the Company in providing for an orderly transition through the Separation Date and thereafter, which cooperation shall include giving such assistance at reasonable times 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 will reimburse you for your reasonable out-of-pocket expenses (excluding attorneys’ fees) incurred by you in connection with providing such assistance to the extent allowed by applicable law.  

		
	16.
	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, provided, however, that nothing herein shall prevent you from exercising your rights under Section 7 of the National Labor Relations Act.  The Chief Executive Officer and the Executive Vice Presidents of the Company will not make any disparaging statements about you to anyone not employed by the Company or its affiliates.  Nothing herein shall prevent you or the Company or its current or former employees from testifying truthfully under oath pursuant to any lawful court order or subpoena or otherwise responding to or providing disclosures required by law.

		
	17.
	You acknowledge that: (a) you have carefully read this Separation Agreement together with the General Release (which is fully incorporated herein) in its entirety; (b) you have had an opportunity to consider fully its terms for at least twenty-one (21) days; (c) you have been advised in writing by the Company to consult with an attorney of your choosing before signing this Separation Agreement; (d) you fully understand the significance of all the terms and conditions of this Separation Agreement; (e) you have discussed it with independent legal counsel, or have had a reasonable opportunity to do so; (f) you have had answered to your satisfaction any questions you have asked with regard to the meaning and significance of any of the provisions of this Separation Agreement; and (g) you are signing this Separation Agreement voluntarily and of your own free will and agree to all the terms and conditions contained herein.  You have the right to revoke your consent to this Separation Agreement and General Release for seven days following your signing of them.  Provided you do not revoke them, the effective date of this Separation Agreement and General Release shall be the 8th day after you sign them.

		
	18.
	The parties expressly acknowledge, represent and agree that the Employment Agreement, as modified by this Separation Agreement and the General Release executed and delivered pursuant to this Separation Agreement, are fully integrated and contain and constitute the complete and entire agreement and 

3
        

understanding of the parties with respect to the status of your employment and supersede any and all agreements, understandings, and discussions, whether written or oral, between the parties with respect to the status of your employment by the Company.  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 Separation 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.  This Separation Agreement is intended to bind the parties and their successors and assigns, heirs and representatives.

		
	19.
	To the extent that payments and benefits in this Separation Agreement are subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), this Separation Agreement is intended to comply with and will be interpreted in a manner intended to comply with Section 409A of the Code.  To the extent any reimbursements or in-kind benefits due to you under this Separation 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 separately identified payment made under this Separation Agreement is intended to constitute a separate payment within the meaning of Treas. Reg. Section 1.409A-2(b)(2).  The Company shall consult with you in good faith regarding the implementation of the provisions of this Paragraph 19, provided that neither the Company nor any of its employees or representatives shall have any liability to you with respect thereto.  

All of the above shall be contingent upon your execution of this Separation Agreement and the General Release attached hereto and made a part hereof as Exhibit “A.”  Should you fail to execute the General Release, or should you revoke such execution as provided for therein, this Separation Agreement shall be null and void.

If the foregoing accurately represents our agreement, kindly execute Exhibit “A,” countersign this Separation Agreement and return both to the undersigned.

Sincerely,

/s/ Gregory Giangrande

Gregory Giangrande
Executive Vice President
Chief Human Resources Officer

CONFIRMED AND AGREED:

By: __/s/ Evelyn Webster ________________    Dated: _July 27, 2016_________________
        Evelyn Webster

4
        

Exhibit “A”

GENERAL RELEASE

This General Release is made by me, Evelyn Webster, as of the date set forth below in connection with the Employment Agreement dated February 19, 2014 between me and Time Inc. (the “Company”), and the separation agreement between me and the Company dated July 24, 2016 (the “Separation Agreement”), and in association with the termination of my employment with the Company.

In consideration of payments made to me by the Company and other benefits to be received by me pursuant to the Employment Agreement, as further reflected in the Separation Agreement, I, Evelyn Webster, 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 General Release.  Each of the Time Inc. Entities and Persons is intended to be a third party beneficiary under this General Release.

Without limiting the generality of the foregoing, this General 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.

5
        

By virtue of this General 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 General Release or the Separation 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 August 31, 2016, under the Charter and Bylaws of the Company or any of its subsidiaries or affiliates.  Additionally, nothing in the Separation Agreement or this General 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 General 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 General Release and the Separation 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 General Release and the Separation Agreement for seven days following my signing this General Release and the Separation Agreement.  Provided I do not revoke them, the effective date of this General Release and the Separation 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 Separation 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 ______________________, 2016.

__________________________________
Evelyn Webster

 

6

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