Document:

Form of Indemnification Agreement dated as of November 4, 2009

 Exhibit 10.2 
 Form of Indemnification Agreement entered into with Executive Officers 
 INDEMNIFICATION AGREEMENT 
 This INDEMNIFICATION AGREEMENT (this
“Agreement”) is made and entered into this 4th day of November, 2009 (the “Effective Date”) by and between tw telecom inc. (f/k/a Time Warner Telecom Inc.), a Delaware corporation (the “Company”), and [insert name of officer] (the
“Indemnitee”). 
 WHEREAS, the Company believes it is essential to retain and attract qualified corporate
officers; 
 WHEREAS, the Indemnitee is an officer of the Company; 
 WHEREAS, both the Company and the Indemnitee recognize the increased risk of litigation and other claims being asserted against officers of
public companies; 
 WHEREAS, the Company’s Bylaws (the “Bylaws”) require the Company to indemnify its
officers to the extent permitted by the DGCL (as hereinafter defined); 
 WHEREAS, in recognition of the Indemnitee’s need
for (i) substantial protection against personal liability; (ii) specific contractual assurance that the protection promised by the Bylaws will be available to the Indemnitee, regardless of, among other things, any amendment to or
revocation of the Bylaws or any change in the composition of the Company’s Board of Directors (the “Board”) or acquisition transaction relating to the Company; and (iii) an inducement to continue to provide effective
services to the Company as an officer thereof, the Company wishes to provide for the indemnification of the Indemnitee and to advance expenses to the Indemnitee to the fullest extent permitted by law and as set forth in this Agreement, and, to the
extent insurance is maintained by the Company, to provide for the continued coverage of the Indemnitee under the Company’s directors’ and officers’ liability insurance policies; and 
 WHEREAS, the Indemnitee is relying upon, and has relied upon, the rights afforded under this Agreement in accepting Indemnitee’s
position as an officer of the Company. 
 NOW, THEREFORE, in consideration of the premises contained herein and of the
Indemnitee continuing to serve the Company directly or, at its request, with another enterprise, and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Certain Definitions. 
 (a) A “Change in Control” shall be deemed to have occurred if: 
  

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 (i) Any individual, entity or group (within the meaning of Section 13(d)(3) or
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 25% or more of
either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 1(a), the following acquisitions shall not constitute a Change of
Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliated Company or
(iv) any acquisition pursuant to a transaction that complies with subsections (iii)(A), (iii)(B) and (iii)(C) of this Section 1(a); or 
 (ii) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the
Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
 (iii) The Company consummates a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the
Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (each, a “Business
Combination”), in each case unless, following such Business Combination: 
 A. all or substantially all of the
individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of
the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors (or, for a
non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially
all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding
Company Voting Securities, as the case may be; and 
  

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 B. no Person (excluding any corporation resulting from such Business Combination or any
employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 25% or more of, respectively, the then-outstanding shares of common stock of the
corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination; and 
 C. at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity
resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 
 (iv) The stockholders of the Company approve a complete liquidation or dissolution of the Company. 
 (b) “DGCL” shall mean the General Corporation Law of the State of Delaware, as the same exists or may hereafter be amended
or interpreted; provided, however, that in the case of any such amendment or interpretation, only to the extent that such amendment or interpretation permits the Company to provide broader indemnification rights than were permitted prior thereto.

 (c) “Expense” shall mean attorneys’ fees and all other costs, expenses and obligations paid or incurred
in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing for any of the foregoing, any Proceeding relating to any Indemnifiable Event, including, without limitation, expert or other
witness fees and the cost of responding or objection to any subpoena or other discovery request in any Proceeding relating to any Indemnifiable Event, incurred in connection with any appeal resulting from any Proceeding, including without limitation
the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 (d) “Indemnifiable Event” shall mean any event or occurrence that takes place either prior to or after the
execution of this Agreement, related to the fact that the Indemnitee is or was an officer of the Company, or is or was serving at the request of the Company as a director, officer, employee, or agent of another corporation or of a partnership, joint
venture, trust or other enterprise, including service with respect to employee benefit plans, or by reason of anything done or not done by the Indemnitee in any such capacity. 
 (e) “Proceeding” shall mean any threatened, pending or completed action, suit, arbitration, mediation, other alternative
dispute resolution proceeding, investigation or proceeding, and any appeal thereof, whether civil, criminal, administrative or investigative and/or any inquiry or investigation, whether conducted by the Company or any other party, that the
Indemnitee reasonably believes might lead to the institution of any such action. 
  

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 (f) “Reviewing Party” shall mean any appropriate person or body consisting
of the “independent” (as such term is defined by the NASD) member or members of the Company’s Board or any other person or body appointed by such independent member or members (including the special independent counsel referred to in
Section 6) who is not a party to the particular Proceeding with respect to which the Indemnitee is seeking indemnification. If there are no independent members of the Company’s Board who are disinterested in the matter under review, the
Reviewing Party will be the special independent counsel referred to in Section 6. 
 2. Indemnification. In the
event the Indemnitee was or is a party to or is involved (as a party, witness, or otherwise) in any Proceeding by reason of (or arising in part out of) an Indemnifiable Event, whether the basis of the Proceeding by reason of (or arising in part out
of) an Indemnifiable Event is the Indemnitee’s alleged action in an official capacity as an officer or in any other capacity while serving as a director, officer, employee, agent, fiduciary of the Company or any of its subsidiaries or of any
other corporation, partnership, joint venture, committee, trust, benefit plan or other entity at the Company’s request, the Company shall indemnify the Indemnitee to the fullest extent permitted by the DGCL against any and all Expenses,
liability, and loss (including judgments, fines, ERISA excise taxes or penalties, and amounts paid or to be paid in settlement, and any interest, assessments, or other charges imposed thereon, and any federal, state, local, or foreign taxes imposed
on any director as a result of the actual or deemed receipt of any payments under this Agreement) (collectively, “Liabilities”) reasonably incurred or suffered by such person in connection with such Proceeding. The Company shall
provide indemnification pursuant to this Section 2 or Section 3 as soon as practicable, but in no event later than 30 days after it receives written demand from the Indemnitee. Notwithstanding anything in this Agreement to the contrary and
except as provided in Section 5 below, the Indemnitee shall not be entitled to indemnification pursuant to this Agreement (i) in connection with any Proceeding initiated by the Indemnitee against the Company or any director or officer of
the Company unless the Company has joined in or consented to the initiation of such Proceeding or (ii) on account of any suit in which final judgment is rendered against the Indemnitee pursuant to Section 16(b) of the Exchange Act for an
accounting of profits made from the purchase or sale by the Indemnitee of securities of the Company. 
 3. Indemnity in
Proceedings by or in the Right of the Company. The Company shall indemnify and hold harmless Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant (as
a witness or otherwise) in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or
on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No
indemnification for Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any
court in which the Proceeding was brought or the Delaware Court shall determine upon application that, despite the adjudication of

  

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liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification. 
 4. Advancement of Expenses. The Company shall advance Expenses to the Indemnitee within 30 days of such request (an “Expense
Advance”); provided, however, that if required by applicable corporate laws such Expenses shall be advanced only upon delivery to the Company of an undertaking by or on behalf of the Indemnitee to repay such amount if it is ultimately
determined that the Indemnitee is not entitled to be indemnified by the Company; and provided further, that the Company shall make such advances only to the extent permitted by law. 
 5. Review Procedure for Indemnification. Notwithstanding the foregoing, (a) the obligations of the Company under
Sections 2, 3 and 4 above will be subject to the condition that the Reviewing Party has not determined (in a written opinion, in any case in which the special independent counsel referred to in Section 7 hereof is required to be involved
by the terms of Section 7 hereof) that the Indemnitee would not be permitted to be indemnified under applicable law, and (b) the obligation of the Company to make an Expense Advance pursuant to Section 4 above shall be subject to the
condition that, if, when and to the extent that the Reviewing Party determines that the Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by the Indemnitee (who hereby agrees
to reimburse the Company) for all such amounts theretofore paid; provided, however, that if the Indemnitee has commenced legal proceedings in a court of competent jurisdiction pursuant to Section 6 below to secure a determination that the
Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that the Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and the Indemnitee shall not be required to
reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or have lapsed). The Indemnitee’s obligation to reimburse the
Company for Expense Advances pursuant to this Section 5 shall be unsecured and no interest shall be charged thereon. If there has not been a Change in Control, the Reviewing Party shall be selected by the Board, and if there has been such a
Change in Control, the Reviewing Party shall be the special independent counsel referred to in Section 7 hereof. 
 6.
Enforcement of Indemnification Rights. If the Reviewing Party determines that the Indemnitee substantively would not be permitted to be indemnified in whole or in part under applicable law, or if the Indemnitee has not otherwise been paid in
full pursuant to Sections 2, 3 and 4 above within 30 days after a written demand has been received by the Company, the Indemnitee shall have the right to commence litigation in any court in the State of Delaware having subject matter jurisdiction
thereof and in which venue is proper to recover the unpaid amount of the demand (an “Enforcement Proceeding”) and, if successful in whole or in part, the Indemnitee shall be entitled to be paid any and all Expenses in connection
with such Enforcement Proceeding and shall be entitled to interest on any amounts payable pursuant to Sections 2, 3 and 4 that are determined in the Indemnitee’s favor in the Enforcement Proceeding from the date that such amounts were properly
payable under this Agreement at an annual rate of interest equal to 12%. The Company hereby consents to service of process for such Enforcement Proceeding and to appear in any such Enforcement Proceeding. Any determination by the Reviewing Party
otherwise shall be conclusive and binding on the Company and the Indemnitee.

  

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In connection with any determination by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof will be on the Company to
establish that the Indemnitee is not so entitled. 
 7. Change in Control. The Company agrees that if there is a
Change in Control of the Company, then with respect to all matters thereafter arising concerning the rights of the Indemnitee to indemnity payments and Expense Advances under this Agreement or any other agreement or under applicable law or the
Company’s Certificate of Incorporation or Bylaws now or hereafter in effect relating to indemnification for Indemnifiable Events, the Reviewing Party will be special independent counsel selected by Indemnitee after consultation with the
Company. Such special independent counsel shall not have otherwise performed services for the Company or the Indemnitee, other than in connection with such matters, within the last five years. Such independent counsel may not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement. Such counsel,
among other things, must render its written opinion to the Company and the Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees of the
special independent counsel referred to above and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or the engagement of
special independent counsel pursuant to this Agreement. 
 8. Partial Indemnity. If the Indemnitee is entitled
under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses and Liabilities, but not, however, for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion
thereof to which the Indemnitee is entitled. 
 9. Non-exclusivity. The rights of the Indemnitee hereunder are in
addition to any other rights the Indemnitee may have under any statute, provision of the Company’s Certificate of Incorporation or Bylaws, vote of stockholders or disinterested directors or otherwise, both as to action in an official capacity
and as to action in another capacity at the request of the Company while holding such office. To the extent that a change in the DGCL permits greater indemnification by agreement than would be afforded currently under the Company’s Certificate
of Incorporation and Bylaws and this Agreement, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. The Company agrees that it will not amend its Certificate of
Incorporation or Bylaws in a manner that would eliminate, limit or impair any rights of indemnification or advancement of expenses provided for in this Agreement. If the Board of Directors approves any such amendment in violation of this Agreement,
the provisions of this Agreement will nevertheless control in the event of a conflict between this Agreement and the Company’s Certificate of Incorporation or Bylaws. 
 10. Liability Insurance. (a) The Indemnitee will be entitled to be covered by any insurance policy or policies maintained
by the Company for directors’ and officers’ liability, to the maximum extent of the coverage available for any director or officer of the Company, the

  

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limits and terms of which coverage will be generally consistent with the Company’s coverage in effect as of the date hereof, with such reasonable modifications as are approved by the Board
of Directors, in light of changes in the commercial availability and cost of coverage. 
 (b) If at any time prior to a Change
of Control Indemnitee ceases to be a officer of the Company (other than through termination for cause) and thereafter (i) the combined limits for the traditional directors’ and officers’ Side A coverage and the dedicated excess Side A
coverage for directors and officers are reduced by an amount equal to 10% or more of such limits in effect at the time of the Indemnitee’s termination, or (ii) the terms of the Company’s directors’ and officer’s liability
coverage, taken as a whole, are materially less favorable to Indemnitee than the terms in effect immediately prior to Indemnitee’s termination as an officer, the Company must, without the necessity of a demand by Indemnitee, provide a fully
paid directors’ and officers’ tail policy, with a minimum individual limit of $5 million for the period from the date in which the coverage change described in clauses (i) or (ii) occurs to the 6 year anniversary of
Indemnitee’s termination, covering Indemnitee for claims brought subsequent to Indemnitee’s termination as an officer for acts or omissions that took place prior to such termination. Such tail policy must provide for coverage that is not
materially less favorable to the Indemnitee than the Company’s dedicated excess Side A coverage in effect for the policy year in which Indemnitee’s termination occurred, to the extent that a tail policy with such terms is available.

 (c) If a Change of Control occurs, the Company will continue to maintain directors’ and officers’ liability
insurance on terms comparable to those of the directors’ and officers’ liability insurance in effect immediately prior to the Change of Control so long as such insurance is reasonably available at a cost not exceeding 150% of the cost
thereof prior to such Change of Control; provided however, that if (i) such coverage is not available at such cost, (ii) the combined limits for the traditional Side A and dedicated excess Side A coverage for directors and officers at any
time after the effective date of the Change of Control are reduced by an amount equal to 10% or more of such limits in effect immediately prior to the effective date of the Change of Control, or (iii) the terms of the Company’s
directors’ and officer’s liability coverage, taken as a whole, are materially less favorable to Indemnitee than the policy terms in effect immediately prior to the effective date of the Change of Control, the Company must, without the
necessity of a demand by Indemnitee, purchase for Indemnitee, upon his termination as an officer of the Company (other than through termination for cause) after such Change of Control, a fully paid directors’ and officers’ liability tail
policy with a minimum individual limit of $5 million for the period from the date the Company’s obligation under this Section 10(c) arises to the 6 year anniversary of the effective date of the Indemnitee’s termination covering
Indemnitee for claims brought subsequent to Indemnitee’s termination for acts or omissions that took place prior thereto. Such tail policy must provide for coverage that is not materially less favorable to the Indemnitee than the Company’s
dedicated excess Side A coverage in effect for the policy year in which the Change of Control occurred , to the extent that a tail policy with such terms is available. The foregoing obligation may also be satisfied by a tail policy or policies
provided by the Company or its successor pursuant to the terms of any agreement for the Change of Control transaction for a group of directors and officers covering Indemnitee for claims brought subsequent to the occurrence of a Change of Control
for acts or omissions that took place prior to the occurrence of the Change of Control, if the length and terms of that tail policy are substantially equivalent to the tail coverage provided for in this Section 10(c). 
  

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 (d). Indemnitee acknowledges that in order for the Company to obtain any tail coverage
required by this Section 10, Indemnitee will be required to complete an application supplied by the insurer and that coverage will be subject to insurance company underwriting. The Company will provide to Indemnitee on an annual basis within 10
days of the Company’s renewal of its directors’ and officers’ liability coverage, a statement signed by an officer of the Company or a certificate of insurance describing its Side A coverage and the coverage limits and any tail
coverage required by this Section 10 and certifying to the Company’s compliance with this Section 10. 
 11.
Settlement of Claims. The Company shall not be liable to indemnify the Indemnitee under this Agreement (a) for any amounts paid in settlement of any action or claim effected without the Company’s written consent, which
consent may not be unreasonably withheld, provided, however, that if a Change in Control has occurred, the Company shall be liable for indemnification of Indemnitee for amounts paid in settlement if the independent counsel referred to in
Section 7 has approved the settlement; or (b) for any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such action or claim. The Company may not settle any
Proceeding in any manner that would impose any penalty, limitation or other sanction or adverse finding on Indemnitee without Indemnitee’s written consent. 
 12. No Presumption. (a) For purposes of this Agreement, to the fullest extent permitted by law, the mere termination of any Proceeding, action, suit or claim, by judgment, order,
settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief
or that a court has determined that indemnification is not permitted by applicable law. 
 (b) For purposes of any determination
of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action was based on the records or books of account of the Company, including financial statements, or on information supplied to Indemnitee by other officers
of the Company in the course of their duties, or on the advice of legal counsel for the Company or on information or records given or reports made to the Company by an independent certified public accountant or by an appraiser or other expert
selected by the Company. The provisions of this Section 12(b) will not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed or found to have met the applicable standard of conduct set
forth in this Agreement. 
 (c) The knowledge or actions, or failure to act, of any other director, officer, trustee, partner,
managing member, fiduciary, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 
 (d) If the Reviewing Party has not made a determination within 60 days after receipt by the Company of the request for indemnification, the
requisite determination of entitlement to indemnification will be deemed to have been made and Indemnitee

  

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will be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not
materially misleading, in connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such
90-day period may be extended for a reasonable time, not to exceed an additional 15 days, if the Reviewing Party in good faith requires such additional time for the obtaining or evaluating of documentation or information relating thereto.

 13. Amendment of this Agreement. No supplement, modification or amendment of this Agreement shall be binding
unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a
continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof. 
 14. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of the Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to
bring suit to enforce such rights. 
 15. No Duplication of Payments. The Company shall not be liable under this
Agreement to make any payment in connection with any claim made against Indemnitee to the extent the Indemnitee has otherwise actually received payment (under any insurance policy, Bylaw, vote, agreement or otherwise) of the amounts otherwise
indemnifiable hereunder. 
 16. Company Waiver. The Company hereby agrees to waive any right it may have under the
Private Securities Law Reform Act or otherwise to seek, and agrees that it will not seek, in any Proceeding a bar order eliminating or limiting Indemnitee’s indemnification or advancement rights under this Agreement. 
 17. Contribution. (a) To the fullest extent permissible under applicable law, if the indemnification provided for in this
Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount paid or incurred by Indemnitee, whether for Losses and/or for Expenses, in connection with any claim
relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company (and its
officers, directors, employees or agents), on the one hand, and Indemnitee, on the other hand, as a result of the event(s) or transaction(s) giving cause to such Proceeding; or (ii) the relative fault of the Company (and its directors,
officers, employees and agents), on the one hand, and Indemnitee, on the other hand, in connection with such event(s) or transaction(s). 
  

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 (b) The Company shall not enter into any settlement of any Proceeding in which the Company
is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee. 
 (c) The Company hereby agrees to fully indemnify and hold harmless Indemnitee from any claims for contribution which may be brought by
officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee. 
 (d) The
Company agrees to waive any right it may have under the Private Securities Law Reform Act or otherwise to seek, and agrees that it will not seek, in any Proceeding a bar order eliminating or limiting Indemnitee’s contribution rights under this
Section. 
 18. Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors, assigns (with respect to the Company), including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or
assets of the Company, spouses, heirs, and personal and legal representatives. The Company must require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial
part, of the business or assets of the Company, by written agreement in form and substance satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as an officer of the Company or of any other enterprise at the Company’s request.

 19. Severability. The provisions of this Agreement shall be severable in the event that any of the provisions
hereof (including any provision within a single section, paragraph or sentence) is held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent
permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 
 20. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and to be performed in
such State without giving effect to the principles of conflicts of laws. 
 21. Counterparts. This Agreement may
be executed in one or more counterparts, each of which shall be deemed an original, but all of which together constitute one and the same instrument. 
 22. Notices. All notices, demands, and other communications required or permitted hereunder shall be made in writing and shall be deemed to have been duly given if delivered by

  

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hand, against receipt, or mailed, postage prepaid, certified or registered mail, return receipt requested, or delivered by a recognized courier service with a receipt to confirm delivery and
addressed to the Company at: 
 tw telecom inc. 
 10475 Park Meadows Drive 
 Littleton, CO 80124 
 Attention: Paul B. Jones 
 and to the Indemnitee at: 
                                        
  
                                        
  
 Notice of change of address shall be effective only when done in accordance with this Section. All notices
complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing or delivery if the notice is refused. 
  

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 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of
the day first set forth above. 
  

			
	THE COMPANY:
	
	tw telecom inc.
		
	By:	 	  

	Name:	 	Larissa L. Herda
		 	 Chairman, Chief Executive Officer
 and President

  

	
	INDEMNITEE:
	
	  

  

 12Employment Agreement dated November 4, 2009

 Exhibit 10.3 
 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT by and
between tw telecom inc. (the “Company”) and Larissa Herda (the “Executive”), dated as of November 4, 2009 (“Effective Date”). 
 WHEREAS, the Company is desirous of employing the Executive in an executive capacity on the terms and conditions, and for the consideration,
set forth herein, and the Employee is desirous of being employed by the Company on such terms and conditions and for such consideration; 
 NOW, THEREFORE, the parties hereby agree as follows: 
 1. Term. 

(a) Employment Period. The Company hereby agrees to employ the Executive, and the Executive hereby agrees to serve the Company,
subject to the terms and conditions of this Agreement, for the period commencing on the Effective Date and ending on the three year anniversary thereof (the “Employment Period”); provided that, on such three year anniversary
of the Effective Date and two year anniversary of such date thereafter (such date and each two anniversary thereof to be referred to as the “Renewal Date”), unless previously terminated in accordance with the provisions of
Section 3 hereof, the Employment Period shall be automatically extended so as to terminate two years from such Renewal Date, unless, at least sixty (60) days prior to the Renewal Date, the Company or the Executive gives notice to the other
party that the Employment Period shall not be so extended. 
 (b) Change of Control Employment Agreement. The Executive
and the Company acknowledge that they have also entered into a Change of Control Employment Agreement (“COC Agreement”) of even date herewith. Upon the occurrence of the Effective Date as defined in the COC Agreement, this Agreement
will terminate and will be superseded by the COC Agreement, except that such termination will not relieve the Company of its obligation to pay any amount earned and payable prior to the termination of this Agreement. 
 2. Terms of Employment. (a) Position and Duties. (i) During the Employment Period, the Executive shall serve as
President and Chief Executive Officer, and will perform such duties and responsibilities as may be assigned to the Executive from time to time by the Board of Directors, and shall perform her services at the headquarters of the Company in the
Littleton, Colorado area, and shall travel for business purposes to the extent necessary or appropriate in the performance of such services. 
 (ii) During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive agrees to devote substantially all

 
of his or her attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive
hereunder, to use the Executive’s reasonable best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period, it shall not be a violation of this Agreement for the Executive to serve on corporate, civic or
charitable boards or committees (provided, that in the case of corporate boards or committees, the Board has consented to such service), deliver lectures, fulfill speaking engagements or teach at educational institutions and manage personal
investments, so long as such activities do not significantly interfere with the performance of the Executive’s responsibilities as an employee of the Company in accordance with this Agreement and the Executive complies with applicable
provisions of the Company’s Code of Conduct and Code of Ethics. 
 (b) Compensation (i) Base Salary.
During the Employment Period, the Executive shall receive an annual base salary (“Annual Base Salary”) of $850,000 payable at such intervals as the Company pays executive salaries generally. The Executive’s Annual Base Salary
shall be reviewed at least annually by the Compensation Committee of the Board (the “Compensation Committee”) pursuant to its normal performance review policies for senior executives. Any increase in Annual Base Salary shall not
serve to limit or reduce any other obligation to the Executive under this Agreement. The Annual Base Salary shall not be reduced and the term “Annual Base Salary” as utilized in this Agreement shall refer to the Annual Base Salary as
increased from time to time. 
 (ii) Annual Bonus. In addition to the Annual Base Salary, the
Executive shall be eligible to be awarded, for each fiscal year of the Company or portion of a fiscal year ending during the Employment Period, an annual bonus (the “Annual Bonus”) pursuant to the terms of the Company’s Annual
Incentive Plan, as in effect from time to time, based on a target percentage of the Annual Base Salary paid to the Executive during such fiscal year of 175% (the “Target Bonus”). The Executive acknowledges that his or her actual
annual bonus will be at the sole discretion of the Compensation Committee and may vary and range from 0% to 200% of the target amount, depending on actual performance of the Company and the Executive. “Annual Bonus” for any given fiscal
year shall mean the amount, if any, of annual bonus earned by the Executive with respect to the applicable fiscal year of the Company, including amounts deferred. Each such Annual Bonus shall be paid no later than 2 1/2 months after the end of the fiscal year for which the Annual Bonus
is awarded, unless the Executive shall elect to defer the receipt of such Annual Bonus pursuant to an arrangement that meets the requirements of Section 409A of the Code. 
 (iii) Other Benefits. During the Employment Period: (A) the Executive shall be entitled to participate in incentive, savings and
retirement plans, practices, policies and programs of the Company to the same extent as provided generally to similarly situated executives of the Company; and (B) the Executive and/or the Executive’s family, as the case may be, shall be
eligible for participation in, and shall receive benefits under, welfare benefit plans, practices, policies and programs provided by the Company to the same extent as provided generally to similarly situated executives of the Company. The Company
reserves the right to amend or cancel any such plan, practice, policy or program in its sole discretion, subject to the terms of such plan, practice, policy or program and applicable law. In addition, the Company will pay Executive the annual sum of
$48,000 for the purpose of purchasing term life and

  

 2 

 
supplemental disability insurance under policies arranged by the Company. Executive shall be under no obligation to use the payments made by the Company pursuant to the preceding sentence to
purchase life or disability insurance. The payments made to Executive hereunder shall not be taken into account for any purpose under any retirement, profit sharing or other benefit plan of the Company or any affiliate of the Company. 
 (iv) Expenses. During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable
business expenses incurred by the Executive in accordance with the Company’s policies. 
 3. Termination of
Employment. (a) Death or Disability. The Executive’s employment shall terminate automatically upon the Executive’s death during the Employment Period. If the Company determines in good faith that the Disability (as defined
below) of the Executive has occurred during the Employment Period, it may provide the Executive with written notice in accordance with Section 9(b) of this Agreement of its intention to terminate the Executive’s employment. In such event,
the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”), provided that, within the thirty (30) days after
such receipt, the Executive shall not have returned to full-time performance of the Executive’s duties. For purposes of this Agreement, “Disability” shall mean the absence of the Executive from the Executive’s duties with
the Company on a full-time basis for one hundred and eighty (180) consecutive days or one hundred and eighty (180) days within any twelve month period as a result of incapacity due to mental or physical illness. 
 (b) Cause. The Company may terminate the Executive’s employment during the Employment Period either with or without Cause. For
purposes of this Agreement, “Cause” shall mean: 
 (i) Executive’s conviction (treating a
nolo contendere plea as a conviction) of a felony (whether or not any right to appeal has been exercised); 
 (ii) willful refusal without proper cause to perform her obligations under this Agreement; 
 (iii)
misappropriation, embezzlement or reckless or willful destruction of Company property; 
 (iv) willful and
material breach of any statutory or common law duty of loyalty to the Company having a significant adverse effect on the Company’s financial condition or reputation; or 
 (v) Executive’s material breach of the covenants provided for in Section 7 of this Agreement. 
 In the event (i) such termination is because of the Executive’s willful refusal without proper cause to perform any one or more of her obligations
under this Agreement, (ii) such notice is the

  

 3 

 
first such notice of termination for any reason delivered by the Company to the Executive under this Section 5(b), and (iii) within 10 days following the date of such notice the
Executive shall cease her refusal and shall use her best efforts to perform such obligations, the termination shall not be effective. 
 No act, or failure to act, shall be considered “willful” if it is done, or omitted to be done, based upon authority (A) given pursuant to a resolution duly adopted by the Board of Directors, or (B) based upon the advice
of counsel for the Company. With respect to the conduct described in Sections 3(b)(ii) through 3(b)(v) above, the Company shall provide the Executive with written notice setting forth the details of any claimed breach. 
 (c) Notice of Termination. Any termination by the Company for Cause shall be communicated by Notice of Termination (as defined below)
to the other party hereto given in accordance with Section 9(b) of this Agreement. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice that (i) indicates the termination provision in this
Agreement relied upon and (ii) specifies the termination date (which date shall be not more than thirty (30) days after the giving of such notice) if the Date of Termination (as defined below) is other than the date of receipt of such
notice. The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing of Cause shall not waive any right of the Executive or the Company, respectively, hereunder or
preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 
 (d) Date of Termination. “Date of Termination” shall mean (i) if the Executive’s employment is terminated by the Company for Cause, the date of receipt of the Notice of
Termination or any later date specified therein (which date shall not be more than 30 days after the giving of such notice), as the case may be, (ii) if the Executive’s employment is terminated by the Company other than for Cause, death or
Disability, the Date of Termination shall be the date on which the Company notifies the Executive of such termination, or such later date specified by the Company, (iii) if the Executive’s employment is terminated by reason of death or
Disability, the Date of Termination shall be the date of death of the Executive or the Disability Effective Date, as the case may be, and (iv) if the Executive’s employment is terminated by the Executive for any reason, the date on which
the Executive notifies the Company of such termination, or such later date as is mutually agreed by the Company and the Executive. Notwithstanding the foregoing, in no event shall the Date of Termination occur until the Executive experiences, and
the Company and the Executive shall take all steps necessary (including with regard to any post-termination services by the Executive) to ensure that any termination described in this Section 3 constitutes, a “separation from service”
within the meaning of Section 409A of the Code, and notwithstanding anything contained herein to the contrary, the date on which such separation from service takes place shall be the “Date of Termination.” 
 4. Obligations of the Company upon Termination. (a) Other Than for Cause, Death or Disability. If, during the Employment
Period, the Company shall terminate the Executive’s employment other than for Cause, death or Disability: 
  

 4 

 (i) the Company shall pay to the Executive the following amounts within
thirty (30) days after the Date of Termination, or with respect to the amounts set forth in Sections 4(a)(i)(B) and 4(a)(i)(C), if later, within eight (8) days after the Executive’s execution and delivery (without revocation) of a
“Waiver and Release” in substantially the form attached hereto as Exhibit A (the “Release”), which Release must be delivered (and not revoked) not later than twenty-one (21) days after the Date of Termination
(or such longer period of time permitted by the Company or required by applicable law, but in no event later than the latest business day that is not more than two months after the end of the calendar year in which the Date of Termination occurs)
(the “Release Deadline”): 
 (A) a lump sum in cash equal to the sum of (1) the
Executive’s Annual Base Salary and any accrued vacation pay through the Date of Termination, (2) the Executive’s Annual Bonus for the fiscal year immediately preceding the fiscal year in which the Date of Termination occurs (other
than any portion of such Annual Bonus that was previously deferred, which portion shall instead be paid in accordance with the applicable deferral arrangement and any election thereunder) if such bonus has not been paid as of the Date of
Termination, and (3) the Executive’s business expenses that have not been reimbursed by the Company as of the Date of Termination that were incurred by the Executive prior to the Date of Termination in accordance with the applicable
Company policy, in the case of each of clauses (1) through (3), to the extent not theretofore paid (the sum of the amounts described in clauses (1) through (3) shall be hereinafter referred to as the “Accrued
Obligations”); and 
 (B) subject to the Executive’s delivery (and non-revocation) of the Release
not later than the Release Deadline, a lump sum in cash equal to 2.99 times the sum of (1) the Executive’s Annual Base Salary and (2) the Target Bonus; and 
 (C) subject to the Executive’s delivery (and non-revocation) of the Release not later than the Release Deadline, a lump
sum in cash of $42,900 in lieu of reimbursement for 18 months of premiums for the health care continuation coverage mandated by the Consolidated Omnibus Budget Reconciliation Act; 
 (ii) the Company shall, at its sole expense as incurred, provide the Executive with outplacement services, including office
space and secretarial support, the scope and provider of which shall be selected by the Executive in the Executive’s sole discretion, provided that the cost of such outplacement shall not exceed $75,000; and provided,
further, that such outplacement benefits shall end not later than one year following the Date of Termination; 
 (iii) to the extent not theretofore paid or provided, the Company shall timely pay or provide to the Executive any other amounts or benefits required to be paid or provided or that the Executive is
eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its affiliated companies through the Date of Termination (such other amounts and benefits shall be hereinafter referred

  

 5 

 
to as the “Other Benefits”) in accordance with the terms of the underlying plans or agreements. 
 Notwithstanding the foregoing provisions of Section 4(a)(i), in the event that the Executive is a “specified employee” (within the meaning of Section 409A of the Code and with such
classification to be determined in accordance with the methodology established by the applicable employer as in effect on the Date of Termination) (a “Specified Employee”), amounts that constitute “nonqualified deferred
compensation” within the meaning of Section 409A of the Code that would otherwise be payable under Section 4(a)(i) during the six-month period immediately following the Date of Termination (other than the Accrued Obligations) shall
instead be paid, with interest on any delayed payment at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code (“Interest”) determined as of the Date of Termination, on the first business day after the
date that is six months following the Executive’s “separation from service” within the meaning of Section 409A of the Code (the “409A Payment Date”). 
 (b) Death. If the Executive’s employment is terminated by reason of the Executive’s death during the Employment Period,
this Agreement shall terminate without further obligations to the Executive’s legal representatives under this Agreement, other than (i) payment of Accrued Obligations, (ii) the timely payment or provision of Other Benefits in
accordance with the terms of the underlying plans or agreements, (iii) an amount equal the product of (x) the Target Bonus and (y) a fraction, the numerator of which is the number of days in the fiscal year in which the Date of
Termination occurs through the Date of Termination, and the denominator of which is 365 (the “Pro-rata Bonus”), and (iv) an amount equal to the Executive’s Annual Base Salary that would have otherwise been payable during
the period commencing on the Date of Termination and ending on the date thirty (30) days following the Date of Termination (the “Supplemental Salary Payment”). Accrued Obligations, the Pro-rata Bonus and the Supplemental Salary
Payment shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within thirty (30) days of the Date of Termination. With respect to the provision of Other Benefits, the term “Other Benefits”
as utilized in this Section 4(b) shall include death benefits as in effect on the date of the Executive’s death with respect to similarly situated executives of the Company and its affiliated companies and their beneficiaries. 

(c) Disability. If the Executive’s employment is terminated by reason of the Executive’s Disability during the
Employment Period, the Company shall provide the Executive with (i) the Accrued Obligations, (ii) a lump sum cash payment equal to (x) 75% of the amount equal to (A) the sum of the Executive’s Annual Base Salary and Target
Bonus, multiplied by (B) 1.5, and (iii) the timely payment or delivery of the Other Benefits in accordance with the terms of the underlying plans or agreements, and shall have no other severance obligations under this Agreement. The
Accrued Obligations and the Disability Lump Sum shall be paid to the Executive in a lump sum in cash within thirty (30) days of the Date of Termination; provided, that in the event that the Executive is a Specified Employee and if any
payment that the Executive becomes entitled to under this Agreement is considered deferred compensation within the meaning of Section 409A of the Code, the Disability Lump Sum shall instead be paid, with Interest, to the Executive on the 409A
Payment Date. 
 (d) Cause; By the Executive. If the Executive’s employment shall be terminated for Cause or the
Executive’s employment shall be terminated by the Executive for

  

 6 

 
any reason during the Employment Period, this Agreement shall terminate without further obligations to the Executive other than the obligation to pay to the Executive (i) the Accrued
Obligations through the Date of Termination and (ii) Other Benefits in accordance with the terms of the underlying plans or agreements, in each case to the extent theretofore unpaid. Accrued Obligations shall be paid to the Executive in a lump
sum in cash within thirty (30) days of the Date of Termination. 
 5. Non-exclusivity of Rights. Except as
specifically provided, nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of its affiliated companies and for which the
Executive qualifies pursuant to its terms, nor shall anything herein limit or otherwise affect such rights as the Executive may have under any contract or agreement with the Company or any of its affiliated companies. Amounts that are vested
benefits or that the Executive is otherwise entitled to receive pursuant to the terms of any plan, program, policy or practice of or any contract or agreement with the Company or any of its affiliated companies at or subsequent to the Date of
Termination shall be payable in accordance with such plan, program, policy or practice or contract or agreement except as explicitly modified by this Agreement. 
 6. No Mitigation; Legal Fees. In no event shall the Executive be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be reduced, regardless of whether the Executive obtains other employment. In the event that the
Executive prevails on substantially all material issues in any contest by the Company, the Executive or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof
(including as a result of any contest by the Executive about the amount of any payment pursuant to this Agreement) (each, a “Contest”), the Company agrees to pay, to the full extent permitted by law, all legal fees and expenses that
the Executive may reasonably incur as a result of any Contest, plus, in each case, Interest, provided, that the Executive shall have submitted an invoice for such fees and expenses not later than thirty (30) days after the final
resolution of such Contest, and the Company shall make such payment within ten (10) days following the Company’s receipt of an invoice from the Executive, but in no event later than 2 1/2 months after the end of the calendar year in which such Contest is
finally resolved. 
 7. Restrictive Covenants. (a) Confidential Information. The Executive shall hold
in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its affiliated companies, and their respective businesses, that shall have been obtained by the
Executive during the Executive’s employment by the Company or any of its affiliated companies and that shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this
Agreement). After termination of the Executive’s employment with the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such
information, knowledge or data to anyone other than the Company and those designated by it. 
 (b) Non-competition.
During the period commencing on the Effective Date and ending on the 18-month anniversary of the Date of Termination (the “Covenant Period”), the

  

 7 

 
Executive shall not, directly or indirectly or through another, be or become an officer, director, partner or employee of or consultant to or act in any managerial capacity with or own any equity
interest in any Competitive Business Entity (as defined below); provided, however, that ownership of less than one percent (1%) of the outstanding equity securities of any entity listed on any national securities exchange or
traded on the National Association of Securities Dealers Automated Quotation System shall not be prohibited hereby. A “Competitive Business Entity” is any Incumbent Local Exchange Carrier (as defined in the Telecommunications Act of
1996), emerging telecommunications provider or cable television or communication company that competes with the Company in the provision of voice, data , Internet or other services to customers in any state of the United States in which, as of the
Date of Termination, the Company or its controlled affiliates engages or has publicly announced definitive plans to engage, in the ownership, operation or management of such a business. 
 (c) Non-solicitation of Employees. During the Covenant Period, the Executive shall not, directly or indirectly, (i) induce or
attempt to induce any employee of the Company to leave the employ of the Company or in any way interfere with the relationship between the Company, on the one hand, and any employee thereof, on the other hand, (ii) hire any person who was an
employee of the Company until six (6) months after such individual’s employment relationship with the Company has been terminated or (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of the
Company to cease doing business with the Company, or in any way interfere with the relationship between any such customer, supplier, licensee or business relation, on the one hand, and the Company, on the other hand; provided that
solicitations incidental to general advertising or other general solicitations in the ordinary course not specifically targeted at such persons and employment of any person not otherwise solicited in violation hereof shall not be considered a
violation of this Section 7(c). 
 (d) Prior Notice Required. The Executive hereby agrees that, prior to accepting
employment with any other person or entity during the Covenant Period, the Executive will provide such prospective employer with written notice of the provisions of this Agreement, with a copy of such notice delivered simultaneously to the General
Counsel of the Company. 
 (e) Documents; Conduct. The Executive hereby expressly covenants and agrees that: 

(i) following termination of the Executive’s employment with the Company for any reason or at any time upon the
Company’s request, the Executive will promptly return to the Company all property of the Company in his or her possession or control (whether maintained at his or her office, home or elsewhere), including, without limitation, all copies of all
management studies, business or strategic plans, budgets, notebooks and other printed, typed or written materials, documents, diaries, calendars and data of or relating to the Company or its personnel or affairs; and 
 (ii) the Executive will not at any time publicly denigrate, ridicule or intentionally criticize the Company or any of its
products, properties, employees, officers or directors, including, without limitation, by way of news interviews, or the expression of personal views, opinions or judgments to the news media; provided, however, nothing in this
Section 7(e)(ii) shall prevent the Executive from making any truthful statement to the extent (A) necessary with respect to any Contest involving this Agreement or (B)

  

 8 

 
required by law, subpoena or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with jurisdiction to order such person to disclose or make
accessible such information. 
 (f) Executive Covenants Generally. 
 (i) The Executive’s covenants as set forth in this Section 7 are from time to time referred to herein as the
“Executive Covenants.” If any of the Executive Covenants is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such Executive Covenant shall be deemed modified to the extent, but only to the extent, of such
invalidity, illegality or unenforceability and the remaining Executive Covenants shall not be affected thereby; provided, however, that if any of the Executive Covenants is finally held to be invalid, illegal or unenforceable because it exceeds the
maximum scope determined to be acceptable to permit such provision to be enforceable, such Executive Covenant will be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder.

 (ii) The Executive understands that the foregoing restrictions may limit his or her ability to earn a
livelihood in a business similar to the business of the Company and its controlled affiliates, but the Executive nevertheless believes that he or she has received and will receive sufficient consideration and other benefits as an employee of the
Company and as otherwise provided hereunder to clearly justify such restrictions which, in any event (given his or her education, skills and ability), the Executive does not believe would prevent him or her from otherwise earning a living. The
Executive has carefully considered the nature and extent of the restrictions place upon him or her by this Section 7, and hereby acknowledges and agrees that the same are reasonable in time and territory and do not confer a benefit upon the
Company disproportionate to the detriment of the Executive. 
 (g) Enforcement. Because the Executive’s services are
unique and because the Executive has access to confidential information, the parties hereto agree that money damages would be an inadequate remedy for any breach of this Section 7. Therefore, in the event of a breach or threatened breach of
this Section 7, the Company or its respective successors or assigns may, in addition to other rights and remedies existing in their favor at law or in equity, apply to any court of competent jurisdiction for specific performance and/or
injunction relief in order to enforce, or prevent any violations of, the provision hereof (without posting a bond or other security) or require the Executive to account for and pay over to the Company all compensation, profits, moneys, accruals or
other benefits derived from or received as a result of any transactions constituting a breach of the covenants contained herein, if and when final judgment of a court of competent jurisdiction is so entered against the Executive. 
 (h) Interpretation. For purposes of this Section 7, references to “the Company” shall mean the Company as hereinbefore
defined and any of its controlled affiliated companies. 
 8. Successors. (a) This Agreement is personal to the
Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than

  

 9 

 
by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 
 (b) This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. 
 (c) The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.
As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law or otherwise. As used in
this Agreement, the term “affiliated companies” shall include any company controlled by, controlling or under common control with the Company. 
 9. Miscellaneous. (a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws. The captions
of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal
representatives. 
 (b) All notices and other communications hereunder shall be in writing and shall be given by hand delivery
to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	If to the Executive:	 	At the most recent address
		 	on file at the Company.
		
	If to the Company:	 	tw telecom inc.
		 	 10475 Park Meadows Drive
 Littleton, Colorado 80124
 Attention: General Counsel
 Facsimile: (303) 566-1777

 or to such other address as either party shall have furnished to the other in writing in accordance
herewith. Notice and communications shall be effective when actually received by the addressee. 
 (c) The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 
 (d) The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

  

 10 

 (e) The Executive’s or the Company’s failure to insist upon strict compliance with
any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 
 (f) Any provision of this Agreement that by its terms continues after the expiration of the Employment Period or the termination of the
Executive’s employment shall survive in accordance with its terms. 
 (g) The Agreement is intended to comply with the
requirements of Section 409A of the Code or an exemption or exclusion therefrom and shall in all respects be administered in accordance with Section 409A of the Code. Each payment under this Agreement shall be treated as a separate payment
for purposes of Section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment to be made under this Agreement. If the Executive dies following the Date of Termination and prior to
the payment of the any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the Executive’s estate within thirty (30) days after the date of the Executive’s death.
All reimbursements and in-kind benefits provided under this Agreement that constitute deferred compensation within the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of the
Code, including, without limitation, that (i) in no event shall reimbursements by the Company under this Agreement be made later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were
incurred, provided, that the Executive shall have submitted an invoice for such fees and expenses at least ten (10) days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred;
(ii) the amount of in-kind benefits that the Company is obligated to pay or provide in any given calendar year shall not affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar year; (iii) the
Executive’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements
or to provide such in-kind benefits that constitute deferred compensation apply later than the Executive’s remaining lifetime (or if longer, through the 20th anniversary of the Effective Date). Within the time period permitted by the applicable
Treasury Regulations, the Company may, in consultation with the Executive, modify the Agreement in order to cause the provisions of the Agreement to comply with the requirements of Section 409A of the Code, so as to avoid the imposition of
taxes and penalties on the Executive pursuant to Section 409A of the Code, while not substantially reducing the aggregate value to the Executive of the payments and benefits to, or otherwise adversely affecting the rights of, the Executive
under this Agreement. 
 (h) This Agreement supersedes and replaces in whole the Amended and Restated Employment Agreement dated
December 12, 2008 between the Company and the Executive, and that Agreement shall be of no further force and effect as of the date first written above. 
 (i) Notwithstanding the foregoing or anything in this Agreement to the contrary, the Executive may be characterized, for purposes of tax withholding and reporting, as an employee of tw telecom holdings
inc. or another Affiliated Entity, and any compensation and

  

 11 

 
benefit obligations of the Company hereunder, other than any rights to equity compensation in respect of the Company, may be performed or fulfilled by tw telecom holdings inc. or another
Affiliated Entity. 
 WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the
authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written. 
  

					
	Larissa Herda
	
	 /s/ Larissa Herda

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

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

  

 12 

 EXHIBIT A 
 RELEASE 
 Pursuant to the terms of the Employment Agreement
made effective as of November 4, 2009 between tw telecom inc. (the “Company”) and any successor and the undersigned (the “Agreement”), and in consideration of the payments made to me and other benefits to be received
by me pursuant thereto,                                 , being of lawful age, do
hereby release and forever discharge the Company and its respective officers, shareholders, subsidiaries, agents, and employees, from any and all actions, causes of action, claims, or demands for general, special or punitive damages, attorneys’
fees, expenses, or other compensation, which in any way relate to or arise out of my employment with the Company or the termination of such employment, which I may now or hereafter have, including without limitation, any alleged violation of: Title
VII of the Civil Rights Act of 1964, as amended; Sections 1981 through 1988 of Title 42 of the United States Code, as amended; The Employee Retirement Income Security Act of 1974, as amended (except for any vested benefits under any tax qualified
benefit plan); The Immigration Reform and Control Act, as amended; The Americans With Disabilities Act of 1990, as amended; The Age Discrimination in Employment Act of 1967, as amended; The Workers Adjustment and Retraining Notification Act, as
amended; The Fair Credit Reporting Act, as amended; The Occupational Safety and Health Act, as amended; The Colorado Anti-Discrimination Act – Colo. Rev. Stat. §24-34-301 et seq., as amended; The Colorado Equal Pay Law – Colo. Rev.
Stat. §8-5-101 et seq., as amended; The Colorado Adoptive Parents Leave Act – Colo. Rev. Stat. §19-5-211, as amended; The Colorado Testimony Protection – Colo. Rev. Stat. §8-2.5-101, as amended; The Colorado Civil Rights
Commissions’ Regulations – 3 CCR 708-1, as amended; The Colorado Wage Payment and Work Hour Laws; the Colorado Whistleblower Protection Law – Colo. Rev. Stat. §22-114-101 et seq., as amended; any other federal, state or local
civil or human rights law or any other local, state or federal law, regulation, order or ordinance; any public policy, any Employer policy, plan, practice or arrangement, all common law rights and claims, such as a breach of contract (express or
implied, oral or written), tort (negligent or intentional), wrongful discharge, promissory estoppel, and any claim for fraud, omission or misrepresentation, or any allegation for costs, fees, or other expenses including

  

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attorneys’ fees incurred in these matters, through and including the date of this release, provided, however, that the execution of this Release shall not prevent the
undersigned from bringing a lawsuit against the Company to enforce its obligations under the Agreement or to seek damages for the breach of the Agreement by the Company. 
 I AGREE THAT BY SIGNING THIS RELEASE I AM GIVING UP THE RIGHT TO SUE THE COMPANY FOR AGE DISCRIMINATION UNDER STATE AND FEDERAL LAWS, INCLUDING THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967
(ADEA). I HAVE BEEN ADVISED THAT I HAVE TWENTY-ONE (21) CALENDAR DAYS (OR SUCH LONGER TIME AS MAY BE REQUIRED BY APPLICABLE LAW) TO CONSIDER THIS RELEASE. I HAVE ALSO BEEN ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO MY SIGNING OF THIS
RELEASE. I MAY RETURN THE RELEASE PRIOR TO THE EXPIRATION OF THE 21-DAY PERIOD BUT I AGREE THAT I HAVE NOT BEEN REQUIRED TO DO SO AND THAT I HAVE BEEN INFORMED OF MY RIGHT TO TAKE THE ENTIRE 21 DAYS (OR SUCH LONGER TIME AS MAY BE REQUIRED BY
APPLICABLE LAW) TO CONSIDER THE RELEASE. I AGREE THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS RELEASE DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD (OR SUCH LONGER TIME AS
MAY BE REQUIRED BY APPLICABLE LAW). 
 I agree that after I have signed and delivered this Release to the Company, this Release
will not be effective or enforceable until the end of a seven-day revocation period beginning on the day that I deliver this Release to the Company. During this seven-day period, I may revoke this Release, without reason and in my sole judgment, but
I may do so only by delivering a written statement of revocation to the Company. I understand that any revocation must be delivered personally or sent by registered or certified mail, postage prepaid, to Tina Davis, Sr. Vice President and Deputy
General Counsel, tw telecom inc., 10475 Park Meadows Drive, Littleton, CO 80124, or any other individual designated in writing by Company as

  

 14 

 
authorized to receive the revocation. If the Company does not receive my written statement of revocation by the end of the revocation period, this Release will become legally enforceable and I
may not thereafter revoke this Release. I further state that I have read this document and the Agreement referred to herein, that I know the contents of both and that I have executed the same as my own free act. 
 WITNESS my hand this              day of
                            . 
  

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