Document:

Form of Indenture

 Exhibit 4.1 
  

 
  

TIME INC., 
 THE GUARANTORS NAMED
ON SCHEDULE I HERETO 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 
  

 
 INDENTURE 

 
  

Dated as of April 29, 2014 

5.75% SENIOR NOTES DUE 2022 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	ARTICLE I	  
	
	Definitions and Incorporation by Reference	  
			
	SECTION 1.01.	 	Definitions	  	 	1	  
	SECTION 1.02.	 	Other Definitions	  	 	41	  
	SECTION 1.03.	 	Rules of Construction	  	 	42	  
	SECTION 1.04.	 	Acts of Holders	  	 	43	  
	
	ARTICLE II	  
	
	The Notes	  
			
	SECTION 2.01.	 	Form and Dating; Terms	  	 	44	  
	SECTION 2.02.	 	Execution and Authentication	  	 	46	  
	SECTION 2.03.	 	Registrar and Paying Agent	  	 	46	  
	SECTION 2.04.	 	Paying Agent to Hold Money in Trust	  	 	47	  
	SECTION 2.05.	 	Holder Lists	  	 	47	  
	SECTION 2.06.	 	Transfer and Exchange	  	 	47	  
	SECTION 2.07.	 	Replacement Notes	  	 	61	  
	SECTION 2.08.	 	Outstanding Notes	  	 	61	  
	SECTION 2.09.	 	Treasury Notes	  	 	61	  
	SECTION 2.10.	 	Temporary Notes	  	 	62	  
	SECTION 2.11.	 	Cancellation	  	 	62	  
	SECTION 2.12.	 	Defaulted Interest	  	 	62	  
	SECTION 2.13.	 	CUSIP/ISIN Numbers	  	 	63	  
	
	ARTICLE III	  
	
	Redemption	  
			
	SECTION 3.01.	 	Notices to Trustee	  	 	63	  
	SECTION 3.02.	 	Selection of Notes to Be Redeemed or Purchased	  	 	63	  
	SECTION 3.03.	 	Notice of Purchase or Redemption	  	 	64	  
	SECTION 3.04.	 	Effect of Notice of Redemption	  	 	65	  
	SECTION 3.05.	 	Deposit of Redemption or Purchase Price	  	 	65	  
	SECTION 3.06.	 	Notes Redeemed or Purchased in Part	  	 	66	  
	SECTION 3.07.	 	Optional Redemption	  	 	66	  
	SECTION 3.08.	 	Mandatory Redemption	  	 	67	  
	SECTION 3.09.	 	Special Mandatory Redemption	  	 	67	  
	SECTION 3.10.	 	Offers to Repurchase by Application of Excess Proceeds	  	 	67	  

  
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	ARTICLE IV	  
	
	Covenants	  
			
	SECTION 4.01.	 	Payment of Notes	  	 	70	  
	SECTION 4.02.	 	Maintenance of Office or Agency	  	 	70	  
	SECTION 4.03.	 	Reports and Other Information	  	 	70	  
	SECTION 4.04.	 	Compliance Certificate	  	 	72	  
	SECTION 4.05.	 	Taxes	  	 	72	  
	SECTION 4.06.	 	Stay, Extension and Usury Laws	  	 	72	  
	SECTION 4.07.	 	Limitation on Restricted Payments	  	 	73	  
	SECTION 4.08.	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	79	  
	SECTION 4.09.	 	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	 	82	  
	SECTION 4.10.	 	Asset Sales	  	 	87	  
	SECTION 4.11.	 	Transactions with Affiliates	  	 	91	  
	SECTION 4.12.	 	Liens	  	 	94	  
	SECTION 4.13.	 	Offer to Repurchase Upon Change of Control	  	 	95	  
	SECTION 4.14.	 	Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	  	 	97	  
	SECTION 4.15.	 	Suspension of Certain Covenants	  	 	98	  
	SECTION 4.16.	 	Limitation on Sale and Lease-Back Transactions	  	 	100	  
	SECTION 4.17.	 	Limitations on Business Activities	  	 	100	  
	
	ARTICLE V	  
	
	Successors	  
			
	SECTION 5.01.	 	Merger, Consolidation or Sale of All or Substantially All Assets	  	 	100	  
	SECTION 5.02.	 	Successor Corporation Substituted	  	 	102	  
	
	ARTICLE VI	  
	
	Defaults and Remedies	  
			
	SECTION 6.01.	 	Events of Default	  	 	102	  
	SECTION 6.02.	 	Acceleration	  	 	105	  
	SECTION 6.03.	 	Other Remedies	  	 	105	  
	SECTION 6.04.	 	Waiver of Defaults	  	 	105	  
	SECTION 6.05.	 	Control by Majority	  	 	106	  
	SECTION 6.06.	 	Limitation on Suits	  	 	106	  
	SECTION 6.07.	 	Rights of Holders of Notes to Receive Payment	  	 	106	  

  
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	SECTION 6.08.	 	Collection Suit by Trustee	  	 	107	  
	SECTION 6.09.	 	Restoration of Rights and Remedies	  	 	107	  
	SECTION 6.10.	 	Rights and Remedies Cumulative	  	 	107	  
	SECTION 6.11.	 	Delay or Omission Not Waiver	  	 	107	  
	SECTION 6.12.	 	Trustee May File Proofs of Claim	  	 	107	  
	SECTION 6.13.	 	Priorities	  	 	108	  
	SECTION 6.14.	 	Undertaking for Costs	  	 	108	  
	
	ARTICLE VII	  
	
	Trustee	  
			
	SECTION 7.01.	 	Duties of Trustee	  	 	109	  
	SECTION 7.02.	 	Rights of Trustee	  	 	110	  
	SECTION 7.03.	 	Individual Rights of Trustee	  	 	111	  
	SECTION 7.04.	 	Trustee’s Disclaimer	  	 	111	  
	SECTION 7.05.	 	Notice of Defaults	  	 	111	  
	SECTION 7.06.	 	[Reserved.]	  	 	111	  
	SECTION 7.07.	 	Compensation and Indemnity	  	 	112	  
	SECTION 7.08.	 	Replacement of Trustee	  	 	113	  
	SECTION 7.09.	 	Successor Trustee by Merger, etc	  	 	113	  
	SECTION 7.10.	 	Eligibility; Disqualification	  	 	114	  
	SECTION 7.11.	 	Preferential Collection of Claims Against the Issuer	  	 	114	  
	
	ARTICLE VIII	  
	
	Legal Defeasance and Covenant Defeasance	  
			
	SECTION 8.01.	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	114	  
	SECTION 8.02.	 	Legal Defeasance and Discharge	  	 	114	  
	SECTION 8.03.	 	Covenant Defeasance	  	 	115	  
	SECTION 8.04.	 	Conditions to Legal or Covenant Defeasance	  	 	116	  
	SECTION 8.05.	 	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	  	 	117	  
	SECTION 8.06.	 	Repayment to Issuer	  	 	117	  
	SECTION 8.07.	 	Reinstatement	  	 	118	  
	
	ARTICLE IX	  
	
	Amendment, Supplement and Waiver	  
			
	SECTION 9.01.	 	Without Consent of Holders of Notes	  	 	118	  
	SECTION 9.02.	 	With Consent of Holders of Notes	  	 	119	  
	SECTION 9.03.	 	Revocation and Effect of Consents	  	 	121	  
	SECTION 9.04.	 	Notation on or Exchange of Notes	  	 	121	  
	SECTION 9.05.	 	Trustee to Sign Amendments, etc	  	 	121	  
	SECTION 9.06.	 	Payment for Consent	  	 	121	  

  
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	ARTICLE X	  
	
	Guarantees	  
			
	SECTION 10.01.	 	Guarantee	  	 	122	  
	SECTION 10.02.	 	Limitation on Guarantor Liability	  	 	123	  
	SECTION 10.03.	 	Notation Not Required	  	 	124	  
	SECTION 10.04.	 	Subrogation	  	 	124	  
	SECTION 10.05.	 	Benefits Acknowledged	  	 	124	  
	SECTION 10.06.	 	Release of Guarantees	  	 	124	  
	
	ARTICLE XI	  
	
	Satisfaction and Discharge	  
			
	SECTION 11.01.	 	Satisfaction and Discharge	  	 	125	  
	SECTION 11.02.	 	Application of Trust Money	  	 	126	  
	
	ARTICLE XII	  
	
	Miscellaneous	  
			
	SECTION 12.01.	 	Notices	  	 	126	  
	SECTION 12.02.	 	Communication by Holders of Notes with Other Holders of Notes	  	 	127	  
	SECTION 12.03.	 	Certificate and Opinion as to Conditions Precedent	  	 	128	  
	SECTION 12.04.	 	Statements Required in Certificate or Opinion	  	 	128	  
	SECTION 12.05.	 	Rules by Trustee and Agents	  	 	128	  
	SECTION 12.06.	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	129	  
	SECTION 12.07.	 	Governing Law	  	 	129	  
	SECTION 12.08.	 	Waiver of Jury Trial	  	 	129	  
	SECTION 12.09.	 	Force Majeure	  	 	129	  
	SECTION 12.10.	 	Benefits of Indenture	  	 	129	  
	SECTION 12.11.	 	No Adverse Interpretation of Other Agreements	  	 	129	  
	SECTION 12.12.	 	Successors	  	 	129	  
	SECTION 12.13.	 	Severability	  	 	129	  
	SECTION 12.14.	 	Counterpart Originals	  	 	130	  
	SECTION 12.15.	 	Table of Contents, Headings, etc	  	 	130	  
	SECTION 12.16.	 	U.S.A. Patriot Act	  	 	130	  

  
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 Schedule 

SCHEDULE I List of Guarantors as of the Issue Date 
 Exhibits

  

			
	EXHIBIT A	  	Form of Note
	EXHIBIT B	  	Form of Certificate of Transfer
	EXHIBIT C	  	Form of Certificate of Exchange
	EXHIBIT D	  	Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors

  
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 INDENTURE, dated as of April 29, 2014, among Time Inc., a Delaware
corporation (the “Issuer”), the Guarantors (as defined herein) listed on Schedule I hereto and Wells Fargo Bank, National Association, as Trustee. 

W I T N E S S E T H 
 WHEREAS,
the Issuer has duly authorized the creation of an issue of $700,000,000 aggregate principal amount of 5.75% Senior Notes due 2022 (the “Initial Notes”); and 

WHEREAS, the Issuer and each of the Guarantors has duly authorized the execution and delivery of this Indenture. 

NOW, THEREFORE, the Issuer, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable
benefit of the Holders of the Notes. 
 ARTICLE I 

Definitions and Incorporation by Reference 

SECTION 1.01. Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued to evidence Notes sold in reliance on Rule 144A. 

“Acquired Indebtedness” means, with respect to any specified Person, 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Restricted
Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming a Restricted Subsidiary of such specified Person, and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

The term “Acquired Indebtedness” does not include Indebtedness of a Person that is redeemed, discharged, defeased, retired or
otherwise repaid at the time of, or immediately upon consummation of, the transactions by which such Person became a Restricted Subsidiary or such asset acquisition. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued from time to time under this Indenture in
accordance with Sections 2.02 and 4.09. 

 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 

“Agent” means any Registrar, Paying Agent, Custodian or other agent appointed in accordance with this Indenture to perform
any function that this Indenture authorizes such agent to perform. 
 “Applicable Premium” means, with respect to any Note
on any Redemption Date, the greater of: 
 (1) 1.0% of the principal amount of such Note; and 

(2) the excess, if any, of: 

(A) the present value at such Redemption Date of (i) the redemption price of such Note at April 15, 2017 (such
redemption price being set forth in the table appearing in Section 3.07(b)), plus (ii) all required interest payments due on such Note through April 15, 2017 (excluding accrued but unpaid interest to the Redemption Date),
computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over 
 (B)
the principal amount of such Note, 
 as calculated by the Issuer or on behalf of the Issuer by such Person as the Issuer may designate. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such transfer or exchange. 
 “Asset
Sale” means: 
 (1) the sale, conveyance, transfer or other disposition, whether in a single transaction or a series
of related transactions, of property or assets (including by way of a Sale and Lease-Back Transaction) of the Issuer or any of its Restricted Subsidiaries (each referred to in this definition as a “disposition”); or 

(2) the issuance or sale of Equity Interests of any Restricted Subsidiary (other than Preferred Stock of Restricted
Subsidiaries issued in compliance with Section 4.09 and the issuance or sale of Equity Interests representing directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent
required by applicable law), whether in a single transaction or a series of related transactions; 

  
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 in each case, other than: 

(1) any disposition of cash, Cash Equivalents or Investment Grade Securities or damaged, unnecessary, obsolete or worn out
equipment or other property or assets in the ordinary course of business, or property or assets no longer used or useful or economically practicable to maintain in the business of the Issuer and its Restricted Subsidiaries in the reasonable opinion
of the Issuer, or any disposition of inventory or goods (or other property or assets) in the ordinary course of business; 

(2) the disposition of all or substantially all of the property or assets of the Issuer or any of its Subsidiaries pursuant to
the provisions described under Section 5.01 or any disposition that constitutes a Change of Control pursuant to this Indenture; 

(3) the making of any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under
Section 4.07; 
 (4) any disposition of property or assets or issuance or sale of Equity Interests of any Restricted
Subsidiary in any transaction or series of transactions with an aggregate fair market value (as determined in good faith by the Issuer) not to exceed $10,000,000; 

(5) any disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Issuer or by the Issuer
or a Restricted Subsidiary to another Restricted Subsidiary; 
 (6) to the extent allowable under Section 1031 of the
Code, or any comparable or successor provision, any exchange of like property (excluding any boot thereon) for use in a Similar Business; 

(7) the sale, lease, assignment, license, sublicense or sub-lease of any real or personal property, assets or services in the
ordinary course of business; 
 (8) any disposition of Equity Interests in, or Indebtedness or other securities of, an
Unrestricted Subsidiary; 
 (9) any disposition of property or assets subject to a Lien held by the Issuer or a Restricted
Subsidiary in a foreclosure, eminent domain, seizure or similar proceeding or exercises of termination rights under any lease, license, concession or other agreement or dispositions of property or assets required by law, governmental regulation or
any order of any court, administrative agency or regulatory body; 

  
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 (10) sales of accounts receivable, or participations therein, and related assets
or rights customarily sold or assigned, in each case in connection with any Receivables Facility; 
 (11)
(A) non-exclusive licenses, sublicenses or cross-licenses of intellectual property or other general intangibles of, and (B) exclusive licenses, sublicenses or cross-licenses of intellectual property or other general intangibles in the
ordinary course of business of, the Issuer or its Restricted Subsidiaries; 
 (12) sales, transfers and other dispositions of
Investments or other interests in joint ventures or similar entities to the extent required by, or made pursuant to, customary buy/sell arrangements or rights of first refusal between the parties set forth in joint venture arrangements and similar
binding arrangements; 
 (13) the lapse or abandonment of intellectual property rights in the ordinary course of business,
which in the good faith determination of the Issuer is not material to the conduct of the business of the Issuer and its Restricted Subsidiaries, taken as a whole; 

(14) the granting of Liens not prohibited by this Indenture; 

(15) the unwinding of any Hedging Obligations; 

(16) an issuance of Equity Interests pursuant to benefit plans, employment agreements, equity plans, stock subscription or
shareholder agreements, stock ownership plans and other similar plans, policies, contracts or arrangements established in the ordinary course of business or approved by the Issuer in good faith; 

(17) any surrender or waiver of obligations of trade creditors or customers or contract rights or the settlement, release or
surrender of contractual rights, tort or other claims of any kind; 
 (18) dispositions or discounts of receivables in
connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 

(19) any financing transaction (excluding by way of a Sale and Lease-Back Transaction) with respect to property constructed,
acquired, replaced, repaired or improved by the Issuer or any of its Restricted Subsidiaries after the Issue Date; 
 (20)
dispositions of leasehold improvements or leased assets in connection with the termination of any operating lease; 
 (21)
any swap of assets in the ordinary course of business in exchange for services (including in connection with any outsourcing arrangements) of 

  
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comparable or greater value or usefulness to the business of the Issuer and its Restricted Subsidiaries, taken as a whole, as determined in good faith by an Issuer; 

(22) dispositions of Investments in joint ventures and, to the extent any joint venture constitutes a Restricted Subsidiary,
the property of such joint venture, so long as the aggregate fair market value (as determined in good faith by the Issuer) (determined, with respect to each such disposition, as of the time of such disposition) of all such dispositions does not
exceed $10,000,000; and 
 (23) any disposition (A) pursuant to the Spin-Off Documents or (B) otherwise in
connection with the Transactions. 
 “Attributable Debt” means, in respect of any Sale and Lease-Back Transaction, at the
time of determination, the present value of the total obligations of the lessee for net rental payments during the remaining term of the lease included in such Sale and Lease-Back Transaction, including any period for which such lease has been
extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

“Board of Directors” means (1) with respect to the Issuer or any corporation, the board of directors or managers, as
applicable, of the corporation, or any duly authorized committee thereof; (2) with respect to any partnership, the board of directors or other governing body of the general partner of the partnership or any duly authorized committee thereof;
and (3) with respect to any other Person, the board or any duly authorized committee of such Person serving a similar function. Whenever any provision requires any action or determination to be made by, or any approval of, a Board of Directors,
such action, determination or approval shall be deemed to have been taken or made if approved by a majority of the directors on any such Board of Directors (whether or not such action or approval is taken as part of a formal board meeting or as a
formal board approval). 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of
debtors as amended from time to time. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the laws of, or are in fact closed in, the State of New York or the place of payment. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 

  
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 (3) in the case of a partnership or limited liability company, partnership or
membership interests (whether general or limited); and 
 (4) any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Capitalized Lease
Obligation” means, with respect to any Person, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability
on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. The amount of Indebtedness represented by such liability will be the capitalized amount of such liability at the time any determination thereof is to be made as determined
on the basis of GAAP. 
 “Cash Equivalents” means: 

(1) United States dollars; 

(2) (A) Euros, Canadian dollars, Sterling or any national currency of any member state of the European Union and
(B) any other foreign currency held by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business; 

(3) securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government, Canadian
government or any member state of the European Union or, in each case, any agency or instrumentality thereof (provided that full faith and credit obligation of such country or member state is pledged in support thereof), with maturities of 24
months or less from the date of acquisition; 
 (4) certificates of deposit, time deposits, eurodollar deposits and dollar
time deposits with maturities of one year or less from the date of acquisition thereof, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus of
not less than $500,000,000 in the case of U.S. banks and $100,000,000 (or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S. banks; 

(5) repurchase obligations for underlying securities of the types described in clauses (3) and (4) above and clause
(8) below entered into with any financial institution meeting the qualifications specified in clause (4) above; 

(6) commercial paper rated at least (A) “P-1” by Moody’s or at least
“A-1” by S&P (or if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing within 24 months
after the date of creation thereof and (B) “P-2” by Moody’s or at least “A-2” by S&P (or if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating
Agency) and in each case maturing within 12 months after creation thereof; 

  
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 (7) marketable short-term money market and similar securities having a rating of
at least “P-2” or “A-2” from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency), and in each case
maturing within 24 months after the date of creation thereof; 
 (8) readily marketable direct obligations issued by any
state, commonwealth or territory of the United States, any province of Canada, any member state of the European Union or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or
if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) with maturities of 24 months or less from the date of acquisition; 

(9) Investments with average maturities of 24 months or less from the date of acquisition in money market funds rated
“AAA” (or the equivalent thereof) or better by S&P or “Aaa3” (or the equivalent thereof) or better by Moody’s (or reasonably equivalent ratings of another internationally recognized rating agency); and 

(10) investment funds investing 95% of their assets in securities of the types described in clauses (1) through
(9) above. 
 Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth
in clauses (1) and (2) above; provided that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten Business Days following the receipt of such
amounts. 
 “Change of Control” means the occurrence of any of the following after the Distribution Date, in each case
excluding any of the Transactions: 
 (1) the sale, lease or transfer (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries, taken as a whole, to any Person other than the Issuer or a Restricted Subsidiary; 

(2) the Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act,
proxy, vote, written notice or otherwise) the acquisition by any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), in a single transaction or in a related series of transactions, of
“beneficial ownership” (within the meaning of Rule 13d-3 under the Exchange Act, except that in calculating the beneficial ownership of any particular Person or “group”, such Person or
“group” will not be deemed to have beneficial ownership of any securities that such Person or 

  
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“group” has the right to acquire or vote only upon the happening of any future event or contingency, including the passage of time, that has not yet occurred) of 50% or more of the
total voting power of the Voting Stock of the Issuer (determined on a fully diluted basis but without giving effect to contingent voting rights that have not yet vested) (other than a transaction following which holders of securities that
represented 100% of the Voting Stock of the Issuer immediately prior to such transaction (or other securities into which such securities are converted as part of such transaction) own, directly or indirectly, at least a majority of the voting power
of the Voting Stock of the surviving Person in such transaction immediately after such transaction); or 
 (3) the adoption
of a plan of liquidation and dissolution of the Issuer. 
 “Clearstream” means Clearstream Banking, Société
Anonyme. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Consolidated Adjusted EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person
for such period: 
 (1) increased (without duplication) by (to the extent the same were deducted (and not added back) in
computing such Consolidated Net Income (other than clause (J)): 
 (A) provision for taxes based on income or profits or
capital gains, including federal, state, provincial, local, foreign, non-U.S. franchise, excise, value added and similar taxes, foreign withholding taxes and taxes (whether paid in full or in installments) incurred as a result of or in order to
consummate the Transactions, of such Person paid or accrued during such period, including any penalties and interest relating to such taxes or arising from any tax examinations; plus 

(B) Consolidated Interest Expense of such Person for such period; plus 

(C) Consolidated Depreciation and Amortization Expense of such Person for such period; plus 

(D) any fees, premiums, expenses or charges related to the Transactions or the Spin-Off Documents, any actual, proposed or
contemplated Equity Offering, Permitted Investment, acquisition, disposition, recapitalization, the incurrence or repayment of Indebtedness permitted to be incurred by this Indenture (including a Refinancing thereof) or any amendments, consents,
waivers or other modifications relating to the Notes, the Transactions, the Spin-Off Documents or the Credit Facilities (whether or not consummated or successful); plus 

  
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 (E) the amount of any restructuring charge, accrual or reserve, integration cost
or other business optimization expense, including any restructuring costs incurred in connection with the Transactions, acquisitions, mergers or consolidations after the Issue Date and any other restructuring expenses, severance expenses, one-time
compensation charges, post-retirement employee benefits plans, any expenses relating to reconstruction, decommissioning or recommissioning fixed assets for alternate use, expenses or charges relating to facility closing costs, acquisition
integration costs and signing, retention or completion bonuses or expenses; plus 
 (F) any other non-cash charges or
expenses, including any write-offs or write-downs and non-cash compensation charges or expenses recorded from grants of stock appreciation or similar rights, stock options, restricted stock or other rights (provided that if any such non-cash
charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated Adjusted EBITDA in such future period to the extent paid, but
excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period); plus 

(G) the amount of any minority interest expense consisting of Subsidiary income attributable to minority equity interests of
third parties in any non-Wholly Owned Subsidiary; plus 
 (H) the amount of loss on sale of receivables and related
assets to any Receivables Subsidiary in connection with a Receivables Facility; plus 
 (I) any costs or expenses
incurred by the Issuer or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such
costs or expenses are funded with cash proceeds contributed to the capital of the Issuer or net cash proceeds of an issuance of Equity Interest of the Issuer (other than Disqualified Stock) solely to the extent that such net cash proceeds are
excluded from the calculation set forth in the second clause (3) in Section 4.07(a); plus 
 (J) the amount
of cost savings, operating expense reductions, other operating improvements and initiatives and synergies projected by the Issuer in good faith to result from actions taken or to be taken in connection with any Investment, acquisition, disposition,
merger, amalgamation, consolidation, discontinued operations, operational changes or other action being given pro forma effect (which will be added to Consolidated Adjusted EBITDA as so projected until fully realized and

  
 9 

 
calculated on a pro forma basis as though such cost savings, operating expense reductions, other operating improvements and initiatives and synergies had been realized on the first day of
such period), net of the amount of actual benefits realized during such period from such actions; provided that (x) such actions have been taken or are expected to be taken within 12 months after the consummation of the Investment,
acquisition, disposition, merger, amalgamation, consolidation, discontinued operations, operational change or other action expected to result in such cost savings or other benefits, (y) such cost savings are reasonably identifiable and
factually supportable (in the good faith determination of the Issuer) and (z) the aggregate amount of cost savings, operating expense reductions, other operating improvements and initiatives and synergies added back pursuant to this clause
(J) in any period of four consecutive fiscal quarters shall not exceed 10% of Consolidated Adjusted EBITDA (prior to giving effect to such addbacks); 

(2) decreased by (without duplication) the amount of non-cash gains increasing such Consolidated Net Income, excluding
(A) any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Adjusted EBITDA in any prior period and (B) any non-cash gains in respect of which cash was
actually received in a prior period so long as such cash did not increase Consolidated Adjusted EBITDA in such prior period; and (C) the accrual of revenue in the ordinary course of business; and 

(3) increased or decreased by (without duplication): 

(A) any net loss or gain resulting in such period from Hedging Obligations and the application of Financial Accounting
Codification No. 815-Derivatives and Hedging; and 
 (B) any net loss or gain resulting in such period from currency
translation gains or losses related to currency remeasurements of Indebtedness (including any net loss or gain resulting from hedge agreements for currency exchange risk). 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person, for any period, the total amount of
depreciation and amortization expense, including the amortization of intangibles and deferred financing fees or debt issuance costs, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in
accordance with GAAP. 
 “Consolidated Indebtedness” means, as of any date of determination, the sum, without duplication,
of (1) the total amount of (A) Indebtedness for borrowed money, (B) Indebtedness evidenced by bonds, notes (other than notes in favor of trade creditors evidencing trade payables incurred in the ordinary course of business),
debentures or other similar instruments for the payment of which such Person is liable, (C) Capitalized Lease Obligations, (D) the Notes and (E) guarantees of the foregoing, in 

  
 10 

 
each case, of the Issuer and its Restricted Subsidiaries (excluding (x) Indebtedness in respect of letters of credit and bankers’ acceptances (or, without duplication, reimbursement
agreements in respect thereof), except to the extent of unreimbursed amounts drawn thereunder, (y) intercompany Indebtedness and (z) Indebtedness in respect of Hedging Obligations not yet due and owing), outstanding on such date;
minus (2) up to $250,000,000 of Eligible Cash included in the consolidated balance sheet of the Issuer and its Restricted Subsidiaries, as of the most recently ended fiscal period for which Required Financial Statements have been
delivered (with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Consolidated Net Leverage Ratio” as determined in good faith by the
Issuer); plus (3) the greater of (i) the aggregate liquidation value and (ii) maximum fixed repurchase price without regard to any change of control or redemption premiums of all Disqualified Stock of the Issuer and the
Guarantors and all Preferred Stock of Restricted Subsidiaries, in each case determined on a consolidated basis in accordance with GAAP. For purposes of this definition, the “maximum fixed repurchase price” of any Disqualified Stock or
Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which
Consolidated Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such fair market value shall be the fair
market value (as determined in good faith by the Issuer). 
 “Consolidated Interest Expense” means, with respect to any
Person for any period, without duplication, the sum of: 
 (1) consolidated interest expense of such Person and its
Restricted Subsidiaries for such period to the extent such expense was deducted (and not added back) in computing Consolidated Net Income of such Person (including (A) amortization of original issue discount resulting from the issuance of
Indebtedness at less than par, (B) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (C) non-cash interest expense (but excluding any non-cash interest expense attributable
to the movement in the mark to market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP), (D) the interest component of Capitalized Lease Obligations, (E) imputed interest with respect to Attributable Debt
and (F) net payments, if any, pursuant to interest rate Hedging Obligations with respect to Indebtedness, and excluding (X) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, (Y) any
expensing of bridge, commitment and other financing fees and (Z) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Receivables Facility); plus 

(2) consolidated capitalized interest of such Person and such Subsidiaries for such period, whether paid or accrued;
plus 

  
 11 

 (3) whether or not treated as interest expense in accordance with GAAP, all cash
dividends or other distributions accrued (excluding dividends payable solely in Equity Interests (other than Disqualified Stock) of the Issuer) on any series of Disqualified Stock or any series of Preferred Stock during such period (other than
dividends or distributions to the Issuer or a Restricted Subsidiary). 
 For purposes of this definition, interest on a Capitalized Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined by the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person
and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that, without duplication: 

(1) any after-tax effect of extraordinary, non-recurring or unusual gains or losses or expenses (including fees and expenses
relating to (A) the Transactions, (B) severance, relocation and transition costs and (C) any rebranding or corporate name change) shall be excluded; 

(2) the cumulative effect of a change in accounting principles during such period shall be excluded; 

(3) any after-tax effect of income (or loss) from disposed or discontinued operations and any net after-tax gains (or losses)
on disposal of disposed, abandoned or discontinued operations shall be excluded; 
 (4) any after-tax effect of gains (or
losses) (less all fees and expenses relating thereto) attributable to asset dispositions other than in the ordinary course of business, as determined in good faith by the Issuer, shall be excluded; 

(5) any impairment charge or asset write-off or write-down, including impairment charges, write-offs or write-downs related to
goodwill, intangible assets, long-lived assets, investments in debt and equity securities, in accordance with GAAP or as a result of a change in law or regulation, and the amortization of intangibles arising pursuant to GAAP shall be excluded; 

(6) the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is
accounted for by the equity method of accounting shall be excluded; provided that Consolidated Net Income of the Issuer shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the
extent converted into cash or Cash Equivalents) to the Issuer or a Restricted Subsidiary in respect of such period; 
 (7)
the Net Income for such period of any Non-Guarantor Subsidiary shall be excluded to the extent of any portion of its Net Income that may not be transferred (including by way of any one or more of the following (A) dividends

  
 12 

 
or similar distributions, (B) returns of capital, (C) loans or advances or the repayment thereof or (D) other conveyances) at the date of determination without any prior
governmental approval (which has not been obtained) or without violating, directly or indirectly, the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted
Subsidiary or its stockholders, unless such restriction has been legally waived; provided that Consolidated Net Income of the Issuer will be increased by the amount of dividends or other distributions or other payments actually paid in cash
(or to the extent converted into cash or Cash Equivalents) to the Issuer or a Restricted Subsidiary thereof in respect of such period; 

(8) any (A) non-cash compensation charge or expense, including any such charge or expense arising from the grants of stock
appreciation or similar rights, employee benefit plans or agreements, stock options, restricted stock or other rights, and any non-cash deemed finance charges or expenses in respect of any pension liabilities or other retiree provisions or on the
revaluation of any benefit plan obligation and any non-cash charges or expenses in respect of curtailments, discontinuations or modifications to pension plans and (B) income (loss) attributable to deferred compensation plans or trusts shall be
excluded; 
 (9) any after-tax effect of income (or loss) from the early extinguishment or cancellation of Indebtedness or
Hedging Obligations or other derivative instruments shall be excluded; 
 (10) any unrealized foreign currency translation or
transaction gains or losses (or similar charges) (A) in respect of Indebtedness of any Person denominated in a currency other than the functional currency of such Person, (B) relating to translation of assets and liabilities denominated in
foreign currencies and (C) in respect of Indebtedness or other obligations of the Issuer or any Restricted Subsidiary owing to the Issuer or any Restricted Subsidiary shall be excluded; 

(11) accruals and reserves for liabilities or expenses that are established or adjusted as a result of the Transactions,
calculated in accordance with GAAP, within 18 months after the Distribution Date shall be excluded; 
 (12) any fees and
expenses incurred during such period, or any amortization thereof for such period, in connection with the Transactions and any acquisition, Investment, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing
transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Issue Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs
incurred during such period as a result of any such transaction shall be excluded; 
 (13) losses, charges and expenses that
are covered by indemnification or other reimbursement provisions in connection with any Investment, acquisition, 

  
 13 

 
sale, conveyance, transfer or other disposition of assets will be excluded to the extent actually reimbursed, or, so long as such Person has made a determination that a reasonable basis exists
for indemnification or reimbursement, but only to the extent that such amount is in fact indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not
so indemnified or reimbursed within such 365 days) shall be excluded; 
 (14) losses, charges and expenses with respect to
liability or casualty events or business interruption, to the extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that a reasonable basis exists for reimbursement by the insurer and such amount
(A) is not denied by the applicable carrier in writing and (B) is in fact reimbursed within 365 days of the date on which such liability was discovered or such casualty event or business interruption occurred (with a deduction in the
applicable future period for any amount so added back to the extent not so reimbursed within 365 days) shall be excluded; 

(15) the effects of purchase accounting, fair value accounting or recapitalization accounting adjustments (including the
effects of such adjustments pushed down to such Person and its Restricted Subsidiaries) resulting from the application of purchase accounting, fair value accounting or recapitalization accounting in relation to the Transactions or any acquisition
consummated before or after the Issue Date, and the amortization, write-down or write-off of any amounts thereof, shall be excluded; 

(16) all non-cash gains, losses, expenses or charges attributable to the movement in the mark-to-market valuation of Hedging
Obligations or other derivative instruments shall be excluded; and 
 (17) any deferred tax expense associated with tax
deductions or net operating losses as a result of the Transactions, or the release of any valuation allowance related to such item shall be excluded. 

“Consolidated Net Leverage Ratio” means, as of any date of determination, the ratio of: 

(1) the Consolidated Indebtedness of the Issuer and its Restricted Subsidiaries on such date, to 

(2) Consolidated Adjusted EBITDA of the Issuer and its Restricted Subsidiaries for the most recently ended four full fiscal
quarters ending immediately prior to such date for which Required Financial Statements have been delivered. 
 In the event that the Issuer
or any of its Restricted Subsidiaries (i) incurs, assumes, guarantees, redeems, retires or extinguishes any Indebtedness (other than Indebtedness repaid, redeemed, retired or extinguished under any revolving credit

  
 14 

 
facility, except to the extent such revolving credit facility is permanently reduced and has not been replaced) or (ii) issues or redeems Disqualified Stock or Preferred Stock, in each case
subsequent to the period for which the Consolidated Net Leverage Ratio is being calculated but prior to or substantially simultaneously with the event for which the calculation of the Consolidated Net Leverage Ratio is made (the
“Consolidated Net Leverage Ratio Calculation Date”), then (x) the Consolidated Indebtedness shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, retirement or extinguishment
of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred as of the date of determination of Consolidated Indebtedness referred to in clause (1) above and (y) the Consolidated
Adjusted EBITDA shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if
the same had occurred as of the beginning of the applicable four fiscal quarter period. 
 For purposes of making the computation referred
to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations in each case with respect to a business (as such term is used in Regulation S-X Rule 11-01), a company, a segment, an operating
division or unit or line of business that the Issuer or any of its Restricted Subsidiaries has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with
the Consolidated Net Leverage Ratio Calculation Date (each, for purposes of this definition, a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions,
mergers, amalgamations, consolidations and discontinued operations had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged
with or into the Issuer or any of its Restricted Subsidiaries since the beginning of such period shall have made or effected any Investment, acquisition, disposition, merger, amalgamation, consolidation or discontinued operation, in each case with
respect to a business (as such term is used in Regulation S-X Rule 11-01), a company, a segment, an operating division or unit or line of business that would have required adjustment pursuant to this definition, then the Consolidated Net Leverage
Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, amalgamation, consolidation or discontinued operation had occurred at the beginning of the applicable
four-quarter period. 
 For purposes of this definition, whenever pro forma effect is to be given to a transaction, the pro
forma calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the good faith determination of the Issuer as set forth
in an Officer’s Certificate, to reflect reasonably identifiable and factually supportable operating expense reductions and other operating improvements or synergies reasonably expected to result from any action taken or expected to be taken
within 12 months after the date of any pro forma event; provided that (x) no such amounts shall be included pursuant to this paragraph to the extent duplicative of any amounts that are otherwise added back in computing
Consolidated Adjusted EBITDA with respect to such period and (y) such amounts shall be subject to the limitations contained in clause (J) of the definition of Consolidated Adjusted EBITDA. 

  
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 If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the
interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). 

“Consolidated Secured Net Leverage Ratio” means, as of the date of determination, the ratio of (1) the Consolidated
Indebtedness of the Issuer and its Restricted Subsidiaries that is secured by a Lien on any property or assets of the Issuer or any of its Restricted Subsidiaries as of such date, to (2) Consolidated Adjusted EBITDA of the Issuer and its
Restricted Subsidiaries for the most recently ended four full fiscal quarters ending immediately prior to such date for which Required Financial Statements have been delivered, in each case with such pro forma adjustments to the Consolidated
Indebtedness and Consolidated Adjusted EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Net Leverage Ratio as determined in good faith by the Issuer. 

“Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends
or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of such Person,
whether or not contingent: 
 (1) to purchase any such primary obligation or any property constituting direct or indirect
security therefor; 
 (2) to advance or supply funds: 

(A) for the purchase or payment of any such primary obligation, or 

(B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 12.01 or such other
address as to which the Trustee may give notice to the Holders and the Issuer. 
 “Credit Facilities” means, with respect
to the Issuer or any of its Restricted Subsidiaries, one or more debt facilities, including the Senior Credit Facilities, or other financing arrangements (including commercial paper facilities, receivables financing or indentures) providing for
revolving credit loans, term loans, letters of credit, bankers’ 

  
 16 

 
acceptances or other Indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements,
modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities that replace, refund or Refinance any part of the loans, notes, other credit facilities or commitments
thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount permitted to be borrowed thereunder (provided that such increase in borrowings is permitted under Section 4.09), alters
the maturity thereof, changes any other terms, covenants or other provisions or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders. 

“Custodian” means the Trustee when serving as custodian for the Depositary with respect to the Global Notes, or any successor
entity thereto. 
 “Default” means any event that is, or with the passage of time or the giving of notice or both would be,
an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued
in accordance with Section 2.06(c), substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Increases or Decreases of Interests in the Global Note”
attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form,
the Person specified in Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary under this Indenture and having become such pursuant to the applicable provision of this Indenture.

 “Designated Non-cash Consideration” means the fair market value (as determined in good faith by the Issuer) of non-cash
consideration received by the Issuer or any of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such
valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or conversion of or collection on such Designated Non-cash Consideration. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms
of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event: (1) matures or is mandatorily redeemable (other than solely as a result of a change of control or asset sale) pursuant
to a sinking fund obligation or otherwise, or (2) is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset sale), in whole or in part, in each case prior to the date that is 91 days after
the earlier of the maturity date of the Notes or the date the Notes are no longer outstanding; provided, however, that only the portion of Capital Stock which so matures 

  
 17 

 
or is mandatorily redeemable, is so putable, convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock;
provided further, however, that if such Capital Stock is issued to any employee or any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of any such employee’s termination, death or disability;
provided further, however, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to
be Disqualified Stock. 
 “Distribution” means Time Warner Inc.’s distribution of the shares of the Issuer’s
common stock to Time Warner Inc.’s stockholders. 
 “Distribution Date” means the date on which the Distribution is
made. 
 “Domestic Subsidiary” means any Restricted Subsidiary that is organized or existing under the laws of the United
States, any state thereof or the District of Columbia. 
 “Eligible Cash” means any cash and Cash Equivalents held by
(A) the Issuer or a Guarantor or (B) any Non-Guarantor Subsidiary, but only to the extent that such cash and Cash Equivalents held by such Non-Guarantor Subsidiary in excess of the amount of Indebtedness of such Non-Guarantor Subsidiary
included in Consolidated Indebtedness (before subtracting Eligible Cash) are reduced by the amount of taxes (if any) that would be incurred (as determined assuming a tax rate of 35% or, if less, the highest U.S. corporate tax rate then in effect at
that time) if such cash and Cash Equivalents were to be transferred to (i) the Issuer or a Guarantor or (ii) another Non-Guarantor Subsidiary; provided that, in the case of clause (ii), any such after-tax cash and Cash Equivalents
will only qualify as “Eligible Cash” under this Indenture to the extent that the amount of cash and Cash Equivalents that would be held by such other Non-Guarantor Subsidiary after giving effect to such deemed transfer is not in excess of
the amount of its Indebtedness included in Consolidated Indebtedness (before subtracting Eligible Cash). In determining any taxes that would be incurred for these purposes, the Issuer may select among the group of eligible transferees (and the
manner in which transfers could be effected) so as to minimize any taxes that would be deemed incurred. 
 “Employee Matters
Agreement” means the Employee Matters Agreement between Time Warner Inc. and the Issuer, to be dated on or prior to the Distribution Date. 

“EMU” means economic and monetary union as contemplated in the Treaty on European Union. 

Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt
security that is convertible into, or exchangeable for, Capital Stock. 

  
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 “Equity Offering” means any public or private sale of common stock or Preferred
Stock of the Issuer (excluding Disqualified Stock), other than 
 (1) public offerings with respect to any of the
Issuer’s common stock registered on Form S-4 or Form S-8 (or any successor form); 
 (2) issuances to any Subsidiary of
the Issuer; and 
 (3) Refunding Capital Stock. 

“Euro” means the single currency of participating member states of the EMU. 

“Euroclear” means Euroclear S.A./N.V., as operator of the Euroclear system. 

“Event of Default” has the meaning set forth in Section 6.01(a). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “fair market value (as determined in good faith by the Issuer)” means the fair market value, as determined
in good faith by the Issuer, whose determination will be conclusive for all purposes under this Indenture and the Notes. 
 “Foreign
Subsidiary” means (1) any Subsidiary which is not a Domestic Subsidiary or (2) any Subsidiary of a Subsidiary described in the preceding clause (1). 

“Form 10” means the registration statement on Form 10, originally filed by the Issuer with the SEC on November 22,
2013, as amended or supplemented. 
 “Four Quarter EBITDA” means, as of any date of determination, Consolidated Adjusted
EBITDA of the Issuer and its Restricted Subsidiaries for the most recently ended four fiscal quarters for which Required Financial Statements have been delivered, in each case with such pro forma adjustments to Consolidated Adjusted EBITDA as
are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Net Leverage Ratio as determined in good faith by the Issuer. 

“GAAP” means generally accepted accounting principles in the United States, which are in effect on the Issue Date. 

“Global Note Legend” means the legend set forth in Section 2.06(g)(ii), which is required to be placed on all Global
Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted Global
Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A issued in accordance with Section 2.01, 2.06(b) or 2.06(d). 

  
 19 

 “Government Securities” means securities that are: 

(1) direct obligations of, or obligations guaranteed by, the United States for the timely payment of which its full faith and
credit is pledged; or 
 (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also
include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government Securities
held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt
from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt. 

“guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection or deposit in the ordinary
course of business), direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 

“Guarantee” means the guarantee by any Guarantor of the Issuer’s Obligations under the Notes and this Indenture. 

“Guarantor” means, collectively, each Restricted Subsidiary that executes this Indenture as a Guarantor on the Issue Date and
each other Restricted Subsidiary that incurs a Guarantee of the Notes; provided that upon the release or discharge of such Person from its Guarantee in accordance with the terms of this Indenture, such Person automatically ceases to be a
Guarantor. 
 “Hedging Obligations” means, with respect to any Person, the obligations of such Person under any interest
rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar agreement providing for
the transfer or mitigation of interest rate or currency risks or commodity pricing risks either generally or under specific contingencies. 

“Holder” means the Person in whose name a Note is registered on the Registrar’s books. 

“Indebtedness” means, with respect to any Person on the day of determination, without duplication: 

(1) the principal in respect of (A) any indebtedness of such Person for borrowed money and (B) indebtedness evidenced
by bonds, notes (other than 

  
 20 

 
notes in favor of trade creditors evidencing trade payables incurred in the ordinary course of business), debentures or other similar instruments for the payment of which such Person is liable;

 (2) the net obligations under all Hedging Obligations of such Person (the amount of such obligations to be equal at any
time to the net payment under such agreements or arrangements giving rise to such obligation that would be payable by such Person at the termination of such agreement or arrangement); 

(3) all Attributable Debt in respect of a Sale and Lease-Back Transaction entered into by such Person and all Capitalized Lease
Obligations of such Person; 
 (4) the principal component of all obligations of such Person to pay the deferred and unpaid
purchase price of any property (excluding trade payables incurred in the ordinary course of business), to the extent the same would be required to be shown as a long-term liability on a balance sheet prepared in accordance with GAAP; 

(5) the principal amount of all reimbursement obligations of such Person in respect of letters of credit, bankers’
acceptances or other similar instruments (the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired amount of such letters of credit or other instruments plus the aggregate amount of drawings
thereunder that have not been reimbursed) (except to the extent such reimbursement obligations relate to trade payables incurred in the ordinary course of business); 

(6) the principal component of Indebtedness of the type referred to in clause (1) of a third Person secured by a Lien on
any asset owned by the Person first referenced in this definition (other than Liens on Equity Interests of Unrestricted Subsidiaries securing Indebtedness of such Unrestricted Subsidiaries), whether or not such Indebtedness is assumed by such first
Person; provided, however, that the amount of such Indebtedness will be the lesser of (A) the Indebtedness so secured and (B) the fair market value (as determined in good faith by the Issuer) of the assets of such first
Person securing such Indebtedness; and 
 (7) to the extent not otherwise included, any obligation by the Person first
referenced in this definition to be liable for, or to pay, as obligor, guarantor or otherwise, on Indebtedness of the type referred to in clause (1) of a third Person (whether or not such items would appear upon the balance sheet of such
obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business; 
 provided,
however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include (A) Contingent Obligations incurred in the ordinary course of business, (B) deferred or prepaid revenues, (C) trade payables, accrued
expenses and intercompany liabilities arising in the ordinary course of business, (D) any earn-out obligations until 

  
 21 

 
such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP, (E) purchase price holdbacks arising in the ordinary course of business in respect of a
portion of the purchase price of an asset to satisfy underperformed obligations of the seller of such asset or (F) obligations under or in respect of Receivables Facilities. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

“Independent Financial Advisor” means an accounting, appraisal, investment banking firm or consultant to Persons engaged in
Similar Businesses of nationally recognized standing that is, in the good faith determination of the Issuer, qualified to perform the task for which it has been engaged. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Notes” has the meaning assigned to such term in the recitals hereto. 

“Initial Purchasers” means Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, RBS Securities Inc. and Macquarie Capital (USA) Inc. 

“Internal Reorganization” means the series of internal transactions, including those described in the Offering Memorandum
under the “The Spin-Off and the Transactions” and “Certain Relationships and Related Party Transactions” or otherwise described in the Form 10 (including the payment by the Issuer of a special cash dividend to Time Warner Inc.
and the acquisition by Time Atlantic Europe Holdings Limited of the U.K. publishing business from Time Warner Limited), following which the Issuer will hold the business constituting Time Warner Inc.’s current “Time Inc.” reporting
segment consisting principally of its magazine publishing business and related websites and operations, as described in Time Warner Inc.’s Annual Report on Form 10-K for the year ended December 31, 2013. 

“Interest Payment Date” means April 15 and October 15 of each year to stated maturity or, if any such date is not a
Business Day, the next succeeding Business Day. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3
(or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency, and in each such case with a “stable” or better outlook. 

  
 22 

 “Investment Grade Securities” means: 

(1) securities issued or directly and fully guaranteed or insured by the United States, United Kingdom or Canadian government
or any agency or instrumentality thereof (other than Cash Equivalents); 
 (2) debt securities or debt instruments with an
Investment Grade Rating, but excluding any debt securities or instruments constituting loans or advances among the Issuer and its Subsidiaries; 

(3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and
(2) which fund may also hold immaterial amounts of cash pending investment or distribution; and 
 (4) corresponding
instruments in countries other than the United States, United Kingdom and Canada customarily utilized for high quality investments. 

“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in
the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, deposits, advances to customers, dealers, distributors and suppliers, commission, payroll, travel and similar advances to
directors, officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are
required by GAAP to be classified on the balance sheet (excluding the footnotes) of such Person in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property;
provided, however, that endorsements of negotiable instruments and documents in the ordinary course of business will not be deemed to be an Investment. For purposes of the definition of “Unrestricted Subsidiary” and
Section 4.07: 
 (1) “Investments” shall include the portion (proportionate to the Issuer’s direct
or indirect equity interest in such Subsidiary) of the fair market value (as determined in good faith by the Issuer) of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer or applicable Restricted Subsidiary shall be deemed to continue to have a permanent “Investment” in an Unrestricted
Subsidiary in an amount (if positive) equal to: 
 (a) the Issuer’s direct or indirect “Investment” in
such Subsidiary at the time of such redesignation; less 
 (b) the portion (proportionate to the Issuer’s direct
or indirect equity interest in such Subsidiary) of the fair market value (as determined in good faith by the Issuer) of the net assets of such Subsidiary at the time of such redesignation; and 

(2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value (as determined in
good faith by the Issuer) at the time of such transfer. 

  
 23 

 The amount of any Investment outstanding at any time shall be the original cost of such
Investment (determined, in the case of any Investment made with assets of the Issuer or any Restricted Subsidiary, based on the fair market value (as determined in good faith by the Issuer) at the time of such Investment of the assets invested),
reduced by any dividend, distribution, interest payment, return of capital, repayment or other amount received in cash by the Issuer or a Restricted Subsidiary in respect of such Investment. 

“Issue Date” means April 29, 2014. 

“Issuer” has the meaning set forth in the Preamble hereto. 

“Issuer Order” means a written request or order signed on behalf of the Issuer, by an Officer who must be (A) the
principal executive officer, the principal financial officer or the principal accounting officer of the Issuer or (B) an Executive Vice President, the Treasurer or the Controller of the Issuer, and delivered to the Trustee. 

“Lien” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security
interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the
nature thereof, any option or similar agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction in respect of a
security interest; provided that in no event shall an operating lease be deemed to constitute a Lien. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Net Income” means, with respect to any Person, the net income (loss) attributable to such Person and its Restricted
Subsidiaries, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 
 “Net
Proceeds” means the aggregate cash proceeds and the fair market value (as determined in good faith by the Issuer) of any Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale, including
any cash received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale, net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration,
including legal, accounting and investment banking fees, and brokerage and sales commissions, any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or
deductions and any tax sharing arrangements), amounts required to be applied to the repayment of principal, premium, if 

  
 24 

 
any, and interest on Indebtedness (other than Subordinated Indebtedness) required (other than required by Section 4.10(b)(1)) to be paid as a result of such transaction, any costs associated
with unwinding any related Hedging Obligations in connection with such transaction and any deduction of appropriate amounts to be provided by the Issuer or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any
liabilities associated with the asset disposed of in such transaction and retained by the Issuer or any of its Restricted Subsidiaries after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and
liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 

“Non-Guarantor Subsidiary” means any Restricted Subsidiary that is not a Guarantor. 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Notes” means any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term
“Notes” shall also include any Additional Notes that may be issued hereafter. The Initial Notes and the Additional Notes, if any, shall be treated as a single class for all purposes under this Indenture (including waivers,
amendments, redemptions and offers to purchase), except as specifically noted otherwise herein. 
 “Obligations” means any
principal (including any accretion), interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or
not such interest is an allowed claim under applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages
and other liabilities, and guarantees of payment of such principal (including any accretion), interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness.

 “Offering Memorandum” means the offering memorandum, dated April 14, 2014, relating to the sale of the Initial
Notes to potential purchasers. 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the President,
the Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer, the Controller, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Issuer. 

“Officer’s Certificate” means a certificate signed on behalf of the Issuer by an Officer of the Issuer who must be
(A) the principal executive officer, the principal financial officer or the principal accounting officer of the Issuer or (B) an Executive Vice President, the Treasurer or the Controller of the Issuer. 

  
 25 

 “Opinion of Counsel” means a written opinion from legal counsel who is
reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer or any of its Subsidiaries. 

“Pari Passu Indebtedness” means Indebtedness of the Issuer or a Guarantor that ranks equally in right of payment with the
Notes or such Guarantor’s Guarantee, as applicable. 
 “Participant” means, with respect to the Depositary, Euroclear
or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Asset Swap” means the substantially concurrent purchase and sale or exchange of Related Business Assets or a
combination of Related Business Assets and cash or Cash Equivalents between the Issuer or any of its Restricted Subsidiaries and another Person; provided that any cash or Cash Equivalents received must be applied in accordance with
Section 4.10. 
 “Permitted Investments” means: 

(1) any Investment by the Issuer or any of its Restricted Subsidiaries in the Issuer or any of its Restricted Subsidiaries;

 (2) any Investment in cash, the Notes, Cash Equivalents or Investment Grade Securities and Investments that were Cash
Equivalents or Investment Grade Securities when made; 
 (3) any Investment by the Issuer or any of its Restricted
Subsidiaries in a Person if as a result of such Investment: 
 (A) such Person becomes a Restricted Subsidiary; or 

(B) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into,
or transfers or conveys substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary, and, in each case, any Investment held by such Person at the time such Person becomes a Restricted Subsidiary; 

provided that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation, amalgamation,
transfer or conveyance; 
 (4) any Investment in securities or other assets not constituting cash or Cash Equivalents and
received in connection with an Asset Sale made pursuant to the provisions of Section 4.10 or any other disposition of assets not constituting an Asset Sale; 

  
 26 

 (5) any Investment (i) existing on the Issue Date or made pursuant to
binding commitments in effect on the Issue Date, (ii) made pursuant to the Spin-Off Documents or (iii) consisting of any replacement, refinancing, extension, modification or renewal of any Investment existing on the Issue Date or made
pursuant to the Spin-Off Documents; provided that the amount of any such Investment may only be increased (i) as required by the terms of such Investment as in existence on the Issue Date or the Distribution Date, as applicable, or
(ii) as otherwise permitted under this Indenture; 
 (6) any Investment acquired by the Issuer or any of its Restricted
Subsidiaries: 
 (a) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted
Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable; 

(b) as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or
other transfer of title with respect to any secured Investment in default; or 
 (c) as a result of the settlement,
compromise or resolution of litigation, arbitration or other disputes with Persons who are not Affiliates of the Issuer; 

(7) Hedging Obligations permitted under Section 4.09(b)(9); 

(8) Investments the payment for which consists of Equity Interests (exclusive of Disqualified Stock) of the Issuer;
provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under the second clause (3) in Section 4.07(a); 

(9) guarantees of Indebtedness permitted under Section 4.09; 

(10) any transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of
Section 4.11(b) (except transactions described in clauses (2), (6), (8), (9), (11), (13) and (17) of Section 4.11(b)); 

(11) Investments consisting of (A) purchases and acquisitions of inventory, supplies, material, services or equipment, or
other similar assets or purchases of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business or (B) the leasing or licensing of intellectual property in the ordinary course of business or
the leasing, licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 

  
 27 

 (12) additional Investments having an aggregate fair market value (as determined
in good faith by the Issuer) taken together with all other Investments made pursuant to this clause (12) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale
do not consist of cash or marketable securities) not to exceed the greater of (x) $300,000,000 and (y) 50.0% of Four Quarter EBITDA at the time of such Investment (with the fair market value (as determined in good faith by the Issuer) of
each Investment being measured at the time made and without giving effect to subsequent changes in value); provided that if such Investment is in Capital Stock of a Person that subsequently becomes a Restricted Subsidiary, such Investment
shall thereafter be deemed permitted under clause (1) or (3) above and shall not be included as having been made pursuant to this clause (12); 

(13) Investments in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any Person that, in the good
faith determination of the Issuer, are necessary or advisable to effect any Receivables Facility or any repurchases in connection therewith; 

(14) advances to, or guarantees of Indebtedness of, officers, directors and employees of the Issuer or its Subsidiaries not in
excess of $5,000,000 outstanding at any one time, in the aggregate; 
 (15) loans and advances to officers, directors and
employees of the Issuer or its Subsidiaries for business-related travel expenses, moving expenses, payroll expenses and other similar expenses, in each case incurred in the ordinary course of business or consistent with past practice or to fund such
Person’s direct or indirect purchase of Equity Interests of the Issuer; 
 (16) any Investment in any Subsidiary or
joint venture in connection with intercompany cash management arrangements or related activities arising in the ordinary course of business; 

(17) endorsements for collection or deposit in the ordinary course of business; 

(18) Investments resulting from pledges or deposits with respect to leases or utilities provided to third parties in the
ordinary course of business or that are made in connection with Permitted Liens; 
 (19) advances, prepayments, loans or
extensions of credit to customers and suppliers in the ordinary course of business; 
 (20) Investments in joint ventures to
the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in the joint venture arrangements and similar binding arrangements; and 

(21) Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection
or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers. 

  
 28 

 “Permitted Liens” means, with respect to any Person: 

(1) pledges, deposits or security by such Person under workmen’s compensation laws, unemployment insurance,
employers’ health tax, and other social security laws or similar legislation, or other insurance related obligations (including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto)
or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance, or good faith deposits in connection with bids,
tenders, trade contracts or government contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or agreements with utilities, or deposits to secure public or statutory obligations of such Person or deposits
of cash or U.S. government bonds to secure surety, stay, customs or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, performance and return of money bonds and
other similar obligations (including letters of credit issued in lieu of any such bonds or to support the issuance thereof and including those to secure health, safety and environmental obligations), in each case incurred in the ordinary course of
business; 
 (2) Liens imposed by law or regulation, such as carriers’, warehousemen’s, materialmen’s,
repairmen’s, mechanics’, contractors’ and other similar Liens, in each case for sums not yet overdue for a period of more than 30 days or being contested in good faith by appropriate proceedings or other Liens arising out of judgments
or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP;

 (3) Liens for taxes, assessments or other governmental charges not yet overdue for a period of more than 30 days or which
are being contested in good faith by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP, or for property taxes on property the Issuer or one of its Subsidiaries has
determined to abandon if the sole recourse for such tax, assessment or charge is to such property; 
 (4) Liens in favor of
issuers of performance, surety bonds or bid, indemnity, warranty, release, appeal or similar bonds or with respect to other regulatory requirements or letters of credit issued pursuant to the request of and for the account of such Person in the
ordinary course of its business; 

  
 29 

 (5) survey exceptions, encumbrances, ground leases, servitudes, easements or
reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph, cable and telephone lines, utilities and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens
incidental to the conduct of the business of such Person or to the ownership of its properties that were not incurred in connection with Indebtedness or other covenants, conditions, restrictions and minor defects or irregularities in title
(“Other Encumbrances”), in each case which Liens and Other Encumbrances do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person;

 (6) Liens securing Indebtedness permitted to be incurred pursuant to clause (4), (12) or (17) of
Section 4.09(b); provided that (x) Liens securing Indebtedness permitted to be incurred pursuant to clause (4) extend only to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or
improvement of which is financed thereby and any replacements, additions and accessions thereto and any income or profits therefrom; provided that individual financings of equipment provided by one lender may be cross-collateralized to other
financings of equipment provided by such lender, (y) Liens securing Refinancing Indebtedness permitted to be incurred pursuant to clause (12) only secure Refinancing Indebtedness that serves to Refinance any Indebtedness secured by a Lien;
provided that such Liens are limited to all or part of the same property or assets (plus additions, accessions, improvements, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements
under which the original Lien arose, could secure) the Indebtedness being refinanced and (z) Liens securing Indebtedness permitted to be incurred pursuant to clause (17) extend only to the assets of Non-Guarantor Subsidiaries; 

(7) Liens existing on the Issue Date, or, to the extent created in connection with the Transactions, Liens existing on the
Distribution Date; 
 (8) Liens on property or shares of stock of a Person at the time such Person becomes a Restricted
Subsidiary; provided, however, such Liens are not created or incurred in connection with, or in contemplation of, such Person becoming such a Restricted Subsidiary; provided further, however, that such Liens may not
extend to any other property owned by the Issuer or any of its Restricted Subsidiaries other than pursuant to customary after-acquired property clauses; 

(9) Liens on property at the time the Issuer or a Restricted Subsidiary acquired the property, including any acquisition by
means of a merger or consolidation with or into the Issuer or any of its Restricted Subsidiaries; provided, however, that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition, merger or
consolidation; 

  
 30 

 (10) Liens securing Indebtedness or other obligations of a Restricted Subsidiary
owing to the Issuer or any Restricted Subsidiary permitted to be incurred in accordance with Section 4.09; 
 (11) Liens
securing Hedging Obligations permitted under Section 4.09(b)(9); 
 (12) Liens on specific items of inventory or other
goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances or trade letters of credit issued or created for the account of such Person to facilitate the purchase, shipment or storage of such
inventory or other goods; 
 (13) (A) leases, subleases, licenses or sublicenses (including of real property and
intellectual property) granted to others in the ordinary course of business and (B) with respect to any leasehold interest held by the Issuer or any of its Subsidiaries, the terms of the leases granting such leasehold interest and the rights of
lessors thereunder, which in the case of each of (A) and (B) do not materially interfere with the ordinary conduct of the business of the Issuer and its Restricted Subsidiaries, taken as a whole, and do not secure any Indebtedness; 

(14) Liens arising from Uniform Commercial Code (or equivalent statute) financing statement filings regarding operating leases
entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business; 
 (15) Liens in favor of the
Issuer or any Guarantor; 
 (16) Liens on equipment of the Issuer or any of its Restricted Subsidiaries granted in the
ordinary course of business; 
 (17) Liens on accounts receivable and related assets incurred in connection with a
Receivables Facility; 
 (18) Liens to secure any Refinancing (or successive Refinancings) as a whole, or in part, of any
Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), (9) and this clause (18); provided, however, that (A) such new Lien shall be limited to all or part of the same property that secured the
original Lien (and additions, accessions, improvements, proceeds and replacements and customary deposits in connection therewith and proceeds and products therefrom) and assets that secured or, under the written agreements pursuant to which the
original Lien arose, could secure the original Indebtedness, and (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (i) the outstanding principal amount or, if greater, committed
amount of the Indebtedness described under clauses (6), (7), (8), (9) and this clause (18) at the time the original Lien became a Permitted Lien under this Indenture, and (ii) an amount necessary to pay any fees and expenses,
including premiums, and accrued and unpaid interest related to such Refinancing; 

  
 31 

 (19) deposits made in the ordinary course of business to secure liability to
insurance carriers; 
 (20) other Liens securing Obligations that do not exceed $100,000,000 in aggregate principal amount at
any one time outstanding; 
 (21) Liens securing judgments for the payment of money not constituting an Event of Default
under Section 6.01(a)(5) so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such
proceedings may be initiated has not expired; 
 (22) Liens in favor of customs and revenue authorities arising as a matter
of law to secure payment of customs duties in connection with the importation of goods; 
 (23) Liens (A) of a
collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection, (B) attaching to commodity trading accounts or other commodity brokerage accounts
incurred in the ordinary course of business and (C) in favor of banking or other financial institutions arising as a matter of law or pursuant to customary depositary terms encumbering deposits (including the right of set-off) and which are
within the general parameters customary in the banking industry; 
 (24) Liens deemed to exist in connection with Investments
in repurchase agreements permitted under Section 4.09; provided that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement; 

(25) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity
trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(26) banker’s liens, Liens that are statutory, common law or contractual rights of set-off and other similar Liens, in
each case (A) relating to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (B) relating to pooled deposit or sweep accounts of the Issuer or any of its Restricted Subsidiaries
to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business or (C) relating to purchase orders and other agreements entered into with customers of the Issuer or any of its Restricted Subsidiaries in
the ordinary course of business; 
 (27) Liens on assets of Non-Guarantor Subsidiaries securing Indebtedness of Non-Guarantor
Subsidiaries; 
 (28) Liens on the Equity Interests of Unrestricted Subsidiaries; 

  
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 (29) Liens deemed to exist by reason of (A) any encumbrance or restriction
(including put and call arrangements) with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement or (B) any encumbrance or restriction imposed under any contract for the sale by
the Issuer or any of its Subsidiaries of the Capital Stock of any Subsidiary of the Issuer, or any business unit or division of the Issuer or any Subsidiary of the Issuer permitted by this Indenture; 

(30) Liens on property or assets used to defease or to irrevocably satisfy and discharge Indebtedness; provided that
such defeasance or satisfaction and discharge is not prohibited by this Indenture; 
 (31) Liens arising out of conditional
sale, title retention, consignment or similar arrangements for the sale of goods entered into in the ordinary course of business; 

(32) Liens incurred to secure cash management services or to implement cash pooling arrangements in the ordinary course of
business; 
 (33) Liens solely on any cash earnest money deposits made by the Issuer or any of its Restricted Subsidiaries in
connection with any letter of intent or purchase agreement in respect of any Investment permitted under this Indenture; 

(34) rights deemed to arise under revenue sharing or similar agreements entered into in the ordinary course of business
pursuant to which third parties are granted the right to receive a portion of the revenues, income or profits generated from specific assets or operations of the Issuer or any Restricted Subsidiary; 

(35) Liens securing the Notes and the related Guarantees; 

(36) Liens securing Indebtedness permitted to be incurred under Credit Facilities, including any letter of credit facility
relating thereto, that was permitted by the terms of this Indenture to be incurred pursuant to Section 4.09(b)(1); and 

(37) Liens securing Pari Passu Indebtedness permitted to be incurred pursuant to Section 4.09; provided that at the
time of any incurrence of such Pari Passu Indebtedness and after giving pro forma effect thereto, the Consolidated Secured Net Leverage Ratio shall not be greater than 3.00 to 1.00. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation,
dissolution, or winding up. 

  
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 “Private Placement Legend” means the legend set forth in Section 2.06(g)(i)
to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Rating Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall not make a rating on the Notes
publicly available, a nationally recognized statistical rating organization or organizations, as the case may be, selected by the Issuer which shall be substituted for Moody’s or S&P or both, as the case may be. 

“Receivables Facility” means any of one or more receivables financing facilities as amended, supplemented, modified,
extended, renewed, restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Issuer or any of its
Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Issuer or any of its Restricted Subsidiaries sells its accounts receivable to either (A) a Person that is not a Restricted Subsidiary or (B) a Receivables
Subsidiary that in turn sells its accounts receivable to (or finances its accounts receivable with) one or more Persons that are not Restricted Subsidiaries. 

“Receivables Fees” means distributions or payments made directly or by means of discounts with respect to any accounts
receivable or participation interest therein issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Facility. 

“Receivables Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages only in, one or more
Receivables Facilities and other activities reasonably related thereto. 
 “Record Date” for the interest payable on any
applicable Interest Payment Date means April 1 or October 1 (whether or not a Business Day) next preceding such Interest Payment Date. 

“Refinance” means, in respect of any Indebtedness, Disqualified Stock or Preferred Stock, to refinance, extend, renew,
refund, repay, prepay, redeem, defease or retire, or to issue other Indebtedness, Disqualified Stock or Preferred Stock in exchange or replacement for, such Indebtedness, Disqualified Stock or Preferred Stock. “Refinanced” and
“Refinancing” shall have correlative meanings. 
 “Refinancing Indebtedness” means Indebtedness, Disqualified
Stock or Preferred Stock (including any Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including tender premiums), accrued interest, defeasance costs and reasonable fees and expenses in connection therewith) that
Refinances any Indebtedness, Disqualified Stock or Preferred Stock existing on the Issue Date or incurred thereafter in compliance with this Indenture, including Indebtedness, Disqualified Stock or Preferred Stock that Refinances Refinancing
Indebtedness; provided that such Refinancing Indebtedness: 
 (1) either (A) has a Weighted Average Life to
Maturity at the time such Refinancing Indebtedness is incurred which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being Refinanced or (B) does not require payments
of principal (other than any such payment that may arise as a result of an acceleration following default or pursuant to customary change of control or asset sale provisions) prior to the date that is 91 days following the final scheduled maturity
of the Notes; 

  
 34 

 (2) to the extent such Refinancing Indebtedness refinances (i) Indebtedness
subordinated in right of payment to the Notes or any Guarantee thereof, such Refinancing Indebtedness is subordinated in right of payment to the Notes or the Guarantee, as applicable, at least to the same extent as the Indebtedness being Refinanced,
or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, respectively; and 

(3) shall not include: 

(A) Indebtedness, Disqualified Stock or Preferred Stock of a Non-Guarantor Subsidiary that refinances Indebtedness,
Disqualified Stock or Preferred Stock of the Issuer or a Guarantor; or 
 (B) Indebtedness, Disqualified Stock or Preferred
Stock of the Issuer or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as applicable.

 “Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A hereto bearing the Global
Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination initially equal to the outstanding principal amount of the Regulation S Temporary
Global Note upon expiration of the Restricted Period. 
 “Regulation S Temporary Global Note” means a temporary Global Note
in the form of Exhibit A hereto bearing the Global Note Legend, the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in
a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 

“Regulation S Temporary Global Note Legend” means the legend set forth in Section 2.06(g)(iii). 

  
 35 

 “Related Business Assets” means assets (other than cash or Cash Equivalents)
used or useful in a Similar Business; provided that any assets received by the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted Subsidiary shall not be deemed to be Related Business Assets if
they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would be or become a Restricted Subsidiary. 

“Required Financial Statements” means the financial statements required to be delivered pursuant to Section 4.03. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 

“Restricted Global Note” means a Global Note bearing the Private Placement Legend. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

“Restricted Subsidiary” means, at any time, each direct and indirect Subsidiary of the Issuer that is not then an
Unrestricted Subsidiary; provided, however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary while such entity remains a Subsidiary of the Issuer, such Subsidiary shall be
included in the definition of “Restricted Subsidiary”. For purposes of the Notes and this Indenture, and the interpretation thereof, for all periods prior to the completion of the Spin-Off (including on and after the Issue Date), the
Subsidiaries of Time Warner Inc. that will be Subsidiaries of the Issuer upon completion of the Spin-Off will be deemed to have been Restricted Subsidiaries of the Issuer (other than as specified in the definition of “Unrestricted
Subsidiaries”). 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

  
 36 

 “Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Ratings Services, a division of McGraw Hill Financial, Inc., or any successor
to its rating agency business. 
 “Sale and Lease-Back Transaction” means any direct or indirect arrangement providing for
the leasing by the Issuer or any of its Restricted Subsidiaries of any real or tangible personal property (other than a lease for a term not exceeding 12 months), which property has been or is to be sold or transferred for value by the Issuer
or such Restricted Subsidiary to a third Person in contemplation of such leasing. 
 “SEC” means the U.S. Securities and
Exchange Commission. 
 “Secured Indebtedness” means any Indebtedness of the Issuer or any of its Restricted Subsidiaries
secured by a Lien. For the avoidance of doubt, Attributable Debt will be considered to be secured by the assets that are the subject of the Sale and Lease-Back Transaction. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Senior Credit Facilities” means the credit facilities under the Credit Agreement, dated as of
April 24, 2014, among Time Inc., the guarantors party thereto, the lenders party thereto in their capacities as lenders thereunder and Citibank, N.A., as Administrative Agent thereunder, including any guarantees, collateral documents,
instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refundings or Refinancings thereof and any indentures or credit facilities or commercial paper
facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or
indenture that increases the amount borrowable thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under Section 4.09). 

“Separation and Distribution Agreement” means the Separation and Distribution Agreement between Time Warner Inc. and the
Issuer, to be dated on or prior to the Distribution Date. 
 “Significant Subsidiary” means any Restricted Subsidiary that
would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date. 

“Similar Business” means any business, services or activities conducted or proposed to be conducted by the Issuer or any of
its Subsidiaries on the Issue Date or any business, services or activities that are similar, reasonably related, incidental, complementary or ancillary to any of the foregoing or are extensions or developments of any thereof. 

  
 37 

 “Spin-Off” means the Internal Reorganization and the Distribution. 

“Spin-Off Documents” means the Separation and Distribution Agreement, Transition Services Agreement, Tax Matters Agreement,
Employee Matters Agreement and any other instruments, assignments, documents and agreements executed in connection with the implementation of the transactions contemplated by any of the foregoing. 

“Sterling” means the lawful currency of the United Kingdom. 

“Subordinated Indebtedness” means: 

(1) any Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes, and 

(2) any Indebtedness of a Guarantor which is by its terms subordinated in right of payment to the Guarantee of such entity.

 “Subsidiary” means, with respect to any Person: 

(1) any corporation, association, or other business entity (other than a partnership, limited liability company or similar
entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination
owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; and 

(2) any partnership, limited liability company or similar entity of which 

(x) more than 50% of the voting interests or general partnership interests, as applicable, are owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership or otherwise, and 

(y) such Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

 “Tax Matters Agreement” means the Tax Matters Agreement between Time Warner Inc. and the Issuer, to be dated on or prior
to the Distribution Date. 
 “Transactions” means (1) (A) the Spin-Off, (B) any other transactions
contemplated by, or pursuant to, the Spin-Off Documents or otherwise in connection with the Spin-Off (including any cancellation or termination of Indebtedness, agreements, arrangements, commitments or understandings, including intercompany accounts
payables, receivables or Indebtedness, between the Issuer or any of its Restricted Subsidiaries, on the one hand, and Time Warner Inc. or any of its other Subsidiaries, on 

  
 38 

 
the other hand, and making certain intercompany contributions and dividend payments) and (C) any other transactions pursuant to agreements or arrangements in effect on the Distribution Date
on substantially the terms described in the Offering Memorandum or any amendment, modification, addition or supplement thereto or replacement thereof, as long as the terms of such agreement or arrangement, as so amended, modified, added,
supplemented or replaced are not materially more disadvantageous to the Holders when taken as a whole compared to the applicable agreements as described in the Offering Memorandum (as determined in good faith by the Issuer), (2) the issuance of
the Notes, (3) the entering into of the Senior Credit Facilities and the borrowing of the term loan thereunder and (4) the payment of fees and expenses in connection with the foregoing. 

“Transition Services Agreement” means the Transition Services Agreement between Time Warner Inc. and the Issuer, to be dated
on or prior to the Distribution Date. 
 “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such
Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to
the Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to April 15, 2017; provided, however,
that if the period from the Redemption Date to April 15, 2017 is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 

“Trustee” Wells Fargo Bank, National Association, as trustee, until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving under this Indenture. 
 “Unrestricted Definitive
Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend. 

“Unrestricted Global Note” means a permanent Global Note, substantially in the form of Exhibit A attached hereto that bears
the Global Note Legend and that has the “Schedule of Increases or Decreases of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing Notes that
do not bear and are not required to bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Issuer which at the time of determination is an Unrestricted Subsidiary (as designated by the Issuer,
as provided below); 

  
 39 

 (2) any Subsidiary of an Unrestricted Subsidiary; and 

(3) each of TI Mexico Holdings Inc. and its Subsidiaries (except to the extent TI Mexico Holdings Inc. or any such Subsidiary
is designated by the Issuer to be a Restricted Subsidiary in accordance with the provisions below). 
 The Issuer may designate any
Subsidiary of the Issuer (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary; provided that: 

(1) such designation complies with Section 4.07; and 

(2) each of: 

(A) the Subsidiary to be so designated; and 

(B) its Subsidiaries 
 has not at
the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer
or any Restricted Subsidiary except for Liens described in clause (28) of the definition of “Permitted Liens”. 
 The Issuer
may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving effect to such designation, no Default shall have occurred and be continuing and either: 

(1) the Issuer could incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Net Leverage Ratio test
described in Section 4.09(a); or 
 (2) the Consolidated Net Leverage Ratio for the Issuer and its Restricted
Subsidiaries would be less than or equal to such ratio immediately prior to such designation, in each case on a pro forma basis taking into account such designation. 

Any such designation by the Issuer shall be notified by the Issuer to the Trustee by promptly filing with the Trustee a copy of the resolution
of the Board of Directors of the Issuer or any committee thereof giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions, whereupon such designation shall be
immediately effective. 
 “U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 

  
 40 

 “Voting Stock” of any Person as of any date means the Capital Stock of such
Person that is at the time entitled to vote in the election of the Board of Directors or other governing body of such Person. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the
case may be, at any date, the quotient obtained by dividing: 
 (1) the sum of the products of the number of years from the
date of determination to the date of each successive scheduled principal payment of such Indebtedness or scheduled redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment; by

 (2) the sum of all such payments. 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Equity Interests of which
(other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable law) shall at the time be owned by such Person or by one or more Wholly Owned
Subsidiaries of such Person. 
 SECTION 1.02. Other Definitions. 

 

			
	 Term
	  	 Defined in
Section

	 “Acceptable Commitment”
	  	4.10
	 “Affiliate Transaction”
	  	4.11
	 “Asset Sale Offer”
	  	4.10
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.13
	 “Change of Control Payment”
	  	4.13
	 “Change of Control Payment Date”
	  	4.13
	 “Covenant Defeasance”
	  	8.03
	 “Covenant Suspension Event”
	  	4.15
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “incur”, “incurrence”
	  	4.09
	 “Legal Defeasance”
	  	8.02
	 “Note Register”
	  	2.03
	 “Offer Amount”
	  	3.10
	 “Offer Period”
	  	3.10
	 “Paying Agent”
	  	2.03
	 “Permitted Payments”
	  	4.07
	 “Purchase Date”
	  	3.10
	 “Redemption Date”
	  	3.07

  
 41 

			
	“Refunding Capital Stock”	  	4.07
	“Registrar”	  	2.03
	“Restricted Payments”	  	4.07
	“Reversion Date”	  	4.15
	“Special Mandatory Redemption”	  	3.09
	“Successor Company”	  	5.01
	“Successor Guarantor”	  	5.01
	“Suspended Covenants”	  	4.15
	“Suspension Period”	  	4.15
	“Tax Group”	  	4.07
	“Trigger Date”	  	3.09

 SECTION 1.03. Rules of Construction. Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) the words “including”, “include” or “includes” shall be deemed to be followed by the words
“without limitation”; 
 (e) words in the singular include the plural, and in the plural include the singular; 

(f) references to “shall” and “will” are intended to have the same meaning; 

(g) references to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or
successor sections or rules adopted by the SEC from time to time; 
 (h) unless the context otherwise requires, any reference
to an “Article”, “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; 

(i) “furnish to the Trustee” shall be deemed to be followed by the words “or electronically transmit”; 

(j) the words “herein”, “hereof” and “hereunder” and other words of similar
import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision; and 
 (k)
Indebtedness that is unsecured shall not be deemed to be subordinated or junior to Secured Indebtedness merely because it is unsecured, and Indebtedness shall not be deemed to be subordinated or junior to any other Indebtedness merely because it has
a junior priority with respect to the same collateral. 

  
 42 

 For the purposes of this Indenture and the Notes and the interpretation hereof and thereof (other
than for purposes of assessing whether the Distribution, the Distribution Date or the Spin-Off has actually occurred in the case of any provisions hereof expressly referencing any of such terms), (1) the Transactions shall be deemed to have
occurred immediately prior to the Issue Date and (2) for all periods prior to the completion of the Spin-Off (including on and after the Issue Date), the Subsidiaries of Time Warner Inc. that will be Subsidiaries of the Issuer upon completion
of the Spin-Off will be deemed to have been Restricted Subsidiaries of the Issuer (other than as specified in the definition of “Unrestricted Subsidiaries”). 

SECTION 1.04. Acts of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Proof of execution of any such instrument or of a
writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in
this Section 1.04. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the
affidavit of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the
execution thereof. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. The fact and date of the execution
of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

(c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Issuer in reliance thereon,
whether or not notation of such action is made upon such Note. 
 (e) The Issuer may, but shall not be obligated to, set a record date for
purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or 

  
 43 

 
consent to any action by vote or consent authorized or permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Issuer prior to the first solicitation of a Holder
made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders
furnished to the Trustee prior to such solicitation. 
 (f) Without limiting the foregoing, a Holder entitled to take any action under this
Indenture with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part
of such principal amount. Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this Section 1.04 shall have the same effect as if given or taken by separate Holders of
each such different part. 
 (g) Without limiting the generality of the foregoing, a Holder, including the Depositary, may make, give or
take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and the Depositary may provide its proxy
or proxies to the beneficial owners of interests in any such Global Note through such depositary’s standing instructions and customary practices. 

(h) The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Persons who are beneficial owners of
interests in any Global Note held by the Depositary entitled under the procedures of such Depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or
other action provided in this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take
such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. 

ARTICLE II
 The Notes 

SECTION 2.01. Form and Dating; Terms. (a) General. The Notes and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Issuer). Each
Note shall be dated the date of the Trustee’s authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. 

(b) Global Notes. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (including the Global
Note Legend thereon and the 

  
 44 

 
“Schedule of Increases or Decreases of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A attached hereto
(but without the Global Note Legend thereon and without the “Schedule of Increases or Decreases of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be specified
therein and each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced
or increased, as applicable, to reflect exchanges, repurchases and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be
made by the Trustee as Custodian (or if the Trustee and the Custodian are not the same Person, by the Custodian at the direction of the Trustee), in accordance with instructions given by the Holder thereof as required by Section 2.06. 

(c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Regulation
S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee as Custodian, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of
designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. Upon the expiry of the Restricted Period, beneficial interests in each Regulation S Temporary
Global Note shall be exchanged for beneficial interests in a Regulation S Permanent Global Note pursuant to Section 2.06 and the Applicable Procedures. Simultaneously with the authentication of a Regulation S Permanent Global Note, the Trustee
shall cancel the corresponding Regulation S Temporary Global Note. The aggregate principal amount of a Regulation S Temporary Global Note and a Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on
the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

(d) Terms. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the
Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes shall be subject to repurchase by the Issuer
pursuant to an Asset Sale Offer as provided in Section 4.10 or a Change of Control Offer as provided in Section 4.13. The Notes shall not be redeemable, other than as provided in Article III. 

Additional Notes ranking pari passu with the Initial Notes may be created and issued from time to time by the Issuer without notice to
or consent of the Holders and 

  
 45 

 
shall be consolidated with and form a single class with the other Notes (including any Initial Notes or other Additional Notes) and shall have the same terms as to status, redemption or otherwise
as such Notes (other than date of issue and, if applicable, the date from which interest shall accrue and the first date on which payment thereof shall be made); provided that the Issuer’s ability to issue Additional Notes shall be
subject to the Issuer’s compliance with Section 4.09. Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture. 

(e) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and
“Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the
Regulation S Temporary Global Note and the Regulation S Permanent Global Notes that are held by Participants through Euroclear or Clearstream. 

SECTION 2.02. Execution and Authentication. At least one Officer shall execute the Notes by manual signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be
valid. 
 A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated
substantially in the form of Exhibit A attached hereto, by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture. 

On the Issue Date, the Trustee shall, upon receipt of an Issuer Order (an “Authentication Order”), authenticate and deliver
the Initial Notes. In addition, at any time, from time to time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver any Additional Notes for an aggregate principal amount specified in such Authentication Order for such
Additional Notes issued under this Indenture. 
 The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate
Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to
deal with Holders or an Affiliate of the Issuer. 
 SECTION 2.03. Registrar and Paying Agent. The Issuer shall maintain (i) a
registrar with an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and (ii) a paying agent with an office or agency where Notes may be presented for payment (the
“Paying Agent”). The Registrar shall maintain a register reflecting ownership of the Notes outstanding from time to time (“Note Register”) and upon written request from the Issuer, the Registrar shall provide the
Issuer with a copy of the Note Register. The Issuer may appoint one or more 

  
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co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar. The term “Paying Agent” includes any additional paying
agents. The Issuer initially appoints the Trustee as (i) Registrar and Paying Agent and (ii) the Custodian with respect to the Global Notes. The Issuer may change the Paying Agents or the Registrars without prior notice to the Holders. The
Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any
of its Subsidiaries may act as a Paying Agent or a Registrar. All Agents appointed under this Indenture shall be appointed pursuant to agency agreements among the Issuer, the Trustee and the Agent, as applicable. 

The Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 SECTION 2.04. Paying Agent to Hold Money in Trust. The Issuer shall require the Paying Agent other than the Trustee to agree in
writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the
Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee.
Upon payment over to the Trustee, the Paying Agent (if other than the Issuer or one of its Subsidiaries) shall have no further liability for the money. If the Issuer or one of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee shall serve as Paying Agent for the Notes. 

SECTION 2.05. Holder Lists. The Registrar shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least two Business Days before each Interest Payment Date and at such other times as the Trustee may request
in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes. 

SECTION 2.06. Transfer and Exchange. (a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this
Section 2.06, a Global Note may be transferred, in whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor. A beneficial interest in a Global Note shall be exchangeable for a
Definitive Note if (A) (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Note or (ii) the Depositary has ceased to be a clearing agency registered under the Exchange Act
and, in either case, a successor Depositary is not appointed by the Issuer within 120 days of such notice, (B) the Issuer, at its option, notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes; provided
that in no event shall a Regulation S Temporary Global Note be exchanged by the Issuer for Definitive Notes prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates

  
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required under the provisions of Regulation S (including Rule 903(b)(3)(ii)(B) under the Securities Act) or (C) there shall have occurred and be continuing an Event of Default with respect
to the Notes and the Depositary has requested the issuance of Definitive Notes. Upon the occurrence of any of the preceding events in (A), (B) or (C) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests
therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its Applicable Procedures). Global Notes also may be exchanged or replaced, in whole or in part, as
provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered in
the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding events in (A), (B) or (C) above and pursuant to Section 2.06(c). A Global Note may not be exchanged for another Note other
than as provided in this Section 2.06(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c). 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Neither the Issuer nor any agent of the Issuer shall have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests of a Global Note, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Beneficial interests in the Restricted
Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act, or for complying with or ensuring compliance with any Applicable Procedures. Beneficial interests in Global
Notes shall be transferred or exchanged only for beneficial interests in Global Notes pursuant to this clause (b). Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or
(ii) below, as applicable, as well as, if applicable, one or more of the other following subparagraphs: 
 (i)
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Temporary Global Note
may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note. Except as required pursuant to the Private Placement Legend, no written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.06(b)(i). 

  
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 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global
Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(i), the transferor of such beneficial interest must deliver to the Registrar (in each case in form and substance
satisfactory to the Trustee and the Issuer) either: 
 (A) (1) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred
or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 

(B) (1) if Definitive Notes are at such time permitted to be issued under this Indenture, a written order from a
Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged
and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above;
provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in a Regulation S Temporary Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the
Registrar of any certificates required under the provisions of Regulation S (including Rule 903). 
 Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(h). 
 (iii) Transfer of Beneficial Interests in a Restricted Global
Note to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of Section 2.06(b)(ii) and the Registrar receives the following: 
 (A) if the transferee will
take delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or 

(B) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

  
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 (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note
for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) and the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each case, if the Registrar or the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar and the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to this
Section 2.06(b)(iv) at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to this Section 2.06(b)(iv). 

(v) Transfer and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a Restricted
Global Note Prohibited. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, beneficial interests in a Restricted Global Note. 

(c) Transfer or Exchange of Beneficial Interests for Definitive Notes. Beneficial interests in Global Notes shall be
exchanged for Definitive Notes only pursuant to this clause (c). 

  
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 (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive
Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form
of a Restricted Definitive Note, then, upon the occurrence of any of the events in clause (A), (B) or (C) of Section 2.06(a), subject to satisfaction of the conditions set forth in Section 2.06(b)(ii) and receipt by the Registrar
of the following documentation: 
 (A) if the holder of such beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the
form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being
transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to the Issuer or any of its Subsidiaries, a certificate substantially in
the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such beneficial interest
is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to
Section 2.06(h), and the Issuer shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through
instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any 

  
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Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject to
all restrictions on transfer contained therein. 
 (ii) Beneficial Interests in a Regulation S Temporary Global Note to
Definitive Notes. Notwithstanding Sections 2.06(c)(i)(A) and (C), a beneficial interest in a Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of
a Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) of the Securities Act. 

(iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial
interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon
the occurrence of any of the events in clause (A), (B) or (C) of Section 2.06(a), the satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof and if the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each case, if the Registrar or the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar and the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (iv) Beneficial Interests in Unrestricted Global
Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in clause (A), (B) or (C) of Section 2.06(a) and satisfaction of the conditions set forth in Section 2.06(b)(ii), the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Issuer shall execute and the Trustee shall authenticate and mail to the Person

  
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designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv)
shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect
Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the
Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. Restricted
Definitive Notes shall be exchanged for beneficial interests in Restricted Global Notes only pursuant to this clause (d). 

(i) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive
Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; 

(D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to the Issuer or any of its Subsidiaries, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such
Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 

  
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 the Trustee shall cancel the Restricted Definitive Note and increase or cause to be increased the
aggregate principal amount of the applicable Global Note. 
 (ii) Restricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 
 (A) if the Holder of
such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof;
or 
 (B) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof
in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each case, if the Registrar or the Issuer so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar and the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (ii) or
(iii) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted
Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

  
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 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Definitive Notes shall be exchanged for Definitive Notes only
pursuant to this clause (e). Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to
the following provisions of this Section 2.06(e): 
 (i) Restricted Definitive Notes to Restricted Definitive
Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made to a QIB in accordance with Rule 144A, then the transferor must deliver a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer
will be made to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904 then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if applicable. 

(ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by
the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(B) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

  
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 and, in each case, if the Registrar or the Issuer so requests, an Opinion of Counsel in form
reasonably acceptable to the Registrar and the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (iii) Unrestricted Definitive Notes to Unrestricted
Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall
register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) [Reserved]. 

(g) Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless
specifically stated otherwise in the applicable provisions of this Indenture: 
 (i) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES,
FOR THE BENEFIT OF THE COMPANY, ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY

  
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AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER
INFORMATION SATISFACTORY TO EACH OF THEM. 
 THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO NOTIFY ANY PURCHASER OF THIS
SECURITY FROM IT OF THE FOREGOING RESALE RESTRICTIONS. 
 [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER
HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION
OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT 

  
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IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN, ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S.
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR
LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR OTHER ARRANGEMENT WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-103 AS MODIFIED BY SECTION 3(42) OF ERISA OR
OTHERWISE OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAW.” 

(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii),
(c)(iv), (d)(ii), (d)(iii), (e)(ii) or (e)(iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 

(ii) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY
BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR 

  
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NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (iii) Regulation S
Temporary Global Note Legend. The Regulation S Temporary Global Note shall bear a legend in substantially the following form: 

“THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE, ARE AS
SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).” 
 (h) Cancellation and/or Adjustment of Global Notes. At such time as all
beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and
canceled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Note or for Definitive Notes or a particular Global Note has been redeemed or repurchased in part, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made
on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

  
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 (i) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request. 

(ii) The Registrar and the Trustee may require a Holder to furnish appropriate endorsements and transfer documents in
connection with a transfer of Notes. 
 (iii) No service charge shall be made to a holder of a beneficial interest in a
Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but Holders shall pay all taxes due on transfer (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.10, 3.06, 3.10, 4.10, 4.13 and 9.04). 
 (iv) Neither the Registrar nor the Issuer shall be required
to register the transfer of or exchange of any Note selected for redemption. 
 (v) All Global Notes and Definitive Notes
issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or
Definitive Notes surrendered upon such registration of transfer or exchange. 
 (vi) Neither the Registrar nor the Issuer
shall be required (A) to issue, register the transfer of or exchange any Note for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed, (B) to register the transfer or exchange of any Note selected for
redemption, (C) to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date or (D) to register the transfer of or to exchange any Notes selected for redemption or tendered (and not
withdrawn) for repurchase in connection with a Change of Control Offer or an Asset Sale Offer. 
 (vii) Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 

(viii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02.

 (ix) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by electronic transmission. 

  
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 (x) The Trustee shall have no obligation or duty to monitor, determine or inquire
as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or beneficial owners of interests
in any Global Notes) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements hereof. 
 (xi) Neither the Trustee nor any Agent
shall have any responsibility or liability for any actions taken or not taken by the Depositary. 
 SECTION 2.07. Replacement Notes.
If any mutilated Note is surrendered to the Trustee, the Registrar or the Issuer and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuer shall issue and the Trustee, upon receipt
of an Authentication Order, shall authenticate a replacement Note if the Trustee’s and the Issuer’s requirements are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to
protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer may charge for its expenses (including the expenses of the Trustee) in replacing a Note. 

Every replacement Note is a contractual obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued under this Indenture. 
 SECTION 2.08. Outstanding Notes. The Notes outstanding at
any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and
those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note. 

If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under Section 4.01, it ceases
to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Issuer, a Subsidiary of the Issuer or an
Affiliate of any thereof) holds, on a Redemption Date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

SECTION 2.09. Treasury Notes. In determining whether the Holders of the required principal amount of Notes have concurred in any
direction, waiver or 

  
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consent, Notes owned by the Issuer, or by any Affiliate of the Issuer, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be
protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notwithstanding the foregoing, Notes that are to be acquired by the Issuer, any
Subsidiary of the Issuer or an Affiliate of the Issuer pursuant to an exchange offer, tender offer or other similar agreement shall not be deemed to be owned by the Issuer, a Subsidiary of the Issuer or an Affiliate of the Issuer until legal title
to such Notes passes to the Issuer, such Subsidiary or such Affiliate, as the case may be. 
 SECTION 2.10. Temporary Notes. Until
certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but
may have variations that the Issuer considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange
for temporary Notes. 
 Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits
accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture. 
 SECTION 2.11. Cancellation. The Issuer at
any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee,
the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of cancelled Notes (subject to the record retention requirement of
the Exchange Act) in accordance with its customary procedures. Confirmation of the disposal of all cancelled Notes shall be delivered to the Issuer upon its written request. The Issuer may not issue new Notes to replace Notes that it has paid or
that have been delivered to the Trustee for cancellation. 
 SECTION 2.12. Defaulted Interest. If the Issuer defaults in a payment of
interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest to Holders on a subsequent special record date, in each case at the rate provided in the
Notes and in Section 4.01. The Issuer shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee
an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited
to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Issuer shall fix or cause to be fixed each such special record date and payment date; provided that no such
special record date shall be less than ten days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written 

  
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request of the Issuer, the Trustee, in the name and at the expense of the Issuer) shall mail or cause to be mailed, first-class postage prepaid, (or otherwise deliver in accordance with the
applicable procedures of the Depositary) to each Holder a notice at his or her address as it appears in the Note Register that states the special record date, the related payment date and the amount of such interest to be paid. 

Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note delivered under this Indenture upon
registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

SECTION 2.13. CUSIP/ISIN Numbers. The Issuer in issuing the Notes may use CUSIP or ISIN numbers, as applicable, (if then generally in
use) and, if so, the Trustee may use CUSIP or ISIN numbers, as applicable, in notices to Holders as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either
as printed on the Notes or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or other action shall not be affected by any defect in or omission of such
numbers. The Issuer will as promptly as practicable notify the Trustee in writing of any change in the CUSIP or ISIN Code numbers, as applicable. Additional Notes will not be issued with the same CUSIP, if any, as any existing Notes unless such
Additional Notes are fungible with such existing Notes for U.S. federal income tax purposes. 
 ARTICLE III 

Redemption 
 SECTION 3.01.
Notices to Trustee. If the Issuer elects to redeem Notes pursuant to Section 3.07, it shall furnish to the Trustee, at least five Business Days (or such later date acceptable to the Trustee) before notice of redemption is mailed or
caused to be mailed (or otherwise sent in accordance with the applicable procedures of the Depositary) to the applicable Holders pursuant to Section 3.03, an Officer’s Certificate setting forth (i) the paragraph or subparagraph of
such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date (subject to any conditions precedent applicable thereto), (iii) the principal amount of the Notes to be redeemed and
(iv) the redemption price (or manner of calculation if not then known). If the redemption price is not known at the time such notice is to be given, the actual redemption price, calculated as described in the terms of the Notes, will be set
forth in an Officer’s Certificate delivered to the Trustee no later than one Business Day prior to the Redemption Date. 
 SECTION
3.02. Selection of Notes to Be Redeemed or Purchased. If the Issuer is redeeming or repurchasing less than all of the Notes at any time, the Trustee shall select the Notes to be redeemed on a pro rata basis (or as nearly pro
rata as practicable) or by such method as the Trustee shall deem fair and appropriate, unless otherwise required by law or the rules of the principal national securities exchange, if 

  
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any, on which the Notes are listed or by lot or such other similar method in accordance with the applicable procedures of the Depositary; provided that no Notes of $2,000 or less shall be
redeemed or repurchased in part. 
 The Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption or purchase
and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; no
Notes of $2,000 or less can be redeemed in part, except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or
purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

SECTION 3.03. Notice of Purchase or Redemption. Subject to Section 3.09, the Issuer shall mail or cause to be mailed by
first-class mail (or otherwise delivered in accordance with the applicable procedures of the Depositary), notices of purchase or redemption at least 30 days but not more than 60 days before the purchase date or Redemption Date to each Holder at such
Holder’s registered address or otherwise in accordance with the applicable procedures of the Depositary, except that redemption notices may be mailed (or otherwise sent in accordance with the applicable procedures of the Depositary) more than
60 days prior to a Redemption Date if the notice is issued in connection with Article VIII or Article XI. If any Note is to be purchased or redeemed in part only, any notice of purchase or redemption that relates to such Note shall state the portion
of the principal amount thereof that is to be purchased or redeemed. The Issuer shall issue a new Note in a principal amount equal to the unredeemed portion of the original Note in the name of the Holder upon cancellation of the original Note. 

The notice shall identify the Notes (including the CUSIP or ISIN number) to be purchased or redeemed and shall state: 

(A) subject to clause (I) below, the purchase date or Redemption Date; 

(B) the purchase or redemption price (or manner of calculation if not then known); 

(C) if any Note is to be redeemed in part only, the portion of the principal amount of that Note that has been or is to be
purchased or redeemed and that, after the Redemption Date upon surrender of such Note, the Issuer will issue a new Note or Notes in principal amount equal to the unredeemed portion of the original Note in the name of the Holder upon cancellation of
the original Note; 
 (D) the name and address of the Paying Agent; 

(E) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

  
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 (F) that, unless the Issuer defaults in making such redemption payment, interest
on Notes called for redemption ceases to accrue on and after the Redemption Date; 
 (G) the paragraph or subparagraph of the
Notes and/or Section of this Indenture pursuant to which the Notes called for purchase or redemption are being redeemed; 

(H) that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, as applicable, if any, listed
in such notice or printed on the Notes; and 
 (I) any condition to such redemption. 

At the Issuer’s request, the Trustee shall give the notice of purchase or redemption in the Issuer’s name and at its expense;
provided that the Issuer shall have delivered to the Trustee, at least five Business Days before notice of redemption is required to be mailed or caused to be mailed (or sent or caused to be sent in accordance with the applicable procedures
of the Depositary) to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated
in such notice as provided in this Section 3.03. 
 Any redemption, notice of purchase or notice of redemption may, at the
Issuer’s direction, be subject to the satisfaction of one or more conditions precedent (including in the case of a redemption related to an Equity Offering, the consummation of such Equity Offering). 

SECTION 3.04. Effect of Notice of Redemption. Subject to the last paragraph of Section 3.03 and the terms of the applicable
redemption notice (including any conditions contained therein) once notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption become irrevocably due and payable on the Redemption Date at the redemption price,
subject to the satisfaction of any conditions precedent to the redemption. The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to
give such notice by mail or any defect in the notice to the Holder of the Notes designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Notes. Subject to Section 3.05, on
and after the Redemption Date, interest ceases to accrue on Notes or portions of Notes called for redemption. 
 SECTION 3.05. Deposit of
Redemption or Purchase Price. Prior to 11:00 a.m. (New York City time) on the purchase date or Redemption Date, the Issuer shall deposit with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid
interest on all Notes to be redeemed or purchased on that date. The Paying Agent shall promptly return to the Issuer any money deposited with the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption price of, and
accrued and unpaid interest on, all Notes to be redeemed or purchased. 

  
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 If the Issuer complies with the provisions of this Section 3.05, on and after the purchase
date or Redemption Date, interest shall cease to accrue on the Notes or the portions of the Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date,
then any accrued and unpaid interest to the redemption or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption or purchase shall not be so
paid upon surrender for redemption or purchase because of the failure of the Issuer to comply with this Section 3.05, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the
extent lawful on any interest accrued to the redemption or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01. 

SECTION 3.06. Notes Redeemed or Purchased in Part. Upon surrender of a Note that is redeemed or purchased in part, the Issuer shall
issue and the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the same indebtedness to the extent not redeemed
or purchased; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication
Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such new Note. 
 SECTION
3.07. Optional Redemption. (a) Prior to April 15, 2017, the Issuer may redeem the Notes, in whole at any time or in part from time to time, upon notice as described in Section 3.03, at a redemption price equal to 100% of the
principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption (the “Redemption Date”), subject to the rights of Holders of
record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 
 (b) On and after April 15, 2017,
the Issuer may redeem the Notes, in whole at any time or in part from time to time, upon notice as described in Section 3.03, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below
plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if
redeemed during the twelve month period beginning on April 15 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2017
	  	 	104.313	% 
	 2018
	  	 	102.875	% 
	 2019
	  	 	101.438	% 
	 2020 and thereafter
	  	 	100.000	% 

  
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 (c) Until April 15, 2017, the Issuer may, at any time and from time to time, upon notice as
described in Section 3.03, redeem up to 40.0% of the aggregate principal amount of Notes at a redemption price equal to 105.75% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to, but
excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, in an amount no greater than the aggregate cash proceeds received from
one or more Equity Offerings; provided that (1) at least 50.0% of the aggregate principal amount of Notes (including any Additional Notes) remains outstanding immediately after the occurrence of each such redemption and (2) each
such redemption occurs within 90 days of the closing of such Equity Offering. 
 SECTION 3.08. Mandatory Redemption. Except as
provided for in Section 3.09, the Issuer shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. 

SECTION 3.09. Special Mandatory Redemption. If (1) on or prior to the Distribution Date, (A) the Issuer notifies the
Trustee in writing that Time Warner Inc. has determined, in its sole discretion, not to pursue the Spin-Off or (B) Time Warner Inc., in its sole discretion, publicly announces that it will not pursue the Spin-Off or (2) the Spin-Off is not
completed by October 26, 2014 (the earliest of any such date, the “Trigger Date”), then the Issuer shall redeem the Notes, in whole but not in part, at a redemption price equal to 100% of the issue price of the Notes,
plus accrued and unpaid interest to, but excluding, the Redemption Date (such redemption, the “Special Mandatory Redemption”). In the event of a Special Mandatory Redemption, the Issuer will cause a notice of special
mandatory redemption to be mailed by first-class mail to each Holder at such Holder’s registered address or otherwise in accordance with the applicable procedures of the Depositary promptly, but in any event not later than five Business Days
after the Trigger Date, and will redeem the Notes on the date specified in the notice of special mandatory redemption (which in any event shall be no later than five Business Days following the date of such notice). 

SECTION 3.10. Offers to Repurchase by Application of Excess Proceeds. (a) In the event that, pursuant to Section 4.10, the
Issuer shall be required to commence an Asset Sale Offer, it shall follow the procedures specified below. 
 (b) The Asset Sale Offer shall
remain open for a period of 20 Business Days following its commencement and no longer, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the
termination of the Offer Period (the “Purchase Date”), the Issuer shall apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and, if required by the terms of any Pari Passu Indebtedness, such Pari
Passu Indebtedness (on a pro rata basis, if applicable), or, if less than the Offer Amount has been tendered, all Notes and Pari Passu Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made
in the same manner as interest payments are made. 

  
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 (c) If the Purchase Date is on or after a Record Date and on or before the related Interest
Payment Date, any accrued and unpaid interest, if any, up to but excluding the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close of business on such Record Date, and no additional interest shall be payable to
Holders who tender Notes pursuant to the Asset Sale Offer. 
 (d) Upon the commencement of an Asset Sale Offer, the Issuer shall send, by
first-class mail (or otherwise sent in accordance with the applicable procedures of the Depositary), a notice to each of the Holders, with a copy mailed or electronically transmitted to the Trustee and Agents. The notice shall contain all
instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders and, if required by the terms of any Pari Passu Indebtedness, holders of such Pari Passu
Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 
 (i) that the Asset Sale Offer
is being made pursuant to this Section 3.10 and Section 4.10 and the length of time the Asset Sale Offer shall remain open; 

(ii) the Offer Amount, the purchase price and the Purchase Date; 

(iii) that any Note not tendered or accepted for payment shall continue to accrue interest; 

(iv) that, unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
shall cease to accrue interest after the Purchase Date; 
 (v) that Holders electing to have a Note purchased pursuant to an
Asset Sale Offer may elect to have Notes purchased in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000; 

(vi) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note,
with the form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer by book-entry transfer, to the Issuer, the Depositary, if appointed by the Issuer, or a Paying Agent at the address specified in
the notice at least three days before the Purchase Date; 
 (vii) that Holders shall be entitled to withdraw their election
if the Issuer, the Depositary or the Paying Agent, as the case may be, receive, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder
delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

  
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 (viii) that, if the aggregate principal amount of Notes and Pari Passu
Indebtedness surrendered by the Holders thereof exceeds the Offer Amount, the Trustee shall select the Notes and the Issuer or the agent for such Pari Passu Indebtedness shall select such Pari Passu Indebtedness to be purchased on a pro rata basis
(or as nearly pro rata as practicable) based on the amount of the Notes and such Pari Passu Indebtedness tendered, unless otherwise required by law or the rules of the principal national securities exchange, if any, on which the Notes or such Pari
Passu Indebtedness are listed or by lot or such other similar method in accordance with the applicable procedures of the Depositary; provided that no notes of $2,000 or less shall be repurchased in part; and 

(ix) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased. 

(e) On or before the Purchase Date, the Issuer shall, to the extent lawful, (1) accept for payment, on a pro rata basis to the
extent necessary, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered and (2) deliver or cause to be delivered to the Trustee
the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof so tendered. 

(f) The Issuer, the Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver to each tendering Holder an amount
equal to the purchase price of the Notes properly tendered by such Holder and accepted by the Issuer for purchase, and the Issuer shall promptly issue a new Note, and the Trustee, upon receipt of an Authentication Order, shall authenticate and mail
or deliver (or cause to be transferred by book-entry) such new Note to such Holder (it being understood that, notwithstanding anything in this Indenture to the contrary, no Opinion of Counsel or Officer’s Certificate is required for the Trustee
to authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note surrendered representing the same indebtedness to the extent not repurchased; provided that each such new Note shall be in a
principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof. The Issuer shall publicly announce the results of the Asset Sale
Offer on or as soon as practicable after the Purchase Date. 
 Other than as specifically provided in this Section 3.10 and
Section 4.10, any purchase pursuant to this Section 3.10 shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06. 

  
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 ARTICLE IV 

Covenants 
 SECTION 4.01.
Payment of Notes. The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on
the date due if the Paying Agent, if other than the Issuer or a Subsidiary, holds as of 11:00 a.m. (New York City time) on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all
principal, premium, if any, and interest then due. In any case where an Interest Payment Date, Redemption Date or any other stated maturity of any payment required to be made on the Notes shall not be a Business Day, then each such payment need not
be made on such date, but shall be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, Redemption Date or stated maturity of such payment and no additional interest shall be payable as a
result of such delay in payment. 
 The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest at the same rate to the extent lawful. 
 SECTION 4.02. Maintenance of Office or Agency. The Issuer shall maintain the
office or agency required under Section 2.03 (which may be an office of the Trustee or an Affiliate of the Trustee) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer
in respect of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency required under
Section 2.03. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with
Section 2.03. 
 SECTION 4.03. Reports and Other Information. (a) If, at any time, the Issuer is subject to the reporting
requirements of Section 13 or 15(d) of the Exchange 

  
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Act, the Issuer shall file with the SEC, subject to the following sentence, and provide the Trustee (to the extent not publicly available on the SEC’s EDGAR system (or any successor system)
or the Issuer’s website) (and, upon written request, the Holders, to the extent not publicly available on the SEC’s EDGAR system (or any successor system) or the Issuer’s website) such annual and other reports as are specified in
Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections, such reports to be so filed and provided at the times specified for the filings by the Issuer of such reports under such Sections and
containing, in all material respects, the information and audit reports required for such reports. If, at any time, the Issuer is not subject to the periodic reporting requirements of the Exchange Act for any reason, the Issuer shall provide the
Trustee and make available to Holders, prospective investors, market makers affiliated with any Initial Purchaser and securities analysts the reports specified in the preceding sentence by posting such reports to its website or on IntraLinks or any
comparable password-protected online data system, in each case, within 15 days after the time the Issuer would be required to file such information with the SEC if it were a non-accelerated filer subject to Section 13 or 15(d) of the Exchange
Act. 
 Notwithstanding the foregoing, (1) none of the foregoing reports (A) shall be required to comply with Section 302,
Section 404 or Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, (B) shall be required to comply with Regulation G or Item 10(e) of Regulation S-K promulgated by
the SEC (with respect to any non-GAAP financial measures contained therein), (C) shall be required to contain the separate financial information for Guarantors and non-guarantor subsidiaries contemplated by Rule 3-10 of Regulation S-X
promulgated by the SEC, (D) shall be required to present compensation or beneficial ownership information and (E) shall be required to contain information required by Item 601 of Regulation S-K and (2) if any parent of the Issuer
becomes a guarantor of the Notes, the reports, information and other documents required to be filed and provided as described above may be those of the parent, rather than those of the Issuer, so long as such filings would satisfy the SEC’s
requirements; provided that such reports include a reasonable explanation of the material differences between the assets, liabilities and results of operations of such parent and its consolidated Subsidiaries, on the one hand, and the Issuer
and its Restricted Subsidiaries on the other hand. 
 (b) Notwithstanding anything in this Indenture to the contrary, the Issuer shall not
be deemed to have failed to comply with any of its obligations described under this Section 4.03 for purposes of Section 6.01(a)(3) until 120 days after the date any report under this Section 4.03 is due. To the extent any such
information is not so filed or provided, as applicable, within the time periods specified in Section 4.03(a) and such information is subsequently filed or provided, as applicable, the Issuer shall be deemed to have satisfied its obligations
with respect thereto at such time and any Default or Event of Default with respect thereto shall be deemed to have been cured at such time; provided that such cure shall not otherwise affect the rights of the Holders under Article VI if Holders
of at least 25% in principal amount of the then total outstanding Notes have declared the principal of accrued but unpaid and interest on all the then outstanding Notes to be due and payable immediately and such declaration shall not have been
rescinded or cancelled prior to such cure. 

  
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 (c) At any time when the Issuer is not subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act, the Issuer shall, for so long as any Notes remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, furnish to the Holders and to prospective investors,
upon their written request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (d) Delivery
of reports, information and documents to the Trustee under this Indenture is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained
therein, or determinable from information contained therein including the Issuer’s compliance with any of the covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee
shall have no responsibility whatsoever to determine whether any filing or posting referred to in this Section 4.03 has occurred. 

(e) Prior to the Distribution Date, the Issuer will be deemed to be in compliance with the reporting requirements of this Section 4.03 by
virtue of the filing of the Form 10. 
 SECTION 4.04. Compliance Certificate. (a) The Issuer shall deliver to the Trustee,
within 120 days after the end of each fiscal year ending after the Issue Date, an Officer’s Certificate that, as to such Officer signing such certificate, to the best of his or her knowledge the Issuer has kept, observed, performed and
fulfilled each and every condition and covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions, covenants and conditions of this Indenture (or, if a Default shall have occurred and
is continuing, describing all such Defaults of which he or she may have knowledge). 
 (b) The Issuer shall, within 30 days after becoming
aware of any Default, deliver to the Trustee by registered or certified mail or by electronic transmission an Officer’s Certificate specifying such Default. 

SECTION 4.05. Taxes. The Issuer shall pay, and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all
material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate negotiations or proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the
Notes. 
 SECTION 4.06. Stay, Extension and Usury Laws. The Issuer and each of the Guarantors covenant (to the extent that they may
lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the
covenants or the performance of this Indenture; and the Issuer and each of the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to
any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

  
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 SECTION 4.07. Limitation on Restricted Payments. (a) The Issuer shall not, and shall
not permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (1) declare or pay any dividend or make any
other payment or distribution on account of the Issuer’s or any of its Restricted Subsidiaries’ Equity Interests, including any dividend, payment or distribution payable in connection with any merger or consolidation, other than: 

(A) dividends, payments or distributions payable in Equity Interests (other than Disqualified Stock) of the Issuer; or 

(B) dividends, payments or distributions by a Restricted Subsidiary so long as, in the case of any dividend, payment or
distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend, payment
or distribution in accordance with its Equity Interests in such class or series of securities; 
 (2) purchase, redeem,
repurchase, defease or otherwise acquire or retire for value any Equity Interests of the Issuer (including in connection with any merger or consolidation), to the extent held by a Person other than the Issuer or a Restricted Subsidiary; 

(3) make any principal payment on, or purchase, redeem, repurchase, defease or otherwise acquire or retire for value, in each
case prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness of the Issuer or a Guarantor other than the payment, purchase, redemption, repurchase, defeasance, acquisition or retirement of: 

(A) Indebtedness permitted under Section 4.09(b)(7); or 

(B) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity,
in each case due within one year of the date of purchase, redemption, repurchase, defeasance, acquisition or retirement; or 

(4) make any Restricted Investment 

(all such payments and other actions set forth in clauses (1) through (4) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment: 
 (1) no Default shall have occurred and be continuing
or would occur as a consequence thereof; 

  
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 (2) immediately after giving effect to such transaction on a pro forma basis, the
Issuer could incur $1.00 of additional Indebtedness pursuant to the Consolidated Net Leverage Ratio test set forth in Section 4.09(a); and 

(3) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its
Restricted Subsidiaries (and not rescinded or refunded) after the Issue Date (including Restricted Payments permitted by clauses (1) and (16) of Section 4.07(b), but excluding all other Restricted Payments permitted by
Section 4.07(b)), is less than the sum of (without duplication): 
 (A) (i) 100% of Consolidated Adjusted EBITDA of
the Issuer for the period (taken as one accounting period) beginning on the first day of the fiscal quarter during which the Issue Date occurs to the end of the Issuer’s most recently completed fiscal quarter for which Required Financial
Statements have been delivered at the time of such Restricted Payment, minus 
 (ii) the product of 

(x) 1.4 and 

(y) Consolidated Interest Expense of the Issuer for the same period (taken as one accounting period); plus 

(B) 100% of the aggregate net cash proceeds and the fair market value (as determined in good faith by the Issuer) of marketable
securities or other property received by the Issuer from the issuance or sale of Equity Interests of the Issuer (other than Disqualified Stock or Refunding Capital Stock) or otherwise contributed to the equity (other than through an issuance of
Disqualified Stock) of the Issuer after the Issue Date (other than an issuance or sale to a Subsidiary of the Issuer or an issuance or sale to an employee stock ownership plan or other trust established by the Issuer or its Restricted Subsidiaries
to the extent funded by the Issuer or its Subsidiaries); plus 
 (C) 100% of the aggregate net cash proceeds and the
fair market value (as determined in good faith by the Issuer) of marketable securities or other property received by the Issuer or any Restricted Subsidiary from the issuance or sale (other than to the Issuer or a Restricted Subsidiary of the Issuer
or to an employee stock ownership plan or other trust established by the Issuer or its Restricted Subsidiaries to the extent funded by the Issuer or its Subsidiaries) by the Issuer or any Restricted Subsidiary after the Issue Date of any
Indebtedness or Disqualified Stock that has been converted into or exchanged for Equity Interests of the Issuer (other than Disqualified Stock), plus, without duplication, any cash proceeds and the fair market value (as determined in good
faith by the Issuer) of marketable securities or other property received by the Issuer or any Restricted subsidiary upon such conversion or exchange; plus 

  
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 (D) 100% of the aggregate amount received in cash and the fair market value (as
determined in good faith by the Issuer) of marketable securities or other property received by the Issuer or any Restricted Subsidiary from: (i) the sale or other disposition (other than to the Issuer or a Restricted Subsidiary) of and the
receipt of any dividends or distributions from Restricted Investments made by the Issuer or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Issuer or its Restricted Subsidiaries and repayments of
loans or advances, and releases of guarantees, which constituted Restricted Investments by the Issuer or its Restricted Subsidiaries, in each case after the Issue Date; or (ii) the sale (other than to the Issuer or a Restricted Subsidiary) of
the stock of an Unrestricted Subsidiary or a distribution from an Unrestricted Subsidiary (other than to the extent of the amount of the Investment in such Unrestricted Subsidiary that constituted a Permitted Investment) or a dividend from an
Unrestricted Subsidiary, in each case after the Issue Date; plus 
 (E) in the case of the redesignation of an
Unrestricted Subsidiary as a Restricted Subsidiary or the merger or consolidation of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the
Issuer or a Restricted Subsidiary, in each case after the Issue Date, the fair market value (as determined in good faith by the Issuer) or if such fair market value exceeds $150,000,000, the fair market value as specified in writing by an
Independent Financial Advisor, of the Investment in such Unrestricted Subsidiary at the time of such redesignation, merger, consolidation or transfer (other than to the extent of the amount of the Investment in such Unrestricted Subsidiary that
constituted a Permitted Investment); plus 
 (F) in the event that the Issuer or any Restricted Subsidiary has made or
makes any Investment in a Person subsequent to the Issue Date that, as a result of or in connection with such Investment, becomes a Restricted Subsidiary, an amount equal to the existing Investment of the Issuer or any Restricted Subsidiary in such
Person to the extent it was previously treated as a Restricted Payment. 
 (b) Section 4.07(a) shall not prohibit any of the following
(collectively, “Permitted Payments”): 
 (1) the payment of any dividend or distribution or the consummation
of any irrevocable redemption within 60 days after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment would have complied with the
provisions of this Indenture; 

  
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 (2) the purchase, redemption, defeasance, repurchase, retirement or other
acquisition of any Equity Interests of the Issuer or of Subordinated Indebtedness of the Issuer or any Guarantor, in exchange for, or out of the proceeds of the substantially concurrent issuance or sale (other than to a Restricted Subsidiary or to
an employee stock ownership plan or other trust established by the Issuer or its Restricted Subsidiaries to the extent funded by the Issuer or its Restricted Subsidiaries) of, Equity Interests (other than Disqualified Stock) of the Issuer
(collectively, the “Refunding Capital Stock”); 
 (3) the purchase, redemption, defeasance, repurchase,
retirement or other acquisition of (i) Subordinated Indebtedness of the Issuer or a Guarantor made by, in exchange for, or out of the proceeds of the substantially concurrent incurrence of, Indebtedness of the Issuer or a Guarantor or
(ii) Disqualified Stock of the Issuer or any Guarantor made in exchange for, or out of the proceeds of the substantially concurrent incurrence of Disqualified Stock of the Issuer or any Guarantor, in each case that is incurred in compliance
with Section 4.09 so long as: 
 (A) the principal amount (or accreted value, if applicable) of such new Indebtedness or
the liquidation preference of such new Disqualified Stock does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on, the Subordinated Indebtedness or the liquidation preference of,
plus any accrued and unpaid dividends on, the Disqualified Stock, as applicable, being so purchased, redeemed, defeased, repurchased, retired or acquired for value, plus the amount of any premium required to be paid under the terms of
the instrument governing the Subordinated Indebtedness or Disqualified Stock being so purchased, redeemed, defeased, repurchased, retired or acquired and any fees and expenses incurred in connection with the issuance of such new Indebtedness or
Disqualified Stock; 
 (B) such new Indebtedness is subordinated to the Notes or the applicable Guarantee at least to the
same extent as such Subordinated Indebtedness so purchased, redeemed, defeased, repurchased, retired or acquired; 
 (C) such
new Indebtedness or Disqualified Stock has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Subordinated Indebtedness or Disqualified Stock being so purchased, redeemed, defeased, repurchased, retired
or acquired; and 
 (D) such new Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity equal to or
greater than the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so purchased, redeemed, defeased, repurchased, retired or acquired; 

  
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 (4) a Restricted Payment to pay for the purchase, repurchase, retirement or other
acquisition for value of Equity Interests (other than Disqualified Stock) of the Issuer held by any future, present or former member of management, employee, director or consultant of the Issuer or any of its Subsidiaries pursuant to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement, or any stock subscription or shareholder agreement or upon the termination of such member’s, employee’s, director’s or consultant’s
employment or directorship; provided, however, that the aggregate Restricted Payments made under this clause (4) do not exceed in any calendar year $25,000,000 (with unused amounts in any calendar year being carried over for one
additional calendar year); provided further that such amount in any calendar year may be increased by an amount not to exceed: 

(A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer to future, present or
former members of management, employees, directors or consultants of the Issuer or any of its Subsidiaries that occurs after the Issue Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to
the payment of Restricted Payments by virtue of the second clause (3) of Section 4.07(a); plus 
 (B) the
cash proceeds of key man life insurance policies received by the Issuer or any of its Restricted Subsidiaries after the Issue Date; less 

(C) the amount of any Restricted Payments previously made with the cash proceeds described in clauses (A) and (B) of
this clause (4); 
 and; provided further that cancellation of Indebtedness owing to the Issuer or any Restricted Subsidiary from any
future, present or former members of management, employees, directors or consultants of the Issuer or any of the Issuer’s Restricted Subsidiaries in connection with a repurchase of Equity Interests of the Issuer will not be deemed to constitute
a Restricted Payment for purposes of this Section 4.07 or any other provision of this Indenture; 
 (5) purchases,
redemptions, defeasances, repurchases or other acquisitions of Equity Interests deemed to occur (i) upon exercise of stock options, stock appreciation rights or warrants if such Equity Interests represent a portion of the exercise price of such
options, stock appreciation rights or warrants or (ii) for purposes of satisfying any required tax withholding obligation upon the exercise or vesting of a grant or award that was granted or awarded to an employee; 

(6) other Restricted Payments in an aggregate amount taken together with all other outstanding Restricted Payments made
pursuant to this clause (6) not to exceed $250,000,000; 

  
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 (7) distributions or payments of Receivables Fees; 

(8) any Restricted Payment attributable to, or arising or made in connection with, the Transactions and the fees and expenses
related thereto; 
 (9) the repurchase, redemption, defeasance or other acquisition or retirement of any Subordinated
Indebtedness pursuant to the provisions similar to those under Section 4.10 and Section 4.13; provided that prior to any such repurchase, redemption, defeasance or other acquisition or retirement, all Notes tendered by Holders in
connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed, defeased, acquired or retired; 

(10) the repurchase, redemption or other acquisition for value of Equity Interests of the Issuer deemed to occur in connection
with paying cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Issuer or its
Subsidiaries, in each case, permitted under this Indenture; 
 (11) the distribution, by dividend or otherwise, of shares of
Capital Stock of, or Indebtedness owed to, the Issuer or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash Equivalents); 

(12) for any taxable period in which the taxable income of the Issuer or any of its Subsidiaries is included in a consolidated,
combined or similar income tax group of which a direct or indirect parent of the Issuer is the common parent (a “Tax Group”), an amount not to exceed the tax liabilities that the Issuer and the applicable Subsidiaries, in the
aggregate, would have been required to pay in respect of such taxable income if such entities were a standalone group of corporations separate from such Tax Group (it being understood and agreed that, if the Issuer or any Subsidiary pays any portion
of such tax liabilities directly to any taxing authority, a Restricted Payment in duplication of such amount shall not be permitted to be made pursuant to this clause (12)); 

(13) the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified
Stock of the Issuer or any Restricted Subsidiary or Preferred Stock of any Restricted Subsidiaries issued or incurred in accordance with Section 4.09; 

(14) payments of cash, or dividends, distributions or advances by the Issuer or any Restricted Subsidiary to allow the payment
of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 

  
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 (15) mandatory redemptions or repurchases of Disqualified Stock the issuance of
which itself constituted a Restricted Payment or Permitted Investment otherwise permissible under this Indenture; or 
 (16)
any additional Restricted Payments so long as, immediately after giving pro forma effect to the making of such Restricted Payment (with such pro forma adjustments as are appropriate and consistent with the pro forma adjustments
set forth in the definition of “Consolidated Net Leverage Ratio” as determined in good faith by the Issuer), the Issuer’s Consolidated Net Leverage Ratio is no greater than 3.00 to 1.00; 

provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (6),
(11) or (16), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 
 (c) The
Issuer shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the last sentence of the definition of “Unrestricted Subsidiary”. For purposes of designating any Restricted Subsidiary as an
Unrestricted Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be an Investment in an amount determined as set forth in the
definition of “Investment”. Such designation shall be permitted only if an Investment in such amount would be permitted at such time, whether as a Restricted Payment or a Permitted Investment, and if such Subsidiary otherwise meets the
definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries will not be subject to any of the covenants set forth in this Indenture. 

(d) For purposes of clauses (2) and (3) of Section 4.07(b), a Restricted Payment shall be deemed to have been made
substantially concurrently with the applicable event if made or irrevocably committed to be made within 90 days of such event. 
 (e) The
amount of all Restricted Payments (other than cash) shall be the fair market value (as determined in good faith by the Issuer) on the date of such Restricted Payment of the asset(s) or securities proposed to be paid, transferred or issued by the
Issuer or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. 
 SECTION 4.08. Dividend and Other
Payment Restrictions Affecting Restricted Subsidiaries. (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any
consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: 
 (1) (A) pay
dividends or make any other distributions to the Issuer or any of its Restricted Subsidiaries on its Capital Stock, or with respect to any other interest or participation in, or measured by, its profits, or 

(B) pay any Indebtedness owed to the Issuer or any of its Restricted Subsidiaries; 

  
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 (2) make loans or advances to the Issuer or any of its Restricted Subsidiaries;
or 
 (3) sell, lease or transfer any of its properties or assets to the Issuer or any of its Restricted Subsidiaries. 

(b) The restrictions in Section 4.08(a) shall not apply to encumbrances or restrictions existing under or by reason of: 

(1) contractual encumbrances or restrictions (i) in effect on the Issue Date or (ii) in effect on the Distribution
Date on substantially the terms described in the Offering Memorandum, including those arising under the Senior Credit Facilities and any related documentation; 

(2) (i) this Indenture, the Notes and the Guarantees and (ii) any agreement governing Indebtedness permitted to be
incurred pursuant to Section 4.09; provided that the provisions relating to restrictions of the type described in clauses (1) through (3) of Section 4.08(a) contained in such agreement, taken as a whole, are (in the good
faith determination of the Issuer) not materially more restrictive than the provisions contained in the Senior Credit Facilities, or in this Indenture, in each case as in effect when initially executed; 

(3) purchase money obligations for property acquired in the ordinary course of business and Capitalized Lease Obligations that
impose restrictions of the nature discussed in Section 4.08(a)(3) on the property so acquired or leased; 
 (4)
applicable law or any applicable rule, regulation or order; 
 (5) any agreement or other instrument of a Person (including
an Unrestricted Subsidiary that becomes a Restricted Subsidiary whether by redesignation or otherwise) acquired by or merged or consolidated with or into the Issuer or any of its Restricted Subsidiaries in existence at the time of such transaction
(but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its
Subsidiaries, so acquired; 
 (6) contracts for the sale of assets, including customary restrictions with respect to a
Subsidiary of the Issuer that impose restrictions solely on the assets to be sold; 
 (7) any Hedging Obligations; 

  
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 (8) Secured Indebtedness otherwise permitted to be incurred pursuant to
Section 4.09 and Section 4.12 that limit the right of the debtor to dispose of the assets securing such Indebtedness; 

(9) restrictions on cash or other deposits or net worth imposed by leases, customers under contracts or other contracts or
agreements entered into in the ordinary course of business; 
 (10) other Indebtedness, Disqualified Stock or Preferred Stock
of Non-Guarantor Subsidiaries permitted to be incurred subsequent to the Issue Date pursuant to Section 4.09; 
 (11)
customary provisions in joint venture agreements or arrangements and other similar agreements or arrangements relating solely to such joint venture; 

(12) customary provisions contained in leases, sub-leases, licenses or sub-licenses, permits, contracts and other agreements,
in each case, entered into in the ordinary course of business; 
 (13) any agreements entered into in the ordinary course of
business, not relating to Indebtedness and that do not, individually or in the aggregate, materially impair (in the good faith determination of the Issuer) the ability of the Issuer or the Guarantors to pay the principal and interest on the Notes;

 (14) any agreement for the sale or other disposition of all or substantially all the Capital Stock or the assets of a
Restricted Subsidiary to the extent it restricts distributions by that Restricted Subsidiary pending such sale or other disposition; 

(15) customary provisions imposed on the transfer of copyrighted or patented materials; 

(16) encumbrances or restrictions relating to the IPC Media Ltd. pension scheme; 

(17) any encumbrances or restrictions of the type referred to in clauses (1), (2) and (3) of Section 4.08(a)
imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (16) of this
Section 4.08(b); provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith determination of the Issuer, no more restrictive in any
material respect with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing; and 

(18) restrictions created in connection with any Receivables Facility that, in the good faith determination of the Issuer, are
necessary or advisable to effect such Receivables Facility; provided that such restrictions apply only to the applicable Receivables Subsidiary. 

  
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 (c) For purposes of determining compliance with this Section 4.08, (1) the priority of
any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock will not be deemed a restriction on the ability to make distributions on Capital Stock and
(2) the subordination of loans or advances made to the Issuer or any Restricted Subsidiary to other Indebtedness Incurred by the Issuer or any Restricted Subsidiary will not be deemed a restriction on the ability to make loans or advances. 

SECTION 4.09. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. (a) The Issuer
shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable for (collectively, “incur” and collectively, an
“incurrence”) any Indebtedness (including Acquired Indebtedness) and the Issuer shall not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or Preferred
Stock; provided, however, that the Issuer may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue
shares of Disqualified Stock and issue shares of Preferred Stock, if the Consolidated Net Leverage Ratio at the time such additional Indebtedness is incurred or such Disqualified Stock or Preferred Stock is issued would have been no greater than
4.00 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom); provided further, however, that Restricted Subsidiaries that are not Guarantors may not incur Indebtedness
or issue Disqualified Stock or Preferred Stock if, after giving pro forma effect to such incurrence or issuance, more than an aggregate of $300,000,000 at the time of incurrence of such Indebtedness or Disqualified Stock or Preferred Stock of
such Restricted Subsidiaries that are not Guarantors is outstanding pursuant to this Section 4.09(a) and clause (17) of Section 4.09(b). 

(b) The provisions of Section 4.09(a) shall not apply to: 

(1) the incurrence of Indebtedness under Credit Facilities by the Issuer or any of its Restricted Subsidiaries and the issuance
and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof); provided, however, that
immediately after giving effect to any such incurrence, the then outstanding aggregate principal amount of all Indebtedness under this clause (1) does not exceed at any one time $2,400,000,000; 

(2) Indebtedness represented by the Notes (including any Guarantee) (other than any Additional Notes or Guarantees with respect
thereto); 

  
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 (3) Indebtedness of the Issuer and its Restricted Subsidiaries in existence on
the Issue Date (other than Indebtedness described in clauses (1) and (2) of this Section 4.09(b)); 
 (4)
(A) Indebtedness (including Capitalized Lease Obligations and Attributable Debt), Disqualified Stock and Preferred Stock incurred by the Issuer or any of its Restricted Subsidiaries to finance the purchase, lease, construction or improvement of
property (real or personal) or equipment, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets, and any Indebtedness incurred to Refinance any such Indebtedness (and successive Refinancings thereof), in
an aggregate principal amount or liquidation preference which, when aggregated with the principal amount of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding under this clause (4)(A), together with the aggregate
principal amount of Indebtedness outstanding pursuant to clause (B) of this clause (4), does not exceed the greater of (x) $150,000,000 and (y) 25% of Four Quarter EBITDA at the time of incurrence and (B) any Indebtedness
incurred to Refinance Indebtedness incurred under clause (A) of this clause (4) (or successive Refinancings of Indebtedness incurred under this clause (B)); 

(5) Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries constituting reimbursement obligations with
respect to letters of credit, bankers’ acceptances, bank guarantees, warehouse receipts or similar facilities issued or entered into in the ordinary course of business, including letters of credit in respect of workers’ compensation
claims, performance or surety bonds, health, disability or other employee benefits, property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation
claims, performance or surety bonds, health, disability or other employee benefits, or property, casualty or liability insurance or self-insurance; 

(6) Indebtedness arising from agreements of the Issuer or its Restricted Subsidiaries providing for indemnification, earn-out,
holdback, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person
acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; 
 (7)
Indebtedness of the Issuer to a Restricted Subsidiary or a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that any such Indebtedness (other than such as may arise from ordinary course intercompany cash
management obligations) owing by the Issuer or a Guarantor to a Non-Guarantor Subsidiary is expressly subordinated in right of payment to the Notes or the applicable Guarantee, as applicable; and provided further that any subsequent issuance
or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary ceasing to be a Restricted Subsidiary or any 

  
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other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in
each case, to be an incurrence of such Indebtedness not permitted by this clause (7); 
 (8) shares of Preferred Stock of a
Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event that results in such Preferred Stock being beneficially owned by a Person
other than the Issuer or any Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another of its Restricted Subsidiaries) shall be deemed in each case to be an issuance of such shares
of Preferred Stock not permitted by this clause (8); 
 (9) Hedging Obligations not entered into for speculative purposes;

 (10) obligations in respect of workers’ compensation claims, self-insurance, performance, bid, appeal and surety
bonds and performance or completion guarantees and similar obligations provided by the Issuer or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bankers’ acceptances, bank guarantees or similar instruments
related thereto, in each case in the ordinary course of business; 
 (11) (A) Indebtedness or Disqualified Stock of the
Issuer and Indebtedness, Disqualified Stock or Preferred Stock of any Guarantor not otherwise permitted under this Indenture in an aggregate principal amount or liquidation preference, which when aggregated with the outstanding principal amount and
liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred pursuant to this clause (11)(A), together with the aggregate principal amount of Indebtedness outstanding pursuant to clause
(B) of this clause (11), does not exceed the greater of (x) $200,000,000 and (y) 33% of Four Quarter EBITDA at the time of incurrence and (B) any Indebtedness incurred to Refinance Indebtedness incurred under clause (A) of
this clause (11) (or successive Refinancings of Indebtedness incurred under this clause (B)); 
 (12) the incurrence by
the Issuer or any Restricted Subsidiary of Refinancing Indebtedness that serves to Refinance: 
 (A) any Indebtedness,
Disqualified Stock or Preferred Stock incurred as permitted under Section 4.09(a) and clauses (2), (3) and/or (13) of this Section 4.09(b), or 

(B) any Indebtedness, Disqualified Stock or Preferred Stock incurred to so Refinance the Indebtedness, Disqualified Stock or
Preferred Stock described in clause (A) of this Section 4.09(b)(12), 

  
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 including, in each case, additional Indebtedness, Disqualified Stock or Preferred Stock incurred
to pay premiums (including tender premiums), accrued interest, defeasance costs and reasonable fees and expenses in connection therewith; 

(13) Indebtedness, Disqualified Stock or Preferred Stock of (x) the Issuer or a Restricted Subsidiary incurred to finance
an acquisition of any assets, business or Person or (y) Persons that are acquired by the Issuer or any Restricted Subsidiary or merged into or consolidated with the Issuer or a Restricted Subsidiary in accordance with the terms of this
Indenture; provided that, after giving effect to such acquisition, merger or consolidation, either: 
 (A) the Issuer
would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Net Leverage Ratio test set forth in Section 4.09(a), or 

(B) the Consolidated Net Leverage Ratio is less than or equal to the Consolidated Net Leverage Ratio immediately prior to such
acquisition, merger or consolidation; 
 (14) Indebtedness arising from the honoring by a bank or other financial institution
of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business; provided that such Indebtedness is extinguished within ten
Business Days of notice of its incurrence; 
 (15) Indebtedness of the Issuer or any of its Restricted Subsidiaries supported
by a letter of credit or bank guarantee issued pursuant to the Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee; 

(16) (A) any guarantee by the Issuer or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted
Subsidiary so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Indenture, 

(B) any guarantee by a Restricted Subsidiary of Indebtedness of the Issuer; provided that such guarantee is incurred in accordance with
Section 4.14, or 
 (C) any guarantee by the Issuer or a Restricted Subsidiary in the ordinary course of business in respect of
obligations to suppliers, customers, franchisees, lessors and licensees of the Issuer or any Restricted Subsidiary; 
 (17)
(A) Indebtedness of Non-Guarantor Subsidiaries in an aggregate principal amount, which when aggregated with the principal amount of all other Indebtedness then outstanding and incurred pursuant to this clause (17)(A) and incurred by
Non-Guarantor Subsidiaries pursuant to Section 4.09(a), together with 

  
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the aggregate principal amount of Indebtedness outstanding pursuant to clause (B) of this clause (17), does not exceed the greater of (x) $300,000,000 and (y) 50% of Four Quarter
EBITDA at the time of incurrence and (B) any Indebtedness incurred to Refinance Indebtedness incurred under clause (A) of this clause (17) (or successive Refinancings of Indebtedness incurred under this clause (B)); 

(18) Indebtedness of the Issuer or any of its Restricted Subsidiaries consisting of (i) the financing of insurance
premiums or (ii) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business; 

(19) Indebtedness of the Issuer or any of its Restricted Subsidiaries undertaken in connection with cash management, overdraft
protection and related activities with respect to any Subsidiary or joint venture in the ordinary course of business; and 

(20) Indebtedness consisting of Indebtedness issued by the Issuer or any of its Restricted Subsidiaries to current or former
officers, directors and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Issuer to the extent permitted under Section 4.07(b)(4). 

(c) For purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness, Disqualified Stock or
Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (1) through (20) of Section 4.09(b) or is permitted
to be incurred pursuant to Section 4.09(a), the Issuer, in its sole discretion, may divide and/or classify on the date of incurrence such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in any manner that
complies with this Section 4.09 and may later redivide and/or reclassify (based on circumstances existing at the time of such redivision or reclassification) such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion
thereof) in any manner that complies with this Section 4.09; provided that all Indebtedness outstanding under the Senior Credit Facilities on the Distribution Date will be treated as incurred on the Distribution Date under clause
(1) of Section 4.09(b) and will not later be reclassified. 
 (d) Accrual of interest or dividends, the accretion of accreted
value and the payment of interest in the form of additional Indebtedness with the same terms, the payment of dividends in the form of additional shares of Disqualified Stock or Preferred Stock, as applicable, of the same class, and accretion of
original issue discount or liquidation preference will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.09. Guarantees of, or obligations in respect of letters of credit
relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the incurrence of the Indebtedness
represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.09. 

  
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 (e) For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the
case of term debt, or first committed or first incurred (whichever is lower), in the case of revolving credit debt; provided that if such Indebtedness is incurred to Refinance other Indebtedness denominated in a foreign currency, and such
Refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such Refinancing, such U.S. dollar-denominated restriction shall be deemed not to
have been exceeded so long as the principal amount of such Indebtedness does not exceed the principal amount of such Indebtedness being Refinanced. For the avoidance of doubt and notwithstanding any other provision of this Section 4.09, the
maximum amount of Indebtedness that may be incurred pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. 

(f) The principal amount of any Indebtedness incurred to Refinance other Indebtedness, if incurred in a different currency from the
Indebtedness being Refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated as in effect on the date of such Refinancing. 

(g) The Issuer shall not, and shall not permit any Guarantor to, directly or indirectly, incur Indebtedness (including Acquired Indebtedness)
that is contractually subordinated in right of payment to any Indebtedness of the Issuer or such Guarantor, as the case may be, unless such Indebtedness is contractually subordinated in right of payment to the Notes or such Guarantor’s
Guarantee, in all material respects, to the extent and in the manner as such Indebtedness is so subordinated to other Indebtedness of the Issuer or such Guarantor, as the case may be. 

SECTION 4.10. Asset Sales. (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an
Asset Sale, unless: 
 (1) the Issuer or any such Restricted Subsidiary, as the case may be, receives consideration at the
time of such Asset Sale at least equal to the fair market value (as determined in good faith by the Issuer) of the assets sold or otherwise disposed of; and 

(2) except in the case of a Permitted Asset Swap, in the Issuer’s good faith determination, at least 75% of the
consideration therefor received by the Issuer or any such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of: 

(A) any liabilities (as shown on the Issuer’s most recent consolidated balance sheet or in the footnotes thereto, or if
incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Issuer’s consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior
to the date of such balance sheet, as determined in good faith by the Issuer) of the Issuer or such Restricted Subsidiary (other than Contingent Obligations and liabilities that are by their terms subordinated to the Notes or any Guarantee) that are
assumed by the transferee of any such assets (or are otherwise extinguished by the transferee in connection with the transactions relating to such Asset Sale) and for which the Issuer and all such Restricted Subsidiaries have been released, 

  
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 (B) any notes or other obligations or securities received by the Issuer or such
Restricted Subsidiary from such transferee that are converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash
Equivalents received), in each case, within 180 days following the closing of such Asset Sale, and 
 (C) any Designated
Non-cash Consideration received by the Issuer or such Restricted Subsidiary in such Asset Sale having an aggregate fair market value (as determined in good faith by the Issuer taken together with all other Designated Non-cash Consideration received
pursuant to this clause (C) that is at that time outstanding (but, to the extent that any such Designated Non-Cash Consideration is sold or otherwise liquidated for cash, minus the lesser of (i) the amount of the cash received (less
the cost of disposition, if any) and (ii) the initial amount of such Designated Non-Cash Consideration) not to exceed $100,000,000 at the time of receipt, with the fair market value (as determined in good faith by the Issuer) of each item of
Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value, 
 shall be
deemed to be cash for purposes of this provision and for no other purpose. 
 (b) Within 450 days after the receipt of any Net Proceeds of
any Asset Sale, the Issuer or such Restricted Subsidiary, at its option, may apply the Net Proceeds from such Asset Sale, 

(1) to permanently reduce: 

(A) Obligations under the Senior Credit Facilities and to correspondingly reduce commitments with respect thereto, 

  
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 (B) Obligations under Pari Passu Indebtedness that are secured by a Lien, which
Lien is permitted by this Indenture, and to correspondingly reduce commitments with respect thereto, 
 (C) Obligations under
the Notes (provided that such purchases are at or above 100% of the principal amount thereof) or any other Pari Passu Indebtedness of the Issuer or a Guarantor (and to correspondingly reduce commitments with respect thereto, if applicable);
provided that if such Net Proceeds are applied to other Pari Passu Indebtedness (other than the Senior Credit Facilities or other Secured Indebtedness) then the Issuer shall (i) equally and ratably reduce Obligations under the Notes
(x) as provided under Section 3.07 or (y) through open market purchases (provided that such purchases are at or above 100% of the principal amount thereof) or (ii) make an offer (in accordance with clauses (c),
(d) and (e) of this Section 4.10) to all Holders of Notes to purchase their Notes at 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, on the principal amount of Notes that would
otherwise be redeemed under clause (i) of this clause (C), or 
 (D) Indebtedness of a Non-Guarantor Subsidiary,
other than Indebtedness owed to the Issuer or any of its Restricted Subsidiaries; or 
 (2) to (A) make an Investment in
any one or more businesses; provided that such Investment in any business is in the form of the acquisition of Capital Stock and results in the Issuer or any of its Restricted Subsidiaries, as the case may be, owning an amount of the Capital
Stock of such business such that it constitutes a Restricted Subsidiary, (B) make capital expenditures or (C) acquire, maintain, develop, construct, improve, upgrade or repair businesses, properties and/or assets (other than working
capital or Equity Interests in a Person that is not, or does not as a result of any such acquisition become, a Restricted Subsidiary) that, in the case of each of (A), (B) and (C) are either (x) used or useful in a Similar Business or
(y) replace the businesses, properties and/or assets that are the subject of such Asset Sale; 
 provided that, in the case of clause
(2) above, a binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment so long as the Issuer or such other Restricted Subsidiary enters into such commitment with the good faith
expectation that such Net Proceeds will be applied to satisfy such commitment within 180 days of such commitment (an “Acceptable Commitment”); and provided further that if any Acceptable Commitment is later cancelled or
terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds if not otherwise applied as provided above within 450 days of the receipt of such Net Proceeds; or 

(3) any combination of the foregoing. 

  
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 (c) Any Net Proceeds from an Asset Sale that are not invested or applied as provided and within
the time period set forth in Section 4.10(b) will be deemed to constitute “Excess Proceeds”. When the aggregate amount of Excess Proceeds exceeds $50,000,000, the Issuer or any Restricted Subsidiary shall make an offer to all
Holders of the Notes and, if required by the terms of any Pari Passu Indebtedness, to the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”) to purchase the maximum aggregate principal amount of the Notes in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof and such Pari Passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof,
plus accrued and unpaid interest, if any (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for or permitted by the terms of such Pari Passu Indebtedness), to the date fixed for the closing of such
offer, in accordance with the procedures set forth in this Indenture. 
 (d) The Issuer shall commence an Asset Sale Offer with respect to
Excess Proceeds within ten Business Days after the date that Excess Proceeds exceed $50,000,000 by mailing (or otherwise delivering in accordance with the applicable procedures of the Depositary) the notice required pursuant to the terms of this
Indenture, with a copy mailed or electronically transmitted to the Trustee. 
 (e) To the extent that the aggregate principal amount of
Notes and such Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for general corporate purposes, subject to the other covenants contained in this
Indenture. If the aggregate amount (determined as above) of Notes and the Pari Passu Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the Issuer or the agent for such Pari
Passu Indebtedness shall select such Pari Passu Indebtedness to be purchased on a pro rata basis (or as nearly pro rata as practicable) based on the amount (determined as set forth above) of the Notes and such Pari Passu Indebtedness tendered,
unless otherwise required by law or the rules of the principal national securities exchange, if any, on which the Notes or such Pari Passu Indebtedness are listed or by lot or such other similar method in accordance with the applicable procedures of
the Depositary; provided that no Notes of $2,000 or less shall be repurchased in part. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. The Issuer and its Restricted Subsidiaries, at its
option in its sole discretion, may make an Asset Sale Offer and satisfy the obligations described under this Section 4.10 with respect to any Excess Proceeds prior to the amount of Excess Proceeds exceeding $50,000,000, in which case, upon
completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reduced by the amounts of such Excess Proceeds. If any Excess Proceeds remain after the completion of an Asset Sale Offer, the Issuer and its Restricted Subsidiaries may
use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. 
 (f) Pending the final application of any Net
Proceeds pursuant to this Section 4.10, the holder of such Net Proceeds may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Proceeds in any manner not
prohibited by this Indenture. 

  
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 (g) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

SECTION 4.11. Transactions with Affiliates. (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, make
any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $25,000,000, unless: 

(1) such Affiliate Transaction is on terms, taken as a whole, that are not materially less favorable to the Issuer or its
relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction at the time of such transaction by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; 

(2) any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in
excess of $50,000,000 is approved by a majority of the Board of Directors of the Issuer; and 
 (3) the Issuer delivers to
the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $150,000,000, an opinion as to the fairness to the Issuer or such Restricted Subsidiary of
such Affiliate Transaction from a financial point of view issued by an Independent Financial Advisor. 
 (b) Section 4.11(a) shall not
apply to the following: 
 (1) transactions between or among the Issuer and any of its Restricted Subsidiaries (including
transactions between or among the Issuer’s Restricted Subsidiaries) (or an entity that becomes a Restricted Subsidiary as a result of, or in connection with, such transaction, so long as neither such entity nor the selling entity was an
Affiliate of the Issuer or any Restricted Subsidiary prior to such transaction); 
 (2) Restricted Payments permitted by
Section 4.07 or Permitted Investments; 
 (3) the payment of reasonable fees and compensation paid to, and indemnities
and reimbursements and employment, benefit and severance arrangements and agreements provided on behalf of, or entered into with, officers, directors, employees or consultants of the Issuer or any of its Restricted Subsidiaries; 

  
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 (4) (A) any agreement or arrangement as in effect as of the Issue Date (or
transactions pursuant thereto), (B) any other agreements or arrangements (or transactions pursuant thereto) as in effect on the Distribution Date (including the Spin-Off Documents) or pursuant to or in connection with the Spin-Off Documents
(including the Transactions) or (C) any amendment, modification or supplement to the agreements referenced in clause (A) or (B) above or any replacement thereof, as long as the terms of such agreement or arrangement, as so amended,
modified, supplemented or replaced are not materially more disadvantageous to the Holders when taken as a whole compared to the applicable agreements or arrangements as in effect on the Issue Date or as described in the Offering Memorandum, as
applicable, as determined in good faith by the Issuer; 
 (5) the Transactions, in each case as disclosed in the Offering
Memorandum, and the payment of all fees and expenses related to the Transactions; 
 (6) transactions with customers,
clients, suppliers, or purchasers or sellers of goods or services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this
Indenture, which are fair to the Issuer and its Restricted Subsidiaries, in the reasonable determination of the Board of Directors of the Issuer or the senior management thereof, or are on terms at least as favorable as might reasonably have been
obtained at such time from an unaffiliated party; 
 (7) the issuance or transfer of Equity Interests (other than
Disqualified Stock) of the Issuer and the granting of registration and other customary rights in connection therewith; 
 (8)
sales of accounts receivable, or participations therein, in connection with any Receivables Facility; 
 (9) payments or
loans (or cancellation of loans) to employees, directors or consultants of the Issuer or any of its Restricted Subsidiaries and employment agreements, benefit plans, equity plans, stock option and stock ownership plans and other similar arrangements
with such employees, directors or consultants which, in each case, are approved by the Issuer in good faith; 
 (10)
transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of business; 

(11) transactions in which the Issuer or any Restricted Subsidiary, as the case may be, has delivered to the Trustee a letter
from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (1) of Section 4.11(a); 

  
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 (12) the issuances of securities or other payments, loans (or cancellation of
loans), awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, benefit plans, equity plans, stock option and stock ownership plans or similar employee benefit plans approved by the Board of
Directors of the Issuer in good faith; 
 (13) any transaction with a Person (other than an Unrestricted Subsidiary) that
would constitute an Affiliate Transaction solely because the Issuer or any of its Restricted Subsidiaries owns an Equity Interest in or otherwise controls such Person; 

(14) any transaction in which the only consideration paid by the Issuer or any of its Restricted Subsidiaries is in the form of
Equity Interest (other than Disqualified Stock) of the Issuer to Affiliates of the Issuer or any contribution to the capital of the Issuer or any Restricted Subsidiary (other than in consideration of Disqualified Stock); 

(15) the provision to Unrestricted Subsidiaries of cash management, accounting, business and strategic management, legal, human
resources, centralized purchasing, leasing and other overhead services (including any necessary or incidental use of equipment, goods or services involving intellectual property that are related to the foregoing) in the ordinary course of business
undertaken in good faith and not for the purpose of circumventing any covenant set forth in this Indenture; 
 (16)
intellectual property licenses in the ordinary course of business; 
 (17) transactions between the Issuer or any of its
Restricted Subsidiaries and any Person that would constitute an Affiliate Transaction solely because a director of which is also a director of the Issuer or any other direct or indirect parent of the Issuer; provided, however, that
such director abstains from voting as a director of the Issuer or such direct or indirect parent of the Issuer, as the case may be, on any matter involving such other Person; 

(18) payments by the Issuer or any of its Restricted Subsidiaries pursuant to tax sharing agreements among the Issuer or any of
its Restricted Subsidiaries; 
 (19) intercompany transactions undertaken in good faith for the purpose of improving the
consolidated tax efficiency of the Issuer and its Restricted Subsidiaries and not for the purpose of circumventing any covenant set forth herein; 

(20) (A) the guarantee by the Issuer or any Restricted Subsidiary of the Indebtedness of any parent company of the Issuer
that becomes the parent company of the Issuer in a Change of Control transaction consummated in 

  
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accordance with this Indenture, or of any Indebtedness of Subsidiaries of such parent company; provided that such guarantee was permitted by the terms of this Indenture to be incurred and
(B) the granting by the Issuer or any of its Restricted Subsidiaries of any Liens to secure such Indebtedness or such guarantee; provided that such Liens are permitted to be incurred under this Indenture; and 

(21) prior to the Spin-Off, (A) any cash management transactions or related transactions between or among the Issuer or
any of its Restricted Subsidiaries, on the one hand, and Time Warner Inc. or any of its other Subsidiaries, on the other hand, (B) any cancellation of Indebtedness, intercompany accounts, balances, credits or debits between or among the Issuer
or any of its Restricted Subsidiaries, on the one hand, and Time Warner Inc. or any of its other Subsidiaries, on the other hand, and (C) any other transactions between or among the Issuer or any of its Restricted Subsidiaries, on the one hand,
and Time Warner Inc. or any of its other Subsidiaries, on the other hand, in each case under this clause (C) in the ordinary course of business. 

SECTION 4.12. Liens. The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur,
assume or suffer to exist any Lien (except Permitted Liens) that secures obligations under any Indebtedness or any related guarantee, on any asset or property of the Issuer or such Restricted Subsidiary whether now owned or hereafter acquired,
unless: 
 (1) in the case of Liens securing Subordinated Indebtedness, the Notes are (or in the case of a Lien on any asset
or property of such Guarantor, its Guarantee is) secured by a Lien on such property, assets or proceeds that is senior in priority to such Liens; or 

(2) in the case of Liens securing any other Indebtedness, the Notes are (or in the case of a Lien on any asset or property of
such Guarantor, its Guarantee is) secured by an equal and ratable (or prior ranking) Lien on such property, assets or proceeds. 
 Any Lien
created for the benefit of the Holders of the Notes pursuant to this Section 4.12 shall be deemed automatically and unconditionally released and discharged upon the release and discharge of the applicable Lien described in clauses (1) and
(2) of this Section 4.12. 
 For purposes of determining compliance with this Section 4.12, a Lien securing an item of
Indebtedness need not be permitted solely by reference to the second preceding paragraph of this Section 4.12 or to one category (or portion thereof) of the Permitted Liens described in clauses (1) through (37) of the definition of
“Permitted Liens” but may be permitted in part under any combination thereof. 
 With respect to any Lien securing Indebtedness
that was permitted to secure such Indebtedness at the time of the incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The 

  
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“Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the
amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms or in the form of common equity of a Restricted Subsidiary or any direct or indirect parent of a Restricted Subsidiary, the
payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result
of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in the definition of “Indebtedness”. 

SECTION 4.13. Offer to Repurchase Upon Change of Control. (a) If a Change of Control occurs after the Distribution Date, unless
the Issuer has previously or concurrently mailed (or otherwise sent in accordance with the applicable procedures of the Depositary) a redemption notice with respect to all the outstanding Notes as described under Section 3.07, the Issuer shall
make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest, if any, to, but excluding, the date of purchase, subject to the right of Holders of the Notes of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date.
Within 30 days following any Change of Control, unless the Issuer has previously or concurrently mailed (or otherwise sent in accordance with the applicable procedures of the Depositary) a redemption notice with respect to all the outstanding Notes
as described in Section 3.07 or the Issuer has previously made a Change of Control Offer in connection with such Change of Control, the Issuer shall send notice of such Change of Control Offer by first-class mail, with a copy mailed or
electronically transmitted to the Trustee, to each Holder of Notes to the address of such Holder appearing in the security register or otherwise in accordance with the applicable procedures of the Depositary, with the following information: 

(1) that a Change of Control Offer is being made pursuant to this Section 4.13 and that, subject to
Section 4.13(a)(7), all Notes properly tendered pursuant to such Change of Control Offer will be accepted for payment by the Issuer; 

(2) the purchase price and the purchase date, which will, subject to Section 4.13(a)(7), be no earlier than 30 days nor
later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
 (3) that
any Note not properly tendered will remain outstanding and continue to accrue interest; 
 (4) that unless the Issuer
defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 

  
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 (5) that Holders will be entitled to withdraw their tendered Notes and their
election to require the Issuer to purchase such Notes; provided that the paying agent receives, not later than the expiration time of the Change of Control Offer, a facsimile transmission or letter setting forth the name of the Holder of the
Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(6) that if the Holders tender less than all of the Notes, the Holders of the remaining Notes will be issued new Notes and such
new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof; 

(7) if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is
conditional on the occurrence of such Change of Control, and if applicable, shall state that, in the Issuer’s discretion, the Change of Control Payment Date may be delayed until such time as the Change of Control shall occur, or that such
redemption may not occur and such notice may be rescinded in the event that the Issuer shall determine that such condition will not be satisfied by the Change of Control Payment Date or by the Change of Control Payment Date as so delayed; and 

(8) the other instructions, as determined by the Issuer, consistent with this Section 4.13, that a Holder must follow.

 The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions
of this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Indenture by virtue thereof. 

(b) On the Change of Control Payment Date, the Issuer will, to the extent permitted by law, 

(1) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, and 

(2) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or
portions thereof so tendered. 
 (c) If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender
and do not withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as described below, purchases all of the Notes validly tendered and not withdrawn by such Holders,
the Issuer or such third party will have the right to redeem all Notes that 

  
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remain outstanding following such purchase upon not less than 15 days’ nor more than 60 days’ prior notice, given not more than 30 days’ following such purchase pursuant to the
Change of Control Offer described above, at a price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to but excluding the Redemption Date, subject to the right of Holders of the Notes
of record on the relevant record date to receive interest due on the relevant interest payment date. 
 (d) The Issuer shall not be required
to make a Change of Control Offer following a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.13 and purchases all
Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a
definitive agreement is in place for the Change of Control at the time of the making of the Change of Control Offer. 
 (e) Notes
repurchased by the Issuer pursuant to a Change of Control Offer will have the status of Notes issued but not outstanding or will be retired and canceled at the option of the Issuer. Notes purchased by a third party pursuant to Section 4.13(d)
will have the status of Notes issued and outstanding unless transferred to the Issuer. 
 SECTION 4.14. Limitation on Guarantees of
Indebtedness by Restricted Subsidiaries. The Issuer shall not permit any Subsidiary that is a Restricted Subsidiary other than a Guarantor to guarantee the payment of any Indebtedness of the Issuer or a Guarantor unless (x) the aggregate
amount of all such Indebtedness guaranteed by Restricted Subsidiaries that are not Guarantors does not exceed $25,000,000 or (y): 

(1) the aggregate amount of all such Indebtedness guaranteed by Restricted Subsidiaries that are not Guarantors exceeds
$25,000,000; 
 (2) within 20 days after the date that such Indebtedness is guaranteed, such Restricted Subsidiary executes
and delivers a supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto, providing for a Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of Indebtedness of the Issuer or any
Guarantor: 
 (A) if the Notes or such Guarantor’s Guarantee is subordinated in right of payment to such Indebtedness,
the Guarantee under the supplemental indenture shall be subordinated to such Restricted Subsidiary’s guarantee with respect to such Indebtedness substantially to the same extent as the Notes or such Guarantor’s Guarantee is subordinated to
such Indebtedness; and 
 (B) if such Indebtedness is by its express terms subordinated in right of payment to the Notes or
such Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect to such Indebtedness 

  
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shall be subordinated in right of payment to such Restricted Subsidiary’s Guarantee of the Notes substantially to the same extent as such Indebtedness is subordinated to the Notes or such
Guarantor’s Guarantee; and 
 (3) the Issuer shall within such 20 days deliver to the Trustee an Opinion of Counsel
stating that (A) such Guarantee has been duly executed and authorized and (B) such Guarantee constitutes a valid, binding and enforceable obligation of such Restricted Subsidiary, except insofar as enforcement thereof may be limited by
bankruptcy, insolvency or similar laws (including all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject to general principles of equity; 

provided that this Section 4.14 shall not be applicable to any guarantee of any Restricted Subsidiary that existed at the time such Person became
a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. The Issuer may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a
Guarantor to become a Guarantor, in which case such Subsidiary shall not be required to comply with the 20 day periods described in this Section 4.14. 

SECTION 4.15. Suspension of Certain Covenants. (a) If at any date following the Distribution Date, (1) the Notes have
Investment Grade Ratings from both Rating Agencies and (2) no Default has occurred and is continuing under this Indenture a “Covenant Suspension Event” shall be deemed to have occurred. Beginning on the day of a Covenant
Suspension Event and ending on a Reversion Date (such period a “Suspension Period”) with respect to the Notes, the Issuer and its Restricted Subsidiaries shall not be subject to Section 4.07, Section 4.08,
Section 4.09, Section 4.10, Section 4.11, Section 4.14, Section 4.16, Section 4.17 and clause (4) of Section 5.01(a) (collectively, the “Suspended Covenants”). 

(b) If on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraws its Investment Grade Rating
or downgrades the rating assigned to the Notes below an Investment Grade Rating, the Issuer and its Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants with respect to future events. The period of time beginning on
the day of a Covenant Suspension Event and ending on a Reversion Date is referred to herein as a “Suspension Period”. 

(c) During any Suspension Period, the Guarantees of the Guarantors will be suspended, and such Guarantees will be reinstated on each Reversion
Date. On each Reversion Date, all Indebtedness, Disqualified Stock or Preferred Stock incurred during the Suspension Period will be classified as having been incurred pursuant to Section 4.09(a) or one of the clauses set forth in
Section 4.09(b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock would be permitted to be incurred thereunder as of the Reversion Date and after giving effect to Indebtedness or Disqualified Stock or Preferred Stock
incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified 

  
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Stock or Preferred Stock would not be so permitted to be incurred pursuant to Section 4.09(a) or 4.09(b), such Indebtedness or Disqualified Stock or Preferred Stock will be deemed to have
been outstanding on the Issue Date, so that it is classified as permitted under Section 4.09(b)(3). 
 (d) Calculations made after the
Reversion Date of the amount available to be made as Restricted Payments in Section 4.07 will be made as though Section 4.07 had been in effect since the Issue Date (but not during the Suspension Period); provided that, during the
Suspension Period the Issuer shall not designate any of its Restricted Subsidiaries to be Unrestricted Subsidiaries unless the Issuer would have been permitted to designate such Subsidiary as an Unrestricted Subsidiary if a Suspension Period had not
been in effect for any period. In addition, for purposes of Section 4.11, all agreements, arrangements and transactions entered into by the Issuer or any of its Restricted Subsidiaries with an Affiliate of the Issuer during the applicable
Suspension Period prior to such Reversion Date will be deemed to have been entered into on or prior to the Issue Date, and for purposes of Section 4.08, all contracts entered into during the applicable Suspension Period prior to such Reversion
Date that contain any of the restrictions contemplated by such covenant will be deemed to have been existing on the Issue Date. For purposes of Section 4.10, on the Reversion Date, the unutilized Excess Proceeds amount will be reset to zero.

 (e) The Issuer shall deliver promptly to the Trustee an Officer’s Certificate notifying it of any Covenant Suspension Event and
reinstatement of Suspended Covenants on a Reversion Date under this Section 4.15. 
 (f) Notwithstanding the reinstatement of the
Suspended Covenants on a Reversion Date, no Default or Event of Default or breach of any kind under this Indenture, the Notes or the Guarantees shall be deemed to have occurred on such Reversion Date as a result of any actions taken by the Issuer or
its Restricted Subsidiaries during the Suspension Period (or upon the termination of the Suspension Period or thereafter based solely on events that occurred during the Suspension Period) to the extent such actions were permitted under this
Indenture during the Suspension Period, and none of the Issuer or any of its Subsidiaries shall bear any liability for any actions taken or events occurring during the applicable Suspension Period to the extent such actions were permitted under this
Indenture during the Suspension Period, regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. On and after each Reversion Date, the Issuer and its
Subsidiaries shall be permitted to consummate the transactions contemplated by any contract entered into during any Suspension Period so long as such contract and such consummation would have been permitted during such Suspension Period. 

  
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 SECTION 4.16. Limitation on Sale and Lease-Back Transactions. The Issuer will not, and
will not permit any Restricted Subsidiary to, directly or indirectly, enter into any Sale and Lease-Back Transaction; provided, that the Issuer or any Restricted Subsidiary may enter into a Sale and Lease-Back Transaction if: 

(1) the Issuer or such Restricted Subsidiary, as applicable, could have (a) incurred Indebtedness in an amount equal to
the Attributable Debt relating to such Sale and Lease-Back Transaction under Section 4.09 and (b) incurred a Lien to secure such Indebtedness without equally and ratably securing the Notes pursuant to Section 4.12; and 

(2) the transfer of assets in such Sale and Lease-Back Transaction is permitted by, and the Issuer or such Restricted
Subsidiary applies the proceeds of such transaction in compliance with, Section 4.10. 
 SECTION 4.17. Limitations on Business
Activities. The Issuer shall not, and shall not permit any Restricted Subsidiary to, engage in any business other than Similar Businesses, except as would not be material to the Issuer and its Restricted Subsidiaries, taken as a whole. 

ARTICLE V 
 Successors 

SECTION 5.01. Merger, Consolidation or Sale of All or Substantially All Assets. (a) The Issuer shall not consolidate or merge with
or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions (for the avoidance of doubt, other than the Transactions), to any
Person unless: 
 (1) the Issuer is the surviving Person or the Person formed by or surviving any such consolidation, merger
or wind up (if other than the Issuer) or the Person to whom such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership (including a limited partnership), trust or limited liability
company organized or existing under the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof (such Person, as the case may be, being herein called the “Successor Company”);
provided that, if such Person is not a corporation, another Person that is a corporation organized or existing under such laws becomes a co-obligor of the Notes; 

(2) the Successor Company, if other than the Issuer, expressly assumes all the obligations of the Issuer under this Indenture
and the Notes pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee; 

(3) immediately after such transaction, no Default exists; 

  
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 (4) immediately after giving pro forma effect to such transaction and any
related financing transactions: 
 (A) the Successor Company would be permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Consolidated Net Leverage Ratio test set forth in Section 4.09(a); or 
 (B) the
Consolidated Net Leverage Ratio for the Successor Company and its Restricted Subsidiaries would be less than or equal to such ratio for the Issuer and its Restricted Subsidiaries immediately prior to such transaction; and 

(5) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
such consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture; provided that in giving an Opinion of Counsel, counsel may rely on an Officer’s Certificate as to any matters of fact, including
as to satisfaction of clauses (3) and (4) above. 
 The Successor Company shall succeed to, and be substituted for, the Issuer
under this Indenture and the Notes and the Issuer shall automatically be released and discharged from its obligations under this Indenture and the Notes except in the case of a lease. Notwithstanding the foregoing clauses (3), (4) and (5),
which do not apply to transactions referred to in this sentence: 
 (A) any Restricted Subsidiary may consolidate with, merge
into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, the Issuer or any Restricted Subsidiary, and 

(B) the Issuer may merge with an Affiliate of the Issuer solely for the purpose or effect of reorganizing the Issuer in a state
or commonwealth of the United States, the District of Columbia or any territory thereof. 
 (b) No Guarantor shall, and the Issuer shall not
permit any such Guarantor to, consolidate or merge with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions (for the
avoidance of doubt, excluding the Transactions), to any Person unless; 
 (1) (A) such Guarantor is the surviving Person
or the Person formed by or surviving any such consolidation, merger or wind up (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person organized or existing
under the laws of the jurisdiction of organization of such Guarantor, as the case may be, or the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof (such Guarantor or such Person, as the
case may be, being herein called the “Successor Guarantor”); 
 (B) the Successor Guarantor, if other
than such Guarantor or another Guarantor, expressly assumes all the obligations of such 

  
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Guarantor under this Indenture and such Guarantor’s related Guarantee pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee;
and 
 (C) immediately after such transaction, no Default exists; or 

(2) the consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition complies with
Section 4.10. 
 In the case of clause (1) above, the Successor Guarantor will succeed to, and be substituted for, such Guarantor under this
Indenture and such Guarantor’s Guarantee and, except in the case of a lease, such Guarantor will automatically be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding the
foregoing, (A) any Guarantor may merge into or transfer all or substantially all of its properties or assets to another Guarantor or the Issuer and (B) any Guarantor may merge with an Affiliate of the Guarantor solely for the purpose or
effect of reorganizing the Guarantor in a state or commonwealth of the United States, the District of Columbia or any territory thereof. 

SECTION 5.02. Successor Corporation Substituted. Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance
or other disposition of all or substantially all of the assets of the Issuer, in accordance with Section 5.01, the successor Person formed by such consolidation or with which the Issuer is merged or to which such sale, assignment, transfer,
lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the
Issuer shall refer instead to the successor Person and not to the Issuer), and may exercise every right and power of the Issuer under this Indenture with the same effect as if such successor Person had been named as the Issuer herein;
provided that the predecessor Issuer shall not be relieved from the obligation to pay the principal of and interest, if any, on the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition of all of the assets
of the predecessor Issuer (except in the case of a lease), that meets the requirements of Section 5.01. 
 ARTICLE VI 

Defaults and Remedies 

SECTION 6.01. Events of Default. (a) An “Event of Default” wherever used herein means any one of the following
events with respect to the Notes: 
 (1) default in payment when due and payable, upon redemption, acceleration or otherwise,
of principal of the Notes; 
 (2) default for 30 days or more in the payment when due of interest on or with respect to the
Notes; 

  
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 (3) failure by the Issuer or any Restricted Subsidiary for 60 days after receipt
of written notice given by the Trustee or the Holders of not less than 25% in principal amount of the Notes then outstanding to comply with any of its other obligations, covenants or agreements (other than a default referred to in clause (1) or
(2) of this Section 6.01(a)) contained in this Indenture or the Notes; 
 (4) default under any mortgage, indenture
or instrument under which there is issued or by which there is secured or evidenced any Indebtedness for money borrowed by the Issuer or any of its Restricted Subsidiaries or the payment of which is guaranteed by the Issuer or any of its Restricted
Subsidiaries, other than Indebtedness owed to the Issuer or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance of the Notes, if both: 

(A) such default either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after
giving effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness at its stated final maturity and results in the holder or holders of such Indebtedness causing such
Indebtedness to become due prior to its stated maturity; and 
 (B) the principal amount of such Indebtedness, together with
the principal amount of any other such Indebtedness in default for failure to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been so accelerated, aggregate $50,000,000 or
more; 
 (5) failure by the Issuer or any Significant Subsidiary to pay final judgments aggregating in excess of $50,000,000
(other than any judgments covered by indemnities provided by, or insurance policies issued by, reputable and creditworthy companies), which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after such
judgment becomes final, and in the event such judgment is not covered by an indemnity or insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed; 

(6) the Issuer or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(i) commences proceedings to be adjudicated bankrupt or insolvent; 

(ii) consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or
answer or consent seeking reorganization or relief under applicable Bankruptcy Law; 

  
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 (iii) consents to the appointment of a receiver, liquidator, assignee, trustee or
other similar official of it or for all or substantially all of its property; 
 (iv) makes a general assignment for the
benefit of its creditors; or 
 (v) makes an admission in writing of its inability generally to pay its debts as they become
due; 
 (7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Issuer or any Significant Subsidiary in a proceeding in which the Issuer or any Significant
Subsidiary is to be adjudicated bankrupt or insolvent; 
 (ii) appoints a receiver, liquidator, assignee, trustee or other
similar official of the Issuer or any Significant Subsidiary or for all or substantially all of the property of the Issuer or any Significant Subsidiary; or 

(iii) orders the liquidation of the Issuer or any Significant Subsidiary; 

and the order or decree remains unstayed and in effect for 60 consecutive days; or 

(8) the Guarantee of any Significant Subsidiary shall for any reason cease to be in full force and effect (except as otherwise
not prohibited by this Indenture) or be declared null and void or any responsible officer of such Guarantor that is a Significant Subsidiary denies that it has any further liability under its Guarantee or gives notice to such effect, in each case
other than by reason of the termination of this Indenture or the release of any such Guarantee in accordance with this Indenture. 
 (b) The
Trustee may withhold from the Holders notice of any continuing Default or Event of Default, except a Default or Event of Default relating to the payment of principal or interest, if it determines that withholding notice is in their interest. 

(c) Notwithstanding anything to the contrary set forth in this Indenture, no provision of this Indenture shall prevent the completion of any
of the Transactions, nor shall the Transactions give rise to any Default or impair or reduce the availability or constitute the utilization of any basket or other exceptions (other than any such baskets or other exceptions that expressly refer to
the Transactions or the Spin-Off) in the covenants in this Indenture or the Notes. Notwithstanding anything to the contrary set forth in this Indenture, no provision of this Indenture shall restrict the transactions described in clauses (A) and
(B) of Section 4.11(b)(21), in each case entered into in the ordinary course of business. 

  
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 SECTION 6.02. Acceleration. (a) If any Event of Default (other than of a type
specified in clause (6) or (7) of Section 6.01(a)) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in principal amount of the then total outstanding Notes may declare the principal of, and
accrued but unpaid interest, if any, on, all the then outstanding Notes to be due and payable immediately. 
 Upon the effectiveness of such
declaration, such principal and any accrued and unpaid interest on all the then outstanding Notes will be due and payable immediately. The Trustee shall have no obligation to accelerate the Notes if in the reasonable judgment of the Trustee
acceleration is not in the best interest of the Holders of the Notes. 
 (b) Notwithstanding the foregoing, in the case of an Event of
Default arising under clause (6) or (7) of Section 6.01(a), the principal of, and accrued but unpaid interest, if any, on, all the then outstanding Notes shall become due and payable without further action or notice. 

SECTION 6.03. Other Remedies. Subject to the duties of the Trustee as provided for in Article VII, if an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 SECTION 6.04. Waiver of Defaults. (a) Holders of a majority in aggregate principal
amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under this Indenture, except a continuing Default or Event of Default
in the payment of interest on or the principal of any Note held by a non-consenting Holder, and rescind any acceleration and its consequences with respect to the Notes (except if such recession would conflict with any judgment of a court of
competent jurisdiction). 
 (b) In the event of any Event of Default specified in clause (4) of Section 6.01(a), such Event of
Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if
within 20 days after such Event of Default arose: 
 (1) the Indebtedness or guarantee that is the basis for such Event of
Default has been discharged; or 

  
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 (2) the holders thereof have rescinded or waived the acceleration, notice or
action (as the case may be) giving rise to such Event of Default; or 
 (3) the default that is the basis for such Event of
Default has been cured. 
 SECTION 6.05. Control by Majority. Holders of a majority in principal amount of the total outstanding
Notes may direct in writing the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that
conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder of a Note or that would involve the Trustee in personal liability. 

SECTION 6.06. Limitation on Suits. Subject to the provisions of this Indenture relating to the duties of the Trustee thereunder, in
case an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders of the Notes unless the Holders have offered
to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense. Except to enforce the right to receive payment of principal or interest when due, no Holder of a Note may pursue any remedy with respect to this
Indenture or the Notes unless: 
 (1) such Holder has previously given the Trustee written notice that an Event of Default is
continuing with respect to the Notes; 
 (2) Holders of at least 25% in principal amount of the total outstanding Notes have
requested the Trustee in writing to pursue the remedy; 
 (3) Holders of the Notes have offered the Trustee security or
indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee has not complied with such
written request within 60 days after the receipt thereof and the offer of security or indemnity against any loss, liability or expense; and 

(5) Holders of a majority in principal amount at maturity of the total outstanding Notes have not given the Trustee a direction
inconsistent with such request within such 60-day period. 
 SECTION 6.07. Rights of Holders of Notes to Receive Payment.
Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection
with an Asset Sale Offer or a Change of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

  
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 SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified in
Section 6.01(a)(1) or (2) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal of, premium, if any, and interest
remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation of the Trustee
and the reasonable and documented out-of-pocket expenses, disbursements and advances of the Trustee, its agents and counsel, in each case as set forth in Section 7.07. 

SECTION 6.09. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings, the
Issuer, the Trustee and the Holders shall be restored severally and respectively to their former positions under this Indenture and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has
been instituted. 
 SECTION 6.10. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given under this Indenture or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under
this Indenture, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION
6.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such
Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be. 
 SECTION 6.12. Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders
allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes including the Guarantors), its creditors or its property and shall be entitled and empowered to participate as a member in any official committee of
creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such
payments 

  
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to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation
and the reasonable and documented out-of-pocket expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding shall be denied for any reason, payment of the same shall be secured
by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION
6.13. Priorities. If the Trustee or any Agent collects any money pursuant to this Article VI, it shall pay out the money in the following order: 

(i) to the Trustee, the Agents, their agents and attorneys for amounts due under Section 7.07, including payment of all
compensation, expenses and liabilities incurred, and all advances made, by the Trustee or any Agent and the costs and expenses of collection; 

(ii) to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

(iii) to the Issuer or to such party as a court of competent jurisdiction shall direct including a Guarantor, if applicable.

 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.13. 

SECTION 6.14. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.14 does not apply to a
suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 

  
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 ARTICLE VII 

Trustee 
 SECTION 7.01.
Duties of Trustee. (a) If an Event of Default has occurred (and has not been cured), the Trustee shall, in the exercise of its power, use the same degree of care and skill as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 

(i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions that by any provision are
specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculation or other facts stated therein). 
 (c) The Trustee may not be relieved from liabilities for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) this clause (c) does not
limit the effect of clause (b) of this Section 7.01; 
 (ii) the Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 6.05. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture that in any way relates to the Trustee is subject to clauses (a), (b) and (c) of this Section 7.01. 
 (e) Subject
to this Article VII, whether or not an Event of Default has occurred and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Holder or Holders of the
Notes unless such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense. 

(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

  
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 SECTION 7.02. Rights of Trustee. (a) The Trustee may conclusively rely upon any
document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or
attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The Trustee shall
not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificates or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it under this Indenture in good faith and in accordance with the advice or opinion of such counsel. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or
attorney appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross negligence. 

(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient if
signed by an Officer. 
 (f) None of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise
to incur any liability, financial or otherwise, in the performance of any of its duties under this Indenture, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or
indemnity satisfactory to it against such risk or liability is not assured to it. 
 (g) The Trustee shall not be deemed to have notice of
any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event that is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Notes and this Indenture. 

  
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 (h) In no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities under this Indenture, and each agent, custodian and other Person employed to act under this Indenture. 

(j) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties under this Indenture.

 (k) The Trustee may request that the Issuer delivers a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture. 
 SECTION 7.03. Individual Rights of Trustee. The
Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the
Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to
Sections 7.10 and 7.11. 
 SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any
provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes
or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 

SECTION 7.05. Notice of Defaults. If a Default occurs and is continuing and is actually known to the Trustee, the Trustee shall mail to
Holders of Notes a notice of the Default within 90 days after it occurs. Except in the case of a Default relating to the payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice of any
continuing Default if it determines that withholding notice is in the interest of the Holders of the Notes. The Trustee shall not be deemed to know of any Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless
written notice of any event that is such a Default is received by the Trustee at the Corporate Trust Office of the Trustee. 
 SECTION 7.06.
[Reserved.] 

  
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 SECTION 7.07. Compensation and Indemnity. The Issuer shall pay to the Trustee from time to
time such compensation for its acceptance of this Indenture and services under this Indenture as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall reimburse the Trustee promptly upon request for all reasonable and documented out-of-pocket disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses
shall include the reasonable and documented out-of-pocket compensation, disbursements and expenses of the Trustee’s agents and counsel. 

The Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee for, and hold the Trustee harmless against, any and all
loss, damage, claims, liability or expense (including reasonable and documented out-of-pocket attorneys’ fees and expenses) incurred by it (as evidenced in an invoice from the Trustee) in connection with the acceptance or administration of this
trust and the performance of its duties under this Indenture (including the costs and expenses of enforcing this Indenture against the Issuer or any of the Guarantors (including this Section 7.07) or defending itself against any claim whether
asserted by any Holder, the Issuer or any Guarantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties under this Indenture). The Trustee shall notify the Issuer promptly of any claim for which it
may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer of its obligations under this Indenture. The Issuer shall defend the claim and the Trustee shall provide reasonable cooperation at the Issuer’s
expense in the defense. The Trustee may have separate counsel and the Issuer shall pay the fees and expenses of such counsel; provided, however, that the Issuer shall not be required to pay such fees and expenses if its assumes the
Trustee’s defense and, in the Trustee’s reasonable judgment, there is no conflict of interest between the Issuer and the Trustee in connection with such defense. The Issuer need not reimburse any expense or indemnify against any loss,
liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence or any settlement made without its consent, which consent shall not be unreasonably withheld. 

The obligations of the Issuer under this Section 7.07 shall survive the satisfaction and discharge of this Indenture or the earlier
resignation or removal of the Trustee. 
 To secure the payment obligations of the Issuer and the Guarantors in this Section 7.07, the
Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this
Indenture. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(6) or
(7) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

  
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 SECTION 7.08. Replacement of Trustee. A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time and be discharged from the trust hereby
created by so notifying the Issuer. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10; 

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any
Bankruptcy Law; 
 (c) a receiver, custodian or other public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of the Trustee for any reason, the Issuer shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the
Issuer’s expense), the Issuer or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10,
such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the
rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee;
provided all sums owing to the Trustee under this Indenture have been paid and subject to the Lien provided for in Section 7.07. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations
under Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee by Merger, etc. If
the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee. 

  
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 In case at the time such successor or successors by merger, conversion or consolidation to the
Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver
such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor under this Indenture or in the name of the
successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10. Eligibility; Disqualification. There shall at all times be a Trustee under this Indenture that is a corporation organized
and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that
has a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. 
 The
Trustee is subject to Trust Indenture Act Section 310(b). 
 SECTION 7.11. Preferential Collection of Claims Against the Issuer.
The Trustee is subject to Trust Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act
Section 311(a) to the extent indicated therein. 
 ARTICLE VIII 

Legal Defeasance and Covenant Defeasance 

SECTION 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at its option and at any time, elect to have
either Section 8.02 or 8.03 applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 

SECTION 8.02. Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section 8.01 of the option applicable to this
Section 8.02, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all outstanding Notes and Guarantees and
to have cured all then existing Events of Default on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged
the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this 

  
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Indenture referred to in (a) and (b) below, to have satisfied all their other obligations under the Notes and this Indenture including that of the Guarantors and to have cured all then
existing Events of Default (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged
under this Indenture: 
 (a) the rights of Holders of Notes to receive payments in respect of the principal of, premium, if
any, and interest on the Notes when such payments are due solely out of the trust created pursuant to Section 8.05; 

(b) the Issuer’s obligations pursuant to Sections 2.03, 2.04, 2.07, 2.08, 2.10 and 4.02; 

(c) the rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s obligations in connection
therewith; and 
 (d) the provisions of this Section 8.02. 

Subject to compliance with this Article VIII, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03. 
 SECTION 8.03. Covenant Defeasance. Upon the Issuer’s exercise under
Section 8.01 of the option applicable to this Section 8.03, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants contained
in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.16 and 4.17 and clauses (4) and (5) of Section 5.01(a), Sections 5.01(b) and 5.01(c) with respect to the outstanding Notes on and after the date the
conditions set forth in Section 8.04 are satisfied (“Covenant Defeasance”), and such Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of
Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes under this Indenture (it being understood that such Notes shall not be deemed outstanding
for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to such outstanding Notes, the Issuer or any Guarantor, as applicable, may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and
such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and the Notes shall be unaffected thereby. In addition, upon the Issuer’s
exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5), 6.01(a)(6) (solely with respect to
Significant Subsidiaries), 6.01(a)(7) (solely with respect to Significant Subsidiaries) and 6.01(a)(8) shall not constitute Events of Default. 

  
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 SECTION 8.04. Conditions to Legal or Covenant Defeasance. The following shall be the
conditions to the application of either Section 8.02 or 8.03 to the outstanding Notes: 
 In order to exercise either Legal Defeasance
or Covenant Defeasance with respect to the Notes: 
 (1) the Issuer must irrevocably deposit with the Trustee, in trust, for
the benefit of the Holders of the Notes, cash in U.S. dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the
principal amount of, premium, if any, and interest due on the Notes on the stated maturity date or on the Redemption Date, as the case may be, of such principal amount, premium, if any, or interest on such Notes and the Issuer must specify whether
the Notes are being defeased to maturity or to a particular Redemption Date; 
 (2) in the case of Legal Defeasance, the
Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, 

(a) the Issuer has received from, or there has been published by, the United States Internal Revenue Service a ruling, or 

(b) since the issuance of the Notes, there has been a change in the applicable U.S. federal income tax law, 

in either case to the effect that, and based thereon, such Opinion of Counsel shall confirm that, subject to customary assumptions and
exclusions, the Holders of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the case of
Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders of the Notes will not recognize income, gain
or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to such tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not
occurred; 
 (4) no Default (other than that resulting from borrowing funds to be applied to make such deposit and any
similar and simultaneous deposit relating to other Indebtedness, and, in each case the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit with respect to the Notes; 

  
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 (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under the Senior Credit Facilities or any other material agreement or instrument (other than this Indenture) to which, the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound
(other than that resulting from borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith); 

(6) the Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the
Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or any Guarantor or others; and 

(7) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of
Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

SECTION 8.05. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. Subject to the provisions
of Section 8.06, all money and Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04 shall be held in trust and applied by the Trustee in accordance with the provisions of the Notes and
this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer or a Guarantor acting as Paying Agent), the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest
for whose payment such money has been deposited with the Trustee. 
 The Issuer shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against Government Securities deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the
Holders of the outstanding Notes. 
 SECTION 8.06. Repayment to Issuer. Anything in this Article VIII or Article XI to the contrary
notwithstanding, each of the Trustee and each Paying Agent shall promptly deliver or pay to the Issuer upon request any money or Government Securities held by it in accordance with this Article VIII or Article XI which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1)), are in excess of the amount thereof which would then
be required to be deposited to effect an equivalent Legal Defeasance, Covenant Defeasance or discharge in accordance with Article XI. 

  
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 Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust
for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Issuer on its written request
or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Issuer for payment thereof, and all liability of the Trustee or any Paying Agent with respect to such trust money, and
all liability of the Issuer as trustee thereof, shall thereupon cease. 
 SECTION 8.07. Reinstatement. If the Trustee or the Paying
Agent is unable to apply any United States dollars or Government Securities in accordance with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee or
Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03, as the case may be; provided that, if the Issuer makes any payment of principal of, premium or interest on any Note following the reinstatement of
its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or the Paying Agent. 

ARTICLE IX 
 Amendment,
Supplement and Waiver 
 SECTION 9.01. Without Consent of Holders of Notes. Notwithstanding Section 9.02, the Issuer, any
Guarantor (with respect to a Guarantee or this Indenture) and the Trustee may amend or supplement this Indenture and any Guarantee or the Notes without the consent of any Holder: 

(1) to cure any ambiguity, omission, mistake, defect or inconsistency; 

(2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3) to comply with Section 5.01; 

(4) to provide for the assumption of the Issuer’s or any Guarantor’s obligations to the Holders; 

(5) to make any change that would provide any additional rights or benefits to the Holders or that in the good faith judgment
of the Issuer does not materially adversely affect the legal rights under this Indenture of any such Holder; 
 (6) to add
covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuer or any Guarantor; 

  
 118 

 (7) to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the Trust Indenture Act or to comply with the rules of any applicable securities depository; 

(8) to evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee thereunder pursuant
to the requirements thereof; 
 (9) to add or release a Guarantor under this Indenture or to secure the Obligations under
this Indenture; 
 (10) to make such provisions as necessary for the issuance of Additional Notes otherwise permitted to be
issued under this Indenture; 
 (11) to conform the text of this Indenture, the Guarantees or the Notes to any provision of
the “Description of Notes” section of the Offering Memorandum; or 
 (12) to make any amendment to the
provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including to facilitate the issuance and administration of the Notes; provided, however, that (i) compliance with
this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment in the good faith judgment of the Issuer does not materially and adversely
affect the rights of Holders to transfer Notes. 
 SECTION 9.02. With Consent of Holders of Notes. Except as provided in
Section 9.01 or below in this Section 9.02, the Issuer and the Trustee may amend or supplement this Indenture, any Guarantee and the Notes with the consent of the Holders of at least a majority in principal amount of the Notes then
outstanding (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default (other than a continuing Default in the
payment of interest on, premium, if any, or the principal of, any Note, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the Notes issued under this Indenture may
be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes). Sections 2.08 and 2.09 shall
determine which Notes are considered to be “outstanding” for the purposes of this Section 9.02. 
 The consent of the
Holders of Notes under this Section 9.02 is not necessary under this Indenture to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed amendment. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall deliver electronically or mail to
the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
amendment, supplement or waiver. 

  
 119 

 Without the consent of each affected Holder of Notes, an amendment or waiver may not, with
respect to Notes held by a non-consenting Holder: 
 (1) reduce the principal amount of Notes whose Holders must consent to
an amendment, supplement or waiver; 
 (2) reduce the principal amount of or change the fixed final maturity of any Note or
reduce the premium payable upon redemption or change the time at which such Note may be redeemed (excluding any amendment or waiver of any minimum notice period for redemption which may be amended with the consent of the Holders of at least a
majority of the Notes then outstanding) as described under Section 3.07; 
 (3) reduce the rate of or change the time
for payment of interest on any Note; 
 (4) waive a Default or Event of Default in the payment of principal of or interest on
the Notes, except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of Notes and a waiver of the payment default that resulted from such acceleration; 

(5) make any Note payable in money other than that stated therein; 

(6) make any change in the provisions of this Indenture relating to waivers of past Defaults or Events of Default or the rights
of Holders to receive payments of principal of or interest on the Notes; 
 (7) make any change in these amendment and waiver
provisions as it relates to the Notes; 
 (8) impair the right of any Holder to receive payment of principal of, or interest
on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; 

(9) make any change to or modify the ranking as to contractual right of payment of the Notes that would adversely affect the
Holders; 
 (10) except as expressly permitted by this Indenture, modify the terms of the Guarantees of any Significant
Subsidiary in any manner adverse to the Holders of the Notes; or 
 (11) change the provisions applicable to the redemption
of the Notes as described under Section 3.09 in any manner adverse to the Holders of the Notes. 

  
 120 

 SECTION 9.03. Revocation and Effect of Consents. Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation
of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the earlier of the date the waiver,
supplement or amendment becomes effective and the date on which the Trustee receives an Officer’s Certificate from the Issuer certifying that the requisite principal amount of Notes have consented. An amendment, supplement or waiver becomes
effective in accordance with its terms and thereafter binds every Holder. 
 The Issuer may, but shall not be obligated to, fix a record
date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly
designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. 

SECTION 9.04. Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may require the Holder of the
Note to deliver it to the Trustee so an appropriate notation may be reflected therein. The Trustee may also place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. Alternatively, the Issuer in
exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 SECTION 9.05. Trustee to Sign Amendments, etc. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to
this Article IX if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In executing any amendment, supplement or waiver,
the Trustee (subject to Section 7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.03, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such
amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuer and any Guarantors party thereto, enforceable against them in
accordance with its terms, subject to customary exceptions. No Opinion of Counsel will be required by the immediately preceding sentence for the Trustee to execute any amendment or supplement adding a new Guarantor under this Indenture. 

SECTION 9.06. Payment for Consent. The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, pay or cause to be paid 

  
 121 

 
any consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless
such consideration is offered to be paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

ARTICLE X 
 Guarantees 

SECTION 10.01. Guarantee. Subject to this Article X, each of the Guarantors hereby, jointly and severally, unconditionally guarantees
to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuer under this Indenture
or thereunder: (a) the performance and full and punctual payment when due, whether at maturity, by acceleration or otherwise, of all obligations of the Issuer under this Indenture and the Notes, whether for payment of principal of or interest
on the Notes, expenses, indemnification or otherwise, on the terms set forth in this Indenture; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason,
the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

The Guarantors hereby agree that their obligations under this Indenture shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in
the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants that this Guarantee shall not be discharged except by complete performance of
the obligations contained in the Notes and this Indenture. 
 If any Holder or the Trustee is required by any court or otherwise to return
to the Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect. 
 Each Guarantor also agrees to pay any and all reasonable and documented
out-of-pocket costs and expenses (including reasonable and documented out-of-pocket attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

  
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 Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders
and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article VI, such obligations (whether or not due and payable) shall forthwith become due
and payable by the Guarantors for the purpose of this Guarantee. Any Guarantor that makes a payment under its Guarantee shall be entitled, upon payment in full of all guaranteed obligations under this Indenture, to a contribution from each other
Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP. 

Each Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuer for
liquidation, reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall, to the fullest
extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by
any obligee on the Notes or Guarantees, whether as a voidable preference, fraudulent transfer or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced,
restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 
 Each payment to be made by a Guarantor in respect of its Guarantee shall
be made without set-off, counterclaim, reduction or diminution of any kind or nature. 
 SECTION 10.02. Limitation on Guarantor
Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of
Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the
Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are

  
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relevant under such laws and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations
of such other Guarantor under this Article X, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law. 

SECTION 10.03. Notation Not Required. Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 shall remain in
full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 
 The delivery of any
Note by the Trustee, after the authentication thereof under this Indenture, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors. 

SECTION 10.04. Subrogation. Each Guarantor shall be subrogated to all rights of Holders of Notes against the Issuer in respect of any
amounts paid by any Guarantor pursuant to the provisions of Section 10.01; provided that, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all obligations of
the Issuer under this Indenture and the Notes shall have been paid in full. 
 SECTION 10.05. Benefits Acknowledged. Each Guarantor
acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such
benefits. 
 SECTION 10.06. Release of Guarantees. A Guarantee by a Guarantor shall be automatically and unconditionally released and
discharged, and no further action by such Subsidiary Guarantor, the Issuer or the Trustee is required for the release of such Guarantor’s Guarantee upon (a) receipt by the Trustee of a notification from the Issuer that such Guarantee be
released and (b) the occurrence of any of the following: 
 (1) any direct or indirect sale, exchange, disposition or
other transfer (including by merger, consolidation or otherwise) of (A) the Capital Stock of such Guarantor, after which such Guarantor is no longer a Restricted Subsidiary or (B) all or substantially all the assets of such Guarantor which
sale, exchange, disposition or other transfer is made in a manner not in violation of the applicable provisions of this Indenture; 

(2) (A) after the initial effectiveness of the Senior Credit Facilities, the release or discharge of the guarantee by such
Guarantor of the Senior Credit Facilities or (B) the release or discharge of the guarantee which resulted in the creation of such Guarantee, in each case except a release or discharge by or as a result of payment under such guarantee; 

  
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 (3) designation of any Restricted Subsidiary that is a Guarantor as an
Unrestricted Subsidiary in accordance with the provisions set forth under Section 4.07 and the definition of “Unrestricted Subsidiary” in this Indenture; 

(4) the Issuer’s exercise of its legal defeasance option or covenant defeasance option as described under Article VIII or
the Issuer’s obligations under this Indenture being discharged in a manner not in violation of Article XI; 
 (5) the
occurrence of a Covenant Suspension Event as described in Section 4.15; provided that such Guarantee will be reinstated upon the applicable Reversion Date in accordance with Section 4.15(c); or 

(6) the initial effectiveness of the Senior Credit Facilities, if such Guarantor does not guarantee the Senior Credit
Facilities at such time. 
 A Guarantee by a Guarantor shall also be automatically and unconditionally released and discharged pursuant to
Section 4.15(c). 
 If any Guarantor is released from its Guarantee, any of its Subsidiaries that are Guarantors will also be released
from their Guarantees, if any. 
 Upon request of the Issuer, the Trustee shall evidence such release by a supplemental indenture or other
instrument which may be executed by the Trustee without the consent of any Holder. 
 ARTICLE XI 

Satisfaction and Discharge 

SECTION 11.01. Satisfaction and Discharge. This Indenture shall be discharged and shall cease to be of further effect as to all of the
Notes, when either: 
 (1) all Notes theretofore authenticated and delivered, except mutilated, lost, stolen or destroyed
Notes which have been replaced or paid and the Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or 

(2) (a) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the
making of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption and redeemed within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Issuer, and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of the Notes cash in U.S.
dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee
for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

  
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 (b) the Issuer has paid or caused to be paid all other sums payable by it under
this Indenture; and 
 (c) the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money
toward the payment of the Notes at maturity or the Redemption Date, as the case may be. 
 In addition, the Issuer must deliver an
Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to subclause
(a) of clause (2) of this Section 11.01, the provisions of Section 11.02 and Section 8.06 shall survive. 
 SECTION
11.02. Application of Trust Money. Subject to the provisions of Section 8.06, all money and Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 11.01 shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer or any Guarantor acting as the Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 by reason of any
legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 until such time as the Trustee or any Paying Agent is permitted to apply all such money or Government Securities in accordance with Section 11.01;
provided that if the Issuer has made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the money or Government Securities held by the Trustee or Paying Agent. 
 ARTICLE XII 

Miscellaneous 
 SECTION
12.01. Notices. Any notice or communication by the Issuer, any Guarantor, the Trustee or any Paying Agent to the others is duly given if in writing and delivered in person, electronically transmitted (only in the case of notices or

  
 126 

 
communications to the Trustee) or mailed by first-class mail (registered or certified, return receipt requested) or overnight air courier guaranteeing next day delivery, to the others’
address: 
 If to the Issuer and/or any Guarantor: 

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

Attention: General Counsel 
 If
to the Trustee: 
 Wells Fargo Bank, National Association 

150 East 42nd Street, 40th Floor 

New York, New York 10017 
 Attn:
Corporate, Municipal & Escrow Services 
 The Issuer, any Guarantor, the Trustee or any Paying Agent, by notice to the others, may
designate additional or different addresses for subsequent notices or communications. 
 All notices and communications (other than those
sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail (or in the case of Notes in global
form, on the date the notice is sent pursuant to the applicable procedures of the Depositary); the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; and on the first date of
which publication is made, if given by publication; and when sent, if sent electronically; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof. 

Any notice or communication to a Holder shall be mailed by first-class mail (certified or registered, return receipt requested) or by
overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar or otherwise in accordance with the procedures of the Depositary. Failure to mail a notice or communication to a Holder or any defect in
it shall not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee receives it. 
 If the Issuer mails a notice or communication to
Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
 SECTION 12.02. Communication by Holders of Notes with
Other Holders of Notes. Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes. 

  
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 SECTION 12.03. Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Issuer or any of the Guarantors to the Trustee to take any action under this Indenture (except in connection with the original issuance of the Notes), the Issuer or such Guarantor, as the case may be, shall furnish to the Trustee
(except as set forth in Section 9.05): 
 (a) an Officer’s Certificate in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in Section 12.04) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed
action have been satisfied; and 
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 12.04) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

In giving any Opinion of Counsel under this Indenture, counsel may rely as to factual matters on an Officer’s Certificate or certificates
of public officials. 
 SECTION 12.04. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04) shall include: 

(a) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (which examination or investigation, in the case of an Opinion of Counsel, may
be limited to reliance on an Officer’s Certificate as to matters of fact or certificates of public officials); and 

(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with;
provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

SECTION 12.05. Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The
Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

  
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 SECTION 12.06. No Personal Liability of Directors, Officers, Employees and Stockholders.
No director, officer, employee, incorporator, member or stockholder of the Issuer or any Guarantor, in their capacity as such, shall have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Guarantees or this
Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the
Notes. 
 SECTION 12.07. Governing Law. THIS INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 12.08. Waiver of Jury Trial. THE ISSUER, EACH OF THE GUARANTORS
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 SECTION 12.09. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 SECTION 12.10.
Benefits of Indenture. Nothing in this Indenture or the Notes shall give to any Person, other than the parties hereto, any Paying Agent, any Registrar and its successors hereunder and the Holders any benefit or any legal or equitable
right, remedy or claim under this Indenture. 
 SECTION 12.11. No Adverse Interpretation of Other Agreements. This Indenture may not
be used to interpret any other indenture, loan or debt agreement of the Issuer or any of the Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

SECTION 12.12. Successors. All agreements of the Issuer in this Indenture and the Notes shall bind their successors. All agreements of
the Trustee or any Agent in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.05. 

SECTION 12.13. Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
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 SECTION 12.14. Counterpart Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture and signature pages for all purposes. 

SECTION 12.15. Table of Contents, Headings, etc. The Table of Contents, Cross-Reference Table and headings of the Articles and Sections
of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

SECTION 12.16. U.S.A. Patriot Act. The parties hereto acknowledge that in order to help the United States government fight the funding
of terrorism and money laundering activities, pursuant to Federal regulations that became effective on October 1, 2003 (Section 326 of the USA PATRIOT Act), all financial institutions are required to obtain, verify, record and update
information that identifies each person establishing a relationship or opening an account. The parties to this agreement agree that it will provide to the Trustee such information as they may request, from time to time, in order for the Trustee to
satisfy the requirements of the USA PATRIOT Act, including but not limited to the name, address, tax identification number and other information that will allow it to identify the individual or entity who is establishing the relationship or opening
the account and may also ask for formation documents such as articles of incorporation or other identifying documents to be provided. 

[Signatures on following page] 

  
 130 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as of
the date first above written. 
  

							
	 TIME INC., as Issuer

			
		 	By	 	  

		 		 	Name:	 	Jeffrey J. Bairstow
		 		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	 EACH OF THE GUARANTORS LISTED ON SCHEDULE I

			
		 	By	 	  

		 		 	Name:	 	Jeffrey J. Bairstow
		 		 		 	Authorized Officer

  
 [Signature Page to
Indenture] 

 
							
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee

			
		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  
 [Signature Page to
Indenture] 

 SCHEDULE I 

LIST OF GUARANTORS AS OF THE ISSUE DATE 
 Media
Services, Inc. 
 Business 2.0 Media Inc. 
 ECI Publishing, Inc.

 Entertainment Weekly Inc. 
 Essence Communications Inc. 

Essence Festivals LLC 
 Fundraising.com, Inc. 

Gift Services, Inc. 
 Health Media Ventures Inc. 

Healthy Living, Inc. 
 HP Holdings Inc. 

LIFE INC. 
 Loyalty Extras, Inc. 

Magazine Value Partners, Inc. 
 MAGHOUND ENTERPRISES INC. 

MNI Targeted Media Inc. 
 NewSub Magazine Services LLC 

NSSI Holdings Inc. 
 Oxmoor House, Inc. 

QSP Distribution Services, LLC 
 REAL SIMPLE PRODUCTIONS, INC.

 SI Digital Games, Inc. 
 SI Features Inc. 

SI Productions Inc. 
 SI Ventures Inc. 

Southern Progress Corporation 
 Southern Progress Custom
Publishing, Inc. 
 SPC Retail Publishing, Inc. 
 StyleFeeder
Inc. 
 Sunset Media, Inc. 
 Sunset Publishing Corporation 

Synapse Direct, Inc. 
 Synapse Group, Inc. 

Synapse Retail Ventures, Inc. 
 Synapse Services, Inc. 

Synapse Ventures, Inc. 
 SynapseConnect, Inc. 

The Picture Collection, Inc. 
 This Old House Productions, Inc.

 This Old House Ventures, Inc. 
 TI Acquisition Inc. 

TI Administrative Holdings LLC 
 TI Asia Holdings Inc. 

TI Books Holdings LLC 

  
 S-I-1 

 SCHEDULE I 
  

TI Business Ventures Inc. 
 TI Circulation Holdings LLC 

TI Corporate Holdings LLC 
 TI Distribution Holdings LLC 

TI GOLF HOLDINGS INC. 
 TI International Holdings Inc. 

TI Live Events Inc. 
 TI Magazine Holdings LLC 

TI MAGAZINE SERVICES INC. 
 TI Marketing Services Inc. 

TI Media Solutions Inc. 
 TI PAPERCO INC. 

TI PARSIPPANY INC. 
 TI Real Estate Services Inc. 

TI RETAIL SERVICE GROUP INC. 
 TI Sales Holdings LLC 

TI Shared Services Inc. 
 TI TRADE BOOKS HOLDINGS LLC 

TIME CONSUMER MARKETING, INC. 
 Time Customer Service, Inc. 

TIME DIRECT VENTURES LLC 
 Time Distribution Services Inc. 

Time Home Entertainment Inc. 
 Time Inc. Domestic Licensing 

Time Inc. Interactive 
 Time Inc. Lifestyle Group 

Time Inc. Productions 
 Time Inc. Ventures 

Time Publishing Ventures, Inc. 
 WD PRODUCTIONS LLC 

SirenServ, Inc. 
 Essence Festivals Investments LLC 

Essence Festivals Productions LLC 
 Book-of-The-Month Club, Inc.

 Time Inc. Affluent Media Group 
 Time/Warner Retail
Sales & Marketing Inc. 

  
 S-I-2 

 EXHIBIT A 

[FACE OF NOTE] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture] 
 [Insert the Regulation S Temporary Global Note Legend, if applicable pursuant to the
provisions of the Indenture] 

  
 A-1 

 CUSIP [            ] 

ISIN [            ] 

[[RULE 144A][REGULATION S] GLOBAL NOTE 

5.75% Senior Notes due 2022 
  

			
	No.	  	[$        ]

 TIME INC. 

promises to pay to CEDE & CO. or registered assigns, the principal sum [set forth on the Schedule of Increases and Decreases of Interests in the
Global Note attached hereto] [of United States Dollars] on April 15, 2022. 
 Interest Payment Dates: April 15 and October 15 

Record Dates: April 1 and October 1 

IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed. 

 

					
	 TIME INC.

			
		 	By	 	  

		 		 	Name:
		 		 	Title:

  
 A-2 

 This is one of the Notes referred to in the within-mentioned Indenture: 

Dated: April 29, 2014 
  

					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION as Trustee

			
		 	By	 	  

		 		 	Authorized Signatory

  
 A-3 

 [Back of Note] 

5.75% Senior Notes due 2022 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. Interest. TIME INC., a Delaware corporation, promises to pay interest on the principal amount of this Note at 5.75% per annum
from April 29, 20141 until maturity. The Issuer will pay interest semi-annually in arrears on April 15 and October 15 of each year to stated maturity, or if any such day is not a
Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). The first Interest Payment Date shall be October 15, 20142. Interest on the Notes will
accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at the same
rate to the extent lawful. At maturity, the Issuer will pay accrued and unpaid interest from the most recent date to which interest has been paid or provided for. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day
months. 
 2. Method of Payment. The Issuer will pay interest on the Notes to the Persons who are registered Holders of Notes at the
close of business on the April 1 or October 1 (whether or not a Business Day), as the case may be, immediately preceding the Interest Payment Date, even if such Notes are canceled after such Record Date and on or before such Interest
Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, provided that payment
by wire transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the
Issuer or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association will act as Paying Agent and Registrar. The Issuer may
change the Paying Agent or the Registrar without prior notice to the Holders. The Issuer or any of its Subsidiaries may act as a Paying Agent or Registrar. 

4. Indenture. The Issuer issued the Notes under an Indenture, dated as of April 29, 2014 (the “Indenture”), among
Time Inc., the Guarantors named therein and the 
  

	1 	With respect to the Initial Notes. 

	2 	 With respect to the Initial Notes. 

  
 A-4 

 
Trustee. This Note is one of a duly authorized issue of notes of the Issuer designated as its 5.75% Senior Notes due 2022. The Issuer shall be entitled to issue Additional Notes pursuant to
Sections 2.01 and 4.09 of the Indenture. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of
this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 5.
Optional Redemption. 
 (a) Prior to April 15, 2017, the Issuer may redeem the Notes, in whole at any time or in part from time
to time, upon notice as described in Section 3.03 of the Indenture, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest thereon, if any, to, but
excluding, the Redemption Date, subject to the rights of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. 

(b) On and after April 15, 2017, the Issuer may redeem the Notes, in whole at any time or in part from time to time, upon notice as
described in Section 3.03 of the Indenture, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below plus accrued and unpaid interest thereon, if any, to, but excluding, the
applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve month period beginning on April 15 of each of the
years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2017
	  	 	104.313	% 
	 2018
	  	 	102.875	% 
	 2019
	  	 	101.438	% 
	 2020 and thereafter
	  	 	100.000	% 

 (c) Until April 15, 2017, the Issuer may, at any time and from time to time, upon notice as described in
Section 3.03 of the Indenture, redeem up to 40.0% of the aggregate principal amount of Notes at a redemption price equal to 105.75% of the aggregate principal amount thereof plus accrued and unpaid interest thereon, if any, to, but
excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, in an amount no greater than the aggregate cash proceeds received from
one or more Equity Offerings; provided that (1) at least 50.0% of the aggregate principal amount of Notes (including any Additional Notes) remains outstanding immediately after the occurrence of each such redemption and (2) each
such redemption occurs within 90 days of the closing of such Equity Offering. 

  
 A-5 

 6. Mandatory Redemption. Except pursuant to Section 3.09 of the Indenture, the Issuer
shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 7. Notice of Redemption.
Subject to Section 3.09 of the Indenture, notice of redemption will be mailed by first-class mail (or otherwise delivered in accordance with the applicable procedures of the Depositary) at least 30 days but not more than 60 days before the
Redemption Date to each Holder at such Holder’s registered address or otherwise in accordance with the applicable procedures of the Depositary, except that redemption notices may be mailed (or otherwise sent in accordance with the applicable
procedures of the Depositary) more than 60 days prior to a Redemption Date if the notice is issued in connection with Article VIII or Article XI of the Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the Redemption Date interest ceases to accrue on Notes or portions thereof called for redemption. 

8. Offers to Repurchase. 

(a) Upon the occurrence of a Change of Control, the Issuer shall make an offer (a “Change of Control Offer”) to each Holder
to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest
thereon, if any, to, but excluding, the date of purchase (the “Change of Control Payment”). The Change of Control Offer shall be made in accordance with Section 4.13 of the Indenture. 

(b) If the Issuer or any of its Restricted Subsidiaries consummates an Asset Sale, within ten Business Days of each date that Excess Proceeds
exceed $50,000,000, the Issuer or any Restricted Subsidiary shall make an offer to all Holders of the Notes and, if required by the terms of any Indebtedness that is pari passu with the Notes (“Pari Passu Indebtedness”), to
the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase the maximum aggregate principal amount of Notes and such Pari Passu Indebtedness that may be purchased out of the Excess Proceeds at an offer price in
cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon, if any (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for or permitted by the terms of
such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate principal amount of Notes and such Pari Passu Indebtedness tendered
pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for general corporate purposes, subject to other covenants contained in the Indenture. If the aggregate amount of Notes and the Pari
Passu Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the Issuer or the agent for such Pari Passu Indebtedness shall select such Pari Passu Indebtedness to be purchased on
a pro rata basis (or as nearly pro rata as practicable) 

  
 A-6 

 
based on the amount (determined as set forth above) of the Notes and such Pari Passu Indebtedness tendered, unless otherwise required by law or the rules of the principal national securities
exchange, if any, on which the Notes or such Pari Passu Indebtedness are listed or by lot or such similar method in accordance with the procedures of the Depositary; provided that no notes of $2,000 or less shall be repurchased in part. Upon
completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
 9. Denominations, Transfer,
Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder to furnish appropriate endorsements and transfer documents in connection with a transfer of the Notes. Holders shall pay all taxes due on transfer. The Issuer is not required to transfer or exchange any
Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuer is not required to issue, transfer or exchange any Notes for a period of 15 days before the mailing of a notice of redemption of
Notes to be redeemed or within 15 days of an Interest Payment Date. 
 10. Persons Deemed Owners. The registered Holder of a Note
shall be treated as the owner of it for all purposes. Only registered Holders shall have rights under the Indenture and this Note. 
 11.
Amendment, Supplement and Waiver. The Indenture, the Guarantees or the Notes may be amended or supplemented as provided in the Indenture. 

12. Defaults and Remedies. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. If any Event
of Default (other than an Event of Default arising from certain events of bankruptcy or insolvency) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare the principal of,
and accrued but unpaid interest, if any, on, all the then total outstanding Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, the
principal of, and accrued but unpaid interest, if any, on, all the then outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture, the Notes or the Guarantees except as provided in the
Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of
any continuing Default or Event of Default, except a Default or Event of Default relating to the payment of principal or interest, if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount
of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except, a continuing Default or Event of Default in
payment of the interest on or the principal of any Note held by a non-consenting Holder. The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required within 30 days after
becoming aware of any Default, to deliver to the Trustee a statement specifying such Default. 

  
 A-7 

 13. Authentication. This Note shall not be entitled to any benefit under the Indenture or
be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 
 14. Governing Law. THE
INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 15.
CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices to Holders
as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice and reliance may be placed only on the other identification numbers placed thereon. 

The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuer at
the following address: 
 Time Inc. 

1271 Avenue of the Americas 
 New
York, New York 10020 
 Attention: General Counsel 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

					
	(I) or (we) assign and transfer this Note to:	  		  	  

		  		  	(Insert assignee’ legal name)

  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         to
transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

			
	Date:	 	  

  

			
	Your Signature:	 	  

 (Sign exactly as your name appears on the face of this Note) 

 

			
	Signature Guarantee*:	 	  

  
  

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 or 4.13 of the Indenture, check the appropriate
box below: 
  ̈  Section 4.10     ̈  Section 4.13 
 If you want to elect to have only part of this Note purchased by the
Issuer pursuant to Section 4.10 or Section 4.13 of the Indenture, state the amount you elect to have purchased: 

$            . 

 

			
	Date:	 	  

  

			
	Your Signature:	 	  

 (Sign exactly as your name appears on the face of this Note) 

Tax Identification No.: 
  

			
	Signature Guarantee*:	 	  

  
  

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10 

 SCHEDULE OF INCREASES AND DECREASES OF INTERESTS 

IN THE GLOBAL NOTE* 
 The initial
outstanding principal amount of this Global Note is $        . The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of
another Global or Definitive Note for an interest in this Global Note or increases or decreases in the outstanding principal amount of this Global Note, have been made: 
  

									
	 Date
	  	Amount of
decrease
in Principal
Amount	  	Amount of increase
in Principal
Amount of this
Global Note	  	Principal Amount
of
this Global Note
following such
decrease or
increase	  	Signature of
authorized
signatory
of Trustee or
Note Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-11 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Time Inc. 

1271 Avenue of the Americas 
 New York, New York 10020 

Attention: General Counsel 
 Wells Fargo Bank, National
Association, 
 as Trustee and Registrar – DAPS Reorg 
 MAC
N9303-121 
 608 2nd Avenue South 
 Minneapolis, MN 55479 

Telephone No.: (877) 872-4605 
 Fax No.: (866) 969-1290 

Email: DAPSReorg@wellsfargo.com 
 Re: 5.75% Senior Notes due 2022

 Reference is hereby made to the Indenture, dated as of April 29, 2014 (the “Indenture”), among Time Inc., the
Guarantors listed on Schedule I thereto and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $         in such Note[s] or interests (the
“Transfer”), to                      (the “Transferee”), as further specified in Annex A hereto. In connection with
the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A
GLOBAL NOTE OR A RELEVANT DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the
Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or
more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of
Rule 144A, and such Transfer is in compliance with all applicable securities laws of the states of the United States and other jurisdictions. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note shall be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

  
 B-1 

 2.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN THE RELEVANT REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly,
the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any
Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the
Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and
the Securities Act. 
 3.  ̈ CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A
BENEFICIAL INTEREST IN THE RELEVANT DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests
in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further
certifies that (check one): 
 (a)  ̈ such Transfer is being effected pursuant to and in
accordance with Rule 144 under the Securities Act; 
 or 

(b)  ̈ such Transfer is being effected to the Issuer or a subsidiary thereof; 

or 
 (c)  ̈ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act. 

4.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL
NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE. 

  
 B-2 

 (a)  ̈ CHECK IF TRANSFER IS PURSUANT TO RULE 144.
(i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the
United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture. 
 (b)  ̈ CHECK IF TRANSFER IS PURSUANT TO REGULATION
S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of
any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture. 
 (c)  ̈ CHECK IF TRANSFER IS
PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer. 

 

					
	[INSERT NAME OF TRANSFEROR],
			
		 	By 	 	  

		 		 	Name:
		 		 	Title:

  

			
	Dated:	 	  

  
 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

					
	1.	  	The Transferor owns and proposes to transfer the following:
	
	[CHECK ONE OF (a) OR (b)]
			
		  	(a)	 	 ̈ a beneficial interest in the:
			
		  		 	(i)  ̈ 144A Global Note (CUSIP/ISIN:            ), or
			
		  		 	(ii)  ̈ Regulation S Global Note (CUSIP/ISIN:            ), or
			
		  	(b)	 	 ̈ a Restricted Definitive Note.
		
	2.	  	After the Transfer the Transferee will hold:
	
	[CHECK ONE]
			
		  	(a)  ̈	 	a beneficial interest in the:
			
		  		 	(i)  ̈ 144A Global Note (CUSIP/ISIN:            ), or
			
		  		 	(ii)  ̈ Regulation S Global Note (CUSIP/ISIN:            ), or
			
		  		 	(iii)  ̈ Unrestricted Global Note (CUSIP/ISIN:            ); or
			
		  	(b)  ̈	 	a Restricted Definitive Note; or
			
		  	(c)  ̈	 	an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Time Inc. 

1271 Avenue of the Americas 
 New York, New York 10020 

Attention: General Counsel 
 Wells Fargo Bank, National
Association, 
 as Trustee and Registrar – DAPS Reorg 
 MAC
N9303-121 
 608 2nd Avenue South 
 Minneapolis, MN 55479 

Telephone No.: (877) 872-4605 
 Fax No.: (866) 969-1290 

Email: DAPSReorg@wellsfargo.com 
 Re: 5.75% Senior Notes due 2022

 Reference is hereby made to the Indenture, dated as of April 29, 2014 (the “Indenture”), among Time Inc., the
Guarantors named therein and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 (1) EXCHANGE OF RESTRICTED DEFINITIVE
NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 

(a)  ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL
INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and
in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

  
 C-1 

 (b)  ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL
INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States. 
 (c)
 ̈ CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for a
beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(d)  ̈ CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In
connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any
state of the United States. 
 (2) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED
DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES 
 (a)  ̈ CHECK IF
EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal
principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance

  
 C-2 

 
with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Definitive Note and in the Indenture and the Securities Act. 
 (b)  ̈ CHECK IF
EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note  ̈ Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Issuer and are dated
                    . 
  

					
	[INSERT NAME OF TRANSFEROR],
			
		 	By 	 	  

		 		 	Name:
		 		 	Title:

  

			
	Dated:	 	  

  
 C-3 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
                    , among                     
(the “Guaranteeing Subsidiary”), an affiliate of Time Inc., a Delaware corporation (the “Issuer”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Issuer and the Guarantors (as defined in the Indenture referred to below) have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of April 29, 2014, providing for the issuance of an
unlimited aggregate principal amount of Senior Notes due 2022 (the “Notes”); 
 WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the Notes
and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and 
 WHEREAS,
pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as
follows: 
 (1) Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the
Indenture. 
 (2) Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: 

(a) Along with all Guarantors named in the Indenture, to jointly and severally unconditionally guarantee to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: 

(i) the performance and full punctual payment when due, whether at maturity, by acceleration or otherwise, of all obligations
of the Issuer under the Indenture and the Notes, whether for payment of principal of or interest on the Notes, expenses, indemnification or otherwise will be promptly paid in full or performed, all in accordance with the terms hereof and thereof;
and 

  
 D-1 

 (ii) in case of any extension of time of payment or renewal of any Notes or any
of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so
guaranteed or any performance so guaranteed for whatever reason, the Guarantors and the Guaranteeing Subsidiary shall be jointly and severally obligated to pay the same immediately. This is a guarantee of payment and not a guarantee of collection.

 (b) The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the
Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same
or any other circumstance that might otherwise constitute a legal or equitable discharge or defense of a guarantor. 
 (c)
The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all
demands whatsoever. 
 (d) This Guarantee shall not be discharged except by complete performance of the obligations contained
in the Notes, the Indenture and this Supplemental Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture. 

(e) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors (including the
Guaranteeing Subsidiary), or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect. 
 (f) The Guaranteeing Subsidiary also agrees to pay any and all
reasonable and documented out-of-pocket costs and expenses (including reasonable and documented out-of-pocket attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under Section 10.01 of the Indenture
and Section 2 hereof. 
 (g) As between the Guaranteeing Subsidiary, on the one hand, and the Holders and the Trustee,
on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI of the Indenture 

  
 D-2 

 
for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the
event of any declaration of acceleration of such obligations as provided in Article VI of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guaranteeing Subsidiary for the purpose of this
Guarantee. 
 (h) To the extent that the Guaranteeing Subsidiary makes a payment under its Guarantee, the Guaranteeing
Subsidiary shall be entitled upon payment in full of all guaranteed obligations under the Indenture to a contribution from each other Subsidiary Guarantor in an amount equal to such other Subsidiary Guarantor’s pro rata portion of such payment
based on the respective net assets of all the Subsidiary Guarantors at the time of such payment determined in accordance with GAAP. 

(i) Pursuant to Section 10.02 of the Indenture, after giving effect to all other contingent and fixed liabilities that are
relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of
such other Guarantor under Article X of the Indenture, this new Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guaranteeing Subsidiary under this Guarantee will not constitute a fraudulent transfer or
conveyance. 
 (j) This Guarantee shall remain in full force and effect and continue to be effective should any petition be
filed by or against the Issuer for liquidation, reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s
assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee on the Notes and Guarantee, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that
any payment or any part thereof, is rescinded, reduced, restored or returned, the Note shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

(k) In case any provision of this Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 (l) This Guarantee shall
be a general unsecured senior obligation of such Guaranteeing Subsidiary. 

  
 D-3 

 (m) Each payment to be made by the Guaranteeing Subsidiary in respect of this
Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature. 
 (3) Execution and Delivery.
The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 

(4) Merger, Consolidation or Sale of All or Substantially All Assets. 

(a) Except as otherwise provided in Section 5.01(c) of the Indenture, the Guaranteeing Subsidiary may not consolidate or
merge with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions (for the avoidance of doubt, other than the Transactions),
to any Person unless: 
 (i) (A) the Guaranteeing Subsidiary is the surviving Person or the Person formed by or surviving any
such consolidation, merger or wind up (if other than the Guaranteeing Subsidiary) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person organized or existing under the laws of the
jurisdiction of organization of the Guaranteeing Subsidiary, as the case may be, or the laws of the United States, any state or commonwealth thereof, the District of Columbia or any territory thereof (the Guaranteeing Subsidiary or such Person, as
the case may be, being herein called the “Successor Person”); 
 (B) the Successor Person, if other than the
Guaranteeing Subsidiary, expressly assumes all the obligations of the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s related Guarantee pursuant to supplemental indentures or other documents or instruments in form
reasonably satisfactory to the Trustee; and 
 (C) immediately after such transaction, no Default exists; or 

(ii) the transaction is made in compliance with Section 4.10 of the Indenture; 

(b) Subject to certain limitations described in the Indenture, the Successor Person will succeed to, and be substituted for,
the Guaranteeing Subsidiary under the Indenture and the Guaranteeing Subsidiary’s Guarantee. Notwithstanding the foregoing, (i) the Guaranteeing Subsidiary may merge into or transfer all or part of its properties and assets to another
Guarantor or the Issuer and (ii) the Guaranteeing Subsidiary may merge with an Affiliate solely for the purpose or effect of reorganizing the Guaranteeing Subsidiary in a state or commonwealth of the United States, the District of Columbia or
any territory thereof. 
 (5) Releases. The Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally
released and discharged, and no further action by the 

  
 D-4 

 
Guaranteeing Subsidiary, the Issuer or the Trustee is required for the release of the Guaranteeing Subsidiary’s Guarantee, upon (a) receipt by the Trustee of a notification from the Issuer
that such Guarantee be released and (b) the occurrence of any of the following: 
 (a) any direct or indirect sale,
exchange, disposition or other transfer (including by merger, consolidation or otherwise) of the Capital Stock of the Guaranteeing Subsidiary, after which the Guaranteeing Subsidiary is no longer a Restricted Subsidiary, or all or substantially all
the assets of the Guaranteeing Subsidiary which sale, exchange, disposition or other transfer is made in a manner not in violation of the applicable provisions of the Indenture; 

(b) after the initial effectiveness of the Senior Credit Facilities, the release or discharge of the guarantee by the
Guaranteeing Subsidiary of the Senior Credit Facilities or the guarantee which resulted in the creation of such Guarantee, in each case except a release or discharge by or as a result of payment under such guarantee; 

(c) designation of Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the provisions set forth under
Section 4.07 of the Indenture and the definition of “Unrestricted Subsidiary”; 
 (d) the Issuer’s
exercise of its legal defeasance option or covenant defeasance option as described under Article VIII of the Indenture or the Issuer’s obligations under the Indenture being discharged in a manner not in violation of Article XI; 

(e) the occurrence of a Covenant Suspension Event as described in Section 4.15 of the Indenture; provided that such
Guarantee will be reinstated upon the applicable Reversion Date in accordance with Section 4.15(c) of the Indenture; or 

(f) the initial effectiveness of the Senior Credit Facilities, if such Guaranteeing Subsidiary does not guarantee the Senior
Credit Facilities at such time. 
 (6) No Recourse Against Others. No director, officer, employee, incorporator, member or
stockholder of the Guaranteeing Subsidiary, in their capacity as such, shall have any liability for any obligations of the Issuer or the Guarantors (including the Guaranteeing Subsidiary) under the Notes, the Guarantees, the Indenture or this
Supplemental Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes. 
 (7) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 

  
 D-5 

 (8) Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes. 

(9) Effect of Headings. The Section headings herein are for convenience of reference only, and are not to be considered part of this
Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions. 
 (10) The Trustee. The Trustee shall
not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary.

 (11) Subrogation. The Guaranteeing Subsidiary shall be subrogated to all rights of Holders of Notes against the Issuer in respect
of any amounts paid by the Guaranteeing Subsidiary pursuant to the provisions of Section 2 hereof and Section 10.01 of the Indenture; provided that the Guaranteeing Subsidiary shall not be entitled to enforce or receive any payments
arising out of, or based upon, such right of subrogation until all obligations of the Issuer under the Indenture and the Notes shall have been paid in full. 

(12) Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the
Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it
pursuant to this Guarantee are knowingly made in contemplation of such benefits. 
 (13) Successors. All agreements of the
Guaranteeing Subsidiary in this Supplemental Indenture shall bind its Successors, except as otherwise provided in Section 2(k) hereof or elsewhere in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture
shall bind its successors. 
 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of
the date first above written. 
  

					
	[GUARANTEEING SUBSIDIARY],
			
		 	By 	 	  

		 		 	Name:
		 		 	Title:

  
 D-6 

 
					
	[WELLS FARGO BANK, NATIONAL ASSOCIATION], as Trustee
			
		 	By 	 	  

		 		 	Name:
		 		 	Title:

  
 D-7FORM OF Employee Matters Agreement

 Exhibit 10.3 

EMPLOYEE MATTERS AGREEMENT 
 By
and Between 
 TIME WARNER INC. 

and 
 TIME INC. 

Dated as of             , 2014 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	
	Definitions	  
			
	 SECTION 1.01.
	  	 Definitions
	  	 	1	  
	
	ARTICLE II	  
	
	General Principles; Transfer of Certain U.S. Employees; Service Providers	  
			
	 SECTION 2.01.
	  	 Transfer of Transferred To Time Employees
	  	 	10	  
	 SECTION 2.02.
	  	 Transfer of Transferred To TWX Employees
	  	 	10	  
	 SECTION 2.03.
	  	 Collectively Bargained Employees
	  	 	10	  
	 SECTION 2.04.
	  	 Noncovered Former Time Employees; Noncovered Former TWX Employees; Time Service Providers; Former Time Service Providers
	  	 	10	  
	 SECTION 2.05.
	  	 Benefit Plans
	  	 	11	  
	 SECTION 2.06.
	  	 Allocation of Employment Liabilities for Transferred To Time Employees and Transferred To TWX Employees
	  	 	11	  
	
	ARTICLE III	  
	
	Annual Bonuses for Year of Distribution	  
			
	 SECTION 3.01.
	  	 Transferred To Time Employee Bonuses
	  	 	12	  
	 SECTION 3.02.
	  	 Transferred To TWX Employee Bonuses
	  	 	12	  
	 SECTION 3.03.
	  	 Time Annual Incentive Plan; Time Annual Sales Incentive Plan
	  	 	12	  
	 SECTION 3.04.
	  	 Time Long-Term Incentive Plan
	  	 	12	  
	 SECTION 3.05.
	  	 Time Transaction Bonuses
	  	 	13	  
	
	ARTICLE IV	  
	
	Service Credit	  
			
	 SECTION 4.01.
	  	 TWX Benefit Plans
	  	 	13	  
	 SECTION 4.02.
	  	 Time Benefit Plans
	  	 	13	  

  
 i 

							
	
	ARTICLE V	 
	
	Severance	  
			
	 SECTION 5.01.
	  	 Transferred To Time Employees
	  	 	13	  
	 SECTION 5.02.
	  	 Transferred To TWX Employees
	  	 	14	  
	 SECTION 5.03.
	  	 Post-Distribution Severance
	  	 	14	  
	
	ARTICLE VI	  
	
	Certain U.S. Welfare Benefit Plan Matters	  
			
	 SECTION 6.01.
	  	 Time Welfare Plans
	  	 	14	  
	 SECTION 6.02.
	  	 Allocation of Welfare Benefit Claims
	  	 	15	  
	 SECTION 6.03.
	  	 Workers’ Compensation Claims
	  	 	15	  
	 SECTION 6.04.
	  	 COBRA
	  	 	16	  
	 SECTION 6.05.
	  	 New York State Unemployment Contributions
	  	 	16	  
	
	ARTICLE VII	  
	
	U.S. Retiree Medical Benefits	  
			
	 SECTION 7.01.
	  	 Subsidized Retiree Medical Benefits
	  	 	17	  
	 SECTION 7.02.
	  	 Unsubsidized Retiree Medical Benefits
	  	 	17	  
	
	ARTICLE VIII	  
	
	U.S. Defined Benefit Pension Plans	  
			
	 SECTION 8.01.
	  	 TWX U.S. Pension Plan
	  	 	17	  
	 SECTION 8.02.
	  	 TWX Excess Benefit Pension Plan
	  	 	18	  
	
	ARTICLE IX	  
	
	U.S. Defined Contribution Plans	  
			
	 SECTION 9.01.
	  	 Time 401(k) Plan
	  	 	19	  
	 SECTION 9.02.
	  	 Trust-to-Trust Transfer
	  	 	19	  
	 SECTION 9.03.
	  	 401(k) Rollover
	  	 	19	  
	 SECTION 9.04.
	  	 Employer 401(k) Plan Contributions
	  	 	20	  
	 SECTION 9.05.
	  	 Limitation of Liability
	  	 	21	  

  
 ii 

							
	
	ARTICLE X	 
	
	U.S. Nonqualified Deferred Compensation	  
			
	 SECTION 10.01.
	  	 TWX Nonqualified Plans
	  	 	21	  
	 SECTION 10.02.
	  	 Split Dollar Life Insurance Contracts
	  	 	22	  
	 SECTION 10.03.
	  	 Individual Deferred Compensation Arrangement
	  	 	22	  
	 SECTION 10.04.
	  	 No Distributions
	  	 	22	  
	 SECTION 10.05.
	  	 Section 409A
	  	 	22	  
	
	ARTICLE XI	  
	
	U.S. Dependent Care and Medical Flexible Spending Arrangements;	  
	Medical Insurance Premiums	  
			
	 SECTION 11.01.
	  	 Dependent Care and Medical Flexible Spending Arrangements
	  	 	23	  
	 SECTION 11.02.
	  	 Medical Insurance Premiums
	  	 	24	  
	
	ARTICLE XII	  
	
	U.S. Transportation Benefit Programs	  
			
	 SECTION 12.01.
	  	 Transportation Benefit Programs
	  	 	25	  
	
	ARTICLE XIII	  
	
	U.S. Vacation and Sabbatical Program	  
			
	 SECTION 13.01.
	  	 Vacation
	  	 	26	  
	 SECTION 13.02.
	  	 Sabbatical Program
	  	 	27	  
	
	ARTICLE XIV	  
	
	Non-U.S. Employees	  
			
	 SECTION 14.01.
	  	 General
	  	 	27	  
	 SECTION 14.02.
	  	 Certain Laws
	  	 	27	  
	 SECTION 14.03.
	  	 Employee Transfers
	  	 	27	  
	 SECTION 14.04.
	  	 U.K. Employees
	  	 	27	  
	 SECTION 14.05.
	  	 Canadian Defined Contribution Plans
	  	 	29	  
	 SECTION 14.06.
	  	 Payroll Services in Certain Jurisdictions
	  	 	29	  
	 SECTION 14.07.
	  	 Certain Expatriate Benefit Plans
	  	 	30	  

  
 iii 

							
	
	ARTICLE XV	 
	
	TWX Equity Compensation Awards	  
			
	 SECTION 15.01.
	  	 General Treatment of Outstanding TWX Equity Compensation Awards
	  	 	30	  
	 SECTION 15.02.
	  	 Treatment of Outstanding TWX Equity Compensation Awards Held by Joseph A. Ripp and Jeffrey J. Bairstow
	  	 	31	  
	 SECTION 15.03.
	  	 Replacement Time Equity Compensation Awards
	  	 	32	  
	 SECTION 15.04.
	  	 Tax Withholding and Reporting
	  	 	32	  
	 SECTION 15.05.
	  	 Reports
	  	 	33	  
	 SECTION 15.06.
	  	 Recharge Agreements
	  	 	33	  
	
	ARTICLE XVI	  
	
	Administrative Costs and Benefit Plan Reimbursements	  
			
	 SECTION 16.01.
	  	 Time Reimbursement of TWX for Post-Separation Administrative Services
	  	 	34	  
	 SECTION 16.02.
	  	 Pre-Separation Benefit Plan Matters
	  	 	34	  
	 SECTION 16.03.
	  	 Benefit Plan Indemnification
	  	 	35	  
	
	ARTICLE XVII	  
	
	Cooperation; Production of Witnesses; Works Councils	  
			
	 SECTION 17.01.
	  	 Cooperation
	  	 	36	  
	 SECTION 17.02.
	  	 Production of Witnesses; Records; Further Cooperation
	  	 	36	  
	 SECTION 17.03.
	  	 Works Councils; Employee and Service Provider Notices
	  	 	37	  
	
	ARTICLE XVIII	  
	
	Reimbursements	  
			
	 SECTION 18.01.
	  	 Reimbursements by the Time Group
	  	 	38	  
	 SECTION 18.02.
	  	 Reimbursements by the TWX Group
	  	 	38	  
	 SECTION 18.03.
	  	 Invoices
	  	 	39	  
	
	ARTICLE XIX	  
	
	Termination	  
			
	 SECTION 19.01.
	  	 Termination
	  	 	39	  
	 SECTION 19.02.
	  	 Effect of Termination
	  	 	39	  

  
 iv 

							
	
	ARTICLE XX	 
	
	Indemnification	  
			
	 SECTION 20.01.
	  	 Incorporation of Indemnification Provisions of Separation Agreement
	  	 	39	  
	
	ARTICLE XXI	  
	
	Further Assurances and Additional Covenants	  
			
	 SECTION 21.01.
	  	 Further Assurances
	  	 	39	  
	
	ARTICLE XXII	  
	
	Miscellaneous	  
			
	 SECTION 22.01.
	  	 Administration
	  	 	40	  
	 SECTION 22.02.
	  	 Employment Tax Reporting Responsibility
	  	 	40	  
	 SECTION 22.03.
	  	 Data Privacy
	  	 	41	  
	 SECTION 22.04.
	  	 Confidentiality
	  	 	41	  
	 SECTION 22.05.
	  	 Counterparts; Entire Agreement; Corporate Power
	  	 	42	  
	 SECTION 22.06.
	  	 Governing Law; Jurisdiction
	  	 	43	  
	 SECTION 22.07.
	  	 Assignability
	  	 	43	  
	 SECTION 22.08.
	  	 No Third-Party Beneficiaries
	  	 	43	  
	 SECTION 22.09.
	  	 Notices
	  	 	44	  
	 SECTION 22.10.
	  	 Severability
	  	 	44	  
	 SECTION 22.11.
	  	 Headings
	  	 	45	  
	 SECTION 22.12.
	  	 Survival of Covenants
	  	 	45	  
	 SECTION 22.13.
	  	 Waivers of Default
	  	 	45	  
	 SECTION 22.14.
	  	 Specific Performance
	  	 	45	  
	 SECTION 22.15.
	  	 Amendments
	  	 	45	  
	 SECTION 22.16.
	  	 Interpretation
	  	 	45	  

  
 v 

 EMPLOYEE MATTERS AGREEMENT (this “Agreement”), dated as of
            , 2014, by and between TIME WARNER INC., a Delaware corporation (“TWX”), and TIME INC., a Delaware corporation (“Time”, and together with TWX,
the “Parties”). 
 R E C I T A L S 

WHEREAS the Parties are entering into the Separation and Distribution Agreement (the “Separation Agreement”) concurrently
herewith, pursuant to which TWX intends to distribute to its shareholders its entire interest in Time by way of a stock dividend to be made to holders of TWX Common Stock (as defined below) (the “Distribution”); 

WHEREAS, in preparation for the Distribution, certain members of the Time Group (as defined below) established certain U.S. welfare and
benefit plans and programs effective as of early January 2014 and certain U.K. welfare and benefit plans effective as of early April 2014, with respect to which TWX will provide certain administrative support through the Distribution Date; and 

WHEREAS the Parties wish to set forth their agreements as to certain matters regarding employment, compensation, employee benefits and
arrangements with non-employee service providers. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained in this Agreement, the Parties, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 

Definitions 
 SECTION
1.01. Definitions. For purposes of this Agreement, the following terms shall have the following meanings. 
 “401(k)
Effective Date” has the meaning set forth in Section 9.01. 
 “401(k) Transfer Date” has the meaning
set forth in Section 9.02. 
 “Action” shall mean any claim, demand, action, suit, countersuit, arbitration,
inquiry, proceeding or investigation by or before any Governmental Authority or any Federal, state, local, foreign or international arbitration or mediation tribunal. 

“Agreement” has the meaning set forth in the preamble. 

“Ancillary Agreements” means the TSA, TMA, Credit Support Agreement, Group Data Processing Agreement, IT Applications and
Database 

 
Agreement and any other instruments, assignments, documents and agreements executed in connection with the implementation of the transactions contemplated by the Separation Agreement. 

“Applicable Recharge Agreements” has the meaning set forth in Section 15.06. 

“Bairstow” has the meaning set forth in Section 15.02. 

“Bairstow Employment Agreement” has the meaning set forth in Section 15.02. 

“Benefit Plan” shall mean any plan, program, policy, agreement, arrangement or understanding that is an employment,
consulting, deferred compensation, executive compensation, incentive bonus or other bonus, employee pension, profit sharing, savings, retirement, supplemental retirement, stock option, stock purchase, stock appreciation right, restricted stock,
restricted stock unit, deferred stock unit, other equity-based compensation, severance pay, retention, change in control, salary continuation, life, death benefit, health, hospitalization, workers’ compensation, sick leave, vacation pay,
disability or accident insurance or other employee benefit plan, program, agreement or arrangement, including any “employee benefit plan” (as defined in Section 3(3) of ERISA) (whether or not subject to ERISA) sponsored or maintained
by such entity or to which such entity is a party. 
 “COBRA” shall mean the U.S. Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended. 
 “Code” shall mean the U.S. Internal Revenue Code of 1986, as amended. 

“Converted Time Option” has the meaning set forth in Section 15.02. 

“Converted Time RSU” has the meaning set forth in Section 15.02. 

“Credit Support Agreement” shall mean the Credit Support Agreement dated as of the date of the Separation Agreement by and
between TWX and Time. 
 “Distribution” has the meaning set forth in the recitals. 

“Distribution Date” means the date on which the Distribution occurs. 

“Employee” shall mean any individual employed by another Person. 

“Employment Taxes” shall mean all fees, Taxes, social insurance payments or similar contributions to a fund of a Governmental
Authority with respect to wages or other compensation of an Employee or Service Provider. 
 “ERISA” shall mean the
U.S. Employee Retirement Income Security Act of 1974, as amended. 

  
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 “Established U.K. Time Welfare Plans” has the meaning set forth in
Section 14.04(d). 
 “Established U.S. Time Welfare Plans” has the meaning set forth in
Section 6.01. 
 “Establishment Date” shall mean the date on which the applicable Time Benefit Plan was or will
be established. 
 “Fair Market Value” of a share of TWX Common Stock or Time Common Stock shall mean, with respect to any
given date, (a) if there should be a public market for such stock on such date, the closing sale price of such stock on the NYSE Composite Tape, or, if such stock is not listed or admitted on any national securities exchange, the average of the
per share closing bid price and per share closing asked price on such date for such stock as quoted on the NASDAQ (or such market in which such prices are regularly quoted), or, if no sale of shares of such stock shall have been reported on the NYSE
Composite Tape or quoted on the NASDAQ on such date, then the immediately preceding date on which sales of shares of such stock have been so reported or quoted shall be used and (b) if there should not be a public market for such stock on such
date, the Fair Market Value shall be the value established by TWX or Time in good faith. 
 “Forfeited TWX Equity Compensation
Award” has the meaning set forth in Section 15.03. 
 “Former Time Employee” shall mean, as of an
applicable date, each individual who is a former Employee of a member of the Time Group (including each Noncovered Former TWX Employee who was employed by the Time Group at the time that employment with both Groups terminated and each former
Employee of the Time Group whose employment with the Time Group terminated due to long-term disability) but excluding any Transferred To TWX Employee and any Noncovered Former Time Employee. For purposes of this Agreement, references to a
“Former Time Employee” shall not be deemed to refer to a Salary Continuation Former Employee, who shall be addressed specifically where applicable. 

“Former Time Service Provider” shall mean each individual or entity that is a former Service Provider of a member of the Time
Group. 
 “Governmental Authority” shall mean any Federal, state, local, domestic, foreign or international court,
government, department, commission, board, bureau, agency, official or other legislative, judicial, regulatory, administrative or governmental authority. 

“Group” shall mean either the TWX Group or the Time Group, as the context requires. 

“Group Data Processing Agreement” shall mean the Group Data Processing Agreement dated as of the date of the Separation
Agreement by and between TWX and Time. 

  
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 “Information” shall mean information, whether or not patentable or
copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs,
specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys
(including attorney-client privileged communications), memos and other materials prepared by attorneys or under their direction (including attorney work product) and other technical, financial, Employee, Service Provider or business information or
data. 
 “IPC” shall mean IPC Media Limited. 

“IPC Pension Scheme” has the meaning set forth in Section 14.04(b). 

“IT Applications and Database Agreement” shall mean the IT Applications and Database Agreement dated as of the date of the
Separation Agreement by and between TWX and Time. 
 “Liabilities” shall mean any and all claims, debts, demands, actions,
causes of action, suits, damages, obligations, accruals, accounts payable, reckonings, bonds, indemnities and similar obligations, agreements, promises, guarantees, make whole agreements and similar obligations and other liabilities and
requirements, including all contractual obligations, whether absolute or contingent, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising and including those arising under any law, rule,
regulation, Action, threatened or contemplated Action, order or consent decree of any Governmental Authority or any award of any arbitrator or mediator of any kind and those arising under any contract, commitment or undertaking, including those
arising under this Agreement, in each case, whether or not recorded or reflected or required to be recorded or reflected on the books and records or financial statements of any Person. For the avoidance of doubt, Liabilities (a) shall include
attorneys’ fees, the costs and expenses of all assessments, judgments, settlements and compromises and any and all other costs and expenses whatsoever reasonably incurred in connection with anything contemplated by the preceding sentence and
(b) shall not include liabilities or requirements related to Taxes. 
 “Noncovered Former Time Employee” shall mean
any former Employee of a member of the Time Group who became an employee of a member of the TWX Group prior to January 1, 2014. 

“Noncovered Former TWX Employee” shall mean any former Employee of a member of the TWX Group who became an employee of a
member of the Time Group prior to January 1, 2014. 
 “Parties” has the meaning set forth in the preamble. 

  
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 “Person” shall mean an individual, a general or limited partnership, a
corporation, a trust, a joint venture, an unincorporated organization, a limited liability company, any other entity and any Governmental Authority. 

“Post-Separation Time Employee” shall mean each Employee who is employed by a member of the Time Group immediately following
the Distribution, including each Transferred To Time Employee. 
 “Ripp” has the meaning set forth in
Section 15.02. 
 “Ripp Employment Agreement” has the meaning set forth in Section 15.02. 

“Salary Continuation Former Employee” shall mean any former Time Employee who was employed by Time or a U.S. Subsidiary
of Time immediately prior to termination of his or her employment, is receiving salary continuation severance payments or separation payments and, during such period of continued payments, continues to be treated like an active Employee for purposes
of participation in certain health and welfare plans. 
 “Schedule 5.02 Severance Amounts” has the meaning set forth
in Section 5.02. 
 “Separation Agreement” has the meaning set forth in the recitals. 

“Service Provider” shall mean any individual or entity providing services for another Person, whether as an independent
contractor or other similar role (other than as an Employee). 
 “Subsidiary” of any Person shall mean any corporation or
other organization whether incorporated or unincorporated of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing
similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries; provided,
however, that (a) no Person that is not directly or indirectly wholly owned by any other Person shall be a Subsidiary of such other Person unless such other Person controls, or has the right, power or ability to control, that Person and
(b) solely for purposes of this Agreement, Time and its Subsidiaries shall not be considered Subsidiaries of TWX prior to the Distribution. 

“Taxes” shall mean all forms of taxation or duties imposed, or required to be collected or withheld, including (but not
limited to) all forms of income taxes, social insurance charges, payroll tax payments or other tax-related amounts, together with any related interest, penalties or other additional amounts. 

“Time” has the meaning set forth in the preamble. 

  
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 “Time 401(k) Plan” has the meaning set forth in Section 9.01. 

“Time Atlantic” shall mean Time Atlantic Europe Holdings Limited. 

“Time Benefit Plan” shall mean any Benefit Plan sponsored or maintained by any member of the Time Group. 

“Time Canada” shall mean Time Canada Ltd. 

“Time Canada DC Plan” has the meaning set forth in Section 14.05. 

“Time Common Stock” shall mean the common stock, $0.01 par value per share, of Time. 

“Time Employee” shall mean, as of an applicable date, each Employee employed by a member of the Time Group, including any
individual who is on a leave of absence (including short-term disability but excluding long-term disability) from which such Employee is permitted to return to active employment in accordance with the Time Group’s personnel policies and
including any Noncovered Former TWX Employee who is not a Former Time Employee, but excluding (i) any Former Time Employee, (ii) any Noncovered Former Time Employee and (iii) as of the applicable Transfer Time, any Transferred To TWX
Employee. 
 “Time Excess Benefit Pension Plan” has the meaning set forth in Section 8.02. 

“Time Excess Pension Participants” shall mean each individual who is or was a participant in the TWX Excess Pension Benefit
Plan and (i) at any time on or following January 1, 2014, was or became a Time Employee (including any Transferred To Time Employee but excluding any Transferred To TWX Employee) or (ii) at any time on or following December 31,
2013, was or became a Salary Continuation Former Employee. 
 “Time Flexible Spending Account Plan” has the meaning set
forth in Section 11.01. 
 “Time Group” shall mean Time and each of its Subsidiaries. For all purposes of this
Agreement, IPC, Time Atlantic and Time Canada and their respective Subsidiaries shall be considered Subsidiaries of Time and members of the Time Group. 

“Time Indemnitees” shall mean Time, each other member of the Time Group and each of their respective former and current
directors, officers and Employees, and each of the heirs, executors, successors and assigns of any of the foregoing. 
 “Time
Nonqualified Plans” has the meaning set forth in Section 10.01. 
 “Time Service Provider” shall mean,
as of an applicable date, each Service Provider providing services to a member of the Time Group. 

  
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 “Time Transaction Bonuses” has the meaning set forth in
Section 3.05. 
 “Time Transportation Benefit Program” has the meaning set forth in Section 12.01.

 “Time U.K. Group Personal Pension Plan” has the meaning set forth in Section 14.04(c). 

“Time U.S. Workers’ Compensation Program” has the meaning set forth in Section 6.03. 

“TMA” shall mean the Tax Matters Agreement dated as of the date of the Separation Agreement by and between TWX and Time. 

“TMEL” has the meaning set forth in Section 14.04(a). 

“Transfer Time” shall mean the time at which (i) a Transferred To TWX Employee commences employment with a member of the
TWX Group or (ii) a Transferred To Time Employee commences employment with a member of the Time Group, as applicable. 

“Transferred To Time Employee” has the meaning set forth in Section 2.01. 

“Transferred To TWX Employee” has the meaning set forth in Section 2.02. 

“TSA” means the Transition Services Agreement dated as of the date of this Agreement between TWX and Time. 

“TWECEPP” has the meaning set forth in Section 14.05. 

“TWMPPP” has the meaning set forth in Section 14.04(c). 

“TWUKPP” has the meaning set forth in Section 14.04(a). 

“TWUKPP Exit Time” has the meaning set forth in Section 14.04(a). 

“TWX” has the meaning set forth in the preamble. 

“TWX 401(k) Plan” has the meaning set forth in Section 9.01. 

“TWX Benefit Plan” shall mean any Benefit Plan sponsored or maintained by any member of the TWX Group. 

“TWX Benefit Plan Costs” has the meaning set forth in Section 16.02. 

“TWX Benefit Plan Costs Reimbursement Amount” shall mean, with respect to any calendar quarter ending at or after the
Distribution Date, the amount, if 

  
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any, by which the TWX Benefit Costs incurred by the members of the TWX Group during such calendar quarter exceed the TWX Benefit Plan Rebates received by the members of the TWX Group during such
calendar quarter (in each case, as set forth in Section 16.02), which amount shall be paid pursuant to Section 18.01. 

“TWX Benefit Plan Rebates” has the meaning set forth in Section 16.02. 

“TWX Benefit Plan Rebate Reimbursement Amount” shall mean, with respect to any calendar quarter ending at or after the
Distribution Date, the amount, if any, by which the TWX Benefit Plan Rebates received by the members of the TWX Group during such calendar quarter exceed the TWX Benefit Plan Costs incurred by the members of the TWX Group during such calendar
quarter, which amount shall be paid pursuant to Section 18.02. 
 “TWX Common Stock” shall mean the common
stock, $0.01 par value per share, of TWX. 
 “TWX Dividend Equivalents” shall mean cash dividend equivalents based on cash
dividends declared and paid by TWX on the TWX Common Stock that are paid with respect to TWX RSUs held by Post-Separation Time Employees, Salary Continuation Former Employees or Former Time Employees. 

“TWX Dividend Equivalent Reimbursement Amount” shall mean an amount equal to the TWX Dividend Equivalent payments made by a
member of the Time Group to Post-Separation Time Employees, Salary Continuation Former Employees or Former Time Employees pursuant to Section 15.01. For the avoidance of doubt, such amount shall not include the employer-paid portion of
any Employment Taxes due with respect to such amount. 
 “TWX Equity Compensation Award” has the meaning set forth in
Section 15.01. 
 “TWX Equity Compensation Award Withholding Reimbursement Amount” shall mean the sum of
(i) the Fair Market Value of the shares of TWX Common Stock (if any) withheld by a member of the TWX Group (determined as of the date that such shares are withheld) and (ii) the cash paid over to a member of the TWX Group, in each case,
pursuant to Section 15.04 in connection with the exercise of a TWX Option or the vesting or settlement of a TWX RSU held by a Post-Separation Time Employee, Salary Continuation Former Employee or Former Time Employee. For the avoidance
of doubt, such amount shall not include the employer-paid portion of any Employment Taxes due with respect to such amount. 
 “TWX
Equity Reimbursement Amounts” shall mean amounts payable to TWX with respect to each exercise, vesting or settlement, as applicable, of TWX Equity Compensation Awards as determined pursuant to the Applicable Recharge Agreements. 

“TWX Excess Benefit Pension Plan” has the meaning set forth in Section 8.02. 

  
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 “TWX Flexible Spending Account Plan” has the meaning set forth in
Section 11.01. 
 “TWX Group” shall mean TWX and each of its Subsidiaries. 

“TWX Indemnitee” shall mean TWX, each other member of the TWX Group and each of their respective former and current
directors, officers and Employees, and each of the heirs, executors, successors and assigns. 
 “TWX Nonqualified Plans”
has the meaning set forth in Section 10.01. 
 “TWX Option” has the meaning set forth in
Section 15.01. 
 “TWX RSU” has the meaning set forth in Section 15.01. 

“TWX Services” has the meaning set forth in Section 16.01. 

“TWX Services Reimbursement Amounts” has the meaning set forth in Section 16.01. 

“TWX Transportation Benefit Plan” has the meaning set forth in Section 12.01. 

“TWX U.S. Pension Plan” has the meaning set forth in Section 8.01. 

“TWX U.S. Workers’ Compensation Program” has the meaning set forth in Section 6.03. 

“TWX Welfare Plan” shall mean each Welfare Plan sponsored or maintained by a member of the TWX Group. 

“Welfare Plan” shall mean each Benefit Plan that provides life insurance, health care, dental care, accidental death and
dismemberment insurance, disability, severance, vacation or other group welfare or fringe benefits. 
 “U.S. Workers’
Compensation Effective Date” has the meaning set forth in Section 6.03. 
 “U.S. Workers’
Compensation Event” shall mean the event, injury, illness or condition giving rise to a workers’ compensation claim with respect to a Time Employee who is employed primarily in the U.S. 

“U.S. Workers’ Compensation Reimbursement Amounts” shall mean the amount, if any, by which (i) the amount
actually payable by the members of the TWX Group in respect of the participation of Time Employees, Salary Continuation Former Employees and Former Time Employees in the TWX U.S. Workers’ Compensation Plan for any period prior to the
U.S. Workers’ Compensation Effective Date exceeds (ii) the amount that the TWX Group charged the members of the Time Group in respect of such period of participation. 

  
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 “Withholding Amount” has the meaning set forth in Section 15.04.

 ARTICLE II 
 General
Principles; Transfer of Certain U.S. Employees; Service Providers 
 Except as specifically set forth herein, the terms of this
Article II (other than Sections 2.03, 2.04 and 2.05) apply solely to Employees who work primarily in the U.S. 

SECTION 2.01. Transfer of Transferred To Time Employees. Prior to the Distribution, TWX shall, or shall cause its Subsidiaries to,
transfer to a member of the Time Group the employment of each Employee set forth on Schedule 2.01, such that these individuals are not Employees of the TWX Group at the time of the Distribution. Schedule 2.01 may be updated by mutual
agreement of TWX and Time from time to time prior to the Distribution. Each Employee who is transferred to the Time Group pursuant to this Section 2.01 is referred to herein as a “Transferred To Time Employee”. 

SECTION 2.02. Transfer of Transferred To TWX Employees. Prior to the Distribution, Time shall, or shall cause its Subsidiaries to,
transfer or cause to be transferred to a member of the TWX Group the employment of each Employee set forth on Schedule 2.02, such that these individuals are not Employees of the Time Group at the time of the Distribution. Schedule 2.02 may
be updated by mutual agreement of TWX and Time from time to time prior to the Distribution. Each Employee who is transferred to the TWX Group pursuant to this Section 2.02 is referred to herein as a “Transferred To TWX
Employee”. 
 SECTION 2.03. Collectively Bargained Employees. All provisions contained in this Agreement shall apply equally
to any Employee who is covered by a collective bargaining, works council or other labor union agreement (including any such Employee who is employed primarily outside the U.S.), except to the extent that any such agreement specifically provides for
the benefit contemplated by such provision and, in each such case, the agreement shall apply rather than the terms of this Agreement. 

SECTION 2.04. Noncovered Former Time Employees; Noncovered Former TWX Employees; Time Service Providers; Former Time Service Providers.
Except as otherwise provided in this Agreement, the members of the TWX Group shall be responsible for all actual or potential employment Liabilities relating to periods during which Noncovered Former TWX Employees were employed by the TWX Group
(including any such Employees who were employed outside the U.S.), and members of the Time Group shall be responsible for all actual or potential employment Liabilities relating to periods during which Noncovered Former Time Employees were employed
by the Time Group (including any such Employees who were employed outside the U.S.). Except as otherwise specifically provided in this Agreement, the provisions of this 

  
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Agreement do not apply to Time Service Providers and Former Time Service Providers and the members of the Time Group shall be responsible for all actual or potential Liabilities relating to
periods during which Time Service Providers and Former Time Service Providers provided services to members of the Time Group (including any such Service Providers who provided services outside the U.S.), including (a) Liabilities relating to
the misclassification of any Person as a Service Provider and not as an Employee of a member of the Time Group, (b) Liabilities for Taxes (including any Employment Taxes) with respect to such Time Service Provider or Former Time Service
Provider, (c) accounts payable owed to any Time Service Provider or Former Time Service Provider and (d) any claims made by any Time Service Provider or Former Time Service Provider with respect to benefits under any Benefit Plan. 

SECTION 2.05. Benefit Plans. Except as otherwise specifically provided in this Agreement, (a) each Time Employee and Salary
Continuation Former Employee (and each of their respective dependents and beneficiaries) ceased active participation in, and the members of the Time Group ceased to be participating employers in, all TWX Benefit Plans listed on Schedule 2.05(a)
and, effective as of the applicable Establishment Dates set forth in such schedule, Time Employees and Salary Continuation Former Employees began participating in the corresponding Time Benefit Plans listed on such schedule, and (b) as of the
Distribution Date, each Time Employee and Salary Continuation Former Employee (and each of their respective dependents and beneficiaries) shall cease active participation in, and the members of the Time Group shall cease to be participating
employers in, all TWX Benefit Plans listed on Schedule 2.05(b) and, as of the applicable time, Time or one or more of its Subsidiaries had in effect or Time shall, or shall cause its Subsidiaries to, have in effect, such corresponding Time
Benefit Plans as are necessary to comply with its obligations pursuant to this Agreement, including Sections 6.01, 6.03, 6.04, 7.02, 8.02, 9.01, 9.02, 9.03, 10.01, 11.01,
12.01, 15.02 and 15.03. TWX acknowledges that as of the execution of this Agreement, Time has, or has caused its Subsidiaries to, have in effect the Time Benefit Plans listed on Schedule 2.05(a). As of the Distribution
Date, except as otherwise specifically provided in this Agreement and subject to Section 16.03, (i) TWX shall, or shall cause one or more members of the TWX Group to, retain, pay, perform, fulfill and discharge all Liabilities
arising out of or relating to all TWX Benefit Plans, and (ii) Time shall, or shall cause one or more members of the Time Group to, retain, pay, perform, fulfill and discharge all Liabilities arising out of or relating to all Time Benefit Plans.
Except as otherwise specifically provided in this Agreement, prior to, on and after the Distribution Date, the Time Group shall be solely responsible for providing payroll services to the Time Employees, Salary Continuation Former Employees and
Former Time Employees. 
 SECTION 2.06. Allocation of Employment Liabilities for Transferred To Time Employees and Transferred To TWX
Employees. Except as otherwise specifically provided in this Agreement, effective as of the relevant Transfer Time, (a) the members of the TWX Group shall be responsible for all actual or potential employment and employee benefits-related
Liabilities incurred prior to the Transfer Time that relate to the Transferred To Time Employees (or any dependent or beneficiary of any Transferred To Time Employee) and (b) the members of the Time Group shall be

  
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responsible for all actual or potential employment and employee benefits-related Liabilities incurred at or after the Transfer Time that relate to the Transferred To Time Employees (or any
dependent or beneficiary of any Transferred To Time Employee). Except as otherwise specifically provided in this Agreement, effective as of the relevant Transfer Time, (i) the members of the Time Group shall be responsible for all actual or
potential employment and employee benefits-related Liabilities incurred prior to the Transfer Time that relate to the Transferred To TWX Employees (or any dependent or beneficiary of any Transferred To TWX Employee) and (ii) the members of the
TWX Group shall be responsible for all actual or potential employment and employee benefits-related Liabilities incurred at or after the Transfer Time that relate to the Transferred To TWX Employees (or any dependent or beneficiary of any
Transferred To TWX Employee). 
 ARTICLE III 

Annual Bonuses for Year of Distribution 

Except as specifically set forth herein, the terms of this Article III (other than Sections 3.03, 3.04 and
3.05) apply solely to Employees who work primarily in the U.S. 
 SECTION 3.01. Transferred To Time Employee Bonuses. The
members of the Time Group shall (a) determine the amount of the bonus (if any) payable to each Transferred To Time Employee under the applicable annual incentive plan or arrangement of a member of the Time Group for the year that includes the
applicable Transfer Time and (b) be solely liable for any such bonus. 
 SECTION 3.02. Transferred To TWX Employee Bonuses. The
members of the TWX Group shall (a) determine the amount of the bonus (if any) payable to each Transferred To TWX Employee under the applicable annual incentive plan or arrangement of a member of the TWX Group for the year that includes the
applicable Transfer Time and (b) be solely liable for any such bonus. 
 SECTION 3.03. Time Annual Incentive Plan; Time Annual Sales
Incentive Plan. The Time Group shall retain all Liabilities with respect to Time Employees, Salary Continuation Former Employees and Former Time Employees (including Time Employees or Former Time Employees who are employed primarily outside the
U.S.) under each applicable annual cash incentive plan or arrangement of a member of the Time Group, including the Time Annual Incentive Plan and the Time Advertising Sales Incentive Plan, in each case, that relate to the year that includes the
Distribution. 
 SECTION 3.04. Time Long-Term Incentive Plan. The Time Group shall retain all Liabilities with respect to Time
Employees, Salary Continuation Former Employees, Former Time Employees or any other Employees (including Time Employees, Former Time Employees, Noncovered Former Time Employees or any other Employees employed primarily outside the U.S.) under the
Time Inc. 2012-2014 Cash Long-Term Incentive Plan. 

  
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 SECTION 3.05. Time Transaction Bonuses. The Parties acknowledge that certain Time
Employees (including any such Time Employees employed outside the U.S.) may be entitled to receive a cash bonus payment on account of the occurrence of the Distribution (the “Time Transaction Bonuses”). The Time Group shall retain
Liability with respect to the Time Transaction Bonuses. 
 ARTICLE IV 

Service Credit 
 SECTION
4.01. TWX Benefit Plans. As of the Distribution Date (or, if earlier, the date that the applicable Time Benefit Plan is established), service of Time Employees or Salary Continuation Former Employees with any member of the Time Group or any
other employer, as applicable, other than any member of the TWX Group, shall not be taken into account for any purpose under the corresponding TWX Benefit Plan, except for purposes of determining the timing of the payment of compensation or the
provision of benefits under such TWX Benefit Plan, to the extent that the timing of such payment or provision is triggered under such TWX Benefit Plan by the Time Employee’s or Salary Continuation Former Employee’s separation from service
from the Time Group. 
 SECTION 4.02. Time Benefit Plans. Unless prohibited by applicable law, Time shall, and shall cause its
Subsidiaries to, credit service accrued by each Post-Separation Time Employee with, or otherwise recognized for benefit plan purposes by, any member of the TWX Group or the Time Group at the time of or prior to the Distribution for purposes of
(a) eligibility and vesting under each Time Benefit Plan under which service is relevant in determining eligibility or vesting, (b) determining the amount of severance payments and benefits (if any) payable under each Time Benefit Plan
that provides severance payments or benefits and (c) determining the number of vacation days to which each such Employee will be entitled following the Distribution, in the case of clauses (a), (b) and (c), (i) to the same extent
recognized by the relevant members of the TWX Group or Time Group or the corresponding TWX Benefit Plan or Time Benefit Plan immediately prior to the Distribution Date and (ii) except to the extent such credit would result in a duplication of
benefits for the same period of service. 
 ARTICLE V 

Severance 
 Except as
specifically set forth herein, the terms of this Article V apply solely to Employees who work primarily in the U.S. 
 SECTION
5.01. Transferred To Time Employees. Unless required by applicable law or by the terms of any individual agreement, none of the Transferred To 

  
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Time Employees shall be deemed to have terminated employment for purposes of determining eligibility for severance or other separation payments and benefits as a result of the transfers
contemplated by Section 2.01 of this Agreement; provided, however, that in the event such transfers result in severance or other separation payments to any Transferred To Time Employee, the TWX Group shall be solely
responsible for all such Liabilities. 
 SECTION 5.02. Transferred To TWX Employees. Unless required by applicable law or by the
terms of any individual agreement, none of the Transferred To TWX Employees shall be deemed to have terminated employment for purposes of determining eligibility for severance or other separation payments and benefits as a result of the transfers
contemplated by Section 2.02 of this Agreement; and provided, however, that in the event such transfers result in severance or other separation payments to any Transferred To TWX Employee, the Time Group shall be solely
responsible for all such Liabilities; provided further that TWX will be responsible for any severance Liabilities set forth on Schedule 5.02 (the “Schedule 5.02 Severance Amounts”). The Schedule 5.02 Severance
Amounts shall, with respect to Schedule 5.02 Severance Amounts that become due and payable in whole or in part prior to the Distribution Date, be treated in accordance with the applicable provisions governing intercompany payables and
receivables in the Separation Agreement, and, with respect to Schedule 5.02 Severance Amounts that first become due and payable on or following the Distribution Date, be reimbursed by Time in accordance with Section 18.01. 

SECTION 5.03. Post-Distribution Severance. The Time Group shall be solely responsible for all severance or other separation payments
and benefits relating to the termination or alleged termination of any Post-Separation Time Employee’s employment that occurs at the time of or following the Distribution. 

ARTICLE VI 
 Certain
U.S. Welfare Benefit Plan Matters 
 Except as specifically set forth herein, the terms of this Article VI apply solely
to Employees who work primarily in the U.S. 
 SECTION 6.01. Time Welfare Plans. Effective as of the applicable Establishment Date
specified on Schedule 6.01, Time established the Welfare Plans listed on Schedule 6.01 (collectively, the “Established U.S. Time Welfare Plans”) that were substantially similar to the TWX Welfare Plans in which Time
Employees and Salary Continuation Former Employees participated prior to the Establishment Date for the purpose of providing welfare benefit coverage to the Time Employees and Salary Continuation Former Employees (and their respective dependents and
beneficiaries). As of the applicable Establishment Date, each Time Employee and Salary Continuation Former Employee ceased participation with respect to themselves and their respective eligible dependents and beneficiaries in the corresponding TWX
Welfare Plan. 

  
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 SECTION 6.02. Allocation of Welfare Benefit Claims. Notwithstanding
Section 2.05, (a) the members of the TWX Group shall retain Liability and responsibility in accordance with the applicable TWX Welfare Plan for all reimbursement claims (such as medical and dental claims) for expenses incurred and
for all non-reimbursement claims (such as life insurance claims) incurred by (i) Time Employees and Salary Continuation Former Employees (and their respective dependents and beneficiaries) under such plans prior to the Establishment Date of the
corresponding Time Welfare Plan and (ii) Transferred To Time Employees (and their dependents and beneficiaries) under such plans prior to the Transfer Time or, if later, the Establishment Date and (b) the members of the Time Group shall
retain Liability and responsibility in accordance with the Time Welfare Plans for all reimbursement claims (such as medical and dental claims) for expenses incurred and for all non-reimbursement claims (such as life insurance claims) incurred by
(i) Time Employees and Salary Continuation Former Employees (and their respective dependents and beneficiaries) on or following such Establishment Date and (ii) Transferred To TWX Employees (and their dependents and beneficiaries) on or
following the Establishment Date and prior to the Transfer Time. For purposes of this Section 6.02, a benefit claim shall be deemed to be incurred as follows: (A) when the event giving rise to the benefit under the applicable plan
has occurred as set forth in the governing plan documents, if it is clear based on the governing documents of both the TWX Welfare Plan and Time Welfare Plans which plan should be responsible for the claim or if not, as follows:
(B) (1) health, dental, vision, employee assistance program and prescription drug benefits (including in respect of any hospital confinement), upon provision of such services, materials or supplies; and (2) life, accidental death and
dismemberment and business travel accident insurance benefits, upon the death, or other event giving rise to such benefits. The members of the TWX Group shall retain Liability and responsibility in accordance with the applicable TWX Welfare Plan for
all reimbursement claims (such as medical and dental claims) for expenses incurred and for all non-reimbursement claims (such as life insurance claims) for individuals who, immediately prior to the applicable Establishment Date, are Former Time
Employees (and their dependents and beneficiaries), including any such Employee on long-term disability on the applicable Establishment Date. 

SECTION 6.03. Workers’ Compensation Claims. In the case of any workers’ compensation claim of any Time Employee who
participates in a workers’ compensation program of a member of the TWX Group (each, a “TWX U.S. Workers’ Compensation Program”), such claim shall be covered (a) under such TWX U.S. Workers’ Compensation
Program if the U.S. Workers’ Compensation Event occurred prior to the earlier of the Distribution Date or June 1, 2014 (such date, as applicable, the “U.S. Workers’ Compensation Effective Date”), and
(b) under a workers’ compensation program of the Time Group (each, a “Time U.S. Workers’ Compensation Program”) if the U.S. Workers’ Compensation Event occurs on or after the U.S. Workers’
Compensation Effective Date. If the U.S. Workers’ Compensation Event occurs over a period both preceding and following the U.S. Workers’ Compensation Effective Date, the claim shall be covered jointly under the TWX
U.S. Workers’ Compensation Program and the Time U.S. Workers’ Compensation Program and shall be equitably apportioned between them based upon the relative periods of time that the U.S. Workers’ Compensation Event
transpired preceding and following the 

  
 15 

 
U.S. Workers’ Compensation Effective Date. The members of the TWX Group shall retain Liability and responsibility in accordance with the TWX U.S. Workers’ Compensation Program
for all covered workers’ compensation claims incurred by individuals who, immediately prior to the U.S. Workers’ Compensation Effective Date, are Former Time Employees or Salary Continuation Former Employees, including any such
Employee on long-term disability on the U.S. Workers’ Compensation Effective Date. Notwithstanding any provisions of this Section 6.03, Time shall be obligated to reimburse TWX for the U.S. Worker’s Compensation
Reimbursement Amounts in accordance with Section 18.01. 
 SECTION 6.04. COBRA. Where a Time Employee, Salary
Continuation Former Employee or Former Time Employee (or any of their respective dependents or beneficiaries) was continuing health coverage pursuant to COBRA or an applicable similar state law prior to January 1, 2014 or is eligible for COBRA
continuation coverage because of the occurrence of a “qualifying event” (within the meaning of COBRA) (or similar event under applicable similar state law) that occurred prior to January 1, 2014, TWX and the TWX Welfare Plans shall,
subject to Section 16.03, be responsible for all Liabilities to such Employee (or his or her eligible dependents) in respect of COBRA and any applicable similar state laws. Where a Time Employee, Salary Continuation Former Employee or
Former Time Employee (or any of their respective dependents or beneficiaries) begins continuing health coverage pursuant to COBRA or an applicable similar state law on or after January 1, 2014 or is eligible for COBRA continuation coverage
because of the occurrence of a “qualifying event” (or similar event under applicable similar state law) occurring on or after January 1, 2014, Time and the Time Welfare Plans shall be responsible for all Liabilities to such Employee
(or his or her eligible dependents) in respect of COBRA and any applicable similar state laws. Time shall indemnify, defend and hold harmless the members of the TWX Group from and against any and all Liabilities relating to, arising out of or
resulting from COBRA provided by Time, or the failure of Time to meet its COBRA obligations, to Time Employees, Salary Continuation Former Employees, Former Time Employees and their respective eligible dependents. 

SECTION 6.05. New York State Unemployment Contributions. Until December 31, 2014, members of the Time Group shall be responsible
for making any required New York State unemployment contributions with respect to Time Employees, Salary Continuation Former Employees and Former Time Employees to the joint accounts maintained together with members of the TWX Group. The Parties
acknowledge that TWX will apply to dissolve such accounts effective as of December 31, 2014, and the Time Group shall establish new accounts as necessary to comply with such obligations for periods beginning on January 1, 2015. 

ARTICLE VII 
 U.S. Retiree
Medical Benefits 
 Except as otherwise specifically set forth herein, the terms of this Article VII apply solely to
Employees who work primarily in the U.S. 

  
 16 

 SECTION 7.01. Subsidized Retiree Medical Benefits. The TWX Group shall retain all
Liabilities with respect to subsidized retiree medical benefits relating to (a) any Time Employees, Salary Continuation Former Employee or Former Time Employees who, immediately prior to the Distribution Date, have satisfied the age and service
requirements as eligible for retiree medical benefits under the applicable retiree medical plan sponsored or maintained by a member of the TWX Group or (b) any Time Employees who were employed as of December 31, 2013 and who would have
satisfied such eligibility criteria if they had remained employed by a member of the TWX Group through December 31, 2015; provided, however, that nothing in this Agreement shall prohibit any member of the TWX Group from amending, modifying or
terminating the applicable plan providing such benefits, or prevent the application of any such amendment, modification or termination to any such Employee; provided further that the TWX Group shall not make any such amendment, modification or
termination that adversely affects the benefits of any such Employee unless such amendment, modification or termination applies to such Employee on the same basis as applicable to similarly situated participants who, as of the Distribution Date, are
former Employees of the TWX Group. 
 SECTION 7.02. Unsubsidized Retiree Medical Benefits. Effective as of January 1, 2014, Time
established an unsubsidized retiree medical benefit program under the Time Inc. Group Health Plan to provide retiree medical benefits to Time Employees, Salary Continuation Former Employees and Former Time Employees who terminated employment with
the Time Group on or following such date and who met the eligibility criteria thereunder on the relevant termination date. With respect to such Employees who have terminated, or will terminate, employment with the Time Group on or following
January 1, 2014, the Time Group shall be solely responsible for all Liabilities with respect to this program. 
 ARTICLE VIII 

U.S. Defined Benefit Pension Plans 

Except as otherwise specifically set forth herein, the terms of this Article VIII apply solely to Employees who work primarily in
the U.S. 
 SECTION 8.01. TWX U.S. Pension Plan. Effective as of the Distribution Date, each Post-Separation Time Employee who
is a participant, as of immediately prior to the Distribution Date, in the Time Warner Pension Plan (the “TWX U.S. Pension Plan”) shall cease active participation in the TWX U.S. Pension Plan and, without limiting the
generality of Section 4.01, service with any member of the Time Group or any other employer other than any member of the TWX Group from and after the Distribution shall not be taken into account for any purpose under the TWX
U.S. Pension Plan. Notwithstanding any provision of this Agreement to the contrary, following the Distribution, the TWX Group shall retain sponsorship of the TWX U.S. Pension Plan and all assets and Liabilities arising out of or relating
to the TWX U.S. Pension Plan, and the TWX U.S. Pension Plan shall make payments to Time Employees, Salary Continuation Former Employees and Former Time Employees with 

  
 17 

 
vested rights thereunder in accordance with the terms of the TWX U.S. Pension Plan as in effect from time to time and their applicable beneficiaries. The obligations of the members of the
Time Group to provide information to the members of the TWX Group in connection with Time Employees, Salary Continuation Former Employees and Former Time Employees participating in the TWX U.S. Pension Plan are set forth in
Section 17.01. 
 SECTION 8.02. TWX Excess Benefit Pension Plan. Effective as of the Distribution Date, the Time Group
shall establish the Time Inc. Excess Benefit Pension Plan (the “Time Excess Benefit Pension Plan”) as a continuation of the Time Warner Excess Benefit Pension Plan (the “TWX Excess Benefit Pension Plan”). Pursuant
to the TWX Excess Benefit Pension Plan, at all times prior to the Distribution Date, Time and its Subsidiaries have been responsible for all Liabilities with respect to the Time Excess Pension Participants under the TWX Excess Benefit Pension Plan,
and pursuant to the Time Excess Benefit Pension Plan, Time and its Subsidiaries shall continue to be responsible for such Liabilities. Time and its Subsidiaries shall make payments to Time Excess Pension Participants who previously had rights under
the TWX Excess Benefit Pension Plan in accordance with the terms of the Time Excess Benefit Pension Plan, as in effect from time to time. Effective as of the Distribution Date, TWX and its Subsidiaries shall be responsible for all Liabilities with
respect to the TWX Excess Benefit Pension Plan relating to Former Time Employees (other than any Former Time Employee who is a Time Excess Pension Participant), and, from and after the Distribution Date, TWX and its Subsidiaries shall be solely
liable for all payments to any such Former Time Employee pursuant to the TWX Excess Benefit Pension Plan. TWX and its Subsidiaries shall make payments to such Former Time Employees with rights under the TWX Excess Benefit Pension Plan in accordance
with the terms of such plan, as in effect from time to time. TWX and its Subsidiaries shall be solely responsible for all obligations relating to reporting of Taxes to the appropriate Governmental Authority and remitting the amounts of any such
Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with payments to Former Time Employees (other than any Former Time Employee who is a Time Excess Pension Participant) with rights
under the TWX Excess Benefit Pension Plan. Notwithstanding the immediately preceding sentence, at the same time that Time is scheduled to make any reimbursement payments to TWX pursuant to Section 18.01 in connection with any expenses incurred
by the TWX Group during the second calendar quarter of 2014, Time shall also reimburse TWX for the amount described in Schedule 8.02. The Time Group shall be solely responsible for all obligations relating to reporting of Taxes to the appropriate
Governmental Authority and remitting the amounts of any such Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with payments to Time Excess Pension Participants. 

  
 18 

 ARTICLE IX 

U.S. Defined Contribution Plans 

Except as otherwise specifically set forth herein, the terms of this Article IX apply solely to Employees who work primarily in
the U.S. 
 SECTION 9.01. Time 401(k) Plan. Effective as of January 1, 2014 (the “401(k) Effective Date”), Time
established the Time Inc. Savings Plan, a defined contribution plan that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (the “Time 401(k) Plan”) for the purpose of providing
the opportunity to save for retirement to eligible Time Employees and Salary Continuation Former Employees participating in any tax-qualified defined contribution plan sponsored by any member of the TWX Group (the “TWX 401(k) Plan”)
as of the 401(k) Effective Date and any Time Employees hired prior to the 401(k) Effective Date who are eligible to participate in the TWX 401(k) Plan but who had not yet begun participating in such plan. Time and its Subsidiaries ceased to be
“employing companies” under, and such Employees ceased to be eligible to participate in, the TWX 401(k) Plan, as of the 401(k) Effective Date. 

SECTION 9.02. Trust-to-Trust Transfer. As of January 3, 2014 (the “401(k) Transfer Date”), TWX caused to be
transferred from the TWX 401(k) Plan to the Time 401(k) Plan the assets and Liabilities relating to the account balances of the participants who were, as of such date, Time Employees or Salary Continuation Former Employees (whether vested or
unvested as of the 401(k) Transfer Date), in accordance with the requirements of all applicable laws, including ERISA and the Code. From and after the 401(k) Transfer Date, the accounts of the Time Employees and Salary Continuation Former Employees
in the Time 401(k) Plan and the accounts of any Employee who becomes a participant in the Time 401(k) Plan after the 401(k) Transfer Date, in each case, shall be administered in accordance with all applicable laws, including ERISA and the Code;
provided that, from and after the 401(k) Transfer Date until the Distribution Date, the TWX Group has provided, and shall continue to provide, assistance as is reasonably necessary for such administration. Such transfer of assets consisted of
cash, cash equivalents, property or participant loan receivables equal to all the accrued benefit Liabilities relating to all account balances referred to in the first sentence of this Section 9.02, including such Liabilities for the
beneficiaries of such Employees and including such accrued benefit Liabilities arising under any applicable qualified domestic relations order. From and after the 401(k) Transfer Date, subject to Section 9.04, the TWX Group and the TWX
401(k) Plan has had no Liabilities, and shall continue to have no Liabilities, respecting benefits under the TWX 401(k) Plan for those participants (or any of their beneficiaries) whose balances were transferred to the Time 401(k) Plan. 

SECTION 9.03. 401(k) Rollover. As of the Distribution, (a) the TWX Group shall permit (i) each Transferred To Time Employee
who becomes a Time Employee following January 1, 2014 and (ii) each Time Employee and Salary Continuation Former Employee who receives a contribution to the TWX 401(k) Plan in 

  
 19 

 
accordance with Section 9.04, to effect, and the Time Group shall cause the Time 401(k) Plan to accept, and (b) the Time Group shall permit each Transferred To TWX Employee to effect,
and the TWX Group shall cause the TWX 401(k) Plan to accept, in each case, in accordance with applicable law and the terms of the TWX 401(k) Plan and the Time 401(k) Plan, a rollover of the account balances (including earnings through the date of
transfer and promissory notes evidencing all outstanding loans) of such Employee under the TWX 401(k) Plan and the Time 401(k) plan, as applicable, if such rollover is elected in accordance with applicable law and the terms of the TWX 401(k) Plan
and the Time 401(k) Plan by such Employee, as applicable. Upon completion of a transfer of the account balances of any Employee, as described in this Section 9.03, except as specifically set forth in Section 9.04,
(A) Time and/or the Time 401(k) Plan will be responsible for all Liabilities of the TWX Group under the TWX 401(k) Plan with respect to any Employee whose account balance was transferred to the Time 401(k) Plan (and his or her respective
beneficiaries), and the TWX Group and the TWX 401(k) Plan shall have no Liabilities to provide such participants (or any of their beneficiaries) with benefits under the TWX 401(k) Plan, and (B) TWX and/or the TWX 401(k) Plan will be responsible
for all Liabilities of the Time Group under the Time 401(k) Plan with respect to any Employee whose account balance was transferred to the TWX 401(k) Plan (and his or her respective beneficiaries), and the Time Group and the Time 401(k) Plan shall
have no Liabilities to provide such participants (or any of their beneficiaries) with benefits under the Time 401(k) Plan. 
 SECTION 9.04.
Employer 401(k) Plan Contributions. (a) The TWX Group shall remain responsible for employer contributions with respect to any Time Employees, Salary Continuation Former Employees or Former Time Employees who participated in the TWX
401(k) Plan in 2013 in accordance with its policies and procedures for such year. With respect to each Time Employee or Salary Continuation Former Employee who is entitled to an additional employer contribution for 2013 pursuant to the terms of the
TWX 401(k) Plan following the 401(k) Transfer Date, TWX shall be responsible for such employer contribution, which shall be contributed to a new account in the TWX 401(k) Plan created to accept such contribution. Any such new account may be
transferred to the Time 401(k) Plan in accordance with Section 9.03. 
 (b) TWX shall also remain responsible for employer
contributions with respect to any Transferred To Time Employees for the period from January 1, 2014 up to the applicable Transfer Time. Such additional employer contributions shall be contributed to the account of the applicable Transferred To
Time Employees in the TWX 401(k) Plan or, if such account has been transferred to the Time 401(k) Plan, to a new account in the TWX 401(k) Plan created to accept such contributions. The Time Group shall be responsible for employer contributions with
respect to any Time Employees, Salary Continuation Former Employees or Former Time Employees who participate in the Time 401(k) Plan in accordance with its policies and procedures for the relevant year. Time shall also remain responsible for
employer contributions with respect to any Transferred To TWX Employee for the period from January 1, 2014 up to the applicable Transfer Time. Such additional employer contributions shall be contributed to the account of the Transferred To TWX
Employee in the Time 401(k) Plan or, if such account has been transferred to the TWX 401(k) Plan, to a new account in the Time 

  
 20 

 
401(k) Plan created to accept such contributions. Any such new account may be transferred to the TWX 401(k) Plan or the Time 401(k) Plan, as applicable, in accordance with
Section 9.03. 
 (c) In the case of (i) any Time Employee, Former Salary Continuation Employee or Transferred To Time
Employee who receives a contribution to the TWX 401(k) Plan in accordance with Section 9.04(a) or 9.04(b), or (ii) any Transferred To TWX Employee who receives a contribution to the Time 401(k) Plan in accordance with Section 9.04(b),
such Employee shall be permitted to leave such Employee’s account balance in the TWX 401(k) Plan or the Time 401(k) Plan, as applicable, in lieu of electing a rollover, provided that if, following receipt of all required contributions,
such Employee’s account balance is less than the minimum specified in the applicable plan, it will be distributed to such Employee in accordance with applicable law and the terms of the applicable plan. 

SECTION 9.05. Limitation of Liability. For the avoidance of doubt, TWX shall have no responsibility for any failure of Time to properly
administer the Time 401(k) Plan in accordance with its terms and applicable law, including any failure to properly administer the accounts of Time Employees, Salary Continuation Former Employees and their respective beneficiaries in such Time 401(k)
Plan. 
 ARTICLE X 

U.S. Nonqualified Deferred Compensation 

Except as otherwise specifically set forth herein, the terms of this Article X apply solely to Employees who work primarily in the
U.S. 
 SECTION 10.01. TWX Nonqualified Plans. Effective as of January 1, 2014, the Time Group established the Time Inc.
Supplemental Savings Plan and the Time Inc. Deferred Compensation Plan (the “Time Nonqualified Plans”) as a continuation of the Time Warner Supplemental Savings Plan and the Time Warner Deferred Compensation Plan (the “TWX
Nonqualified Plans”), respectively, for Time Employees, Salary Continuation Former Employees and Former Time Employees. Pursuant to the TWX Nonqualified Plans, at all times prior to January 1, 2014, Time and its Subsidiaries have been
responsible for all Liabilities with respect to such Employees under the TWX Nonqualified Plans, and pursuant to the Time Nonqualified Plans, Time and its Subsidiaries continue to be responsible for such Liabilities. As of the applicable Transfer
Time, Time and its Subsidiaries shall be responsible for all Liabilities with respect to the TWX Nonqualified Plans relating to the Transferred To Time Employees and the TWX Group shall be responsible for all Liabilities with respect to the Time
Nonqualified Plans relating to Transferred To TWX Employees. From and after January 1, 2014, the Time Group has been solely liable for all payments to any Time Employees, Salary Continuation Former Employees and Former Time Employees, and,
following the applicable Transfer Time, Transferred To Time Employees pursuant to the Time Nonqualified Plans. Time shall make payments to Time Employees, Salary Continuation Former Employees and Former Time Employees, and, following the applicable
Transfer 

  
 21 

 
Date, Transferred To Time Employees with rights under the Time Nonqualified Plans in accordance with the terms of the applicable plans as in effect from time to time. Following the applicable
Transfer Time, TWX shall make payments to Transferred To TWX Employees with rights under the TWX Nonqualified Plans in accordance with the terms of the applicable plans, as in effect from time to time. 

SECTION 10.02. Split Dollar Life Insurance Contracts. Time shall be responsible for all obligations with respect to the split dollar
life insurance policies covering the individuals listed on Schedule 10.02, and shall be entitled to all rights and benefits with respect to such policies (including the right to recover premiums previously paid with respect to such policies by
either the TWX Group or the Time Group). In addition, Time shall assume the employment contract with the Former Time Employee listed on Schedule 10.02 and execute any other instruments necessary to effectuate the foregoing. 

SECTION 10.03. Individual Deferred Compensation Arrangement. Time shall remain responsible for all obligations with respect to the
individual deferred compensation arrangement listed on Schedule 10.03. In addition, Time shall assume and/or enter into replacement investment management contracts or other contracts relating to the administration of such deferred compensation
arrangement and shall execute any other instruments necessary to effectuate the foregoing. 
 SECTION 10.04. No Distributions. The
Parties acknowledge that none of the transactions contemplated by this Agreement or the Separation Agreement are intended to trigger a payment or distribution of compensation under the Time Nonqualified Plans or any other deferred compensation
account for any Time Employee, Salary Continuation Former Employee or Former Time Employee and, consequently, that the payment or distribution of any compensation to which any such current or former Employee is entitled under the Time Nonqualified
Plans will occur upon such Employee’s separation from service from Time or its Subsidiaries or at such other time as provided pursuant to the Time Nonqualified Plans or by such Employee’s deferral election. Notwithstanding the foregoing,
if the Parties reasonably determine that any transaction contemplated by this Agreement or the Separation Agreement will trigger a payment or distribution of compensation under the Time Nonqualified Plans or any other deferred compensation account
for any Time Employee, Salary Continuation Former Employee or Former Time Employee, the Parties shall cooperate in good faith so that none of the transactions contemplated by this Agreement or the Separation Agreement will trigger any such payment
or distribution; provided, however, that none of the Parties shall be required to take any action to the extent that such action would cause the Time Nonqualified Plans or any other deferred compensation account or payment thereunder
that is subject to Section 409A of the Code to fail to comply with Section 409A of the Code. 
 SECTION 10.05.
Section 409A. TWX and Time shall cooperate in good faith so that the transactions contemplated by this Agreement and the Separation Agreement will not result in adverse tax consequences under Section 409A of the Code to any Time
Employee, Salary Continuation Former Employee or Former Time Employee (or any of their respective beneficiaries), in respect of their respective benefits under any Benefit Plan. 

  
 22 

 ARTICLE XI 

U.S. Dependent Care and Medical Flexible Spending Arrangements; 

Medical Insurance Premiums 

Except as otherwise specifically set forth herein, the terms of this Article XI apply solely to Employees who work primarily in
the U.S. 
 SECTION 11.01. Dependent Care and Medical Flexible Spending Arrangements. (a) Effective as of December 31,
2013, Time Employees and Salary Continuation Former Employees ceased participation in the dependent care and medical flexible spending arrangements under each cafeteria plan qualifying under Section 125 or Section 129 of the Code sponsored
by any member of the TWX Group (the “TWX Flexible Spending Account Plan”). Effective as of January 1, 2014, Time or its Subsidiaries established the Time Inc. Flexible Spending Account Plan (the “Time Flexible Spending
Account Plan”) for the purpose of providing eligible Time Employees, Salary Continuation Former Employees and their respective dependents with a means of obtaining reimbursement of dependent care assistance expenses and uninsured or
noncovered medical expenses, and ceased to be “employing companies” under, and Time Employees and Salary Continuation Former Employees ceased to be eligible to participate in, the TWX Flexible Spending Account Plan. From and after
January 1, 2014, the Time Group is solely responsible for all dependent care and medical flexible spending arrangement claims by participants in the Time Flexible Spending Account Plan, other than claims for expenses incurred relating to
amounts contributed to the dependent care and medical flexible spending arrangements under the TWX Flexible Spending Account Plan prior to January 1, 2014. The TWX Group shall be solely responsible for all dependent care and flexible spending
arrangement claims by Time Employees, Salary Continuation Former Employees and Former Time Employees participating in the TWX Flexible Spending Account Plan prior to January 1, 2014, relating to amounts contributed to the dependent care and
medical flexible spending arrangements under the TWX Flexible Spending Account Plan prior to January 1, 2014. 
 (b) Promptly following
the Transfer Time, with respect to each Transferred To Time Employee who has a dependent care or medical flexible spending arrangement under the TWX Flexible Spending Account Plan, TWX shall transfer to Time all relevant records relating to such
arrangements of such Transferred To Time Employee under the TWX Flexible Spending Account Plan and any other information necessary for the administration of the Time Flexible Spending Account Plan with respect to such arrangements. Time shall, or
shall cause its Subsidiaries to, cause the Time Flexible Spending Account Plan to accept, effective as of the relevant Transfer Time, a spin-off of the dependent care and medical flexible spending arrangements of each individual who is a Transferred
To Time Employee and who has any such arrangements under the TWX Flexible Spending Account Plan from the TWX Flexible Spending Account Plan except for any balances relating to contributions to the TWX

  
 23 

 
Flexible Spending Account Plan prior to January 1, 2014 (which shall be retained by the TWX Flexible Spending Account Plan to satisfy claims for which the TWX Group is responsible for
pursuant to Section 11.01(a)), and to honor and continue, through the end of the plan year in which the Transfer Time occurs, the elections made by such Employee with respect to a dependent care or medical flexible spending arrangement
under the TWX Flexible Spending Account Plan for such plan year. The Time Group shall be solely responsible for all dependent care and medical flexible spending arrangement claims by all individuals whose dependent care and medical flexible spending
arrangements transfer pursuant to this Section 11.01(b) under the TWX Flexible Spending Account Plan that were incurred in the year in which the Transfer Time occurs, whether incurred prior to, at or after the Transfer Time, that have
not been paid in full as of the Transfer Time. 
 (c) Promptly following the Transfer Time, with respect to each Transferred To TWX Employee
who has a dependent care or medical flexible spending arrangement under the Time Flexible Spending Account Plan, Time shall transfer to TWX all relevant records relating to such arrangements of such Transferred To TWX Employee under the Time
Flexible Spending Account Plan and any other information necessary for the administration of the TWX Flexible Spending Account Plan with respect to such arrangements. TWX shall, or shall cause its Subsidiaries to, cause the TWX Flexible Spending
Account Plan to accept, effective as of the relevant Transfer Time, a spin-off of the dependent care and medical flexible spending arrangements of each individual who is a Transferred To TWX Employee and who has any such arrangement under the Time
Flexible Spending Account Plan from the Time Flexible Spending Account Plan, and to honor and continue, through the end of the plan year in which the Transfer Time occurs, the elections made by such Employee with respect to such arrangements under
the Time Flexible Spending Account Plan for such plan year. The TWX Group shall be solely responsible for all dependent care and medical flexible spending arrangement claims by all individuals whose dependent care or medical flexible spending
arrangements transfer pursuant to this Section 11.01(c) under the Time Flexible Spending Account Plan that were incurred in the year in which the Transfer Time occurs, whether incurred prior to, at or after the Transfer Time, that have
not been paid in full as of the Transfer Time. 
 SECTION 11.02. Medical Insurance Premiums. From and after the applicable Transfer
Time, (a) the members of the TWX Group shall honor and continue the payroll deductions in respect of medical insurance premiums required for each Transferred To TWX Employee’s participation in the applicable TWX Benefit Plans and
(b) the members of the Time Group shall honor and continue the payroll deductions in respect of medical insurance premiums required for each Transferred To Time Employee’s participation in the applicable Time Benefit Plans. 

  
 24 

 ARTICLE XII 

U.S. Transportation Benefit Programs 

Except as otherwise specifically set forth herein, the terms of this Article XII apply solely to Employees who work primarily in
the U.S. 
 SECTION 12.01. Transportation Benefit Programs. (a) Effective as of December 31, 2013, Time Employees and
Salary Continuation Former Employees (and their respective dependents and beneficiaries) ceased participation in the transportation benefit programs sponsored by any member of the TWX Group (the “TWX Transportation Benefit
Program”). Effective as of January 1, 2014, Time or its Subsidiaries established a transportation benefit program (the “Time Transportation Benefit Program”) that was substantially similar to the TWX Transportation
Benefit Program as in effect as of immediately prior to the Establishment Date for the purpose of providing continued transportation benefits to Time Employees and Salary Continuation Former Employees, and, from and after such date, the Time Group
is solely responsible for all transportation benefit claims by participants in the Time Transportation Benefit Program, other than claims for expenses incurred relating to amounts contributed to the TWX Transportation Benefit Program prior to
January 1, 2014. The TWX Group is solely responsible for all transportation benefit claims by Time Employees, Salary Continuation Former Employees and Former Time Employees participating in the TWX Transportation Benefit Program prior to
January 1, 2014, relating to amounts contributed to the TWX Transportation Benefit Program prior to January 1, 2014. 
 (b)
Promptly following the Transfer Time, with respect to each Transferred To Time Employee who has any benefits under the TWX Transportation Benefit Program, TWX shall transfer to Time all relevant records relating to the benefits of such Transferred
To Time Employee under the TWX Transportation Benefit Program and any other information necessary for the administration of the Time Transportation Benefit Program with respect to such Employee. Time shall, or shall cause its Subsidiaries to, cause
the Time Transportation Benefit Program to accept, effective as of the relevant Transfer Time, a spin-off of the benefits of each individual who is a Transferred To Time Employee and who has any benefits under the TWX Transportation Benefit Program
from the TWX Transportation Benefit Program except for any benefits relating to contributions to the TWX Transportation Benefit Program prior to January 1, 2014 (which shall be retained by the TWX Transportation Benefit Program to satisfy
claims for which the TWX Group is responsible pursuant to Section 12.01(a)), and to honor and continue, through the end of the plan year in which the Transfer Time occurs, the elections made by such employee with respect to the benefits
under the TWX Transportation Benefit Program for such plan year. The Time Group shall be solely responsible for all claims by all individuals whose benefits transfer pursuant to this Section 12.01(b) under the TWX Transportation Benefit
Program that were incurred in the year in which the Transfer Time occurs, whether incurred prior to, at or after the Transfer Time, that have not been paid in full as of the Transfer Time. 

  
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 (c) Promptly following the Transfer Time, with respect to each Transferred To TWX Employee who
has any benefits under the Time Transportation Benefit Program, Time shall transfer to TWX all relevant records relating to the benefits of such Transferred To TWX Employee under the Time Transportation Benefit Program and any other information
necessary for the administration of the TWX Transportation Benefit Program with respect to such account. TWX shall, or shall cause its Subsidiaries to, cause the TWX Transportation Benefit Program to accept, effective as of the relevant Transfer
Time, a spin-off of the benefits of each individual who is a Transferred To TWX Employee and who has any benefits under the Time Transportation Benefit Program from the Time Transportation Benefit Program, and to honor and continue, through the end
of the plan year in which the Transfer Time occurs, the elections made by such employee with respect to the benefits under the Time Transportation Benefit Program for such plan year. The TWX Group shall be solely responsible for all claims by all
individuals whose benefits transfer pursuant to this Section 12.01(c) under the Time Transportation Benefit Program that were incurred in the year in which the Transfer Time occurs, whether incurred prior to, at or after the Transfer
Time, that have not been paid in full as of the Transfer Time. 
 ARTICLE XIII 

U.S. Vacation and Sabbatical Program 

Except as otherwise specifically set forth herein, the terms of this Article XIII apply solely to Employees who work primarily in
the U.S. 
 SECTION 13.01. Vacation. With respect to each Transferred To Time Employee, (a) for purposes of determining the
number of vacation days to which such Employee shall be entitled following the relevant Transfer Time, Time and its Subsidiaries shall assume and honor all vacation days accrued or earned but not yet taken by such Employee, if any, as of the
relevant Transfer Time, and (b) to the extent such Employee is entitled under any applicable law or any policy of his or her respective employer that is a member of the TWX Group, as the case may be, to be paid for any vacation days accrued or
earned but not yet taken by such Employee as of the relevant Transfer Time, Time shall discharge the Liability for such vacation days. With respect to each Transferred To TWX Employee, (i) for purposes of determining the number of vacation days
to which such Employee shall be entitled following the Distribution, TWX and its Subsidiaries shall honor all vacation days accrued or earned but not yet taken by such Employee as of the relevant Transfer Time, and (ii) to the extent such
Employee is entitled under any applicable law or any policy of his or her respective employer that is a member of the Time Group, as the case may be, to be paid for any vacation days accrued or earned but not yet taken by such Employee as of the
relevant Transfer Time, TWX shall discharge the Liability for such vacation days. The Time Group shall retain all Liability for vacation with respect to each Time Employee, Salary Continuation Former Employee and Former Time Employee who is not a
Transferred To Time Employee. 

  
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 SECTION 13.02. Sabbatical Program. The Time Group shall retain all Liabilities with
respect to Time Employees, Salary Continuation Former Employees and Former Time Employees under the Time Sabbatical Program. 
 ARTICLE XIV

 Non-U.S. Employees 

The terms of this Article XIV apply solely to Employees who work primarily outside the U.S. 

SECTION 14.01. General. Except as specifically set forth in this Article XIV or Section 16.03, prior to, upon and after the
Distribution, the Time Group shall be solely responsible for (a) all Liabilities with respect to Time Employees, Former Time Employees and Time Benefit Plans, and (b) providing payroll services to the Time Employees, Salary Continuation
Former Employees and Former Time Employees. 
 SECTION 14.02. Certain Laws. Time shall, or shall cause its Subsidiaries to, comply in
all material respects with all applicable laws with respect to Time Employees, Time Service Providers, Former Time Employees and Former Time Service Providers located in jurisdictions outside the U.S., including all applicable laws relating to Tax
reporting. 
 SECTION 14.03. Employee Transfers. None of the Transferred To Time Employees or Transferred To TWX Employees is
expected to be an Employee that is primarily employed outside the U.S. In the event any Employee primarily employed outside the U.S. becomes a Transferred To Time Employee, the Parties shall cooperate in good faith to determine the
treatment of such Employee. 
 SECTION 14.04. U.K. Employees. (a) Time Warner U.K. Pension Scheme. Effective as of the
end of the day before the Distribution Date (the “TWUKPP Exit Time”), Time Magazine Europe Limited (“TMEL”) shall cease to be a participating employer with respect to the Time Warner UK Pension Plan (currently
governed by a fourth definitive trust deed and rules dated May 12, 2000, as amended) (the “TWUKPP”). Effective as of the TWUKPP Exit Time, each Time Employee who, immediately prior to the TWUKPP Exit Time, is eligible for
special terms in the TWUKPP over and above those ordinarily applicable to deferred members of the TWUKPP, shall cease to have such special terms going forward, and service with any member of the Time Group or any other employer from and after the
TWUKPP Exit Time shall not be taken into account for any purpose under the TWUKPP. Notwithstanding any provision of this Agreement to the contrary, following the TWUKPP Exit Time, TWX or its applicable Subsidiaries shall retain sponsorship of the
TWUKPP and TMEL shall, pursuant to a deed dated on or around the date of this Agreement, cease to be an “employer” in respect of the TWUKPP and so cease to have employer funding obligations (whether ongoing or triggered on exit) in respect
of the TWUKPP, and the Parties acknowledge that the Time Employees and Former Time Employees who are deferred members or pensioners of the TWUKPP (and their applicable beneficiaries) shall be entitled to payments from the

  
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TWUKPP in accordance with the terms of the TWUKPP as in effect from time to time. The obligations of the members of the Time Group to provide information to the members of the TWX Group in
connection with the benefits accrued in, and payment of such benefits to the Time Employees and Former Time Employees pursuant to, the TWUKPP are set forth in Section 17.01. 

(b) IPC Media Pension Scheme. Time shall cause IPC to retain sponsorship of the IPC Media Pension Scheme (currently governed by a trust
deed and rules dated September 12, 2003, as amended) (the “IPC Pension Scheme”) and all assets and Liabilities arising out of or relating to the IPC Pension Scheme and the IPC Pension Scheme. The Parties acknowledge that the
Time Employees and Former Time Employees who are deferred members or pensioners of the IPC Pension Scheme (and their applicable beneficiaries) shall be entitled to payments from the IPC Pension Scheme in accordance with the terms of the IPC Pension
Scheme as in effect from time to time. 
 (c) U.K. Defined Contribution Plans. Effective as of April 1, 2014, the members of the
Time Group ceased to be participating employers in the Time Warner Money Purchase Pension Plan (currently governed by a trust deed and rules dated September 22, 2009, as amended) (the “TWMPPP”), and the Time Employees ceased to
be active members of such plan. As of April 1, 2014, the TWMPPP retained all assets and Liabilities relating to the Time Employees and Former Time Employees who are deferred members or pensioners of the TWMPPP, and the TWX Group acknowledges
that each Time Employee and Former Time Employee shall be entitled, in accordance with applicable law and the governing documents of the TWMPPP and subject to the agreement of the trustee of the TWMPPP, as required, to a transfer of that
Employee’s benefits under the TWMPPP to a defined contribution plan of any other employer (including, if applicable, a member of the Time Group) if such transfer is elected by such Employee in accordance with applicable law and the terms of the
TWMPPP and the defined contribution plan of the relevant employer. From and after April 1, 2014, Time Employees who participated in the TWMPPP on March 31, 2014 are eligible to participate in a group personal pension plan sponsored by a
member of the Time Group (the “Time U.K. Group Personal Pension Plan”), and prior to, on and after the Distribution Date the Time Group will be solely responsible for all Liabilities under such group personal pension plan in
accordance with the governing documents of such group personal pension plan as in effect from time to time. 
 (d) U.K. Welfare Benefit
Plans. Effective as of the applicable Establishment Date specified on Schedule 14.04(d), Time and its Subsidiaries established the Welfare Plans listed on Schedule 14.04(d) (collectively, the “Established U.K. Time Welfare
Plans”) to provide welfare benefits to the Time Employees and Former Time Employees (and their respective dependents and beneficiaries), and as of the applicable Establishment Date, each Time Employee and Former Time Employee (and their
respective dependants and beneficiaries) ceased active participation in the corresponding TWX Welfare Plan. Notwithstanding Section 14.01, (i) the members of the TWX Group shall retain Liability and responsibility in accordance with
the applicable TWX Welfare Plans for all reimbursement claims (such as medical and dental claims) for expenses incurred and for all non-reimbursement claims (such as life insurance claims) incurred 

  
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under such plans by Time Employees and Former Time Employees prior to the applicable Establishment Date of the corresponding Time Welfare Plan, and (ii) the members of the Time Group shall
retain Liability and responsibility in accordance with the Time Welfare Plans for all reimbursement claims (such as medical and dental claims) for expenses incurred and for all non-reimbursement claims (such as life insurance claims) incurred, by
Time Employees and Former Time Employees on or following such Establishment Date. For purposes of this Section 14.04(d), a benefit claim shall be deemed to be incurred as follows: (A) when the event giving rise to the benefit under
the applicable plan has occurred as set forth in the governing plan documents, if it is clear based on the governing documents of both the TWX Welfare Plan and Time Welfare Plans which plan should be responsible for the claim or, if not, as follows:
(B) (1) health, dental, vision, employee assistance program and prescription drug benefits (including in respect of any hospital confinement), upon provision of such services, materials or supplies; and (2) life, accidental death and
dismemberment and business travel accident insurance benefits, upon death or other event giving rise to such benefits. 
 (e) Disability
Benefits. The members of the TWX Group shall retain Liability and responsibility in accordance with the applicable TWX Welfare Benefit Plans for any Time Employee or Former Time Employee who commenced receiving disability benefits prior to
April 1, 2014. The members of the Time Group shall retain Liability and responsibility in accordance with the applicable Time Welfare Plans for any Time Employee or Former Time Employee who commenced receiving disability benefits on or
following April 1, 2014. 
 SECTION 14.05. Canadian Defined Contribution Plans. As of March 31, 2014, the members of the
Time Group ceased to be participating employers in the Time Warner Entertainment (Canada) Employees’ Pension Plan (the “TWECEPP”) and the Time Employees (and their dependents and beneficiaries) ceased to be active participants
in such plan and, as of April 1, 2014, such Time Employees (and their dependents and beneficiaries) became eligible to participate in the Pension Plan for Employees of Time Retail Canada Inc. (the “Time Canada DC Plan”). As
soon as reasonably practicable following approval by the superintendent of the Financial Services Commission of Ontario, the TWX Group and the Time Group shall cooperate in good faith to effect a transfer of the account balances of all Time
Employees and Former Time Employees from the TWECEPP to the Time Canada DC Plan in accordance with applicable law and the terms of the applicable plan. Prior to, on and after the Distribution, the Time Group shall retain sponsorship of the Time
Canada DC Plan and all assets and Liabilities arising out of or relating to the Time Canada DC Plan (including the assets and Liabilities transferred to the Time Canada DC Plan in accordance with the immediately preceding sentence), and the Time
Canada DC Plan shall make payments to Time Employees and Former Time Employees with vested rights thereunder (and their dependents and beneficiaries) in accordance with the terms of the Time Canada DC Plan as in effect from time to time. 

SECTION 14.06. Payroll Services in Certain Jurisdictions. (a) Prior to March 1, 2014, the TWX Group was responsible for
providing payroll services to Time Employees and Former Time Employees employed primarily in Hong Kong. Effective as of March 1, 2014, the Time Group is solely responsible for providing such payroll services. 

  
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 (b) Prior to April 1, 2014, the TWX Group was responsible for providing payroll services to
Time Employees and Former Time Employees employed by TMEL. Effective as of April 1, 2014, the Time Group is solely responsible for providing such payroll services. 

(c) Prior to June 1, 2014, the TWX Group shall be responsible for providing payroll services to Time Employees and Former Time Employees
employed primarily in France. Effective as of June 1, 2014, the Time Group shall be solely responsible for providing such payroll services. 

SECTION 14.07. Certain Expatriate Benefit Plans. Until December 31, 2014, Time shall be an additional insured party under the
Cigna International insurance policy maintained by the TWX Group with respect to U.S. expatriate employees and shall be responsible for paying all premiums with respect to its participation in such policy. Effective January 1, 2015, Time
intends to adopt a replacement policy to provide benefits to Time Employees who currently receive benefits under such Cigna International insurance policy, and, if such replacement policy is not adopted as of such date, Time shall make alternative
arrangements to provide such Employees with replacement benefits. In any event, from and after January 1, 2015, the Time Group shall have full responsibility for providing all such benefits to any Time Employees, Salary Continuation Former
Employees and Former Time Employees receiving benefits under such Cigna International insurance policy as of December 31, 2014. 

ARTICLE XV 
 TWX Equity
Compensation Awards 
 SECTION 15.01. General Treatment of Outstanding TWX Equity Compensation Awards. Notwithstanding any
provision of this Agreement or the Separation Agreement to the contrary, at the time of the Distribution, each outstanding option to purchase TWX Common Stock (each a “TWX Option”) and each restricted stock unit payable in shares of
TWX Common Stock or the value of which is determined by reference to the value of shares of TWX Common Stock (each a “TWX RSU”), in each case, that was granted under or pursuant to any equity compensation plan of TWX (each such TWX
Option or TWX RSU, a “TWX Equity Compensation Award”), and that, at the time of the Distribution, is held by any Time Employee, Salary Continuation Former Employee or Former Time Employee, shall be treated as provided in the equity
compensation plan under which such TWX Equity Compensation Award was granted, the award agreement governing such TWX Equity Compensation Award and any employment agreement to which such Time Employee, Salary Continuation Former Employee or Former
Time Employee is a party, as in effect at the time of the Distribution, and any such TWX Equity Compensation Award that is not forfeited by its holder as a result of the Distribution shall be adjusted to reflect the Distribution in the same manner,
if any, as similar TWX Equity Compensation Awards held by Employees 

  
 30 

 
of the TWX Group immediately prior to the Distribution are adjusted, as determined by TWX in accordance with the equity compensation plan of TWX under which such TWX Equity Compensation Award was
granted; provided, however, that TWX may amend any such TWX Equity Compensation Award in any manner that TWX determines is necessary in order to avoid additional Taxes and penalties under Section 409A of the Code. TWX hereby
acknowledges that, except as provided in Section 15.02, each Time Employee (but no Salary Continuation Former Employee or Former Time Employee) who, as of the Distribution, meets the eligibility requirements for retirement treatment in
the event of a voluntary termination of employment with respect to any TWX Equity Compensation Award held by such Time Employee at the time of the Distribution, as determined under the applicable equity compensation plan or award agreement, will, in
connection with the Distribution, receive the benefit of any provisions of such equity compensation plan or award agreement that provide for accelerated vesting of such TWX Equity Compensation Award or an extended time period to exercise any such
TWX Equity Compensation Award that is a vested TWX Option in connection with a termination of employment due to retirement. As soon as practicable following the payment by TWX of a cash dividend with respect to TWX Common Stock that is paid on or
after the Distribution, Time shall pay each Time Employee, Salary Continuation Former Employee and Former Time Employee holding an outstanding TWX RSU any TWX Dividend Equivalents payable pursuant to such TWX RSU (less any Taxes that are required to
be withheld) and TWX shall not be obligated to pay such Time Employee, Salary Continuation Former Employee or Former Time Employee such TWX Dividend Equivalent, but shall be obligated to reimburse the Time Group for such TWX Dividend Equivalent in
accordance with Section 18.02. 
 SECTION 15.02. Treatment of Outstanding TWX Equity Compensation Awards Held by
Joseph A. Ripp and Jeffrey J. Bairstow. Notwithstanding any provision of Section 15.01, subject to any required action by the compensation committee of the Time board of directors, in accordance with the Employment
Agreement, dated October 31, 2013, by and between Time and Joseph A. Ripp (“Ripp”) (the “Ripp Employment Agreement”) and the Employment Agreement, dated October 31, 2013, by and between Time and
Jeffrey J. Bairstow (“Bairstow”) (the “Bairstow Employment Agreement”), if any, effective immediately upon the Distribution, each outstanding TWX Option, whether vested or unvested, that is held, immediately
prior to the Distribution, by Ripp or Bairstow, as applicable, shall be converted into an option (each, a “Converted Time Option”) to acquire shares of Time Common Stock, on substantially the same terms and conditions as were
applicable under such TWX Option (other than with respect to exercise price and the number and type of shares covered thereby). The adjustments provided in this Section 15.02 with respect to any TWX Options are intended to be effected in
a manner that is consistent with Section 409A of the Code. Furthermore, subject to any required action by the compensation committee of the Time board of directors in accordance with the Ripp Employment Agreement or the Bairstow Employment
Agreement, if any, effective immediately upon the Distribution, each outstanding TWX RSU, whether vested or unvested, that is held, immediately prior to the Distribution, by Ripp or Bairstow, as applicable, shall be converted into a restricted stock
unit with respect to shares of Time Common Stock (such restricted stock units, the “Converted Time RSUs”), on substantially the same terms and conditions as were 

  
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applicable under such TWX RSU (other than with respect to the number and type of shares covered thereby). Effective immediately upon the Distribution, Time shall be responsible for all
Liabilities related to the TWX Options and TWX RSUs held by Ripp and Bairstow (as Converted Time Options and Converted Time RSUs) and, from and after the Distribution, no member of the TWX Group shall have any Liabilities with respect thereto. 

SECTION 15.03. Replacement Time Equity Compensation Awards. Except as provided in Section 15.02, as a result of the
Distribution, Time Employees who do not meet the eligibility requirements for retirement treatment in the event of a voluntary termination of employment with respect to any TWX Equity Compensation Award held as of the Distribution, will forfeit
certain TWX Equity Compensation Awards upon the Distribution (any such forfeited award, a “Forfeited TWX Equity Compensation Award”). As soon as practicable following the Distribution, subject to approval by the compensation
committee of the board of directors of Time, Time shall take all actions necessary to award, and shall award, to each Post-Separation Time Employee (other than a Post-Separation Time Employee who is an Employee in a jurisdiction listed on
Schedule 15.03 hereof and other than Ripp and Bairstow), restricted stock units with respect to shares of Time Common Stock with (a) a Fair Market Value equal to the aggregate intrinsic value of such Forfeited TWX Equity Compensation
Awards (determined based on Fair Market Value of a share of TWX Common Stock as of the Distribution Date) and (b) vesting terms substantially identical to the vesting terms of the applicable Forfeited TWX Equity Compensation Awards, including
with respect to retirement eligibility but excluding any terms relating to vesting upon or following a “change in control” of Time, which terms shall be determined by the board of directors of Time (or a duly authorized committee thereof).

 SECTION 15.04. Tax Withholding and Reporting. Except as otherwise set forth in this Section 15.04, (a) in the
case of any TWX RSUs that are subject to Tax withholding upon vesting, upon the vesting of any such TWX RSUs held by Post-Separation Time Employees, Salary Continuation Former Employees and Former Time Employees that are not forfeited upon the
Distribution, TWX shall reduce the number of TWX RSUs held by each such Employee by a number of TWX RSUs having a Fair Market Value equal to the Withholding Amount attributable to such vesting, (b) upon the settlement of any TWX RSUs, a member
of the TWX Group shall withhold from the number of shares of TWX Common Stock otherwise issuable to the relevant Post-Separation Time Employee, Salary Continuation Former Employee or Former Time Employee a number of shares having a Fair Market Value
equal to the Withholding Amount attributable to such settlement, unless such Employee elects to make a cash payment to such member of the TWX Group in accordance with and to the extent permitted under applicable TWX policy in an amount equal to the
Withholding Amount in lieu of such withholding of shares, and (c) upon exercise of any TWX Option, the relevant Post-Separation Time Employee, Salary Continuation Former Employee or Former Time Employee shall either (i) pay to a member of
the TWX Group an amount in cash in accordance with applicable TWX policy equal to the Withholding Amount attributable to such exercise or (ii) in accordance with and to the extent permitted under applicable TWX policy, deliver to TWX a number
of shares of TWX Common Stock 

  
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having a Fair Market Value equal to the Withholding Amount attributable to such exercise. For purposes of this Section 15.04, the “Withholding Amount” shall mean the
employee-paid portion of any Taxes (including any Employment Taxes) required to be withheld upon the applicable event. Notwithstanding the foregoing, if any of the procedures described in clause (a), (b) or (c) of the first sentence
of this Section 15.04 are prohibited by applicable law, TWX and Time shall cooperate in good faith to determine alternative procedures with respect to such awards in order to fulfill all required withholding and reporting obligations in
compliance with applicable law. The Parties hereby acknowledge and agree that, without limiting the generality of Section 22.02 and notwithstanding any provision of this Section 15.04, the members of the Time Group shall be
solely responsible for all obligations relating to reporting of Taxes to the appropriate Governmental Authority and remitting the amounts of any such Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental
Authority in connection with the exercise, vesting or settlement of any TWX Equity Compensation Awards and the payment of any TWX Dividend Equivalents and no member of the TWX Group shall have any responsibility or Liability with respect thereto,
other than (A) the obligations of the members of the TWX Group to notify the members of the Time Group about amounts withheld by members of the TWX Group in connection with the exercise, vesting or settlement of any TWX Equity Compensation
Awards and the amounts paid by TWX in respect of any cash dividend on TWX Common Stock that would entitle any Post-Separation Time Employee, Salary Continuation Former Employee or Former Time Employee to a TWX Dividend Equivalent (in each case, as
set forth in Section 15.01) and (B) the obligations of the members of the TWX Group to make payments to the members of the Time Group in respect of the TWX Dividend Equivalent Reimbursement Amounts and the TWX Equity Compensation
Award Withholding Reimbursement Amounts (as set forth in Section 18.02). The obligations of the members of the Time Group and the TWX Group to provide Information to the other party in order to allow the administration of the TWX Equity
Compensation Awards pursuant to this Article XV are set forth in Section 15.05 and Section 17.01. The rights and obligations of the Parties with respect to U.S. Tax deductions relating to the TWX Equity
Compensation Awards shall be governed by Section 4.08 of the TMA. 
 SECTION 15.05. Reports. For so long as any TWX Equity
Compensation Award is outstanding and held by a Time Employee, Salary Continuation Former Employee or Former Time Employee, (a) TWX shall provide Time with the reports listed on Schedule 15.05(a) hereto at the times specified therein and
(b) Time shall provide TWX with the reports listed on Schedule 15.05(b) hereto at the times specified therein. 
 SECTION 15.06.
Recharge Agreements. On or prior to the Distribution Date, the TWX Group and the Time Group shall terminate each agreement set forth on Schedule 15.06 (the “Applicable Recharge Agreements”). Notwithstanding the
termination of such agreements, (a) any Subsidiary of Time that is a party to an Applicable Recharge Agreement shall remain responsible for making payments to Time for costs relating to TWX Equity Compensation Awards held by its current or
former Employees pursuant to the surviving terms and conditions of the Applicable Recharge Agreements and (b) Time shall remain responsible for making payments to TWX for TWX Equity Reimbursement Amounts in accordance with
Section 18.01. 

  
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 ARTICLE XVI 

Administrative Costs and Benefit Plan Reimbursements 

SECTION 16.01. Time Reimbursement of TWX for Post-Separation Administrative Services. From and after the Distribution, TWX shall
continue to provide to the members of the Time Group services relating to (a) the administration of the TWX Equity Compensation Awards outstanding at the Distribution, (b) those services described in the TSA and (c) maintenance and
administration of data relating to Time Employees, Salary Continuation Former Employees and Former Time Employees as is necessary to provide the administrative services described in the preceding clauses (a) and (b) (such services, the
“TWX Services”). Without limiting the generality of Section 22.01, except as set forth in the TSA, TWX Services shall not include any services that relate to the employment of any applicable Employee with any member of
the Time Group following the Distribution. As payment for the TWX Services, Time shall, or shall cause one of its Subsidiaries to, make payments to TWX in amounts that TWX and Time reasonably determine to be the costs incurred by the TWX Group in
connection with such services (the “TWX Services Reimbursement Amounts”); provided, however, that to the extent that the costs of any TWX Services are billed directly to a member of the Time Group by the relevant
third-party vendor, the members of the Time Group shall not be required to reimburse the members of the TWX Group for such TWX Services; provided further that the Time Group shall not be required to make payments for TWX Services pursuant to
this Agreement to the extent payment for the relevant TWX Services are made pursuant to the TSA. The TWX Services Reimbursement Amounts shall also include amounts that relate to services for which a member of the Time Group has previously reimbursed
a member of the TWX Group (including services provided to the Time Group prior to the Distribution Date and any TWX Services) but with respect to which a member of the TWX Group incurs additional costs following the time of the initial
reimbursement, which additional costs may include, but are not limited to, additional Taxes payable by a member of the TWX Group with respect to such services and additional payments required to be made to third-party vendors for previously rendered
services. The obligations of Time to reimburse TWX with respect to the TWX Services are set forth in Section 18.01. 
 SECTION
16.02. Pre-Separation Benefit Plan Matters. (a) Schedule 16.02(a) sets forth a list of the types of compensation and benefits provided to the Time Employees, Salary Continuation Former Employees and Former Time Employees as a
result of participation in the TWX Benefit Plans prior to the Distribution Date for which a member of the TWX Group has incurred costs that are not charged directly to the members of the Time Group (such costs, the “TWX Benefit Plan
Costs”). Following the Distribution, the members of the Time Group shall remain responsible for reimbursing the members of the TWX Group for all TWX Benefit Plan Costs; provided, however, that, except as otherwise specifically
provided in this Agreement, in no event 

  
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shall any member of the Time Group be required to reimburse any member of the TWX Group for the cost of (i) any compensation or benefits provided to a Transferred To Time Employee that
relates to a period prior to the applicable Transfer Time or (ii) any Benefit Plan related Liabilities for which the TWX Group remains responsible pursuant to this Agreement. Furthermore, following the Distribution, the members of the TWX Group
shall reimburse the members of the Time Group for any rebates or reimbursements received by a member of the TWX Group from any third party (whether from a vendor, a Governmental Authority or any other third party) that relate to amounts paid by a
member of the Time Group pursuant to this Agreement or the TSA in connection with participation by Time Employees, Salary Continuation Former Employees and Former Time Employees in any TWX Benefit Plan (such refunds and rebates, the “TWX
Benefit Plan Rebates”), which amounts shall be paid quarterly pursuant to Section 18.02 to the extent the TWX Benefit Plan Rebates exceed the TWX Benefit Costs for that quarter. 

(b) Following the Distribution, the TWX Group shall remain responsible for the payment of all amounts due to the consultants set forth in
Schedule 16.02(b) that relate to the services performed by such consultants as described therein. 
 SECTION 16.03. Benefit
Plan Indemnification. With respect to each TWX Benefit Plan or Time Benefit Plan, Time shall indemnify, defend and hold harmless the members of the TWX Group from and against any and all Liabilities (other than any such Liabilities that the
members of the TWX Group have explicitly agreed to retain pursuant to this Agreement) relating to, arising out of or resulting from participation in any such plan by any Time Employee, Salary Continuation Former Employee or Former Time Employee,
regardless of whether such participation relates to a period that was prior to, on or after the Distribution; provided, however, that the foregoing obligations shall not apply to any participation by a Transferred To Time Employee in
any TWX Benefit Plan prior to the applicable Transfer Time; provided further that the foregoing obligations shall not apply in the event of any Liabilities arising out of wilful or intentional misconduct by any member of the TWX Group or any
Employee of any member of the TWX Group. With respect to each TWX Benefit Plan or Time Benefit Plan, TWX shall indemnify, defend and hold harmless the members of the Time Group from and against any and all Liabilities (i) in connection with the
Time Inc. Ventures Group Benefits Plan or (ii) arising out of wilful or intentional misconduct by any member of the TWX Group or any Employee of any member of the TWX Group; provided, however, that with respect to the immediately
preceding clause (ii), in no event shall any member of the TWX Group be responsible for the cost of any compensation or benefits that the relevant member of the Time Group would have incurred in the absence of any wilful or intentional misconduct by
the relevant member of the TWX Group or the relevant Employee of any member of the TWX Group. For the avoidance of doubt, prior to the Distribution Date, TWX shall take, or shall cause to be taken, all actions reasonably necessary to remove Time
Inc. Ventures as nominal sponsor of the Time Inc. Ventures Group Benefits Plan, and no member of the Time Group shall have any responsibilities, obligations or Liabilities with respect to such plan from and after removal. 

  
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 ARTICLE XVII 

Cooperation; Production of Witnesses; Works Councils 

SECTION 17.01. Cooperation. Following the date of this Agreement, the Parties shall, and shall cause their respective Subsidiaries to,
use commercially reasonable efforts to cooperate with respect to any Employee compensation or benefits matters that either Party reasonably determines require the cooperation of the other Party in order to accomplish the objectives of this
Agreement. Without limiting the generality of the preceding sentence, (a) TWX and Time shall cooperate in connection with any audits of any Benefit Plan with respect to which such Party may have Information, (b) TWX and Time shall
cooperate in coordinating each of their respective payroll systems in connection with the transfers contemplated by Sections 2.01 and 2.02, (c) TWX and Time shall cooperate in connection with any audits of their respective
payroll services (whether by a Governmental Authority in the U.S. or otherwise) in connection with the services provided by one Party to the other Party, (d) TWX and Time shall cooperate in administering the TWX U.S. Pension Plan, the TWX
Excess Benefit Pension Plan, the Time Inc. Excess Benefit Pension Plan, the TWMPPP, the Time U.K. Group Personal Pension Plan, the TWUKPP, the TWECEPP and the Time Canada DC Plan, (e) TWX and Time shall cooperate in good faith in accordance
with Section 22.03 in providing Time with access to the health and dental claims history of Time Employees, Transferred To Time Employees, Salary Continuation Former Employees and Former Time Employees under the U.S. TWX Welfare Plans, and
(f) TWX and Time shall cooperate in good faith in connection with the notification and consultation with works councils, labor unions and other employee representatives of Employees of the TWX Group and the Time Group. The obligations of the
TWX Group and the Time Group to cooperate pursuant to this Section 17.01 shall remain in effect until the later of (i) the date all audits of all Benefit Plans with respect to which a Party may have Information have been completed
or (ii) the date the applicable statute of limitations with respect to such audits has expired. 
 SECTION 17.02. Production of
Witnesses; Records; Further Cooperation. (a) For the time period described in Section 17.01, except in the case of an adversarial Action or threatened adversarial Action by either TWX or Time or a Person or Persons in its Group
against the other Party or a Person or Persons in its Group, each of TWX and Time shall take all reasonable steps to make available, upon written request, the former, current and future directors, officers, Employees, other personnel and agents of
the Persons in its respective Group (whether as witnesses or otherwise) and shall retain and make available any books, records or other documents within its control or that it otherwise has the ability to make available, to the extent that such
Person (giving consideration to business demands of such directors, officers, Employees, other personnel and agents) or books, records or other documents may reasonably be required in connection with any Action or threatened or contemplated Action
(including preparation for such Action) in which TWX or Time, as applicable, may from time to time be involved, regardless of whether such Action is a matter with respect to which indemnification may be sought hereunder. The requesting Party shall
bear all reasonable out-of-pocket costs and expenses in connection therewith. The obligations of the TWX 

  
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Group and the Time Group pursuant to this Section 17.02 shall remain in effect until the later of (i) the date all audits of all Benefit Plans with respect to which a Party may
have Information have been completed or (ii) the date the applicable statute of limitations with respect to such audits has expired. 

(b) Without limiting the foregoing, TWX and Time shall use their reasonable best efforts to cooperate and consult to the extent reasonably
necessary with respect to any Actions or threatened or contemplated Actions, other than an adversarial Action against the other Group. 

(c) The obligation of TWX and Time to make available former, current and future directors, officers, Employees and other personnel and agents
or provide witnesses and experts pursuant to this Section 17.02 is intended to be interpreted in a manner so as to facilitate cooperation and shall include the obligation to make available Employees and other officers without regard to
whether such individual or the employer of such individual could assert a possible business conflict (subject to the exception set forth in the first sentence of Section 17.02(a)). Without limiting the foregoing, each of TWX and Time
agrees that neither it nor any Person or Persons in its respective Group will take any adverse action against any Employee of its Group based on such Employee’s provision of assistance or information to each other pursuant to this
Section 17.02. 
 (d) Upon the reasonable request of TWX or Time, in connection with any Action contemplated by this
Section 17.02, TWX and Time will enter into a mutually acceptable common interest agreement so as to maintain, to the extent practicable, any applicable attorney-client privilege or work product immunity of any member of either Group.

 SECTION 17.03. Works Councils; Employee and Service Provider Notices. Prior to the Distribution, (a) Time shall, and shall
cause the other members of the Time Group, to satisfy all legally required obligations of the Time Group (if any) and (b) TWX shall, and shall cause the other members of the TWX Group, to satisfy all legally required obligations of the TWX
Group (if any), in each case, relating to (i) notification and consultation with works councils, labor unions and other employee representatives, (ii) completion of all regulatory filings relating to Time Employees, Salary Continuation
Former Employees and Former Time Employees, (iii) notification of Time Employees, Salary Continuation Former Employees and Former Time Employees, (iv) obtaining any required consents from any Time Employees, Salary Continuation Former
Employees and Former Time Employees and (iv) taking such other actions with respect to the Time Employees, Salary Continuation Former Employees and Former Time Employees as may be required by applicable law, in each case, as may be necessary in
order to complete the Transactions. The Time Group shall be responsible for determining whether any such actions are required with respect to Time Service Providers and Former Time Service Providers, and shall be responsible for complying with all
such requirements. Time shall indemnify, defend and hold harmless each member of the TWX Group from and against any and all Liabilities relating to, arising out of or resulting from the failure of any member of the Time Group to satisfy its

  
 37 

 
obligations pursuant to this Section 17.03 and TWX shall indemnify, defend and hold harmless each member of the Time Group from and against any and all Liabilities relating to,
arising out of or resulting from the failure of any member of the TWX Group to satisfy its obligations pursuant to this Section 17.03. 

ARTICLE XVIII 
 Reimbursements

 SECTION 18.01. Reimbursements by the Time Group. Promptly following the end of each calendar quarter that ends following the
Distribution, TWX shall provide Time with one or more invoices that set forth the aggregate (a) Schedule 5.02 Severance Amounts (as applicable in accordance with Section 5.02), (b) U.S. Workers’ Compensation
Reimbursement Amounts, (c) TWX Services Reimbursement Amounts, (d) TWX Equity Reimbursement Amounts and (e) TWX Benefit Plan Costs Reimbursement Amounts incurred by a member of the TWX Group during such calendar quarter. Within 20
days following Time’s receipt of such invoice, Time shall notify TWX in writing if Time disagrees with any of the amounts set forth on such invoice and the reason for any such disagreement. If Time does not timely notify TWX of any such
disagreement, TWX’s determination as set forth on such invoice shall be conclusive, final and binding. If Time timely notifies TWX of any such disagreement, a Vice President of each Party shall meet during the 30-day period following
Time’s notification of disagreement and shall negotiate in good faith to resolve the dispute during such period, and the resolution of such disagreement reached by such Vice Presidents shall be conclusive, final and binding. Within 60 days
following the date such invoice becomes conclusive, final and binding, Time shall pay TWX an amount in cash equal to the aggregate amounts set forth on such invoice. 

SECTION 18.02. Reimbursements by the TWX Group. Promptly following the end of each calendar quarter that ends following the
Distribution in which TWX Dividend Equivalents are paid to Post-Separation Time Employees, Salary Continuation Former Employees and Former Time Employees, Time shall provide TWX with one or more invoices that set forth the aggregate TWX Dividend
Equivalent Reimbursement Amounts incurred by a member of the Time Group during such calendar quarter. Within 20 days following TWX’s receipt of such invoice, TWX shall notify Time in writing if TWX disagrees with any of the amounts set forth on
such invoice and the reason for any such disagreement. If TWX does not timely notify Time of any such disagreement, Time’s determination as set forth on such invoice shall be conclusive, final and binding. If TWX timely notifies Time of any
such disagreement, a Vice President of each Party shall meet during the 30-day period following TWX’s notification of disagreement and shall negotiate in good faith to resolve the dispute during such period, and the resolution of such
disagreement reached by such Vice Presidents shall be conclusive, final and binding. Within 60 days following the date each such invoice becomes conclusive, final and binding, a member of the TWX Group shall pay a member of the Time Group an
amount in cash equal to the sum of the aggregate amounts set forth on such invoice plus the TWX Benefit Plan Rebate Reimbursement Amount (if any) for 

  
 38 

 
such calendar quarter. Furthermore, not later than the last business day of the month following each month in which an amount is withheld by a member of the TWX Group pursuant to
Section 15.04 in connection with the exercise of a TWX Option by a Post-Separation Time Employee, Salary Continuation Former Employee or Former Time Employee or the vesting or settlement of a TWX RSU held by a Post-Separation Time
Employee, Salary Continuation Former Employee or Former Time Employee, a member of the TWX Group shall pay a member of the Time Group an amount in cash equal to the aggregate TWX Equity Compensation Award Withholding Reimbursement Amount (if any)
withheld by members of the TWX Group during such month. 
 SECTION 18.03. Invoices. All invoices provided pursuant to this
Article XVIII shall be denominated in U.S. dollars. 
 ARTICLE XIX 

Termination 
 SECTION
19.01. Termination. This Agreement may be terminated by TWX at any time, in its sole discretion, prior to the Distribution; provided, however, that this Agreement shall automatically terminate upon the termination of the
Separation Agreement in accordance with its terms. 
 SECTION 19.02. Effect of Termination. In the event of any termination of this
Agreement prior to the Distribution, none of the Parties (or any of its directors or officers) shall have any Liability or further obligation to any other Party under this Agreement. 

ARTICLE XX 
 Indemnification

 SECTION 20.01. Incorporation of Indemnification Provisions of Separation Agreement. In addition to the specific
indemnification provisions in this Agreement, Sections 6.02 through 6.09 of the Separation Agreement are hereby incorporated into this Agreement mutatis mutandi. 

ARTICLE XXI 
 Further
Assurances and Additional Covenants 
 SECTION 21.01. Further Assurances. (a) In addition to the actions specifically
provided for elsewhere in this Agreement, each of the Parties shall use reasonable best efforts, prior to, on and after the Distribution Date, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably
necessary, proper or advisable under applicable laws, regulations and agreements to consummate and make effective the transactions contemplated by this Agreement. 

  
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 (b) Without limiting the foregoing, prior to, on and after the Distribution Date, each Party
shall cooperate with the other Party, without any further consideration, but at the expense of the requesting Party, (i) to execute and deliver, or use reasonable best efforts to execute and deliver, or cause to be executed and delivered, all
instruments, including any instruments of conveyance, assignment and transfer as such Party may reasonably be requested to execute and deliver by the other Party, (ii) to make, or cause to be made, all filings with, and to obtain, or cause to
be obtained, all Consents of any Governmental Authority or any other Person under any permit, license, agreement, indenture or other instrument, (iii) to obtain, or cause to be obtained, any Governmental Approvals or other Consents required to
effect the Spin-Off and (iv) to take, or cause to be taken, all such other actions as such Party may reasonably be requested to take by the other Party from time to time, consistent with the terms of this Agreement, the Separation Agreement and
the Ancillary Agreements, in order to effectuate the provisions and purposes of this Agreement and any transactions contemplated hereby. 

(c) On or prior to the Distribution Date, TWX and Time, in their respective capacities as direct and indirect shareholders of their respective
Subsidiaries, shall each ratify any actions that are reasonably necessary or desirable to be taken by Time or any other Subsidiary of TWX, as the case may be, to effectuate the transactions contemplated by this Agreement. 

(d) Prior to the Distribution, if either Party identifies any commercial or other service that is needed to ensure a smooth and orderly
transition of its business in connection with the consummation of the transactions contemplated hereby, the Parties will cooperate in determining whether there is a mutually acceptable arm’s-length basis on which the other Party will provide
such service. 
 ARTICLE XXII 

Miscellaneous 
 SECTION
22.01. Administration. Time hereby acknowledges that TWX has provided administration services for certain Time Benefit Plans and Time agrees to assume responsibility for the administration and administration costs of such plans and each other
Time Benefit Plan, except as otherwise set forth in the TSA. The Parties shall cooperate in good faith to complete such transfer of responsibility on commercially reasonable terms and conditions effective no later than the Distribution. 

SECTION 22.02. Employment Tax Reporting Responsibility. The Parties hereby agree to follow the alternate procedure for
U.S. employment tax withholding as provided in Section 5 of Rev. Proc. 2004-53, I.R.B. 2004-35. Accordingly, (i) the members of the TWX Group shall not have any U.S. employment tax reporting responsibilities, and the members of
the Time Group shall have full U.S. employment tax reporting responsibilities, for Transferred To Time Employees from and after the applicable Transfer Time, and (ii) the members of the Time Group shall not have any U.S. employment
tax reporting responsibilities, and the members of the TWX Group shall have full U.S. employment tax reporting responsibilities, for Transferred To TWX Employees from and after the applicable Transfer Time. 

  
 40 

 SECTION 22.03. Data Privacy. The Parties agree that any applicable data privacy laws and
any other obligations of the Time Group and the TWX Group to maintain the confidentiality of any Employee Information in accordance with applicable law shall govern the disclosure of Employee Information among the Parties under this Agreement. TWX
and Time shall ensure that they each have in place appropriate technical and organizational security measures to protect the personal data of the Time Employees, Salary Continuation Former Employees, Former Time Employees, Transferred To TWX
Employees and Transferred To Time Employees. Time shall be responsible for ensuring that it has in place appropriate technical and organizational security measures to protect the personal data of Time Service Providers and Former Time Service
Providers. Additionally, each Party shall sign a business associate agreement, in accordance with the U.S. Health Insurance Portability and Accountability Act of 1996, and such additional documentation as may be required to comply with applicable
data privacy laws. 
 SECTION 22.04. Confidentiality. (a) Without limiting the scope of Section 22.03, each of TWX
and Time, on behalf of itself and each Person in its respective Group, shall, and shall cause its respective directors, officers, Employees, agents, accountants, counsel and other advisors and representatives to, hold, in strict confidence and not
release or disclose, with at least the same degree of care, but no less than a reasonable degree of care, that it applies to its own confidential and proprietary Information pursuant to policies in effect as of the Distribution, all Information
concerning the other Group or its business that is either in its possession (including Information in its possession prior to the Distribution) or furnished by the other Group or its respective directors, officers, Employees, agents, accountants,
counsel and other advisors and representatives at any time pursuant to this Agreement and shall not use any such Information other than for such purposes as shall be expressly permitted hereunder, except, in each case, to the extent that such
Information is (i) in the public domain through no fault of any member of the TWX Group or the Time Group, as applicable, or any of its respective directors, officers, employees, agents, accountants, counsel and other advisors and
representatives, (ii) later lawfully acquired from other sources by any of TWX, Time or its respective Group, Employees, directors or agents, accountants, counsel and other advisors and representatives, as applicable, which sources are not
themselves bound by a confidentiality obligation to the knowledge of any of TWX, Time or Persons in its respective Group, as applicable, (iii) independently generated without reference to any proprietary or confidential Information of the TWX
Group or the Time Group, as applicable, or (iv) required to be disclosed by law; provided, however, that the Person required to disclose such Information gives the applicable Person prompt, and to the extent reasonably
practicable, prior notice of such disclosure and an opportunity to contest such disclosure and shall use commercially reasonable efforts to cooperate, at the expense of the requesting Person, in seeking any reasonable protective arrangements
requested by such Person. In the event that such appropriate protective order or other remedy is not obtained, the Person that is required to disclose such Information shall furnish, or cause to be furnished, only that portion of such Information
that is legally 

  
 41 

 
required to be disclosed and shall take commercially reasonable steps to ensure that confidential treatment is accorded such Information. Notwithstanding the foregoing, each of TWX and Time may
release or disclose, or permit to be released or disclosed, any such Information concerning the other Group (A) to their respective directors, officers, Employees, agents, accountants, counsel and other advisors and representatives who need to
know such Information (who shall be advised of the obligations hereunder with respect to such Information) and (B) to any nationally recognized statistical rating agency as it reasonably deems necessary, solely for the purpose of obtaining a
rating of securities upon normal terms and conditions; provided, however, that the Party whose Information is being disclosed or released to such rating agency is promptly notified thereof. 

(b) Without limiting the foregoing, when any Information concerning the other Group or its business is no longer needed for the purposes
contemplated by this Agreement, each of TWX and Time will, promptly after request of the other Party, either return all Information in a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) or certify to
the other Party, as applicable, that it has destroyed such Information (and used commercially reasonable efforts to destroy all such Information electronically preserved or recorded within any computerized data storage device or component (including
any hard drive or database)). 
 SECTION 22.05. Counterparts; Entire Agreement; Corporate Power. (a) This Agreement may be
executed in one or more counterparts, all of which counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party hereto and delivered to the other Party. This
Agreement may be executed by facsimile or PDF signature and a facsimile or PDF signature shall constitute an original for all purposes. 

(b) This Agreement and the schedules hereto, together with the Separation Agreement and the Ancillary Agreements and the schedules thereto,
contain the entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter
and there are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or referred to herein. 

(c) TWX represents on behalf of itself and each other member of the TWX Group, and Time represents on behalf of itself and each other member
of the Time Group, as follows: 
 (i) each such Person has the requisite corporate or other power and authority and has taken
all corporate or other action necessary in order to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby; and 

(ii) this Agreement, the Separation Agreement and each Ancillary Agreement to which it is a party has been (or, in the case of
this Agreement and any Ancillary Agreement, will be on or prior to the Distribution Date) duly executed and delivered by it and constitutes, or will constitute, a valid and binding agreement of it enforceable in accordance with the terms thereof.

  
 42 

 SECTION 22.06. Governing Law; Jurisdiction. This Agreement shall be governed by, and
construed in accordance with, the Laws of the State of New York, regardless of the Laws that might otherwise govern under applicable principles of conflicts of laws thereof. Each Party irrevocably consents to the exclusive jurisdiction, forum and
venue of the Commercial Division of the Supreme Court of the State of New York, New York County and the United States District Court for the Southern District of New York over any and all claims, disputes, controversies or disagreements between the
Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby. 

SECTION 22.07. Assignability. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be
assigned, in whole or in part, by operation of law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment without such consent shall be void. Subject to the preceding sentences, this Agreement
will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and permitted assigns. Notwithstanding the foregoing, either Party may assign this Agreement without consent in connection with
(a) a merger transaction in which such Party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such Party’s assets, or (b) upon the sale of all or substantially all of such
Party’s Assets; provided, however, that the assignee expressly assumes in writing all of the obligations of the assigning Party under this Agreement, and the assigning Party provides written notice and evidence of such assignment
and assumption to the non-assigning Party. No assignment permitted by this Section 22.07 shall release the assigning Party from liability for the full performance of its obligations under this Agreement. 

SECTION 22.08. No Third-Party Beneficiaries. Except for the indemnification rights under this Agreement of any TWX Indemnitee or Time
Indemnitee in their respective capacities as such, this Agreement is solely for the benefit of the Parties and no current or former director, officer, Employee or Service Provider of any member of the TWX Group or any member of the Time Group or any
other individual associated therewith (including any beneficiary or dependent thereof), or any trustee of any Benefit Plan of a Party or their respective Subsidiaries shall be regarded for any purpose as a third-party beneficiary of this Agreement
and no provision of this Agreement shall create such rights in any such persons in respect of any benefits that may be provided, directly or indirectly, under any TWX Benefit Plan or any Time Benefit Plan. Furthermore, no provision of this Agreement
shall constitute a limitation on the rights to amend, modify or terminate any TWX Benefit Plan or any Time Benefit Plan and nothing herein shall be construed as an amendment to any such Benefit Plan. No provision of this Agreement shall require any
member of the TWX Group or any member of the Time Group to continue the employment of any Employee or the services of any Service Provider of any member of either Group for any specific period of time following the Distribution. 

  
 43 

 SECTION 22.09. Notices. All notices or other communications under this Agreement shall be
in writing and shall be deemed to be duly given when (a) delivered in person, (b) on the date received, if sent by a nationally recognized delivery or courier service or (c) upon the earlier of confirmed receipt or the fifth business
day following the date of mailing if sent by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to TWX, to: 
 Time Warner Inc.

 One Time Warner Center 
 New
York, NY 10019 
 Attn: General Counsel 

with a copy to: 
 Cravath,
Swaine & Moore LLP 
 Worldwide Plaza 

825 Eighth Avenue 
 New York,
NY 10019 
 Attn: Eric Schiele 

If to Time, to: 
 Time Inc. 

1271 Avenue of the Americas 

New York, NY 10020 

Attn: General Counsel 
 with
a copy to: 
 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 

666 Third Avenue 
 New York,
NY 10017 
 Attn: David Lagasse 

Any Party may, by notice to the other Parties, change the address to which such notices are to be given. 

SECTION 22.10. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is determined
by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or
unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is valid and enforceable and that comes
closest to expressing the intention of the invalid, void or unenforceable provision. 

  
 44 

 SECTION 22.11. Headings. The article, section and paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 SECTION 22.12.
Survival of Covenants. Except as expressly set forth in this Agreement, the covenants in this Agreement and the Liabilities for the breach of any obligations in this Agreement shall survive the Distribution and shall remain in full force and
effect. 
 SECTION 22.13. Waivers of Default. No failure or delay of any Party (or the applicable member of its Group) in exercising
any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct,
preclude any other or further exercise thereof or the exercise of any other right or power. Waiver by any Party hereto of any default by the other Party hereto of any provision of this Agreement shall not be deemed a waiver by the waiving Party of
any subsequent or other default. 
 SECTION 22.14. Specific Performance. In the event of any actual or threatened default in, or
breach of, any of the terms, conditions and provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other
rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The other Party shall not oppose the granting of such relief on the basis that money damages are an adequate remedy. The Parties to this Agreement agree
that the remedies at law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived.
Any requirements for the securing or posting of any bond with such remedy are waived. 
 SECTION 22.15. Amendments. No provisions of
this Agreement shall be deemed waived, amended, supplemented or modified by any Party hereto, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each Party. 

SECTION 22.16. Interpretation. Words in the singular shall be held to include the plural and vice versa and words of one gender shall
be held to include the other gender as the context requires. The terms “hereof,” “herein”, “herewith” and words of similar import, unless otherwise stated, shall be construed to refer to this Agreement as a whole
(including all of the schedules hereto) and not to any particular provision of this Agreement. Article, Section or Schedule references are to the articles, sections and schedules of or to this Agreement unless otherwise specified. Any capitalized
terms used in any Schedule to this Agreement but not otherwise defined therein shall have the meaning as defined in this Agreement. Any reference herein to this Agreement, unless 

  
 45 

 
otherwise stated, shall be construed to refer to this Agreement as amended, supplemented or otherwise modified from time to time, as permitted by Section 22.15. The word
“including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified. The word “or” shall not be exclusive.

 [SIGNATURE PAGE TO FOLLOW] 

  
 46 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

					
	TIME WARNER INC.,
			
		 	by	 	  

		 		 	Name:
		 		 	Title:
	
	TIME INC.,
			
		 	by	 	  

		 		 	Name:
		 		 	Title:

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