Document:

EX-4.16

 EXHIBIT 4.16 

EXECUTION VERSION 
 ELEVENTH
SUPPLEMENTAL INDENTURE (this “Eleventh Supplemental Indenture”) dated as of November 17, 2016, among HISTORIC TW INC., a Delaware corporation (the “Company”), TIME WARNER INC., a Delaware corporation
(“TWX”), HISTORIC AOL LLC (formerly known as AOL LLC), a Delaware limited liability company (“AOL”), TURNER BROADCASTING SYSTEM, INC., a Georgia corporation (“TBS”), HOME BOX OFFICE, INC., a
Delaware corporation (“HBO”), and THE BANK OF NEW YORK MELLON (formerly known as The Bank of New York, as successor trustee to The Chase Manhattan Bank (formerly known as Chemical Bank)), a New York banking corporation, as trustee
(the “Trustee”). 
 W I T N E S S E T H 

WHEREAS the Company (as successor to Time Warner Companies, Inc. (“TWCI”)) has executed and delivered to the Trustee an
Indenture (the “Original Indenture”), dated as of January 15, 1993, as amended from time to time, by way of the First Supplemental Indenture, dated as of June 15, 1993, between the Company (as successor to TWCI) and the
Trustee, the Second Supplemental Indenture, dated as of October 10, 1996, among the Company (in its own capacity and as successor to TWCI) and the Trustee (the “Second Supplemental Indenture”), the Third Supplemental Indenture,
dated as of December 31, 1996, among the Company (in its own capacity and as successor to TWCI) and the Trustee (the “Third Supplemental Indenture”), the Fourth Supplemental Indenture, dated as of December 17, 1997, among
the Company (in its own capacity and as successor to TWCI), TBS and the Trustee (the “Fourth Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of January 12, 1998, among the Company (in its own capacity and
as successor to TWCI), TBS and the Trustee, the Sixth Supplemental Indenture, dated as of March 17, 1998, among the Company (in its own capacity and as successor to TWCI), TBS and the Trustee (the “Sixth Supplemental
Indenture”), the Seventh Supplemental Indenture, dated as of January 11, 2001, among the Company (in its own capacity and as successor to TWCI), TWX, AOL, TBS and the Trustee (the “Seventh Supplemental Indenture”), the
Eighth Supplemental Indenture, dated as of February 23, 2009, among the Company (in its own capacity and as successor to TWCI), TWX, AOL, TBS and the Trustee (the “Eighth Supplemental Indenture”), the Ninth Supplemental
Indenture, dated as of April 16, 2009, among the Company (in its own capacity and as successor to TWCI), TWX, AOL, TBS and the Trustee (the “Ninth Supplemental Indenture”) and the Tenth Supplemental Indenture, dated as of
December 3, 2009, among the Company (in its own capacity and as successor to TWCI), TWX, AOL, TBS, HBO and the Trustee (the “Tenth Supplemental Indenture”) (the Original Indenture, as so amended, is herein called the
“Indenture”), providing for the issuance and sale by the Company from time to time of its senior debt securities (the “Securities”, which term shall include any Securities issued under the Indenture after the date
hereof); 
 WHEREAS TWCI was the original issuer under the Indenture and the Company (in its own capacity and not as successor to TWCI) has
(a) by way of the Second Supplemental Indenture, unconditionally and irrevocably guaranteed the obligations of TWCI under the Indenture (the “Initial HTW Guarantee”) and extended to the Holders of Securities certain rights and
privileges in connection with the Initial HTW Guarantee, (b) by way of the Third Supplemental Indenture, extended to the Holders of Securities certain additional rights and 

  
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 privileges in connection with the Initial HTW Guarantee, and (c) by way of the Sixth Supplemental Indenture,
unconditionally and irrevocably guaranteed the obligations of TBS under the TBS Guarantee (as defined below) (the “Additional HTW Guarantee” and together with the Initial HTW Guarantee, the “HTW Guarantees”) and
extended to the Holders of Securities certain rights and privileges in connection with the Additional HTW Guarantee; 
 WHEREAS, pursuant
to a certificate of ownership and merger filed with the Secretary of State of the State of Delaware, TWCI merged with and into the Company on February 24, 2009, with the Company being the surviving corporation, and the Company, by way of the
Eighth Supplemental Indenture, assumed all the obligations of TWCI under the Indenture; 
 WHEREAS TBS has, by way of the Fourth
Supplemental Indenture, unconditionally and irrevocably guaranteed the obligations of the Company under the Indenture (the “TBS Guarantee”) and extended to the Holders of Securities certain rights and privileges in connection with
the TBS Guarantee; 
 WHEREAS AOL has, by way of the Seventh Supplemental Indenture, unconditionally and irrevocably guaranteed the
obligations of HTW under the HTW Guarantees (the “AOL Guarantee”) and extended to the Holders of Securities certain rights and privileges in connection with the AOL Guarantee, and has, by way of the Eighth Supplemental Indenture,
affirmed that the AOL Guarantee, in so far as it is a guarantee of the obligations of the Company under the HTW Guarantees, constitutes a guarantee of the obligations of the Company, in its capacity as successor to TWCI, in respect of the
Securities; 
 WHEREAS TWX has, by way of the Seventh Supplemental Indenture, unconditionally and irrevocably guaranteed the obligations of
(a) AOL under the AOL Guarantee and (b) the Company under the HTW Guarantees (together, the “TWX Guarantee”) and extended to the Holders of Securities certain rights and privileges in connection with the TWX Guarantee, and
has, by way of the Eighth Supplemental Indenture, affirmed that the TWX Guarantee, in so far as it is a guarantee of the obligations of the Company under the HTW Guarantees, constitutes a guarantee of the obligations of the Company, in its capacity
as successor to TWCI, in respect of the Securities; 
 WHEREAS HBO has, by way of the Tenth Supplemental Indenture, unconditionally and
irrevocably guaranteed the full and punctual payment of the principal of and interest on the Securities when due, whether at maturity, by acceleration, by redemption or otherwise, and of all other monetary obligations of the Company under the
Indenture (including obligations to the Trustee thereunder) and the Securities and of the full and punctual performance within applicable grace periods of all other obligations of the Company under the Indenture and the Securities; 

WHEREAS TWX has entered into an Agreement and Plan of Merger, dated as of October 22, 2016, among TWX, AT&T Inc. and West Merger
Sub, Inc., which provides for, subject to the satisfaction or waiver of certain conditions precedent contained therein, the merger of TWX with and into a wholly owned subsidiary of AT&T Inc. that is a newly formed Delaware limited liability
company; 

  
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 WHEREAS Section 901(3) of the Indenture permits the Company, when authorized by a Board
Resolution, and the Trustee, at any time and from time to time and without the consent of the Holders of any Securities, to enter into one or more indentures supplemental to the Indenture, in form satisfactory to the Trustee, for the purpose of
curing any ambiguity, correcting or supplementing any provision of the Indenture which may be inconsistent with any other provision of the Indenture, or to make any other provisions with respect to matters or questions arising under the Indenture,
except that no such supplemental indenture may be entered into if to do so would adversely affect the interests of the Holders of Securities of any series in any material respect; 

WHEREAS the Company desires to enter into this Eleventh Supplemental Indenture in reliance upon Section 901(3) of the Indenture to
provide for certain amendments to the Indenture as set forth herein; 
 WHEREAS the Company is authorized by a Board Resolution to enter
into this Eleventh Supplemental Indenture; 
 WHEREAS the amendments set forth herein do not adversely affect the interests of the Holders
of Securities of any series in any material respect; and 
 WHEREAS the Company has requested that the Trustee execute and deliver this
Eleventh Supplemental Indenture, and all requirements necessary to make this Eleventh Supplemental Indenture a valid instrument in accordance with its terms have been duly authorized in all respects. 

NOW, THEREFORE, the Company, TWX, AOL, TBS, HBO and the Trustee hereby agree that this Eleventh Supplemental Indenture supplements the
Indenture with respect to Securities issued thereunder: 
 SECTION 1.     Definitions. Unless otherwise provided
herein, the capitalized terms used and not defined herein have the meanings ascribed to such terms in the Indenture. 
 SECTION
2.     Amendments to Article Eight. (a) The introductory clause of Section 801 of the Indenture is hereby amended by inserting immediately after the words “any other corporation” therein the words
“or limited liability company”. 
 (b)     Clause (1)(b) of Section 801 of the Indenture is hereby
amended by inserting immediately after the words “TBS, the corporation” therein the words “or limited liability company”. 

(c)     Section 802 of the Indenture is hereby amended by inserting immediately after the words “the successor
Person” therein the words “or limited liability company”. 
 SECTION 3.     Amendment to
Section 901. Clause (1) of Section 901 of the Indenture is hereby amended by inserting immediately after the words “of another corporation” therein the words “, limited liability company”. 

  
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 SECTION 4.     This Eleventh Supplemental Indenture. This Eleventh
Supplemental Indenture shall be construed as supplemental to the Indenture and shall form a part of it, and the Indenture is hereby incorporated by reference herein and each is hereby ratified, approved and confirmed. 

SECTION 5.     GOVERNING LAW. THIS ELEVENTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 6.     Counterparts. This Eleventh Supplemental
Indenture may be executed in two or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument. 

SECTION 7.     Headings. The headings of this Eleventh Supplemental Indenture are for reference only and shall not
limit or otherwise affect the meaning hereof. 
 SECTION 8.     Trustee Not Responsible for Recitals. The
recitals herein contained are made by the Company, TWX, AOL, HBO and TBS and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee shall not be responsible in any manner whatsoever for or in respect
of the validity or sufficiency of this Eleventh Supplemental Indenture. 
 SECTION 9.     Separability. In case
any one or more of the provisions contained in this Eleventh Supplemental Indenture or in the Securities shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not
affect any other provisions of this Eleventh Supplemental Indenture or of the Securities, but this Eleventh Supplemental Indenture and the Securities shall be construed as if such invalid or illegal or unenforceable provision had never been
contained herein or therein. 
 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Eleventh Supplemental Indenture to be
duly executed by their respective authorized officers as of the date first written above. 
  

					
	HISTORIC TW INC.,
	 by  
  
	 	/s/ Edward B. Ruggiero
		 	Name:	 	Edward B. Ruggiero
		 	Title:	 	Senior Vice President & Treasurer

  

					
	TIME WARNER INC.,
	 by  
  
	 	/s/ Edward B. Ruggiero
		 	Name:	 	Edward B. Ruggiero
		 	Title:	 	Senior Vice President & Treasurer

  

					
	HOME BOX OFFICE, INC.,
	 by  
  
	 	/s/ Edward B. Ruggiero
		 	Name:	 	Edward B. Ruggiero
		 	Title:	 	Senior Vice President & Assistant Treasurer

  

					
	 HISTORIC AOL LLC,

by Time Warner Inc.,
 as
sole member of Historic AOL LLC,

	 by  
  
	 	/s/ Edward B. Ruggiero
		 	Name:	 	Edward B. Ruggiero
		 	Title:	 	Senior Vice President & Treasurer

  

					
	TURNER BROADCASTING SYSTEM, INC.,
	 by  
  
	 	/s/ Edward B. Ruggiero
		 	Name:	 	Edward B. Ruggiero
		 	Title:	 	Senior Vice President & Assistant Treasurer

  

					
	THE BANK OF NEW YORK MELLON, as Trustee,
	 by  
  
	 	/s/ Francine Kincaid
		 	Name:	 	Francine Kincaid
		 	Title:	 	Vice President

 [Signature Page to Eleventh Supplemental Indenture]EX-10.24

 EXHIBIT 10.24 

[Letterhead] 
 [●], 2016 

[Name] 
 [Address] 

[City, State Zip] 
 Retention Bonus 

Dear [●]: 
 As you are aware, Time Warner
Inc. (the “Company”) has entered into a merger agreement[, dated October 22, 2016] (a “Merger Agreement”), with AT&T Inc. (“AT&T”) which contemplates that AT&T will acquire the Company
(the “Transaction”). Your role has been identified as integral to the success of the Transaction and the Company would like to provide you with additional incentive to continue your employment with the Company. Therefore, we are
pleased to offer you a retention bonus pursuant to the terms of this letter agreement. 

1.        Retention Bonus.  Subject to Paragraph 2, the Company will pay you a
cash retention bonus in the amount of $[●] (the “Bonus”) on the following schedule: 

  (a)    50% of the Bonus (the “First Payment Amount”) will be paid as soon as practicable
following the closing of the Transaction (the “Closing”), but in no event later than thirty (30) days following the Closing, subject to your continued employment by the Company or one of its subsidiaries through the Closing;

   (b)    50% of the Bonus (the “Second Payment Amount”) will be paid as soon as
practicable following the six-month anniversary of the Closing (the “Second Payment Date”), but in no event later than thirty (30) days following the Second Payment Date, subject to your continued employment by AT&T or one
of its subsidiaries (including the Company or one of its subsidiaries) through the Second Payment Date; and 

  (c)    in the event that, prior to the Closing, the Merger Agreement is terminated and the Closing does not
occur (the date of such termination, the “Merger Termination Date”, and each of the Closing, the Second Payment Date and the Merger Termination Date, a “Payment Date”), you will be paid both the First Payment Amount
and the Second Payment Amount within thirty (30) days following the Merger Termination Date, subject to your continued employment by the Company or one of its subsidiaries through the Merger Termination Date. 

 2.        Termination of Employment. 

  (a)    If, prior to your receipt of all portions of the Bonus, your employment is terminated by the Company,
AT&T or one of their respective subsidiaries without Cause or as a result of your death or Disability or, following the Closing, due to Good Reason (each, such term shall have the meaning set forth in the award agreement governing your most
recent grant of Company restricted stock units or, if you have not received a grant of Company restricted stock units, within the meaning of the Time Warner Inc. Change in Control Severance Plan), all unpaid portions of the Bonus will be paid to you
in a lump sum as soon as practicable but no later than seventy (70) days after the date of such termination. Notwithstanding the foregoing, in the event of a termination without Cause or, following the Closing, for Good Reason, a condition
precedent to the Company’s obligation to pay any portion of the Bonus that relates to a Payment Date that has not yet occurred as of your termination date shall be your execution and delivery of a release in the form that is applicable pursuant
to your employment agreement or the severance plan that is then applicable to you (whichever document governs your right to severance) within sixty (60) days following the date that your employment terminates. If you shall fail to timely
execute and deliver such release, or if you revoke such release as provided therein, then you will forfeit all rights in respect of the portion of the Bonus that relates to a Payment Date that had not yet occurred prior to your termination date.
Furthermore, if you are subject to an employment agreement that provides you with the right to terminate your employment if the Company is in material breach of its obligations thereunder, then if you terminate your employment as a result of a
material breach, it will be deemed a termination without Cause for purposes of this letter agreement, regardless of whether it occurs prior to, upon or following the Closing. 

  (b)    If, prior to the applicable Payment Date, your employment terminates for any reason other than those
set forth in Paragraph 2(a) above, all portions of the Bonus that relate to a future Payment Date will be immediately forfeited and you will have no further rights with respect thereto. For the avoidance of doubt, in such event, you shall
remain entitled to any unpaid portion of the Bonus that relates to a Payment Date that occurred prior to termination of your employment. 

3.        Excise Tax.  You acknowledge and agree that the Bonus is subject in all
respects to the terms of either (a) your employment agreement with the Company (if you are party to such an agreement), (b) your most recent Company restricted stock unit award agreement (if you are party to such an agreement but not to an
employment agreement) or (c) the Time Warner Inc. Change in Control Severance Plan (if you are party to neither an employment agreement nor a Company restricted stock unit agreement) relating to Sections 280G and 4999 of the Internal Revenue
Code of 1986, as amended (the “Code”). 

4.        Confidentiality.  You hereby agree that you will keep the terms of this
letter agreement confidential, and will not, except as required by law, disclose such terms to any person other than your immediate family or professional advisers (who also must keep the terms of this letter agreement confidential). 

  
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 5.        Withholding.  Subject to
applicable law, the Company may deduct and withhold from any amount payable under this letter agreement such Federal, state, local, foreign or other taxes as are required to be withheld pursuant to any applicable law or regulation. 

6.        Assignment. 

  (a)     This letter agreement is personal to you and, without the prior written consent of the Company, shall
not be assignable by you otherwise than by will or the laws of descent and distribution, and any assignment in violation of this letter agreement shall be void. Notwithstanding the foregoing sentence, this letter agreement and all of your rights
hereunder shall inure to the benefit of and be enforceable by your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

  (b)     The Company shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Company (a “Successor”) to assume and agree to perform this letter agreement in the same manner and to the same extent that the Company would
have been required to perform it if no such succession had taken place. As used in this letter agreement, the term “Company” shall mean the Company as hereinbefore defined and any Successor and any permitted assignee to which this letter
agreement is assigned. 
 7.        Amendment/Waiver.  No provisions of this letter
agreement may be amended, modified, waived or discharged except by a written document signed by you and the Senior Vice President, Global Compensation and Benefits of the Company. The failure of a party to insist upon strict adherence to any term of
this letter agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this letter agreement. 

8.        Entire Agreement.  This letter agreement sets forth the entire agreement of
the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or
representative of any party hereto. None of the parties shall be liable or bound to any other party in any manner by any representations and warranties or covenants relating to such subject matter except as specifically set forth herein. 

9.        Governing Law.  The validity, interpretation, construction and performance
of this letter agreement shall be governed by the laws of the State of New York, unless your principle place of employment is in the State of California, in which case the laws of the State of California shall govern (in each case, without giving
effect to its conflicts of law). 
 10.      Section 409A Compliance.  It is the
intention of the Company that the payments and benefits to which you could become entitled under this letter agreement are exempt from the definition of “nonqualified deferred compensation” under Section 409A of the Code. In the event
the Company determines the payments to which you could become entitled under this letter agreement constitute “nonqualified deferred compensation” under Section 409A of the Code and that the terms of this letter agreement do not
comply with Section 409A of the Code, the Company will negotiate with you reasonably and in good faith to amend the terms of this letter agreement such that they comply (in a manner that attempts to minimize the economic impact of such
amendment on you and the Company) within the time period permitted by the applicable Treasury Regulations. 

  
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 11.       Counterparts.  This letter agreement may
be executed in two or more counterparts (including by facsimile of PDF), each of which will be deemed an original but all of which together will constitute one and the same instrument. 

 

					
	TIME WARNER INC.
		
	By:	 	 
			
		 	Name:	 	James Cummings
		 	Title:	 	 Senior Vice President of Global
 Compensation
and Benefits

 Accepted and Agreed: 
  

 
 [Employee’s Name] 

Dated:                 , 2016 

  
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