Document:

Employment Agreement (Webster)

 Exhibit 10.8 

July 26, 2010 
 Dear Evelyn: 

You are currently employed by IPC Media Limited, a subsidiary of Time Inc. (the “Company”), pursuant to an Employment Agreement effective
April 4, 2003 (the “Prior Agreement”). This Agreement (“Agreement”) amends and restates the terms of your employment with the Company and supersedes the Prior Agreement as of January 1, 2011 (the “Effective
Date”). 
 1. Term of Employment. The term of employment under this Agreement (“Term of
Employment”) will commence on the Effective Date and will continue thereafter until three (3) years from the Effective Date and will be automatically extended for subsequent one (1) day periods for each day of the Term of Employment
that passes after the Effective Date, unless sooner terminated by either party as provided in Section 5 hereof. The intent of the foregoing provision is that the Agreement becomes “evergreen” on the Effective Date so that on each
passing day after the Effective Date the Term of Employment automatically extends to a full three-year period. 
 2.
Employment. The Company will, during the Term of Employment, employ you and you will serve as Executive Vice President, Time Inc. and Chairman Time Inc. Lifestyle Group, or in such additional executive capacities as may be assigned
from time to time by the Chief Executive Officer of the Company (“CEO”). You will report to the CEO and will have such authority, functions, duties, powers and responsibilities as the CEO may delegate to you, consistent with your position
as a senior executive at the Company. You agree, subject to your appointment as such and without additional compensation, to hold such additional titles and serve, during the Term of Employment, in such additional offices and positions to which you
may be appointed from time to time in the Company and its affiliated companies. You will devote substantially all of your business time, attention, skill and efforts to the performance of your duties hereunder and will faithfully and diligently
serve the Company. You may manage your passive investments and be involved in charitable, religious, and civic interests so long as they do not materially interfere with the performance of your duties hereunder, and so long as they do not otherwise
violate the written policies of the Company and Time Warner Inc. (“TWI”). In performing your duties hereunder, you will comply with all written policies and procedures of the Company and TWI. 

 3. Compensation and Other Remuneration. 

3.1 Base Salary. The Company will pay to you during the Term of Employment, a base salary at the rate of not less than $720,000
per annum (the “Base Salary”). The Company may increase, but not decrease, the Base Salary during the Term of Employment. Base Salary will be paid in accordance with the customary payroll practices of the Company and shall be subject
to payroll deductions and required withholdings. 
 3.2 Bonuses and Long Term Incentives. 

(a) You shall be eligible to participate in the Company’s annual incentive cash bonus plans (“Bonus”) to the extent that you
are eligible in accordance with the terms of such plans. Your current Bonus target is $515,000. 
 (b) So long as your employment
with the Company has not been terminated, you shall also be eligible to participate in any stock option or other long-term incentive program, whether now existing or established hereafter, to the extent executives at your level are generally deemed
eligible to participate therein (collectively, the “Long-Term Incentive Plans”). 
 (c) In addition, you shall receive two
transition bonuses in the gross amount of $150,000 each, payable on or about January 15, 2011 and January 15, 2012, so long as you are actively employed by the Company on each respective payment date. 

4. Benefits. 

(a) You will be eligible to participate in any pension plan, employee stock ownership plan, group life insurance, extended travel and
accident insurance, hospitalization, medical, health, disability or other insurance plan and any other employee benefit or welfare plan, program or policy of the Company, whether now existing or established hereafter (collectively, the “Benefit
Plans”), to the extent that you are eligible under the general provisions thereof as in effect from time to time. 
 (b) Your
Company service seniority date shall be September 21, 1992. 
 (c) You shall be entitled to 5 weeks of paid vacation per
calendar year and two (2) personal days. 
 5. Termination. 

5.1 Termination for Cause. 

(a) The Company may terminate your Term of Employment and all of the Company’s obligations hereunder, other than its obligations set
forth below in this Section 5.1, at any time for “Cause.” “Cause” shall mean termination because of your (a) conviction (treating a nolo contendere plea as a conviction) of a felony (whether or not any right to appeal
has been or may be exercised), (b) willful failure or refusal without proper cause to perform your duties with the Company, including your obligations under this Agreement (other than any such failure resulting from your incapacity due to
physical or mental impairment) and, after having been given written notice thereof by the Company, failure to correct such willful failure or 

  
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refusal to perform (if curable) within 30 days after receipt of such notice, (c) misappropriation, embezzlement or reckless or willful destruction of Company property, (d) breach of any
statutory or common law duty of loyalty to the Company, (e) intentional and improper conduct materially prejudicial to the business of the Company or any of its affiliates, or (f) breach of any of the covenants provided for in
Section 6 hereof. 
 (b) In the event of termination by the Company for Cause, without prejudice to any other rights or remedies that
the Company may have at law or in equity, the Company shall have no further obligations to you other than to: (i) pay Base Salary and unused vacation accrued through the effective date of termination, (ii) pay any unpaid Bonus for any
completed prior fiscal year and (iii) comply with obligations owed under the Benefit Plans in accordance with their terms as in effect as of the effective date of termination ((i) through (iii) collectively, the “Termination
Entitlement”). 
 5.2 Termination Due to Death. This Agreement shall terminate upon your death and the Company shall not have
any further obligations hereunder, except that your estate will be entitled to receive, in addition to any regular life insurance benefits paid by the Company, the Termination Entitlement. 

5.3 Termination Due to Disability. If during the Term of Employment you become physically or mentally disabled, whether totally or
partially, so that you are prevented from performing the material functions of your position for periods aggregating six (6) months in any twelve (12) month period, the Company will be entitled to terminate the Term of Employment upon
written notice to you given at any time thereafter during which you are still disabled. You will thereafter be entitled to receive, in addition to the Termination Entitlement, (subject to the requirements of Section 5.7) Base Salary and
“Average Annual Bonus” (as defined below) for twenty-four (24) months, but reduced on a monthly basis by an amount equal to the disability payments received for such month by you from Worker’s Compensation, Social Security and
disability insurance policies maintained by the Company or its affiliate; provided, however, that all payments under this Section 5.3 shall cease upon the earlier of: (i) your commencing substantially full-time employment, or (ii) you
ceasing to be eligible for long-term disability benefits under the Company’s or an affiliate’s long-term disability plan or becoming eligible only for partial benefits of less than fifty percent (50%) under such plan. Upon the
termination of payments made pursuant to this Section 5.3, your disability payments, if any, will be determined in accordance with the Company’s long-term disability program then in effect, and no further payments will be made pursuant to
the terms of this Agreement. All payments made under this Section 5.3 after the date of termination of employment are intended to be disability payments, regardless of the manner in which they are computed. For purposes of this Agreement,
“Average Annual Bonus” shall be defined as an amount equal to the average of the two (2) highest Bonus amounts received by you (excluding any special, spot or long-term incentive plan bonuses) during the most recent five
(5) completed fiscal years of the Company. 
 5.4 Other Termination by the Company. 

(a) The Company may terminate the Term of Employment, other than a termination under Sections 5.1, 5.2, or 5.3, at any time upon thirty
(30) days written notice to you. In lieu of thirty (30) days written notice, upon providing you written notice of its termination of the Term of Employment, the Company may instead terminate the Term of Employment

  
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immediately or at any time during the thirty (30) day notice period, in which case it will continue to pay your Base Salary for thirty (30) days or the remainder of the notice period,
as the case may be. In the event that your Term of Employment is so terminated, you will (subject to the requirements of Section 5.7) be treated as an employee of the Company (but without any title) until the end of the Severance Period
(defined in Section 5.4(b) below) and entitled to receive Base Salary and Average Annual Bonus payments for that period in bi-weekly, substantially equal installments; provided however, that 

(i) if you die during such period, your payments pursuant to this Section 5.4(a) shall cease, and your estate will be entitled to
receive, in addition to any regular life insurance benefits paid by the Company, any payments due pursuant to this Section 5.4(a) through the date of your death; 

(ii) if you accept employment with any other corporation, partnership, trust, government or other entity during such period, or notify the
Company in writing of your intention to terminate your status as an employee during such period, you will continue to receive all payments pursuant to this Section 5.4(a), but shall cease to be treated as an employee of the Company for purposes
of your rights to receive certain post-termination benefits under Section 5.4(c) below, effective upon the commencement of such employment, or the effective date of such termination as specified by you in such notice; and 

(iii) if you accept employment with TWI or a related or affiliated entity during such period, your payments pursuant to this
Section 5.4(a) shall cease effective the first date of employment with TWI or such related or affiliated entity. 
 (b) The
“Severance Period” shall be 24 months. 
 (c) During the period you are treated as an employee of the Company, unless prohibited
by law, (i) you will continue to be eligible to participate in the Company’s health and life insurance plans on the same terms and conditions as regular full-time employees, and (ii) the TWI restricted stock units (“RSUs”)
and options to purchase TWI stock granted to you by the Company will continue to vest and be exercisable pursuant to the plans and option agreements under which such options and RSUs were granted, (but not beyond the expiration of any such options).
However, during such period, you will not be entitled to any additional awards or grants under any stock plan or other Long-Term Incentive Plan. 

(d) If the Company terminates the Term of Employment pursuant to this Section 5.4, any unpaid Bonus for the fiscal year of such
termination shall be paid in accordance with the terms of the relevant Bonus plan. 
 (e) In the event that the Company terminates the Term
of Employment pursuant to this Section 5.4, you shall not be required to take actions in order to mitigate your damages hereunder, unless Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), would apply to
any payments to you by the Company and your failure to mitigate would result in the Company losing tax deductions to which it would otherwise have been entitled. In such an event, you will engage in whatever mitigation is necessary to preserve the
Company’s tax deductions. With respect to the preceding sentences, any payments or rights to which you are entitled by reason of the termination of employment without cause shall be 

  
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considered as damages hereunder. Any obligation to mitigate your damages pursuant to this Section 5.4(e) shall not be a defense or offset to the Company’s obligation to pay you in full
the amounts provided in this Section 5.4 upon the occurrence of a termination by the Company pursuant to Section 5.4 at the times provided herein, or the timely and full performance of any of the Company’s other obligations under this
Section 5.4. 
 5.5 Termination Due to Material Breach by Company. You will have the right, exercisable by notice to the
Company, to terminate your employment, effective thirty (30) days after the giving of notice, if at the time of such notice, the Company shall be in material breach of its obligations hereunder; provided, however, that this Agreement and your
employment will not so terminate if within such 30-day period the Company has cured all such material breaches of its obligations hereunder; and provided further, that such notice is provided to the Company within 90 days after the occurrence of
such material breach. If such material breach has not been so cured, you may elect, subject to the requirements of Section 5.7, to treat such breach as a termination of the Term of Employment by the Company pursuant to Section 5.4 above,
and you shall be entitled to the rights and benefits provided for therein. 
 5.6 Resignation or Retirement. You may terminate the
Term of Employment for any reason, including, without limitation, your retirement, at any time on ninety (90) days’ prior written notice to the Company. In such event, the Company’s only obligations to you will be for the Termination
Entitlement. In any instance in which you provide written notice of your termination of the Term of Employment to the Company, the Company may elect to terminate you immediately, in which case the Company’s only obligations to you will be for
the Termination Entitlement, treating the last day of the notice period as the date of termination solely for purposes of calculating the Termination Entitlement. In no event will the Company’s early termination of you pursuant to the preceding
sentence be considered a termination of the Term of Employment by the Company under Section 5.4 and in no event shall the Company’s early termination of you pursuant to the preceding sentence require the Company to provide the Termination
Entitlement for any greater period than the period beginning on the date your written notice of termination is received by the Company and ending ninety (90) days thereafter. 

5.7 Release. In the event of a termination of the Term of Employment pursuant to Sections 5.3, 5.4, or 5.5 above, a condition precedent
to the Company’s obligation to make or continue to make the payments associated with such termination shall be your execution and delivery to the Company of a release of all claims you have against the Company, its affiliates and their related
persons arising out of or in connection with your employment or termination of employment, including, but not limited to, a release of all claims of discrimination, in substantially the form attached hereto as Exhibit A (as such form may be updated
in the discretion of the Company). The Company will deliver such release to you at or about the time it delivers or receives the notice of termination, and you will execute and deliver such release to the Chief Executive Officer or his or her
designee within twenty-one (21) days thereafter. If you fail to execute and deliver such release to the Company within such 21-day period, or if you revoke your consent to such release as provided therein, you will not be eligible to receive
any further payments from the Company. 
 5.8 Benefits and Other Payments Upon Termination. Upon termination of the Term of
Employment, your rights to benefits and payments under any Benefit Plan or Long-Term Incentive Plan or other plan of the Company or TWI will be determined in accordance with the then current terms and provisions of such plans and any agreements
under which such benefits or payments were granted. 

  
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 5.9 Forfeiture. In the event you materially breach the terms of Section 6 of this
Agreement, and if curable, do not cure such breach within five (5) days after you have received written notice of such breach from the Company, you acknowledge and agree that you shall forfeit any remaining amounts due to you under this
Section 5 other than your Termination Entitlement. The rights contained in this Section 5.9 shall be in addition to, and shall not limit, any other rights or remedies that the Company may have under law or in equity. 

6. Protection of Confidential Information, Non-Compete and Non-Disparagement.  

6.1 Protection of Confidential Information and Non-Compete Covenants. 

(a) Acknowledgements. You acknowledge that your employment by the Company will bring you into close contact with many confidential
affairs of the Company, including information about costs, profits, markets, sales, products, key personnel, operational methods, technical processes, plans for future development and other business affairs and editorial matters not readily
available to the public. You further acknowledge that the services to be performed under this Agreement are of a special, unique, unusual, extraordinary and intellectual character. You further acknowledge that the business of the Company is
international in scope, that its products are marketed throughout the world, that the Company competes in nearly all of its business activities with other organizations that are or could be located in nearly any part of the world and that the nature
of your services, position and expertise are such that you are capable of competing with the Company from nearly any location in the world. In recognition of the foregoing, you covenant and agree to the requirements of this Section 6. 

(b) Safeguarding of Confidential Information. You will keep secret all confidential matters of the Company, including without
limitation, the terms and provisions of this Agreement, and will not use for your own benefit or intentionally disclose such matters to anyone outside of the Company, either during or after the Term of Employment, except with the Company’s
written consent, provided that (i) you will have no such obligation to the extent such matters are or become publicly known other than as a result of your breach of your obligations hereunder; (ii) you may, after giving prior notice to the
Company to the extent practicable under the circumstances, disclose such matters to the extent required by applicable laws or governmental regulations or judicial or regulatory process; and (iii) you may disclose the terms of this Agreement to
your spouse or life partner, attorney, accountant, and/or financial advisor, provided that such persons also agree to maintain such confidentiality. The rights set forth herein are in addition to all rights the Company may have under the common law
or applicable statutory laws relating to the protection of trade secrets; 
 (c) Return or Erasure of Company Information. You will
deliver promptly to the Company (or erase from memory on your computer) on termination of your employment by the Company, or at any other time the Company may so request, all memoranda, notes, records, reports and other documents (and all copies
thereof) in any form whatsoever (including information contained in computer memory or on any computer disks) relating to the Company’s business, which you obtained while employed by, or otherwise serving or acting on behalf of, the Company and
which you may then possess or have under your control; 

  
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 (d) Nonsolicitation of Employees. In the event your employment terminates for any reason,
then for a period of two (2) years after such termination, you will not, directly or indirectly, employ or solicit the employment of, and shall not assist, induce, cause or encourage any other person or entity to employ or solicit the
employment of, any person who was an employee of the Company or any of its affiliated companies at the date of your termination or within six (6) months prior thereto; provided, however, that this Section 6.1(d) shall not preclude general
print advertising for personnel or responding to an unsolicited request for a personal recommendation for or evaluation of an employee of the Company or any of its subsidiaries or affiliates; and 

(e) Noncompetition. (i) During the Term of Employment, and (ii) for a period of one (1) year after the effective
date of your termination of employment pursuant to Sections 5.1 or 5.6, and (iii) for a period of two (2) years for any termination of your employment pursuant to Sections 5.3, 5.4, or 5.5, you will not, directly or indirectly,
without the prior written consent of the Chief Executive Officer of the Company, or his or her designee, render any services to any other person or entity, or acquire any interest of any type in any other person or entity which is engaged, either
directly or indirectly, in any line of business that is substantially the same as any line of business which the Company engages in, conducts or, to your knowledge has definitive plans to engage in or conduct. The foregoing shall not be deemed to
prohibit you from acquiring securities of any corporation which are publicly traded so long as such securities do not constitute more than one percent (1%) of the outstanding voting power of that public company. 

(f) Waiver. Notwithstanding the foregoing, if your employment with the Company is terminated pursuant to Sections 5.4 or 5.5,
commencing with the 13th month of the Severance Period, you may elect, upon 30 days’ advance written notice to the Company, to be relieved of your obligations under Sections 6.1(d) and (e) hereof. Upon any such election by you, the Company
shall waive your obligations under Sections 6.1(d) and (e) for the remainder of the Severance Period, but you shall in return forfeit your right to receive any remaining amounts due to you pursuant to Section 5.4(a). Any such election
shall be irrevocable by you as of the date on which the first forfeited payment would otherwise be made. 
 6.2 No Use of Client
Information; Nonsolicitation of Company Clients or Prospective Clients. You acknowledge that the Company has a compelling business interest in preventing unfair competition stemming from the use or disclosure of confidential client information,
including but not limited to the identity of clients and prospective clients (“Client Information”), in the event that, after any termination of your employment with the Company, you go to work for or become affiliated with a competitor of
the Company or otherwise engage in business activities that are competitive with those of the Company. You further acknowledge that all clients serviced by you as an executive of the Company are clients of the Company and not yours personally, and
that by virtue of your employment with the Company, you have gained or will gain knowledge of the identity, characteristics, and preferences of clients, and that you would inevitably have to draw on Client Information if you were to solicit or
service the Company’s clients or contact prospective clients on behalf of a competing business enterprise. Accordingly, you agree that for one (1) year following the termination of your employment for any reason, you will not solicit the

  
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business of or perform any services for any actual or prospective client for whom you provided any services or as to whom you had access to Client Information during the course of your employment
with the Company. You also agree that, during this one-year period, you will not encourage or assist any person or entity in competition with the Company to solicit or service any actual or prospective client of the Company covered by this
Section 6.2, or otherwise seek to encourage or induce any such client to cease doing business with, or lessen its business with, the Company. 

6.3 Non-Disparagement. You will not make any statements that are professionally or personally disparaging about, or adverse to, the
interests of the Company (including any subsidiaries or affiliates and each of their officers, directors, and employees), including, but not limited to, any statements that disparage any person, product, service, financial condition, or any other
aspect of the business of the Company, Company subsidiaries or affiliates. 
 6.4 Specific Remedy. In addition to such other rights
and remedies as the Company may have at equity or in law with respect to any breach of this Agreement, if you commit a material breach of any of the provisions of this Section 6, the Company will have the right and remedy to have such
provisions specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide an adequate
remedy to the Company. In the event that you violate any of the provisions of this Section 6, the period of the restrictive covenants set forth in those provisions shall be extended for the period of time you remain in violation. 

7. Ownership of Work Product. You acknowledge that during the Term of Employment, you may, in the course of your
employment, conceive of, discover, invent or create inventions, improvements, new contributions, literary property, material, ideas and discoveries, whether patentable or copyrightable or not (all of the foregoing being collectively referred
to herein as “Work Product”), and that various business opportunities shall be presented to you by reason of your employment by the Company. You acknowledge that, unless the Company otherwise agrees in writing, all of the foregoing shall
be owned by and belong exclusively to the Company and that you will have no personal interest therein, provided that they are, in the case of Work Product, conceived or made on the Company’s time or with the use of the Company’s facilities
or materials, or, in the case of business opportunities, are presented to you for the possible interest or participation of the Company. You will further, unless the Company otherwise agrees in writing, (i) promptly disclose any such Work
Product and business opportunities to the Company; (ii) assign to the Company, upon request and without additional compensation, the entire rights to such Work Product and business opportunities to the extent not otherwise owned at law by the
Company; (iii) sign all papers necessary to carry out the foregoing; and (iv) give testimony in support of his/her inventorship or creation in any appropriate case. You agree that you will not assert any rights to any Work Product or
business opportunity as having been made or acquired by you prior to the date of this Agreement except for Work Product or business opportunities, if any, disclosed to and acknowledged by the Company in writing prior to the date hereof. In
furtherance of and without limiting the foregoing, any copyrightable work created in connection with the services provided by you hereunder shall be considered “work made for hire” under the Copyright Law of 1976 and any successor thereto,
and the Company shall be the owner of such work. 

  
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 8. Representations. 

(a) You represent and warrant that you are not a party to any agreements or understandings which would prevent your fulfillment of the terms
of this Agreement or which would be violated by entering into this Agreement and performing your obligations hereunder. 
 (b) During the
Term of Employment, the Company and TWI shall have the right to use your name, biography and likeness in connection with their respective businesses and that of their subsidiaries and affiliates, but not as a direct endorsement. 

9. Indemnification. You shall be entitled throughout the Term of Employment (and after the end of the Term of Employment, to the
extent relating to service during the Term of Employment) to the benefit of the indemnification provisions contained on the date hereof in the Charter and By-laws of the Company (not including any amendments or additions after the Effective Date
that limit or narrow, but including any that add to or broaden, the protection afforded to you by those provisions). 
 10.
General. 
 10.1 Notices. All notices, requests, consents and other communications required or permitted to be given
hereunder shall be in writing and shall be deemed to have been duly given, if delivered personally or mailed first-class, postage prepaid, by registered or certified mail, as follows (or to such other or additional address as either party shall
designate by notice in writing to the other in accordance herewith): 
 If to the Company: 

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

Attn: Executive Vice President, Human Resources 

If to you, to the address set forth on the records of the Company. 

10.2 Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New
York. 
 10.3 Captions. The section headings contained herein are for reference purposes only and shall not in any way affect the
meaning or interpretation of this Agreement. 
 10.4 Entire Agreement and No Other Representations. The parties expressly
acknowledge, represent and agree that this Agreement is fully integrated, and contains and constitutes the complete and entire agreement and understanding of the parties with respect to the subject matters hereof and supersedes any and all
agreements, understandings, and discussions, whether written or oral, between the parties with respect to the subject matters hereof. The parties further acknowledge, represent and agree that neither has made any representations, promises or
statements to induce the other party to enter into this Agreement, and each party specifically disclaims reliance, and represents that there has been no reliance, on any such representations, promises or statements and any rights arising therefrom.

  
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 10.5 Assignability. This Agreement and your rights and obligations hereunder may not be
assigned by you. The Company may assign its rights, together with its obligations, hereunder in connection with any sale, transfer or other disposition of all or substantially all of the business and assets of the Company or of the magazine, group,
or division, which is employing you and such rights and obligations shall inure to, and be binding upon, any successor to the business or substantially all of the assets of the Company or of the magazine, group, or division which is employing you;
whether by merger, purchase of stock or assets or otherwise, and such successor shall expressly assume such obligations. 
 10.6
Amendments, Waivers. This Agreement may be amended, modified or superseded, and the terms or covenants hereof may be waived only by written instrument executed by both of the parties hereto, or in the case of a waiver, by the party waiving
compliance. The failure of either party at any time or times to require performance of any provisions hereof shall in no manner affect such party’s right at a later time to enforce the same. No waiver by either party of the breach of any term
or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or
covenant contained in this Agreement. 
 10.7 Arbitration. The parties agree that all claims, disputes, and/or controversies arising
under this Agreement and your employment hereunder (whether or not based on contract, tort or upon any federal, state or local statute, including but not limited to claims asserted under the Age Discrimination in Employment Act, as amended, Title
VII of the Civil Rights Act of 1964, as amended, any state Fair Employment Practices Act, and/or the Americans with Disabilities Act), shall be resolved exclusively through mediation/arbitration by JAMS in accordance with the JAMS Rules and
Procedures for Mediation/Arbitration of Employment Disputes; provided, however, that in the event that the Company alleges that you are in breach of any of the provisions contained in Section 6 or 7 of this Agreement, the Company shall not be
required to submit such dispute to mediation/arbitration. In such event, the Company shall have the right to obtain from any court or arbitrator having jurisdiction, such injunctive or equitable relief, in addition to any other remedies which may be
available to the Company. In the event that the Company chooses to bring any such suit, proceeding or action in an appropriate court, you hereby waive your right, if any, to trial by jury, and hereby waive your right, if any, to interpose any
counterclaim or set-off for any cause whatever. 
 10.8 Acknowledgment and Consent. You acknowledge that the restrictions contained
in this Agreement, including but not limited to those contained in Sections 6 and 7, are fair, reasonable and necessary for the protection of the legitimate business interests of the Company, and that the Company will suffer irreparable harm in the
event of any actual or threatened breach by you. You therefore consent to the entry of a restraining order, preliminary injunction, or other court order to enforce this Agreement and expressly waive any security that might otherwise be required in
connection with such relief. You also agree that any request for such relief by the Company shall be in addition to and without prejudice to any claim or monetary damages which that Company might elect to assert. 

  
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 10.9 Severability. If any provision of this Agreement is held to be unenforceable by a
court, the remaining provisions shall be enforced to the maximum extent possible. If a court should determine that any provision of this Agreement is overbroad or unreasonable, such provision shall be given effect to the maximum extent possible by
narrowing or enforcing in part that aspect of the provision found overbroad or unreasonable. 
 10.10 Conflict of Interest. Attached
as Exhibit B and made part of this Agreement is the Company Standards of Business Conduct. You confirm that you have read, understand and will comply with the terms thereof and any reasonable amendments thereto. In addition, as a condition of your
employment under this Agreement, you understand that you may be required periodically to confirm that you have read, understand and will comply with the Standards of Business Conduct as the same may be revised from time to time. 

10.11 Withholding Taxes. Payments made to you pursuant to this Agreement shall be subject to withholding and social security taxes and
other ordinary and customary payroll deductions. 
 10.12 Compliance with IRC Section 409A. This Agreement is intended to comply
with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and will be interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything herein to the contrary, if at the time
of your termination of employment with the Company you are a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any
payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of
the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to you) until the expiration of the six-month period measured from the date of your separation from service with
the Company (or the earliest date as is permitted under Section 409A of the Code). On the first day of the seventh month following the date of your separation from service, or if earlier, the date of your death, (x) all payments delayed
pursuant to this paragraph (whether they would have otherwise been paid or reimbursed to you in a single sum or in installments) shall be paid or reimbursed to you in a single sum and any remaining payments and benefits due under this Agreement
shall be paid or provided in accordance with the normal dates specified for them in this Agreement. In addition, if any other payments of money or other benefits due to you hereunder could cause the application of an accelerated or additional tax
under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be
restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due to you under this Agreement constitute “deferred
compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to you in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this Agreement shall be
designated as a “separate payment” within the meaning of Section 409A of the Code. The Company shall consult with you in good faith regarding the implementation of the provisions of this Section 10.12; provided that neither the
Company nor any of its employees or representatives shall have any liability to you with respect to thereto. 

  
 11 

 10.13 No Offset. Neither you nor the Company shall have any right to offset any amounts
owed by one party hereunder against amounts owed or claimed to be owed to such party, whether pursuant to this Agreement or otherwise, and you and the Company shall make all the payments provided for in this Agreement in a timely manner. 

10.14 Survival. Sections 6, 7, 8, 9 and 10 shall survive any termination of the Term of Employment pursuant to Sections 5.1, 5.2, 5.3,
5.4 and 5.5. Sections 5.4(c), 5.4(d), 5.4(e) and 5.7 shall also survive any termination of the Term of Employment pursuant to Sections 5.4 and 5.5. 

10.15 Beneficiaries. Whenever this Agreement provides for any payment to your estate, such payment may be made instead to such
beneficiary or beneficiaries as you may designate by written notice to the Company. You shall have the right to revoke any such designation and to redesignate a beneficiary or beneficiaries by written notice to the Company (and to any applicable
insurance company) to such effect. 
 10.16 Counterparts. This Agreement may be executed in any number of counterparts all of which
shall constitute one original instrument. 
 10.17 No Other Payments or Benefits. In the event the Term of Employment is terminated
pursuant to any section of this Agreement, you shall not be entitled to any severance under the Company’s general employee policies or any severance policy or plan maintained by the Company, the payment and benefits provided for in this
Agreement constituting the sole source of any payments or benefits payable to you except any amounts payable to you as required by applicable law. 
 If the
foregoing correctly sets forth the understanding between you and the Company, please sign and date below and return this Agreement to the Company. 
  

									
	TIME INC.	 		 		 	ACCEPTED AND AGREED:
					
	By:	 	/s/ Ann S. Moore	 		 		 	 /s/ Evelyn Webster

		 	Ann S. Moore	 		 		 	Evelyn Webster
					
		 		 		 		 	Dated:
29/07/10                                       
                         

  
 12 

 EXHIBIT A 

FORM OF RELEASE 
 This Release is made by
and among                      and TIME INC. (the “Company”), 1271 Avenue of the Americas, New York, NY 10020, as of the date set
forth below in connection with the Employment Agreement dated                     , and the letter agreement (the “Letter
Agreement”) between                      and the Company dated as of
            , and in association with the termination of my employment with the Company. 

In consideration of payments made to me and other benefits to be received by me by the Company and other benefits to be received by me pursuant to the
Employment Agreement, as further reflected in the Letter Agreement, I,                     , being of lawful age, and on behalf of
myself, my heirs, dependents, executors, administrators, trustees, legal representatives and assigns (collectively referred to as “Releasors”) do hereby release and forever discharge the Company and Time Warner Inc., and each of their
respective parent entities, subsidiaries, divisions, related and affiliated entities and employee benefit plans, and all of their officers, directors, shareholders, agents, administrators, trustees, fiduciaries and employees (in their official and
individual capacities), and all of their heirs, executors, administrators, predecessors, successors, and assigns (collectively referred to herein as “Time Inc. Entities and Persons”), of and from any and all actions, causes of action,
claims, or demands of any kind whatsoever (including without limitation for general, special or punitive damages, attorney’s fees, expenses, or other compensation and/or equitable remedy), known or unknown, which in any way relate to or arise
out of my employment with the Time Inc. Entities and Persons or the termination of such employment, which I had or may now have against any Time Inc. Entities or Persons by reason of any actual or alleged act, omission, transaction, practice,
conduct, statement, occurrence, or other matter up to and including the date I sign this Release. Each of the Time Inc. Entities and Persons is intended to be a third party beneficiary under this Release. 

Without limiting the generality of the foregoing, this Release is intended to and shall release the Time Inc. Entities and Persons from any and all claims,
whether known or unknown, which Releasors ever had or may now have against any of the Time Inc. Entities and Persons arising out of my employment, the terms and conditions of such employment, and/or the termination or separation of my employment,
including but not limited to: (i) any claims of discrimination or harassment in employment on the basis of age, religion, gender, sexual orientation, race, national origin, disability or any other legally protected characteristic, and of
retaliation, under, without limitation, Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 1981, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Equal Pay Act, the New York Human Rights Law, the New York
Labor Law; the New York City Administrative Code, and all other federal, state and local equal employment opportunity and fair employment practice laws (all as amended); (ii) any claims under the Employee Retirement Income Security Act of 1974
(except as set forth below), the Family and Medical Leave Act and state and local laws of similar effect, the National Labor Relations Act, Workers Adjustment and Retraining Notification Act, the New York Workers Adjustment and Retraining
Notification Act and other state and local laws of similar effect (all as amended); and (iii) any other claim (whether based on federal, state, or local law, statutory or decisional) relating to or arising out of my employment, the terms and

 
conditions of such employment, and/or the termination or separation of such employment, and/or any of the events and decisions relating directly or indirectly to or surrounding the termination of
that employment, including but not limited to claims for breach of contract (express or implied), wrongful discharge, detrimental reliance, defamation, whistleblowing, harassment, retaliation, mental distress, emotional distress, physical injury,
humiliation or compensatory or punitive damages. 
 By virtue of this Release, I agree that I have waived any damages and other relief available to me
(including, without limitation, money damages, equitable relief and reinstatement) with respect to any claim or cause of action waived or released herein. Nothing herein, however, shall constitute a waiver of claims arising after the date I sign
this Release or the Letter Agreement, claims to enforce the Employment Agreement, my rights to accrued, vested benefits under any qualified or non-qualified employee benefit plan of the Company or its parent companies or subsidiaries (in accordance
with the terms of the official plan documents and applicable law), claims for benefits under the Company group medical, dental and vision plans (in accordance with the terms of such plans and applicable law), claims for unemployment or workers
compensation benefits, claims under the Fair Labor Standards Act, or any claim that cannot be waived by law. Nothing contained herein shall constitute a release of any claim for indemnification for acts or omissions taken or omitted to be taken by
me on or prior to                     , under the Charter and Bylaws of the Company or any of its subsidiaries or affiliates. Additionally,
nothing in the Letter Agreement or this Release shall be construed to prevent me from filing a charge with, responding to a subpoena from, or participating in an investigation conducted by, any governmental agency, though I acknowledge and agree
that I have waived the right to recover monetary damages and any other relief with respect to the claims I am waiving and releasing in this Release in connection with any charge or proceeding. 

I acknowledge that I have been given 21 days from the day I received a copy of this Release and the Letter Agreement to sign these papers and that I have been
advised to consult an attorney before signing them. I understand that I have the right to revoke my consent to this Release and the Letter Agreement for seven days following my signing this Release and the Letter Agreement. Provided I do not revoke
them, the effective date of this Release and the Letter Agreement shall be the 8th day after I sign them (the “Effective Date”). 

I further state that I have read the foregoing document and the Letter Agreement, that I know and understand the contents thereof, and that I knowingly and
voluntarily have signed the same as my own free act. 
 WITNESS my hand this             
day of                     , 20        . 

 

	
	
	   

	

  
 A-2 

 EXHIBIT B 

TIME INC. STANDARDS OF BUSINESS CONDUCT 

(Attached) 
  

 July 26, 2010 

Dear Evelyn: 
 This letter confirms that in addition to the
benefits set forth in the Employment Agreement between you and the Company, dated July 26, 2010, the Company shall provide you with the following additional benefits: 
  

	 	•	 	Immigration support for a US work visa during your employment with the Company (through the Company’s outside immigration counsel); 

 

	 	•	 	A furnished apartment for your first six (6) months of employment in the US, including rent, utilities, phone and laundry services (excluding dry cleaning); 

 

	 	•	 	US relocation assistance through a relocation company and real estate brokers’ fees, each for your first US apartment lease; 

  

	 	•	 	Moving expenses for your personal belongings and a one-way business class ticket for your travel from the UK to the US, each for your initial move to the US; 

 

	 	•	 	Up to four (4) round-trip business class tickets to London for personal use for each of the 2011, 2012 and 2013 calendar years; 

 

	 	•	 	Legal and actuarial advice in connection with your relocation, and US and UK tax advice (to include and not limited to the advice, completion and filing of all appropriate forms relating to all tax-related matters),
each for the 2011, 2012 and 2013 US and UK tax years. You will use best efforts to keep such costs to a minimum and will use in-house resources when possible; and 

 

	 	•	 	The maintenance and support of your UK home office and your UK mobile phone, both for use in the UK (such home office to include a computer, printer and broadband access) until December 31, 2013. 

 

	
	Sincerely,
	
	Time Inc.
	
	/s/ Ann S. Moore
	Ann S. Moore

					
	

	 		  	 Time Inc.
 Time & Life Building

1271 Avenue of the Americas
 New York, NY 10020-1393

 November 6, 2013 
 Evelyn
Webster 
 c/o Time Inc. 
 1271 Avenue of the Americas 

New York, New York 10020 
 Dear Evelyn: 

This letter confirms that in addition to the benefits set forth in the Employment Agreement between you and Time Inc. (the “Company”), dated
July 26, 2010, the Company shall provide you with the following additional benefits: 
  

	 	•	 	US and UK tax advice (to include and not limited to the advice, completion and filing of all appropriate forms relating to all tax-related matter), for the 2013 and 2014 US and UK tax years. You will use best efforts to
keep such costs to a minimum and will use in-house resources when possible; and 

  

	 	•	 	You will receive a bonus in the gross amount of $50,000, which will be paid to you in bi-weekly installments on regular payroll days, less applicable taxes and withholdings, during the period from the date you sign this
letter until March 27, 2014. This bonus is intended to compensate you for increased tax liability in the UK based on the number of days the Company requires you to spend in the UK to perform services for IPC. In addition to the regular
deductions and withholdings the Company currently makes, the Company will also withhold amounts estimated to cover your UK tax liabilities related to your work for IPC in the UK and will direct IPC to remit such amounts to the appropriate tax
authorities. If it is no longer necessary for you to perform services in the UK for IPC, or the time you are required to spend there will not result in any increased liability, the bonus payments described above will cease forthwith. At the end of
the 2013 tax year, you and/or your advisors will, as soon as practicable, determine the amount of your tax liability in the UK based on days spent performing services for IPC in the UK at the Company’s direction and inform the Company of the
amount of such liability. The Company and/or an advisor of its choosing shall have an opportunity to review your calculation of liability. If you have additional liability beyond what the Company withheld and IPC remitted to the UK tax authorities,
the Company will pay you the amount of your additional liability, grossed up to cover any required withholdings or deductions. If you will receive any refund from the UK tax authorities based on an overpayment by IPC to the tax authorities, you will
write a check to the Company in the amount of the refund you will receive from the UK tax authorities, as soon as practicable after you have calculated it. 

A Time Warner Company 

 You confirm that you authorize the Company to make the deductions as described in this Letter. This Letter amends
and supersedes the side letter to you from Ann S. Moore dated July 26, 2010 and shall be governed by and construed and enforced in accordance with the laws of the State of New York. 

 

									
	TIME INC.	 		 	CONFIRMED AND AGREED:
					
	By:	 	/s/ Jeffrey Bairstow	 		 	By:	 	/s/ Evelyn Webster
		 	Jeffrey Bairstow	 		 		 	Evelyn Webster
		 	Chief Financial Officer	 		 		 	

									
					
	Date:	 	11/19/13	 		 	Date:	 	19th Nov. 2013

  
 18Employment Agreement (Lang)

 Exhibit 10.9 

EMPLOYMENT AGREEMENT (the “Agreement”) made December 2, 2011 effective as of January 9, 2012 (the “Effective Date”)
between TIME INC., a Delaware corporation (the “Company”), and LAURA LANG (“You”). 
 You and the Company desire to set
forth the terms and conditions of your employment by the Company and agree as follows: 
 1. Term of Employment. Your “term of
employment” as this phrase is used throughout this Agreement shall be for the period beginning on the Effective Date and ending on December 31, 2014 (the “Term Date”), subject, however, to earlier termination as set forth in this
Agreement. 
 2. Employment. During the term of employment, you shall serve as the Chief Executive Officer of the Company and
you shall have the authority, functions, duties, powers and responsibilities normally associated with such position and such additional authority, functions, duties, powers and responsibilities as may be assigned to you from time to time by Time
Warner Inc., the parent company of the Company (“Time Warner”), consistent with your position with the Company. During the term of employment, (i) your services shall be rendered on a substantially full-time, exclusive basis and you
will apply on a full-time basis all of your skill and experience to the performance of your duties, (ii) you shall report to the Chief Executive Officer of Time Warner, the Chief Operating Officer of Time Warner, or such comparable senior
executive officer as Time Warner shall determine, (iii) you shall have no other employment and, without the prior written consent of the Chief Executive Officer, Chief Operating Officer, or such comparable senior executive officer of Time
Warner, no outside business activities which require the devotion of substantial amounts of your time, and (iv) the place for the performance of your services shall be the principal executive offices of the Company in the New York City
metropolitan area, subject to such reasonable travel as may be required in the performance of your duties. The foregoing shall be subject to the Company’s written policies, as in effect from time to time, regarding vacations, holidays, illness
and the like. Notwithstanding the requirements of this provision, you and the Company acknowledge and agree that you may need to complete some transition and other obligatory tasks for your former employer after the Effective Date and you and the
Company agree to work together in good faith to reasonably accommodate those obligations. 

 3. Compensation. 

3.1 Base Salary. The Company shall pay you a base salary at the rate of not less than $1,000,000 per annum during the term of
employment (“Base Salary”). The Company may increase, but not decrease, your Base Salary during the term of employment. Base Salary shall be paid in accordance with the Company’s customary payroll practices. 

3.2 Bonus. In addition to Base Salary, the Company typically pays its executives an annual cash bonus (“Bonus”). Although
your Bonus is fully discretionary, your target annual Bonus as a percentage of Base Salary is 200%. The Company may increase, but not decrease without your consent, your target annual Bonus during the term of employment. Each year, your personal
performance will be considered in the context of your executive duties and any individual goals set for you, and your actual Bonus will be determined based on your personal performance and the Company’s performance. Your Bonus amount, if any,
will be paid to you between January 1 and March 15 of the calendar year immediately following the performance year in respect of which such Bonus is earned. The Bonus awarded for 2012 will be no less than $1,500,000. 

3.3 Long Term Incentive Compensation. So long as the term of employment has not terminated, the Company annually shall provide you with
long term incentive compensation with an estimated value of $1,500,000 (based on the same valuation method as used by Time Warner for its senior executives) through a combination of stock option grants, restricted stock units (“RSUs”),
performance shares or other equity-based awards, cash-based long-term plans or other components as may be determined by the Compensation and Human Development Committee of the Board of Directors of Time Warner (the “Compensation
Committee”) from time to time in its sole discretion. 
 3.4 Indemnification. You shall be entitled throughout the term of
employment (and after the end of the term of employment, to the extent relating to service during the term of employment) to the benefit of the indemnification provisions contained on the Effective Date in the Certificate of Incorporation and
By-laws of the Company (not including any amendments or additions after the Effective Date that limit or narrow, but including any that add to or broaden, the protection afforded to you by those provisions). 

 3.5 “Make Whole” Equity Grant. In addition to the initial award of long-term
incentive compensation under Section 3.3, on the first regular grant date after the first Compensation Committee meeting following your commencement of employment, Time Warner will grant you restricted stock units with an estimated value of
$2,000,000 (“Make Whole Equity Grant”). The Make-Whole Equity Grant will be reflected in an award agreement entered into between you and Time Warner. The vesting of the Make Whole Equity Grant will fully accelerate if your employment is
terminated following the Effective Date and subsequent to the award of the Make Whole Equity Grant, (i) due to your death or disability, or (ii) pursuant to Section 4.2, and such accelerated vesting will occur immediately on the date
of such termination of employment. If, after the Effective Date but prior to the award of the Make Whole Equity Grant, your employment is terminated pursuant to Section 4.2 or due to your death or disability, the Company will make a lump-sum
cash payment to you (or your estate or beneficiary in the event of your death) in the amount of $2,000,000 in lieu of the Make Whole Equity Grant. 

3.6 “Make Whole” Bonus. The Company agrees to pay you a make-whole bonus in the amount of $1,500,000, less applicable
deductions and withholdings, within 60 days following execution of this Agreement. The entire Make Whole Bonus paid to you, plus interest at the prime rate, as defined herein, is to be repaid by you to the Company on demand, if, prior to
June 30, 2013, you terminate the term of employment for any reason other than pursuant to Section 4.2 or due to your death or disability. In the event you are required to repay the Company the Make Whole Bonus, you shall pay to the
Company, within fifteen days of your last day of employment, in addition to such amounts due, interest computed on the unpaid balance thereof at a rate per annum equal to the applicable federal rate, as set forth in Section 1274(d) of the
Internal Revenue Code, as well as all costs of collection, including reasonable attorneys’ fees and court costs. 
 4.
Termination. 
 4.1 Termination for Cause. The Company may terminate the term of employment and all of the Company’s
obligations under this Agreement, other than its obligations set forth below in this Section 4.1, for “cause”. Termination by the Company for “cause” shall mean termination because of your (a) conviction (treating a
nolo contendere plea as a conviction) of a felony (whether or not any right to appeal has been or may be exercised) other than as a result of a moving violation or a Limited Vicarious Liability, (b) willful failure or refusal without proper
cause to perform your duties with the 

 
Company, including your material obligations under this Agreement (other than any such failure resulting from your incapacity due to physical or mental impairment), (c) willful
misappropriation or embezzlement or reckless or willful destruction of Company property having a significant adverse financial effect on the Company or a significant adverse effect on the Company’s reputation, (d) willful and material
breach of any statutory or common law duty of loyalty to the Company having a significant adverse financial effect on the Company or a significant adverse effect on the Company’s reputation; or (e) material and willful breach of any of the
covenants provided for in Sections 8 and 9. Such termination shall be effected by written notice thereof delivered by the Company to you and shall be effective as of the date of such notice; provided, however, that if (i) such termination is
because of your willful failure or refusal without proper cause to perform your material duties with the Company, including any one or more of your material obligations under this Agreement, or for intentional and improper conduct, and
(ii) within 30 days following the date of such notice you shall cease your refusal and shall use your best efforts to perform such obligations or cease such intentional and improper conduct, the termination shall not be effective. For purposes
of this definition of Cause, no act, or failure to act, on your part shall be considered “willful” or “intentional” unless done, or omitted to be done, by you not in good faith and without reasonable belief that such action or
omission was in or not opposed to the best interest of the Company. The term “Limited Vicarious Liability” shall mean any liability that is based on acts of the Company for which you are responsible or liable solely as a result of your
office(s) with the Company; provided that (x) you are not directly involved in such acts and either had no prior knowledge of such intended actions or, upon obtaining such knowledge, promptly acted reasonably and in good faith to attempt to
prevent the acts causing such liability or (y) after consulting with the Company’s counsel, you reasonably believed that no law was being violated by such acts. 

In the event of termination by the Company for cause, without prejudice to any other rights or remedies that the Company may have at law or in
equity, the Company shall have no further obligation to you other than (i) to pay Base Salary through the effective date of the termination of employment (the “Effective Termination Date”), (ii) to pay any Bonus for any year
prior to the year in which such termination occurs that has been determined but not yet paid as of the Effective Termination Date, and (iii) with respect to any rights you have pursuant to any insurance or other benefit plans or arrangements of
the Company. You hereby disclaim any right to receive a pro rata portion of any Bonus with respect to the year in which such termination occurs. 

 4.2 Termination by You for Material Breach by the Company and Termination by the Company
Without Cause. Unless previously terminated pursuant to any other provision of this Agreement and unless a Disability Period shall be in effect, you shall have the right, exercisable by written notice to the Company, to terminate the term of
employment under this Agreement with an Effective Termination Date 30 days after the giving of such notice, if, at the time of the giving of such notice, the Company is in material breach of its obligations under this Agreement; provided, however,
that, with the exception of clause (i) below, this Agreement shall not so terminate if such notice is the first such notice of termination delivered by you pursuant to this Section 4.2 and within such 30-day period the Company shall have
cured all such material breaches; and provided further, that such notice is provided to the Company within 90 days after the occurrence of such material breach. A material breach by the Company shall include, but not be limited to, (i) the
Company violating Section 2 with respect to authority, duties, or place of employment or (ii) the Company failing to cause any successor to all or substantially all of the business and assets of the Company expressly to assume the
obligations of the Company under this Agreement. 
 The Company shall have the right, exercisable by written notice to you delivered before
the date which is 60 days prior to the Term Date, to terminate your employment under this Agreement without cause, which notice shall specify the Effective Termination Date. If such notice is delivered on or after the date which is 60 days prior to
the Term Date, the provisions of Section 4.3 shall apply. 
 4.2.1 In the event of a termination of employment pursuant to this
Section 4.2 (a “termination without cause”), you shall receive Base Salary and a pro rata portion of your Average Annual Bonus (as defined below) through the Effective Termination Date. Your Average Annual Bonus shall be equal to the
average of the regular annual bonus amounts (excluding the amount of any special or spot bonuses) in respect of the two calendar years during the most recent three calendar years for which the annual bonus received by you from the Company was the
greatest; provided, however, if the Company has previously paid you no annual Bonus, then your Average Annual Bonus shall equal your target Bonus and if the Company has previously paid you one annual Bonus, then your Average Annual Bonus shall equal
the average of such Bonus and your target Bonus. Your pro rata Average Annual Bonus pursuant to this Section 4.2.1 shall be paid to you at the times set forth in Section 4.6. 

 4.2.2 After the Effective Termination Date you shall continue to be treated as an employee of
the Company for a period ending on the date (the “Severance Term Date”) that (i) is twenty-four months after the Effective Termination Date if the Effective Termination Date is prior to the Term Date or (ii) is twelve months
after the Effective Termination Date if the Effective Termination Date is on or after the Term Date. During such period you shall be entitled to receive, whether or not you become disabled during such period but subject to Section 6,
(a) Base Salary (on the Company’s normal payroll payment dates as in effect immediately prior to the Effective Termination Date) at an annual rate equal to your Base Salary in effect immediately prior to the notice of termination, and
(b) an annual Bonus in respect of each calendar year or portion thereof (in which case a pro rata portion of such Bonus will be payable) during such period equal to your Average Annual Bonus. Except as provided in the next sentence, if you
accept other full-time employment during such period or notify the Company in writing of your intention to terminate your status of being treated as an employee during such period, you shall cease to be treated as an employee of the Company for
purposes of your rights to receive certain post-termination benefits under Section 7.2 effective upon the commencement of such other employment or the effective date of such termination as specified by you in such notice, whichever is
applicable (the “Equity Cessation Date”), and you shall receive the remaining payments of Base Salary and Bonus pursuant to this Section 4.2.2 at the times specified in Section 4.6 of the Agreement. Notwithstanding the foregoing,
if you accept employment with any not-for-profit entity or governmental entity, then you may continue to be treated as an employee of the Company for purposes of your rights to receive certain post-termination benefits pursuant to Section 7.2
and you will continue to receive the payments as provided in the first sentence of this Section 4.2.2; and if you accept full-time employment with any affiliate of the Company, then the payments provided for in this Section 4.2.2 shall
immediately cease and you shall not be entitled to any further payments. For purposes of this Agreement, the term “affiliate” shall mean any entity which, directly or indirectly, controls, is controlled by, or is under common control with,
the Company. 
 4.3 After the Term Date. If at the Term Date, the term of employment shall not have been previously terminated
pursuant to the provisions of this Agreement, no Disability Period is then in effect and the parties shall not have agreed to an extension or renewal of this Agreement or on the terms of a new employment agreement, then the term of employment shall
continue on a month-to-month basis and you shall continue to be employed by the Company pursuant to the terms of this Agreement, subject to termination by either party hereto on 60 days written notice delivered to the other party

 
(which notice may be delivered by either party at any time on or after the date which is 60 days prior to the Term Date). If the Company shall terminate the term of employment on or after the
Term Date for any reason (other than for cause as defined in Section 4.1, in which case Section 4.1 shall apply), which the Company shall have the right to do so long as no Disability Date (as defined in Section 5) has occurred prior
to the delivery by the Company of written notice of termination, then such termination shall be deemed for all purposes of this Agreement to be a “termination without cause” under Section 4.2 and the provisions of Sections 4.2.1 and
4.2.2 shall apply. 
 4.4 Release. A condition precedent to the Company’s obligation to make or continue the payments associated
with a termination without cause shall be your execution and delivery of a release in the form attached hereto as Annex A, as such form may be revised as required by law, within 60 days following your Effective Termination Date. If you shall fail to
timely execute and deliver such release, or if you revoke such release as provided therein, then in lieu of continuing to receive the payments provided for herein, you shall receive a severance payment determined in accordance with the
Company’s policies relating to notice and severance reduced by the aggregate amount of severance payments paid pursuant to this Agreement, if any, prior to the date of your refusal to deliver, or revocation of, such release. Any such severance
payments shall be paid in the form of Base Salary continuation payments at the annual rate equal to your Base Salary in effect immediately prior to your notice of termination, with such amounts paid until your severance benefit has been exhausted.

 4.5 Mitigation. In the event of a termination without cause under this Agreement, you shall not be required to take actions in
order to mitigate your damages hereunder, unless Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”),would apply to any payments to you by the Company and your failure to mitigate would result in the Company
losing tax deductions to which it would otherwise have been entitled. In such an event, Section 4.7.1 shall govern. With respect to the preceding sentences, any payments or rights to which you are entitled by reason of the termination of
employment without cause shall be considered as damages hereunder. Any obligation to mitigate your damages pursuant to this Section 4.5 shall not be a defense or offset to the Company’s obligation to pay you in full the amounts provided in
this Agreement upon the occurrence of a termination without cause, at the time provided herein, or the timely and full performance of any of the Company’s other obligations under this Agreement. 

 4.6 Payments. Payments of Base Salary and Bonus required to be made to you after any
termination shall be made at the same times as such payments otherwise would have been paid to you pursuant to Sections 3.1 and 3.2 if you had not been terminated, subject to Section 11.17. 

4.7 Limitation on Certain Payments. Notwithstanding any other provision of this Agreement: 

4.7.1. In the event the Company (or its successor) determines, based on the advice of an independent nationally recognized public accounting
firm engaged by the Company, that part or all of the consideration, compensation or benefits to be paid to you under this Agreement constitute “parachute payments” under Section 280G(b)(2) of the Code, then, if the aggregate present
value of such parachute payments, singularly or together with the aggregate present value of any consideration, compensation or benefits to be paid to you under any other plan, arrangement or agreement which constitute “parachute payments”
(collectively, the “Parachute Amount”) exceeds 2.99 times your “base amount”, as defined in Section 280G(b)(3) of the Code (the “Base Amount”), the amounts constituting “parachute payments” which would
otherwise be payable to you or for your benefit shall be reduced to the extent necessary so that the Parachute Amount is equal to 2.99 times the Base Amount (the “Reduced Amount”); provided that such amounts shall not be so reduced if the
Company determines, based on the advice of such public accounting firm, that without such reduction you would be entitled to receive and retain, on a net after tax basis (including, without limitation, any excise taxes payable under
Section 4999 of the Code), an amount which is greater than the amount, on a net after tax basis, that you would be entitled to retain upon receipt of the Reduced Amount. 

4.7.2. If the determination made pursuant to Section 4.7.1 results in a reduction of the payments that would otherwise be paid to you
except for the application of Section 4.7.1, such reduction in payments shall be first applied to reduce any cash severance payments that you would otherwise be entitled to receive hereunder and shall thereafter be applied to reduce other
payments and benefits in a manner that would not result in subjecting you to additional taxation under Section 409A of the Code. Within ten days following such determination, the Company shall pay or distribute to you or for your benefit such
amounts as are then due to you under this Agreement and shall promptly pay or distribute to you or for your benefit in the future such amounts as become due to you under this Agreement. 

 4.7.3. As a result of the uncertainty in the application of Sections 280G and 4999 of the Code
at the time of a determination hereunder, it is possible that payments will be made by the Company that should not have been made under Section 4.7.1 (an “Overpayment”). In the event that there is a final determination by the Internal
Revenue Service, or a final determination by a court of competent jurisdiction, that an Overpayment has been made, the Company shall have no further liability or obligation to you for any excise taxes, interest or penalty that you are required to
pay as a result of such final determination. 
 4.8 Retirement. Notwithstanding the provisions of this Agreement relating to a
termination without cause and Disability, on the date you first become eligible for normal retirement as defined in any applicable retirement plan (i.e., age 65) of the Company or any subsidiary of the Company (the “Retirement Date”), then
this Agreement shall terminate automatically on such date and your employment with the Company shall thereafter be governed by the policies generally applicable to employees of the Company, and you shall not thereafter be entitled to the payments
provided in this Agreement to the extent not received by you on or prior to the Retirement Date. In addition, no benefits or payments provided in this Agreement relating to termination without cause and Disability shall include any period after the
Retirement Date and if the provision of benefits or calculation of payments provided in this Agreement with respect thereto would include any period subsequent to the Retirement Date, such provision of benefits shall end on the Retirement Date and
the calculation of payments shall cover only the period ending on the Retirement Date. 
 5. Disability. 

5.1 Disability Payments. If during the term of employment and prior to the delivery of any notice of termination without cause, you
become physically or mentally disabled, whether totally or partially, so that you are prevented from performing your usual duties for a period of six consecutive months, or for shorter periods aggregating six months in any twelve-month period, the
Company shall, nevertheless, continue to pay your full compensation through the last day of the sixth consecutive month of disability or the date on which the shorter periods of disability shall have equaled a total of six months in any twelve-month
period (such last day or date being referred to herein as the “Disability Date”), subject to Section 11.17. If you have not resumed your usual duties on 

 
or prior to the Disability Date, the Company shall pay you a pro rata Bonus (based on your Average Annual Bonus) for the year in which the Disability Date occurs and thereafter shall pay you
disability benefits for the period ending on the later of (i) the Term Date or (ii) the date which is twelve months after the Disability Date (in the case of either (i) or (ii), the “Disability Period”), in an annual amount
equal to 75% of (a) your Base Salary at the time you become disabled and (b) the Average Annual Bonus, in each case, subject to Section 11.17. 

5.2 Recovery from Disability. If during the Disability Period you shall fully recover from your disability, the Company shall have the
right (exercisable within 60 days after notice from you of such recovery), but not the obligation, to restore you to full-time service at full compensation. If the Company elects to restore you to full-time service, then this Agreement shall
continue in full force and effect in all respects and the Term Date shall not be extended by virtue of the occurrence of the Disability Period. If the Company elects not to restore you to full-time service, you shall be entitled to obtain other
employment, subject, however, to the following: (i) you shall perform advisory services during any balance of the Disability Period; and (ii) you shall comply with the provisions of Sections 8 and 9 during the Disability Period. The
advisory services referred to in clause (i) of the immediately preceding sentence shall consist of rendering advice concerning the business, affairs and management of the Company as requested by the Chief Executive Officer, Chief Operating
Officer, or such comparable senior executive officer of Time Warner but you shall not be required to devote more than five days (up to eight hours per day) each month to such services, which shall be performed at a time and place mutually convenient
to both parties. Any income from such other employment shall not be applied to reduce the Company’s obligations under this Agreement. 

5.3 Other Disability Provisions. The Company shall be entitled to deduct from all payments to be made to you during the Disability
Period pursuant to this Section 5 an amount equal to all disability payments received by you during the Disability Period from Worker’s Compensation, Social Security and disability insurance policies maintained by the Company; provided,
however, that for so long as, and to the extent that, proceeds paid to you from such disability insurance policies are not includible in your income for federal income tax purposes, the Company’s deduction with respect to such payments shall be
equal to the product of (i) such payments and (ii) a fraction, the numerator of which is one and the denominator of which is one less the maximum marginal rate of federal income taxes applicable to individuals at the time of receipt of
such payments. All payments made under this Section 5 after the Disability Date are 

 
intended to be disability payments, regardless of the manner in which they are computed. Except as otherwise provided in this Section 5, the term of employment shall continue during the
Disability Period and you shall be entitled to all of the rights and benefits provided for in this Agreement, except that Sections 4.2 and 4.3 shall not apply during the Disability Period, and unless the Company has restored you to full-time service
at full compensation prior to the end of the Disability Period, the term of employment shall end and you shall cease to be an employee of the Company at the end of the Disability Period and shall not be entitled to notice and severance or to receive
or be paid for any accrued vacation time or unused sabbatical. 
 6. Death. If you die during the term of employment, this Agreement
and all obligations of the Company to make any payments hereunder shall terminate except that your estate (or a designated beneficiary) shall be entitled to receive Base Salary to the last day of the month in which your death occurs and Bonus
compensation (at the time bonuses are normally paid) based on the Average Annual Bonus, but prorated according to the number of whole or partial months you were employed by the Company in such calendar year. 

7. Other Benefits. 
 7.1
General Availability. To the extent that (a) you are eligible under the general provisions thereof (including without limitation, any plan provision providing for participation to be limited to persons who were employees of the Company
or certain of its subsidiaries prior to a specific point in time) and (b) the Company maintains such plan or program for the benefit of its executives, during the term of your employment with the Company, you shall be eligible to participate in
any savings plan, or similar plan or program and in any group life insurance, hospitalization, medical, dental, accident, disability or similar plan or program of the Company now existing or established hereafter. 

7.2 Benefits After a Termination or Disability. After the Effective Termination Date of a termination of employment pursuant to
Section 4.2 and prior to the Severance Term Date or during the Disability Period, you shall continue to be treated as an employee of the Company for purposes of eligibility to participate in the Company’s health and welfare benefit plans
other than disability programs and to receive the health and welfare benefits (other than disability programs) required to be provided to you under this Agreement to the extent such health and welfare benefits are maintained in effect by the

 
Company for its executives. After the Effective Termination Date of a termination of employment pursuant to Section 4 or during a Disability Period, you shall not be entitled to any
additional awards or grants under any stock option, restricted stock or other stock-based incentive plan and you shall not be entitled to continue elective deferrals in or accrue additional benefits under any qualified or nonqualified retirement
programs maintained by the Company. At the Severance Term Date, your rights to benefits and payments under any health and welfare benefit plans or any insurance or other death benefit plans or arrangements of the Company shall be determined in
accordance with the terms and provisions of such plans. At the Severance Term Date or, if earlier, the Equity Cessation Date, your rights to benefits and payments under any stock option, stock appreciation right, bonus unit, management incentive or
other long-term incentive plan of the Company shall be determined in accordance with the terms and provisions of such plans and any agreements under which such stock options, or other awards were granted. However, notwithstanding the foregoing or
any more restrictive provisions of such plan or agreement, if your employment is terminated as a result of a termination pursuant to Section 4.2, then (i) all stock options to purchase shares of Time Warner Common Stock shall continue to
vest, and any such vested stock options shall remain exercisable (but not beyond the term of such stock options) through the earlier of the Severance Term Date or the Equity Cessation Date; (ii) except if you shall then qualify for retirement
treatment under the terms of the applicable stock option agreement and would receive more favorable treatment under the terms of the stock option agreement, (x) all stock options to purchase shares of Time Warner Common Stock granted to you on
or after the date this Agreement is executed (such stock options, the “Term Options”) that would have vested on or before the Severance Term Date (or the comparable date under any employment agreement that amends, replaces or supersedes
this Agreement) shall vest and become immediately exercisable on the earlier of the Severance Term Date or the Equity Cessation Date, and (y) all your vested Term Options shall remain exercisable for a period of three years after the earlier of
the Severance Term Date or the Equity Cessation Date (but not beyond the term of such stock options); and (iii) the Company shall not be permitted to determine that your employment was terminated for “unsatisfactory performance within the
meaning of any stock option agreement between you and the Time Warner. With respect to awards of restricted stock units (“RSUs”) held at the Effective Termination Date of a termination of employment pursuant to Section 4.2, subject to
potential further delay in payment pursuant to Section 11.17, the treatment of the RSUs will be determined in accordance with the terms of the applicable award agreement(s) . 

 7.3 Payments in Lieu of Other Benefits. In the event the term of employment and your
employment with the Company is terminated pursuant to any section of this Agreement, you shall not be entitled to notice and severance under the Company’s general employee policies or to be paid for any accrued vacation time or unused
sabbatical, the payments provided for in such sections being in lieu thereof. 
 7.4 Life Insurance. During your employment with the
Company, the Company shall (i) provide you with $50,000 of group life insurance and (ii) pay you annually an amount equal to two times the premium you would have to pay to obtain life insurance under a standard group universal life
insurance program in an amount equal to $3,000,000. The Company shall pay you such amount no later than March 15 of the calendar year following any calendar year in which you are entitled to this amount. You shall be under no obligation to use
the payments made by the Company pursuant to the preceding sentence to purchase any additional life insurance. The payments made to you hereunder shall not be considered as “salary” or “compensation” or “bonus” in
determining the amount of any payment under any retirement, profit-sharing or other benefit plan of the Company or any subsidiary of the Company. 

8. Protection of Confidential Information; Non-Compete. 

8.1 Confidentiality Covenant. You acknowledge that your employment by the Company (which, for purposes of this Section 8 shall
mean Time Warner Inc. and its affiliates) will, throughout your employment, bring you into close contact with many confidential affairs of the Company, including information about costs, profits, markets, sales, products, key personnel, pricing
policies, operational methods, technical processes, trade secrets, plans for future development, strategic plans of the most valuable nature and other business affairs and methods and other information not readily available to the public. You
further acknowledge that the services to be performed under this Agreement are of a special, unique, unusual, extraordinary and intellectual character. You further acknowledge that the business of the Company is global in scope, that its products
and services are marketed throughout the world, that the Company competes in nearly all of its business activities with other entities that are or could be located in nearly any part of the world and that the nature of your services, position and
expertise are such that you are capable of competing with the Company from nearly any location in the world. In recognition of the foregoing, you covenant and agree: 

 8.1.1 You shall keep secret all confidential matters of the Company and shall not disclose such
matters to anyone outside of the Company, or to anyone inside the Company who does not have a need to know or use such information, and shall not use such information for personal benefit or the benefit of a third party, either during or after the
term of employment, except with the Company’s written consent, provided that (i) you shall have no such obligation to the extent such matters are or become publicly known other than as a result of your breach of your obligations hereunder
and (ii) you may, after giving prior notice to the Company to the extent practicable under the circumstances, disclose such matters to the extent required by applicable laws or governmental regulations or judicial or regulatory process; 

8.1.2 You shall deliver promptly to the Company on termination of your employment, or at any other time the Company may so request, all
memoranda, notes, records, reports and other documents (and all copies thereof) relating to the Company’s business, which you obtained while employed by, or otherwise serving or acting on behalf of, the Company and which you may then possess or
have under your control; and 
 8.1.3 For a period of one year after the effective date of your retirement or other termination by you of
your employment with the Company or the Effective Date of a termination of employment pursuant to Section 4, without the prior written consent of the Company, you shall not employ, and shall not cause any entity of which you are an affiliate to
employ, any person who was a full-time employee of the Company at the date of such termination of employment or within six months prior thereto but such prohibition shall not apply to your secretary or executive assistant or to any other employee
eligible to receive overtime pay. 
 8.2. Non-Compete Covenant. 

8.2.1 For purposes of this Section 8.2 Company shall mean Time Inc. During the term of employment and for the twelve-month period after
(i) the effective date of your retirement or other termination by you of your employment or (ii) the Effective Termination Date of a termination of employment pursuant to Section 4, you shall not, directly or indirectly, without the
prior written consent of the Chief Executive Officer, Chief Operating Officer, or such comparable senior executive officer of Time Warner: (x) render any services to, manage, operate, control, or act in any capacity (whether as a principal,
partner, director, officer, member, agent, 

 
employee, consultant, owner, independent contractor or otherwise and whether or not for compensation) for, any person or entity that is a Competitive Entity, or (y) acquire any interest of
any type in any Competitive Entity, including without limitation as an owner, holder or beneficiary of any stock, stock options or other equity interest (except as permitted by the next sentence). Nothing herein shall prohibit you from acquiring
solely as an investment and through market purchases (i) securities of any Competitive Entity that are registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934 (the “Exchange Act”) and that are publicly
traded, so long as you or any entity under your control are not part of any control group of such Competitive Entity and such securities, including converted or convertible securities, do not constitute more than one percent (1%) of the
outstanding voting power of that entity and (ii) securities of any Competitive Entity that are not registered under Section 12(b) or 12(g) of the Exchange Act and are not publicly traded, so long as you or any entity under your control is
not part of any control group of such Competitive Entity and such securities, including converted securities, do not constitute more than three percent (3%) of the outstanding voting power of that entity, provided that in each case you have no
active participation in the business of such entity. 
 8.2.2 “Competitive Entity” shall be defined as a business (whether
conducted through an entity or by individuals including employee in self-employment) that is engaged in any business that competes, directly or indirectly through any parent, subsidiary, affiliate, joint venture, partnership or otherwise, with
(x) any of the business activities carried on by the Company in any geographic location where the Company conducts business (including without limitation a Competitive Activity as defined below), (y) any business activities being planned
by the Company or in the process of development at the time of your termination of employment (as evidenced by written proposals, market research, RFPs and similar materials) or (z) any business activity that the Company has covenanted, in
writing, not to compete with in connection with the disposition of such a business. 
 8.2.3 “Competitive Activity” refers to
business activities solely within the lines of business of the Company (and not business activities of Time Warner that are outside of the lines of business of the Company), including without limitation, the following: 

 

	 	(a)	The operation by the Company, its joint ventures or subsidiaries, of domestic and international networks and premium pay television services (including the production, provision and/or delivery of programming to cable
system operators, satellite distribution services, telephone companies, Internet Protocol Television systems, mobile operators, broadband and other distribution platforms and outlets) and websites and digital applications associated with such
networks and pay television services; 

	 	(b)	The sale, licensing and/or distribution of content on DVD and Blu-ray discs, video on demand, electronic sell-through, applications for mobile devices, the Internet or other digital services by the Company, its joint
ventures or subsidiaries; 

  

	 	(c)	The production, distribution and licensing by the Company, its joint ventures or subsidiaries, of motion pictures and other entertainment assets, television programming, animation, interactive games (whether distributed
in physical form or digitally) and other video products and the operation of websites and digital applications associated with the foregoing; 

  

	 	(d)	The publication and distribution by the Company, its joint ventures or subsidiaries, of print and digital editions of magazines and other publishing and publishing-related ventures, including digital storefronts,
websites and digital applications associated with such magazines and other publishing and publishing-related ventures; direct-marketing; marketing services businesses and book publishing. 

8.3. Injunctive Relief. Executive acknowledges that Executive’s services are of a special, unique and extraordinary value to the
Company and that Executive develops goodwill on behalf of the Company. Because Executive’s services are unique and because Executive has access to confidential information and strategic plans of the Company of the most valuable nature and will
help the Company develop goodwill, the parties agree that the covenants contained in this Section 8 are necessary to protect the value of the business of the Company and that a breach of any such non-competition covenant would result in
irreparable and continuing damage for which there would be no adequate remedy at law. The parties agree therefore that in the event of a breach or threatened breach of this Section 8, the Company may, in addition to other rights and remedies
existing in its favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof. The parties further agree that in the event the
Company is granted any such injunctive or other relief, the Company shall not be required to post any bond or security that may otherwise normally be associated with such relief. 

 9. Ownership of Work Product. You acknowledge that during the term of employment, you may
conceive of, discover, invent or create inventions, improvements, new contributions, literary property, material, ideas and discoveries, whether patentable or copyrightable or not (all of the foregoing being collectively referred to herein as
“Work Product”), and that various business opportunities shall be presented to you by reason of your employment by the Company. You acknowledge that all of the foregoing shall be owned by and belong exclusively to the Company and that you
shall have no personal interest therein, provided that they are either related in any manner to the business (commercial or experimental) of the Company, or are, in the case of Work Product, conceived or made on the Company’s time or with the
use of the Company’s facilities or materials, or, in the case of business opportunities, are presented to you for the possible interest or participation of the Company. You shall (i) promptly disclose any such Work Product and business
opportunities to the Company; (ii) assign to the Company, upon request and without additional compensation, the entire rights to such Work Product and business opportunities; (iii) sign all papers necessary to carry out the foregoing; and
(iv) give testimony in support of your inventorship or creation in any appropriate case. You agree that you will not assert any rights to any Work Product or business opportunity as having been made or acquired by you prior to the date of this
Agreement except for Work Product or business opportunities, if any, disclosed to and acknowledged by the Company in writing prior to the date hereof. 

10. Notices. All notices, requests, consents and other communications required or permitted to be given under this Agreement shall be
effective only if given in writing and shall be deemed to have been duly given if delivered personally or sent by a nationally recognized overnight delivery service, or mailed first-class, postage prepaid, by registered or certified mail, as follows
(or to such other or additional address as either party shall designate by notice in writing to the other in accordance herewith): 
 10.1
If to the Company: 
 Time Warner Inc. 

One Time Warner Center 
 New
York, New York 10019 
 Attention: Senior Vice President—Global 

Compensation and Benefits 

(with a copy, similarly addressed 

but Attention: General Counsel) 

 10.2 If to you, to your residence address set forth on the records of the Company. 

11. General. 
 11.1
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the substantive laws of the State of New York applicable to agreements made and to be performed entirely in New York. 

11.2 Captions. The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement. 
 11.3 Entire Agreement. This Agreement, including Annexes A and B, set forth the entire agreement
and understanding of the parties relating to the subject matter of this Agreement and supersedes all prior agreements, arrangements and understandings, written or oral, between the parties. 

11.4 No Other Representations. No representation, promise or inducement has been made by either party that is not embodied in this
Agreement, and neither party shall be bound by or be liable for any alleged representation, promise or inducement not so set forth. 
 11.5
Assignability. This Agreement and your rights and obligations hereunder may not be assigned by you and except as specifically contemplated in this Agreement, neither you, your legal representative nor any beneficiary designated by you shall
have any right, without the prior written consent of the Company, to assign, transfer, pledge, hypothecate, anticipate or commute to any person or entity any payment due in the future pursuant to any provision of this Agreement, and any attempt to
do so shall be void and shall not be recognized by Time Warner or the Company. The Company shall assign its rights together with its obligations hereunder in connection with any sale, transfer or other disposition of all or substantially all of the
Company’s business and assets, whether by merger, purchase of stock or assets or otherwise, as the case may be. Upon any such assignment, the Company shall cause any such successor expressly to assume such obligations, and such rights and
obligations shall inure to and be binding upon any such successor. 

 11.6 Amendments; Waivers. This Agreement may be amended, modified, superseded, cancelled,
renewed or extended and the terms or covenants hereof may be waived only by written instrument executed by both of the parties hereto, or in the case of a waiver, by the party waiving compliance. The failure of either party at any time or times to
require performance of any provision hereof shall in no manner affect such party’s right at a later time to enforce the same. No waiver by either party of the breach of any term or covenant contained in this Agreement, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 

11.7 Specific Remedy. In addition to such other rights and remedies as the Company may have at equity or in law with respect to any
breach of this Agreement, if you commit a material breach of any of the provisions of Sections 8.1, 8.2, or 9, the Company shall have the right and remedy to have such provisions specifically enforced by any court having equity jurisdiction, it
being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company. 
 11.8 Resolution
of Disputes. Except as provided in the preceding Section 11.7, any dispute or controversy arising with respect to this Agreement and your employment hereunder (whether based on contract or tort or upon any federal, state or local statute,
including but not limited to claims asserted under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, as amended, any state Fair Employment Practices Act and/or the Americans with Disability Act) shall, at the
election of either you or the Company, be submitted to JAMS for resolution in arbitration in accordance with the rules and procedures of JAMS. Either party shall make such election by delivering written notice thereof to the other party at any time
(but not later than 45 days after such party receives notice of the commencement of any administrative or regulatory proceeding or the filing of any lawsuit relating to any such dispute or controversy) and thereupon any such dispute or controversy
shall be resolved only in accordance with the provisions of this Section 11.8. Any such proceedings shall take place in New York City before a single arbitrator (rather than a panel of arbitrators), pursuant to any streamlined or expedited
(rather than a comprehensive) arbitration process, before a non-judicial (rather than a judicial) arbitrator, and in accordance with an arbitration process which, in the judgment of such arbitrator, shall have the effect of reasonably limiting or
reducing the cost of such arbitration. The resolution of any such dispute or controversy by the arbitrator appointed in accordance with the procedures of JAMS shall be final and 

 binding. Judgment upon the award rendered by such arbitrator may be entered in any court having jurisdiction
thereof, and the parties consent to the jurisdiction of the New York courts for this purpose. The prevailing party shall be entitled to recover the costs of arbitration (including reasonable attorneys fees and the fees of experts) from the losing
party. If at the time any dispute or controversy arises with respect to this Agreement, JAMS is not in business or is no longer providing arbitration services, then the American Arbitration Association shall be substituted for JAMS for the purposes
of the foregoing provisions of this Section 11.8. If you shall be the prevailing party in such arbitration, the Company shall promptly pay, upon your demand, all legal fees, court costs and other costs and expenses incurred by you in any legal
action seeking to enforce the award in any court. 
 11.9 Beneficiaries. Whenever this Agreement provides for any payment to your
estate, such payment may be made instead to such beneficiary or beneficiaries as you may designate by written notice to the Company. You shall have the right to revoke any such designation and to redesignate a beneficiary or beneficiaries by written
notice to the Company (and to any applicable insurance company) to such effect. 
 11.10 No Conflict. You represent and warrant to
the Company that this Agreement is legal, valid and binding upon you and the execution of this Agreement and the performance of your obligations hereunder does not and will not constitute a breach of, or conflict with the terms or provisions of, any
agreement or understanding to which you are a party (including, without limitation, any other employment agreement). The Company represents and warrants to you that this Agreement is legal, valid and binding upon the Company and the execution of
this Agreement and the performance of the Company’s obligations hereunder does not and will not constitute a breach of, or conflict with the terms or provisions of, any agreement or understanding to which the Company is a party. 

11.11 Conflict of Interest. Attached as Annex B and made part of this Agreement is the Time Warner Corporate Standards of Business
Conduct. You confirm that you have read, understand and will comply with the terms thereof and any reasonable amendments thereto. In addition, as a condition of your employment under this Agreement, you understand that you may be required
periodically to confirm that you have read, understand and will comply with the Standards of Business Conduct as the same may be revised from time to time. 

 11.12 Withholding Taxes. Payments made to you pursuant to this Agreement shall be subject
to withholding and social security taxes and other ordinary and customary payroll deductions. 
 11.13 No Offset. Neither you nor the
Company shall have any right to offset any amounts owed by one party hereunder against amounts owed or claimed to be owed to such party, whether pursuant to this Agreement or otherwise, and you and the Company shall make all the payments provided
for in this Agreement in a timely manner. 
 11.14 Severability. If any provision of this Agreement shall be held invalid, the
remainder of this Agreement shall not be affected thereby; provided, however, that the parties shall negotiate in good faith with respect to equitable modification of the provision or application thereof held to be invalid. To the extent that it may
effectively do so under applicable law, each party hereby waives any provision of law which renders any provision of this Agreement invalid, illegal or unenforceable in any respect. 

11.15 Survival. Sections 3.4, 7.3 and 8 through 11 shall survive any termination of the term of employment by the Company for cause
pursuant to Section 4.1. Sections 3.4, 4.4, 4.5, 4.6, 4.7 and 7 through 11 shall survive any termination of the term of employment pursuant to Sections 4.2, 5 or 6. Sections 3.4, 4.6 and Sections 8 through 11 shall survive any termination of
employment due to resignation. 
 11.16 Definitions. The following terms are defined in this Agreement in the places indicated: 

affiliate—Section 4.2.2 

Average Annual Bonus – Section 4.2.1 

Base Amount—Section 4.7.1 

Base Salary—Section 3.1 

Bonus – Section 3.2 

cause—Section 4.1 

Code—Section 4.5 

Company—the first paragraph on page 1 and Section 8.1 

Competitive Entity – Section 8.2 

Disability Date—Section 5 

Disability Period—Section 5 

Effective Date—the first paragraph on page 1 

Effective Termination Date – Section 4.1 

 Equity Cessation Date – Section 4.2.2 

Overpayment—Section 4.7.3 

Parachute Amount—Section 4.7.1 

Reduced Amount—Section 4.7.1 

Severance Term Date – Section 4.2.2 

Term Date – Section 1 

term of employment—Section 1 

termination without cause – Section 4.2.1 

Work Product—Section 9 

11.17 Compliance with IRC Section 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”) and will be interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything herein to the contrary, (i) if at the time of your termination of employment with the
Company you are a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or benefits otherwise payable
hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or
benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to you) until the date that is six months following your termination of employment with the Company (or the earliest date as is permitted under
Section 409A of the Code) and (ii) if any other payments of money or other benefits due to you hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits
shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company,
that does not cause such an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due to you under this Agreement constitutes “deferred compensation” under Section 409A of the Code, any such
reimbursements or in-kind benefits shall be paid to you in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this Agreement shall be designated as a “separate payment” within the meaning of
Section 409A of the Code. References in this Agreement to your termination of active employment or your Effective Termination Date shall be deemed to refer to the date upon which you have a “separation from service” with the Company
and its affiliates within the meaning of Section 409A of the Code. The Company shall consult with you in good faith regarding the implementation of the provisions of this Section 11.17; provided that neither the Company nor any of its
employees or representatives shall have any liability to you with respect to thereto. 

 11.18 Counterparts. This Agreement may be executed in two or more counterparts, and such
counterparts shall constitute one and the same instrument. Signatures delivered by facsimile or email shall be deemed effective for all purposes to the extent permitted under applicable law. 

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written. 

 

			
	TIME INC.
		
	By	 	/s/ James Cummings
	Title:	 	Vice President
		
		 	/s/ Laura Lang          
	Laura Lang

 ANNEX A 

RELEASE 
 This Release is made by and
among                     (“You” or “Your”) and TIME INC. (the “Company”), 1271 Avenue of the Americas, New
York, New York 10020 as of the date set forth below in connection with the Employment Agreement dated                     , and effective as
of                     , and the letter agreement (the “Letter Agreement” between You and the Company dated as
of                     (as so amended, the “Employment Agreement”), and in association with the termination of your employment with
the Company. 
 In consideration of payments made to You and other benefits to be received by You by the Company and other benefits to be received by You
pursuant to the Employment Agreement, as further reflected in the Letter Agreement, You, being of lawful age, do hereby release and forever discharge the Company, its successors, related companies, Affiliates, officers, directors, shareholders,
subsidiaries, agents, employees, heirs, executors, administrators, assigns, benefit plans (including but not limited to the Time Inc. Severance Pay Plan), benefit plan sponsors and benefit plan administrators of and from any and all actions, causes
of action, claims, or demands for general, special or punitive damages, attorney’s fees, expenses, or other compensation or damages (collectively, “Claims”), whether known or unknown, which in any way relate to or arise out of your
employment with the Company or the termination of Your employment, which You may now have under any federal, state or local law, regulation or order, including without limitation, Claims related to any stock options held by You or granted to You by
the Company that are scheduled to vest subsequent to Your termination of employment and Claims under the Age Discrimination in Employment Act (with the exception of Claims that may arise after the date You sign this Release), Title VII of the Civil
Rights Act of 1964, the Americans with Disabilities Act of 1990, as amended, the Family and Medical Leave Act and the Employee Retirement Income Security Act of 1974, as amended, through and including the date of this Release; provided, however,
that the execution of this Release shall not prevent You from bringing a lawsuit against the Company to enforce its obligations under the Employment Agreement and this Release. 

Notwithstanding anything to the contrary, nothing in this Release shall prohibit or restrict You from (i) making any disclosure of information required
by law; (ii) filing a charge with, providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory
organization, or the Company’s legal, compliance or human resources officers; (iii) filing, testifying or participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law
relating to fraud or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization; or (iv) challenging the validity of my release of claims under the Age Discrimination in Employment Act. Provided,
however, You acknowledge that You cannot recover any monetary damages or equitable relief in connection with a charge 

 
brought by You or through any action brought by a third party with respect to the Claims released and waived in the Agreement. Further, notwithstanding the above, You are not waiving or
releasing: (i) any claims arising after the Effective Date of this Agreement; (iii) any claims for enforcement of this Agreement; (iii) any rights or claims You may have to workers compensation or unemployment benefits;
(iv) claims for accrued, vested benefits under any employee benefit plan of the Company in accordance with the terms of such plans and applicable law; and/or (v) any claims or rights which cannot be waived by law. 

You further state that You have reviewed this Release, that You know and understand its contents, and that You have executed it voluntarily. 

You acknowledge that You have been given              days to review this Release and to
sign it. You also acknowledge that by signing this Release You may be giving up valuable legal rights and that You have been advised to consult with an attorney. You understand that You have the right to revoke Your consent to the Release for seven
days following Your signing of the Release. You further understand that You will cease to receive any payments or benefits under this Agreement (except as set forth in Section 4.4 of the Agreement) if You do not sign this Release or if You
revoke Your consent to the Release within seven days after signing the Release. The Release shall not become effective or enforceable with respect to claims under the Age Discrimination Act until the expiration of the seven-day period following Your
signing of this Release. To revoke, You send a written statement of revocation by certified mail, return receipt requested, or by hand delivery. If You do not revoke, the Release shall become effective on the eighth day after You sign it. 

Accepted and Agreed to: 

			
	 	 	 
	  
	 	 
		
	Dated:
                                         
                       	 	 

 ANNEX B 

TIME INC 
 STANDARDS OF
BUSINESS CONDUCT

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