Document:

EX-10.1

 Exhibit 10.1 

TIME INC. KEY MANAGEMENT 

CHANGE IN CONTROL SEVERANCE PLAN 

1.    ADOPTION AND OBJECTIVE 

1.1    Adoption. Time Inc., a Delaware corporation, hereby adopts and establishes this plan for certain key management employees to
be known as the “Time Inc. Key Management Change in Control Severance Plan” (as it may be amended from time to time, the “Plan”). 

1.2    Objective. The Plan is intended to maximize stockholder value by providing certain financial assurances to key management
employees who are most likely to be impacted by a change in control so that they can continue to exercise their judgment and legal responsibilities without the potential for distraction and bias that can arise from concerns regarding their personal
circumstances. 
 2.    DEFINITIONS 

As used in the Plan, the following terms when capitalized shall have the meanings set forth below: 

2.1    “Affiliate” means any entity that is consolidated with the Company for financial reporting
purposes or any other entity designated by the Committee and that meets the requirements of an “Affiliate” as defined in Rule 12b-2 promulgated under the Exchange Act. 

2.2    “Cause” means, “Cause” as defined in an employment agreement between the Company or any Affiliate
and the Participant or, if not defined therein or if there is no such agreement, “Cause” means (i) the Participant’s continued failure substantially to perform such Participant’s duties (other than as a result of total or
partial incapacity due to physical or mental illness) for a period of ten (10) days following written notice by the Company or Affiliate to the Participant of such failure, (ii) dishonesty in the performance of the Participant’s
duties, (iii) the Participant’s conviction of, or plea of nolo contendere to, a crime constituting (A) a felony or equivalent crime under the laws of the United States or any state thereof or foreign country or
(B) a misdemeanor or other crime involving moral turpitude, (iv) the Participant’s insubordination, willful malfeasance or willful misconduct in connection with the Participant’s duties or any act or omission which is injurious
to the financial condition or business reputation of the Company or any of its Affiliates, or (v) the Participant’s breach of any non-competition,
non-solicitation or confidentiality provisions in favor of the Company or any of its Affiliates to which the Participant is subject. 

2.3    “Change in Control” means the occurrence of any of the following events: 

(a)    any “Person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act becomes the
“Beneficial Owner” within the meaning of Rule 13d-3 promulgated under the Exchange Act of 30% or more of the combined voting power of the then outstanding securities of the Company entitled to vote
generally in the election of directors; excluding, however, any circumstance in which such beneficial ownership resulted from any acquisition (i) directly from the Company, (ii) by an employee benefit plan (or related trust) sponsored or
maintained by the Company or an Affiliate, (iii) by an underwriter temporarily holding such securities pursuant to an offering of such securities or any acquisition by a pledgee of securities holding such securities as collateral or temporarily
holding such securities upon foreclosure of the underlying obligation or (iv) pursuant to a Corporate Transaction that does not constitute a Change in Control for purposes of subparagraph (c) below. 

 (b)    a change in the composition of the Board since the Effective Date,
such that the individuals who, as of such date, constituted the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board; provided that any
individual who becomes a director of the Company subsequent to the Effective Date whose election or nomination for election by the Company’s Shareholders was approved by the vote of at least a majority of the directors then comprising the
Incumbent Board shall be deemed a member of the Incumbent Board; and provided further that any individual who was initially elected as a director of the Company as a result of an actual or threatened election contest or any other actual or
threatened solicitation of proxies or consents by or on behalf of any person or entity other than the Board shall not be deemed a member of the Incumbent Board; 

(c)    a Corporate Transaction (i) unless securities representing 50% or more of the combined voting power of the
then outstanding voting securities entitled to vote generally in the election of directors of the Company or the corporation resulting from such Corporate Transaction, including a corporation that, as a result of such transaction owns all or
substantially all of the Company’s assets (or the direct or indirect parent of such corporation), are held immediately subsequent to such transaction by the person or persons who were the beneficial holders of the outstanding voting securities
entitled to vote generally in the election of directors of the Company immediately prior to such Corporate Transaction, in substantially the same proportions as their ownership immediately prior to such Corporate Transaction, (ii) no
“Person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (excluding any benefit plan (or related trust) sponsored or maintained by the Company or the corporation resulting from such Corporate Transaction) owns,
directly or indirectly, 30% or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Company or the corporation resulting from such Corporate Transaction and
(iii) at least a majority of the members of the Board of the Company or the corporation resulting from the Corporate Transaction were members of the Incumbent Board at the time of the execution of the definitive agreement providing for such
Corporate Transaction or, in the absence of such an agreement, at the time at which approval of the Board was obtained for such Corporate Transaction; or 

(d)    the liquidation or dissolution of the Company, unless such liquidation or dissolution is part of a transaction or
series of transactions described in clause (c) above that does not otherwise constitute a Change in Control; 
 provided that, to the extent the
Plan provides for the payment of non-qualified deferred compensation subject to Section 409A of the Code, an event set forth above shall not constitute a “Change in Control” unless it also
constitutes a “change in ownership,” a “change in the effective control” or a “change in the ownership of substantial assets” of the Company within the meaning of Treasury Regulation Section 1.409A-3(i)(5) and such limitation is necessary to avoid an impermissible distribution or other event resulting in adverse tax consequences under Section 409A. 

Notwithstanding anything to the contrary in the foregoing, a transaction shall not constitute a Change in Control if it is effected for the purpose of
changing the place of incorporation or form of organization of the ultimate parent entity (including where the Company is succeeded by an issuer incorporated under the laws of another state, country or foreign government for such purpose and whether
or not the Company remains in existence following such transaction) where, immediately subsequent to the transaction, all or substantially all of the persons or group that beneficially owned all or substantially all of the combined voting power of
the Company’s voting securities immediately prior to the transaction beneficially own all or substantially all of the combined voting power of the Company or the ultimate parent entity in substantially the same proportions as their ownership
immediately prior to such transaction. 

  
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 2.4    “Code” means the Internal Revenue
Code of 1986, as amended. 
 2.5    “Committee” means the Compensation Committee of the Board of Directors of
the Company or such other Committee comprising two or more individuals selected to administer the Plan by the Board of Directors of the Company (or an equivalent governing body of the Company). 

2.6    “Company” means Time Inc. and any successor thereto. 

2.7    “Corporate Transaction” means (a) a reorganization, recapitalization,
merger, consolidation or similar form of corporate transaction involving (ix) the Company or (ii) any of its subsidiaries, but in the case of this clause (ii) only if securities of the Company entitled to vote generally in the
election of directors are issued or issuable, or (b) the sale, transfer, or other disposition of all or substantially all of the assets of the Company to an entity that is not an Affiliate. 

2.8    “Eligible Person” has the meaning set forth in Section 3.1 of the Plan 

2.9    “Employment” means a Participant’s service as an employee of the Company or an Affiliate. A leave of
absence shall not constitute a termination of Employment if such leave of absence is approved by the Company or an Affiliate in writing; provided, that such leave of absence constitutes a bona fide leave of absence and not a Separation from Service
under Treas. Reg. 1.409A-1(h)(1)(i). Employment shall continue if a Participant transfers (including a termination with an immediate rehire) between Affiliates of the Company without a break in service. For
purposes of the Plan, unless otherwise provided in an employment agreement between the Participant and the Company or an Affiliate, a Participant shall not be deemed to be providing services during any statutory or
common-law notice period or any period of “garden leave” mandated under employment laws. 

2.10    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

2.11    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder. 
 2.12    “Existing Rights” shall have the
meaning set forth in Section 8.5 of the Plan. 
 2.13    “Good Reason” means “Good
Reason” as defined in an employment agreement between the Company or an Affiliate and the Participant or, if not defined therein or if there is no such agreement, “Good Reason” means (a) the failure of the Company or an Affiliate
to pay or cause to be paid the Participant’s base salary or annual bonus when due or (b) any substantial and sustained diminution in the Participant’s authority or responsibilities materially inconsistent with the Participant’s
position; provided that either of the events described in clauses (a) and (b) will constitute Good Reason only if the Company or employing Affiliate fails to cure such event within 30 days after receipt from the Participant of written notice of
the event which constitutes Good Reason; provided, further, that “Good Reason” will cease to exist for an event on the sixtieth (60th) day following the later of its occurrence or the Participant’s knowledge thereof, unless the
Participant has given the Company or an Affiliate written notice of his or her termination of employment for Good Reason prior to such date. 

2.14    “Participation Notice” has the meaning set forth in Section 3.2 of the Plan. 

2.15    “Plan” has the meaning set forth in Section 1.1 of the Plan. 

  
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 2.16    “Qualifying
Termination” means a Participant’s termination of Employment by the Company and its Affiliates without Cause or the Participant’s resignation of Employment from the Company and its Affiliates for Good
Reason. 
 2.17    “Separation from Service” means a separation from service from
the Company and its Affiliates within the meaning of Section 409A of the Code. 
 2.18    “Termination
of Participation Notice” has the meaning set forth in Section 3.3 of the Plan. 

3.    ELIGIBILITY AND PARTICIPATION 

3.1    Eligibility. An individual shall be an “Eligible Person” under this Plan if he or she is employed as
an officer of the Company or an Affiliate (at a level of at least Vice President) and is paid on the regular U.S. payroll. 

3.2    Participation. An Eligible Person shall become a Participant on the date he or she receives written notification
(“Participation Notice”) that sets forth (i) the benefits to be provided under the Plan, and (ii) the date participation commences. A Participant shall remain a Participant except as otherwise provided in
Section 3.3. 
 3.3    Termination of Participation. The Committee may discontinue an individual’s
participation in the Plan at any time by providing him or her with a written notice (the “Termination of Participation Notice”) that he or she shall no longer participate in the Plan or on the date he or she is
no longer an Eligible Person; provided, however, no such action shall be effective if the action giving rise to the purported termination of participation is taken without a Participant’s consent and in anticipation of the Change in Control.
For purposes of this determination, if a Change in Control occurs within 12 months after the date a Termination of Participation Notice is provided to a Participant or the date a participant ceases to be an Eligible Person (whichever is later), then
there shall be a rebuttable presumption that the actions giving rise to the purported termination of the individual’s participation in the Plan was taken in anticipation of the Change in Control unless the Company rebuts such presumption by
clear and convincing evidence. 
 4.    BENEFITS 

4.1    Benefits Upon Qualified Termination Following a Change in Control. If
a Participant incurs a Qualified Termination within twenty-four (24) months following a Change in Control, then except as otherwise provided under Section 8.5 of the Plan, the Participant shall be eligible to receive a benefit under this
Plan as described in the Participation Notice. 
 4.2    Section 409A. To the extent that amounts payable under this Plan
are subject to Section 409A of the Code, this Plan is intended to comply with and will be interpreted in a manner intended to comply with Section 409A of the Code. 

(a)    Six Month Delay. Notwithstanding anything herein to the contrary, if at the time of a Participant’s
Separation from Service with the Company and its Affiliates a Participant is 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 under the Plan is necessary to prevent any accelerated or additional tax under Section 409A of the Code then the Company or Affiliate (as applicable) will defer the commencement of the
payment of any such payments or benefits hereunder (without any reduction in such payments or 

  
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benefits ultimately paid or provided to you) until the expiration of the six-month period measured from the date of the Participant’s Separation from
Service from the Company and its Affiliates (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 a Participant’s Separation from Service, or if earlier, the date of a
Participant’s death, (i) all payments delayed pursuant to this Section 4.2 (whether they would have otherwise been paid or reimbursed to a Participant in a single sum or in installments) shall be paid or reimbursed to the Participant
in a single sum, and (ii) any remaining payments and benefits due under this Plan shall be paid or provided in accordance with the normal dates specified for them in this Plan. Each payment made under the Plan is hereby designated as a
“separate payment” within the meaning of Section 409A of the Code. 
 (b)    Reimbursements and
Benefits. To the extent any reimbursements or in-kind benefits due to a Participant under this Plan constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to a Participant in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Accordingly, the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during a Participant’s taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other taxable year of the Participant. Any reimbursement of an expense shall be made on or before the last day of the Participant’s taxable year following the Participant’s taxable year in which the expense was incurred.
The Participant’s right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. 

4.3    Section 280G. If benefits payable under this Plan to a Participant would otherwise constitute “parachute
payments” under Section 280G(b)(2) of the Code (and a Participant does not have an Existing Right to a parachute tax gross up), then the Company or an Affiliate shall pay to the Participant the largest amount that can be paid to the Participant
without the imposition of any excise tax under Section 4999 of the Code, if so doing will result in a Participant receiving a better (i.e., higher) net after tax result than if no such limitation were applied. Whether any amount payable
hereunder will be treated as a “parachute payment” and, if so, the reduced amount that may be paid to an affected Participant shall be determined in the good faith judgment of an independent certified public accountant selected by the
Company prior to the Change in Control or tax counsel selected by such accountants, relying on the best authority available at the time of such determination (including, but not limited to, any proposed Treasury regulations upon which taxpayers may
rely). 
 4.4    Tax Withholding. The Company or its Affiliate may withhold from any benefits paid under the Plan all
income, employment, and other taxes required to be withheld under applicable law. 
 5.    DISPUTES 

5.1    Legal Fees. The Company or its Affiliate shall pay all legal fees and expenses incurred by a Participant in seeking in
good faith to obtain or enforce any benefit or right provided under the Plan. Such payments shall be made within ten (10) business days after the delivery of the Participant’s written request for the payment accompanied by such evidence of
fees and expenses incurred as the Company or Affiliate may reasonably require; provided, however, that a Participant shall not be eligible for reimbursement and shall be obligated to repay to the Company or its Affiliate any legal expenses
reimbursed, pursuant to this Section 5.1 if a court of competent jurisdiction shall have determined by a final, non-appealable order, that such expenses were incurred solely by reason of the
Participant’s not acting in good faith in incurring such expenses. 

  
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 5.2    Venue. Any disputes arising out of or related to the Plan will be adjudicated
in the United States District Court for the Southern District of New York, or if that court is unable to exercise subject matter jurisdiction for any reason, the Supreme Court of the State of New York, New York County. 

6.    AMENDMENT; TERMINATION AND EXPIRATION 

6.1    Right to Amend; Terminate Plan. Subject to the restrictions set forth in this Section 6, the
Board of Directors of the Company may amend or terminate the Plan or any Participation Notice at any time. 
 6.2    Limitation
of Right to Amend Terminate Plan. After a Change in Control occurs, the Plan may not be amended or terminated in any manner that would negatively affect a Participant’s rights under the Plan or any
Participation Notice. Further, the Board of Directors may not amend or terminate the Plan in anticipation of a Change in Control in any manner that would negatively affect a Participant’s rights under the Plan or any Participation Notice. If a
Change in Control occurs within 12 months after the date the Board of Directors amends or terminates the Plan or a Participation Notice then there shall be a rebuttable presumption that the amendment or termination was made in anticipation of a
Change in Control and shall not be effective in any manner that would negatively affect a Participant’s rights unless the Company rebuts such presumption by clear and convincing evidence. 

6.3    Expiration of Plan. This Plan shall expire by its terms on the second anniversary of a Change in Control of
the Company or such earlier date after a Change in Control as there shall be no payments or benefits due or owing to any Participant. 

6.4    Survival. The terms of this Plan and each Participation Notice shall survive the termination or expiration of the Plan to
the extent necessary to provide the intended benefit hereunder. 
 7.    ADMINISTRATION OF THE PLAN 

7.1    Plan Administrator. The Plan shall be administered by the Committee which shall be the plan administrator under
Section 3(16)(A) of ERISA. 
 7.2    Accounts and Records. The Committee shall maintain such accounts and records
regarding the fiscal and other transactions of the Plan and such other data as may be required to carry out its function under the Plan and to comply with applicable laws. The Committee shall prepare and file as required by law or regulation all
reports, forms, documents, and other items required by ERISA, the Code and other relevant statutes, each as amended from time to time and all regulations thereunder, as the Plan Administrator shall be required to file. 

7.3    Unfunded Status of Plan. The Plan shall be “unfunded” for the purposes of ERISA and the Code
and the benefits and payments to be paid under the plan shall be paid out of the general assets of the Company as and when payable under the Plan. All Participants shall be solely unsecured creditors of the Company. If the Company or an Affiliate
decides in its sole discretion to establish any advance reserve on its books against the future expense of the potential payments hereunder, or, if the Company or an Affiliate decides in its sole discretion to fund a trust under the Plan, such
reserve or trust shall not under any circumstances be deemed to be an asset of the Plan. 
 8.    MISCELLANEOUS 

8.1    Plan Not an Employment Contract. The adoption and maintenance of the Plan is not a contract
between the Company or any Affiliate and its employees that gives any employee the right to be 

  
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retained in its employment. Likewise, it is not intended to interfere with the rights of the Company or an Affiliate to terminate an employee’s employment at any time with or without notice
and with or without cause or to interfere with an employee’s right to terminate his or her employment at any time. 

8.2    Alienation Prohibited. No benefits hereunder shall be subject to anticipation or assignment by a Participant, to
attachment by, interference with, or control of any creditor of a Participant , or to being taken or reached by any legal or equitable process in satisfaction of any debt or liability of a Participant prior to its actual receipt by the Participant.
Any attempted conveyance, transfer, assignment, mortgage, pledge, or encumbrance of the benefits hereunder prior to payment thereof shall be void. 

8.3    Headings. The headings of Sections herein are included solely for convenience, and if there is any conflict between such
headings and the text of the Plan, the text shall control. 
 8.4    Construction. The Plan is intended to constitute the type of
arrangement identified as a “severance pay arrangement” within the meaning of Section 3(2)(B)(i) of ERISA, as further elaborated in regulations promulgated by the Secretary of Labor at Title 29, Code of Federal Regulations, § 2510.3-2(b), which is subject to ERISA. No Participant shall have a vested right to the benefits under the Plan. The benefits paid by the Plan are not intended as deferred compensation nor is the Plan
intended to be an “employee pension benefit plan or “pension plan” as those terms are defined in Section 3(2) of ERISA.

8.5    Integration. The Plan is intended to provide an enhanced severance benefit only if a Participant’s employment is
terminated in a Qualifying Termination upon or within 24 months following a Change in Control. The Plan is intended to provide Participants with severance benefits that are equal to or better than the severance benefits that the Participant is
otherwise entitled under any existing agreements, plans, or policies of the Company or any of its Affiliates (such entitlement, “Existing Rights”). In the event of a Change in Control, subject to the limitation set forth in
then Sections 4.2 and 4.3 of the Plan (related to Sections 409A and 280G of the Code, respectively), a Participant shall be eligible to receive (without duplication) the better of the severance benefits described in the Participation Notice and the
Participant’s Existing Rights. 
 8.6    Severability. Each provision of the Plan may be severed. If any provision is
determined to be invalid or unenforceable, that determination shall not affect the validity or enforceability of any other provision. 

8.7    Binding Effect. The Plan shall be binding upon the Company’s successors and assigns. 

8.8    Claims Procedure. All claims by a Participant for benefits under the Plan shall be directed to and determined by the
Committee and shall be in writing. Any denial by the Committee of a claim for benefits under the Plan shall be delivered to the Participant in writing within thirty (30) days after written notice of the claim is provided to the Company in
accordance with this Section 8.8 and shall set forth the specific reasons for the denial, the specific provisions of the Plan relied upon, a description of any additional material or information necessary for the Participant to perfect the
claim (explaining why such material or information is needed) and shall advise the Participant of the right to appeal the decision and the procedure for doing so. The Committee shall afford a reasonable opportunity to the Participant for a review of
the decision denying a claim and shall further allow the Participant to appeal to the Committee a decision of the Committee after notification by the Committee that the Participant’s claim has been denied. All appeals shall be made by the
following procedure: 
 (a)    Appeal. Participant shall file with the Committee a notice appealing the denial.
Such notice shall be filed within sixty (60) days of notification by the Committee of the claim denial, shall be made in writing, and shall set forth all of the facts upon which the appeal is based. Appeals not timely filed shall be barred.

  
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 (b)    Determination on Appeal. A determination of an appealed claim
shall be delivered to Participant within ninety (90) days of after written notification of the appeal is received by the Committee in accordance with this Section 8.8 and shall be accompanied by a written statement as to the reason or
reasons therefor, the specific provisions of the Plan relied upon, a statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to (and copies of) all documents, records and other information relevant
to the claim and a statement of the Participant’s right to bring a civil action under Section 502(a) of ERISA. 
 8.9    No
Mitigation. The Company agrees that if the Participant’s Employment with the Company terminates, the Participant is not required to seek other employment or to attempt in any way to reduce any amounts payable to the Participant by the
Company or any Affiliate pursuant to the Plan. Further, except as expressly provided otherwise herein, the amount of any payment or benefit provided for in the Plan shall not be reduced by any compensation earned by the Participant as the result of
employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Participant to the Company or an Affiliate, or otherwise. 

8.10    Notices. For the purpose of the Plan, notices and all other communications provided for in the Plan shall be in writing and
shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed, if to the Participant, to the residential address listed on the Participant’s notification
of participation or by email the receipt of which is personally acknowledged and, if to the Company or any Affiliate, to 225 Liberty Street, New York, NY 10281, directed to the attention of the General Counsel of the Company or by email, the receipt
of which is personally acknowledged, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon actual receipt. 

8.11    Governing Law. To the extent legally required, the Code and ERISA shall govern the Plan and, if any provision hereof
is in violation of any applicable requirement thereof, the Company reserves the right to retroactively amend the Plan to comply therewith. To the extent not governed by the Code and ERISA, the provisions of the Plan shall be governed by the laws of
the State of New York, without reference to rules relating to conflicts of law. 

  
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 IN WITNESS WHEREOF, this Plan has been adopted by duly authorized resolutions of the Compensation Committee and
the Board of Directors effective as of February 1, 2017. 
  

			
	TIME INC.
		
	By:	 	
	 /s/ David Bell

	Name:	 	David Bell
	Title:	 	Chair, Compensation Committee

  
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 Form of Participation Notice 

Date 

Re:    Notice of Participation in the
Time Inc. Key Management Change In Control Severance Plan 

Recent speculation regarding the possibility of a change in control has proven an unwelcome distraction at a time that Time Inc. most needs to focus on
achieving our strategic goals. In recognition that concerns regarding personal circumstances can create anxiety and a potential bias towards particular outcomes, the Company has adopted the Time Inc. Key Management Change in Control Severance Plan
(the “Plan”). 
 This letter serves as your notice that you have been selected as a participant in the Plan as of the date above. 

Under the terms of the Plan and this notice, if your employment is terminated following a “change in control” (as defined in the Plan) by the
Company without “cause” or by you for “good reason” (either a “qualifying termination”) within twenty-four months following the “change in control”, the following rules will apply to the calculation of your
severance benefits and payments. 
  

			
	Severance Calculation:	  	 Your severance benefits shall be determined in accordance with the terms of your employment agreement as in effect on the date hereof except
that:
  

•    The bonus component of your severance shall be 
calculated using the greater of (i) “Average Annual Bonus”, and (ii) “Target Bonus” (as such terms are defined in your employment agreement); and
  

•    The Severance Period shall be no less than 
[x] months.

		
	Extended Protection
Period for Equity
Awards:	  	If an equity award provides for favorable treatment (e.g., accelerated vesting) upon an employment termination without “cause” or resignation for “good reason” within 12 months following a change in control, the
period for which this favorable treatment is available is extended to the 24 month period following a change in control.

 In addition, the Plan provides for reimbursement of legal fees if you bring suit in good faith to enforce your rights to
severance benefits. 
 Impact on Existing Rights: The Plan is intended to provide an enhanced benefit to you, without duplication of benefits. If
your severance benefits pursuant to “existing rights” (as defined in the Plan) provide a benefit that is greater than the benefit under the Plan, the Company will provide you with the greater benefit. To the extent you are subject to a
restrictive covenant that is coextensive with the Severance Period and the Severance Period is extended by application of this Plan, the covenant shall apply to the extended Severance Period. 

No Modification of “At Will” Employment: Nothing in this letter is intended to modify the “at will” nature of your employment.
Accordingly, either you or the Company retain the right to terminate your employment at any time, with or without cause and with or without notice, except as otherwise required by law or your employment agreement with the Company. 

If you have any questions about the Plan or this Participation Notice, please contact Human Resources.INTERNATIONAL TRADE CENTER SERVICE PROVIDER
AGREEMENT

 

This International Service
Provider Agreement (this “Agreement”) is made and effective as of

January 28, 2017 (the “Effective Date”), by and between AmericaTowne, Inc., a Delaware corporation and reporting
company under the rules promulgated by the United States Securities and Exchange Commission, with a mailing address for notice
purposes of 4700 Homewood Court, Suite 100 in Raleigh, North Carolina 27609 (“AmericaTowne”) and Mrs. Alice
W. Mwangi with an address for notice purposes of Suite No. 96

Bombolulu Estate - Bandari Villas, P.O. Box
40989 - 80100 Mombasa, Kenya (the “Service Provider”). AmericaTowne and the Service Provider may be defined
singularly as a “Party” or collectively as the “Parties.”

 

WITNESSETH

 

WHEREAS, the Parties have
determined that the transaction contemplated by this Agreement would be advantageous and beneficial to them.

 

WHEREAS, the Service Provider
and its management have distinct experience working with potential individuals and businesses
who may be candidates for AmericaTowne’s operations and business, including but not limited to, experience assisting businesses
and entrepreneurs who may be candidates for occupancy, or facilitating the acquisition of goods and performing services to AmericaTowne,
securing funding (credit lines, loans and loan guarantees), insurance, supplier and export contracts and other related services
that could assist candidates in conducting business with AmericaTowne. These services are collectively referred to herein as “Support
Services”

 

WHEREAS,
in consideration for the Service Provider having an agreement with AmericaTowne in providing Support Services, and the Service
Provider in agreeing not to provide similar services to other parties similarly situated as AmericaTowne, the Parties agree to
the terms and conditions of this Agreement.

 

WHEREAS,
the Parties agree that the parties shall form a Limited Liability Company (LLC) whose name will include the word AmericaTowne.
AmericaTowne, Inc. shall determine the LLC’s composition and ownership. The Service Provider shall own no less than 25% of
the LLC. 

 

WHEREAS,
the Parties agree that the location of the Service Provider’s business operations will be in the Mombasa, Kenya or another
location as designated by AmericaTowne.

 

WHEREAS,
the Parties agree that the LLC will operate from a designated location approved by AmericaTowne and that is commensurate with AmericaTowne’s
office in Raleigh, North Carolina, USA. The Service Provider will manage this office. It is agreed that the Service Provider’s
initial office and physical location will be Suite No. 96 Bombolulu Estate - Bandari
Villas, P.O. Box 40989 - 80100 Mombasa, Kenya. 

 

WHEREAS,
the Parties agree that the LLC’s ownership may change as directed by AmericaTowne to accommodate other investors, and at
all times the Service Provider’s ownership shall remain at a minimum of 25%.

 

WHEREAS, the Recitals stated
herein are not mere statements, but representations and warranties of the parties, and material terms in which each party has relied
upon in executing this Agreement.

    	-1- 

    	 

    

 

NOW, THEREFORE, in consideration
the representations, warranties and agreements herein contained, the Parties agree as follows:

 

1.       Term
of Agreement. This Agreement shall become effective upon the Effective Date and, absent gross negligence, or willful and
material breach of this Agreement or intentional violation of any law by the Service Provider that cannot be reasonably cured
by the Service Provider within thirty (30) days of receipt of written notice by AmericaTowne of the alleged action or
omission, this Agreement shall not be terminated absent mutual written agreement between the Parties prior to December 31,
2021 (the “Term”). The Parties agree that in the event of termination under this Section 1, any and all
corresponding rights, duties and obligations intended to survive post-termination shall remain in full force and effect. Upon
termination under this Section 1, AmericaTowne shall reimburse the Service Provider for any approved compensation and
expenses incurred related to fulfilling its duties under this Agreement. In the event the Parties do not organize the LLC as
contemplated herein, within 45 days of the effective date this Agreement is null and void.

 

2.       Option
and Conditions to Extension of Term. AmericaTowne retains the option to extend the Term under its sole discretion until December
7, 2025 subject to the terms of this Section 2 (the “Option Term”). The Option Term shall become effective provided
AmericaTowne provides written notice to the Service Provider by 10/31/2021 of its intent to exercise the option right herein. AmericaTowne
may terminate this Agreement at any time during the Option Term subject to AmericaTowne providing written notice to the Service
Provider fifteen (15) days prior to the termination. The Parties agree that in the event of termination under this Section 2, any
and all corresponding rights, duties and obligations intended to survive post-termination shall remain in full force and effect.
Upon termination under this Section 2, AmericaTowne shall reimburse the Service Provider for any approved compensation and expenses
incurred related to fulfilling its duties under this Agreement.

 

3.       Scope
of Services. The Service Provider shall provide Support Services for the benefit of AmericaTowne
in a manner deemed commercially acceptable by AmericaTowne. The Service Provider’s role is to support AmericaTowne’s
export activities. 

 

    	-2- 

    	 

    

4.       Compensation.
In consideration of the Service Provider providing the Support Services to AmericaTowne, the Parties have agreed to the “Compensation
Schedule” attached hereto as Exhibit A. 

 

5.       Independent
Contractor. The Service Provider is an independent contractor, and for the consideration agreed upon herein, agrees to provide
the services identified in Section 3, above, on an exclusive basis to AmericaTowne. AmericaTowne shall cooperate with the Service
Provider in providing the Service Provider with sufficient and confidential information and knowledge of AmericaTowne’s business
in order for the Service Provider to perform under this Agreement. AmericaTowne agrees to be responsible for all costs necessary
in providing this information and knowledge to the Service Provider. The Service Provider has the sole right to control and direct
the means, manner, and method by which the services required by this Agreement will be performed. The Service Provider has the
right to perform the services required by this Agreement at any place or location and at such times as the Service Provider may
determine. The Service Provider has the right to hire assistants as subcontractors or to use employees to provide the services
required by this Agreement provided that such individuals have no less than six months of experience in providing services contemplated
under this Agreement.

 

The Service Provider represents
that those subcontractors or employees performing services under this Agreement on behalf of the Service Provider meet The Service
Provider’s conditions of employment. The Service Provider, or the Service Provider’s employees or contract personnel
shall perform the services required by this Agreement, and AmericaTowne shall not hire, supervise, or pay any assistants to help
the Service Provider. Neither the Service Provider nor the Service Provider’s employees or contract personnel shall receive
any training from the AmericaTowne in the professional skills necessary to perform the services required by this Agreement, unless
otherwise agreed upon by the Parties.

 

    	-3- 

    	 

    

 

6.       Waiver
and Assumption of Liability. The Service Provider assumes all liability for personal injuries of any kind or death directly
related the recklessness or willful misconduct of its performance under this Agreement. The Service Provider assumes all liability
and responsibility for its personal property while acting under this Agreement.

 

7.       Confidential
Information.  The Service Provider will not disclose or use, either during or after the term of this Agreement, any
proprietary or confidential information of AmericaTowne without AmericaTowne’s prior written consent except to the extent
necessary to perform services on AmericaTowne’s behalf. Proprietary or confidential information includes the written, printed,
graphic, or electronically recorded materials furnished by the AmericaTowne for the Service Provider to use; information belonging
to AmericaTowne about whom the Service Provider gained knowledge as a result of the Service Provider’s services to AmericaTowne.
AmericaTowne agrees it will not provide the Service Provider with false written or verbal information. The Service Provider shall
not be restricted in using any material that is publicly available, already in the Service Provider’s possession, or known
to the Service Provider without restriction, or the Service Provider from sources other than AmericaTowne rightfully obtains that.
On termination of this Agreement, the Service Provider shall deliver to AmericaTowne all materials in the Service Provider’s
possession relating to AmericaTowne’s business.

 

8.       Agreement
Not To Circumvent. The Parties agree that the AmericaTowne has a legitimate business purpose in seeking a restrictive covenant
from the Service Provider not to directly or indirectly circumvent confidential information in order to either benefit directly
or indirectly from the opportunities presented by and paid for by AmericaTowne. The Parties agree that the restrictions in this
section are fair and reasonable in all respects. If any provision of this section are ever held by a court to be unreasonable,
the Parties agree that this section shall be enforced to the extent it is deemed to be reasonable. This section survives any termination
of this Agreement.

 

9.       Covenant
Not To Compete. The Service Provider agrees that in consideration of the compensation set forth herein and in consideration
of the AmericaTowne sharing confidential and proprietary information with the Service Provider, the Service Provider agrees that
during the Term herein and for six (6) months after termination of this Agreement, the Service Provider shall not actively compete
against AmericaTowne in the United States of America or in any other country in which the AmericaTowne now or during the Term or,
if applicable, the Option Term of this Agreement does business. By executing this Agreement, the Service Provider agrees that the
AmericaTowne has a legitimate business interest in seeking the restrictive covenant herein.

 

10.       Intellectual
Property. All materials developed by the Service Provider for AmericaTowne, if any, will belong exclusively to AmericaTowne,
and will be deemed to have been developed and created by the Service Provider for AmericaTowne as “work for hire.”

    	-4- 

    	 

    

 

11.       Mutual
Indemnification/Hold Harmless. The Service Provider, as an independent contractor, agrees to indemnify, defend, and hold harmless
AmericaTowne from any and all liability resulting from intentional or reckless acts or the acts of the employees or agents of the
Service Provider. Likewise, AmericaTowne agrees to indemnify, defend, and hold harmless the Service Provider from any and all liability
resulting from intentional or reckless acts or the acts of the employees, agents, franchisees, licensees, directors or officers
of AmericaTowne.

 

The party entitled to
indemnification is defined in this Section 10 as the “Indemnified Party,” and the party providing the
indemnity is the “Indemnifying Party.” In the event of a lawsuit, investigation, or claim, the
Indemnifying Party will, at its sole discretion, cost and expense, protect, defend, indemnify, release and hold harmless the
Indemnified Party from losses arising out of or resulting from any inaccuracy, misrepresentation or breach or non-fulfillment
of any covenant or agreement by the Indemnifying Party in connection with: (i) any and all claims, liabilities, losses or
damages related solely and exclusively to statements prepared by, or made by, the Indemnified Party that were either approved
in advance by the Indemnifying Party or entirely based on information provided by the Indemnifying Party to the Indemnified
Party expressly for use in connection with the services under this Agreement, and (ii) all claims, actions, Suits,
proceedings, demands, assessments, judgments, costs and expenses, including, without limitation, any legal fees and expenses,
incident to any of the foregoing, except in case of the   Indemnified Party’s gross negligence, bad faith or
willful misconduct with respect thereto.

 

12.       Permits
and Licenses. The Service Provider declares that it has complied with all federal, state, and local laws requiring business
permits, certificates, and licenses required to carry out the services to be performed under this Agreement.

 

13.       Assignment.
Neither party shall assign its rights or duties under this Agreement unless it receives the prior written approval of the other
party, which approval may be withheld in such party’s sole discretion.

 

14.       Amendment.
This Agreement may be amended by a writing signed by the Parties.

 

15.       Severability.
If any term, provision, covenant or restriction contained in this Agreement is held by any court of competent jurisdiction to be
invalid, void or unenforceable, the remainder of the terms, provisions, covenants or restrictions contained in this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated, and if a covenant or provision is determined
to be unenforceable by reason of its extent, duration, scope or otherwise, then the Parties intend and hereby request that the
court or other authority making that determination shall only modify such extent, duration, scope or other provision to the extent
necessary to make it enforceable and enforce it in its modified form for all purposes of this Agreement.

    	-5- 

    	 

    

 

16.       Complete
Agreement. This Agreement, and the Compensation Schedule, contains the entire agreement between the Parties with respect to
the matters covered herein. The Service Provider acknowledges that this Agreement is entered into solely on the basis of the written
representations contained herein.

 

17.       Applicable
Law. The laws of North Carolina shall govern this Agreement. The Parties agree that, should any dispute arise out of, in connection
with, or relating to this Agreement, that they shall cooperate in good faith to resolve any such disputes, and if unsuccessful,
the Parties agree to binding arbitration under the procedural rules of the American Arbitration Association. The Parties agree
that such arbitration shall be final and binding, and that by agreeing to arbitration, are waiving their right to seek legal remedies
in Court and agree to waive the right to a trial by jury; however, the Parties agree that they have the right to seek equitable
relief from a Court of competent jurisdiction for any alleged breach of Sections 7 through 10 of this Agreement.

 

18.       Counterparts;
Electronic or Facsimile Signature. This Agreement may be executed in one or more counterparts, each of which shall be deemed
an original but all of which together shall constitute one and the same instrument. Signatures on this Agreement may be communicated
by facsimile and or other electronic transmission and shall be binding upon the parties hereto so transmitting their signatures.
Counterparts with original signatures shall be provided to the other parties hereto following the applicable transmission; provided
that the failure to provide the original counterpart shall have no effect on the validity or the binding nature of this Agreement.

 

19.       Joint
Drafting, Negotiation and Conflict Waiver. Each Party agrees that they have had an opportunity to participate in the drafting,
preparation and negotiation of this Agreement. Each of the Parties expressly acknowledges such participation and negotiation in
order to avoid the application of any rule construing contractual language against the drafter thereof and agrees that the provisions
of this Agreement shall be construed without prejudice to the Party who actually memorialized this Agreement in final form.

  

    	-6- 

    	 

    

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed and delivered as of the date set forth above.

 

AMERICATOWNE, INC.

 

By: /s/Alton Perkins

Alton Perkins

Chairman of the Board

Authorized by Board of Directors

 

Dated: January 28, 2017

 

THE SERVICE PROVIDER

 

By: /s/Alice Wambui Mwangi

Mrs. Alice W. Mwangi

 

Dated: January 30, 2017

 

 

 

    	-7- 

    	 

    

MUTUAL COMPENSATION SCHEDULE

 

This
Compensation Schedule (this “Schedule”) is made and effective as of January 28, 2017, (the
“Effective Date”), by and between AmericaTowne, Inc., a Delaware corporation and reporting company under the
rules promulgated by the United States Securities and Exchange Commission, with a mailing address for notice purposes of 4700 Homewood
Court, Suite 100 in Raleigh, North Carolina 27609 (“AmericaTowne”) and Mrs. Alice W. Mwangi with an address
for notice purposes of Suite No. 96 Bombolulu Estate - Bandari Villas, P.O. Box 40989 - 80100 Mombasa, Kenya (the “Service
Provider”), and is incorporated into and merged
with the International Trade Center Service Provider Agreement between the Service Provider and AmericaTowne (the “Agreement”.)
AmericaTowne and the Service Provider may be defined singularly as a “Party” or collectively as the “Parties.”

 

WHEREAS, until further
written amendment hereto signed by the Parties, the Parties agree that this Schedule shall govern compensation from AmericaTowne
to the Service Provider for providing those services set forth in the Agreement.

 

NOW, THEREFORE, in consideration
the representations, warranties and agreements herein contained, the Parties agree as follows:

 

1.       Support
Services. Subject to the disclosures set forth in Section 3 and Section 4 of this Schedule, during the Term and, if applicable,
the Option Term, as these terms are defined in the Agreement, AmericaTowne shall pay the Service Provider:

 

a) Solely at AmericaTowne’s
discretion a fee equal to 1.0% to 13% of the gross

value of all funds, insurance, loans and or guarantees charged and collected from those businesses and individuals participating
or contracting with AmericaTowne export program;

b) A stock award of 25,000 shares
of AmericaTowne’s commons stock one year after this agreement is signed and it is still in force and affect;

c) Starting at the end of the third
month, provided that the Service provider has met the production schedule, a monthly stipend $1,600.00 paid solely at the discretion
of AmericaTowne; and

d) A stock option of 25,000 shares
of commons stock of AmericaTowne for each year the

agreement is in force for up to five years. Starting in the year 2017 and each year thereafter, the option can be exercised annually
in the month of December on or before the 31st of December at the option price of $1.50 per common share.

 

    	-8- 

    	 

    

         2.In addition, the Service Provider
agrees to pay AmericaTowne a nonrefundable service fee of $35,000.00 USD on the Effective Date (the "Service Fee"). The
Service Fee is recognized when deliverables are provided. The Service Fee is paid for deliverables including the formation and
registration of the LLC, recording the Service Provider’s ownership interest in the newly formed entity, and the delivery
of marketing materials to be used by the Service Provider. The Service Fee is to be paid as follows: $1,500 upon signing this agreement;
and monthly payments of $500.00 a month for sixty-seven months. The first monthly payment will start on 30 March 2017, and run
for 67 consecutive months. At the discretion of AmericaTowne Inc. the Service Provider may be required to sign a note for outstanding
service fees. In addition, AmericaTowne Inc. at its sole discretion may exchange other assets or items of value for payments due.
The Service Provider shall be given credit for any and all funds paid pursuant to this agreement.

 

3.       The
Service Provider Is Not A Real Estate Broker. AmericaTowne agrees that the Service Provider is not being compensated as a real
estate broker or salesperson as the Service Provider is not licensed as such a broker or salesperson, and the Service Provider
shall not sell or offer for sale, buy or offer to buy, provide or offer to provide market analyses, list or offer or attempt to
list, or negotiate the purchase or sale or exchange or mortgage of real estate, and AmericaTowne acknowledges and agrees that it
will retain its own attorneys, accountants and real estate brokers and/or salespeople, as needed, for any transactions contemplated
under the Agreement and this Schedule.

 

4.       The
Service Provider Is Not A Securities Broker or Dealer. AmericaTowne agrees that the Service Provider is not being compensated
as a broker/dealer or registered FINRA representative in the business of selling securities. AmericaTowne acknowledges that the
Agreement and this Schedule is limited solely to consulting and advisory services, and AmericaTowne agrees that the compensation
set forth herein shall be categorized as valuable consideration in the context of facilitating the services under the Agreement,
and payment of any consideration under this Schedule constitutes a waiver and release of any claims by AmericaTowne that the payment
is related in any manner to the sale of securities.

 

5.       Merger
and Integration. This Schedule, along with the Agreement, contain the entire agreements of the Parties, and any and all prior
schedules, agreements, representations, promises or, to the extent recognized by a court of competent jurisdiction to constitute
binding duties and obligations under North Carolina law, are superseded by and/or merged into the aforementioned agreements.

 

6.       Miscellaneous.
The Parties agree that all other remaining provisions set forth in the Agreement are incorporated by reference as if fully stated
herein.

    	-9- 

    	 

    

 

 

IN WITNESS WHEREOF, the
parties hereto have caused this Schedule to be executed and delivered as of the date set forth above.

 

AMERICATOWNE, INC.

 

By: /s/Alton Perkins

Alton Perkins

Chairman of the Board

Authorized by Board of Directors

 

Dated: January 28, 2017

 

THE SERVICE PROVIDER

 

By: /s/Alice Wambui Mwangi

Mrs. Alice W. Mwangi

 

Dated: January 30, 2017

 

    	-10-

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