Document:

Exhibit

        

Time Inc.
Time Inc.
Time & Life Building
1271 Avenue of the Americas New York, NY 10020-1393
212-522-1212
September 13, 2016 

Richard Battista 
95 Apple Tree Lane
New Canaan, CT 06840

Dear Rich:
You and Time Inc. (the "Company") are parties to an employment agreement dated March 5, 2015 (the "Prior Agreement").  In connection with your appointment as our President and Chief Executive Officer, this agreement supersedes such Prior Agreement and will serve to confirm our discussions concerning the terms and conditions of your employment with the Company, and from and after the date hereof, will constitute our agreement ("Agreement"): 
1.Term of Employment.  Except for earlier termination as provided in Section 5 hereof, the term of employment under this Agreement ("Term of Employment") will commence on September 13, 2016 ("Effective Date") and will continue thereafter until September 30, 2019.  Your employment with the Company upon the expiration of this Agreement shall be at-will if no new or amended employment agreement is in place between the parties at that time.
2.Employment.  During the Term of Employment, the Company will employ you as President and Chief Executive Officer of the Company.  You shall report directly to the Board of Directors (the "Board") of the Company and you will be the most senior operating executive of the Company.  You shall have the authority, functions, duties, powers and responsibilities normally associated with such position as well as such additional authority, functions, duties, powers and responsibilities as may be assigned to you from time to time consistent with your position as Chief Executive Officer of the Company. 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. In performing your duties hereunder, you will comply with all written policies and procedures of the Company. Without your prior written consent, your principal place of business shall not be more than 50 miles from Manhattan, New York.
3.Compensation and Other Remuneration.
3.1    Base Salary.  During the Term of Employment, the Company will pay to you a base salary at the rate of not less than $1,200,000 per annum (the "Base Salary"), which the Company 

        

may increase, but not decrease. The increase in such rate of base salary effected by this Agreement shall take effect at the Effective Date.  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)For each year during the Term of Employment, you shall be eligible to participate in the Company's annual incentive plan ("AIP") to the extent you are eligible to participate in accordance with the terms of such plan.  Your bonus target is 150% of Base Salary earned in the applicable bonus year.  Notwithstanding the foregoing, in respect of your 2016 services, your annual bonus with respect to your services performed and base salary payable prior to the Effective Date shall be determined by applying the target bonus percentage specified in the Prior Agreement to such base salary, and with respect to your services performed and base salary payable in 2016 on and after the Effective Date applying the target bonus percentage specified herein to the base salary payable from and after the Effective Date.
(b)Each year, the Company and the Compensation Committee of the Board ("Compensation Committee") will determine, in their sole discretion, whether to grant long term incentive awards. For each year during the Term of Employment, you shall be eligible to receive long-term incentive awards with an annual long term incentive target value is $3,000,000 (which shall be applied based on the same valuation method used by the Company for awards to its senior executives, as the same may be effect from time to time)   at the same time as annual awards are made to other senior executives of the Company.  Consistent with generally applicable practices, actual grants will be determined by the Compensation Committee based on this target, subject to adjustment to reflect your performance and that of the Company, including its share price, and such other factors as the Compensation Committee shall deem pertinent.  Long term incentive compensation awards (i) in respect of your 2017 long-term incentive award opportunity will be made 50% in performance share units, with the remainder of the grant value in respect of 2017 divided approximately equally between stock options and restricted stock unit awards and subject only to time vesting (the "2017 Time Vested Awards"), and (ii) awards in respect of subsequent years during the Term of Employment shall be made between 50% and 66.7% in performance share units, as determined by the Compensation Committee, with the remainder of the grant value in respect of any such year divided approximately equally between stock options and restricted stock unit awards that are subject only to time vesting.  All grants are subject to the approval of the Compensation Committee in its discretion.
(c)Immediately following the execution of this Agreement, you shall be awarded (i) options in respect of 400,000 shares of the Company’s common stock, with an exercise price equal to the fair market value of the stock on the date of grant, and (ii) that number of restricted stock units having a value at the date of grant of $1,500,000.  One half of the options and restricted stock units subject to the grant made hereby shall constitute a one-time special equity award made in connection with your promotion (the "2016 Special Grant") and the other half shall be treated as an accelerated grant of the 2017 Time Vested Awards (the "Accelerated 2017 Grant").  Except as specified below, the terms and conditions of the 2016 Special Grant and the Accelerated 2017 Grant will be generally consistent with the terms and conditions applicable to the Company’s grants of similar types of awards made to executive officers in respect of 2016 annual awards, except that it is agreed that the 2016 Special Grant and the Accelerated 2017 Grant shall be subject only to time (and not performance) vesting.
(d)Promptly following the execution of this Agreement, you shall be awarded an additional outperformance plan ("OPP") opportunity with a projected value, based on the 

        

methodology applied generally in the granting of such of awards, of $3,000,000 (the "Incremental OPP Opportunity").  Except as provided below, the terms and conditions of the Incremental OPP Opportunity will be generally consistent with the terms and conditions applicable to the Company’s grants of similar types of awards to executive officers in 2016. 
(e)Notwithstanding the provisions of Section 3(c) or 3(d), vesting of the 2016 Special Grant and the Accelerated 2017 Grant will accelerate in full, and vesting of the Incremental OPP Opportunity will accelerate to the extent that the stock price performance hurdles are achieved, in each case, upon the occurrence of a change in control (a "Change in Control") as defined under the Company’s 2016 Omnibus Incentive Plan. 
(f)Notwithstanding the provisions of Section 3(c) or 3(d), in the event that your employment is terminated by the Company without Cause or by you for Good Reason, as each term is defined in Section 5 below (either such termination, a "Qualifying Termination"), you will be permitted to vest in the 2016 Special Grant, the 2017 Accelerated Grant and any other equity award granted to you after the Effective Date to the same extent, and at the same time, as you would otherwise have become vested in any such award had your employment continued for the 24-month period following your termination of employment (subject, in the case of any award the vesting of which is subject to the satisfaction of any performance objectives, the satisfaction of the applicable performance objectives).  If you incur a Qualifying Termination prior to the conclusion of the applicable measurement date of the Incremental OPP Opportunity, you will become vested in the Incremental OPP Opportunity to the same extent as though you were employed at such measurement date.
4.Benefits. You will be eligible to participate in the employee benefit plans, programs and policies of the Company, whether now existing or established hereafter, to the extent that you are eligible under the general provisions thereof as in effect from time to time.
5.Termination.
5.1    Termination for Cause.
(a)    The Company may terminate your employment during the 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) other than as a result of a Limited Vicarious Liability (as defined below), (b) willful failure or refusal without proper cause to perform any of your material 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) misappropriation, embezzlement or reckless or willful destruction of Company property, (d) breach of any statutory or common law duty of loyalty to the Company other than an unintentional breach that would not reasonably be expected to have any significant affect on the financial condition, operation or reputation of the Company or any of its affiliates, (e) intentional and improper conduct materially prejudicial to the business of the Company or any of its affiliates, or (f) material breach of any of the covenants provided for in Section 6 hereof. Any termination by the Company for Cause 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 such termination is because of (i) your willful failure or refusal without proper cause to perform your material duties with the Company or (ii) a breach of any statutory or common law duty of loyalty to the Company or a material breach of any of the covenants provided for in Section 6, and you cure such failure or refusal or such breach, if such action is reasonably susceptible of cure, promptly and in any event not more than thirty (30) days following the date of such notice, the 

        

termination effected by such notice shall not be effective.  To the extent you have the opportunity to cure a failure, refusal or breach in accordance with the immediately preceding sentence, the Company may, in its discretion, simultaneously with or following the delivery of such termination notice place you on an administrative leave for up to thirty (30) days, without pay, and during which it may suspend your duties and responsibilities hereunder.  Notwithstanding anything else in this Agreement to the contrary, any action related to such administrative leave shall not be deemed to be a breach or violation of any of the Company’s duties to you under this Agreement and shall not constitute Good Reason for you terminate your employment, so long as it fully reinstates you and promptly pays any missed compensation payments, should you effect a cure thereof that results in such termination for Cause not being 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 opposed to the best interest of the Company.  The term "Limited Vicarious Liability" shall mean any liability which is based on acts of the Company for which you are responsible solely as a result of your office(s) with the Company; provided that (1) 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 (2) after consulting with the Company’s counsel, you reasonably believed that no law was being violated by such acts.
(b)    In the event of the termination of your employment 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 in accordance with Company policy through the effective date of termination, (ii) pay unreimbursed business expenses incurred before the effective date of your termination of employment in accordance with Company policy; and (iii) comply with obligations owed under the Company's 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 5.9) for the greater of the remainder of the original Term of Employment or twelve (12) months, bi-weekly payments made in substantially equal installments in accordance with the customary payroll practices of the Company, and subject to payroll deductions and required withholdings at an annualized rate equal to the sum of your Base Salary and "Average Annual Bonus" (as defined below), but reduced on a monthly basis by an amount equal to the disability payments received for such month by you from Workers' 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 all 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 before the effective date of your termination (excluding any special, spot or long term incentive plan bonuses) for the most recent three (3) completed Bonus plan years at the Company; provided, that, if your  employment terminates prior to the payment of your annual bonus for your services in 2018 (which will be payable on or before March 15, 2019), then in any instance where you would be entitled to receive an amount equal to or based upon the Average Annual Bonus, you shall receive $1,800,000 in lieu of such Average Annual Bonus. 
5.4    Other Termination by the Company.
(a)    The Company may terminate your employment during the Term of Employment, other than a termination under Sections 5.1, 5.2. or 5.3, at any time upon written notice to you.  In the event that your employment is so terminated, in addition to the Termination Entitlement, you will receive (subject to the requirements of Section 5.9), for the duration of the Severance Period (defined in Section 5.4(b) below), bi-weekly payments made in substantially equal installments in accordance with the customary payroll practices of the Company, and subject to payroll deductions and required withholdings, at an annualized rate equal to the sum of your then Base Salary and Average Annual Bonus; provided however, that:
(i)if you die during the Severance 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 benefits-eligible employment with any other corporation, partnership. trust, government or other entity during the Severance Period (notice of such employment to be provided to the Company within ten (10) business days) or otherwise notify the Company in writing of your intention to terminate your benefits during the Severance Period, then you will continue to receive all payments pursuant to this Section 5.4(a). but shall cease to receive any applicable post-termination benefits described in Section 5.4(c) below, effective upon the commencement of such employment or the effective date of such termination as specified by you in your notice of intention to terminate benefits; 
(iii)in the event that you suffer a Qualifying Termination within 12 months following a Change in Control, the severance benefits payable under your employment agreement will be payable to you in a single lump sum within 70 days of the date of such termination of employment; and
(iv)if you accept employment with the Company or an affiliated entity during the Severance Period, your payments pursuant to this Section 5.4(a) shall cease effective the first date of employment with such related or affiliated entity.
(b)    The "Severance Period" shall be 24 months.
(c)    During the Severance Period, unless prohibited by law, (i) you will continue to be eligible to participate in the Company's life insurance plans on the same terms and conditions as regular full-time employees and (ii) the Company will either pay your cost of COBRA 

        

coverage or reimburse you for such COBRA coverage for you and your eligible dependents in respect of any period that you are eligible to elect such coverage by reason of such Qualifying Termination.  During the Severance Period, you will not be entitled to any additional awards or grants under any equity plan or other long-term incentive plan or to continue elective deferrals in or accrue additional benefits under the Company's 401(k) plan or any other qualified or nonqualified retirement programs maintained by the Company.
(d)    If the Company terminates your employment during the Term of Employment pursuant to this Section 5.4, provided that you have participated in the AIP for  at least six months of the applicable fiscal year, you will receive an additional severance payment in lieu of  an AIP bonus payment in the  amount of  what you would have earned under the AIP if your employment had not terminated, calculated using a prorated target based on the number of days you were employed during the plan year, a strategic rating of 100% and actual Company/Division financial performance.  This severance payment will be paid at the same time AIP bonus payments for the applicable plan year are made to active employees.
(e)In the event that the Company terminates the Term of Employment pursuant to this Section 5.4 or you terminate your employment for Good Reason under Section 5.5, you shall not be required to take actions in order to mitigate your damages hereunder and the Company shall have no right to offset against any amounts that you are entitled to receive under this Agreement any amounts that you earn or receive after the termination of your employment.  Any payments or rights to which you are entitled by reason of the termination of employment without cause shall be considered as liquidated damages hereunder.
(f)If the Company does not offer to renew this Agreement upon expiration of the Term of Employment, and your employment is subsequently terminated by the Company for a reason other than Cause or by you for Good Reason (as described in Section 5.5 below), such termination will be treated as a termination pursuant to Section 5.4 of this Agreement, except that the "Severance Period" shall be 12 months, and you will be subject to the requirements of Sections 5.9 and 6.
5.5    Termination Due to Good Reason.  You will have the right, exercisable by written notice to the Company, to terminate your employment for Good Reason effective thirty (30) days after the giving of notice that an event, occurrence or breach constituting Good Reason shall have occurred.  Good Reason shall exist if the Company, during the Term of Employment, shall without your prior written consent (i) reduce your base salary or your target bonus opportunity; (ii) remove you from the position of President or Chief Executive Officer, (iii) materially reduce your duties, responsibilities and authorities from those that are in effect on the Effective Date; (iv) move the Company’s headquarters more than 50 miles outside of Manhattan; (v) fail, during the Term of Employment, to have nominated you for re-election as a member of the Board, which failure results in your ceasing to be a member of the Board, or (vi) otherwise be in material breach of its obligations hereunder; provided, however, that you shall not have Good Reason unless you provide written notice of any such event, occurrence or breach to the Company within ninety (90) days after the initial occurrence thereof; and provided further that you shall not have Good Reason to terminate your employment if within the thirty (30)-day notice period referenced above the Company shall have cured any such occurrence, event or breach.  If the action giving rise to your right to terminate your employment for Good Reason has not been so cured, you may elect, subject to the requirements of Section 5.9, to terminate your employment for Good Reason, in which case such termination shall be treated as though 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 in Section 5.4 as and when due thereunder.

        

5.6    Resignation or Retirement.  You may terminate the Term of Employment for any reason, including, without limitation your retirement, at any time on sixty (60) days' prior written notice to the Company.  If you terminate your employment for any reason other than for Good Reason, the Company's only obligation to you will be payment of 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 your employment immediately, in which case the Company's only obligation to you will be payment of 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 your employment 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 sixty (60) days thereafter.
5.7    Effect of Qualifying Termination Upon Right in Respect of Certain Equity Awards.  As provided in Section 3.2(f), in the event your employment is terminated due to a Qualifying Termination, you will be permitted to vest in the 2016 Special Grant, the 2017 Accelerated Grant and any other equity award granted after the Effective Date to the same extent, and at the same time, as you would otherwise have become vested in any such award had your employment continued for the 24-month period following your termination (but subject, in the case of any award the vesting of which is subject to the satisfaction of any performance objectives, to the satisfaction of the applicable performance objectives).  If, prior to the applicable measurement date of the Incremental OPP Opportunity, your employment is terminated in a Qualifying Termination, you will become vested in the Incremental OPP Opportunity to the same extent as though you were employed at such measurement date.
5.8    Resignation from the Board.  If requested by the Board, you shall resign as a member of the Board upon your termination of employment with the Company and its affiliates, regardless of the reason for such termination.  
5.9     Release. In the event of a termination of the Term of Employment pursuant to any of 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 and/or to provide the continued vesting under Section 5.7 shall be your execution and delivery to the Company of a release of all claims you may 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 provided that it does not add any new material obligations by you without your consent).  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 Executive Vice President, Human Resources or his or her designee within twenty-one (21) days thereafter (or forty-five (45) days if required by law).  Subject to any delay required in accordance with Section 10.13, the Company will begin to make any severance payments due to you pursuant to Sections 5.3. 5.4. or 5.5 above on the next administratively feasible payroll date following the termination of your employment; however, if you fail to execute and deliver such release to the Company within the 21-day period (or forty-five (45) day period if required by law), 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 and you will be obligated to return to the Company all severance payments received pursuant to Sections 5.3, 5.4 or 5.5 within ten (10) business days after receipt of notice pursuant to Section 10.1.

        

5.10    No Other Payments or Benefits.  In the event your employment is terminated during the Term of Employment, 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. Except as may be otherwise provided in this Agreement (including Section 5.4(c) or 5.7), your rights to benefits and payments under any benefit plan, long-term incentive plan or other plan of the Company 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.
5.11    Forfeiture. In the event you materially breach the terms of Section 6 of this Agreement (unless you have cured any such breach that is reasonably capable of being cured within thirty (30) days after receipt by you of notice 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 Company's rights contained in this Section 5.11 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-Competition, Non-Solicitation, Non-Disparagement and Cooperation.
6.1    Protection of Confidential Information and Non-Competition 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 any payments or benefits you receive pursuant to this Agreement in connection with a termination of employment, 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; (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; and (iv) in the good faith performance of your duties, and solely to the extent reasonably necessary or appropriate to further the best interests of the Company, you may disclose confidential information in connection with the performance of your duties for the Company.  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 of Company Property and Information.  Upon termination of your employment for any reason, or at any other time the Company may so request, you will deliver promptly to the Company 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 or other storage devices) 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 not maintain copies of any such documents on any personal computer or other storage device in your personal possession.  No later than the effective date of your termination, you will also return all Company property previously in your possession, including but not limited to any Company equipment, electronic devices, keys, identification cards. and credit cards, except that you will be allowed to retain a copy of your outlook contacts or electronic rolodex: 
(d)Nonsolicitation of Employees. (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. 5.3 or 5.6, and (iii) during the Severance Period for any termination of your employment pursuant to Sections 5.4 or 5.5, 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 other than your personal assistant; 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, 5.3 or 5.6, and (iii) during the Severance Period for any termination of your employment pursuant to Sections 5.4 or 5.5; you will not, directly or indirectly, without the prior written consent of the Board render any services to any other person or entity, or own or acquire any interest of any type in any other person or business or entity (collectively, a "Competitor") which is a material competitor of the Company and which is engaged, either directly or indirectly, in the "Restricted Business", which is defined to consist of: (A) the development, marketing, distribution, fulfillment or publication of a magazine, content website or content digital platform, or (B) any other material line of business of the Company.  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.
Notwithstanding anything to the contrary herein, it shall not be a violation of this Agreement for you to own, directly or indirectly, an interest in a Competitor that engages directly in the Restricted Business if you are an investor in an investment fund that owns any amount of securities in such Competitor provided that you are not a general partner or managing member of the investment fund and you do not provide any material services to or on behalf of the investment fund relating to any of its portfolio companies that constitute a Competitor.  In addition, and notwithstanding anything to the contrary herein, in the event of a termination of your employment pursuant to Sections 5.4 or 5.5, it shall not be a violation of this Agreement for you to provide services during the Severance Period, but more than six months after your date of termination, to or on behalf of a Competitor (or any affiliate thereof) so long (i) as such Competitor and its affiliates, taken as a whole, are not primarily engaged 

        

in the development, marketing, distribution, fulfillment or publication of one or more magazines (the “Magazine Business”) and (ii) your principal services do not relate to the Magazine Business.
(f) Waiver. Notwithstanding the foregoing, if your employment with the Company is terminated pursuant to Sections 5.4 or 5.5 and you are eligible to receive payments pursuant to Section 5.4(a) for a period of more than 12 months, then commencing with the 13th month of the Severance Period, you may elect, upon thirty (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.  In the event you make such an election, 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, in connection with a business in competition with the Company, solicit the business of or service 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, provided, however, that nothing herein shall prevent you from exercising your rights under Section 7 of the National Labor Relations Act. Officers of the Company having the title of Executive Vice President or above will not make any disparaging statements about you to anyone not employed by the Company or its affiliates. Nothing herein shall prevent you or the Company from testifying truthfully under oath pursuant to any lawful court order or subpoena or otherwise responding to or providing disclosures required by law.
6.4    Cooperation. Following the termination of your employment under this Agreement for any reason, you agree to cooperate with the Company in providing for an orderly transition through the effective date of your termination of employment pursuant to Section 5 and thereafter, which cooperation shall include giving such assistance at reasonable times as may be reasonably requested by the Company. Such cooperation shall extend to additional matters as reasonably requested by the Company from time to time, including, without limitation legal matters about which 

        

you have knowledge by virtue of your employment with the Company. The Company will reimburse you for your reasonable time and travel expenses in connection with cooperation relating to legal matters where allowed by applicable law.
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.
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)The Company shall have the right to use your name, biography and likeness in connection with its respective businesses and that of its subsidiaries and affiliates, but not as a direct endorsement; provided, however, that the Company shall not issue a press release concerning your acceptance of employment with the Company without your prior approval.
(c)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), including without limitation the advance of expenses.
9.    Golden Parachute Provisions.  
(a)    Gross-Up in Respect of a Change in Control Within Two Years of the Effective Date.  If, prior to the second anniversary of the Effective Date (the "Second Anniversary Date"), there shall occur a change in ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company, in any such case, within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (the "Code")

        

(any such change in ownership, effective control or assets hereafter called a "280G Change in Control"),  and  any amount or benefit paid or distributed to you pursuant to this Agreement, taken together with any amounts or benefits otherwise paid or distributed to you by the Company or any affiliated company (collectively, the "Covered Payments"), are or become subject to the tax (the "Excise Tax") imposed under Section 4999 of the Code or any successor provision thereto, the Company shall pay you at the time specified below an additional amount (the "Tax Reimbursement Payment") such that the net amount retained by you with respect to such Covered Payments and the Tax Reimbursement Payment, after deduction of any Excise Tax on the Covered Payments and any Federal, state and local income and employment tax and Excise Tax on the Tax Reimbursement Payment provided for by this Section 9, but before deduction for any Federal, state or local income or employment tax withholding on such Covered Payments, shall be equal to the amount of the Covered Payments. The Tax Reimbursement Payment (or portion thereof) shall be paid to you not later than 10 business days following the payment of the Covered Payments; provided, however, that if the amount of such Tax Reimbursement Payment (or portion thereof) cannot be finally determined on or before the date on which payment is due, the Company shall pay to you by such date an amount estimated in good faith by the Accountants to be the minimum amount of such Tax Reimbursement Payment and shall pay the remainder of such Tax Reimbursement Payment (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined, but in no event later than 45 calendar days after payment of the related Covered Payment.  In the event that the amount of the estimated Tax Reimbursement Payment exceeds the amount subsequently determined to have been due, such excess shall constitute a loan by the Company to you, payable on the fifth business day after written demand by the Company for payment (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code).  In no event shall the Tax Reimbursement Payment be made later than the time specified in Treasury Regulations Section 1.409A-3(i)(1)(v).
(b)    Best Net Provision Applicable Following Second Anniversary Date.  In the event that any 280G Change in Control occurs after the Second Anniversary Date, you will be subject to a "best net" provision, such that your compensation and benefits that would otherwise constitute "parachute payments" under Section 280G(b)(2) of the Code will be limited to the largest amount that can be paid to you without the imposition of any such excise tax under Section 4999 of the Code, if so doing will result in your receiving a better (i.e. higher) after tax result than if no such limitation were applied.  In no event shall any excise tax gross-up payment be provided with respect to any 280G Change in Control occurring after the Second Anniversary Date.  If the determination made in this Section 9(b) above results in a reduction of the payments that would  otherwise be paid to you except for the application of the preceding sentence, such reduction in payments shall be first applied to reduce any cash severance payments that you would otherwise be entitled to receive hereunder, in reverse order of the date the severance payments would otherwise be received, 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.
(c)    Calculation Provisions.  (i)  For purposes of determining whether any of the Covered Payments will be subject to the Excise Tax and the amount of such Excise Tax,
		
	(A)
	such Covered Payments will be treated as "parachute payments" within the meaning of Section 280G of the Code, and all "parachute payments" in excess of the "base amount" (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless, and except to the extent that, in the good faith judgment of the Company’s independent certified public accountants appointed prior to the change in ownership or control or tax counsel 

        

selected by such Accountants that is acceptable to you (the "Accountants"), whose fees shall be paid by the Company, it is more likely than not such Covered Payments (in whole or in part) either do not constitute "parachute payments" or represent reasonable compensation for personal services actually rendered (within the meaning of Section 280G(b)(4)(B) of the Code) prior to the date of the change in ownership or control in excess of the "base amount", or such "parachute payments" are otherwise not subject to such Excise Tax, and
		
	(B)
	the value of any non‐cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of Section 280G of the Code.  

(ii)    For purposes of determining the amount of the Tax Reimbursement Payment, you shall be deemed to pay:
		
	(A)
	Federal income taxes at the highest applicable marginal rate of Federal income taxation for the calendar year in which the Tax Reimbursement Payment is to be made (determined without regard to Section 409A, unless the Accountants shall determine that any amount is also subject to the incremental tax applicable thereunder), and

		
	(B)
	any applicable state and local income taxes at the highest applicable marginal rate of taxation for the calendar year in which the Tax Reimbursement Payment is to be made, net of the maximum reduction in Federal income taxes which could be obtained from the deduction of such state or local taxes if paid in such year.  

(iii)    In the event that the Excise Tax is subsequently determined by the Accountants or pursuant to any proceeding or negotiations with the Internal Revenue Service to be less than the amount taken into account hereunder in calculating the Tax Reimbursement Payment made, you shall repay to the Company, at the time that the amount of such reduction in the Excise Tax is finally determined, the portion of such prior Tax Reimbursement Payment that would not have been paid if such Excise Tax had been applied in initially calculating such Tax Reimbursement Payment, plus interest on the amount of such repayment at the rate provided in Section 1274(b)(2)(B) of the Code.  Notwithstanding the foregoing, in the event any portion of the Tax Reimbursement Payment to be refunded to the Company has been paid to any Federal, state or local tax authority, repayment thereof shall not be required until actual refund or credit of such portion has been made to you, and interest payable to the Company shall not exceed interest received or credited to you by such tax authority for the period it held such portion.  You shall have no obligation to file a claim for a refund or credit with the Internal Revenue Service or any state or local taxing authority.  If you file a claim for a refund with the Internal Revenue Service or any state or local taxing authority and your claim for refund or credit is denied, you and the Company shall mutually agree upon the course of action to be pursued (and the method of allocating the expenses thereof) after your good faith claim for refund or credit is denied.  In the event that the Excise Tax is later determined by the Accountants or pursuant to any proceeding or negotiations with the Internal Revenue Service to exceed the amount taken into account hereunder at the time the Tax Reimbursement Payment is made (including, but not limited to, by reason of any payment the existence or amount of which cannot be determined at the time of the Tax Reimbursement Payment), the Company shall make an additional Tax Reimbursement Payment in respect of such excess (plus any interest or penalty payable with respect to such excess) at the time that the amount of such excess is finally determined.  

        

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. 
225 Liberty Street 
    New York, New York 10281
Attn: General Counsel
If to you, to the address set forth on the records of the Company and with a courtesy copy which shall not constitute notice, to:
Venable LLP
2049 Century Park East, Suite 2100
Los Angeles. CA 90067
Attn: Alan J. Epstein, Esq.
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 and boldface type 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 (together with all exhibits and the Company's Standards of Business Conduct) 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, including, without limitation, the Prior Agreement. 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.
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, superseded, canceled, 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 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/or related to 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 the County of New York in the State of New York, 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 exclusively required to submit such dispute to mediation/arbitration. In such event, the Company may, at its option, seek and obtain from any court having jurisdiction, injunctive or equitable relief, in addition to pursuing at arbitration all other remedies available to it (including without limitation any claims for relief arising out of any breach of Section 6 or 7 of this Agreement). In the event that the Company chooses to bring any such suit, proceeding or action for injunctive or equitable relief 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 and agree to arbitrate any and all such claims.
10.8    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 6 or 7, 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 Sections 6 or 7, the period of the restrictive covenants set forth in those provisions shall be extended for the period of time you remain in violation. You also agree to indemnify the Company and hold the Company harmless from any and all losses suffered by the Company as a result of any violation by you of this Agreement, and to pay the Company's reasonable attorneys' fees and other legal expenses incurred to enforce this Agreement.
10.9    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 the Company might elect to assert.
10.10    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.
10.11    Standards of Business Conduct. The Company's Standards of Business Conduct is provided with this Agreement and made a part hereof. 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. You will also comply with all other written policies of the Company.
10.12    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.
10.13    Compliance with IRC Section 409A. To the extent that payments and benefits in this Agreement are subject to Section 409A of the Code, this Agreement is intended to comply with 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. References herein to a termination of your employment shall be deemed to refer to the date upon which you have experienced a "separation from service" within the meaning of Code Section 409A. The Company shall consult with you in good faith regarding the implementation of the provisions of this Section 10.13; provided that neither the Company nor any of its employees or representatives shall have any liability to you with respect thereto.
10.14    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.

        

10.15    Survival. Sections 6, 7, 8, 9 and 10 shall survive any termination of the Term of Employment pursuant to Section 5 and any expiration of this Agreement and shall apply for the duration of employment and beyond in accordance with their terms.
10.16    Legal fees.  You shall be reimbursed for your reasonable, out-of-pocket legal fees incurred in connection with the negotiation of the employment agreement and any other related agreements up to a maximum amount of $25,000 in the aggregate.
10.17    Counterparts. This Agreement may be executed in any number of counterparts all of which shall constitute one original instrument.
10.18    Interpretation. The parties to this Agreement have cooperated in the drafting and preparation of this Agreement. Hence, in any construction or interpretation of this Agreement, the same shall not be construed against any party on the basis that such party was the drafter.  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.:                        CONFIRMED AND AGREED:    
By: _Gregory Giangrande________            _Richard Battista______________ 
Gregory Giangrande, EVP &                Richard Battista
      Chief Human Resources Officer
Dated: _9/12/2016_______________            Dated: __9/12/2016____________

        

EXHIBIT A

FORM OF RELEASE
This Release is made by and among                 and TIME INC. (the "Company"), 225 Liberty Street, New York, NY 10281, as of the date set forth below in connection with the Employment Agreement dated ____________, and in association with the termination of my employment with the Company.
In consideration of payments made to me by the Company and other benefits to be received by me pursuant to the Employment 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, claims to enforce the Employment Agreement, my rights to accrued, vested benefits under any qualified or non-qualified employee benefit plan, policy or program 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.  Additionally, nothing in 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.
Notwithstanding anything to the contrary set forth in this Release, this Release does not alter, limit or release (i) any claim that is prohibited from being released as a matter of law, (ii) any claim for indemnification under, in accordance with or pursuant to (A) the Employment Agreement, including but not limited to Section 8(c) thereof, or (B)  Company’s Charter and By-laws, as applicable or (iii) any claim for coverage, if any, under any Company liability insurance policy as an officer or director thereof.
I acknowledge that I have been given 21 days from the day I received a copy of this Release 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 for seven days following my signing this Release.  Provided I do not revoke them, the effective date of this Release shall be the 8th day after I sign them.  
I further state that I have read the foregoing document, 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__.Exhibit

RICHARD BATTISTA CEO RSUS

Time Inc.
2016 Omnibus Incentive Compensation Plan
Restricted Stock Units Agreement 

WHEREAS, the Company has adopted the “Plan” (as defined below), the terms of which are hereby incorporated by reference and made a part of this Restricted Stock Units Agreement, including any appendices attached hereto (collectively the “Agreement”); and
WHEREAS, the Company has determined to grant the restricted stock units (the “RSUs”) provided for herein to the Grantee pursuant to the Plan and the terms set forth herein.
NOW, THEREFORE, the Company grants the RSUs subject to the following terms and conditions:
		
	1.
	Definitions.  Whenever the following terms are used in this Agreement, they shall have the meanings set forth below.  Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan.

		
	a)
	“Cause” means, “Cause” as defined in an employment agreement between the Company or any of its Affiliates and the Grantee or, if not defined therein or if there is no such agreement, “Cause” means (i) the Grantee’s continued failure substantially to perform such Grantee’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 any of its Affiliates to the Grantee of such failure, (ii) dishonesty in the performance of the Grantee’s duties, (iii) the Grantee’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 Grantee’s insubordination, willful malfeasance or willful misconduct in connection with the Grantee’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 Grantee’s breach of any non-competition, non-solicitation or confidentiality provisions to which the Grantee is subject.  The determination of the Committee as to the existence of “Cause” will be conclusive on the Grantee and the Company.

		
	b)
	“Date of Grant” has the meaning assigned to such term in the Notice.

		
	c)
	“Disability” means, “Disability” as defined in an employment agreement between the Company or any of its Affiliates and the Grantee or, if not defined therein or if there shall be no such agreement, “disability” of the Grantee shall have the meaning ascribed to such term in the Company’s long-term disability plan or policy, as in effect from time to time, to the extent that such definition also constitutes such Grantee being considered “disabled” under Section 409A(a)(2)(C) of the Code.

		
	d)
	“Employer” has the meaning assigned to such term in Section 6(a) of the Agreement.

1

		
	e)
	“Employment” means a Grantee’s service as (i) an employee of the Company or any of its Affiliates or (ii) a member of the Company’s board of directors.  A leave of absence shall not constitute a termination of Employment if such leave of absence is approved by the Company or its 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 Grantee transfers (including a termination with an immediate rehire) between the Company and one of its Affiliates or between the Company’s Affiliates without a break in service.  For purposes of the Plan, unless otherwise provided in an employment agreement between the Grantee and the Company or an Affiliate, a Grantee 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.  The Committee will have sole discretion to determine whether a Grantee has ceased to provide services and the effective date on which the Grantee ceased to provide services.

		
	f)
	“Good Reason” means “Good Reason” as defined in an employment agreement between the Company or any of its Affiliates and the Grantee or, if not defined therein or if there is no such agreement, “Good Reason” means (i) the failure of the Company to pay or cause to be paid the Grantee’s base salary or annual bonus when due or (ii) any substantial and sustained diminution in the Grantee’s authority or responsibilities materially inconsistent with the Grantee’s position; provided that either of the events described in clauses (i) and (ii) will constitute Good Reason only if the Company fails to cure such event within 30 days after receipt from the Grantee 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 Grantee’s knowledge thereof, unless the Grantee has given the Company written notice of his or her termination of employment for Good Reason prior to such date.  

		
	g)
	“Grantee” means the individual to whom this grant of RSUs has been awarded pursuant to the Plan.

		
	h)
	“Notice” means (i) the Notice of Grant of Restricted Stock Units that accompanies this Agreement, if this Agreement is delivered to the Grantee in “hard copy,” and (ii) the screen display of the website for the stock plan administration with the heading “Vesting Schedule and Details” or a substantially similar heading, which contains the details of the grant governed by this Agreement, if this Agreement is delivered electronically to the Grantee.

		
	i)
	“Plan” means the equity plan maintained by the Company that is specified in the Notice, which equity plan has been provided to the Grantee separately and forms a part of this Agreement, as such plan may be amended, supplemented or modified from time to time.

2

		
	j)
	“Qualifying Termination” means the involuntary termination of the Grantee’s employment by the Company without Cause or the resignation of the Grantee for Good Reason.

		
	k)
	“Retirement” means a voluntary termination of Employment by the Grantee following the attainment of age 55 with ten (10) or more years of Employment.  The Grantee’s Employment with Time Warner and its Affiliates prior to the Distribution shall be taken into account in determining whether the Grantee satisfies the requirements for Retirement.

		
	l)
	“Severance Period” means the period following a termination of Employment during which a Grantee is entitled to receive both salary continuation payments and continued participation under the health benefit plans of the Company or any of its Affiliates, whether pursuant to a separation agreement or an employment contract with, or a severance plan or other arrangement maintained by, the Company or any Affiliate.  

		
	m)
	“Tax-Related Items” has the meaning assigned to such term in Section 6(a) of the Agreement.

		
	n)
	“Vesting Date” means each vesting date set forth in the Notice.

		
	2.
	Grant of Restricted Stock Units.  The Company hereby grants to the Grantee, on the terms and conditions hereinafter set forth, the number of RSUs set forth in the Notice (the “Award”).  Each RSU represents the unfunded, unsecured right of the Grantee to receive a Share on the date(s) and subject to the terms and conditions specified herein.  RSUs do not constitute issued and outstanding Shares for any corporate purposes and do not confer on the Grantee any right to vote on matters that are submitted to a vote of holders of Shares.

		
	3.
	No Dividend Equivalent Rights or Retained Distributions.  The Grantee shall not be entitled to any Dividend Equivalent Rights or Retained Distributions. 

		
	4.
	Vesting and Delivery of Vested Securities.

		
	a)
	In General.  Subject to the terms and provisions of the Plan and this Agreement (including the Separation from Service Addendum), no later than 60 days after each Vesting Date with respect to the Award, the Company shall issue or transfer to the Grantee the number of Shares corresponding to such Vesting Date and the Retained Distributions, to the extent payable under Section 3, covered by that portion of the Award.  

		
	b)
	Impact of Change in Control.  In the event of a Change in Control during the Grantee’s Employment or as otherwise provided in Section 5, the Award shall become fully vested unless the accelerated amount would be subject to an excise tax under Section 280G of the Code that the Company is not obligated to gross up under the terms of the Grantee’s employment agreement, in which case the portion of the RSUs that 

3

vest will be reduced to the extent such reduction results in a greater net after tax benefit to the Grantee and the Change in Control date shall be the Vesting Date for that portion of the Award that vests.
		
	c)
	Requirement of Continuous Employment.  Except as otherwise provided in Section 5, the vesting of RSUs under this Agreement and any Retained Distributions relating thereto shall occur only if the Grantee’s Employment has continued from the Date of Grant through the Vesting Date.

		
	d)
	RSUs Extinguished.  Upon each issuance or transfer of Shares in accordance with this Agreement, a number of RSUs equal to the number of Shares issued or transferred to the Grantee shall be extinguished and such number of RSUs will not be considered to be held by the Grantee for any purpose.

		
	e)
	Final Issuance.  Shares issued or transferred upon vesting of the RSUs shall be issued in whole Shares.  Upon the final issuance or transfer of Shares and Retained Distributions, if any, to the Grantee pursuant to this Agreement, in lieu of a fractional Share, the Grantee shall receive a cash payment equal to the Fair Market Value of such fractional Share.

		
	f)
	Section 409A.  Notwithstanding anything else contained in this Agreement, for U.S. taxpayer Grantees, no Shares shall be issued or transferred to a Grantee before the first date on which a payment could be made without subjecting the Grantee to tax under the provisions of Section 409A.

		
	5.
	Termination of Employment.  If the Grantee’s Employment terminates for any reason (regardless of the reason for such termination and whether later found to be invalid or in breach of employment laws in the jurisdiction where the Grantee is providing services) prior to the Vesting Date with respect to any portion of the Award, then except as otherwise provided in the Separation from Service Addendum or an employment agreement between the Grantee and the Company or an Affiliate, the RSUs covered by any such portion of the Award and all Retained Distributions relating thereto shall be completely forfeited on the date of any such termination.

		
	6.
	Responsibility for Taxes; Compliance with Laws; Incorporation of Plan Terms.

		
	a)
	Obligation to Pay Withholding Taxes.  The Grantee acknowledges and agrees that, regardless of any action taken or failed to be taken by the Company or, if different, the Grantee’s employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax and payment on account or other tax-related items related to Grantee’s participation in the Plan and legally applicable to Grantee (the “Tax-Related Items”), is and remains the Grantee’s responsibility and may exceed the amount actually withheld by the Company or the Employer.  The Grantee further agrees and acknowledges that the Company and the Employer (A) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of the 

4

Award, the vesting or settlement of the RSUs, the subsequent sale of any Shares acquired pursuant to such settlement, the receipt of any dividends, and the receipt of any Dividend Equivalents or Retained Distributions; and (B) do not commit to and are under no obligation to structure the terms of the Award or any aspect of the RSUs to reduce or eliminate the Grantee’s liability for Tax-Related Items or achieve any particular tax result.  Further, if the Grantee is subject to tax in more than one jurisdiction, the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.  
The Company’s obligation to deliver the Shares subject to the RSUs and the Company’s obligation, if any, to pay any Dividend Equivalents or Retained Distributions shall be subject to payment of all Tax-Related Items by the Grantee.  
		
	b)
	Satisfaction of Company’s Withholding Obligations.  No later than any relevant taxable or tax withholding event, as applicable, the Grantee agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items due as a result of such taxable or tax withholding event.  In this regard, Grantee authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

		
	(i)
	by requiring the Grantee to deliver a properly executed notice together with irrevocable instructions to a broker approved by the Company to sell a sufficient number of Shares to generate net proceeds (after commission and fees) equal to the Tax-Related Items and promptly deliver such amount to the Company;

		
	(ii)
	by requiring or allowing the Grantee to pay the Tax-Related Items in cash or by check; 

		
	(iii)
	by deducting the Tax-Related Items from the Grantee’s wages or other cash compensation paid to the Grantee by the Company and/or the Employer; 

		
	(iv)
	for U.S. Grantees, by allowing the Grantee to surrender other Shares that (A) in the case of Shares initially acquired from the Company (upon exercise of a stock option or otherwise), have been owned by the Grantee for such period (if any) as may be required to avoid a charge to the Company’s earnings, and (B) have a Fair Market Value on the date of surrender equal to the Tax-Related Items;

		
	(v)
	by withholding a number of Shares to be issued upon delivery of Shares that have a Fair Market Value equal to the Tax-Related Items; 

		
	(vi)
	by selling any Shares (on the Grantee’s behalf pursuant to this authorization) to the extent required to pay the Tax-Related Items; or

5

		
	(vii)
	by such other means or method as the Committee in its sole discretion and without notice to the Grantee deems appropriate;

provided, however, that if the Grantee is a Section 16 officer of the Company, within the meaning of the Exchange Act, then the Company will withhold in Shares upon the relevant taxable or tax withholding event, as applicable, unless the use of such withholding method is problematic under applicable tax or securities law or has materially adverse accounting consequences, in which case the obligation for Tax-Related Items may be satisfied by one or a combination of the other methods above.
Depending on the withholding method, the Company shall withhold or account for Tax-Related Items by considering (x) applicable minimum statutory withholding rates or other withholding rates if withholding is in Shares or (y) if withholding is not in Shares but by another means, other applicable withholding rates, including maximum applicable rates, in which case the Grantee will receive a refund of any over-withheld amount in cash and will have no entitlement to the Share equivalent.  If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Grantee is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.
The Company may satisfy its obligation to withhold the Tax-Related Items on Dividend Equivalents, and Retained Distributions (in each case, to the extent payable pursuant to Section 3) by withholding a sufficient amount from the payment or by such other means as the Committee in its sole discretion and without notice to the Grantee deems appropriate, including withholding from salary or other amounts payable to the Grantee, Shares or cash having a value sufficient to satisfy the withholding obligation for Tax-Related Items.  
The Company will not issue any Shares, or pay any Dividend Equivalents or Retained Distributions to the Grantee unless and until the Grantee satisfies its obligations for Tax-Related Items.
		
	c)
	Compliance with Applicable Laws.  The Committee may also require the Grantee to acknowledge that he or she shall not sell or transfer Shares except in compliance with all applicable securities and exchange control laws, and may apply such other restrictions on the sale or transfer of the Shares as it deems appropriate.

		
	d)
	Changes in Capitalization and Government and Other Regulations.  The Award shall be subject to all of the terms and provisions as provided in this Agreement and in the Plan, which are incorporated by reference herein and made a part hereof, including, without limitation, the provisions of Section 4 of the Plan (generally relating to adjustments to the number of Shares subject to the Award, upon certain changes in capitalization and certain reorganizations and other transactions).  

6

		
	7.
	Forfeiture; Waiver.  A breach of any of the foregoing restrictions or a breach of any of the other restrictions, terms and conditions of the Plan or this Agreement, with respect to any of the RSUs or any Dividend Equivalents and Retained Distributions relating thereto, except as waived by the Board or the Committee, will cause a forfeiture of such RSUs and any Dividend Equivalents or Retained Distributions relating thereto.  The Grantee acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Grantee or any other grantee.

		
	8.
	Right of Company to Terminate Employment.  Nothing contained in the Plan or this Agreement shall confer on the Grantee any right to continued Employment and the Company and any of its Affiliates shall have the right to terminate the Employment of the Grantee at any such time, with or without Cause, notwithstanding the fact that some or all of the RSUs and related Retained Distributions covered by this Agreement may be forfeited as a result of such termination.  The granting of the RSUs under this Agreement shall not confer on the Grantee any right to any future Awards under the Plan.

		
	9.
	Notices.  Any notice which either party hereto may be required or permitted to give the other shall be in writing and may be delivered personally or by mail, postage prepaid, addressed to Time Inc., at 225 Liberty Street, New York, NY 10281, attention Stock Plan Administration and to the Grantee at his or her address, as it is shown on the records of the Company or its Affiliate, or in either case to such other address as the Company or the Grantee, as the case may be, by notice to the other may designate in writing from time to time.

		
	10.
	Interpretation and Amendments.  The Committee has plenary authority to interpret this Agreement and the Plan, to prescribe, amend and rescind rules relating thereto and to make all other determinations in connection with the administration of the Plan.  The Committee may from time to time modify or amend this Agreement in accordance with the provisions of the Plan.

		
	11.
	Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and shall be binding upon and inure to the benefit of the Grantee and his or her legatees, distributees and personal representatives.

		
	12.
	Copy of the Plan and Documents.  By accepting this Award, the Grantee agrees and acknowledges that he or she has received and had an opportunity to read a copy of the Plan.  The Grantee acknowledges and agrees that the Grantee may be entitled from time to time to receive certain other documents related to the Company, including the Company’s annual report to Shareholders and proxy statement related to its annual meeting of Shareholders (which become available each year approximately three months after the end of the calendar year), and the Grantee consents to receive such documents electronically through the Internet or as the Company otherwise directs.

		
	13.
	Governing Law.  The Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without regard to any choice of law rules thereof which might apply the laws of any other jurisdiction.

7

		
	14.
	Waiver of Jury Trial.  To the extent not prohibited by applicable law which cannot be waived, each party hereto hereby waives, and covenants that it will not assert (whether as plaintiff, defendant or otherwise), any right to trial by jury in any forum in respect of any suit, action, or other proceeding arising out of or based upon this Agreement.

		
	15.
	Submission to Jurisdiction; Service of Process.  Each of the parties hereto hereby irrevocably submits to the jurisdiction of the state courts of the State of New York located in the County of New York and the jurisdiction of the United States District Court for the Southern District of New York for the purposes of any suit, action or other proceeding arising out of or based upon this Agreement.  Each of the parties hereto to the extent permitted by applicable law hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding brought in such courts, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that such suit, action or proceeding in the above-referenced courts is brought in an inconvenient forum, that the venue of such suit, action or proceedings, is improper or that this Agreement may not be enforced in or by such court.  Each of the parties hereto hereby consents to service of process by mail at its address to which notices are to be given pursuant to Section 9 hereof.

		
	16.
	Data Privacy.  The Grantee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Grantee’s personal data as described in this Agreement and any other RSU grant materials (“Data”) by and among, as applicable, the Employer, the Company and its Subsidiaries and Affiliates for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan.

The Grantee understands that the Company and the Employer may hold certain personal information about the Grantee, including, but not limited to, the Grantee’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all RSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Grantee’s favor, for the exclusive purpose of implementing, administering and managing the Plan.  
The Grantee understands that Data will be transferred to Fidelity Stock Plan Services, LLC  or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan.  The Grantee understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Grantee’s country.  The Grantee understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative.  The Grantee authorizes the Company, Fidelity Stock Plan Services, LLC  and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, 

8

possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan.  The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage the Grantee’s participation in the Plan.  If the Grantee resides outside the U.S., the Grantee understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative.  Further, the Grantee understands that he or she is providing the consents herein on a purely voluntary basis.  If the Grantee does not consent, or if the Grantee later seeks to revoke his or her consent, his or her employment status or service and career with the Employer will not be affected; the only consequence of refusing or withdrawing the Grantee’s consent is that the Company would not be able to grant the Grantee RSUs or other equity awards or administer or maintain such awards.  Therefore, the Grantee understands that refusing or withdrawing his or her consent may affect the Grantee’s ability to participate in the Plan.  For more information on the consequences of the Grantee’s refusal to consent or withdrawal of consent, the Grantee understands that he or she may contact his or her local human resources representative.
		
	17.
	No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Grantee’s participation in the Plan, or the Grantee’s acquisition or sale of the underlying Shares.  The Grantee is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

		
	18.
	Severability.  The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

		
	19.
	Appendices For Non-U.S. Grantees.  Notwithstanding any provisions in this Agreement, Grantees residing and/or working outside the United States shall be subject to the Terms and Conditions for Non-U.S. Grantees attached hereto as Appendix A and to any Country-Specific Terms and Conditions for the Grantee’s country attached hereto as Appendix B.  If the Grantee relocates from the United States to another country, the Terms and Conditions for Non-U.S. Grantees and the applicable Country-Specific Terms and Conditions will apply to the Grantee, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.  Moreover, if the Grantee relocates between any of the countries included in the Country-Specific Terms and Conditions, the special terms and conditions for such country will apply to the Grantee, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons.  The Terms and Conditions for Non-U.S. Grantees and the Country-Specific Terms and Conditions constitute part of this Agreement.

9

		
	20.
	Repayment/Forfeiture.  As an additional condition of receiving this Award, the Grantee  agrees that the Award and any proceeds or other benefits the Grantee may receive hereunder shall be subject to forfeiture and/or repayment to the Company  to the extent and in the manner required (i) under the terms of any policy adopted by the Company as may be amended from time to time (and such requirements shall be deemed incorporated into this Agreement without the consent of the Grantee) or (ii) to comply with any requirements imposed under applicable laws and/or the rules and regulations of the securities exchange or inter-dealer quotation system on which the Shares are listed or quoted, including, without limitation, pursuant to Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

		
	21.
	Rejection of Award.  If the Grantee does not wish to receive this Award and/or does not consent and agree to the terms and conditions upon which this Award is offered, as set forth in the Plan and this Agreement, including the Appendices A and B attached hereto, then the Grantee must reject the Award by notifying the Company’s General Counsel at 225 Liberty Street, New York, NY 10281 no later than 60 days following the Date of Grant, in which case the Award will be cancelled.  The Grantee’s failure to notify the Company of his or her rejection of the Award within this specified period will constitute the Grantee’s acceptance of the Award and the terms and conditions upon which the Award is offered, as set forth in the Plan and this Agreement, including the Appendices A and B attached hereto.

10

RICHARD BATTISTA CEO RSUS

Separation from Service Addendum
The following terms and conditions shall apply to a Grantee’s RSUs unless the Grantee is party to a written agreement with the Company or one of its Affiliates that provides for different treatment.  Where no such other agreement exists, a Grantee whose Employment with the Company or any of its Affiliates terminates shall have no claim against the Company with respect to the RSUs and related Retained Distributions, other than as set forth in this Addendum, and this Addendum shall be the Grantee’s sole basis for any remedy under this Award related to such termination of Employment.  A termination of Employment shall not be deemed to have occurred for purposes of any provision of this Addendum (or Agreement) providing for the delivery of any Shares or payment of any Retained Distributions or other amounts subject to Section 409A upon or following a termination of Employment until such termination is also a “separation from service” within the meaning of Section 409A, and for purposes of any such provision of this Addendum (or Agreement), references to a “resignation,” “termination,” “terminate,” “termination of employment” or like terms shall mean separation from service.
	
		
	Event Triggering Employment Termination
	Vesting Acceleration on Employment Termination

	Disability, death:  If the Grantee’s Employment terminates on account of Grantee’s Disability or  death, then:
	Full vesting.
The RSUs for which a Vesting Date has not yet occurred and any Retained Distributions relating thereto shall, to the extent the RSUs were not extinguished prior to such termination of Employment, fully vest on the date of any such termination of Employment, and Shares subject to the RSUs shall be issued or transferred to the Grantee or his or her heirs, as soon as practicable, but no later than 60 days, following such termination of Employment.

	Qualifying Termination:  If the Grantee’s Employment terminates due to a Qualifying Termination prior to the Vesting Date, then:
	Partial vesting
The RSUs for which a Vesting Date has not yet occurred and any Retained Distributions relating thereto shall continue to vest on any Vesting Dates that occurs during the Severance Period to the same extent, and at the same time, as if Grantee’s Employment had not terminated. 

The RSUs and any Retained Distributions related thereto that have not vested shall be completely forfeited at or immediately following the expiration of the Severance Period.  

Shares subject to the vested RSUs shall be issued or transferred to the Grantee as soon as practicable, but no later than 60 days, following the applicable Vesting Date.

	Other Termination of Employment: If the Grantee’s Employment terminates prior to the Vesting Date with respect to any portion of the Award for any reason not explicitly set forth above, then: 
	No vesting acceleration.
The RSUs covered by any unvested portion of the Award and all Retained Distributions relating thereto shall be completely forfeited on the date of the termination of Employment.

RICHARD BATTISTA CEO RSUS

APPENDIX A
Time Inc.
2016 Omnibus Incentive Compensation Plan
Restricted Stock Units Agreement

Terms and Conditions for Non-U.S. Grantees
Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Plan and the Restricted Stock Units Agreement.
		
	1.
	Nature of Grant.  In accepting the grant of the RSUs, the Grantee acknowledges, understands and agrees that:

		
	a)
	the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

		
	b)
	the grant of the RSU is voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; 

		
	c)
	all decisions with respect to future RSU or other grants, if any, will be at the sole discretion of the Company; 

		
	d)
	the RSU grant and the Grantee’s participation in the Plan shall not create a right to Employment or be interpreted as forming an employment or services contract with the Company, the Employer or any Subsidiary or Affiliate and shall not interfere with the ability of the Company, the Employer or any Subsidiary or Affiliate, as applicable, to terminate the Grantee’s Employment; 

		
	e)
	the Grantee is voluntarily participating in the Plan; 

		
	f)
	the RSU and the Shares subject to the RSU are not intended to replace any pension rights or compensation; 

		
	g)
	the RSU and the Shares subject to the RSU, and the income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; 

		
	h)
	unless otherwise agreed with the Company, the RSU and the Shares subject to the RSU, and the income and value of same, are not granted as consideration for, or in connection with, services the Grantee may provide as a director of an Affiliate of the Company;

		
	i)
	the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty; 

		
	j)
	no claim or entitlement to compensation shall arise from forfeiture of this Award resulting from the termination of the Grantee’s Employment, whether by the Grantee or the Employer; and

		
	k)
	the Grantee acknowledges and agrees that neither the Company, the Employer nor any Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between the Grantee’s local currency and the United States Dollar that may affect the value of the RSU or of any amounts due to the Grantee pursuant to the settlement of the RSU or the subsequent sale of any Shares acquired upon settlement.

		
	2.
	Insider Trading Restrictions/Market Abuse Laws.  The Grantee acknowledges that, depending on his or her country of residence, the Grantee may be subject to insider trading restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell Shares or rights to Shares (e.g., RSUs) under the Plan during such times as the Grantee is considered to have “inside information” regarding the Company (as defined by the laws in the Grantee’s country).  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy.  The Grantee is responsible for ensuring compliance with any applicable restrictions and is advised to consult his or her personal legal advisor on this matter.

		
	3.
	Foreign Asset/Account Reporting; Exchange Controls.  The Grantee’s country may have certain foreign asset and/or account reporting requirements and/or exchange controls that may affect the Grantee’s ability to acquire or hold Shares under the Plan or cash received from participating in the Plan (including from any dividends, Dividend Equivalents or Retained Distributions received or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside the Grantee’s country.  The Grantee may be required to report such accounts, assets or transactions to the tax or other authorities in the Grantee’s country.  The Grantee also may be required to repatriate sale proceeds or other funds received as a result of the Grantee’s participation in the Plan to the Grantee’s country through a designated bank or broker and/or within a certain time after receipt.  The Grantee acknowledges that it is the Grantee’s responsibility to be compliant with such regulations, and the Grantee is advised to consult the Grantee’s personal legal advisor for any details.

		
	4.
	Language.  If the Grantee has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

A-2

RICHARD BATTISTA CEO RSUS

APPENDIX B
Time Inc.
2016 Omnibus Incentive Compensation Plan
Restricted Stock Units Agreement

Country-Specific Terms and Conditions

Capitalized terms used but not otherwise defined herein shall have the meaning given to such terms in the Plan, the Restricted Stock Units Agreement and the Terms and Conditions for Non-U.S. Grantees.
Terms and Conditions
This Appendix B includes additional terms and conditions that govern the RSUs if the Grantee resides and/or works in one of the countries listed below.  If the Grantee is a citizen or resident of a country (or is considered as such for local law purposes) other than the one in which the Grantee is currently residing and/or working or if the Grantee moves to another country after receiving the grant of the RSUs, the Company will, in its discretion, determine the extent to which the terms and conditions herein will be applicable to the Grantee.
Notifications
This Appendix B also includes information regarding exchange controls and certain other issues of which the Grantee should be aware with respect to the Grantee’s participation in the Plan.  The information is based on the securities, exchange control and other laws in effect in the respective countries as of February 2016.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that the Grantee not rely on the information in this Appendix B as the only source of information relating to the consequences of the Grantee’s participation in the Plan because the information may be out of date at the time that the RSUs vest or the Grantee sells Shares acquired under the Plan.
In addition, the information contained herein is general in nature and may not apply to the Grantee’s particular situation and the Company is not in a position to assure the Grantee of a particular result.  Accordingly, the Grantee is advised to seek appropriate professional advice as to how the relevant laws in the Grantee’s country may apply to the Grantee’s situation.
If the Grantee is a citizen or resident of a country other than the one in which the Grantee is currently residing and/or working (or if the Grantee is considered as such for local law purposes) or if the Grantee moves to another country after receiving the grant of the RSUs, the information contained herein may not be applicable to the Grantee in the same manner.

CANADA
Terms and Conditions
Responsibility for Taxes.  This section supplements Section 6 of the Agreement.
Notwithstanding anything to the contrary in this section or the Agreement, Canadian Grantees shall not be permitted to pay Tax-Related Items by surrendering previously acquired Shares to the Company.
Termination of Employment/Nature of Grant.   This section supplements the definition of “Employment” in Section 1(c) and Section 5 of the Agreement and Conditions for Non-U.S. Grantees.
The Grantee understands and agrees that the Grantee’s Employment shall be deemed to cease as of: (i) the date the Grantee is no longer actively employed by the Employer or (ii) if earlier, the date the Grantee receives notice of termination of employment from the Employer, in each case regardless of any notice period or period of pay in lieu of such notice required under local law (including, but not limited to statutory law, regulatory law and/or common law).  The Grantee further understands that the Board (or the Committee) shall have the exclusive discretion to determine when the Grantee is no longer actively providing services for purposes of the Plan and the effective date on which the Grantee ceased to provide services.
The following terms and conditions will apply if the Grantee is a resident of Quebec:
Language Consent.  The parties acknowledge that it is their express wish that the Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.
Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents exécutés, avis donnés et procédures judiciaires intentées, directement ou indirectement, relativement à ou suite à la présente convention.
Data Privacy.  This provision supplements the Data Privacy section of the Agreement:  
The Grantee hereby authorizes the Company and the Company’s representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan.  The Grantee further authorizes the Company, any Subsidiary or Affiliate and the administrator of the Plan to disclose and discuss the Plan with their advisors.  The Grantee further authorizes the Company, any Subsidiary or Affiliate and the administrator of the Plan to record such information and to keep such information in his or her employee file.
Notifications
Securities Law Information.  The Grantee is permitted to sell Shares acquired under the Plan through the designated broker appointed under the Plan, if any, provided that the resale of such 

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Shares takes place outside of Canada through the facilities of a stock exchange on which the Shares are listed (i.e., the NYSE).
Foreign Asset /Account Reporting Information.  Canadian residents are required to report foreign property, including Shares and rights to receive Shares (e.g., RSUs granted or Shares acquired under the Plan) in a non-Canadian company, on Form T1135 (Foreign Income Verification Statement), on an annual basis, if the total cost of the individual’s foreign property exceeds C$100,000 at any time during the year.  Thus, if the C$100,000 cost threshold is exceeded by other foreign property held by the individual, RSUs must be reported.  Such RSUs may be reported at a nil cost.
For purposes of the reporting, Shares acquired under the Plan may be reported at their adjusted cost bases.  The adjusted cost basis of a Share is generally equal to the fair market value of such Share at the time of acquisition; however, if the individual owns other Shares (e.g., acquired under other circumstances or at another time), the adjusted cost basis may be different. 
The Grantee is advised to consult his or her personal tax advisor to determine the Grantee’s exact reporting requirements in this regard.
HONG KONG
Notifications
Securities Law Notification.  WARNING:  The contents of this document have not been reviewed by any regulatory authority in Hong Kong.  The Grantee is advised to exercise caution in relation to the offer.  If The Grantee is in any doubt about any of the contents of this document, the Grantee should obtain independent professional advice.  Neither the grant of the RSUs nor the issuance of Shares upon vesting of the RSUs constitutes a public offering of securities under Hong Kong law and is available only to employees of the Company or its Affiliates.  The Agreement, including Appendices A and B, the Plan and other incidental communication materials distributed in connection with the RSUs (i) have not been prepared in accordance with and are not intended to constitute a “prospectus” for a public offering of securities under the applicable securities legislation in Hong Kong, and (ii) are intended only for the personal use of employees of the Company and its Affiliates and may not be distributed to any other person.  
Occupational Retirement Schemes Ordinance Notification.  The Company specifically intends that the Plan will not be an occupational retirement scheme for purposes of the Occupational Retirement Schemes Ordinance.
INDIA
Notifications
Exchange Control Notification.  The Grantee must repatriate to India any proceeds from the sale of Shares within 90 days of receipt, and any dividends, Dividend Equivalents or Retained Distributions within 180 days of receipt.  The Grantee should obtain evidence of the repatriation of funds in the form of a foreign inward remittance certificate (“FIRC”) from the bank where the 

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Grantee deposits the foreign currency.  The Grantee should maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India or the Employer requests proof of repatriation.  The Grantee is also responsible for complying with any other exchange control laws in India that may apply to the RSUs or the Shares acquired under the Plan.
Foreign Asset/Account Reporting Notification.  The Grantee is required to declare any foreign bank accounts and any foreign financial assets (including Shares acquired under the Plan, proceeds from the sale of Shares and, possibly, the RSUs) in the Grantee’s annual tax return.
NETHERLANDS
There are no country-specific provisions.
UNITED KINGDOM
Terms and Conditions
Responsibility for Taxes.  The following provisions supplement Section 6 of the Agreement:
If payment or withholding of the income tax due in connection with the Award is not made within ninety (90) days of the end of the tax year in which any event giving rise to the income tax liability occurs or such other period specified in Section 222(1)(c) of the U.K.  Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of any uncollected income tax shall constitute a loan owed by the Grantee to the Employer, effective on the Due Date.  The Grantee agrees that the loan will bear interest at the official rate of Her Majesty’s Revenue and Customs (“HMRC”) and will be immediately due and repayable by the Grantee, and the Company and/or the Employer may recover it at any time thereafter by any of the means referred to in Section 6 of the Agreement or otherwise permitted under the Plan.  The Grantee authorizes the Company to delay the issuance of any Shares unless and until the loan is repaid in full.
Notwithstanding the foregoing, if the Grantee is an executive officer or director (as within the meaning of section 13(k) of the Exchange Act), the Grantee shall not be eligible for a loan to cover the income tax due as described above.  In the event that the Grantee is an executive officer or director and Tax-Related Items are not collected from or paid by the Grantee by the Due Date, the amount of any uncollected Tax-Related Items may constitute a benefit to the Grantee on which additional income tax and national insurance contributions may be payable.  the Grantee acknowledges that the Grantee ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or the Employer (as applicable) for the value of any national insurance contribution due on this additional benefit.  The Grantee further acknowledges that the Company or the Employer may recover such amounts from the Grantee by any of the means referred to in Section 6 of the Agreement, or otherwise permitted under the Plan.
Joint Election.  As a condition of the Grantee’s participation in the Plan, the Grantee agrees to accept any liability for secondary Class 1 national insurance contributions which may be payable by the Company and/or the Employer in connection with the RSUs and any event giving rise to 

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Tax-Related Items (the “Employer’s NICs”).  Without limitation to the foregoing, the Grantee agrees to enter into a joint election with the Company (the “Joint Election”), the form of such Joint Election being formally approved by HMRC, and to execute any other consents or elections required to accomplish the transfer of the Employer’s NICs to the Grantee.  The Grantee further agrees to execute such other joint elections as may be required between the Grantee and any successor to the Company and/or the Employer.  The Grantee further agrees that the Company and/or the Employer may collect the Employer’s NICs from him or her by any of the means set forth in Section 6 of the Agreement.
If the Grantee does not complete the Joint Election prior to vesting of the RSUs, or if approval of the Joint Election is withdrawn by HMRC and a new Joint Election is not entered into, the RSUs shall become null and void and will not vest, without any liability to the Company or the Employer.

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