Document:

EX-10.37 EMPLOYMENT AGREEMENT/JOHN K. MARTIN

 

Exhibit 10.37

          EMPLOYMENT AGREEMENT made as of June 6, 2006, and effective as of August 8, 2005 (the
“Effective Date”), between TIME WARNER ENTERTAINMENT COMPANY, L.P. (the “Company”), a subsidiary of
Time Warner Cable Inc., a Delaware corporation, and John K. Martin, Jr. (“You”). You were
previously employed by Time Warner Inc. under an employment agreement dated February 13, 2002 (the
“Prior Employment Agreement”). This Agreement supersedes the Prior Employment Agreement unless
otherwise provided.

          You and the Company desire to set forth the terms and conditions of your employment by the
Company and agree as follows:

          1. Term of Employment. Your “term of employment” as this phrase is used throughout
this Agreement, shall be for the period beginning on the Effective Date and ending on August 8,
2008 (the “Term Date”), subject, however, to earlier termination as set forth in this Agreement.

          2. Employment. During the term of employment, you shall serve as Executive Vice
President and Chief Financial Officer of the Company, and you shall have the authority, functions,
duties, powers and responsibilities normally associated with such position or such authority,
functions, duties, powers and responsibilities as may be assigned to you from time to time by the
Company consistent with your senior position with the Company. During the term of employment, (i)
your services shall be rendered on a substantially full-time, exclusive basis and you will apply on
a full-time basis all of your skill and experience to the performance of your duties, (ii) you
shall report only to the Chief Executive Officer of the Company, (iii) you shall have no other
employment and, without the prior written consent of the Chief Executive Officer, no outside
business activities which require the devotion of substantial amounts of your time, and (iv) the
place for the performance of your services shall be Stamford, Connecticut or other location of the
Company’s principal corporate offices within the New York metropolitan area, as the Company may
determine, subject to such reasonable travel as may be required in the performance of your duties.
The foregoing shall be subject to the Company’s written policies, as in effect from time to time,
regarding vacations, holidays, illness and the like.

 

 

          3. Compensation.

               3.1 Base Salary. The Company shall pay you a base salary at the rate of not less
than $650,000 per annum during the term of employment (“Base
Salary”). The Company may increase, but not decrease, your Base Salary during the term of
employment. Base Salary shall be paid in accordance with the Company’s customary payroll
practices.

               3.2 Bonus. In addition to Base Salary, the Company typically pays its executives an
annual cash bonus (“Bonus”). Although your Bonus is fully discretionary, your target annual Bonus
as a percentage of Base Salary is 125%, pro rated with respect to partial years. Each year, the
Company’s performance and your personal performance will be considered in the context of your
executive duties and any individual goals set for you, and your actual Bonus will be determined.
Although as a general matter the Company expects to pay bonuses at the target level in cases of
satisfactory individual performance, it does not commit to do so, and your Bonus may be negatively
affected by the exercise of the Company’s discretion or by overall Company performance.

               3.3 Stock Options. You will be granted a one time option to purchase 30,000 shares of
Common Stock of Time Warner Inc. following commencement of your employment. Thereafter, subject to
the terms of Time Warner Inc. plans governing the granting of stock options, at the Company’s
discretion, you will be eligible to receive annual grants of Time Warner Inc. stock options in the
same range as other executives at your level, although the Company does not commit to do so. Each
such stock option grant shall be at an exercise price equal to the fair market value of Time Warner
Inc. Common Stock on the date of the grant and shall be reflected in a separate Stock Option
Agreement in accordance with the Company’s customary practices.

               3.4 Additional Compensation Plans. In addition to the above compensation, and at the
Company’s discretion, you will be eligible to participate in other compensation plans and programs
available to executives at your level (“Additional Compensation Plans”), including, by way of
example, the Time Warner Cable Long Term Incentive Plan (“LTIP”). The Company shall maintain full
discretion to amend, modify or terminate such Additional Compensation Plans, and full discretion
over the decision to award you compensation under such Additional Compensation Plans and the amount
of such an award.

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               Subject to the Company’s full discretion, your performance and the Company’s performance, your
2006 target award under the LTIP will be a mix of cash and equity plans which in the Company’s
determination has a value of $1,300,000.

               3.5 Indemnification. You shall be entitled throughout the term of employment (and
after the end of the term of employment, to the extent relating to service during the term of
employment) to the benefit of the indemnification provisions contained on the date hereof in the
Restated Certificate of Incorporation and By-laws of Time Warner Cable Inc. and the Certificate of
Incorporation and By-laws of Time Warner Inc. (whichever is the greater extent of indemnification)
(not including any amendments or additions after the date hereof that limit or narrow, but
including any that add to or broaden, the protection afforded to you by those provisions).

          4. Termination.

               4.1 Termination for Cause. The Company may terminate the term of employment and all of the
Company’s obligations under this Agreement, other than its obligations set forth below in this
Section 4.1, for “cause”. Termination by the Company for “cause” shall mean termination because of
your (a) conviction (treating a nolo contendere plea as a conviction) of a felony (whether or not
any right to appeal has been or may be exercised) other than as a result of a moving violation or a
Limited Vicarious Liability, (b) willful failure or refusal without proper cause to perform your
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)
willful misappropriation, embezzlement or reckless or willful destruction of Company property
having a significant adverse financial effect on the Company or a significant adverse effect on the
Company’s reputation, (d) willful and material breach of any statutory or common law duty of
loyalty to the Company having a significant adverse financial effect on the Company or a
significant adverse effect on the Company’s reputation; or (e) material and willful breach of any
of the covenants provided for in Section 8 below. Such termination shall be effected by written
notice thereof delivered by the Company to you and shall be effective as of the date of such
notice; provided, however, that if (i) such termination is because of your willful failure or
refusal without proper cause to perform your material duties with the Company including any one or
more of your material obligations under this Agreement or for intentional and improper conduct, and
(ii) within 30 days following the date of such notice you shall cease your refusal and shall use

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your best efforts to perform such obligations or cease such intentional and improper conduct, the
termination shall not be effective. For purposes of this definition of Cause, no act, or failure
to act, on your part shall be considered “willful” or “intentional” unless done, or omitted to be
done, by you in bad faith and a 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 (x) you are not directly involved in such acts and either had no
prior knowledge of such intended actions or, upon obtaining such knowledge, promptly acted
reasonably and in good faith to attempt to prevent the acts causing such liability or (y) after
consulting with the Company’s counsel, you reasonably believed that no law was being violated by
such acts.

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

               4.2 Termination by You for Material Breach by the Company and Termination by the Company
Without Cause. Unless previously terminated pursuant to any other provision of this Agreement
and unless a Disability Period shall be in effect, you shall have the right, exercisable by written
notice to the Company, to terminate the term of employment effective 15 days after the giving of
such notice, if, at the time of the giving of such notice, the Company is in material breach of its
obligations under this Agreement; provided, however, that, with the exception of clause (i) below,
this Agreement shall not so terminate if such notice is the first such notice of termination
delivered by you pursuant to this Section 4.2 and within such 15-day period the Company shall have
cured all such material breaches. A material breach by the Company shall include, but not be
limited to, (i) the Company violating Section 2 with respect to your title, duties or place of
employment, or (ii) the Company failing to cause any successor to all or substantially all of the
business and assets of the Company expressly to assume the obligations of the Company under this
Agreement.

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               The Company shall have the right, exercisable by written notice to you, to terminate your
employment under this Agreement without cause, which notice shall specify the effective date of
such termination.

                    4.2.1 After the effective date of a termination pursuant to this Section 4.2 (a “termination
without cause”), you shall receive Base Salary and a pro rata portion of your Average Annual Bonus
(as defined below) through the effective date of termination. Your Average Annual Bonus shall be
equal to the average of the regular annual bonus amounts (excluding the amount of any special or
spot bonuses) in respect of the two calendar years during the most recent five calendar years for
which the annual bonus received by you from the Company was the greatest; provided, however, if the
Company has previously paid you no annual Bonus, then your Average Annual Bonus shall equal your
target Bonus and if the Company has previously paid you one annual Bonus, then your Average Annual
Bonus shall equal the average of such Bonus and your target Bonus.

                    4.2.2 After the effective date of a termination without cause, you shall remain an employee of
the Company for a period ending on the date (the “Severance Term Date”) which is the later of (i)
the Term Date or (ii) the date which is twenty-four months after the effective date of such
termination and during such period you shall be entitled to receive, whether or not you become
disabled during such period but subject to Section 6, (a) Base Salary at an annual rate equal to
your Base Salary in effect immediately prior to the notice of termination, and (b) an annual Bonus
in respect of each calendar year or portion thereof (in which case a pro rata portion of such Bonus
will be payable) during such period equal to your Average Annual Bonus. Except as provided in the
second succeeding sentence, if you accept other full-time employment during such period or notify
the Company in writing of your intention to terminate your status as an employee during such
period, you shall cease to be an employee of the Company effective upon the commencement of such
other employment or the effective date of such termination as specified by you in such notice,
whichever is applicable, and you shall be entitled to receive, as severance, a lump sum payment
within 30 days after such commencement or such effective date, discounted as provided in the
immediately following sentence, equal to the balance of the payments you would have received
pursuant to this Section 4.2.2 had you remained on the Company’s payroll. That lump sum shall be
discounted to present value as of the date of payment from the times at which such amounts would
otherwise have become payable absent such commencement or termination

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at an annual discount rate
for the relevant periods equal to 120% of the “applicable Federal rate” (within the meaning of
Section 1274(d) of the Internal Revenue Code of 1986, as amended (the “Code”), in effect on the
date of such commencement or termination, compounded semi-annually. Notwithstanding the foregoing,
if you accept full-time employment with any affiliate of the Company, then the payments provided
for in this Section 4.2.2 shall immediately cease and you shall not be entitled to any lump sum
payment. For purposes of this Agreement, the term “affiliate” shall mean any entity which,
directly or indirectly, controls, is controlled by, or is under common control with, the Company.

               4.3 After the Term Date. If at the Term Date, the term of employment shall not
have been previously terminated pursuant to the provisions of this Agreement, no Disability Period
is then in effect and the parties shall not have agreed to an extension or renewal of this
Agreement or on the terms of a new employment agreement, then the term of employment shall continue
on a month-to-month basis and you shall continue to be employed by the Company pursuant to the
terms of this Agreement. You may terminate the term of employment under this Agreement on 60 days
written notice delivered to the Company (which notice may be delivered by you at any time on or
after the date which is 60 days prior to the Term Date). The Company may terminate the term of
employment on or after the Term Date at any time upon written notice to you. The Company’s written
notice of termination will specify the effective date of such termination. If the Company shall
terminate the term of employment on or after the Term Date for any reason (other than for cause as
defined in Section 4.1, in which case Section 4.1 shall apply), which the Company shall have the
right to do so long as no Disability Date (as defined in Section 5) has occurred prior to the
delivery by the Company of written notice of termination, then such termination shall be deemed for
all purposes of this Agreement to be a “termination without cause” under Section 4.2 and the
provisions of Sections 4.2.1 and 4.2.2 shall apply.

               4.4 Release. A condition precedent to the Company’s obligation to make the
payments associated with a termination without cause shall be your execution and delivery of a
release in the form attached hereto as Annex A. If you shall fail to execute and deliver such
release, or if you revoke such release as provided therein, then in lieu of the payments provided
for herein, you shall receive a severance payment determined in accordance with the Company’s
policies relating to notice and severance.

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               4.5 Payments. So long as you remain on the payroll of the Company or any affiliate
of the Company, payments of Base Salary and Bonus required to be made after a termination without
cause shall be made at the same times as similar payments are made to other senior executives of
the Company.

          5. Disability.

          5.1 Disability Payments. If during the term of employment and prior to the
delivery of any notice of termination without cause, you become physically or mentally disabled,
whether totally or partially, so that you are prevented from performing your usual duties for a
period of six consecutive months, or for shorter periods aggregating six months in any twelve-month
period, the Company shall, nevertheless, continue to pay your full compensation through the last
day of the sixth consecutive month of disability or the date on which the shorter periods of
disability shall have equaled a total of six months in any twelve-month period (such last day or
date being referred to herein as the “Disability Date”). If you have not resumed your usual duties
on or prior to the Disability Date, the Company shall pay you a pro rata Bonus (based on your
Average Annual Bonus) for the year in which the Disability Date occurs and thereafter shall pay you
disability benefits for the period ending on the later of (i) the Term Date or (ii) the date which
is twelve months after the Disability Date (in the case of either (i) or (ii), the “Disability
Period”), in an annual amount equal to 75% of (a) your Base Salary at the time you become disabled
and (b) the Average Annual Bonus.

          5.2 Recovery from Disability. If during the Disability Period you shall fully
recover from your disability, the Company shall have the right (exercisable within 60 days after
notice from you of such recovery), but not the obligation, to restore you to full-time service at
full compensation. If the Company elects to restore you to full-time service, then this Agreement
shall continue in full force and effect in all respects and the Term Date shall not be extended by
virtue of the occurrence of the Disability Period. If the Company elects not to restore you to
full-time service, you shall be entitled to obtain other employment, subject, however, to the
following: (i) you shall perform advisory services during any balance of the Disability Period;
and (ii) you shall comply with the provisions of Sections 8 and 9 during the Disability Period.
The advisory services referred to in clause (i) of the immediately preceding sentence shall consist
of rendering advice concerning strategic matters as requested by the Company, but you shall not be
required to devote more than five days (up to eight hours per day) each month to such services,
which

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shall be performed at a time and place mutually convenient to both parties. Any income from
such other employment shall not be applied to reduce the Company’s obligations under this
Agreement.

          5.3 Other Disability Provisions. The Company shall be entitled to deduct from all
payments to be made to you during the Disability Period pursuant to this Section 5 an amount equal
to all disability payments received by you during the Disability Period from Worker’s Compensation,
Social Security and disability insurance policies maintained by the Company; provided, however,
that for so long as, and to the extent that, proceeds paid to you from such disability insurance
policies are not includible in your income for federal income tax purposes, the Company’s deduction
with respect to such payments shall be equal to the product of (i) such payments and (ii) a
fraction, the numerator of which is one and the denominator of which is one less the maximum
marginal rate of federal income taxes applicable to individuals at the time of receipt of such
payments. All payments made under this Section 5 after the Disability Date are intended to be
disability payments, regardless of the manner in which they are computed. Except as otherwise
provided in this Section 5, the term of employment shall continue during the Disability Period and
you shall be entitled to all of the rights and benefits provided for in this Agreement, except that
Sections 4.2 and 4.3 shall not apply during the Disability Period and unless the Company has
restored you to full-time service at full compensation prior to the end of the Disability Period,
the term of employment shall end and you shall cease to be an employee of the Company at the end of
the Disability Period and shall not be entitled to notice and severance or to receive or be paid
for any accrued vacation time or unused sabbatical.

          6. Death. If you die during the term of employment, this Agreement and all
obligations of the Company to make any payments hereunder shall terminate except that your estate
(or a designated beneficiary) shall be entitled to receive Base Salary to the last day of the month
in which your death occurs and Bonus compensation (at the time bonuses are normally paid) based on
the Average Annual Bonus, but prorated according to the number of whole or partial months you were
employed by the Company in such calendar year.

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          7. Other Benefits.

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

               7.2 Benefits After a Termination or Disability. During the period you remain on
the payroll of the Company after a termination without cause or during the Disability Period, you
shall continue to be eligible to participate in the benefit plans and to receive the benefits
required to be provided to you under this Agreement to the extent such benefits are maintained in
effect by the Company for its executives; provided, however, you shall not be entitled to any
additional awards or grants under any stock option, restricted stock or other stock based incentive
plan. At the time you leave the payroll of the Company, your rights to benefits and payments under
any benefit plans or any insurance or other death benefit plans or arrangements of the Company or
under any stock option, restricted stock, stock appreciation right, bonus unit, management
incentive or other plan of the Company shall be determined in accordance with the terms and
provisions of such plans and any agreements under which such stock options, restricted stock or
other awards were granted.

               However, notwithstanding the foregoing or any more restrictive provisions of any such plan or
agreement, if you leave the payroll of the Company as a result of a termination pursuant to Section
4.2, then, except if you shall otherwise qualify for retirement under the terms of the applicable
stock option agreement, consistent with the terms of the Prior Agreement, (i) all stock options to
purchase shares of Time Warner Inc. common stock will continue to vest, and any vested Time Warner
stock options will remain exercisable (but not beyond the term of such stock options), while you
remain on the payroll of the Company, (ii) all Time Warner Inc. stock options granted to you on or
after January 10, 2000 (which options are collectively referred to as your “Term Options”) that
would have vested on or before the Severance Term Date (or the comparable date of any employment
agreement that amends, replaces or supercedes this Agreement) shall vest and become immediately
exercisable on the date you leave the payroll of the Company, (iii) all your vested Term Options
shall remain exercisable for a period of three years after

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the date you leave the payroll of the
Company (but not beyond the term of such options), and (iv) the Company shall not be permitted to
determine that your employment was terminated for “unsatisfactory performance” within the meaning
of any stock option agreement between you and Time Warner Inc.

               7.3 Deconsolidation Transaction. If a Deconsolidation Transaction (as defined
below) occurs, then with respect to the Time Warner stock options, Time Warner restricted stock,
Time Warner restricted stock units and other Time Warner equity-based awards held by you on the
date the Deconsolidation Transaction closes, the treatment of such equity awards will be equivalent
to the treatment that would apply pursuant to Section 7.2 if your employment with the Company had
been terminated pursuant to Section 4.2 concurrent with the closing of such a Deconsolidation
Transaction and you had left the payroll of the Company on the same date, regardless of your actual
employment status with the Company. Accordingly, in such event, except if you shall otherwise
qualify for retirement under the terms of the applicable stock option agreement, (i) the Term
Options that would have vested on or before the Severance Term Date (or the comparable date under
any employment agreement that amends, replaces or supersedes this Agreement) shall vest and become
immediately exercisable on the closing date of such a Deconsolidation Transaction, (ii) all vested
Term Options shall remain exercisable for a period of three years after the closing date of such a
Deconsolidation Transaction (but not beyond the term of such options) and (iii) the treatment of
any unvested awards of Time Warner restricted stock, Time Warner restricted stock units or other
Time Warner equity-based award shall be determined in accordance with the terms and provisions of
such plans and any agreements under which such Time Warner restricted stock, Time Warner restricted
stock units or other Time Warner equity-based awards were granted, based on the assumption that
your employment terminated without cause on the closing date of such a Deconsolidation Transaction.
If this Section 7.3 shall become applicable as a result of a Deconsolidation Transaction, then the
benefits and treatment provided for in this Section 7.3 with respect to Time Warner stock options,
Time Warner restricted stock, Time Warner restricted stock units and other Time Warner equity-based
awards shall replace and supersede in all respects the treatment provided in Section 7.2, and you
will not receive any additional benefits pursuant to Section 7.2 with respect to Time Warner
equity-based awards if your employment with the Company is terminated following or in connection
with a Deconsolidation Transaction. A “Deconsolidation Transaction” shall mean (a) a transaction
the result of which is the Company ceases to be a consolidated subsidiary of Time Warner, whether
due to the sale, transfer or distribution of stock, a merger, the

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contribution of stock to a joint
venture or for any other reason, or (b) any sale, transfer or other disposition by Time Warner of
all or substantially all of the Company’s business and assets, whether by merger, sale of stock or
assets, formation of a joint venture or otherwise, as the case may be, other than any such sales,
transfers or dispositions following which the financial results of all or substantially all of the
Company’s business continues to be consolidated with the financial results of Time Warner in the
periodic reports filed by Time Warner with the Securities and Exchange Commission.

               7.4 Payments in Lieu of Other Benefits. In the event the term of employment and
your employment with the Company is terminated pursuant to any section of this Agreement, you shall
not be entitled to notice and severance under the Company’s general employee policies or to be paid
for any accrued vacation time or unused sabbatical, the payments provided for in such sections
being in lieu thereof.

          8. Protection of Confidential Information; Non-Compete.

               8.1 Confidentiality Covenant. You acknowledge that your employment by the Company
will, throughout the term of employment, bring you into close contact with many confidential
affairs of the Company, its affiliates and third parties doing business with the Company, including
information about costs, profits, markets, sales, products, key personnel, pricing policies,
operational methods, technical processes and other business affairs and methods and other
information not readily available to the public, and plans for future development. 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 and its affiliates is international in scope, that its products and services are
marketed throughout the world, that the Company and its affiliates compete in nearly all of its
business activities with other entities that are or could be located in nearly any part of the
world and that the nature of your services, position and expertise are such that you are capable of
competing with the Company and its affiliates from nearly any location in the world. In
recognition of the foregoing, you covenant and agree:

                    8.1.1 You shall keep secret all confidential matters of the Company, its affiliates and
third parties and shall not disclose such matters to anyone outside of the Company and its
affiliates, or to anyone inside the Company and its affiliates who does not have a need to know or
use such information, and shall not use such

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information for personal benefit or the benefit of a third party, either during or after the
term of employment, except with the Company’s written consent, provided that (i) you shall have no
such obligation to the extent such matters are or become publicly known other than as a result of
your breach of your obligations hereunder and (ii) you may, after giving prior notice to the
Company to the extent practicable under the circumstances, disclose such matters to the extent
required by applicable laws or governmental regulations or judicial or regulatory process;

                    8.1.2 You shall deliver promptly to the Company on termination of your employment, or at any
other time the Company may so request, all memoranda, notes, records, reports and other documents
(and all copies thereof) relating to the Company’s and its affiliates’ businesses, which you
obtained while employed by, or otherwise serving or acting on behalf of, the Company and which you
may then possess or have under your control; and

                    8.1.3 If the term of employment is terminated pursuant to Section 4, for a period of one
year after such termination, without the prior written consent of the Company, you shall not
employ, and shall not cause any entity of which you are an affiliate to employ, any person who was
a full-time employee of the Company at the date of such termination or within six months prior
thereto but such prohibition shall not apply to your secretary or executive assistant or to any
other employee eligible to receive overtime pay.

               8.2 Non-Compete. During the term of employment and through the later of (i) the
Term Date, (ii) the date you leave the payroll of the Company, and (iii) twelve months after the
effective date of any termination of the term of employment pursuant to Section 4, you shall not,
directly or indirectly, without the prior written consent of the Chief Executive Officer of the
Company, render any services to, or act in any capacity for, any Competitive Entity, or acquire any
interest of any type in any Competitive Entity; provided, however, that the foregoing shall not be
deemed to prohibit you from acquiring, (a) solely as an investment and through market purchases,
securities of any Competitive Entity which are registered under Section 12(b) or 12(g) of the
Securities Exchange Act of 1934 and which are publicly traded, so long as you are not part of any
control group of such Competitive Entity and such securities, including converted securities, do
not constitute more than one percent (1%) of the outstanding voting power of that entity and (b)
securities of any Competitive Entity that are not publicly traded, so long

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as you are not part of any control group of such Competitive Entity and such securities, including
converted securities, do not constitute more than three percent (3%) of the outstanding voting
power of that entity. For purposes of the foregoing, the following shall be deemed to be a
Competitive Entity: (A) any entity which is engaged in the United States, either directly or
indirectly, in the ownership, operation or management of (i) any cable television system, open
video system, direct broadcast system (DBS), SMATV system, pay-per-view system, multi-point
distribution system (MDS or MMDS) or other multichannel television programming system (collectively
“Systems”) in the United States; or (ii) any business of providing any local residential
telecommunications, or any Internet access or any other transport or network services for Internet
Protocol based information; and (B) any state or local authority empowered to grant, renew, modify
or amend, or review the grant, renewal, modification or amendment of, or the regulation of,
franchises to operate any System. Provided, however, that “Competitive Entity”
shall not mean (1) any cable television system operator which, at all times during the relevant
period, has less than 500,000 subscribers and does not serve any area which is also served by a
cable television system owned, operated or managed by the Company or its affiliates, or (2) Time
Warner Inc.

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

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Work Product or business opportunities, if any, disclosed to and acknowledged by the Company
in writing prior to the date hereof.

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

               10.1 If to the Company:

Time Warner Cable

290 Harbor Drive

Stamford, CT 06902

Attention: General Counsel

               10.2 If to you, to your residence address set forth on the records of the Company, with a
copy to:

Sherwood & Garlick, P.C.

65 Jessup Road, P.O. Box 390

Westport, CT 06881

Attn: John E. Chaffee, Esq.

          11. General.

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

               11.2 Captions. The section headings contained herein are for reference purposes
only and shall not in any way affect the meaning or interpretation of this Agreement.

               11.3 Entire Agreement. This Agreement, including Annex A, sets forth the entire
agreement and understanding of the parties relating to the subject matter of this Agreement and
supersedes all prior agreements, arrangements and understandings, written or oral, between the
parties.

14

 

               11.4 No Other Representations. No representation, promise or inducement has been
made by either party that is not embodied in this Agreement, and neither party shall be bound by or
be liable for any alleged representation, promise or inducement not so set forth.

               11.5 Assignability. This Agreement and your rights and obligations hereunder may
not be assigned by you and except as specifically contemplated in this Agreement, neither you, your
legal representative nor any beneficiary designated by you shall have any right, without the prior
written consent of the Company, to assign, transfer, pledge, hypothecate, anticipate or commute to
any person or entity any payment due in the future pursuant to any provision of this Agreement, and
any attempt to do so shall be void and shall not be recognized by the Company. The Company shall
assign its rights together with its obligations hereunder in connection with any sale, transfer or
other disposition of all or substantially all of the Company’s business and assets, whether by
merger, purchase of stock or assets or otherwise, as the case may be. Upon any such assignment, the
Company shall cause any such successor expressly to assume such obligations, and such rights and
obligations shall inure to and be binding upon any such successor.

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

               11.7 Specific Remedy. In addition to such other rights and remedies as the Company
may have at equity or in law with respect to any breach of this Agreement, if you commit a material
breach of any of the provisions of Sections 8.1, 8.2, or 9, the Company shall have the right and
remedy to have such provisions specifically enforced by any court having equity jurisdiction, it
being acknowledged and agreed that any such breach or threatened breach will cause irreparable
injury to the Company.

15

 

               11.8 Resolution of Disputes. Except as provided in the preceding Section 11.7, any
dispute or controversy arising with respect to this Agreement and your employment hereunder
(whether based on contract or tort or upon any federal, state or local statute, including but not
limited to claims asserted under the Age Discrimination in Employment Act, Title VII of the Civil
Rights Act of 1964, as amended, any state Fair Employment Practices Act and/or the Americans with
Disability Act) shall, at the election of either you or the Company, be submitted to the American
Arbitration Association (“AAA”) for resolution in arbitration in accordance with the rules and
procedures of AAA. Either party shall make such election by delivering written notice thereof to
the other party at any time (but not later than 45 days after such party receives notice of the
commencement of any administrative or regulatory proceeding or the filing of any lawsuit relating
to any such dispute or controversy) and thereupon any such dispute or controversy shall be resolved
only in accordance with the provisions of this Section 11.8. Any such proceedings shall take place
in Stamford, CT before a single arbitrator (rather than a panel of arbitrators), pursuant to any
streamlined or expedited (rather than a comprehensive) arbitration process, before a non-judicial
(rather than a judicial) arbitrator, and in accordance with an arbitration process which, in the
judgment of such arbitrator, shall have the effect of reasonably limiting or reducing the cost of
such arbitration. The resolution of any such dispute or controversy by the arbitrator appointed in
accordance with the procedures of AAA shall be final and binding. Judgment upon the award rendered
by such arbitrator may be entered in any court having jurisdiction thereof, and the parties consent
to the jurisdiction of the Connecticut courts for this purpose. If at the time any dispute or
controversy arises with respect to this Agreement, AAA is not in business or is no longer providing
arbitration services, then JAMS/ENDISPUTE shall be substituted for the AAA for the purposes of the
foregoing provisions of this Section 11.8. If you shall be the prevailing party in such
arbitration, the Company shall promptly pay, upon your demand, all legal fees, court costs and
other costs and expenses incurred by you in any legal action seeking to enforce the award in any
court.

               11.9 Beneficiaries. Whenever this Agreement provides for any payment to your
estate, such payment may be made instead to such beneficiary or beneficiaries as you may designate
by written notice to the Company. You shall have the right to revoke any such designation and to
redesignate a beneficiary or beneficiaries by written notice to the Company (and to any applicable
insurance company) to such effect.

16

 

               11.10 No Conflict. You represent and warrant to the Company that this Agreement is
legal, valid and binding upon you and the execution of this Agreement and the performance of your
obligations hereunder does not and will not constitute a breach of, or conflict with the terms or
provisions of, any agreement or understanding to which you are a party (including, without
limitation, any other employment agreement). The Company represents and warrants to you that this
Agreement is legal, valid and binding upon the Company and the execution of this Agreement and the
performance of the Company’s obligations hereunder does not and will not constitute a breach of, or
conflict with the terms or provisions of, any agreement or understanding to which the Company is a
party.

               11.11 Withholding Taxes. Payments made to you pursuant to this Agreement shall be
subject to withholding and social security taxes and other ordinary and customary payroll
deductions.

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

               11.13 Severability. If any provision of this Agreement shall be held invalid, the
remainder of this Agreement shall not be affected thereby; provided, however, that the parties
shall negotiate in good faith with respect to equitable modification of the provision or
application thereof held to be invalid.

               11.14 Survival. Sections 8 through 11 shall survive any termination of the term of
employment by the Company for cause pursuant to Section 4.1. Sections 4.4, 4.5, and 7 through 11
shall survive any termination of the term of employment pursuant to Sections 4.2, 5 or 6.

               11.15 Definitions. The following terms are defined in this Agreement in the places
indicated:

affiliate — Section 4.2.2

Average Annual Bonus – Section 4.2.1

Base Salary — Section 3.1

17

 

Bonus – Section 3.2

cause — Section 4.1

Code — Section 4.2.2

Company — the first paragraph on page 1

Competitive Entity – Section 8.2

Disability Date — Section 5

Disability Period — Section 5

Effective Date — the first paragraph on page 1

Severance Term Date – Section 4.2.2

Term Date – Section 1

term of employment — Section 1

termination without cause – Section 4.2.1

Work Product — Section 9

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

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	TIME WARNER ENTERTAINMENT	 	 
	 	 	COMPANY, L.P. a subsidiary of	 	 
	 	 	TIME WARNER CABLE INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Glenn A. Britt	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Agreed to:	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ John K. Martin, Jr.	 	 
	 	 	 	 	 
	 

	 	 	 	      JOHN K. MARTIN, JR.	 	 

18

 

ANNEX A

RELEASE

          Pursuant to the terms of the Employment Agreement made as of June 6, 2006, between TIME WARNER
ENTERTAINMENT COMPANY, L.P., a subsidiary of TIME WARNER CABLE INC., a Delaware corporation (the
“Company”), located at 290 Harbor Drive, Stamford, CT 06902 and the undersigned (the “Agreement”),
and in consideration of the payments made to me and other benefits to be received by me pursuant
thereto, I, John Martin, being of lawful age, do hereby release and forever discharge the Company
and any successors, subsidiaries, affiliates, related entities, predecessors, merged entities and
parent entities and their respective officers, directors, shareholders, employees, benefit plan
administrators and trustees, agents, attorneys, insurers, representatives, affiliates, successors
and assigns from any and all actions, causes of action, claims, or demands for general, special or
punitive damages, attorney’s fees, expenses, or other compensation or damages (collectively,
“Claims”), which in any way relate to or arise out of my employment with the Company or any of its
subsidiaries or the termination of such employment, which I may now or hereafter have under any
federal, state or local law, regulation or order, including without limitation, Claims related to
any stock options held by me or granted to me by the Company that are scheduled to vest subsequent
to my termination of employment and Claims under the Age Discrimination in Employment Act, Title
VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Fair Labor Standards
Act, the Family and Medical Leave Act and the Employee Retirement Income Security Act, each as
amended through and including the date of this Release; provided, however, that the
execution of this Release shall not prevent the undersigned from bringing a lawsuit against the
Company to enforce its obligations under the Agreement.

          I acknowledge that I have been given at least 21 days from the day I received a copy of this
Release to sign it and that I have been advised to consult an attorney. I understand that I have
the right to revoke my consent to this Release for seven days following my signing. This Release
shall not become effective or enforceable until the expiration of the seven-day period following
the date it is signed by me.

          I
ALSO ACKNOWLEDGE THAT BY SIGNING THIS RELEASE I MAY BE GIVING UP VALUABLE LEGAL RIGHTS AND
THAT I HAVE BEEN ADVISED TO CONSULT A LAWYER BEFORE SIGNING. I further state that I have read this
document and the Agreement referred to herein, that I know the contents of both and that I have
executed the same as my own free act.

19

 

          WITNESS my hand this 6 day of June, 2006.

 /s/ John K. Martin, Jr.

20EX-10.38 EMPLOYMENT AGREEMENT/ROBERT D. MARCUS

 

Exhibit 10.38

     EMPLOYMENT AGREEMENT (the “Agreement”) made as of June 6, 2006, effective as of August 15,
2005 (the “Effective Date”), between TIME WARNER ENTERTAINMENT COMPANY, L.P. (the “Company”), a
subsidiary of Time Warner Cable Inc., a Delaware corporation, and Robert Marcus (“You”). You were
previously employed by Time Warner Inc. under an employment agreement dated April 6, 2001 (the
“Prior Employment Agreement”). This Agreement supersedes the prior Employment Agreement unless
otherwise provided.

     You and the Company desire to set forth the terms and conditions of your employment by the
Company and agree as follows:

     1. Term of Employment. Your “term of employment” as this phrase is used throughout
this Agreement, shall be for the period beginning on the Effective Date and ending on August 15,
2008 (the “Term Date”), subject, however, to earlier termination as set forth in this Agreement.

     2. Employment. During the term of employment, you shall serve as Senior Executive
Vice President of the Company, and you shall have the authority, functions, duties, powers and
responsibilities normally associated with such position, including oversight of the Company’s
legal, human resources, programming and mergers and acquisitions/investment departments, and such
other authority, functions, duties, powers and responsibilities as may be assigned to you from time
to time by the Company consistent with your senior position with the Company. During the term of
employment, (i) your services shall be rendered on a substantially full-time, exclusive basis and
you will apply on a full-time basis all of your skill and experience to the performance of your
duties, (ii) you shall report to the Chief Executive Officer of the Company, (iii) you shall have
no other employment and, without the prior written consent of the Chief Executive Officer, no
outside business activities which require the devotion of substantial amounts of your time, and
(iv) the place for the performance of your services shall be Stamford, Connecticut or other
location of the Company’s principal corporate offices within the New York metropolitan area, as the
Company may determine, subject to such reasonable travel as may be required in the performance of
your duties. The foregoing shall be subject to the Company’s written policies, as in effect from
time to time, regarding vacations, holidays, illness and the like.

     3. Compensation.

          3.1 Base Salary. The Company shall pay you a base salary at the rate of not less than
$650,000 per annum during the term of employment (“Base Salary”). The Company may increase, but
not decrease, your Base Salary during the term of employment. Base Salary shall be paid in
accordance with the Company’s customary payroll practices.

          3.2 Bonus. In addition to Base Salary, the Company typically pays its executives an
annual cash bonus (“Bonus”). Although your Bonus is fully

 

 

discretionary, your target annual Bonus as a percentage of Base Salary is 125%, pro rated with
respect to partial years. Each year, the Company’s performance and your personal performance will
be considered in the context of your executive duties and any individual goals set for you, and
your actual Bonus will be determined. Although as a general matter the Company expects to pay
bonuses at the target level in cases of satisfactory individual performance, it does not commit to
do so, and your Bonus may be negatively affected by the exercise of the Company’s discretion or by
overall Company performance. Your Bonus amount, if any, will be paid to you between January 1 and
March 15 of the calendar year immediately following the performance year in respect of which such
Bonus is earned.

          3.3 Stock Options/Restricted Stock/RSUs/Other Equity Compensation. Upon execution of
the Agreement, you will be granted a one time option to purchase 25,000 shares of Common Stock of
Time Warner Inc. Thereafter, you will be eligible to receive grants of stock options, restricted
stock, RSUs or other forms of equity compensation in the same range as other executives at your
level subject to the terms of any Time Warner Inc. or Time Warner Cable Inc. plans governing the
granting of stock options restricted stock, RSUs or other forms of equity compensation, and at the
Company’s discretion. Any stock option grant shall be at an exercise price equal to the fair
market value of Time Warner Inc. or Time Warner Cable Inc. Common Stock (as applicable) on the date
of grant and shall be reflected in a separate stock option agreement in accordance with the
Company’s customary practices.

          3.4 Additional Compensation Plans. In addition to the above compensation, and at the
Company’s discretion, you will be eligible to participate in other compensation plans and programs
available to executives at your level (“Additional Compensation Plans”), including, by way of
example, the Time Warner Cable Long Term Incentive Plan (“LTIP”). The Company shall maintain full
discretion to amend, modify or terminate such Additional Compensation Plans, and full discretion
over the decision to award you compensation under such Addition Compensation Plan and the amount of
such an award.

               3.4.1 Subject to the Company’s full discretion, your performance and the Company’s
performance, and the terms of the LTIP, during the term of this agreement, your annual awards under
paragraphs 3.3 and 3.4 will have a minimum target value of $1,300,000.

          3.5 Indemnification. You shall be entitled throughout the term of employment (and
after the end of the term of employment, to the extent relating to service during the term of
employment) to the benefit of the indemnification provisions contained on the date hereof in the
Restated Certificate of Incorporation and By-laws of Time Warner Cable Inc. and the Certificate of
Incorporation and By-laws of Time Warner Inc. (whichever is the greater extent of indemnification)
(not including any amendments or additions after the date hereof that limit or narrow, but
including any that add to or broaden, the protection afforded to you by those provisions).

2

 

     4. Termination.

          4.1 Termination for Cause. The Company may terminate the term of employment and all of the
Company’s obligations under this Agreement, other than its obligations set forth below in this
Section 4.1, for “cause”. Termination by the Company for “cause” shall mean termination because of
your (a) conviction (treating a nolo contendere plea as a conviction) of a felony (whether or not
any right to appeal has been or may be exercised) other than as a result of a moving violation or a
Limited Vicarious Liability, (b) willful failure or refusal without proper cause to perform your
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)
willful misappropriation, embezzlement or reckless or willful destruction of Company property
having a significant adverse financial effect on the Company or a significant adverse effect on the
Company’s reputation, (d) willful and material breach of any statutory or common law duty of
loyalty to the Company having a significant adverse financial effect on the Company or a
significant adverse effect on the Company’s reputation; or (e) material and willful breach of any
of the covenants provided for in Section 8 below. Such termination shall be effected by written
notice thereof delivered by the Company to you and shall be effective as of the date of such
notice; provided, however, that if (i) such termination is because of your willful failure or
refusal without proper cause to perform your material duties with the Company including any one or
more of your material obligations under this Agreement or for intentional and improper conduct, and
(ii) within 30 days following the date of such notice you shall cease your refusal and shall use
your best efforts to perform such obligations or cease such intentional and improper conduct, the
termination shall not be effective.

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

          4.2 Termination by You for Material Breach by the Company and Termination by the Company
Without Cause. Unless previously terminated pursuant to any other provision of this Agreement
and unless a Disability Period shall be in effect, you shall have the right, exercisable by written
notice to the Company, to terminate the term of employment effective 15 days after the giving of
such notice, if, at the time of the giving of such notice, the Company is in material breach of its
obligations under this Agreement; provided, however, that, with the exception of clause (i) below,
this Agreement shall not so terminate if such notice is the first such notice of termination
delivered by you pursuant to this Section 4.2 and within such 15-day period the Company shall have
cured all such material breaches. A material breach by the Company shall include, but not be
limited to, (i) the Company violating Section 2 with respect to your

3

 

title, reporting lines, duties or place of employment, or (ii) the Company failing to cause
any successor to all or substantially all of the business and assets of the Company expressly to
assume the obligations of the Company under this Agreement.

          The Company shall have the right, exercisable by written notice to you, to terminate your
employment under this Agreement without cause, which notice shall specify the effective date of
such termination.

               4.2.1 After the effective date of a termination pursuant to this Section 4.2 (a “termination
without cause”), you shall receive Base Salary and a pro rata portion of your Average Annual Bonus
(as defined below) through the effective date of termination. Your Average Annual Bonus shall be
equal to the average of the regular annual bonus amounts (excluding the amount of any special or
spot bonuses) in respect of the two calendar years during the most recent five calendar years for
which the annual bonus received by you from the Company was the greatest; provided, however, if the
Company has previously paid you no annual Bonus, then your Average Annual Bonus shall equal your
target Bonus and if the Company has previously paid you one annual Bonus, then your Average Annual
Bonus shall equal the average of such Bonus and your target Bonus. Your pro rata Average Annual
Bonus pursuant to this Section 4.2.1 shall be paid to you at the times set forth in Section 4.5.

               4.2.2 After the effective date of a termination without cause, you shall remain an employee of
the Company for a period ending on the date (the “Severance Term Date”) which is the later of (i)
the Term Date and (ii) the date which is twenty-four months after the effective date of such
termination and during such period you shall be entitled to receive, whether or not you become
disabled during such period but subject to Section 6, (a) continued payments of your Base Salary
(on the Company’s normal payroll payment dates as in effect immediately prior to the effective date
of your termination without cause) at an annual rate equal to your Base Salary in effect
immediately prior to the notice of termination, and (b) an annual Bonus in respect of each calendar
year or portion thereof (in which case a pro rata portion of such Bonus will be payable) during
such period equal to your Average Annual Bonus. Except as provided in the succeeding sentence, if
you accept other full-time employment during such period or notify the Company in writing of your
intention to terminate your status as an employee during such period, you shall cease to be an
employee of the Company and shall be removed from the payroll of the Company effective upon the
commencement of such other employment or the effective date of such termination as specified by you
in such notice, whichever is applicable, and you shall be entitled to receive the remaining
payments you would have received pursuant to this Section 4.2.2 had you remained on the Company’s
payroll at the times specified in Section 4.5 of the Agreement. Notwithstanding the foregoing, if
you accept employment with any not-for-profit entity, then you shall be entitled to remain an
employee of the Company and receive the payments as provided in the first sentence of this Section
4.2.2; and if you accept full-time employment with any affiliate of the Company, then the payments
provided for in this Section 4.2.2 shall immediately cease and you shall not be entitled to any
further payments. For purposes of this Agreement, the term “affiliate” shall mean any entity

4

 

which, directly or indirectly, controls, is controlled by, or is under common control with,
the Company.

          4.3 After the Term Date. If at the Term Date, the term of employment shall not have
been previously terminated pursuant to the provisions of this Agreement, no Disability Period is
then in effect and the parties shall not have agreed to an extension or renewal of this Agreement
or on the terms of a new employment agreement, then the term of employment shall continue on a
month-to-month basis and you shall continue to be employed by the Company pursuant to the terms of
this Agreement. You may terminate the term of employment under this Agreement on 60 days written
notice delivered to the Company (which notice may be delivered by you at any time on or after the
date which is 60 days prior to the Term Date). The Company may terminate the term of employment on
or after the Term Date at any time upon written notice to you. The Company’s written notice of
termination will specify the effective date of such termination. If the Company shall terminate
the term of employment on or after the Term Date for any reason (other than for cause as defined in
Section 4.1, in which case Section 4.1 shall apply), which the Company shall have the right to do
so long as no Disability Date (as defined in Section 5) has occurred prior to the delivery by the
Company of written notice of termination, then such termination shall be deemed for all purposes of
this Agreement to be a “termination without cause” under Section 4.2 and the provisions of Sections
4.2.1 and 4.2.2 shall apply.

          4.4 Release. A condition precedent to the Company’s obligation to make the payments
associated with a termination without cause shall be your execution and delivery of a release in
the form attached hereto as Annex A. If you shall fail to execute and deliver such release, or if
you revoke such release as provided therein, then in lieu of the payments provided for herein, you
shall receive a severance payment determined in accordance with the Company’s policies relating to
notice and severance.

          4.5 Payments. Payments of Base Salary and Bonus required to be made to you after a
termination without cause shall be made at the same times as such payments otherwise would have
been paid to you pursuant to Sections 3.1, 3.2 and 4.2 if you had not been terminated; provided,
however, that any payment otherwise required to be made after a termination without cause that the
Company reasonably determines is subject to Section 409A(a)(2)(B)(i) of the Code shall not be paid
or payment commenced until the later of (a) six months after the date of your “separation from
service” (within the meaning of Section 409A of the Code) and (b) the payment date or commencement
date specified in this Agreement for such payment(s). On the earliest date on which such payments
can be made or commenced without violating the requirements of Section 409A(a)(2)(B)(i) of the
Code, you shall be paid, in a single lump sum, an amount equal to the aggregate amount of all
payments delayed pursuant to the preceding sentence.

     5. Disability.

          5.1 Disability Payments. If during the term of employment and prior to the delivery
of any notice of termination without cause, you become physically or

5

 

mentally disabled, whether totally or partially, so that you are prevented from performing
your usual duties for a period of six consecutive months, or for shorter periods aggregating six
months in any twelve-month period, the Company shall, nevertheless, continue to pay your full
compensation through the last day of the sixth consecutive month of disability or the date on which
the shorter periods of disability shall have equaled a total of six months in any twelve-month
period (such last day or date being referred to herein as the “Disability Date”) subject to Section
4.5. If you have not resumed your usual duties on or prior to the Disability Date, the Company
shall pay you a pro rata Bonus (based on your Average Annual Bonus) for the year in which the
Disability Date occurs and thereafter shall pay you disability benefits for the period ending on
the later of (i) the Term Date or (ii) the date which is twenty-four months after the Disability
Date (in the case of either (i) or (ii), the “Disability Period”), in an annual amount equal to 75%
of (a) your Base Salary at the time you become disabled and (b) the Average Annual Bonus, in each
case subject to Section 4.5.

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

          5.3 Other Disability Provisions. The Company shall be entitled to deduct from all
payments to be made to you during the Disability Period pursuant to this Section 5 an amount equal
to all disability payments received by you during the Disability Period from Worker’s Compensation,
Social Security and disability insurance policies maintained by the Company; provided, however,
that for so long as, and to the extent that, proceeds paid to you from such disability insurance
policies are not includible in your income for federal income tax purposes, the Company’s deduction
with respect to such payments shall be equal to the product of (i) such payments and (ii) a
fraction, the numerator of which is one and the denominator of which is one less the maximum
marginal rate of federal income taxes applicable to individuals at the time of receipt of such
payments. All payments made under this Section 5 after the Disability Date are intended to be
disability payments, regardless of the manner in which they are computed. Except as otherwise
provided in this Section 5, the term of employment shall continue during the Disability Period and
you shall be entitled to all of the rights and benefits provided for in this Agreement, except that
Sections 4.2 and 4.3 shall not apply during

6

 

the Disability Period and unless the Company has restored you to full-time service at full
compensation prior to the end of the Disability Period, the term of employment shall end and you
shall cease to be an employee of the Company at the end of the Disability Period and shall not be
entitled to notice and severance or to receive or be paid for any accrued vacation time or unused
sabbatical.

     6. Death. If you die during the term of employment, this Agreement and all
obligations of the Company to make any payments hereunder shall terminate except that your estate
(or a designated beneficiary) shall be entitled to receive Base Salary to the last day of the month
in which your death occurs and Bonus compensation (at the time bonuses are normally paid) based on
the Average Annual Bonus, but prorated according to the number of whole or partial months you were
employed by the Company in such calendar year.

     7. Other Benefits.

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

          7.2 Life Insurance. During your employment with the Company, the Company shall (i)
provide you with $50,000 of group life insurance and (ii) pay you annually an amount equal to two
times the premium you would have to pay to obtain life insurance under the Group Universal Life
(“GUL”) insurance program made available by the Company in an amount equal to $2,000,000. You
shall be under no obligation to use the payments made by the Company pursuant to the preceding
sentence to purchase GUL insurance or to purchase any other life insurance. If the Company
discontinues its GUL insurance program, the Company shall nevertheless make the payments required
by this Section 7.2 as if such program were still in effect. The payments made to you hereunder
shall not be considered as “salary” or “compensation” or “bonus” in determining the amount of any
payment under any pension, retirement, profit-sharing or other benefit plan of the Company or any
subsidiary of the Company.

          7.3 Financial Counseling Reimbursement. During your employment with the Company, you
are eligible for reimbursement of expenses for financial counseling, tax advice, estate planning
and other similar expenses on the same basis as other similarly situated executives of the Company.

          7.4 Benefits After a Termination or Disability. During the period you remain on the
payroll of the Company after a termination without cause or during the Disability Period, you shall
continue to be eligible to participate in the benefit

7

 

plans and to receive the benefits required to be provided to you under this Agreement to the
extent such benefits are maintained in effect by the Company for its executives; provided, however,
you shall not be entitled to any additional awards or grants under any stock option, restricted
stock or other stock based incentive plan or the LTIP. At the time you leave the payroll of the
Company, your rights to benefits and payments under any benefit plans or any insurance or other
death benefit plans or arrangements of the Company or under any stock option, restricted stock,
stock appreciation right, bonus unit, the LTIP, any management incentive or other plan of the
Company shall be determined in accordance with the terms and provisions of such plans and any
agreements under which such stock options, restricted stock or other awards were granted.

          However, notwithstanding the foregoing or any more restrictive provisions of any such plan or
agreement, if you leave the payroll of the company as a result of a termination pursuant to Section
4.2, then, except if you shall otherwise qualify for retirement under the terms of the applicable
stock option, restricted stock, RSUs, or other agreement covering the granting of equity
compensation, consistent with the terms of the Prior Agreement, (i) all Time Warner and Time Warner
Cable stock options granted to you on or after January 10, 2000 that would have vested on or before
the Severance Term Date (or the comparable date of any employment agreement that amends, replaces
or supercedes this Agreement) shall vest and become immediately exercisable on the date you leave
the payroll of the Company, and shall remain exercisable for a period of three years after the date
you leave the payroll of the Company (but not beyond the term of such options), (ii) any unvested
awards of Time Warner or Time Warner Cable restricted stock, restricted stock units (“RSUs”) or
other equity-based award which would have vested on or before the Severance Term Date, shall vest
immediately, (iii) any grants of long term cash compensation which would vest as of the Severance
Term Date will vest immediately and be paid on the dates on which such long term cash compensation
is ordinarily scheduled to be paid, and (iv) the Company shall not be permitted to determine that
your employment was terminated for “unsatisfactory performance” within the meaning of any stock
option, restricted stock, RSUs, the LTIP or other equity compensation or long term compensation
agreement between you and Time Warner Inc. or Time Warner Cable Inc. This provision is subject to
any law which prohibits the treatment of equity grants or long term cash compensation grants
provided herein. For purposes of determining whether any restricted stock, RSU or other equity
based award or any long term cash compensation award would have vested on or before the Severance
Term Date (as contemplated in clause (ii) or (iii) above), such restricted stock, RSU, other equity
based award or any long term cash compensation award shall be deemed to vest pro rata over the
applicable vesting period notwithstanding any inconsistent provisions in the plan or agreement
under which it was granted.

          7.5 Deconsolidation Transaction. If a Deconsolidation Transaction (as defined below)
occurs, then with respect to the stock options, restricted stock, RSUs or other equity-based awards
held by you or awards under the LTIP, on the date the Deconsolidation Transaction closes, the
treatment of such equity awards will be equivalent to the treatment that would apply pursuant to
Section 7.4 if your employment with the Company had been terminated pursuant to Section 4.2
concurrent with the

8

 

closing of such a Deconsolidation Transaction and you had left the payroll of the Company on
the same date, regardless of your actual employment status with the Company.

          A “Deconsolidation Transaction” shall mean (a) a transaction the result of which is the
Company ceases to be a consolidated subsidiary of Time Warner, whether due to the sale, transfer or
distribution of stock, a merger, the contribution of stock to a joint venture or for any other
reason, or (b) any sale, transfer or other disposition by Time Warner of all or substantially all
of the Company’s business and assets, whether by merger, sale of stock or assets, formation of a
joint venture or otherwise, as the case may be, other than any such sales, transfers or
dispositions following which the financial results of all or substantially all of the Company’s
business continues to be consolidated with the financial results of Time Warner in the periodic
reports filed by Time Warner with the Securities and Exchange Commission.

          7.6 Payments in Lieu of Other Benefits. In the event the term of employment and your
employment with the Company is terminated pursuant to any section of this Agreement, you shall not
be entitled to notice and severance under the Company’s general employee policies or to be paid for
any accrued vacation time or unused sabbatical, the payments provided for in such sections being in
lieu thereof.

     8. Protection of Confidential Information; Non-Compete.

          8.1 Confidentiality Covenant. You acknowledge that your employment by the Company
will, throughout the term of employment, bring you into close contact with many confidential
affairs of the Company, its affiliates and third parties doing business with the Company, including
information about costs, profits, markets, sales, products, key personnel, pricing policies,
operational methods, technical processes and other business affairs and methods and other
information not readily available to the public, and plans for future development. 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 and its affiliates is international in scope, that its products and services are
marketed throughout the world, that the Company and its affiliates compete in nearly all of its
business activities with other entities that are or could be located in nearly any part of the
world and that the nature of your services, position and expertise are such that you are capable of
competing with the Company and its affiliates from nearly any location in the world. In
recognition of the foregoing, you covenant and agree:

               8.1.1 You shall keep secret all confidential matters of the Company, its affiliates and third
parties and shall not disclose such matters to anyone outside of the Company and its affiliates, or
to anyone inside the Company and its affiliates who does not have a need to know or use such
information, and shall not use such information for personal benefit or the benefit of a third
party, either during or after the term of employment, except with the Company’s written consent,
provided that (i) you shall have no such obligation to the extent such matters are or become
publicly known other than as a result of your breach of your obligations hereunder and (ii) you

9

 

may, after giving prior notice to the Company to the extent practicable under the
circumstances, disclose such matters to the extent required by applicable laws or governmental
regulations or judicial or regulatory process;

               8.1.2 You shall deliver promptly to the Company on termination of your employment, or at any
other time the Company may so request, all memoranda, notes, records, reports and other documents
(and all copies thereof) relating to the Company’s and its affiliates’ businesses, which you
obtained while employed by, or otherwise serving or acting on behalf of, the Company and which you
may then possess or have under your control; and

               8.1.3 If the term of employment is terminated pursuant to Section 4, for a period of one year
after such termination, without the prior written consent of the Company, you shall not solicit for
employment, and shall not cause any entity of which you are an affiliate to solicit for employment,
any person who was a full-time employee of the Company at the date of such termination or within
six months prior thereto but such prohibition shall not apply to your secretary or executive
assistant or to any other employee eligible to receive overtime pay.

          8.2 Non-Compete. During the term of employment and through the later of (i) the Term
Date, (ii) the date you leave the payroll of the Company, and (iii) twelve months after the
effective date of any termination of the term of employment pursuant to Section 4, you shall not,
directly or indirectly, without the prior written consent of the Chief Executive Officer of the
Company, render any services to, or act in any capacity for, any Competitive Entity, or acquire any
interest of any type in any Competitive Entity; provided, however, that the foregoing shall not be
deemed to prohibit you from acquiring, (a) solely as an investment and through market purchases,
securities of any Competitive Entity which are registered under Section 12(b) or 12(g) of the
Securities Exchange Act of 1934 and which are publicly traded, so long as you are not part of any
control group of such Competitive Entity and such securities, including converted securities, do
not constitute more than one percent (1%) of the outstanding voting power of that entity and (b)
securities of any Competitive Entity that are not publicly traded, so long as you are not part of
any control group of such Competitive Entity and such securities, including converted securities,
do not constitute more than three percent (3%) of the outstanding voting power of that entity. For
purposes of the foregoing, the following shall be deemed to be a Competitive Entity: (A) any
entity which is engaged in the United States, either directly or indirectly, in the ownership,
operation or management of (i) any cable television system, open video system, direct broadcast
system (DBS), SMATV system, pay-per-view system, multi-point distribution system (MDS or MMDS) or
other multichannel television programming system (collectively ”Systems”) in the United States; or
(ii) any business of providing any local residential telecommunications, or any Internet access or
any other transport or network services for Internet Protocol based information; and (B) any state
or local authority empowered to grant, renew, modify or amend, or review the grant, renewal,
modification or amendment of, or the regulation of, franchises to operate any System.
Provided, however, that “Competitive Entity” shall not mean (1) any cable
television system operator which, at all times during the relevant period, has less than 500,000
subscribers

10

 

and does not serve any area which is also served by a cable television system owned, operated
or managed by the Company or its affiliates, or (2) Time Warner Inc.

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

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

               10.1 If to the Company:

Time Warner Cable

290 Harbor Drive

Stamford, CT 06902

Attention: General Counsel

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

          11. General.

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

11

 

               11.2 Captions. The section headings contained herein are for reference purposes only
and shall not in any way affect the meaning or interpretation of this Agreement.

               11.3 Entire Agreement. This Agreement, including Annex A, sets forth the entire
agreement and understanding of the parties relating to the subject matter of this Agreement and
supersedes all prior agreements, arrangements and understandings, written or oral, between the
parties.

               11.4 No Other Representations. No representation, promise or inducement has been made
by either party that is not embodied in this Agreement, and neither party shall be bound by or be
liable for any alleged representation, promise or inducement not so set forth.

               11.5 Assignability. This Agreement and your rights and obligations hereunder may not
be assigned by you and except as specifically contemplated in this Agreement, neither you, your
legal representative nor any beneficiary designated by you shall have any right, without the prior
written consent of the Company, to assign, transfer, pledge, hypothecate, anticipate or commute to
any person or entity any payment due in the future pursuant to any provision of this Agreement, and
any attempt to do so shall be void and shall not be recognized by the Company. The Company shall
assign its rights together with its obligations hereunder in connection with any sale, transfer or
other disposition of all or substantially all of the Company’s business and assets, whether by
merger, purchase of stock or assets or otherwise, as the case may be. Upon any such assignment,
the Company shall cause any such successor expressly to assume such obligations, and such rights
and obligations shall inure to and be binding upon any such successor.

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

               11.7 Specific Remedy. In addition to such other rights and remedies as the Company
may have at equity or in law with respect to any breach of this Agreement, if you commit a material
breach of any of the provisions of Sections 8.1, 8.2, or 9, the Company shall have the right and
remedy to have such provisions specifically enforced by any court having equity jurisdiction, it
being acknowledged and agreed that any such breach or threatened breach will cause irreparable
injury to the Company.

12

 

               11.8 Resolution of Disputes. Except as provided in the preceding Section 11.7, any
dispute or controversy arising with respect to this Agreement and your employment hereunder
(whether based on contract or tort or upon any federal, state or local statute, including but not
limited to claims asserted under the Age Discrimination in Employment Act, Title VII of the Civil
Rights Act of 1964, as amended, any state Fair Employment Practices Act and/or the Americans with
Disability Act) shall, at the election of either you or the Company, be submitted to the American
Arbitration Association (“AAA”) for resolution in arbitration in accordance with the rules and
procedures of AAA. Either party shall make such election by delivering written notice thereof to
the other party at any time (but not later than 45 days after such party receives notice of the
commencement of any administrative or regulatory proceeding or the filing of any lawsuit relating
to any such dispute or controversy) and thereupon any such dispute or controversy shall be resolved
only in accordance with the provisions of this Section 11.8. Any such proceedings shall take place
in Stamford, CT before a single arbitrator (rather than a panel of arbitrators), pursuant to any
streamlined or expedited (rather than a comprehensive) arbitration process, before a non-judicial
(rather than a judicial) arbitrator, and in accordance with an arbitration process which, in the
judgment of such arbitrator, shall have the effect of reasonably limiting or reducing the cost of
such arbitration. The resolution of any such dispute or controversy by the arbitrator appointed in
accordance with the procedures of AAA shall be final and binding. Judgment upon the award rendered
by such arbitrator may be entered in any court having jurisdiction thereof, and the parties consent
to the jurisdiction of the Connecticut courts for this purpose. If at the time any dispute or
controversy arises with respect to this Agreement, AAA is not in business or is no longer providing
arbitration services, then JAMS/ENDISPUTE shall be substituted for the AAA for the purposes of the
foregoing provisions of this Section 11.8. If you shall be the prevailing party in such
arbitration, the Company shall promptly pay, upon your demand, all legal fees, court costs and
other costs and expenses incurred by you in any legal action seeking to enforce the award in any
court.

               11.9 Beneficiaries. Whenever this Agreement provides for any payment to your estate,
such payment may be made instead to such beneficiary or beneficiaries as you may designate by
written notice to the Company. You shall have the right to revoke any such designation and to
redesignate a beneficiary or beneficiaries by written notice to the Company (and to any applicable
insurance company) to such effect.

               11.10 No Conflict. You represent and warrant to the Company that this Agreement is
legal, valid and binding upon you and the execution of this Agreement and the performance of your
obligations hereunder does not and will not constitute a breach of, or conflict with the terms or
provisions of, any agreement or understanding to which you are a party (including, without
limitation, any other employment agreement). The Company represents and warrants to you that this
Agreement is legal, valid and binding upon the Company and the execution of this Agreement and the
performance of the Company’s obligations hereunder does not and will not constitute a breach of, or
conflict with the terms or provisions of, any agreement or understanding to which the Company is a
party.

13

 

               11.11 Withholding Taxes. Payments made to you pursuant to this Agreement shall be
subject to withholding and social security taxes and other ordinary and customary payroll
deductions.

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

               11.13 Severability. If any provision of this Agreement shall be held invalid, the
remainder of this Agreement shall not be affected thereby; provided, however, that the parties
shall negotiate in good faith with respect to equitable modification of the provision or
application thereof held to be invalid. To the extent that it may effectively do so under
applicable law, each party hereby waives any provision of law which renders any provision of this
Agreement invalid, illegal or unenforceable in any respect.

               11.14 Survival. Sections 8 through 11 shall survive any termination of the term of
employment by the Company for cause pursuant to Section 4.1. Sections 3.5, 4.4, 4.5, 4.6 and 7
through 11 shall survive any termination of the term of employment pursuant to Sections 4.2, 5 or
6.

               11.15 Definitions. The following terms are defined in this Agreement in the places
indicated:

affiliate – Section 4.2.2

Average Annual Bonus – Section 4.2.1

Base Salary – Section 3.1

Bonus – Section 3.2

cause – Section 4.1

Code – Section 4.2.2

Company – the first paragraph on page 1

Competitive Entity – Section 8.2

Disability Date – Section 5

Disability Period – Section 5

Effective Date – the first paragraph on page 1

Severance Term Date – Section 4.2.2

Term Date – Section 1

term of employment – Section 1

termination without cause – Section 4.2.1

Work Product – Section 9

14

 

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

	 	 	 	 	 
	 	TIME WARNER ENTERTAINMENT

COMPANY, L.P. a subsidiary of TIME

WARNER CABLE INC.

 	 
	 	By:  	           /s/ Glenn Britt
 	 
	 	 	 	 
	 	 	 	 
	 
	 	Agreed to:

 	 
	 	             /s/ Robert Marcus
 	 
	 	             ROBERT MARCUS 	 
	 	 	 

15

 

	 	 	 	 	 

ANNEX A

RELEASE

     Pursuant to the terms of the Employment Agreement made as of ___, between TIME
WARNER ENTERTAINMENT COMPANY, L.P., a subsidiary of TIME WARNER CABLE INC., a Delaware corporation
(the “Company”), located at 290 Harbor Drive, Stamford, CT 06902 and the undersigned (the
“Agreement”), and in consideration of the payments made to me and other benefits to be received by
me pursuant thereto, I, ___, being of lawful age, do hereby release and forever
discharge the Company and any successors, subsidiaries, affiliates, related entities, predecessors,
merged entities and parent entities and their respective officers, directors, shareholders,
employees, benefit plan administrators and trustees, agents, attorneys, insurers, representatives,
affiliates, successors and assigns from any and all actions, causes of action, claims, or demands
for general, special or punitive damages, attorney’s fees, expenses, or other compensation or
damages (collectively, “Claims”), which in any way relate to or arise out of my employment with the
Company or any of its subsidiaries or the termination of such employment, which I may now or
hereafter have under any federal, state or local law, regulation or order, including without
limitation, Claims related to any stock options held by me or granted to me by the Company that are
scheduled to vest subsequent to my termination of employment and Claims under the Age
Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Americans with
Disabilities Act, the Fair Labor Standards Act, the Family and Medical Leave Act and the Employee
Retirement Income Security Act, each as amended through and including the date of this Release;
provided, however, that the execution of this Release shall not prevent the
undersigned from bringing a lawsuit against the Company to enforce its obligations under the
Agreement.

     I acknowledge that I have been given at least 21 days from the day I received a copy of this
Release to sign it and that I have been advised to consult an attorney. I understand that I have
the right to revoke my consent to this Release for seven days following my signing. This Release
shall not become effective or enforceable until the expiration of the seven-day period following
the date it is signed by me.

     I
ALSO ACKNOWLEDGE THAT BY SIGNING THIS RELEASE I MAY BE GIVING UP VALUABLE LEGAL RIGHTS AND
THAT I HAVE BEEN ADVISED TO CONSULT A LAWYER BEFORE SIGNING. I further state that I have read this
document and the Agreement referred to herein, that I know the contents of both and that I have
executed the same as my own free act.

16

 

     WITNESS my hand this ___day of ___, ___.

                                        

17

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