Document:

EX-10.6

 Exhibit 10.6 
 Time Warner Inc. 2013 Stock Incentive Plan 
 PSU Agreement, Version Bewkes 1
(13PUBEW) 
 For Use from August 2013 
 Performance Stock Units Agreement 
 General Terms and Conditions

 WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference
and made a part of this Agreement; and 
 WHEREAS, the Committee has determined that it would be in the best interests of the
Company and its stockholders to grant the performance stock units (the “PSUs”) provided for herein to the Participant pursuant to the Plan and the terms set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 

 

	1.	Definitions.  Whenever the following terms are used in this Agreement, they shall have the meanings set forth below. Capitalized terms not
otherwise defined herein shall have the same meanings as in the Plan. 

  

	 	a)	“Adjusted EPS” means the Diluted Net Income per Common Share attributable to the Company’s common shareholders excluding noncash
impairments of goodwill, intangible and fixed assets and investments; gains and losses on operating assets, liabilities and investments; external costs related to mergers, acquisitions, investments or dispositions, as well as contingent
consideration related to such transactions, to the extent such costs are expensed; amounts related to securities litigation and government investigations; and amounts attributable to businesses classified as discontinued operations, as well as the
impact of taxes and noncontrolling interests on the above items. Adjusted EPS shall have such further adjustments as the Committee deems appropriate in its sole discretion to exclude the effects of extraordinary, unusual or nonrecurring items and to
reflect other factors that the Committee deems appropriate. Adjusted EPS is measured over a designated period, generally the Measurement Period. 

  

	 	b)	“Budgeted Adjusted EPS” means the amount of Adjusted EPS with respect to a fiscal year and included in the budget and long range plan approved
by the Board for the year in which the Target Adjusted EPS is established by the Committee with respect to an award of PSUs. 

	 	c)	“Cause” means “Cause” as defined in the Employment Agreement. 

 

	 	d)	“Competitive Activity” means business activities within the lines of business of the Company, including without limitation, the following:

  

	 	(i)	 The operation of domestic and international networks and premium pay television services (including the production, provision and/or delivery

	 	
of programming to cable system operators, satellite distribution services, telephone companies, Internet Protocol Television systems, mobile operators, broadband and other distribution platforms
and outlets) and websites and digital applications associated with such networks and pay television services; 

  

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

  

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

  

	 	(iv)	The publication and distribution of print and digital editions of magazines and other publishing and publishing-related ventures, including digital storefronts,
websites and digital applications associated with such magazines and other publishing and publishing-related ventures; direct-marketing; marketing services businesses and book publishing. 

 

	 	e)	“Competitive Entity” means “Competitive Entity” as defined in an employment agreement between the Company or any of its Affiliates and
the Participant or, if not defined therein, “Competitive Entity” means a business (whether conducted through an entity or by individuals including the Participant in self-employment) that is engaged in any business that competes, directly
or indirectly through any parent, subsidiary, affiliate, joint venture, partnership or otherwise, with (x) any of the business activities carried on by the Company in any geographic location where the Company conducts business (including
without limitation a Competitive Activity as defined herein), (y) any business activities being planned by the Company or in the process of development at the time of the termination of the Participant’s Employment (as evidenced by written
proposals, market research, RFPs and similar materials) or (z) any business activity that the Company has covenanted, in writing, not to compete with in connection with the disposition of such a business. 

 

	 	f)	“Disability” means “Disability” as defined in an employment agreement between the Company or any of its Affiliates and the Participant
or, if not defined therein or if there shall be no such agreement, “disability” of the Participant shall have the meaning ascribed to such term in the Company’s long-term disability plan or policy, as in effect from time to time.

  

	 	g)	 “Division Change in Control” means (i) a transfer by the Company or any Affiliate of the Participant’s Employment to
a corporation, company or other 

  
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entity whose financial results are not consolidated with those of the Company or (ii) a change in the ownership structure of the Affiliate with which the Participant has Employment such that
the Affiliate’s financial results are no longer consolidated with those of the Company. 

  

	 	h)	“Employment Agreement” means the Amended and Restated Employment Agreement dated December 11, 2007 between the Participant and the Company,
as such employment agreement may be amended, superseded or replaced. 

  

	 	i)	“Measurement Period” means the three-year period ending on the December 31 prior to the regularly scheduled Vesting Date.

  

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

  

	 	k)	“Participant” means an individual to whom PSUs have been awarded pursuant to the Plan and shall have the same meaning as may be assigned to the
terms “Holder” or “Participant” in the Plan. 

  

	 	l)	“Performance Level” means the level of performance achieved by the Company during a measurement period (generally, the Measurement Period) based
on the Adjusted EPS achieved as compared to the Target Adjusted EPS and the TSR Percentile for such period, which is used to determine the percentage of Target PSUs that will vest, as set forth in paragraph 4. 

 

	 	m)	“Performance Period” means the year with respect to which the Section 162(m) Performance Target is set by the Committee.

  

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

 

	 	o)	 “Prohibited Action” means (x) rendering any services to, managing, operating, controlling, or acting in any capacity
(whether as a principal, partner, director, officer, member, agent, employee, consultant, owner, independent contractor or otherwise and whether or not for compensation) for, any person or entity that is a Competitive Entity, or (y) acquiring
any interest of any type in any Competitive Entity, including without limitation as an owner, holder or beneficiary of any stock, stock options or other equity interest (except as permitted by the next sentence). The following items shall not be
considered a “Prohibited Action:” acquiring solely as an investment and through market purchases (i) securities of any Competitive Entity that are registered under

  
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Section 12(b) or 12(g) of the Securities Exchange Act of 1934 (the “Exchange Act”) and that are publicly traded, so the Participant or any entity under the Participant’s
control are not part of any control group of such Competitive Entity and such securities, including converted or convertible securities, do not constitute more than one percent (1%) of the outstanding voting power of that entity and
(ii) securities of any Competitive Entity that are not registered under Section 12(b) or 12(g) of the Exchange Act and are not publicly traded, so long as the Participant or any entity under the Participant’s control is not part of
any control group of such Competitive Entity and such securities, including converted securities, do not constitute more than three percent (3%) of the outstanding voting power of that entity, provided that in each case the Participant has no
active participation in the business of such entity. 

  

	 	p)	“Retirement” means a termination of employment by the Participant (i) following the attainment of age 55 with ten (10) or more
years of service as an employee or a director with the Company or any Affiliate or (ii) pursuant to a retirement plan or early retirement program of the Company or any Affiliate. 

 

	 	q)	“Section 162(m) Performance Target” means the specific written objective goal or goals based on the criteria set forth in Section 9(b) of
the Plan and that are timely approved by the Committee pursuant to Section 9(b) of the Plan for the Participant for the applicable Performance Period. 

 

	 	r)	“Shares” means shares of Common Stock of the Company. 

 

	 	s)	“Target Adjusted EPS” means the cumulative amount of Adjusted EPS for the Measurement Period established by the Committee at the time it
approves the grant of PSUs, together with a range of amounts of cumulative Adjusted EPS above and below the Target Adjusted EPS that correlate to percentages of the target PSUs that range from 0% to 200% of such target PSUs.

  

	 	t)	“Total Shareholder Return” or “TSR” means a company’s total shareholder return, calculated based on stock price
appreciation during a specified period plus the value of dividends paid on such stock during the period (which shall be deemed to have been reinvested in the underlying company’s stock effective the “ex-dividend” date based on the
closing price for such company for purposes of measuring TSR). 

  

	 	u)	 “TSR Percentile” means the percentile rank of the TSR for the Shares during a specified period (generally the Measurement
Period) relative to the TSR for each of the companies in the S&P 500 Index (the “Index”) at the beginning and throughout such period; provided, however, that for purposes of measuring the TSR Percentile,
(i) the Index shall be deemed to include companies that were removed from the S&P 500 Index during the period but that continued during the entire period to have their shares listed on at least one of the NYSE, NASDAQ, American Stock
Exchange, Boston Stock Exchange, Chicago Stock Exchange, 

  
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National Stock Exchange (formerly Cincinnati Stock Exchange), NYSE Arca (formerly known as the Pacific Stock Exchange) or Philadelphia Stock Exchange; and (ii) the beginning and ending TSR
values shall be calculated based on the average of the closing prices of the applicable company’s stock on the composite tape for the 30 trading days prior to and including the beginning or ending date, as applicable, of the period.

  

	 	v)	“Vesting Date” means the vesting date set forth in the Notice of Grant of Performance Stock Units. 

 

	2.	Grant of Performance Stock Units.  The Company hereby grants to the Participant (the “Award”), on the terms and
conditions hereinafter set forth, the target number of PSUs (the “Target PSUs”) set forth in the Notice. Each PSU represents the unfunded, unsecured right of the Participant to receive a Share on the date(s) specified herein,
subject to achievement of the relevant performance criteria. The Target PSUs represent the number of PSUs that will vest on the Vesting Date if the Company achieves (a) the Section 162(m) Performance Target and (b) the
“Target” Performance Level for the Measurement Period, and the Participant remains in Employment through the Vesting Date. PSUs do not constitute issued and outstanding shares of Common Stock for any corporate purposes and do not confer on
the Participant any right to vote on matters that are submitted to a vote of holders of Shares. 

  

	3.	Dividend Equivalents and Retained Distributions.  If on any date while PSUs are outstanding hereunder the Company shall pay any regular cash
dividend on the Shares, the Participant shall not be entitled to receive the amount of cash equal to the dividend paid on a Share as a dividend equivalent payment (the “Dividend Equivalents”) at the time the regular cash
dividend is paid to holders of Shares. If on any date while PSUs are outstanding hereunder the Company shall pay any dividend (including a regular cash dividend) or make any other distribution on the Shares, then, the Participant shall be credited
with a bookkeeping entry equivalent to such dividend or distribution for each Target PSU held by the Participant on the record date for such dividend or distribution, but the Company shall retain custody of all such dividends and distributions (the
“Retained Distributions”) unless the Board has in its sole discretion (and in a manner consistent with Section 19 of the Plan) determined that an amount equivalent to such dividend other than a regular cash
dividend or distribution shall be paid currently to the Participant; provided, however, that if the Retained Distribution relates to a dividend paid in Shares, the Participant shall receive an additional amount of PSUs (i.e., by
increasing the number of Target PSUs) equal to the product of (I) the aggregate number of Target PSUs held by the Participant pursuant to this Agreement through the related dividend record date, multiplied by (II) the number of Shares
(including any fraction thereof) payable as a dividend on a Share. Retained Distributions will not bear interest and will be subject to the same restrictions as the PSUs to which they relate. Retained Distributions will be paid only with respect to
the number of Shares that vest pursuant to paragraphs 4, 5 or 6 and will be paid in cash at the same time that Shares are issued to the Participant pursuant to paragraphs 4, 5 or 6, applicable. Notwithstanding anything else contained in this
paragraph 3, no payment of Retained Distributions shall occur before the first date on which a payment could be made without subjecting the Participant to tax under the provisions of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”). 

  
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	4.	Vesting and Delivery of Vested Securities. 

  

	 	a)	Section 162(m) Vesting Requirement.  The Award is subject to performance vesting requirements based on the achievement of the Section 162(m)
Performance Target for the Performance Period and the certification of achievement of such Section 162(m) Performance Target by the Committee pursuant to Section 9(b) of the Plan. The Section 162(m) Performance Target shall be
established by the Committee for the Award no later than 90 days following the beginning of the Performance Period that applies to the Award. If the Section 162(m) Performance Target for the Award is not satisfied, all of the PSUs in the Award
and any Retained Distributions will be forfeited immediately, other than in the event of the Participant’s death or a Change in Control or Division Change in Control prior to the end of the Performance Period. 

 

	 	b)	If the Section 162(m) Performance Target for the Award is satisfied as certified by the Committee, then, subject to the terms and provisions of the Plan and this
Agreement, on the Vesting Date, the Company shall issue or transfer to the Participant the number of Shares corresponding to the Performance Level achieved during the Measurement Period and the Retained Distributions, if any, relating to such
Shares. Except as otherwise provided in paragraphs 5, 6 and 7, the vesting of such PSUs and any Retained Distributions relating thereto shall occur only if the Participant has continued in Employment of the Company or any of its Affiliates on the
Vesting Date and has continuously been so employed since the Date of Grant (as defined in the Notice of Grant of Performance Stock Units). The Performance Level achieved shall be determined as described below and approved by the Committee following
the conclusion of the Measurement Period, and, as of the Vesting Date, a percentage (between 0% and 200%) of the target number of PSUs shall vest, as follows: 

 

	 	(i)	The Committee shall determine a percentage (between 0% and 200%) of the target number of PSUs based on the cumulative Adjusted EPS of the Company achieved for the
Measurement Period compared to the Target Adjusted EPS for the Measurement Period (the “Base Percentage”). 

  

	 	(ii)	The Base Percentage will be multiplied by a factor ranging from 80% to 120%, depending on the Company’s TSR Percentile for the Measurement Period (the
“TSR Factor”). If the Company’s TSR Percentile for the Measurement Period is ranked at or below the 25th percentile, the TSR Factor shall be 80%. If the Company’s TSR Percentile for the Measurement Period is ranked at
or above the 75th percentile, the TSR Factor shall be
120%. If the Company’s TSR Percentile for the Measurement Period is ranked above the 25th percentile but below the 75th percentile, the TSR Factor shall be a percentage between 80% and 120% determined by linear interpolation, with a TSR Percentile of 50% resulting in a TSR Factor of 100%. 

  
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	 	(iii)	The Performance Level achieved and the percentage of the target number of PSUs that shall vest is equal to the Base Percentage multiplied by the TSR Factor, provided
that the final percentage shall not be greater than 200%. 

  

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

  

	 	d)	Final Issuance.  Upon the final issuance or transfer of Shares and Retained Distributions, if any, to the Participant pursuant to this Agreement, in
lieu of a fractional Share, the Participant shall receive a cash payment equal to the Fair Market Value of such fractional Share. 

  

	 	e)	Section 409A.  Notwithstanding anything else contained in this Agreement, no Shares or Retained Distributions shall be issued or transferred to a
Participant before the first date on which a payment could be made without subjecting the Participant to tax under the provisions of Section 409A of the Code. 

 

	5.	Termination of Employment. 

  

	 	(a)	If the Participant’s Employment with the Company and its Affiliates is terminated by the Participant for any reason other than those described in clauses (b), (c),
(d) and (e) below prior to the Vesting Date, then the PSUs covered by the Award and all Retained Distributions relating thereto shall be completely forfeited on the date of any such termination, unless otherwise provided in an employment
agreement between the Participant and the Company or an Affiliate. 

  

	 	(b)	If the Participant’s Employment is terminated pursuant to Section 4.2 of the Employment Agreement, then, subject to the Section 162(m) Performance Target
being satisfied as certified by the Committee, the Participant shall remain entitled to receive the PSUs that would otherwise vest (if any) on the Vesting Date based on the actual Performance Level achieved for the full Measurement Period, and any
Retained Distributions relating thereto, and such PSUs shall become vested, and Shares subject to such PSUs shall be issued or transferred to the Participant on the Vesting Date. 

  
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	 	(c)	If the Participant’s Employment terminates as a result of his or her death prior to the end of the Measurement Period, then the Company shall issue or transfer to
the Participant’s estate as soon as practicable a pro rata portion of the number of Shares underlying the PSUs determined as follows, plus all related Retained Distributions: 

 

	 	(x)	Multiplying the full number of PSUs covered by the Award that would vest based on the Performance Level that would result from (a) a Base Percentage determined
from the sum of (i) the Adjusted EPS achieved for each completed fiscal year from the beginning of the Measurement Period through the date of the Participant’s death plus (ii) the amount of Budgeted Adjusted EPS for each fiscal year
in the Measurement Period that was not completed on or before the date of the Participant’s death (provided that, in the case of death prior to the first anniversary of the Date of Grant, the Base Percentage would be 100%); and (b) a TSR
Factor based on the Company’s TSR Percentile for the period from the beginning of the Measurement Period through the end of the last fiscal quarter completed on or before the Participant’s death; 

 

	 	(y)	By a fraction, the numerator of which shall be the number of days from the Date of Grant through the date of the Participant’s death, and the denominator of which
shall be the number of days from the Date of Grant through the last day of the Measurement Period. 

 If the
product of (x) and (y) results in a fractional share, such fractional share shall be rounded to the next higher whole share. 
 The PSUs and any Retained Distributions related thereto that do not vest as described above shall be completely forfeited. 
  

	 	(d)	If the Participant terminates Employment due to Disability, then, subject to the Section 162(m) Performance Target being satisfied as certified by the Committee,
the Participant shall remain entitled to receive a pro rata portion of the PSUs that would otherwise vest (if any) on the Vesting Date based on the actual Performance Level achieved for the full Measurement Period, and any Retained Distributions
relating thereto, and such pro rata portion of the PSUs shall become vested, and Shares subject to such PSUs and any Retained Distributions relating thereto shall be issued or transferred to the Participant on the Vesting Date, determined as
follows: 

  

	 	(x)	the number of PSUs covered by the Award that would vest on the Vesting Date (based on the actual Performance Level achieved for the full Measurement Period) multiplied
by; 

  

	 	(y)	a fraction, the numerator of which shall be the number of days from the Date of Grant through the date of such termination, and the denominator of which shall be the
number of days from the Date of Grant through the last day of the Measurement Period. 

  
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 If the product of (x) and (y) results in a fractional share, such fractional
share shall be rounded to the next higher whole share. 
 The PSUs and any Retained Distributions related thereto that do not
vest as described above shall be completely forfeited following the end of the Measurement Period. 
  

	 	(e)	If the Participant’s Employment is terminated by the Participant due to Retirement, then, subject to the Section 162(m) Performance Target being satisfied as
certified by the Committee, the Participant shall receive the number of Shares, and any Retained Distributions related thereto, that would have vested if the Participant’s Employment had continued through the Vesting Date based on the actual
Performance Level achieved for the Measurement Period determined in accordance with Section 4 above, and such Shares and Retained Distributions, if any, shall be issued or transferred to the Participant on the Vesting Date. The PSUs and any
Retained Distributions related thereto that do not vest as described above shall be completely forfeited. Notwithstanding the foregoing provisions of this Section 5(d), if the Committee determines in its discretion (though subject to the
limitations in the following sentence) that the Participant has engaged in a Prohibited Action prior to the end of the Measurement Period, the Participant shall not receive a number of Shares based on the full Measurement Period as described in this
Section 5(d) and instead shall receive a pro-rated number of Shares, and any Retained Distributions related thereto, determined as set forth in Section 5(c). If the Participant is a licensed or registered attorney in the State of New York
or another U.S. jurisdiction, the non-compete provisions contained in the definition of Prohibited Action shall be interpreted and the Committee’s determination of whether the Participant has engaged in a Prohibited Action shall be made in a
manner consistent with, and applied only to the extent permissible under, the applicable rules of professional conduct (such as Rule 5.6 in the State of New York or its equivalent in other jurisdictions). 

For purposes of this Section 5, a temporary leave of absence shall not constitute a termination of Employment or a failure to be
continuously employed by the Company or any Affiliate regardless of the Participant’s payroll status during such leave of absence if such leave of absence is approved in writing by the Company or any Affiliate. Notice of any such approved leave
of absence should be sent to the Company at One Time Warner Center, New York, New York 10019, attention: Director, Global Stock Plans Administration, but such notice shall not be required for the leave of absence to be considered approved.

 In the event the Participant’s Employment with the Company or any of its Affiliates is terminated, the Participant shall
have no claim against the Company with respect to the PSUs and related Retained Distributions, if any, other than as set forth in this Section 5, the provisions of this Section 5 being the sole remedy of the Participant with respect
thereto. 

  
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	6.	Acceleration of Vesting Date.    Subject to Sections 4(d) and 7, in the event a Change in Control or a Division Change in Control
occurs prior to the end of the Measurement Period, the PSUs shall immediately vest and the Participant shall receive immediate payment in respect thereof determined as follows: 

(x) if the Change in Control or Division Change in Control occurs prior to the end of the Performance Period, the number of Target PSUs
shall be the number of PSUs that vest; or 
 (y) if the Change in Control or Division Change in Control occurs after the end of
the Performance Period, but prior to the end of the Measurement Period, the number of PSUs that vest will be determined based on the Performance Level that would result from (a) a Base Percentage determined from the sum of (i) the Adjusted
EPS achieved for each completed fiscal year from the beginning of the Measurement Period through the date of the Change in Control or Division Change in Control plus (ii) the amount of Budgeted Adjusted EPS for each fiscal year in the
Measurement Period that was not completed on or before the date of the Change in Control or Division Change in Control; and (b) a TSR Factor based on the Company’s TSR Percentile for the period from the beginning of the Measurement Period
through the end of the last fiscal quarter completed on or before the Change in Control or Division Change in Control; 
 (z)
plus all related Retained Distributions. 
 If the amounts of PSUs determined above would result in a fractional share, such
fractional share shall be rounded to the next higher whole share. 
  

	7.	Limitation on Acceleration.    Notwithstanding any provision to the contrary in the Plan or this Agreement, if the Payment (as
hereinafter defined) due to the Participant hereunder as a result of the acceleration of vesting of the PSUs pursuant to paragraph 6 of this Agreement, either alone or together with all other Payments received or to be received by the Participant
from the Company or any of its Affiliates (collectively, the “Aggregate Payments”), or any portion thereof, would be subject to the excise tax imposed by Section 4999 of the Code (or any successor thereto), the following
provisions shall apply: 

  

	 	a)	If the net amount that would be retained by the Participant after all taxes on the Aggregate Payments are paid would be greater than the net amount that would be
retained by the Participant after all taxes are paid if the Aggregate Payments were limited to the largest amount that would result in no portion of the Aggregate Payments being subject to such excise tax, the Participant shall be entitled to
receive the Aggregate Payments. 

  
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	 	b)	If, however, the net amount that would be retained by the Participant after all taxes were paid would be greater if the Aggregate Payments were limited to the largest
amount that would result in no portion of the Aggregate Payments being subject to such excise tax, the Aggregate Payments to which the Participant is entitled shall be reduced to such largest amount. 

The term “Payment” shall mean any transfer of property within the meaning of Section 280G of the Code.

 The determination of whether any reduction of Aggregate Payments is required and the timing and method of any such required
reduction in Payments under this Agreement or in any such other Payments otherwise payable by the Company or any of its Affiliates consistent with any such required reduction, shall be made by the Participant, including whether any portion of such
reduction shall be applied against any cash or any shares of stock of the Company or any other securities or property to which the Participant would otherwise have been entitled under this Agreement or under any such other Payments, and whether to
waive the right to the acceleration of the Payment due under this Agreement or any portion thereof or under any such other Payments or portions thereof, and all such determinations shall be conclusive and binding on the Company and its Affiliates.
To the extent that Payments hereunder or any such other Payments are not paid as a consequence of the limitation contained in this paragraph 7, then the PSUs and Retained Distributions related thereto (to the extent not so accelerated) and such
other Payments (to the extent not vested) shall be deemed to remain outstanding and shall be subject to the provisions hereof and of the Plan as if no acceleration or vesting had occurred. Under such circumstances, if the Participant’s
Employment is terminated pursuant to Section 4.2 of the Employment Agreement, the portion of PSUs affected by the limitation under this paragraph 7 and Retained Distributions related thereto (to the extent that they have not already become
vested) shall become immediately vested in their entirety upon such termination and Shares subject to the PSUs shall be issued or transferred to the Participant, as soon as practicable following such termination of Employment, subject to the
provisions relating to Section 4999 of the Code set forth herein. 
 The Company shall promptly pay, upon demand by the
Participant, all legal fees, court costs, fees of experts and other costs and expenses which the Participant incurred in any actual, threatened or contemplated contest of the Participant’s interpretation of, or determination under, the
provisions of this paragraph 7. 
  

	8.	Withholding Taxes. 

  

	 	a)	 Obligation to Pay Withholding Taxes.  The Participant acknowledges and agrees that, regardless of any action the Company or the
Participant’s employer takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (the “Tax-Related Items”), the ultimate liability for all Tax-Related
Items legally due by the Participant (i) is and remains the Participant’s responsibility and (ii) may exceed the amount actually 

  
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withheld by the Company or the Participant’s employer. The Participant further agrees and acknowledges that the Company and the Participant’s employer (x) make no representations
or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of the Award, the vesting of the PSUs or the subsequent sale of any Shares acquired from vesting of the PSUs, and the
receipt of any Dividend Equivalents or Retained Distributions; and (y) do not commit to and are under no obligation to structure the terms of the Award to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any
particular tax result. Further, the Participant understands and acknowledges that if the Participant has become subject to tax in more than one jurisdiction between the Date of Grant and the date of any relevant taxable event, the Company and/or the
Participant’s employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Company’s obligation to deliver the Shares subject to the PSUs or to pay any
Dividend Equivalents or Retained Distributions shall be subject to payment of all Tax-Related Items by the Participant. 

  

	 	b)	Satisfaction of Company’s Withholding Obligations.  At the time any portion of an Award of PSUs, Dividend Equivalent or Retained
Distribution relating thereto, becomes taxable to the Participant, he or she will be required to pay to the Company or the Participant’s employer, as applicable, any Tax-Related Items due as a result of such taxable event. The Company or the
Participant’s employer shall have the right to withhold from any payment in respect of PSUs, transfer of Shares acquired at vesting, or payment made to the Participant or to any person hereunder, whether such payment is to be made in cash or in
Shares, all Tax-Related Items as shall be required, in the determination of the Company, pursuant to any statute or governmental regulation or ruling. The Participant acknowledges and agrees that the Company or the Participant’s employer, in
their sole discretion, may satisfy such withholding obligation by any one or a combination of the following methods: 

  

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

 

	 	(ii)	by requiring or allowing the Participant to pay the amount required to be withheld in cash or by check; 

 

	 	(iii)	by deducting the amount required to be withheld from the Participant’s current compensation or other amounts payable to the Participant; 

 

	 	(iv)	 by allowing the Participant to surrender other Shares that (A) in the case of Shares initially acquired from the Company (upon exercise of a stock
option or otherwise), have been owned by the Participant for such period 

  
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(if any) as may be required to avoid a charge to the Company’s earnings, and (B) have a fair market value on the date of surrender equal to the amount required to be withheld;

  

	 	(v)	by withholding a number of Shares to be issued upon delivery of Shares that have a fair market value equal to the minimum statutory amount required to be withheld;

  

	 	(vi)	by selling any Shares to the extent required to pay the amount required to be withheld; or 

 

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

The Company may satisfy its obligation to withhold the Tax-Related Items on Dividend Equivalents and Retained Distributions payable in
cash by withholding a sufficient amount from the payment or by such other means as the Committee in its sole discretion and without notice to the Participant deems appropriate, including withholding from salary or other amounts payable to the
Participant, Shares or cash having a value sufficient to satisfy the withholding obligation for Tax-Related Items. 
 The
Company will not issue any Shares to the Participant until the Participant satisfies the withholding obligation for Tax-Related Items. If the withholding obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the
Participant shall be deemed to have been issued the full number of Shares subject to the vested PSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of the
Participant’s participation in the Plan. 
  

	 	c)	Compliance with Applicable Laws. The Committee may also require the Participant to acknowledge that he or she shall not sell or transfer Shares except in
compliance with all applicable laws, and may apply such other restrictions on the sale or transfer of the Shares as it deems appropriate. 

  

	9.	Changes in Capitalization and Government and Other Regulations.  The Award shall be subject to all of the terms and provisions as provided in
this Agreement and in the Plan, which are incorporated by reference herein and made a part hereof, including, without limitation, the provisions of Section 10 of the Plan (generally relating to adjustments to the number of Shares subject to the
Award, upon certain changes in capitalization and certain reorganizations and other transactions). 

  

	10.	Forfeiture.    A breach of any of the foregoing restrictions or a breach of any of the other restrictions, terms and conditions of the
Plan or this Agreement, with respect to any of the PSUs or any Retained Distributions relating thereto, except as waived by the Board or the Committee, will cause a forfeiture of such PSUs and any Retained Distributions relating thereto.

  
 13 

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

  

	12.	Notices.  Any notice which either party hereto may be required or permitted to give the other shall be in writing and may be delivered
personally or by mail, postage prepaid, addressed to Time Warner Inc., at One Time Warner Center, New York, NY 10019, Attention: Director, Global Stock Plans Administration, and to the Participant at his or her address, as it is shown on the records
of the Company or its Affiliate, or in either case to such other address as the Company or the Participant, as the case may be, by notice to the other may designate in writing from time to time. 

 

	13.	Interpretation and Amendments.  The Board and the Committee (to the extent delegated by the Board) have plenary authority to interpret this
Agreement and the Plan, to prescribe, amend and rescind rules relating thereto and to make all other determinations in connection with the administration of the Plan. The Board or the Committee may from time to time modify or amend this Agreement in
accordance with the provisions of the Plan, provided that no such amendment shall adversely affect the rights of the Participant under this Agreement without his or her consent. 

 

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

  

	15.	Copy of the Plan.  By entering into the Agreement, the Participant agrees and acknowledges that he or she has received and read a copy of the
Plan. 

  

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

  

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

 

	18.	 Submission to Jurisdiction; Service of Process.  Each of the parties hereto hereby irrevocably submits to the jurisdiction of
the state courts of the State of New York located in the County of New York and the jurisdiction of the United States District 

  
 14 

	 	
Court for the Southern District of New York for the purposes of any suit, action or other proceeding arising out of or based upon this Agreement. Each of the parties hereto to the extent
permitted by applicable law hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding brought in such courts, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that such suit, action or proceeding in the above-referenced courts is brought in an inconvenient forum, that the venue of such suit, action or proceedings, is
improper or that this Agreement may not be enforced in or by such court. Each of the parties hereto hereby consents to service of process by mail at its address to which notices are to be given pursuant to paragraph 12 hereof.

  

	19.	 Personal Data.  The Company, the Participant’s local employer and the local employer’s parent company or companies
may hold, collect, use, process and transfer, in electronic or other form, certain personal information about the Participant for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The
Participant understands that the following personal information is required for the above named purposes: his/her name, home address and telephone number, office address (including department and employing entity) and telephone number, e-mail
address, date of birth, citizenship, country of residence at the time of grant, work location country, system employee ID, employee local ID, employment status (including international status code), supervisor (if applicable), job code, title,
salary, bonus target and bonuses paid (if applicable), termination date and reason, tax payer’s identification number, tax equalization code, US Green Card holder status, contract type (single/dual/multi), any shares of stock or directorships
held in the Company, details of all grants of PSUs (including number of grants, grant dates, vesting type, vesting dates, and any other information regarding PSUs that have been granted, canceled, vested, or forfeited) with respect to the
Participant, estimated tax withholding rate, brokerage account number (if applicable), and brokerage fees (the “Data”). The Participant understands that Data may be collected from the Participant directly or, on
Company’s request, from the Participant’s local employer. The Participant understands that Data may be transferred to third parties assisting the Company in the implementation, administration and management of the Plan, including the
brokers approved by the Company, the broker selected by the Participant from among such Company-approved brokers (if applicable), tax consultants and the Company’s software providers (the “Data Recipients”). The
Participant understands that some of these Data Recipients may be located outside the Participant’s country of residence, and that the Data Recipient’s country may have different data privacy laws and protections than the
Participant’s country of residence. The Participant understands that the Data Recipients will receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the
Participant’s participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Participant’s behalf by a broker or other third
party with whom the Participant may elect to deposit any Shares acquired pursuant to the Plan. The Participant understands that Data will be held only as long as necessary to implement, administer and manage the Participant’s participation in
the 

  
 15 

	 	
Plan. The Participant understands that Data may also be made available to public authorities as required by law, e.g., to the U.S. government. The Participant understands that the Participant
may, at any time, review Data and may provide updated Data or corrections to the Data by written notice to the Company. Except to the extent the collection, use, processing or transfer of Data is required by law, the Participant may object to the
collection, use, processing or transfer of Data by contacting the Company in writing. The Participant understands that such objection may affect his/her ability to participate in the Plan. The Participant understands that he/she may contact the
Company’s Stock Plan Administration to obtain more information on the consequences of such objection. 

  
 16EX-10.7

 Exhibit 10.7 
 2013 Stock Incentive Plan 
 Option Agreement 

Directors Version 1 (13SODIR) 
 For Use Beginning August 2013 
 TIME WARNER INC. 

NON-QUALIFIED STOCK OPTION AGREEMENT 
  

Time Warner Inc. (the “Company”), has granted the Participant an option (the “Option”) to purchase shares of its
common stock, $.01 par value per share (the “Shares”), on the Date of Grant set forth on the Notice (as defined below). 
 The Option is not intended to qualify as an “incentive stock option” under Section 422 of the Code and shall for all purposes be treated as a nonstatutory stock option. 

1.        GRANT OF OPTION.  The Company hereby grants to the Participant the
right and option to purchase the number of Shares set forth in the Notice, on the terms and conditions and subject to all the limitations set forth herein and in the Plan, which is incorporated herein by reference. “Notice” means
(i) the Notice of Grant of Stock Option that accompanies this Agreement, if this Agreement is delivered to the Participant in “hard copy,” and (ii) the screen of the website for the stock plan administration with the heading
“Vesting Schedule and Details,” which contains the details of the grant governed by this Agreement, if this Agreement is delivered electronically to the Participant. 

2.        EXERCISE PRICE.  The exercise price of the Shares covered by this
Option shall be as set forth in the Notice, subject to adjustment as provided in the Plan. 

3.        VESTING AND EXERCISABILITY.  Subject to the terms and conditions set
forth in this Agreement and the Plan, so long as the Participant remains an employee, director or consultant of the Company or an Affiliate, this Option shall vest and become exercisable on the first anniversary of the Date of Grant. 

4.        TERM OF OPTION.  Unless earlier terminated pursuant to the provisions
of this Agreement or the Plan, the unexercised portion of the Option shall expire and cease to be exercisable at the closing time of trading on the day preceding the tenth anniversary of the Date of Grant (the “Expiration Date”) (or at
5:00 p.m. Eastern time on the Expiration Date, if earlier). 

 
 2
 
  

 5.        TERMINATION OF
SERVICE.  In the event of the termination of the Participant’s service relationship (whether as an employee, director or consultant) with the Company or an Affiliate before the Participant has exercised the Option in full or the
Option has terminated pursuant to Paragraph 4, the following rules shall apply: 

  (a)      Cause.  If the Participant is removed as a director
of the Company for “cause” (within the meaning of the Company’s Restated Certificate of Incorporation and By-laws or the provisions of the General Corporation Law of the State of Delaware), the unvested portion of the Option shall
immediately terminate, and the vested portion of the Option shall remain exercisable for one (1) month following the Participant’s date of termination and shall not be exercisable after the end of such one-month period; provided,
that if the Participant is removed for cause on account of one or more acts of fraud, embezzlement or misappropriation committed by the Participant, the unvested and vested portions of the Option shall immediately terminate. 

  (b)      Retirement.  If the Participant’s service
relationship is voluntarily terminated by the Participant at any time (i) following the attainment of age 55 with ten (10) years of service with the Company or any Affiliate or (ii) pursuant to a mandatory retirement program for
non-employee directors of the Company, then the Option shall fully vest and become immediately exercisable, and shall remain exercisable for five (5) years following the Participant’s date of termination and shall not be exercisable after
the end of such five-year period; provided, that if the Company has given the Participant notice that his or her service relationship is being terminated under the circumstances described in Paragraph 5(a) above prior to the
Participant’s election to terminate under this Paragraph 5(b), then the provisions of Paragraph 5(a) shall be controlling. 
   (c)      Disability.  If the Participant’s service relationship is terminated as a result of the Participant’s Disability (as defined
in the Plan), then the Option shall fully vest and become immediately exercisable, and shall remain exercisable for three (3) years following the Participant’s date of termination and shall not be exercisable after the end of such
three-year period. 
   (d)      Death.  If the
Participant’s service relationship is terminated as a result of the Participant’s death, then the Option shall fully vest and become immediately exercisable, and shall remain exercisable by the Participant’s survivors for three
(3) years following the Participant’s date of death and shall not be exercisable after the end of such three-year period. 
   (e)      Not Re-elected as a Director.  If the Participant’s service relationship is terminated because (i) the Participant is not
nominated by the Company’s Board of Directors to stand for re-election at an annual stockholders’ meeting at which directors are to be elected, (ii) having been nominated for re-election,

 
 3
 
  

 
is not re-elected by the stockholders at such stockholders’ meeting, (iii) having been re-elected by fewer than a majority “for” votes of the votes cast by the stockholders at
such stockholders’ meeting in an uncontested election of directors, the Participant’s offer to resign from the Board of Directors is accepted by the Board of Directors, or (iv) any similar events that result in the Participant ceasing
to serve as a director of the Company, the Option shall fully vest and become immediately exercisable and shall remain exercisable for three (3) years following the Participant’s date of termination and shall not be exercisable after the
end of such three-year period; provided, that if at the time the Participant ceases to be a director of the Company under this Paragraph 5(e), the Participant satisfies the age and service requirements described in Paragraph 5(b), then the
provisions of Paragraph 5(b) shall be controlling. 

  (f)      Merger, Reorganization.  If the Participant’s
service relationship is terminated by the Company as a result of any corporate reorganization, merger or consolidation of the Company or because of a reduction in the size of the Board of Directors, then the Option shall fully vest and become
immediately exercisable, and shall remain exercisable for three (3) years following the Participant’s date of termination and shall not be exercisable after the end of such three-year period; provided that if at the time the
Participant ceases to be a director of the Company under this Paragraph 5(f), the Participant satisfies the age and service requirements described in Paragraph 5(b), then the provisions of Paragraph 5(b) shall be controlling. 

  (g)      Certain Resignations.  If the Participant’s
service relationship is voluntarily terminated by the Participant (i) for medical reasons, (ii) to accept a position with any federal, state or local government or any agency thereof, (iii) on the advice of counsel, due to a conflict
of interest or (iv) in the discretion of the Committee, for any reason the Committee determines to be similar to the foregoing, then the Option shall fully vest and become immediately exercisable and shall remain exercisable for three
(3) years following the Participant’s date of termination and shall not be exercisable after the end of such three-year period. 
   (h)      Other.  If the Participant’s service relationship is terminated other than under any of the circumstances described in Paragraphs
5(a) through 5(g) above, then the unvested portion of the Option shall immediately terminate (subject to Paragraph 6 below), and the vested portion of the Option shall remain exercisable for three (3) months following the Participant’s
date of termination and shall not be exercisable after the end of such three-month period; provided, that if the Participant’s service relationship is terminated by the Company other than under the circumstances described in Paragraphs
5(a), 5(c) or 5(d) above, and at the time the Participant ceases to be a director of the Company, the Participant satisfies the age and service requirements described in Paragraph 5(b), then the provisions of Paragraph 5(b) shall be controlling.

 
 4
 
  

 Notwithstanding anything to the contrary in this Paragraph 5, in no event shall any
portion of this Option remain exercisable after the Expiration Date. If the Participant is a party to any employment or consulting agreement with the Company or any of its Affiliates, and such agreement provides for treatment of the Option that is
inconsistent with the provisions of this Paragraph 5, the more favorable provisions shall control. A change in status of an Participant within or among the Company and its Affiliates shall not affect the Option, except that a change in status from
employee of the Company or an Affiliate to a consultant of the Company or an Affiliate shall be treated and have the same effect as if the Participant had ceased to be an employee, director or consultant of the Company or any Affiliate, unless the
Committee determines otherwise. 
 6.        CHANGE IN CONTROL; DISSOLUTION AND
LIQUIDATION.  In the event a Change in Control (as defined in the Plan) has occurred, the unvested portion of the Option shall fully vest and become exercisable upon the earliest of (i) the expiration of the one-year period
immediately following the Change in Control, provided that the Participant’s service relationship with the Company has not been terminated, (ii) the termination of the Participant’s service relationship by the Company under the
circumstances described in Paragraph 5(h) and (iii) the regular vesting date. Upon the dissolution or liquidation of the Company, the Option shall terminate; provided that to the extent the Option has not yet terminated pursuant to
Paragraph 4 or Paragraph 5, (i) the Participant or the Participant’s survivors shall have the right immediately prior to such dissolution or liquidation to exercise the Option to the extent that the Option is then currently vested and
exercisable, and (ii) if a Change in Control shall have occurred within the twelve months immediately prior to the date of such liquidation or dissolution, the Participant or the Participant’s survivors shall have the right immediately
prior to such dissolution and liquidation to exercise the Option in full whether or not the Option is otherwise vested and exercisable as of such date. 
 7.        METHOD OF EXERCISING OPTION.  Subject to the terms and conditions of this Agreement, the Option may be exercised through an approved
broker/dealer by written notice on such form as is provided by the Company or pursuant to other procedures established by the Company. Such notice shall state the number of Shares with respect to which the Option is being exercised and shall be
signed (whether or not in electronic form) by the person exercising the Option. Payment of the exercise price for such Shares shall be made (a) in United States dollars in cash or by check or by wire transfer to the Company, (b) at the
discretion of the Committee, in accordance with procedures established by the Company, by delivery of Shares, having a fair market value equal as of the date of the exercise to the exercise price, (c) at the discretion of the Company, in
accordance with a cashless exercise program established with a securities brokerage firm, and approved by the Company, (d) through such other method of payment approved by the Company, (e) at the discretion of the Company, by any
combination of (a),(b),(c), and (d) above. The Company shall deliver a certificate or certificates (or other evidence of ownership) representing such Shares as soon as 

 
 5
 
  

 
practicable after the notice, the exercise price and any required withholding taxes have been received by the Company, provided, that the Company may delay issuance of such Shares until
completion of any action or obtaining of any consent, which the Company deems necessary or appropriate under any applicable law (including, without limitation, state securities or “blue sky” laws) and such Shares shall be subject to such
restrictions as the Committee may determine in accordance with the Plan. The certificate or certificates (or other evidence of ownership) representing the Shares as to which the Option shall have been so exercised shall be registered in the name of
the Participant and if the Participant shall so request in the notice exercising the Option, shall be registered in the name of the Participant and another person jointly, with right of survivorship and shall be delivered as provided above to or
upon the written order of the person or persons exercising the Option. In the event the Option shall be exercised by any person or person other than the Participant, such notice shall be accompanied by appropriate proof of the right of such person
or persons to exercise the Option. All Shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid and nonassessable. 
 8.        PARTIAL EXERCISE. Exercise of vested Options in accordance with this Agreement may be made in whole or in part at any time and from time to
time, except that no fractional Share shall be issued pursuant to the Option. 

9.        NON-ASSIGNABILITY. The Option shall not be transferable by the Participant
otherwise than by will or by the laws of descent and distribution, or as may be permitted under policies that may be adopted from time to time by the Committee in its sole discretion. The Option shall be exercisable, during the Participant’s
lifetime, only by the Participant (or, in the event of legal incapacity or incompetency, by the Participant’s guardian or representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise)
and shall not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any rights granted hereunder contrary to the provisions of this Paragraph 9, or
the levy of any attachment or similar process upon the Option or such rights shall be null and void. 

10.      NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE. The Participant shall have no rights as a
stockholder with respect to Shares subject to this Agreement until the issuance of the Shares. Except as is expressly provided in the Plan with respect to certain changes in the capitalization of the Company, no adjustment shall be made for
dividends or similar rights for which the record date is prior to the date of such registration. 

11.      CAPITAL CHANGES AND BUSINESS SUCCESSIONS. The Plan contains provisions covering the
treatment of Options in a number of contingencies such as stock splits and mergers. Provisions in the Plan for adjustment with respect to Shares subject to the Option and the related provisions with respect to successors to the business of the
Company are hereby made applicable hereunder and are incorporated herein by reference. 

 
 6
 
  

 12.      TAXES. Upon exercise of the Option,
the Participant shall be required to pay to the Company the amount of any applicable federal, state and local withholding taxes due as a result of such exercise. The Participant agrees that the Company may withhold from the Participant’s
remuneration, if any, the appropriate amount of federal, state and local withholding attributable to such amount that the Company believes it is obligated to withhold under the Code, including, but not limited to, income and employment taxes.
Subject to the right of the Committee to disapprove any such election and require the Participant to pay the required withholding taxes in cash, the Participant shall have the right to elect to pay the withholding taxes with Shares to be received
upon exercise of the Option, in accordance with procedures to be established by the Committee. Unless the Company shall permit another valuation method to be elected by the Participant, Shares used to pay any required withholding tax shall be valued
at the closing price of a Share as reported on the New York Stock Exchange Composite Tape on the date the withholding tax becomes due. Any election to pay withholding taxes with Shares must be made on or prior to the date the withholding tax becomes
due and shall be irrevocable once made. Any such election must be in conformity with the conditions established by the Company from time to time. The Participant further agrees that, if the Company does not withhold an amount from the
Participant’s remuneration sufficient to satisfy the Company’s income tax withholding obligation, the Participant shall reimburse the Company, in cash, for the amount under-withheld within thirty (30) days after the Company has given
the Participant notice of such under-withheld amount. 
 13.      NO OBLIGATION TO MAINTAIN
RELATIONSHIP OR GRANT OPTIONS. The Company is not by the Plan or this Option obligated to continue the Participant as an employee, director or consultant of the Company. The Participant also agrees and acknowledges that grants of Options
under the Plan are discretionary and any grant of Options under the Plan does not imply any obligation on the part of the Company to make any future option grants. 
 14.      NOTICES. Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile, registered
or certified mail, return receipt requested, addressed as follows: 
  

			
	If to the Company:	  	Time Warner Inc.
		  	One Time Warner Center
		  	New York, NY 10019
		  	Attn: Senior Vice President-Global Compensation and Benefits
		
	If to the Participant:	  	at the most recent address information set forth in the Company’s records;

 
 7
 
  

 or such other address or addresses of which notice in the same manner has previously been given. Any
such notice shall be deemed to have been given upon the earlier of the receipt, one business day following delivery to a nationally recognized overnight courier service or three business days following mailing by registered or certified mail.

 15.      GOVERNING LAW; SUBMISSION TO JURISDICTION.  This Agreement shall be
governed by and construed in accordance with the laws of the State of New York, without regard to its principles of conflicts of laws. The parties further agree that any and all disputes related to the subject matter of this Agreement shall be
brought only in a state or federal court of competent jurisdiction sitting in Manhattan, New York, and the parties hereby irrevocably submit to the jurisdiction of any such court and irrevocably agree that venue for any such action shall be only in
any such court. 
 16.      BENEFIT OF AGREEMENT.  Subject to the provisions of
the Plan and the other provisions hereof, this Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators, successors and assigns of the parties hereto. 

17.      ENTIRE AGREEMENT.  This Agreement, together with the Notice and the Plan,
embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement,
representation, warranty, covenant or agreement not expressly set forth in this Agreement or the Notice shall affect or be used to interpret, change or restrict, the express terms and provisions of this Agreement or the Notice; provided, that
this Agreement and the Notice shall be subject to and governed by the Plan, and in the event of any inconsistency between the provisions of this Agreement or the Notice and the provisions of the Plan, the provisions of the Plan shall govern.

 18.      MODIFICATIONS AND AMENDMENTS.  The terms and provisions of this
Agreement and the Notice may be modified or amended as provided in the Plan. 

19.      WAIVERS AND CONSENTS.  Except as provided in the Plan, the terms and provisions
of this Agreement and the Notice may be waived, or consent for the departure therefrom granted, only by a written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or
shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement or the Notice, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it
was given, and shall not constitute a continuing waiver or consent. 

 
 8
 
  

 20.      REFORMATION; SEVERABILITY.  If
any provision of this Agreement or the Notice (including any provision of the Plan that is incorporated herein by reference) shall hereafter be held to be invalid, unenforceable or illegal, in whole or in part, in any jurisdiction under any
circumstances for any reason, (i) such provision shall be reformed to the minimum extent necessary to cause such provision to be valid, enforceable and legal while preserving the intent of the parties as expressed in, and the benefits of the
parties provided by, this Agreement, the Notice and the Plan or (ii) if such provision cannot be so reformed, such provision shall be severed from this Agreement or the Notice and an equitable adjustment shall be made to this Agreement or the
Notice (including, without limitation, addition of necessary further provisions) so as to give effect to the intent as so expressed and the benefits so provided. Such holding shall not affect or impair the validity, enforceability or legality of
such provision in any other jurisdiction or under any other circumstances. Neither such holding nor such reformation or severance shall affect the legality, validity or enforceability of any other provision of this Agreement, the Notice or the Plan.

 21.      ENTRY INTO FORCE.  By entering into this Agreement, the Participant
agrees and acknowledges that the Participant has received and read a copy of the Plan. This Agreement shall not constitute a valid and binding obligation of the Company to the Participant until signed or electronically acknowledged and agreed to by
the Participant. The Participant acknowledges and agrees that the Participant may be entitled from time to time to receive certain other documents related to the Company, including the Company’s annual report to stockholders and proxy statement
related to its annual meeting of stockholders (which become available each year approximately three months after the end of the calendar year), and the Participant consents to receive such documents electronically through the Internet or as the
Company otherwise directs. 
 22.      DEFINED TERMS.  Any terms used but not
defined herein shall have the meanings given to such terms in the Plan.

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