Document:

FORM OF TAX MATTERS AGREEMENT

 Exhibit 10.2 

TAX MATTERS AGREEMENT (this “Agreement”), dated as
of             , 2014, by and between TIME WARNER INC., a Delaware corporation (“TWX”), and TIME INC., a Delaware corporation (“Time” and, together with TWX, the
“Parties”). 
 W I T N E S S E T H : 

WHEREAS Time is a wholly-owned subsidiary of TWX and a member of its consolidated group; 

WHEREAS, pursuant to the Separation Agreement, TWX and Time have effected or agreed to effect (i) the Internal Reorganization (the steps
of which are described in Appendix A) and (ii) the Distribution (together, the “Transactions”); and 
 WHEREAS the Parties
intend that each step of the Transactions qualify for its Intended Tax Treatment; 
 NOW, THEREFORE, in consideration of the mutual
covenants and agreements contained herein, the Parties hereby agree as follows: 
 ARTICLE I 

Definitions 
 SECTION
1.01. Definition of Terms. The following terms shall have the following meanings. Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Separation Agreement. 

“10% Acquisition Transaction” has the meaning set forth in Section 4.06. 

“2014 UK Returns” means the corporation Tax return and statutory accounts and any related or supporting documentation or
computations of each Group Member (other than any Group Member that is not U.K. resident for U.K. Tax purposes) for the period commencing on January 1, 2014. 

“Active Trade or Business” means the active conduct (determined in accordance with Section 355(b) of the Code) of the
trade or business described in the Tax Opinion Representations for purposes of satisfying the requirements of Section 355(b) of the Code as it applies to the Distribution with respect to Time. 

“Agreement” has the meaning set forth in the preamble. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Determination” means (i) any final determination of liability in respect of a Tax that, under applicable Law, is not
subject to further appeal, review or modification through proceedings or otherwise (including the expiration of a statute of limitations or 

 
period for the filing of claims for refunds, amended Tax Returns or appeals from adverse determinations), including a “determination” as defined in Section 1313(a) of the Code or
execution of an IRS Form 870AD, or (ii) the payment of Tax by a Party (or its Subsidiary) that is responsible for payment of that Tax under applicable Law, with respect to any item disallowed or adjusted by a Taxing Authority, as long as
the responsible Party determines that no action should be taken to recoup that payment and the other Party agrees. 
 “EMA”
means the Employee Matters Agreement dated as of             , 2014, by and between TWX and Time, including the Schedules thereto. 

“GPA” means the group payment arrangement made pursuant to Section 59F of the Taxes Management Act 1970 under reference
number 900 6306715390 A 07. 
 “GPA Member” has the meaning set forth in Section 6.01(a). 

“Group Member” means each member of the IPC Tax Group, each member of the TAEHL Tax Group and UK HoldCo. 

“Group Relief” means any (i) relief surrendered, obtained or claimed pursuant to Part V of the Corporation Tax Act 2010,
(ii) refund of Taxes surrendered or claimed pursuant to Section 963 of the Corporation Tax Act 2010, (iii) allocation or reallocation of profits, losses or gains for capital gains Tax purposes pursuant to an election under
Section 171A or Section 179A of the Taxation of Chargeable Gains Act 1992 (and references to a “surrender” of such relief will be construed accordingly), (iv) notional reallocation of a gain pursuant to an election under
Section 792 of the Corporation Tax Act 2009 or (v) eligible unrelieved foreign Tax surrendered or claimed pursuant to the Double Taxation Relief (Surrender of Relievable Tax Within a Group) Regulations 2001. 

“Indemnifying Party” means a Party that has an obligation to make an Indemnity Payment. 

“Indemnitee” means a Party that is entitled to receive an Indemnity Payment. 

“Indemnity Payment” means an indemnity payment contemplated by the Separation Agreement, this Agreement or any other
Ancillary Agreement. 
 “Intended Tax Treatment” means the U.S. Intended Tax Treatment and the U.K. Intended Tax Treatment.

 “IPC Tax Group” means Time UK Publishing Holdings Limited, a U.K. private limited company, and any Person that is or was
a Subsidiary of Time UK Publishing Holdings Limited as of the Distribution or at any time prior to the Distribution. 

  
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 “IRS” means the U.S. Internal Revenue Service. 

“Nominated Company” means Time Warner Limited, a U.K. private limited company. 

“Ordinary Course of Business” means an action taken by a Person only if such action is taken in the ordinary course of the
normal day-to-day operations of such Person. 
 “Ordinary Taxes” means Taxes other than (i) Transaction Taxes and
(ii) Transfer Taxes described in Section 2.04. 
 “Parties” has the meaning set forth in the preamble. 

“Pre-Distribution Tax Period” means any taxable period (or portion thereof) that ends on or before the Distribution Date.

 “Proposed Acquisition Transaction” has the meaning set forth in Section 4.03(b). 

“Records” has the meaning set forth in Section 5.01. 

“Refund Recipient” has the meaning set forth in Section 2.05. 

“Regulations” means the Treasury regulations promulgated under the Code. 

“Repayment” has the meaning set forth in Section 6.02(c). 

“Restricted Period” has the meaning set forth in Section 4.03(a). 

“Ruling” means a private letter ruling (including any supplemental ruling) issued by the IRS in connection with the
Transactions, whether granted prior to, on or after the date hereof. 
 “Satisfactory Guidance” has the meaning set forth
in Section 4.04(b). 
 “Separation Agreement” means the Separation and Distribution Agreement dated as
of             , 2014, by and between TWX and Time, including the Schedules thereto. 

“SSE” has the meaning set forth in Appendix A. 

“Straddle Period” has the meaning set forth in Section 2.07(b). 

“Subsidiary” of any Person means any corporation or other organization, whether incorporated or unincorporated, of which at
least a majority of the securities or interests having by their terms ordinary voting power to elect at least a majority of the board of directors (or others performing similar functions with respect to such

  
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corporation or other organization) is directly or indirectly owned by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries. 

“TAEHL Tax Group” means Time Atlantic Europe Holdings Limited, a U.K. private limited company, and any Person that is or was
a Subsidiary of Time Atlantic Europe Holdings Limited as of the Distribution or at any time prior to the Distribution. 
 “Tax
Advisor” means (i) for purposes of Section 5.06, a local Tax counsel or accountant of recognized national standing in the relevant jurisdiction and (ii) for all other purposes of this Agreement, a U.S. Tax counsel of
recognized national standing. 
 “Tax Attribute” has the meaning set forth in Section 2.06(a). 

“Tax Contest” means an audit, review, examination or other administrative or judicial proceeding, in each case by any Taxing
Authority. 
 “Tax Dispute” has the meaning set forth in Section 5.06. 

“Tax Opinion Representations” means reasonable and customary representations regarding certain facts in existence at the
applicable time made by TWX and Time that serve as a basis for the Tax Opinions. 
 “Tax Opinions” means the written
opinions of Cravath, Swaine & Moore LLP and Herbert Smith Freehills LLP, in each case issued to TWX and Time, to the effect that each step of the Transactions should qualify for its U.S. Intended Tax Treatment and U.K. Intended Tax
Treatment, respectively. 
 “Tax Opinions/Rulings” means (i) any Ruling and (ii) any opinion of a Tax Advisor
relating to the Transactions, including those issued on the Distribution Date or to allow a party to take actions otherwise prohibited under Section 4.03(a) of this Agreement. 

“Tax Return” means any return, declaration, statement, report, form, estimate or information return relating to Taxes,
including any amendments thereto and any related or supporting information, required or permitted to be filed with any Taxing Authority. 

“Tax Return Preparer” means (i) with respect to any Tax Return that TWX is responsible for preparing under
Section 3.01(a), TWX, and (ii) with respect to any Tax Return that Time is responsible for preparing under Section 3.01(b), Time. 

“Taxes” means all forms of taxation or duties imposed by any Governmental Authority, or required by any Governmental
Authority to be collected or withheld, including charges, together with any related interest, penalties and other additional amounts. 

  
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 “Taxing Authority” means any Governmental Authority charged with the
determination, collection or imposition of Taxes. 
 “TCGA” has the meaning set forth in Appendix A. 

“Time” has the meaning set forth in the preamble. 

“Time Capital Stock” means (i) all classes or series of capital stock of Time, (ii) all options, warrants and other
rights to acquire interests described in clause (i) and (iii) all other instruments properly treated as equity of Time for U.S. Federal income Tax purposes. 

“Time Tax Group” means (i) Time, (ii) any Person that is or was a Subsidiary of Time as of the Distribution or at
any time prior to the Distribution and (iii) any Person that was a Subsidiary of one or more Persons described in clause (ii) at any time prior to the Distribution. 

“Transaction Tax Contest” means a Tax Contest with the purpose or effect of determining or redetermining Transaction Taxes.

 “Transaction Taxes” means all (i) Taxes imposed on TWX, Time or any of their respective Subsidiaries resulting
from the failure of any step of the Transactions to qualify for its Intended Tax Treatment, (ii) Taxes imposed on any third party resulting from the failure of any step of the Transactions to qualify for its Intended Tax Treatment for which
TWX, Time or any of their respective Subsidiaries is or becomes liable for any reason and (iii) reasonable, out-of-pocket legal, accounting and other advisory or court fees incurred in connection with liability for Taxes described in
clause (i) or (ii). 
 “Transactions” has the meaning set forth in the preamble. 

“Transfer Taxes” means all transfer, sales, use, excise, stock, stamp, stamp duty, stamp duty reserve, stamp duty land,
documentary, filing, recording, registration, value-added and other similar Taxes (excluding, for the avoidance of doubt, any income, gains, profit or similar Taxes, however assessed). 

“TWX” has the meaning set forth in the preamble. 

“TWX Consolidated Group” means any consolidated, combined, unitary or similar group of which (i) any member of the TWX
Tax Group is or was a member and (ii) any member of the Time Tax Group is or was a member. For the avoidance of doubt, “TWX Consolidated Group” shall not include any group for U.K. Tax purposes of which any member of the IPC Tax Group
or the TAEHL Tax Group is or was a member. 
 “TWX Tax Group” means TWX and any Person that is or was a Subsidiary of TWX
as of the Distribution or at any time prior to the Distribution, excluding each member of the Time Tax Group. 

  
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 “U.K. Intended Tax Treatment” means, with respect to each step of the
Transactions, the U.K. corporation Tax consequences (if any) set forth for such step in Appendix A. 
 “U.S. Intended Tax
Treatment” means, with respect to each step of the Transactions, the U.S. Federal income Tax consequences (if any) set forth for such step in Appendix A. 

“Unqualified Tax Opinion” has the meaning set forth in Section 4.04(c). 

ARTICLE II 
 Allocation of Tax
Liabilities and Tax Benefits 
 SECTION 2.01. TWX Indemnification of Time. After the Distribution, TWX shall be liable for, and
shall indemnify and hold Time harmless from, the following Taxes, whether incurred directly by Time or indirectly through one of its Subsidiaries: 

(a) Ordinary Taxes of TWX and its Subsidiaries for any taxable period; 

(b) Transfer Taxes for which TWX is responsible under Section 2.04; and 

(c) Transaction Taxes; 
 in each case, other
than Taxes for which Time is liable under Section 2.02. 
 SECTION 2.02. Time Indemnification of TWX. After the Distribution,
Time shall be liable for, and shall indemnify and hold TWX harmless from, the following Taxes, whether incurred directly by TWX or indirectly through one of its Subsidiaries (but without duplication of any such Taxes that Time has already paid (or
caused to be paid) pursuant to Article VI): 
 (a) Ordinary Taxes (i) of TWX and its Subsidiaries for any Pre-Distribution Tax
Period to the extent attributable to the Time Tax Group, (ii) of Time and its Subsidiaries for any taxable period other than a Pre-Distribution Tax Period or (iii) of TWX and its Subsidiaries imposed under Section 1.1503(d)-6 of the
Regulations relating to the recapture of any “dual consolidated loss” (within the meaning of Section 1503(d)(2) of the Code) incurred by any member of the Time Tax Group; 

(b) Transfer Taxes for which Time is responsible under Section 2.04; and 

(c) Transaction Taxes attributable to: 

(i) the failure to be true when made or deemed made of (A) any Tax Opinion Representation made by Time or (B) any
representation made by Time, any Subsidiary of Time, any counterparty to any Proposed Acquisition Transaction or any of such counterparty’s Affiliates for purposes of obtaining a Ruling or an Unqualified Tax Opinion intended to be Satisfactory
Guidance; 

  
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 (ii) any action or omission by Time or any Subsidiary of Time in breach of the
covenants set forth herein (including those in Section 4.03), in any other Ancillary Agreement or in the Separation Agreement; 

(iii) the application of Section 355(e) or 355(f) of the Code to the Internal Splitoff or the Distribution by virtue of
any acquisition of stock or assets of Time or any Subsidiary of Time; or 
 (iv) any other action or omission by Time or any
Subsidiary of Time that Time knows or reasonably should expect, after consultation with a Tax Advisor, could give rise to Transaction Taxes, except to the extent such action or omission is otherwise expressly required or permitted by this Agreement
(other than under Section 4.04), any other Ancillary Agreement or the Separation Agreement; 
 provided, that for purposes of calculating any
amount due under Section 2.02(a), Time shall be deemed to have paid the Time Tax Group’s share of any Taxes paid by TWX or any of its Subsidiaries before the Distribution (whether in connection with a final period Tax Return or an
estimated Tax Return). For the avoidance of doubt, any Transaction Taxes resulting from the application of Section 355(e) or 355(f) of the Code to the Internal Splitoff or the Distribution by virtue of one or more persons acquiring directly or
indirectly stock representing a “50% or greater interest” (as such term is defined in Section 355(e)(4)(A) of the Code) in TWX are described in Section 2.01(c) and not in Section 2.02(c). 

SECTION 2.03. Allocation of Ordinary Taxes. (a) For purposes of Section 2.02(a)(i), in the case of any TWX Consolidated
Group: 
 (i) If any Ordinary Taxes arise as a result of any adjustments made after the Distribution to the portion of the
relevant Tax Return for a Pre-Distribution Tax Period that relates to a member of the Time Tax Group, the amount of Ordinary Taxes attributable to the Time Tax Group shall equal the excess, if any, of 

(A) the amount of Ordinary Taxes actually payable by the TWX Consolidated Group as a result of the adjustments for the
relevant period over 
 (B) the amount of Ordinary Taxes that would have been so payable had no adjustments been made to the
portions of the relevant Tax Returns relating to a member of the Time Tax Group; and 
 (ii) The amount of Ordinary Taxes
shown as due on any Tax Return filed after the Distribution that are attributable to the Time Tax Group shall equal the excess, if any, of 

(A) the amount of Ordinary Taxes actually shown as due on that Tax Return over 

  
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 (B) the amount of Ordinary Taxes that would have been shown as due on that Tax
Return had the relevant members of the Time Tax Group not been included in the TWX Consolidated Group. 
 (b) For the avoidance of doubt,
Time shall be liable for Taxes of any TWX Consolidated Group under Section 2.02(a)(i) only to the extent any adjustment (as described in Section 2.03(a)(i)) or the inclusion of any relevant member of the Time Tax Group in the relevant TWX
Consolidated Group (as described in Section 2.03(a)(ii)) results in an actual increase in the aggregate Tax liability of the TWX Consolidated Group in any period. To the extent that any such adjustment or inclusion in one taxable period
increases the amount of Ordinary Taxes actually payable by the TWX Consolidated Group in another taxable period, principles consistent with those in Section 2.03(a) shall apply to determine the amount of Ordinary Taxes attributable to the
Time Tax Group. 
 SECTION 2.04. Allocation of Transfer Taxes. TWX and Time each shall be responsible for any Transfer Taxes incurred
by the TWX Tax Group and the Time Tax Group, respectively, as a result of the Transactions. If, under applicable Law, both parties or neither party to a transfer are liable for Transfer Taxes (such as stamp duties imposed by Taxing Authorities in
the United Kingdom) resulting from such transfer, then TWX and Time shall be equally responsible for such Transfer Taxes. 
 SECTION 2.05.
Refunds, Credits and Offsets. (a) Subject to Section 2.06, if TWX, Time or any of their respective Subsidiaries receives any refund of any Taxes for which the other Party is liable under this Article II (or, in the case of any
Group Member, in respect of which payment has been made by or on behalf of such company to the Nominated Company under the GPA or under Article VI) (a “Refund Recipient”), such Refund Recipient shall pay to the other Party the entire
amount of the refund (including interest, but net of any Taxes imposed with respect to such refund) within 10 business days of receipt or accrual; provided, however, that the other Party, upon the request of such Refund Recipient,
shall repay the amount paid to the other Party (plus any penalties, interest or other charges imposed by the relevant Taxing Authority) in the event such Refund Recipient is required to repay such refund. In the event a Party would be a Refund
Recipient but for the fact it elected to apply a refund to which it would otherwise have been entitled against a Tax liability arising in a subsequent taxable period, then such Party shall be treated as a Refund Recipient and the economic benefit of
so applying the refund shall be treated as a refund, and shall be paid within 10 business days of the due date of the Tax Return to which such refund is applied to reduce the subsequent Tax liability. 

(b) For purposes of Section 2.05(a), in the case of any TWX Consolidated Group, the Time Tax Group shall be entitled to any refund of
Taxes only to the extent of the excess, if any, of (i) the amount of any refund (or reduction in subsequent Taxes) that the TWX Consolidated Group actually receives over (ii) the amount of any refund (or reduction in subsequent Taxes) that
the TWX Consolidated Group would have received had any adjustments made after the Distribution to the portions of any Tax Return relating to a member of the Time Tax Group not been made. 

  
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 SECTION 2.06. Carrybacks. (a) If a Tax Return of Time or any of its Subsidiaries
(other than any Group Member) for any taxable period ending after the Distribution Date reflects any net operating loss, net capital loss, excess Tax credit or other Tax attribute (a “Tax Attribute”), then Time or its applicable Subsidiary
shall waive the right to carry back any such Tax Attribute to a Pre-Distribution Tax Period to the extent permissible under applicable Law. In the event that Time or any of its Subsidiaries does carry back a Tax Attribute to a Pre-Distribution Tax
Period, then (i) subject to Section 2.06(b), no payment with respect to such carryback shall be due to Time or any of its Subsidiaries from TWX and (ii) if Time or any of its Subsidiaries receives any refund, credit or offset of any
Taxes in connection with such carryback, Time shall promptly pay to TWX the full amount of such refund or the economic benefit of the credit or offset (including interest, but net of any Taxes imposed with respect to such refund). 

(b) Notwithstanding Section 2.06(a), if TWX determines, in its sole discretion, that it has received, either from Time under
Section 2.06(a) or directly from a Taxing Authority, a refund of Taxes that Time has actually paid to TWX or to any Taxing Authority pursuant to this Agreement in connection with a carryback by Time or any of its Subsidiaries of a Tax Attribute
to a Pre-Distribution Tax Period, TWX shall pay (or repay) to Time the amount of such refund (net of any Taxes imposed with respect to such refund); provided, however, that Time agrees, upon TWX’s request, to repay such amount
(plus any penalties, interest or other charges imposed by the relevant Taxing Authority) in the event TWX is required to repay such refund. 

SECTION 2.07. Straddle Periods. (a) For U.S. Federal income Tax purposes, the taxable year of each member of the Time Tax Group
that was a member of the TWX Consolidated Group will close as of the end of the Distribution Date. TWX and Time shall take all commercially reasonable actions necessary or appropriate to close the taxable year of each member of the Time Tax Group
for all other U.S. Tax purposes as of the end of the Distribution Date to the extent permitted by applicable Law. 
 (b) For any taxable
period that includes (but does not end on) the Distribution Date (a “Straddle Period”), Taxes for the Pre-Distribution Tax Period shall be computed (i) in the case of Taxes imposed on a periodic basis (such as real, personal and
intangible property Taxes), on a daily pro rata basis and (ii) in the case of other Taxes generally, as if the taxable period ended as of the close of business on the Distribution Date and, in the case of any such other Taxes that are
attributable to the ownership of any equity interest in a partnership, other “flowthrough” entity or “controlled foreign corporation” (within the meaning of Section 957(a) of the Code or any comparable U.S. state or local or
foreign Law), as if the taxable period of that entity ended as of the close of business on the Distribution Date (whether or not such Taxes arise in a Straddle Period of the applicable owner). 

  
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 ARTICLE III 

Tax Returns, Tax Contests and Other Administrative Matters 

SECTION 3.01. Responsibility for Preparing Tax Returns. (a) Except as described in Section 3.01(b), TWX shall timely prepare
any Tax Returns of the TWX Tax Group and the Time Tax Group that are required or permitted to be filed for any taxable period beginning before the Distribution Date. If Time is responsible for filing any such Tax Return under Section 3.03(a),
TWX shall, subject to Section 3.01(c), promptly deliver such prepared Tax Return to Time reasonably in advance of the applicable filing deadline. 

(b) Time shall timely prepare (i) all 2014 UK Returns and (ii) any Tax Returns of the Time Tax Group that are required or permitted
to be filed for any taxable period beginning before the Distribution Date if such Tax Returns are of a type that a member of the Time Tax Group has historically been responsible for preparing, including Tax Returns set forth on
Schedule 3.01(b). If TWX is responsible for filing any such Tax Return under Section 3.03(a), Time shall, subject to Section 3.01(c), promptly deliver such prepared Tax Return to TWX reasonably in advance of the applicable filing
deadline. 
 (c) Except as otherwise described on Schedule 3.01(c), to the extent that any Tax Return described in Section 3.01(a)
or (b) directly relates to matters for which another Party may have an indemnification obligation to the Tax Return Preparer, or that may give rise to a refund to which that other Party would be entitled, under this Agreement, the Tax Return
Preparer shall (i) prepare the relevant portions of the Tax Return on a basis consistent with past practice, except (A) as required by applicable Law or to correct any clear error, (B) as a result of changes or elections made on any
Tax Return of a TWX Consolidated Group that do not relate primarily to the Time Tax Group or (C) as mutually agreed by the Parties; (ii) notify the other Party of any such portions not prepared on a basis consistent with past practice;
(iii) provide the other Party a reasonable opportunity to review the relevant portions of the Tax Return; (iv) consider in good faith any reasonable comments made by the other Party; and (v) use commercially reasonable efforts to
incorporate, in the portion of such Tax Return related to the other Party’s potential indemnification obligation (or refund entitlement), any reasonable comments made by the other Party relating to the Tax Return Preparer’s compliance with
clause (i). The Parties shall attempt in good faith to resolve any issues arising out of the review of any such Tax Return. 
 SECTION
3.02. Information Packages. Each Party (i) shall provide to the other Party (in the format reasonably determined by the other Party) all information and assistance requested by the other Party as reasonably necessary to prepare any Tax
Return described in Section 3.01(a) or (b) on a timely basis consistent with the current practices of TWX and its Subsidiaries in preparing Tax Returns and (ii) in so providing such information and assistance, shall use any systems
and third party service providers as are consistent with the current practices of TWX and its Subsidiaries in preparing Tax Returns. 

  
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 SECTION 3.03. Filing of Tax Returns and Payment of Taxes. (a) Each Party shall
execute and timely file each Tax Return that it is responsible for filing under applicable Law and shall timely pay to the relevant Taxing Authority any amount shown as due on each such Tax Return; provided, that (i) no Group Member
shall file, amend, withdraw, revoke or otherwise alter any Tax Return that relates to any event occurring on or before the Distribution Date and (ii) neither Time nor any of its Subsidiaries shall file, amend, withdraw, revoke or otherwise
alter any Tax Return of any TWX Consolidated Group, in each case, without the prior written consent of TWX, which shall not be unreasonably withheld or delayed, except that TWX’s consent shall not be required for the filing of any Tax Return
(without amendment) prepared by TWX pursuant to Section 3.01(a). The obligation to make payments pursuant to this Section 3.03(a) shall not affect a Party’s right, if any, to receive payments under Section 3.03(b) or otherwise be
indemnified with respect to that Tax liability. 
 (b) In addition to its obligations under Section 3.01(c), the relevant Tax Return
Preparer shall, no later than 5 business days before the due date (including extensions) of any Tax Return described in Section 3.01(a) or (b), notify the other Party of any amount (or any portion of any such amount) shown as due on that Tax
Return for which the other Party must indemnify the Tax Return Preparer under this Agreement. The other Party shall pay such amount to the Tax Return Preparer no later than the due date (including extensions) of the relevant Tax Return. A failure by
an Indemnitee to give notice as provided in this Section 3.03(b) shall not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except to the extent that the Indemnifying Party shall have been actually
prejudiced by such failure. 
 SECTION 3.04. Tax Contests. (a) TWX or Time, as applicable, shall, within 10 business days of
becoming aware of any Tax Contest (including a Transaction Tax Contest) that could reasonably be expected to cause the other Party to have an indemnification obligation under this Agreement, notify the other Party of such Tax Contest and thereafter
promptly forward or make available to the Indemnifying Party copies of notices and communications relating to the relevant portions of such Tax Contest. A failure by an Indemnitee to give notice as provided in this Section 3.04(a) (or to
promptly forward any such notices or communications) shall not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except to the extent that the Indemnifying Party shall have been actually prejudiced by such
failure. 
 (b) TWX and Time each shall have the exclusive right to control the conduct and settlement of any Tax Contest, other than a
Transaction Tax Contest, relating to any Tax Return that it is responsible for preparing pursuant to Section 3.01. Notwithstanding the foregoing, if the conduct or settlement of any portion or aspect of any such Tax Contest could reasonably be
expected to cause a Party to have an indemnification obligation under this Agreement, then (i) the Indemnifying Party shall have the right to share joint control over the conduct and settlement of that portion or aspect and (ii) whether or
not the Indemnifying Party exercises that right, the Indemnitee shall not accept or enter into any settlement without the consent of the Indemnifying Party, which shall not be unreasonably withheld or delayed; provided, that Time agrees to,
and shall not dispute or contest, any affirmative adjustments that are described on Schedule 3.04(b). 

  
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 (c) TWX and Time shall have the right to control jointly the conduct and settlement of any
Transaction Tax Contest. Notwithstanding the foregoing, TWX shall be entitled to control exclusively the conduct and settlement of any Transaction Tax Contest if TWX notifies Time that (notwithstanding the rights and obligations of the Parties under
this Agreement) TWX agrees to pay (and indemnify Time against) any Transaction Taxes resulting from such Transaction Tax Contest. 
 (d) In
any case where the Parties control jointly the conduct and settlement of any Tax Contest (or portion or aspect thereof): (i) neither Party shall accept or enter into any settlement of such Tax Contest (or the relevant portion or aspect thereof)
without the consent of the other Party, which shall not be unreasonably withheld or delayed, (ii) both Parties shall have a right to review and consent, which consent shall not be unreasonably withheld or delayed, to any correspondence or
filings to be submitted to any Taxing Authority with respect to such Tax Contest (or the relevant portion or aspect thereof) and (iii) both Parties shall have the right to attend any formally scheduled meetings with any Taxing Authority or
hearings or proceedings before any judicial authority, in each case with respect to such Tax Contest (or the relevant portion or aspect thereof). 

SECTION 3.05. Expenses and Applicability. (a) Each Party shall bear its own expenses in the course of any Tax Contest, other than
expenses included in the definition of Transaction Taxes, which shall be governed by Article II. 
 (b) This Article III shall not
apply before the Distribution. 
 ARTICLE IV 

Tax Matters Relating to the Transactions 

SECTION 4.01. Mutual Representations. Each Party represents that it knows of no fact, and has no plan or intention to take any action,
that it knows or reasonably should expect, after consultation with a Tax Advisor, is inconsistent with the qualification of any step of the Transactions for its Intended Tax Treatment. 

SECTION 4.02. Mutual Covenants. (a) Each Party shall use its reasonable best efforts to cause the Tax Opinions to be issued,
including by executing the Tax Opinion Representations requested by Cravath, Swaine & Moore LLP or Herbert Smith Freehills LLP, in each case that are true and correct. 

(b) Except as otherwise expressly required or permitted by the Separation Agreement, this Agreement or any other Ancillary Agreement, after
the Distribution neither Party shall take or fail to take, or cause or permit its respective Subsidiaries to take or fail to take, any action, if such action or omission would be inconsistent with its Tax Opinion Representations. 

  
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 SECTION 4.03. Restricted Actions. (a) Subject to Section 4.04, during the period
beginning on the Distribution Date and ending on, and including, the last day of the two-year period following the Distribution Date (the “Restricted Period”), Time shall not (and shall not cause or permit any of its Subsidiaries to), in a
single transaction or a series of transactions: 
 (i) enter into any Proposed Acquisition Transaction; 

(ii) take any affirmative action that permits a Proposed Acquisition Transaction to occur by means of an agreement to which
neither Time nor any of its Subsidiaries is a party (including by (A) redeeming rights under a shareholder rights plan, (B) making a determination that a tender offer is a “permitted offer” under any such plan or otherwise
causing any such plan to be inapplicable or neutralized with respect to any Proposed Acquisition Transaction or (C) approving any Proposed Acquisition Transaction, whether for purposes of Section 203 of the Delaware General Corporate Law
or any similar corporate statute, any “fair price” or other provision of Time’s charter or bylaws or otherwise); 

(iii) liquidate or partially liquidate Time, whether by merger, consolidation or otherwise (provided that, for the
avoidance of doubt, a merger of another entity into Time or any of its Subsidiaries shall not constitute an action described in this Section 4.03(a)(iii)); 

(iv) cause or permit Time to cease to engage in the Active Trade or Business; 

(v) sell or transfer 50% or more of the gross assets of the Active Trade or Business or 50% or more of the consolidated gross
assets that Time held immediately before the Distribution (provided, however, that the foregoing shall not apply to (A) sales, transfers or dispositions of assets in the Ordinary Course of Business, (B) payments of cash to
acquire assets from an unrelated Person in an arm’s length transaction, (C) sales, transfers or dispositions of assets to a Person that is disregarded as an entity separate from the transferor for U.S. Federal income Tax purposes or
(D) any mandatory or optional repayments (or prepayments) of any indebtedness of Time or any of its Subsidiaries); or 

(vi) redeem or otherwise repurchase (directly or indirectly) any Time Capital Stock, except to the extent such redemptions or
repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to its amendment by Revenue Procedure 2003-48). 

(b) (i) For purposes of this Agreement, “Proposed Acquisition Transaction” means any transaction or series of transactions (or
any agreement, understanding or arrangement to enter into a transaction or series of transactions) as determined for purposes of Section 355(e) of the Code, in connection with which one or more Persons would (directly or indirectly) acquire, or
have the right to acquire, from any 

  
 13 

 
other Person or Persons, an interest in Time Capital Stock that, when combined with any other acquisitions of Time Capital Stock that occur after the Distribution (but excluding any other
acquisition described in clause (ii)) comprises 30% or more of the value or the total combined voting power of all interests that are treated as outstanding equity in Time for U.S. Federal income Tax purposes immediately after such transaction or,
in the case of a series of related transactions, immediately after any transaction in such series. For this purpose, any recapitalization, repurchase or redemption of Time Capital Stock and any amendment to the certificate of incorporation (or other
organizational documents) of Time shall be treated as an indirect acquisition of Time Capital Stock by any shareholder to the extent such shareholder’s percentage interest in interests that are treated as outstanding equity in Time for U.S.
Federal income Tax purposes increases by vote or value. 
 (ii) Notwithstanding the foregoing, a Proposed Acquisition
Transaction shall not include (x) the adoption by Time of a shareholder rights plan that meets the requirements of IRS Revenue Ruling 90-11, (y) transfers on an established market of Time Capital Stock that are described in Safe Harbor VII
of Section 1.355-7(d) of the Regulations or (z) issuances of Time Capital Stock that satisfy Safe Harbor VIII (relating to acquisitions in connection with a Person’s performance of services) or Safe Harbor IX (relating to acquisitions
by a retirement plan of an employer) of Section 1.355-7(d) of the Regulations. 
 (c) If Time merges or consolidates with another
entity to form a new entity, references in this Agreement to Time shall be to that new entity and Time Capital Stock shall refer to the capital stock or other relevant instruments or rights of that new entity. 

(d) The provisions of this Section 4.03, including the definition of “Proposed Acquisition Transaction”, are intended to
monitor compliance with Section 355 of the Code and shall be interpreted accordingly. Any clarification of, or change in, Section 355 of the Code or the Regulations thereunder shall be incorporated into this Section 4.03 and its
interpretation. 
 SECTION 4.04. Consent to Take Certain Restricted Actions. (a) Time may (and may cause or permit its
Subsidiaries to) take an action otherwise prohibited under Section 4.03(a) if TWX consents. TWX may not withhold its consent if Time has provided it with Satisfactory Guidance. 

(b) For purposes of this Agreement, “Satisfactory Guidance” means either a Ruling or an Unqualified Tax Opinion, at the election of
Time, in either case satisfactory to TWX in both form and substance, including with respect to any underlying assumptions or representations and any legal analysis contained therein, and concluding that the proposed action will not cause any step of
the Transactions to fail to qualify for its U.S. Intended Tax Treatment. 
 (c) For purposes of this Agreement, “Unqualified Tax
Opinion” means an unqualified “will” opinion of a Tax Advisor that permits reliance by TWX. The Tax 

  
 14 

 
Advisor, in issuing its opinion, shall be permitted to rely on the validity and correctness, as of the date given, of any previously issued Tax Opinions/Rulings, unless such reliance would be
unreasonable under the circumstances, and shall assume that each step of the Transactions would have qualified for its U.S. Intended Tax Treatment if the action in question did not occur. 

SECTION 4.05. Procedures Regarding Opinions and Rulings. (a) If Time notifies TWX that it desires to take a restricted action
described in Section 4.03(a) and seeks Satisfactory Guidance for purposes of Section 4.04, TWX, at the request of Time, shall use commercially reasonable efforts to expeditiously obtain, or assist Time in obtaining, such Satisfactory
Guidance. Notwithstanding the foregoing, TWX shall not be required to take any action pursuant to this Section 4.05(a) if, upon request, Time fails to certify that all information and representations relating to Time or any Subsidiary of Time
in the relevant documents are true, correct and complete or fails to obtain certification from any counterparty to any Proposed Acquisition Transaction that all information and representations relating to such counterparty in the relevant documents
are true, correct and complete. Time shall reimburse TWX for all reasonable out-of-pocket costs and expenses incurred by TWX or any Subsidiary of TWX in obtaining Satisfactory Guidance within 10 business days after receiving an invoice from TWX
therefor. 
 (b) TWX shall have the right to obtain a Ruling, any other guidance from any Taxing Authority or an opinion of Tax counsel or
an accounting firm relating to the Transactions at any time in TWX’s sole discretion. Time, at the request of TWX, shall use commercially reasonable efforts to expeditiously obtain, or assist TWX in obtaining, any such Ruling, other guidance or
opinion; provided, however, that Time shall not be required to make any representation or covenant that it does not reasonably believe is (and will continue to be) true, accurate and consistent with historical facts. TWX shall
reimburse Time for all reasonable out-of-pocket costs and expenses incurred by Time or any Subsidiary of Time in obtaining a Ruling, other guidance or opinion requested by TWX within 10 business days after receiving an invoice from Time therefor.

 (c) TWX shall have exclusive control over the process of obtaining any Ruling or other guidance from any Taxing Authority concerning the
Transactions, and Time shall not independently seek any Ruling or other guidance concerning the Transactions at any time. In connection with any Ruling requested by Time pursuant to Section 4.05(a) or that can reasonably be expected to affect
Time’s liabilities under this Agreement, TWX shall (i) keep Time informed of all material actions taken or proposed to be taken by TWX, (ii) reasonably in advance of the submission of any ruling request provide Time with a draft
thereof, consider Time’s comments on such draft and provide Time with a final copy thereof and (iii) provide Time with notice reasonably in advance of, and (subject to the approval of the IRS) permit Time to attend, any formally scheduled
meetings with the IRS that relate to such Ruling. 
 (d) Notwithstanding anything herein to the contrary, Time shall not seek a ruling with
respect to a Pre-Distribution Tax Period (whether or not relating to the Transactions) if TWX determines that there is a reasonable possibility that such action could have a significant adverse impact on TWX or any Subsidiary of TWX. 

  
 15 

 SECTION 4.06. Notification and Certification Regarding Certain Acquisition Transactions.
If Time proposes to enter into any 10% Acquisition Transaction or take any affirmative action to permit any 10% Acquisition Transaction to occur at any time during the 30-month period following the Distribution Date, Time shall undertake in good
faith to provide TWX, no later than 10 business days following the signing of any written agreement with respect to such 10% Acquisition Transaction or obtaining knowledge of the occurrence of any such 10% Acquisition Transaction that takes place
without written agreement, with a written description of such transaction (including the type and amount of Time Capital Stock to be acquired) and a brief explanation as to why Time believes that such transaction does not result in the application
of Section 355(e) or 355(f) of the Code to the Transactions. For purposes of this Section 4.06, “10% Acquisition Transaction” means any transaction or series of transactions that would be a Proposed Acquisition Transaction if the
percentage specified in the definition of Proposed Acquisition Transaction were 10% instead of 30%. 
 SECTION 4.07. Reporting. TWX
and Time shall (i) timely file any appropriate information and statements (including as required by Section 6045B of the Code and Section 1.355-5 and, to the extent applicable, Section 1.368-3 of the Regulations) to report
each step of the Transactions as qualifying for its U.S. Intended Tax Treatment and (ii) absent a change of Law or an applicable Determination otherwise, not take any position on any Tax Return that is inconsistent with such qualification. 

SECTION 4.08. Tax Treatment of Certain Amounts Paid Pursuant to the EMA. (a) All capitalized terms used in this Section 4.08
but not defined in this Agreement shall have the meanings ascribed to them in the EMA. 
 (b) Any U.S. Federal, state and local income Tax
deduction arising as a result of (i) the exercise, vesting or settlement of any TWX Equity Compensation Awards held by Post-Separation Time Employees and Former Time Employees and (ii) the payment of the TWX Dividend Equivalent
Reimbursement Amounts pursuant to Section 18.02 of the EMA shall, in each case, be claimed (if and when permitted by applicable Law) by TWX or one of its Subsidiaries, as applicable; provided, however, that if a deduction claimed
by TWX or one of its Subsidiaries pursuant to this Section 4.08(b) is disallowed by a Taxing Authority for any reason, Time or one of its Subsidiaries, as applicable, shall amend its applicable Tax Return to claim such deduction and pay to TWX
an amount equal to the Tax benefit actually realized by Time or any of its Subsidiaries resulting from such deduction; provided, however, that TWX, upon the request of Time, shall repay any amount paid to TWX under this
Section 4.08(b) (plus any penalties, interest or other charges imposed by the relevant Taxing Authority) in the event Time is required to surrender such Tax benefit. 

(c) Each Party shall timely provide the other Party with all information reasonably necessary for such other Party to exercise its rights and
comply with its obligations under Section 4.08(b). 
 SECTION 4.09. Agreement Regarding Dual Consolidated Losses. Time shall
enter into such agreements (including new domestic use agreements under 

  
 16 

 
Section 1.1503(d)-6(f)(2) of the Regulations), make such elections and take such other actions, in each case as reasonably requested by TWX or as otherwise required in order to avoid causing
the Distribution to be a “triggering event” requiring recapture of any “dual consolidated loss” (in each case, within the meaning of Section 1503(d) of the Code and the Regulations thereunder) for which a TWX Consolidated
Group has made a “domestic use election” under Section 1.1503(d)-6(d) of the Regulations and that was incurred by a member of the Time Tax Group during a Pre-Distribution Period. The Parties shall cooperate in implementing this
Section 4.09. 
 ARTICLE V 

Procedural Matters 

SECTION 5.01. Cooperation. Each Party shall cooperate with reasonable requests from the other Party in matters covered by this
Agreement, including in connection with the preparation and filing of Tax Returns, the calculation of Taxes, the determination of the proper financial accounting treatment of Tax items and the conduct and settlement of Tax Contests. Such cooperation
shall include: 
 (i) retaining until the expiration of the relevant statute of limitations (including extensions) records,
documents, accounting data, computer data and other information (“Records”) necessary for the preparation, filing, review, audit or defense of all Tax Returns relevant to an obligation, right or liability of either Party under this
Agreement; 
 (ii) providing the other Party reasonable access to Records and to its personnel (ensuring their cooperation)
and premises during normal business hours to the extent relevant to an obligation, right or liability of the other Party under this Agreement or otherwise reasonably required by the other Party to complete Tax Returns or to compute the amount of any
payment contemplated by this Agreement; and 
 (iii) notifying the other Party prior to disposing of any relevant Records and
affording the other Party the opportunity to take possession or make copies of such Records at its discretion. 
 SECTION 5.02.
Interest. Any payments required pursuant to this Agreement that are not made within the time period specified in this Agreement shall bear interest from the end of that period. Interest required to be paid pursuant to this Agreement shall,
unless otherwise specified, be computed at the rate and in the manner provided in the Code for interest on underpayments and overpayments, as applicable, for the relevant period. 

SECTION 5.03. Indemnification Claims and Payments. (a) An Indemnitee shall be entitled to make a claim for payment with respect to
Taxes under this Agreement when the Indemnitee determines that it is entitled to such payment and is able to calculate with reasonably accuracy the amount of such payment. Except as otherwise 

  
 17 

 
provided in Section 3.03(b), the Indemnitee shall provide to the Indemnifying Party notice of such claim within 60 business days of the first date on which it so becomes entitled to make
such claim. Such notice shall include a description of such claim and a detailed calculation of the amount claimed. 
 (b) Except as
otherwise provided in Section 3.03(b), the Indemnifying Party shall make the claimed payment to the Indemnitee within 30 business days after receiving such notice, unless the Indemnifying Party reasonably disputes its liability for, or the
amount of, such payment. 
 (c) A failure by an Indemnitee to give notice as provided in Section 3.03(b) or 5.03(a) shall not
relieve the Indemnifying Party’s indemnification obligations under this Agreement, except to the extent that the Indemnifying Party shall have been actually prejudiced by such failure. 

(d) Nothing in this Section 5.03 shall prejudice a Party’s right to receive payments pursuant to Section 3.03(b). 

SECTION 5.04. Amount of Indemnity Payments. The amount of any Indemnity Payment shall be (i) reduced to take into account any Tax
benefit actually realized by the Indemnitee resulting from the incurrence of the liability in respect of which the Indemnity Payment is made and (ii) increased to take into account any Tax cost actually realized by the Indemnitee resulting from
the receipt of the Indemnity Payment (including any Tax cost arising from such Indemnity Payment having resulted in income or gain to either Party, for example, under Section 1.1502-19 of the Regulations, and any Taxes imposed on additional
amounts payable pursuant to this clause (ii)). 
 SECTION 5.05. Treatment of Indemnity Payments. Any Indemnity Payment (other
than any portion of a payment that represents interest accruing after the Distribution Date) shall be treated by TWX and Time for all Tax purposes as a distribution from Time to TWX immediately prior to the Distribution (if made by Time to TWX) or
as a contribution from TWX to Time immediately prior to the Distribution (if made by TWX to Time), except as otherwise required by applicable Law or a Determination. 

SECTION 5.06. Tax Disputes. Notwithstanding Section 7.06, this Section 5.06 shall govern the resolution of any dispute
arising between the Parties in connection with this Agreement, other than a dispute (i) relating to liability for Transaction Taxes or (ii) in which the amount of liability in dispute exceeds $20 million (a “Tax Dispute”). The
Parties shall negotiate in good faith to resolve any Tax Dispute for 45 calendar days (unless earlier resolved). Upon notice of either Party after 45 calendar days, the matter will be referred to a Tax Advisor acceptable to both Parties. The Tax
Advisor may, in its discretion, obtain the services of any third party necessary to assist it in resolving the Tax Dispute. The Parties shall instruct the Tax Advisor to furnish notice to each Party of its resolution of the Tax Dispute as soon as
practicable, but in any event no later than 60 calendar days after its acceptance of the matter for resolution. Any such resolution by the Tax Advisor will be binding on the Parties and the 

  
 18 

 
Parties shall take, or cause to be taken, any action necessary to implement the resolution. All fees and expenses of the Tax Advisor shall be shared equally by the Parties. If, having determined
that a Tax Dispute must be referred to a Tax Advisor, after 45 calendar days the Parties are unable to find a Tax Advisor willing to adjudicate the Tax Dispute in question and that the Parties in good faith find acceptable, then this
Section 5.06 shall cease to apply to that Tax Dispute. 
 ARTICLE VI 

U.K. Tax Matters 
 SECTION
6.01. Corporation Tax Group Payment Arrangements. (a) Within 10 business days of receiving notice from TWX or the Nominated Company of the discharge described in this Section 6.01(a), Time shall pay, or cause the Group Members that
are party to the GPA (each a “GPA Member”) to pay, to the Nominated Company (to the extent not previously actually paid by Time or one of its Subsidiaries to TWX or one of its Subsidiaries pursuant to Article II, the GPA or otherwise)
an amount equal to the amount of corporation Tax that has been discharged by the Nominated Company on behalf of any GPA Member pursuant to the GPA. 

(b) TWX shall, as soon as practicable after the Distribution (if not done before the Distribution), cause each GPA Member to be removed,
(i) effective from the beginning of the accounting period commencing on January 1, 2013, from the GPA and (ii) effective as of the Distribution Date, from any simplified arrangements for Group Relief under the Corporation Tax
(Simplified Arrangements for Group Relief) Regulations 1999. 
 (c) TWX shall ensure, so far as possible, that no GPA payment apportioned to
a GPA Member is reapportioned to any other company without the prior written consent of Time, which shall not be unreasonably withheld or delayed. 

(d) At the written request of Time, TWX shall provide Time with such details as it may reasonably request as to the GPA payments made by the
GPA Members prior to the Distribution and the apportionments of those GPA payments under the GPA. 
 (e) For purposes of
Section 2.02(a)(i), the Time Tax Group’s share of any Taxes attributable to any GPA Member for any taxable period during which such GPA Member was a member of the GPA shall be the amount finally allocated to that member by the Nominated
Company pursuant to the GPA. 
 SECTION 6.02. Group Relief Payment Provisions. (a) Time shall cause the IPC Tax Group and the
TAEHL Tax Group to make any Group Relief claims (including provisional or final claims for set-off) and elections and to give any consents in respect of Group Relief (including accepting the surrender of Group Relief) in each case to the extent
lawfully possible in respect of any taxable period beginning before the Distribution Date of or with respect to any Group Member that TWX may direct in writing; provided, that this Section 6.02(a) shall not require any Group Member to
surrender any Group Relief to any entity other than any other Group Member. 

  
 19 

 (b) If, pursuant to Section 6.02(a), Group Relief is surrendered to a Group Member, Time
shall, or shall cause the relevant Group Member to, at the direction of TWX, pay to the surrendering company an amount to be determined by TWX in its sole discretion (but not exceeding the Taxes saved, plus any interest or repayment supplement
received, by the relevant Group Member as a result of the surrender). Time shall make any such payment, or cause any such payment to be made, on or before the due date of the Taxes saved as a result of the surrender (or, if such due date has already
passed, within 10 business days of receipt of notice from TWX or, where the Tax in question has been paid to the relevant Taxing Authority, within 10 business days of receiving a repayment of (or obtaining credit or reduction in subsequent Taxes
for) the same from such Taxing Authority); provided, that Time shall make the portion of any such payment representing interest or a repayment supplement within 2 business days of receipt of the interest or repayment supplement by the
relevant Group Member. 
 (c) If, after the Distribution, TWX or any of its Subsidiaries pays any amount to any member of the Time Tax Group
in respect of a reduction of any surrender pursuant to the provisions at paragraph 75 of Schedule 18 Finance Act 1998 (a “Repayment”), any Indemnity Payment otherwise payable by TWX to Time or any of its Subsidiaries with respect to any
resulting Tax shall be reduced to the extent of such Repayment. 
 (d) If, after the Distribution, TWX or any of its Subsidiaries makes any
Repayment, Time shall repay, or cause to be repaid, to TWX any Indemnity Payment already paid by TWX to Time or any of its Subsidiaries with respect to any resulting Tax to the extent of such Repayment. 

SECTION 6.03. This Article VI shall not apply before the Distribution. 

ARTICLE VII 
 Miscellaneous

 SECTION 7.01. Termination. This Agreement will terminate without further action at any time before the Distribution upon
termination of the Separation Agreement. If terminated, no Party will have any Liability of any kind to the other Party or any other Person on account of this Agreement, except as provided in the Separation Agreement. 

SECTION 7.02. Survival. Except as expressly set forth in this Agreement, the covenants and indemnification obligations in this
Agreement shall survive the Spin-Off and shall remain in full force and effect. 
 SECTION 7.03. Separation Agreement. The Parties
agree that, in the event of a conflict between the terms of this Agreement and the Separation Agreement with respect to the subject matter hereof, the terms of this Agreement shall govern. 

  
 20 

 SECTION 7.04. Confidentiality. Each Party hereby acknowledges that confidential
Information of such Party or its Subsidiaries may be exposed to employees and agents of the other Party or its Subsidiaries as a result of the activities contemplated by this Agreement. Each Party agrees, on behalf of itself and its Subsidiaries,
that such Party’s obligations with respect to Information and data of the other Party or its Subsidiaries shall be governed by Sections 7.01(c) and (d) and 7.08 of the Separation Agreement. 

SECTION 7.05. Counterparts; Entire Agreement. (a) This Agreement may be executed in one or more counterparts, all of which
counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This Agreement may be executed by facsimile or PDF signature and a
facsimile or PDF signature shall constitute an original for all purposes. 
 (b) This Agreement, the Separation Agreement, the other
Ancillary Agreements and the Appendices, Exhibits and Schedules hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions, writings,
understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or referred to herein or
therein. 
 SECTION 7.06. Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the
Laws of the State of New York, regardless of the Laws that might otherwise govern under applicable principles of conflicts of laws thereof. Subject to Section 5.06, each Party irrevocably consents to the exclusive jurisdiction, forum and venue
of the Commercial Division of the Supreme Court of the State of New York, New York County and the United States District Court for the Southern District of New York over any and all claims, disputes, controversies or disagreements between the
Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby. 

SECTION 7.07. Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER, (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY 

  
 21 

 
MAKES THIS WAIVER VOLUNTARILY AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.07. 

SECTION 7.08. Assignability. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be
assigned, in whole or in part, by operation of law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment without such consent shall be void. Subject to the preceding sentences, this Agreement
will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the foregoing, either Party may assign this Agreement without consent in connection with (a) a merger
transaction in which such Party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such Party’s assets, or (b) the sale of all or substantially all of such Party’s assets;
provided, however, that the assignee expressly assumes in writing all of the obligations of the assigning Party under this Agreement, and the assigning Party provides written notice and evidence of such assignment and assumption to the
non-assigning Party. No assignment permitted by this Section 7.08 shall release the assigning Party from liability for the full performance of its obligations under this Agreement. 

SECTION 7.09. Third-Party Beneficiaries. (a) The provisions of this Agreement are solely
for the benefit of the Parties hereto and are not intended to confer upon any Person except the Parties hereto any rights or remedies hereunder and (b) there are no third-party beneficiaries of this
Agreement and this Agreement shall not provide any third Person with any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 

SECTION 7.10. Notices. All notices or other communications under this Agreement shall be in writing and shall be provided in the manner
set forth in Section 12.05 of the Separation Agreement. In addition, copies of all documents mentioned in the preceding sentence shall also be sent to the address set forth below: 

 

					
	If to TWX, to:
		
		 	Time Warner Inc.
		 	One Time Warner Center
		 	New York, NY 10019
		 	Attn:	  	Annaliese Kambour
		 		  	Senior Vice President—Tax
	
	with a copy to:
		
		 	Cravath, Swaine & Moore LLP
		 	Worldwide Plaza
		 	825 Eighth Avenue
		 	New York, NY 10019
		 	Attn:	  	Stephen L. Gordon, Esq.
		 		  	Lauren Angelilli, Esq.

  
 22 

					
	If to Time, to:
		
		 	Time Inc.
		 	1271 Avenue of the Americas
		 	New York, NY 10020
		 	Attn:	  	Bill DeFazio
		 		  	Vice President—Tax
	
	with a copy to:
		
		 	Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
		 	Chrysler Center
		 	666 Third Avenue
		 	New York, NY 10017
		 	Attn:	  	Jonathan R. Talansky, Esq.
		 		  	Kenneth Koch, Esq.

 Either Party may, by notice to the other Party, change the address to which such copies of documents are to be
given. 
 SECTION 7.11. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is
determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held
invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is valid and enforceable and that
comes closest to expressing the intention of the invalid, void or unenforceable provision. 
 SECTION 7.12. Headings. The article,
section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

SECTION 7.13. Waivers of Default. No failure or delay of either Party (or the applicable member of its Group) in exercising any right
or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude
any other or further exercise thereof or the exercise of any other right or power. Waiver by either Party of any default by the other Party of any provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or
other default. 

  
 23 

 SECTION 7.14. Specific Performance. In the event of any actual or threatened default in,
or breach of, any of the terms, conditions and provisions of this Agreement, TWX shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other rights and
remedies at law or in equity, and all such rights and remedies shall be cumulative. Time shall not oppose the granting of such relief on the basis that money damages are an adequate remedy. The Parties agree that the remedies at law for any breach
or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or
posting of any bond with such remedy are waived. The Parties acknowledge and agree that the right of specific enforcement is an integral part of this Agreement and without that right, neither TWX nor Time would have entered into this Agreement. 

SECTION 7.15. Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by either Party,
unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each Party. 

SECTION 7.16. Interpretation. The rules of interpretation set forth in Section 12.14 of the Separation Agreement shall be
incorporated by reference to this Agreement, mutatis mutandis. NOTWITHSTANDING THE FOREGOING, THE PURPOSE OF ARTICLE IV IS TO ENSURE THAT EACH STEP OF THE TRANSACTIONS QUALIFY FOR ITS INTENDED TAX TREATMENT AND, ACCORDINGLY, THE PARTIES
AGREE THAT THE LANGUAGE THEREOF SHALL BE INTERPRETED IN A MANNER THAT SERVES THIS PURPOSE TO THE GREATEST EXTENT POSSIBLE. 
 SECTION 7.17.
Compliance by Subsidiaries. The Parties shall cause their respective Subsidiaries to comply with this Agreement. 

  
 24 

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

  

			
	TIME WARNER INC.,
		
	by	 	  

		 	Name:
		 	Title:
	
	TIME INC.,
		
	by	 	  

		 	Name:
		 	Title:

  
 25FORM OF EMPLOYEE MATTERS AGREEMENT

 Exhibit 10.3 

EMPLOYEE MATTERS AGREEMENT 
 By
and Between 
 TIME WARNER INC. 

and 
 TIME INC. 

Dated as of             , 2014 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	Definitions	  
			
	SECTION 1.01.	 	 Definitions
	  	 	1	  
	
	ARTICLE II	  
	
	General Principles; Transfer of Certain U.S. Employees; Service Providers	  
			
	SECTION 2.01.	 	 Transfer of Transferred To Time Employees
	  	 	11	  
	SECTION 2.02.	 	 Transfer of Transferred To TWX Employees
	  	 	11	  
	SECTION 2.03.	 	 Collectively Bargained Employees
	  	 	11	  
	SECTION 2.04.	 	 Noncovered Former Time Employees; Noncovered Former TWX Employees; Time Service Providers; Former Time Service Providers
	  	 	11	  
	SECTION 2.05.	 	 Benefit Plans
	  	 	12	  
	SECTION 2.06.	 	 Allocation of Employment Liabilities for Transferred To Time Employees and Transferred To TWX Employees
	  	 	12	  
	
	ARTICLE III	  
	
	Annual Bonuses for Year of Distribution	  
			
	SECTION 3.01.	 	 Transferred To Time Employee Bonuses
	  	 	13	  
	SECTION 3.02.	 	 Transferred To TWX Employee Bonuses
	  	 	13	  
	SECTION 3.03.	 	 Time Annual Incentive Plan; Time Annual Sales Incentive Plan
	  	 	13	  
	SECTION 3.04.	 	 Time Long-Term Incentive Plan
	  	 	13	  
	SECTION 3.05.	 	 Time Transaction Bonuses
	  	 	14	  
	
	ARTICLE IV	  
	
	Service Credit	  
			
	SECTION 4.01.	 	 TWX Benefit Plans
	  	 	14	  
	SECTION 4.02.	 	 Time Benefit Plans
	  	 	14	  
	
	ARTICLE V	  
	
	Severance	  
			
	SECTION 5.01.	 	 Transferred To Time Employees
	  	 	14	  
	SECTION 5.02.	 	 Transferred To TWX Employees
	  	 	15	  
	SECTION 5.03.	 	 Post-Distribution Severance
	  	 	15	  

							
	ARTICLE VI	  
	
	Certain U.S. Welfare Benefit Plan Matters	  
			
	SECTION 6.01.	 	 Time Welfare Plans
	  	 	15	  
	SECTION 6.02.	 	 Allocation of Welfare Benefit Claims
	  	 	15	  
	SECTION 6.03.	 	 Workers’ Compensation Claims
	  	 	16	  
	SECTION 6.04.	 	 COBRA
	  	 	17	  
	SECTION 6.05.	 	 New York State Unemployment Contributions
	  	 	17	  
	
	ARTICLE VII	  
	
	U.S. Retiree Medical Benefits	  
			
	SECTION 7.01.	 	 Subsidized Retiree Medical Benefits
	  	 	17	  
	SECTION 7.02.	 	 Unsubsidized Retiree Medical Benefits
	  	 	18	  
	
	ARTICLE VIII	  
	
	U.S. Defined Benefit Pension Plans	  
			
	SECTION 8.01.	 	 TWX U.S. Pension Plan
	  	 	18	  
	SECTION 8.02.	 	 TWX Excess Benefit Pension Plan
	  	 	19	  
	
	ARTICLE IX	  
	
	U.S. Defined Contribution Plans	  
			
	SECTION 9.01.	 	 Time 401(k) Plan
	  	 	19	  
	SECTION 9.02.	 	 Trust-to-Trust Transfer
	  	 	20	  
	SECTION 9.03.	 	 401(k) Rollover
	  	 	20	  
	SECTION 9.04.	 	 Employer 401(k) Plan Contributions
	  	 	21	  
	SECTION 9.05.	 	 Limitation of Liability
	  	 	21	  
	
	ARTICLE X	  
	
	U.S. Nonqualified Deferred Compensation	  
			
	SECTION 10.01.	 	 TWX Nonqualified Plans
	  	 	22	  
	SECTION 10.02.	 	 Split Dollar Life Insurance Contracts
	  	 	22	  
	SECTION 10.03.	 	 Individual Deferred Compensation Arrangement
	  	 	22	  
	SECTION 10.04.	 	 No Distributions
	  	 	23	  
	SECTION 10.05.	 	 Section 409A
	  	 	23	  

  
 ii 

							
	ARTICLE XI	  
	
	 U.S. Dependent Care and Medical Flexible Spending Arrangements;

Medical Insurance Premiums
	   
   

			
	SECTION 11.01.	 	 Dependent Care and Medical Flexible Spending Arrangements
	  	 	23	  
	SECTION 11.02.	 	 Medical Insurance Premiums
	  	 	25	  
	
	ARTICLE XII	  
	
	U.S. Transportation Benefit Programs	  
			
	SECTION 12.01.	 	 Transportation Benefit Programs
	  	 	25	  
	
	ARTICLE XIII	  
	
	U.S. Vacation and Sabbatical Program	  
			
	SECTION 13.01.	 	 Vacation
	  	 	26	  
	SECTION 13.02.	 	 Sabbatical Program
	  	 	27	  
	
	ARTICLE XIV	  
	
	Non-U.S. Employees	  
			
	SECTION 14.01.	 	 General
	  	 	27	  
	SECTION 14.02.	 	 Certain Laws
	  	 	27	  
	SECTION 14.03.	 	 Employee Transfers
	  	 	27	  
	SECTION 14.04.	 	 U.K. Employees
	  	 	27	  
	SECTION 14.05.	 	 Canadian Defined Contribution Plans
	  	 	29	  
	SECTION 14.06.	 	 Payroll Services in Certain Jurisdictions
	  	 	30	  
	SECTION 14.07.	 	 Certain Expatriate Benefit Plans
	  	 	30	  
	
	ARTICLE XV	  
	
	TWX Equity Compensation Awards	  
			
	SECTION 15.01.	 	 General Treatment of Outstanding TWX Equity Compensation Awards
	  	 	30	  
	SECTION 15.02.	 	 Treatment of Outstanding TWX Equity Compensation Awards Held by Joseph A. Ripp and Jeffrey J. Bairstow
	  	 	31	  
	SECTION 15.03.	 	 Replacement Time Equity Compensation Awards
	  	 	32	  
	SECTION 15.04.	 	 Tax Withholding and Reporting
	  	 	32	  
	SECTION 15.05.	 	 Reports
	  	 	34	  
	SECTION 15.06.	 	 Recharge Agreements
	  	 	34	  

  
 iii 

							
	ARTICLE XVI	  
	
	Administrative Costs and Benefit Plan Reimbursements	  
			
	SECTION 16.01.	 	 Time Reimbursement of TWX for Post-Separation Administrative Services
	  	 	34	  
	SECTION 16.02.	 	 Pre-Separation Benefit Plan Matters
	  	 	35	  
	SECTION 16.03.	 	 Benefit Plan Indemnification
	  	 	35	  
	
	ARTICLE XVII	  
	
	Cooperation; Production of Witnesses; Works Councils	  
			
	SECTION 17.01.	 	 Cooperation
	  	 	36	  
	SECTION 17.02.	 	 Production of Witnesses; Records; Further Cooperation
	  	 	36	  
	SECTION 17.03.	 	 Works Councils; Employee and Service Provider Notices
	  	 	37	  
	
	ARTICLE XVIII	  
	
	Reimbursements	  
			
	SECTION 18.01.	 	 Reimbursements by the Time Group
	  	 	38	  
	SECTION 18.02.	 	 Reimbursements by the TWX Group
	  	 	38	  
	SECTION 18.03.	 	 Invoices
	  	 	39	  
	
	ARTICLE XIX	  
	
	Termination	  
			
	SECTION 19.01.	 	 Termination
	  	 	39	  
	SECTION 19.02.	 	 Effect of Termination
	  	 	39	  
	
	ARTICLE XX	  
	
	Indemnification	  
			
	SECTION 20.01.	 	 Incorporation of Indemnification Provisions of Separation Agreement
	  	 	39	  
	
	ARTICLE XXI	  
	
	Further Assurances and Additional Covenants	  
	SECTION 21.01.	 	 Further Assurances
	  	 	39	  

  
 iv 

							
	ARTICLE XXII	  
	
	Miscellaneous	  
			
	SECTION 22.01.	 	 Administration
	  	 	40	  
	SECTION 22.02.	 	 Employment Tax Reporting Responsibility
	  	 	40	  
	SECTION 22.03.	 	 Data Privacy
	  	 	41	  
	SECTION 22.04.	 	 Confidentiality
	  	 	41	  
	SECTION 22.05.	 	 Counterparts; Entire Agreement; Corporate Power
	  	 	42	  
	SECTION 22.06.	 	 Governing Law; Jurisdiction
	  	 	43	  
	SECTION 22.07.	 	 Assignability
	  	 	43	  
	SECTION 22.08.	 	 No Third-Party Beneficiaries
	  	 	43	  
	SECTION 22.09.	 	 Notices
	  	 	43	  
	SECTION 22.10.	 	 Severability
	  	 	44	  
	SECTION 22.11.	 	 Headings
	  	 	45	  
	SECTION 22.12.	 	 Survival of Covenants
	  	 	45	  
	SECTION 22.13.	 	 Waivers of Default
	  	 	45	  
	SECTION 22.14.	 	 Specific Performance
	  	 	45	  
	SECTION 22.15.	 	 Amendments
	  	 	45	  
	SECTION 22.16.	 	 Interpretation
	  	 	45	  

  
 v 

 EMPLOYEE MATTERS AGREEMENT (this “Agreement”), dated as of
            , 2014, by and between TIME WARNER INC., a Delaware corporation (“TWX”), and TIME INC., a Delaware corporation (“Time”, and together with TWX,
the “Parties”). 
 R E C I T A L S 

WHEREAS the Parties are entering into the Separation and Distribution Agreement (the “Separation Agreement”) concurrently
herewith, pursuant to which TWX intends to distribute to its shareholders its entire interest in Time by way of a stock dividend to be made to holders of TWX Common Stock (as defined below) (the “Distribution”); 

WHEREAS, in preparation for the Distribution, certain members of the Time Group (as defined below) established certain U.S. welfare and
benefit plans and programs effective as of early January 2014 and certain U.K. welfare and benefit plans effective as of early April 2014, with respect to which TWX will provide certain administrative support through the Distribution Date; and 

WHEREAS the Parties wish to set forth their agreements as to certain matters regarding employment, compensation, employee benefits and
arrangements with non-employee service providers. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained in this Agreement, the Parties, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 

Definitions 
 SECTION
1.01. Definitions. For purposes of this Agreement, the following terms shall have the following meanings. 
 “401(k)
Effective Date” has the meaning set forth in Section 9.01. 
 “401(k) Transfer Date” has the meaning
set forth in Section 9.02. 
 “Action” shall mean any claim, demand, action, suit, countersuit, arbitration,
inquiry, proceeding or investigation by or before any Governmental Authority or any Federal, state, local, foreign or international arbitration or mediation tribunal. 

“Agreement” has the meaning set forth in the preamble. 

“Ancillary Agreements” means the TSA, TMA, Credit Support Agreement, Group Data Processing Agreement, IT Applications and
Database Agreement and any other instruments, assignments, documents and agreements executed in connection with the implementation of the transactions contemplated by the Separation Agreement. 

 “Applicable Recharge Agreements” has the meaning set forth in
Section 15.06. 
 “Bairstow” has the meaning set forth in Section 15.02. 

“Bairstow Employment Agreement” has the meaning set forth in Section 15.02. 

“Benefit Plan” shall mean any plan, program, policy, agreement, arrangement or understanding that is an employment,
consulting, deferred compensation, executive compensation, incentive bonus or other bonus, employee pension, profit sharing, savings, retirement, supplemental retirement, stock option, stock purchase, stock appreciation right, restricted stock,
restricted stock unit, deferred stock unit, other equity-based compensation, severance pay, retention, change in control, salary continuation, life, death benefit, health, hospitalization, workers’ compensation, sick leave, vacation pay,
disability or accident insurance or other employee benefit plan, program, agreement or arrangement, including any “employee benefit plan” (as defined in Section 3(3) of ERISA) (whether or not subject to ERISA) sponsored or maintained
by such entity or to which such entity is a party. 
 “COBRA” shall mean the U.S. Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended. 
 “Code” shall mean the U.S. Internal Revenue Code of 1986, as amended. 

“Converted Time Option” has the meaning set forth in Section 15.02. 

“Converted Time RSU” has the meaning set forth in Section 15.02. 

“Credit Support Agreement” shall mean the Credit Support Agreement dated as of the date of the Separation Agreement by and
between TWX and Time. 
 “Distribution” has the meaning set forth in the recitals. 

“Distribution Date” means the date on which the Distribution occurs. 

“Employee” shall mean any individual employed by another Person. 

“Employment Taxes” shall mean all fees, Taxes, social insurance payments or similar contributions to a fund of a Governmental
Authority with respect to wages or other compensation of an Employee or Service Provider. 

  
 2 

 “ERISA” shall mean the U.S. Employee Retirement Income Security Act of 1974, as
amended. 
 “Established U.K. Time Welfare Plans” has the meaning set forth in Section 14.04(d). 

“Established U.S. Time Welfare Plans” has the meaning set forth in Section 6.01. 

“Establishment Date” shall mean the date on which the applicable Time Benefit Plan was or will be established. 

“Fair Market Value” of a share of TWX Common Stock or Time Common Stock shall mean, with respect to any given date,
(a) if there should be a public market for such stock on such date, the closing sale price of such stock on the NYSE Composite Tape, or, if such stock is not listed or admitted on any national securities exchange, the average of the per share
closing bid price and per share closing asked price on such date for such stock as quoted on the NASDAQ (or such market in which such prices are regularly quoted), or, if no sale of shares of such stock shall have been reported on the NYSE Composite
Tape or quoted on the NASDAQ on such date, then the immediately preceding date on which sales of shares of such stock have been so reported or quoted shall be used and (b) if there should not be a public market for such stock on such date, the
Fair Market Value shall be the value established by TWX or Time in good faith. 
 “Forfeited TWX Equity Compensation Award”
has the meaning set forth in Section 15.03. 
 “Former Time Employee” shall mean, as of an applicable date,
each individual who is a former Employee of a member of the Time Group (including each Noncovered Former TWX Employee who was employed by the Time Group at the time that employment with both Groups terminated and each former Employee of the Time
Group whose employment with the Time Group terminated due to long-term disability) but excluding any Transferred To TWX Employee and any Noncovered Former Time Employee. For purposes of this Agreement, references to a “Former Time
Employee” shall not be deemed to refer to a Salary Continuation Former Employee, who shall be addressed specifically where applicable. 

“Former Time Service Provider” shall mean each individual or entity that is a former Service Provider of a member of the Time
Group. 
 “Governmental Authority” shall mean any Federal, state, local, domestic, foreign or international court,
government, department, commission, board, bureau, agency, official or other legislative, judicial, regulatory, administrative or governmental authority. 

“Group” shall mean either the TWX Group or the Time Group, as the context requires. 

  
 3 

 “Group Data Processing Agreement” shall mean the Group Data Processing Agreement
dated as of the date of the Separation Agreement by and between TWX and Time. 
 “Information” shall mean information,
whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts,
know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names,
communications by or to attorneys (including attorney-client privileged communications), memos and other materials prepared by attorneys or under their direction (including attorney work product) and other technical, financial, Employee, Service
Provider or business information or data. 
 “IPC” shall mean IPC Media Ltd. 

“IPC Pension Scheme” has the meaning set forth in Section 14.04(b). 

“IT Applications and Database Agreement” shall mean the IT Applications and Database Agreement dated as of the date of the
Separation Agreement by and between TWX and Time. 
 “Liabilities” shall mean any and all claims, debts, demands, actions,
causes of action, suits, damages, obligations, accruals, accounts payable, reckonings, bonds, indemnities and similar obligations, agreements, promises, guarantees, make whole agreements and similar obligations and other liabilities and
requirements, including all contractual obligations, whether absolute or contingent, matured or unmatured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising and including those arising under any law, rule,
regulation, Action, threatened or contemplated Action, order or consent decree of any Governmental Authority or any award of any arbitrator or mediator of any kind and those arising under any contract, commitment or undertaking, including those
arising under this Agreement, in each case, whether or not recorded or reflected or required to be recorded or reflected on the books and records or financial statements of any Person. For the avoidance of doubt, Liabilities (a) shall include
attorneys’ fees, the costs and expenses of all assessments, judgments, settlements and compromises and any and all other costs and expenses whatsoever reasonably incurred in connection with anything contemplated by the preceding sentence and
(b) shall not include liabilities or requirements related to Taxes. 
 “Noncovered Former Time Employee” shall mean
any former Employee of a member of the Time Group who became an employee of a member of the TWX Group prior to January 1, 2014. 

  
 4 

 “Noncovered Former TWX Employee” shall mean any former Employee of a member of
the TWX Group who became an employee of a member of the Time Group prior to January 1, 2014. 
 “Parties” has the
meaning set forth in the preamble. 
 “Person” shall mean an individual, a general or limited partnership, a corporation, a
trust, a joint venture, an unincorporated organization, a limited liability company, any other entity and any Governmental Authority. 

“Post-Separation Time Employee” shall mean each Employee who is employed by a member of the Time Group immediately following
the Distribution, including each Transferred To Time Employee. 
 “Ripp” has the meaning set forth in
Section 15.02. 
 “Ripp Employment Agreement” has the meaning set forth in Section 15.02. 

“Salary Continuation Former Employee” shall mean any former Time Employee who was employed by Time or a U.S. Subsidiary of
Time immediately prior to termination of his or her employment, is receiving salary continuation severance payments or separation payments and, during such period of continued payments, continues to be treated like an active Employee for purposes of
participation in certain health and welfare plans. 
 “Schedule 5.02 Severance Amounts” has the meaning set forth in
Section 5.02. 
 “Separation Agreement” has the meaning set forth in the recitals. 

“Service Provider” shall mean any individual or entity providing services for another Person, whether as an independent
contractor or other similar role (other than as an Employee). 
 “Subsidiary” of any Person shall mean any corporation or
other organization whether incorporated or unincorporated of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing
similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such Person or by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries; provided,
however, that (a) no Person that is not directly or indirectly wholly owned by any other Person shall be a Subsidiary of such other Person unless such other Person controls, or has the right, power or ability to control, that Person and
(b) solely for purposes of this Agreement, Time and its Subsidiaries shall not be considered Subsidiaries of TWX prior to the Distribution. 

  
 5 

 “Taxes” shall mean all forms of taxation or duties imposed, or required to be
collected or withheld, including (but not limited to) all forms of income taxes, social insurance charges, payroll tax payments or other tax-related amounts, together with any related interest, penalties or other additional amounts. 

“Time” has the meaning set forth in the preamble. 

“Time 401(k) Plan” has the meaning set forth in Section 9.01. 

“Time Atlantic” shall mean Time Atlantic Europe Holdings Limited. 

“Time Benefit Plan” shall mean any Benefit Plan sponsored or maintained by any member of the Time Group. 

“Time Canada” shall mean Time Canada Ltd. 

“Time Common Stock” shall mean the common stock, $0.01 par value per share, of Time. 

“Time Employee” shall mean, as of an applicable date, each Employee employed by a member of the Time Group, including any
individual who is on a leave of absence (including short-term disability but excluding long-term disability) from which such Employee is permitted to return to active employment in accordance with the Time Group’s personnel policies and
including any Noncovered Former TWX Employee who is not a Former Time Employee, but excluding (i) any Former Time Employee, (ii) any Noncovered Former Time Employee and (iii) as of the applicable Transfer Time, any Transferred To TWX
Employee. 
 “Time Excess Benefit Pension Plan” has the meaning set forth in Section 8.02. 

“Time Excess Pension Participants” shall mean each individual who is or was a participant in the TWX Excess Pension Benefit
Plan and (i) at any time on or following January 1, 2014, was or became a Time Employee (including any Transferred To Time Employee but excluding any Transferred To TWX Employee) or (ii) at any time on or following December 31,
2013, was or became a Salary Continuation Former Employee. 
 “Time Flexible Spending Account Plan” has the meaning set
forth in Section 11.01. 
 “Time Group” shall mean Time and each of its Subsidiaries. For all purposes of this
Agreement, IPC, Time Atlantic and Time Canada and their respective Subsidiaries shall be considered Subsidiaries of Time and members of the Time Group. 

“Time Indemnitees” shall mean Time, each other member of the Time Group and each of their respective former and current
directors, officers and Employees, and each of the heirs, executors, successors and assigns of any of the foregoing. 

  
 6 

 “Time Nonqualified Plans” has the meaning set forth in
Section 10.01. 
 “Time Service Provider” shall mean, as of an applicable date, each Service Provider providing
services to a member of the Time Group. 
 “Time Transaction Bonuses” has the meaning set forth in
Section 3.05. 
 “Time Transportation Benefit Program” has the meaning set forth in Section 12.01.

 “Time U.K. Group Personal Pension Plan” has the meaning set forth in Section 14.04(c). 

“Time U.S. Workers’ Compensation Program” has the meaning set forth in Section 6.03. 

“TMA” shall mean the Tax Matters Agreement dated as of the date of the Separation Agreement by and between TWX and Time. 

“TMEL” has the meaning set forth in Section 14.04(a). 

“Transfer Time” shall mean the time at which (i) a Transferred To TWX Employee commences employment with a member of the
TWX Group or (ii) a Transferred To Time Employee commences employment with a member of the Time Group, as applicable. 

“Transferred To Time Employee” has the meaning set forth in Section 2.01. 

“Transferred To Time Employee Bonus” has the meaning set forth in Section 3.01. 

“Transferred To Time Employee Bonuses Reimbursement Amount” shall mean an amount equal to the sum of (i) each
Transferred to Time Employee Bonus paid pursuant to Section 3.01, in each case multiplied by a fraction, the numerator of which is the number of days in the performance period prior to the relevant Transferred To Time Employee’s
Transfer Time and the denominator of which is the number of days in the performance period (or, if applicable, such Transferred To Time Employee’s shorter period of combined employment with the TWX Group and the Time Group during the year in
which the relevant Transfer Time occurred); provided, however, that for purposes of this clause (i), the amount of the Transferred To Time Employee Bonus shall be deemed to have been calculated based on the applicable ratings
determined by the Time Group but based on such Transferred To Time Employee’s target bonus as in effect as of the relevant Transfer Time and (ii) the employer-paid portion of any Employment Taxes due with respect to the amount determined
pursuant to the immediately preceding clause (i). 

  
 7 

 “Transferred To TWX Employee” has the meaning set forth in
Section 2.02. 
 “Transferred To TWX Employee Bonus” has the meaning set forth in Section 3.02.

 “Transferred To TWX Employee Bonuses Reimbursement Amount” shall mean an amount equal to the sum of (i) each
Transferred To TWX Employee Bonus paid pursuant to Section 3.02, in each case multiplied by a fraction, the numerator of which is the number of days in the performance period prior to the relevant Transferred To TWX Employee’s
Transfer Time and the denominator of which is the number of days in the performance period (or, if applicable, such Transferred To TWX Employee’s shorter period of combined employment with the TWX Group and the Time Group during the year in
which the relevant Transfer Time occurred); provided, however, that for purposes of this clause (i), the amount of the Transferred To TWX Employee Bonus shall be deemed to have been calculated based on the applicable ratings determined
by the TWX Group but based on such Transferred To TWX Employee’s target bonus as in effect as of the relevant Transfer Time and (ii) the employer-paid portion of any Employment Taxes due with respect to the amount determined pursuant to
the immediately preceding clause (i). 
 “TSA” means the Transition Services Agreement dated as of the date of this
Agreement between TWX and Time. 
 “TWMPPP” has the meaning set forth in Section 14.04(c). 

“TWUKPP” has the meaning set forth in Section 14.04(a). 

“TWUKPP Exit Time” has the meaning set forth in Section 14.04(a). 

“TWX” has the meaning set forth in the preamble. 

“TWX 401(k) Plan” has the meaning set forth in Section 9.01. 

“TWX Benefit Plan” shall mean any Benefit Plan sponsored or maintained by any member of the TWX Group. 

“TWX Benefit Plan Costs” has the meaning set forth in Section 16.02. 

“TWX Benefit Plan Costs Reimbursement Amount” shall mean, with respect to any calendar quarter ending at or after the
Distribution Date, the amount, if any, by which the TWX Benefit Costs incurred by the members of the TWX Group during such calendar quarter exceed the TWX Benefit Plan Rebates received by the members of the TWX Group during such calendar quarter (in
each case, as set forth in Section 16.02), which amount shall be paid pursuant to Section 18.01. 
 “TWX
Benefit Plan Rebates” has the meaning set forth in Section 16.02. 

  
 8 

 “TWX Benefit Plan Rebate Reimbursement Amount” shall mean, with respect to any
calendar quarter ending at or after the Distribution Date, the amount, if any, by which the TWX Benefit Plan Rebates received by the members of the TWX Group during such calendar quarter exceed the TWX Benefit Plan Costs incurred by the members of
the TWX Group during such calendar quarter, which amount shall be paid pursuant to Section 18.02. 
 “TWX Common
Stock” shall mean the common stock, $0.01 par value per share, of TWX. 
 “TWX Dividend Equivalents” shall mean
cash dividend equivalents based on cash dividends declared and paid by TWX on the TWX Common Stock that are paid with respect to TWX RSUs held by Post-Separation Time Employees, Salary Continuation Former Employees or Former Time Employees. 

“TWX Dividend Equivalent Reimbursement Amount” shall mean an amount equal to the TWX Dividend Equivalent payments made by a
member of the Time Group to Post-Separation Time Employees, Salary Continuation Former Employees or Former Time Employees pursuant to Section 15.01. For the avoidance of doubt, such amount shall not include the employer-paid portion of
any Employment Taxes due with respect to such amount. 
 “TWX Equity Compensation Award” has the meaning set forth in
Section 15.01. 
 “TWX Equity Compensation Award Withholding Reimbursement Amount” shall mean the sum of
(i) the Fair Market Value of the shares of TWX Common Stock (if any) withheld by a member of the TWX Group (determined as of the date that such shares are withheld) and (ii) the cash paid over to a member of the TWX Group, in each case,
pursuant to Section 15.04 in connection with the exercise of a TWX Option or the vesting or settlement of a TWX RSU held by a Post-Separation Time Employee, Salary Continuation Former Employee or Former Time Employee. For the avoidance
of doubt, such amount shall not include the employer-paid portion of any Employment Taxes due with respect to such amount. 
 “TWX
Equity Reimbursement Amounts” shall mean amounts payable to TWX with respect to each exercise, vesting or settlement, as applicable, of TWX Equity Compensation Awards as determined pursuant to the Applicable Recharge Agreements. 

“TWX Excess Benefit Pension Plan” has the meaning set forth in Section 8.02. 

“TWX Flexible Spending Account Plan” has the meaning set forth in Section 11.01. 

“TWX Group” shall mean TWX and each of its Subsidiaries. 

  
 9 

 “TWX Indemnitee” shall mean TWX, each other member of the TWX Group and each of
their respective former and current directors, officers and Employees, and each of the heirs, executors, successors and assigns. 

“TWX Nonqualified Plans” has the meaning set forth in Section 10.01. 

“TWX Option” has the meaning set forth in Section 15.01. 

“TWX RSU” has the meaning set forth in Section 15.01. 

“TWX Services” has the meaning set forth in Section 16.01. 

“TWX Services Reimbursement Amounts” has the meaning set forth in Section 16.01. 

“TWX Transportation Benefit Plan” has the meaning set forth in Section 12.01. 

“TWX U.S. Pension Plan” has the meaning set forth in Section 8.01. 

“TWX U.S. Workers’ Compensation Program” has the meaning set forth in Section 6.03. 

“TWX Welfare Plan” shall mean each Welfare Plan sponsored or maintained by a member of the TWX Group. 

“Welfare Plan” shall mean each Benefit Plan that provides life insurance, health care, dental care, accidental death and
dismemberment insurance, disability, severance, vacation or other group welfare or fringe benefits. 
 “U.S. Workers’
Compensation Effective Date” has the meaning set forth in Section 6.03. 
 “U.S. Workers’ Compensation
Event” shall mean the event, injury, illness or condition giving rise to a workers’ compensation claim with respect to a Time Employee who is employed primarily in the U.S. 

“U.S. Workers’ Compensation Reimbursement Amounts” shall mean the amount, if any, by which (i) the amount actually
payable by the members of the TWX Group in respect of the participation of Time Employees, Salary Continuation Former Employees and Former Time Employees in the TWX U.S. Workers’ Compensation Plan for any period prior to the U.S. Workers’
Compensation Effective Date exceeds (ii) the amount that the TWX Group charged the members of the Time Group in respect of such period of participation. 

“Withholding Amount” has the meaning set forth in Section 15.04. 

  
 10 

 ARTICLE II 

General Principles; Transfer of Certain U.S. Employees; Service Providers 

Except as specifically set forth herein, the terms of this Article II (other than Sections 2.03, 2.04 and 2.05)
apply solely to Employees who work primarily in the U.S. 
 SECTION 2.01. Transfer of Transferred To Time Employees. Prior to the
Distribution, TWX shall, or shall cause its Subsidiaries to, transfer to a member of the Time Group the employment of each Employee set forth on Schedule 2.01, such that these individuals are not Employees of the TWX Group at the time of the
Distribution. Schedule 2.01 may be updated by mutual agreement of TWX and Time from time to time prior to the Distribution. Each Employee who is transferred to the Time Group pursuant to this Section 2.01 is referred to herein as a
“Transferred To Time Employee”. 
 SECTION 2.02. Transfer of Transferred To TWX Employees. Prior to the
Distribution, Time shall, or shall cause its Subsidiaries to, transfer or cause to be transferred to a member of the TWX Group the employment of each Employee set forth on Schedule 2.02, such that these individuals are not Employees of the Time
Group at the time of the Distribution. Schedule 2.02 may be updated by mutual agreement of TWX and Time from time to time prior to the Distribution. Each Employee who is transferred to the TWX Group pursuant to this Section 2.02 is
referred to herein as a “Transferred To TWX Employee”. 
 SECTION 2.03. Collectively Bargained Employees. All
provisions contained in this Agreement shall apply equally to any Employee who is covered by a collective bargaining, works council or other labor union agreement (including any such Employee who is employed primarily outside the U.S.), except to
the extent that any such agreement specifically provides for the benefit contemplated by such provision and, in each such case, the agreement shall apply rather than the terms of this Agreement. 

SECTION 2.04. Noncovered Former Time Employees; Noncovered Former TWX Employees; Time Service Providers; Former Time Service Providers.
Except as otherwise provided in this Agreement, the members of the TWX Group shall be responsible for all actual or potential employment Liabilities relating to periods during which Noncovered Former TWX Employees were employed by the TWX Group
(including any such Employees who were employed outside the U.S.), and members of the Time Group shall be responsible for all actual or potential employment Liabilities relating to periods during which Noncovered Former Time Employees were employed
by the Time Group (including any such Employees who were employed outside the U.S.). Except as otherwise specifically provided in this Agreement, the provisions of this Agreement do not apply to Time Service Providers and Former Time Service
Providers and the members of the Time Group shall be responsible for all actual or potential Liabilities relating to periods during which Time Service Providers and Former Time Service Providers provided services to members of the Time Group
(including any such Service Providers who provided services outside the U.S.), including (a) Liabilities 

  
 11 

 
relating to the misclassification of any Person as a Service Provider and not as an Employee of a member of the Time Group, (b) Liabilities for Taxes (including any Employment Taxes) with
respect to such Time Service Provider or Former Time Service Provider, (c) accounts payable owed to any Time Service Provider or Former Time Service Provider and (d) any claims made by any Time Service Provider or Former Time Service
Provider with respect to benefits under any Benefit Plan. 
 SECTION 2.05. Benefit Plans. Except as otherwise specifically provided
in this Agreement, (a) each Time Employee and Salary Continuation Former Employee (and each of their respective dependents and beneficiaries) ceased active participation in, and the members of the Time Group ceased to be participating employers
in, all TWX Benefit Plans listed on Schedule 2.05(a) and, effective as of the applicable Establishment Dates set forth in such schedule, Time Employees and Salary Continuation Former Employees began participating in the corresponding Time Benefit
Plans listed on such schedule, and (b) as of the Distribution Date, each Time Employee and Salary Continuation Former Employee (and each of their respective dependents and beneficiaries) shall cease active participation in, and the members of
the Time Group shall cease to be participating employers in, all TWX Benefit Plans listed on Schedule 2.05(b) and, as of the applicable time, Time or one or more of its Subsidiaries had in effect or Time shall, or shall cause its Subsidiaries to,
have in effect, such corresponding Time Benefit Plans as are necessary to comply with its obligations pursuant to this Agreement, including Sections 6.01, 6.03, 6.04, 7.02, 8.02, 9.01, 9.02,
9.03, 10.01, 11.01, 12.01, 15.02 and 15.03. TWX acknowledges that as of the execution of this Agreement, Time has, or has caused its Subsidiaries to, have in effect the Time Benefit Plans listed on Schedule
2.05(a). As of the Distribution Date, except as otherwise specifically provided in this Agreement and subject to Section 16.03, (i) TWX shall, or shall cause one or more members of the TWX Group to, retain, pay, perform, fulfill and
discharge all Liabilities arising out of or relating to all TWX Benefit Plans, and (ii) Time shall, or shall cause one or more members of the Time Group to, retain, pay, perform, fulfill and discharge all Liabilities arising out of or relating
to all Time Benefit Plans. Except as otherwise specifically provided in this Agreement, prior to, on and after the Distribution Date, the Time Group shall be solely responsible for providing payroll services to the Time Employees, Salary
Continuation Former Employees and Former Time Employees. 
 SECTION 2.06. Allocation of Employment Liabilities for Transferred To Time
Employees and Transferred To TWX Employees. Except as otherwise specifically provided in this Agreement, effective as of the relevant Transfer Time, (a) the members of the TWX Group shall be responsible for all actual or potential
employment and employee benefits-related Liabilities incurred prior to the Transfer Time that relate to the Transferred To Time Employees (or any dependent or beneficiary of any Transferred To Time Employee) and (b) the members of the Time
Group shall be responsible for all actual or potential employment and employee benefits-related Liabilities incurred at or after the Transfer Time that relate to the Transferred To Time Employees (or any dependent or beneficiary of any Transferred
To Time Employee). Except as otherwise specifically provided in this Agreement, effective as of the relevant Transfer Time, (i) the members of the Time Group shall be responsible for all actual or potential employment and employee
benefits-related Liabilities incurred prior to the 

  
 12 

 
Transfer Time that relate to the Transferred To TWX Employees (or any dependent or beneficiary of any Transferred To TWX Employee) and (ii) the members of the TWX Group shall be responsible
for all actual or potential employment and employee benefits-related Liabilities incurred at or after the Transfer Time that relate to the Transferred To TWX Employees (or any dependent or beneficiary of any Transferred To TWX Employee). 

ARTICLE III 
 Annual Bonuses
for Year of Distribution 
 Except as specifically set forth herein, the terms of this Article III (other than Sections
3.03, 3.04 and 3.05) apply solely to Employees who work primarily in the U.S. 
 SECTION 3.01. Transferred To Time
Employee Bonuses. Following the end of the year that includes the Distribution, Time shall inform TWX in writing of the bonus (if any) payable to each Transferred To Time Employee under the applicable annual incentive plan or arrangement of a
member of the Time Group (each, a “Transferred To Time Employee Bonus”), which bonus (if any) shall be paid by a member of the Time Group. The obligations of the members of the TWX Group to reimburse the members of the Time Group
with respect to the Transferred To Time Employee Bonuses are set forth in Section 18.02. 
 SECTION 3.02. Transferred To TWX
Employee Bonuses. Following the end of the year that includes the Distribution, TWX shall inform Time in writing of the bonus (if any) payable to each Transferred To TWX Employee under the applicable annual incentive plan or arrangement of a
member of the TWX Group (each, a “Transferred To TWX Employee Bonus”), which bonus (if any) shall be paid by a member of the TWX Group. The obligations of the members of the Time Group to reimburse the members of the TWX Group with
respect to the Transferred To TWX Employee Bonuses are set forth in Section 18.01. 
 SECTION 3.03. Time Annual Incentive
Plan; Time Annual Sales Incentive Plan. The Time Group shall retain all Liabilities with respect to Time Employees, Salary Continuation Former Employees and Former Time Employees (including Time Employees or Former Time Employees who are
employed primarily outside the U.S.) under each applicable annual cash incentive plan or arrangement of a member of the Time Group, including the Time Annual Incentive Plan and the Time Advertising Sales Incentive Plan, in each case, that relate to
the year that includes the Distribution. 
 SECTION 3.04. Time Long-Term Incentive Plan. The Time Group shall retain all Liabilities
with respect to Time Employees, Salary Continuation Former Employees, Former Time Employees or any other Employees (including Time Employees, Former Time Employees, Noncovered Former Time Employees or any other Employees employed primarily outside
the U.S.) under the Time Inc. 2012-2014 Cash Long-Term Incentive Plan. 

  
 13 

 SECTION 3.05. Time Transaction Bonuses. The Parties acknowledge that certain Time
Employees (including any such Time Employees employed outside the U.S.) may be entitled to receive a cash bonus payment on account of the occurrence of the Distribution (the “Time Transaction Bonuses”). The Time Group shall retain
Liability with respect to the Time Transaction Bonuses. 
 ARTICLE IV 

Service Credit 
 SECTION
4.01. TWX Benefit Plans. As of the Distribution Date (or, if earlier, the date that the applicable Time Benefit Plan is established), service of Time Employees or Salary Continuation Former Employees with any member of the Time Group or any
other employer, as applicable, other than any member of the TWX Group, shall not be taken into account for any purpose under the corresponding TWX Benefit Plan, except for purposes of determining the timing of the payment of compensation or the
provision of benefits under such TWX Benefit Plan, to the extent that the timing of such payment or provision is triggered under such TWX Benefit Plan by the Time Employee’s or Salary Continuation Former Employee’s separation from service
from the Time Group. 
 SECTION 4.02. Time Benefit Plans. Unless prohibited by applicable law, Time shall, and shall cause its
Subsidiaries to, credit service accrued by each Post-Separation Time Employee with, or otherwise recognized for benefit plan purposes by, any member of the TWX Group or the Time Group at the time of or prior to the Distribution for purposes of
(a) eligibility and vesting under each Time Benefit Plan under which service is relevant in determining eligibility or vesting, (b) determining the amount of severance payments and benefits (if any) payable under each Time Benefit Plan
that provides severance payments or benefits and (c) determining the number of vacation days to which each such Employee will be entitled following the Distribution, in the case of clauses (a), (b) and (c), (i) to the same extent
recognized by the relevant members of the TWX Group or Time Group or the corresponding TWX Benefit Plan or Time Benefit Plan immediately prior to the Distribution Date and (ii) except to the extent such credit would result in a duplication of
benefits for the same period of service. 
 ARTICLE V 

Severance 
 Except as
specifically set forth herein, the terms of this Article V apply solely to Employees who work primarily in the U.S. 
 SECTION 5.01.
Transferred To Time Employees. Unless required by applicable law or by the terms of any individual agreement, none of the Transferred To Time Employees shall be deemed to have terminated employment for purposes of

  
 14 

 
determining eligibility for severance or other separation payments and benefits as a result of the transfers contemplated by Section 2.01 of this Agreement; provided,
however, that in the event such transfers result in severance or other separation payments to any Transferred To Time Employee, the TWX Group shall be solely responsible for all such Liabilities. 

SECTION 5.02. Transferred To TWX Employees. Unless required by applicable law or by the terms of any individual agreement, none of the
Transferred To TWX Employees shall be deemed to have terminated employment for purposes of determining eligibility for severance or other separation payments and benefits as a result of the transfers contemplated by Section 2.02 of this
Agreement; and provided, however, that in the event such transfers result in severance or other separation payments to any Transferred To TWX Employee, the Time Group shall be solely responsible for all such Liabilities; provided
further that TWX will be responsible for any severance Liabilities set forth on Schedule 5.02 (the “Schedule 5.02 Severance Amounts”). The Schedule 5.02 Severance Amounts shall, with respect to Schedule 5.02 Severance Amounts
that become due and payable in whole or in part prior to the Distribution Date, be treated in accordance with the applicable provisions governing intercompany payables and receivables in the Separation Agreement, and, with respect to Schedule 5.02
Severance Amounts that first become due and payable on or following the Distribution Date, be reimbursed by Time in accordance with Section 18.01. 

SECTION 5.03. Post-Distribution Severance. The Time Group shall be solely responsible for all severance or other separation payments
and benefits relating to the termination or alleged termination of any Post-Separation Time Employee’s employment that occurs at the time of or following the Distribution. 

ARTICLE VI 
 Certain U.S.
Welfare Benefit Plan Matters 
 Except as specifically set forth herein, the terms of this Article VI apply solely to Employees
who work primarily in the U.S. 
 SECTION 6.01. Time Welfare Plans. Effective as of the applicable Establishment Date specified on
Schedule 6.01, Time established the Welfare Plans listed on Schedule 6.01 (collectively, the “Established U.S. Time Welfare Plans”) that were substantially similar to the TWX Welfare Plans in which Time Employees and Salary
Continuation Former Employees participated prior to the Establishment Date for the purpose of providing welfare benefit coverage to the Time Employees and Salary Continuation Former Employees (and their respective dependents and beneficiaries). As
of the applicable Establishment Date, each Time Employee and Salary Continuation Former Employee ceased participation with respect to themselves and their respective eligible dependents and beneficiaries in the corresponding TWX Welfare Plan. 

SECTION 6.02. Allocation of Welfare Benefit Claims. Notwithstanding Section 2.05, (a) the members of the TWX Group
shall retain Liability 

  
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and responsibility in accordance with the applicable TWX Welfare Plan for all reimbursement claims (such as medical and dental claims) for expenses incurred and for all non-reimbursement claims
(such as life insurance claims) incurred by (i) Time Employees and Salary Continuation Former Employees (and their respective dependents and beneficiaries) under such plans prior to the Establishment Date of the corresponding Time Welfare Plan
and (ii) Transferred To Time Employees (and their dependents and beneficiaries) under such plans prior to the Transfer Time or, if later, the Establishment Date and (b) the members of the Time Group shall retain Liability and
responsibility in accordance with the Time Welfare Plans for all reimbursement claims (such as medical and dental claims) for expenses incurred and for all non-reimbursement claims (such as life insurance claims) incurred by (i) Time Employees
and Salary Continuation Former Employees (and their respective dependents and beneficiaries) on or following such Establishment Date and (ii) Transferred To TWX Employees (and their dependents and beneficiaries) on or following the
Establishment Date and prior to the Transfer Time. For purposes of this Section 6.02, a benefit claim shall be deemed to be incurred as follows: (A) when the event giving rise to the benefit under the applicable plan has occurred as
set forth in the governing plan documents, if it is clear based on the governing documents of both the TWX Welfare Plan and Time Welfare Plans which plan should be responsible for the claim or if not, as follows: (B) (1) health, dental,
vision, employee assistance program and prescription drug benefits (including in respect of any hospital confinement), upon provision of such services, materials or supplies; and (2) life, accidental death and dismemberment and business travel
accident insurance benefits, upon the death, or other event giving rise to such benefits. The members of the TWX Group shall retain Liability and responsibility in accordance with the applicable TWX Welfare Plan for all reimbursement claims (such as
medical and dental claims) for expenses incurred and for all non-reimbursement claims (such as life insurance claims) for individuals who, immediately prior to the applicable Establishment Date, are Former Time Employees (and their dependents and
beneficiaries), including any such Employee on long-term disability on the applicable Establishment Date. 
 SECTION 6.03. Workers’
Compensation Claims. In the case of any workers’ compensation claim of any Time Employee who participates in a workers’ compensation program of a member of the TWX Group (each, a “TWX U.S. Workers’ Compensation
Program”), such claim shall be covered (a) under such TWX U.S. Workers’ Compensation Program if the U.S. Workers’ Compensation Event occurred prior to the earlier of the Distribution Date or June 1, 2014 (such date, as
applicable, the “U.S. Workers’ Compensation Effective Date”), and (b) under a workers’ compensation program of the Time Group (each, a “Time U.S. Workers’ Compensation Program”) if the U.S.
Workers’ Compensation Event occurs on or after the U.S. Workers’ Compensation Effective Date. If the U.S. Workers’ Compensation Event occurs over a period both preceding and following the U.S. Workers’ Compensation Effective
Date, the claim shall be covered jointly under the TWX U.S. Workers’ Compensation Program and the Time U.S. Workers’ Compensation Program and shall be equitably apportioned between them based upon the relative periods of time that the U.S.
Workers’ Compensation Event transpired preceding and following the U.S. Workers’ Compensation Effective Date. The members of the TWX Group shall retain Liability and responsibility in accordance with the TWX U.S. Workers’ Compensation
Program for all covered workers’ compensation 

  
 16 

 
claims incurred by individuals who, immediately prior to the U.S. Workers’ Compensation Effective Date, are Former Time Employees or Salary Continuation Former Employees, including any such
Employee on long-term disability on the U.S. Workers’ Compensation Effective Date. Notwithstanding any provisions of this Section 6.03, Time shall be obligated to reimburse TWX for the U.S. Worker’s Compensation Reimbursement
Amounts in accordance with Section 18.01. 
 SECTION 6.04. COBRA. Where a Time Employee, Salary Continuation Former
Employee or Former Time Employee (or any of their respective dependents or beneficiaries) was continuing health coverage pursuant to COBRA or an applicable similar state law prior to January 1, 2014 or is eligible for COBRA continuation
coverage because of the occurrence of a “qualifying event” (within the meaning of COBRA) (or similar event under applicable similar state law) that occurred prior to January 1, 2014, TWX and the TWX Welfare Plans shall, subject to
Section 16.03, be responsible for all Liabilities to such Employee (or his or her eligible dependents) in respect of COBRA and any applicable similar state laws. Where a Time Employee, Salary Continuation Former Employee or Former Time
Employee (or any of their respective dependents or beneficiaries) begins continuing health coverage pursuant to COBRA or an applicable similar state law on or after January 1, 2014 or is eligible for COBRA continuation coverage because of the
occurrence of a “qualifying event” (or similar event under applicable similar state law) occurring on or after January 1, 2014, Time and the Time Welfare Plans shall be responsible for all Liabilities to such Employee (or his or her
eligible dependents) in respect of COBRA and any applicable similar state laws. Time shall indemnify, defend and hold harmless the members of the TWX Group from and against any and all Liabilities relating to, arising out of or resulting from COBRA
provided by Time, or the failure of Time to meet its COBRA obligations, to Time Employees, Salary Continuation Former Employees, Former Time Employees and their respective eligible dependents. 

SECTION 6.05. New York State Unemployment Contributions. Until December 31, 2014, members of the Time Group shall be responsible
for making any required New York State unemployment contributions with respect to Time Employees, Salary Continuation Former Employees and Former Time Employees to the joint accounts maintained together with members of the TWX Group. The Parties
acknowledge that TWX will apply to dissolve such accounts effective as of December 31, 2014, and the Time Group shall establish new accounts as necessary to comply with such obligations for periods beginning on January 1, 2015. 

ARTICLE VII 
 U.S. Retiree
Medical Benefits 
 Except as otherwise specifically set forth herein, the terms of this Article VII apply solely to Employees
who work primarily in the U.S. 
 SECTION 7.01. Subsidized Retiree Medical Benefits. The TWX Group shall retain all Liabilities with
respect to subsidized retiree medical benefits relating 

  
 17 

 
to (a) any Time Employees, Salary Continuation Former Employee or Former Time Employees who, immediately prior to the Distribution Date, have satisfied the age and service requirements as
eligible for retiree medical benefits under the applicable retiree medical plan sponsored or maintained by a member of the TWX Group or (b) any Time Employees who were employed as of December 31, 2013 and who would have satisfied such
eligibility criteria if they had remained employed by a member of the TWX Group through December 31, 2015; provided, however, that nothing in this Agreement shall prohibit any member of the TWX Group from amending, modifying or
terminating the applicable plan providing such benefits, or prevent the application of any such amendment, modification or termination to any such Employee; provided further that the TWX Group shall not make any such amendment, modification
or termination that adversely affects the benefits of any such Employee unless such amendment, modification or termination applies to such Employee on the same basis as applicable to similarly situated participants who, as of the Distribution Date,
are former Employees of the TWX Group. 
 SECTION 7.02. Unsubsidized Retiree Medical Benefits. Effective as of January 1, 2014,
Time established an unsubsidized retiree medical benefit program under the Time Inc. Group Health Plan to provide retiree medical benefits to Time Employees, Salary Continuation Former Employees and Former Time Employees who terminated employment
with the Time Group on or following such date and who met the eligibility criteria thereunder on the relevant termination date. With respect to such Employees who have terminated, or will terminate, employment with the Time Group on or following
January 1, 2014, the Time Group shall be solely responsible for all Liabilities with respect to this program. 
 ARTICLE VIII 

U.S. Defined Benefit Pension Plans 

Except as otherwise specifically set forth herein, the terms of this Article VIII apply solely to Employees who work primarily in the
U.S. 
 SECTION 8.01. TWX U.S. Pension Plan. Effective as of the Distribution Date, each Post-Separation Time Employee who is a
participant, as of immediately prior to the Distribution Date, in the Time Warner Pension Plan (the “TWX U.S. Pension Plan”) shall cease active participation in the TWX U.S. Pension Plan and, without limiting the generality of
Section 4.01, service with any member of the Time Group or any other employer other than any member of the TWX Group from and after the Distribution shall not be taken into account for any purpose under the TWX U.S. Pension Plan.
Notwithstanding any provision of this Agreement to the contrary, following the Distribution, the TWX Group shall retain sponsorship of the TWX U.S. Pension Plan and all assets and Liabilities arising out of or relating to the TWX U.S. Pension Plan,
and the TWX U.S. Pension Plan shall make payments to Time Employees, Salary Continuation Former Employees and Former Time Employees with vested rights thereunder in accordance with the terms of the TWX U.S. Pension Plan as in effect from time to
time and their applicable beneficiaries. The obligations of the members of the 

  
 18 

 
Time Group to provide information to the members of the TWX Group in connection with Time Employees, Salary Continuation Former Employees and Former Time Employees participating in the TWX U.S.
Pension Plan are set forth in Section 17.01. 
 SECTION 8.02. TWX Excess Benefit Pension Plan. Effective as of the
Distribution Date, the Time Group shall establish the Time Inc. Excess Benefit Pension Plan (the “Time Excess Benefit Pension Plan”) as a continuation of the Time Warner Excess Benefit Pension Plan (the “TWX Excess Benefit
Pension Plan”). Pursuant to the TWX Excess Benefit Pension Plan, at all times prior to the Distribution Date, Time and its Subsidiaries have been responsible for all Liabilities with respect to the Time Excess Pension Participants under the
TWX Excess Benefit Pension Plan, and pursuant to the Time Excess Benefit Pension Plan, Time and its Subsidiaries shall continue to be responsible for such Liabilities. Time and its Subsidiaries shall make payments to Time Excess Pension Participants
who previously had rights under the TWX Excess Benefit Pension Plan in accordance with the terms of the Time Excess Benefit Pension Plan, as in effect from time to time. Effective as of the Distribution Date, TWX and its Subsidiaries shall be
responsible for all Liabilities with respect to the TWX Excess Benefit Pension Plan relating to Former Time Employees (other than any Former Time Employee who is a Time Excess Pension Participant), and, from and after the Distribution Date, TWX and
its Subsidiaries shall be solely liable for all payments to any such Former Time Employee pursuant to the TWX Excess Benefit Pension Plan. TWX and its Subsidiaries shall make payments to such Former Time Employees with rights under the TWX Excess
Benefit Pension Plan in accordance with the terms of such plan, as in effect from time to time. TWX and its Subsidiaries shall be solely responsible for all obligations relating to reporting of Taxes to the appropriate Governmental Authority and
remitting the amounts of any such Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with payments to Former Time Employees (other than any Former Time Employee who is a Time Excess
Pension Participant) with rights under the TWX Excess Benefit Pension Plan. The Time Group shall be solely responsible for all obligations relating to reporting of Taxes to the appropriate Governmental Authority and remitting the amounts of any such
Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with payments to Time Excess Pension Participants. 

ARTICLE IX 
 U.S. Defined
Contribution Plans 
 Except as otherwise specifically set forth herein, the terms of this Article IX apply solely to Employees
who work primarily in the U.S. 
 SECTION 9.01. Time 401(k) Plan. Effective as of January 1, 2014 (the “401(k) Effective
Date”), Time established the Time Inc. Savings Plan, a defined contribution plan that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (the “Time 401(k) Plan”) for the
purpose of providing the opportunity to save for retirement to eligible Time Employees and Salary 

  
 19 

 
Continuation Former Employees participating in any tax-qualified defined contribution plan sponsored by any member of the TWX Group (the “TWX 401(k) Plan”) as of the 401(k)
Effective Date and any Time Employees hired prior to the 401(k) Effective Date who are eligible to participate in the TWX 401(k) Plan but who had not yet begun participating in such plan. Time and its Subsidiaries ceased to be “employing
companies” under, and such Employees ceased to be eligible to participate in, the TWX 401(k) Plan, as of the 401(k) Effective Date. 

SECTION 9.02. Trust-to-Trust Transfer. As of January 3, 2014 (the “401(k) Transfer Date”), TWX caused to be
transferred from the TWX 401(k) Plan to the Time 401(k) Plan the assets and Liabilities relating to the account balances of the participants who were, as of such date, Time Employees or Salary Continuation Former Employees (whether vested or
unvested as of the 401(k) Transfer Date), in accordance with the requirements of all applicable laws, including ERISA and the Code. From and after the 401(k) Transfer Date, the accounts of the Time Employees and Salary Continuation Former Employees
in the Time 401(k) Plan and the accounts of any Employee who becomes a participant in the Time 401(k) Plan after the 401(k) Transfer Date, in each case, shall be administered in accordance with all applicable laws, including ERISA and the Code;
provided that, from and after the 401(k) Transfer Date until the Distribution Date, the TWX Group has provided, and shall continue to provide, assistance as is reasonably necessary for such administration. Such transfer of assets consisted of
cash, cash equivalents, property or participant loan receivables equal to all the accrued benefit Liabilities relating to all account balances referred to in the first sentence of this Section 9.02, including such Liabilities for the
beneficiaries of such Employees and including such accrued benefit Liabilities arising under any applicable qualified domestic relations order. From and after the 401(k) Transfer Date, subject to Section 9.04, the TWX Group and the TWX
401(k) Plan has had no Liabilities, and shall continue to have no Liabilities, respecting benefits under the TWX 401(k) Plan for those participants (or any of their beneficiaries) whose balances were transferred to the Time 401(k) Plan. 

SECTION 9.03. 401(k) Rollover. As of the Distribution, (a) the TWX Group shall permit each Transferred To Time Employee who
becomes a Time Employee following January 1, 2014 to effect, and the Time Group shall cause the Time 401(k) Plan to accept, and (b) the Time Group shall permit each Transferred To TWX Employee to effect, and the TWX Group shall cause the
TWX 401(k) Plan to accept, in each case, in accordance with applicable law and the terms of the TWX 401(k) Plan and the Time 401(k) Plan, a rollover of the account balances (including earnings through the date of transfer and promissory notes
evidencing all outstanding loans) of such Transferred To Time Employee or Transferred To TWX Employee under the TWX 401(k) Plan and the Time 401(k) plan, as applicable, if such rollover is elected in accordance with applicable law and the terms of
the TWX 401(k) Plan and the Time 401(k) Plan by such Employee, as applicable. Upon completion of a transfer of the account balances of any Transferred To Time Employee or Transferred To TWX Employee, as described in this Section 9.03,
except as specifically set forth in Section 9.04, (i) Time and/or the Time 401(k) Plan will be responsible for all Liabilities of the TWX Group under the TWX 401(k) Plan with respect to any Transferred To Time Employee whose account
balance was transferred to the Time 401(k) Plan (and his or her respective beneficiaries), and the 

  
 20 

 
TWX Group and the TWX 401(k) Plan shall have no Liabilities to provide such participants (or any of their beneficiaries) with benefits under the TWX 401(k) Plan, and (ii) TWX and/or the TWX
401(k) Plan will be responsible for all Liabilities of the Time Group under the Time 401(k) Plan with respect to any Transferred To TWX Employee whose account balance was transferred to the TWX 401(k) Plan (and his or her respective beneficiaries),
and the Time Group and the Time 401(k) Plan shall have no Liabilities to provide such participants (or any of their beneficiaries) with benefits under the Time 401(k) Plan. 

SECTION 9.04. Employer 401(k) Plan Contributions. (a) The TWX Group shall remain responsible for employer contributions with
respect to any Time Employees, Salary Continuation Former Employees or Former Time Employees who participated in the TWX 401(k) Plan in 2013 in accordance with its policies and procedures for such year. With respect to each Time Employee or Salary
Continuation Former Employee who is entitled to an additional employer contribution for 2013 pursuant to the terms of the TWX 401(k) Plan following the 401(k) Transfer Date, TWX shall be responsible for such employer contribution, which shall be
contributed to a new account in the TWX 401(k) Plan created to accept such contribution, and TWX shall use reasonable efforts to cause the TWX 401(k) Plan to transfer the balance in such account to the accounts of such Time Employees and Salary
Continuation Former Employees in the Time 401(k) Plan. 
 (b) TWX shall also remain responsible for employer contributions with respect to
any Transferred To Time Employees for the period from January 1, 2014 up to the applicable Transfer Time. Such additional employer contributions shall be contributed to the account of the applicable Transferred To Time Employees in the TWX
401(k) Plan or, if such account has been transferred to the Time 401(k) Plan, to a new account in the TWX 401(k) Plan created to accept such contributions. The Time Group shall be responsible for employer contributions with respect to any Time
Employees, Salary Continuation Former Employees or Former Time Employees who participate in the Time 401(k) Plan in accordance with its policies and procedures for the relevant year. Time shall also remain responsible for employer contributions with
respect to any Transferred To TWX Employee for the period from January 1, 2014 up to the applicable Transfer Time. Such additional employer contributions shall be contributed to the account of the Transferred To TWX Employee in the Time 401(k)
Plan or, if such account has been transferred to the TWX 401(k) Plan, to a new account in the Time 401(k) Plan created to accept such contributions. Any such new account may be transferred to the TWX 401(k) Plan or the Time 401(k) Plan, as
applicable, in accordance with Section 9.03. 
 SECTION 9.05. Limitation of Liability. For the avoidance of doubt, TWX
shall have no responsibility for any failure of Time to properly administer the Time 401(k) Plan in accordance with its terms and applicable law, including any failure to properly administer the accounts of Time Employees, Salary Continuation Former
Employees and their respective beneficiaries in such Time 401(k) Plan. 

  
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 ARTICLE X 

U.S. Nonqualified Deferred Compensation 

Except as otherwise specifically set forth herein, the terms of this Article X apply solely to Employees who work primarily in the U.S.

 SECTION 10.01. TWX Nonqualified Plans. Effective as of January 1, 2014, the Time Group established the Time Inc. Supplemental
Savings Plan and the Time Inc. Deferred Compensation Plan (the “Time Nonqualified Plans”) as a continuation of the Time Warner Supplemental Savings Plan and the Time Warner Deferred Compensation Plan (the “TWX Nonqualified
Plans”), respectively, for Time Employees, Salary Continuation Former Employees and Former Time Employees. Pursuant to the TWX Nonqualified Plans, at all times prior to January 1, 2014, Time and its Subsidiaries have been responsible
for all Liabilities with respect to such Employees under the TWX Nonqualified Plans, and pursuant to the Time Nonqualified Plans, Time and its Subsidiaries continue to be responsible for such Liabilities. As of the applicable Transfer Time, Time and
its Subsidiaries shall be responsible for all Liabilities with respect to the TWX Nonqualified Plans relating to the Transferred To Time Employees and the TWX Group shall be responsible for all Liabilities with respect to the Time Nonqualified Plans
relating to Transferred To TWX Employees. From and after January 1, 2014, the Time Group has been solely liable for all payments to any Time Employees, Salary Continuation Former Employees and Former Time Employees, and, following the
applicable Transfer Time, Transferred To Time Employees pursuant to the Time Nonqualified Plans. Time shall make payments to Time Employees, Salary Continuation Former Employees and Former Time Employees, and, following the applicable Transfer Date,
Transferred To Time Employees with rights under the Time Nonqualified Plans in accordance with the terms of the applicable plans as in effect from time to time. Following the applicable Transfer Time, TWX shall make payments to Transferred To TWX
Employees with rights under the TWX Nonqualified Plans in accordance with the terms of the applicable plans, as in effect from time to time. 

SECTION 10.02. Split Dollar Life Insurance Contracts. Time shall be responsible for all obligations with respect to the split dollar
life insurance policies covering the individuals listed on Schedule 10.02, and shall be entitled to all rights and benefits with respect to such policies (including the right to recover premiums previously paid with respect to such policies by
either the TWX Group or the Time Group). In addition, Time shall assume the employment contract with the Former Time Employee listed on Schedule 10.02 and execute any other instruments necessary to effectuate the foregoing. 

SECTION 10.03. Individual Deferred Compensation Arrangement. Time shall remain responsible for all obligations with respect to the
individual deferred compensation arrangement listed on Schedule 10.03. In addition, Time shall assume any investment management contracts or other contracts relating to the administration of such deferred compensation arrangement and shall execute
any other instruments necessary to effectuate the foregoing. 

  
 22 

 SECTION 10.04. No Distributions. The Parties acknowledge that none of the transactions
contemplated by this Agreement or the Separation Agreement are intended to trigger a payment or distribution of compensation under the Time Nonqualified Plans or any other deferred compensation account for any Time Employee, Salary Continuation
Former Employee or Former Time Employee and, consequently, that the payment or distribution of any compensation to which any such current or former Employee is entitled under the Time Nonqualified Plans will occur upon such Employee’s
separation from service from Time or its Subsidiaries or at such other time as provided pursuant to the Time Nonqualified Plans or by such Employee’s deferral election. Notwithstanding the foregoing, if the Parties reasonably determine that any
transaction contemplated by this Agreement or the Separation Agreement will trigger a payment or distribution of compensation under the Time Nonqualified Plans or any other deferred compensation account for any Time Employee, Salary Continuation
Former Employee or Former Time Employee, the Parties shall cooperate in good faith so that none of the transactions contemplated by this Agreement or the Separation Agreement will trigger any such payment or distribution; provided,
however, that none of the Parties shall be required to take any action to the extent that such action would cause the Time Nonqualified Plans or any other deferred compensation account or payment thereunder that is subject to
Section 409A of the Code to fail to comply with Section 409A of the Code. 
 SECTION 10.05. Section 409A. TWX and Time
shall cooperate in good faith so that the transactions contemplated by this Agreement and the Separation Agreement will not result in adverse tax consequences under Section 409A of the Code to any Time Employee, Salary Continuation Former
Employee or Former Time Employee (or any of their respective beneficiaries), in respect of their respective benefits under any Benefit Plan. 

ARTICLE XI 
 U.S. Dependent
Care and Medical Flexible Spending Arrangements; Medical Insurance Premiums 
 Except as otherwise specifically set forth herein, the
terms of this Article XI apply solely to Employees who work primarily in the U.S. 
 SECTION 11.01. Dependent Care and Medical
Flexible Spending Arrangements. (a) Effective as of December 31, 2013, Time Employees and Salary Continuation Former Employees ceased participation in the dependent care and medical flexible spending arrangements under each cafeteria
plan qualifying under Section 125 or Section 129 of the Code sponsored by any member of the TWX Group (the “TWX Flexible Spending Account Plan”). Effective as of January 1, 2014, Time or its Subsidiaries established
the Time Inc. Flexible Spending Account Plan (the “Time Flexible Spending Account Plan”) for the purpose of providing eligible Time Employees, Salary Continuation Former Employees and their respective dependents with a means of
obtaining reimbursement of dependent care assistance expenses and uninsured or noncovered medical expenses, and ceased to be “employing companies” under, and Time Employees and Salary Continuation Former Employees ceased to be eligible to
participate 

  
 23 

 
in, the TWX Flexible Spending Account Plan. From and after January 1, 2014, the Time Group is solely responsible for all dependent care and medical flexible spending arrangement claims by
participants in the Time Flexible Spending Account Plan, other than claims for expenses incurred relating to amounts contributed to the dependent care and medical flexible spending arrangements under the TWX Flexible Spending Account Plan prior to
January 1, 2014. The TWX Group shall be solely responsible for all dependent care and flexible spending arrangement claims by Time Employees, Salary Continuation Former Employees and Former Time Employees participating in the TWX Flexible
Spending Account Plan prior to January 1, 2014, relating to amounts contributed to the dependent care and medical flexible spending arrangements under the TWX Flexible Spending Account Plan prior to January 1, 2014. 

(b) Promptly following the Transfer Time, with respect to each Transferred To Time Employee who has a dependent care or medical flexible
spending arrangement under the TWX Flexible Spending Account Plan, TWX shall transfer to Time all relevant records relating to such arrangements of such Transferred To Time Employee under the TWX Flexible Spending Account Plan and any other
information necessary for the administration of the Time Flexible Spending Account Plan with respect to such arrangements. Time shall, or shall cause its Subsidiaries to, cause the Time Flexible Spending Account Plan to accept, effective as of the
relevant Transfer Time, a spin-off of the dependent care and medical flexible spending arrangements of each individual who is a Transferred To Time Employee and who has any such arrangements under the TWX Flexible Spending Account Plan from the TWX
Flexible Spending Account Plan except for any balances relating to contributions to the TWX Flexible Spending Account Plan prior to January 1, 2014 (which shall be retained by the TWX Flexible Spending Account Plan to satisfy claims for which
the TWX Group is responsible for pursuant to Section 11.01(a)), and to honor and continue, through the end of the plan year in which the Transfer Time occurs, the elections made by such Employee with respect to a dependent care or
medical flexible spending arrangement under the TWX Flexible Spending Account Plan for such plan year. The Time Group shall be solely responsible for all dependent care and medical flexible spending arrangement claims by all individuals whose
dependent care and medical flexible spending arrangements transfer pursuant to this Section 11.01(b) under the TWX Flexible Spending Account Plan that were incurred in the year in which the Transfer Time occurs, whether incurred prior
to, at or after the Transfer Time, that have not been paid in full as of the Transfer Time. 
 (c) Promptly following the Transfer Time,
with respect to each Transferred To TWX Employee who has a dependent care or medical flexible spending arrangement under the Time Flexible Spending Account Plan, Time shall transfer to TWX all relevant records relating to such arrangements of such
Transferred To TWX Employee under the Time Flexible Spending Account Plan and any other information necessary for the administration of the TWX Flexible Spending Account Plan with respect to such arrangements. TWX shall, or shall cause its
Subsidiaries to, cause the TWX Flexible Spending Account Plan to accept, effective as of the relevant Transfer Time, a spin-off of the dependent care and medical flexible spending arrangements of each individual who is a Transferred To TWX Employee
and who has any such 

  
 24 

 
arrangement under the Time Flexible Spending Account Plan from the Time Flexible Spending Account Plan, and to honor and continue, through the end of the plan year in which the Transfer Time
occurs, the elections made by such Employee with respect to such arrangements under the Time Flexible Spending Account Plan for such plan year. The TWX Group shall be solely responsible for all dependent care and medical flexible spending
arrangement claims by all individuals whose dependent care or medical flexible spending arrangements transfer pursuant to this Section 11.01(c) under the Time Flexible Spending Account Plan that were incurred in the year in which the
Transfer Time occurs, whether incurred prior to, at or after the Transfer Time, that have not been paid in full as of the Transfer Time. 

SECTION 11.02. Medical Insurance Premiums. From and after the applicable Transfer Time, (a) the members of the TWX Group shall
honor and continue the payroll deductions in respect of medical insurance premiums required for each Transferred To TWX Employee’s participation in the applicable TWX Benefit Plans and (b) the members of the Time Group shall honor and
continue the payroll deductions in respect of medical insurance premiums required for each Transferred To Time Employee’s participation in the applicable Time Benefit Plans. 

ARTICLE XII 
 U.S.
Transportation Benefit Programs 
 Except as otherwise specifically set forth herein, the terms of this Article XII apply solely
to Employees who work primarily in the U.S. 
 SECTION 12.01. Transportation Benefit Programs. (a) Effective as of
December 31, 2013, Time Employees and Salary Continuation Former Employees (and their respective dependents and beneficiaries) ceased participation in the transportation benefit programs sponsored by any member of the TWX Group (the
“TWX Transportation Benefit Program”). Effective as of January 1, 2014, Time or its Subsidiaries established a transportation benefit program (the “Time Transportation Benefit Program”) that was substantially
similar to the TWX Transportation Benefit Program as in effect as of immediately prior to the Establishment Date for the purpose of providing continued transportation benefits to Time Employees and Salary Continuation Former Employees, and, from and
after such date, the Time Group is solely responsible for all transportation benefit claims by participants in the Time Transportation Benefit Program, other than claims for expenses incurred relating to amounts contributed to the TWX Transportation
Benefit Program prior to January 1, 2014. The TWX Group is solely responsible for all transportation benefit claims by Time Employees, Salary Continuation Former Employees and Former Time Employees participating in the TWX Transportation
Benefit Program prior to January 1, 2014, relating to amounts contributed to the TWX Transportation Benefit Program prior to January 1, 2014. 

(b) Promptly following the Transfer Time, with respect to each Transferred To Time Employee who has any benefits under the TWX Transportation
Benefit Program, TWX shall transfer to Time all relevant records relating to the benefits 

  
 25 

 
of such Transferred To Time Employee under the TWX Transportation Benefit Program and any other information necessary for the administration of the Time Transportation Benefit Program with
respect to such Employee. Time shall, or shall cause its Subsidiaries to, cause the Time Transportation Benefit Program to accept, effective as of the relevant Transfer Time, a spin-off of the benefits of each individual who is a Transferred To Time
Employee and who has any benefits under the TWX Transportation Benefit Program from the TWX Transportation Benefit Program except for any benefits relating to contributions to the TWX Transportation Benefit Program prior to January 1, 2014
(which shall be retained by the TWX Transportation Benefit Program to satisfy claims for which the TWX Group is responsible pursuant to Section 12.01(a)), and to honor and continue, through the end of the plan year in which the Transfer
Time occurs, the elections made by such employee with respect to the benefits under the TWX Transportation Benefit Program for such plan year. The Time Group shall be solely responsible for all claims by all individuals whose benefits transfer
pursuant to this Section 12.01(b) under the TWX Transportation Benefit Program that were incurred in the year in which the Transfer Time occurs, whether incurred prior to, at or after the Transfer Time, that have not been paid in full as
of the Transfer Time. 
 (c) Promptly following the Transfer Time, with respect to each Transferred To TWX Employee who has any benefits
under the Time Transportation Benefit Program, Time shall transfer to TWX all relevant records relating to the benefits of such Transferred To TWX Employee under the Time Transportation Benefit Program and any other information necessary for the
administration of the TWX Transportation Benefit Program with respect to such account. TWX shall, or shall cause its Subsidiaries to, cause the TWX Transportation Benefit Program to accept, effective as of the relevant Transfer Time, a spin-off of
the benefits of each individual who is a Transferred To TWX Employee and who has any benefits under the Time Transportation Benefit Program from the Time Transportation Benefit Program, and to honor and continue, through the end of the plan year in
which the Transfer Time occurs, the elections made by such employee with respect to the benefits under the Time Transportation Benefit Program for such plan year. The TWX Group shall be solely responsible for all claims by all individuals whose
benefits transfer pursuant to this Section 12.01(c) under the Time Transportation Benefit Program that were incurred in the year in which the Transfer Time occurs, whether incurred prior to, at or after the Transfer Time, that have not
been paid in full as of the Transfer Time. 
 ARTICLE XIII 

U.S. Vacation and Sabbatical Program 

Except as otherwise specifically set forth herein, the terms of this Article XIII apply solely to Employees who work primarily in the
U.S. 
 SECTION 13.01. Vacation. With respect to each Transferred To Time Employee, (a) for purposes of determining the number
of vacation days to which such Employee shall be entitled following the relevant Transfer Time, Time and its Subsidiaries shall assume and honor all vacation days accrued or earned but not yet taken 

  
 26 

 
by such Employee, if any, as of the relevant Transfer Time, and (b) to the extent such Employee is entitled under any applicable law or any policy of his or her respective employer that is a
member of the TWX Group, as the case may be, to be paid for any vacation days accrued or earned but not yet taken by such Employee as of the relevant Transfer Time, Time shall discharge the Liability for such vacation days. With respect to each
Transferred To TWX Employee, (i) for purposes of determining the number of vacation days to which such Employee shall be entitled following the Distribution, TWX and its Subsidiaries shall honor all vacation days accrued or earned but not yet
taken by such Employee as of the relevant Transfer Time, and (ii) to the extent such Employee is entitled under any applicable law or any policy of his or her respective employer that is a member of the Time Group, as the case may be, to be
paid for any vacation days accrued or earned but not yet taken by such Employee as of the relevant Transfer Time, TWX shall discharge the Liability for such vacation days. The Time Group shall retain all Liability for vacation with respect to each
Time Employee, Salary Continuation Former Employee and Former Time Employee who is not a Transferred To Time Employee. 
 SECTION 13.02.
Sabbatical Program. The Time Group shall retain all Liabilities with respect to Time Employees, Salary Continuation Former Employees and Former Time Employees under the Time Sabbatical Program. 

ARTICLE XIV 
 Non-U.S.
Employees 
 The terms of this Article XIV apply solely to Employees who work primarily outside the U.S. 

SECTION 14.01. General. Except as specifically set forth in this Article XIV or Section 16.03, prior to, upon and
after the Distribution, the Time Group shall be solely responsible for (a) all Liabilities with respect to Time Employees, Former Time Employees and Time Benefit Plans, and (b) providing payroll services to the Time Employees, Salary
Continuation Former Employees and Former Time Employees. 
 SECTION 14.02. Certain Laws. Time shall, or shall cause its Subsidiaries
to, comply in all material respects with all applicable laws with respect to Time Employees, Time Service Providers, Former Time Employees and Former Time Service Providers located in jurisdictions outside the U.S., including all applicable laws
relating to Tax reporting. 
 SECTION 14.03. Employee Transfers. None of the Transferred To Time Employees or Transferred To TWX
Employees is expected to be an Employee that is primarily employed outside the U.S. In the event any Employee primarily employed outside the U.S. becomes a Transferred To Time Employee, the Parties shall cooperate in good faith to determine the
treatment of such Employee. 
 SECTION 14.04. U.K. Employees. (a) Time Warner U.K. Pension Scheme. Effective as of the
end of the day before the Distribution Date (the “TWUKPP 

  
 27 

 
Exit Time”), Time Magazine Europe Limited (“TMEL”) shall cease to be a participating employer with respect to the Time Warner UK Pension Plan (currently governed by a
fourth definitive trust deed and rules dated May 12, 2000, as amended) (the “TWUKPP”). Effective as of the TWUKPP Exit Time, each Time Employee who, immediately prior to the TWUKPP Exit Time, is eligible for special terms in
the TWUKPP over and above those ordinarily applicable to deferred members of the TWUKPP, shall cease to have such special terms going forward, and service with any member of the Time Group or any other employer from and after the TWUKPP Exit Time
shall not be taken into account for any purpose under the TWUKPP. Notwithstanding any provision of this Agreement to the contrary, following the TWUKPP Exit Time, TWX or its applicable Subsidiaries shall retain sponsorship of the TWUKPP and TMEL
shall, pursuant to a deed dated on or around the date of this Agreement, cease to be an “employer” in respect of the TWUKPP and so cease to have employer funding obligations (whether ongoing or triggered on exit) in respect of the TWUKPP,
and the Parties acknowledge that the Time Employees and Former Time Employees who are deferred members or pensioners of the TWUKPP (and their applicable beneficiaries) shall be entitled to payments from the TWUKPP in accordance with the terms of the
TWUKPP as in effect from time to time. The obligations of the members of the Time Group to provide information to the members of the TWX Group in connection with the benefits accrued in, and payment of such benefits to the Time Employees and Former
Time Employees pursuant to, the TWUKPP are set forth in Section 17.01. 
 (b) IPC Media Pension Scheme. Time shall cause
IPC to retain sponsorship of the IPC Media Pension Scheme (currently governed by a trust deed and rules dated September 12, 2003, as amended) (the “IPC Pension Scheme”) and all assets and Liabilities arising out of or relating
to the IPC Pension Scheme and the IPC Pension Scheme. The Parties acknowledge that the Time Employees and Former Time Employees who are deferred members or pensioners of the IPC Pension Scheme (and their applicable beneficiaries) shall be entitled
to payments from the IPC Pension Scheme in accordance with the terms of the IPC Pension Scheme as in effect from time to time. 
 (c)
U.K. Defined Contribution Plans. Effective as of April 1, 2014, the members of the Time Group ceased to be participating employers in the Time Warner Money Purchase Pension Plan (currently governed by a trust deed and rules dated
September 22, 2009, as amended) (the “TWMPPP”), and the Time Employees ceased to be active members of such plan. As of April 1, 2014, the TWMPPP retained all assets and Liabilities relating to the Time Employees and Former
Time Employees who are deferred members or pensioners of the TWMPPP, and the TWX Group acknowledges that each Time Employee and Former Time Employee shall be entitled, in accordance with applicable law and the governing documents of the TWMPPP and
subject to the agreement of the trustee of the TWMPPP, as required, to a transfer of that Employee’s benefits under the TWMPPP to a defined contribution plan of any other employer (including, if applicable, a member of the Time Group) if such
transfer is elected by such Employee in accordance with applicable law and the terms of the TWMPPP and the defined contribution plan of the relevant employer. From and after April 1, 2014, Time Employees who participated in the TWMPPP on
March 31, 2014 are eligible to participate in a group personal pension plan sponsored by a member of the Time Group 

  
 28 

 
(the “Time U.K. Group Personal Pension Plan”), and prior to, on and after the Distribution Date the Time Group will be solely responsible for all Liabilities under such group
personal pension plan in accordance with the governing documents of such group personal pension plan as in effect from time to time. 
 (d)
U.K. Welfare Benefit Plans. Effective as of the applicable Establishment Date specified on Schedule 14.04(d), Time and its Subsidiaries established the Welfare Plans listed on Schedule 14.04(d) (collectively, the “Established U.K.
Time Welfare Plans”) to provide welfare benefits to the Time Employees and Former Time Employees (and their respective dependents and beneficiaries), and as of the applicable Establishment Date, each Time Employee and Former Time Employee
(and their respective dependants and beneficiaries) ceased active participation in the corresponding TWX Welfare Plan. Notwithstanding Section 14.01, (i) the members of the TWX Group shall retain Liability and responsibility in
accordance with the applicable TWX Welfare Plans for all reimbursement claims (such as medical and dental claims) for expenses incurred and for all non-reimbursement claims (such as life insurance claims) incurred under such plans by Time Employees
and Former Time Employees prior to the applicable Establishment Date of the corresponding Time Welfare Plan, and (ii) the members of the Time Group shall retain Liability and responsibility in accordance with the Time Welfare Plans for all
reimbursement claims (such as medical and dental claims) for expenses incurred and for all non-reimbursement claims (such as life insurance claims) incurred, by Time Employees and Former Time Employees on or following such Establishment Date. For
purposes of this Section 14.04(d), a benefit claim shall be deemed to be incurred as follows: (A) when the event giving rise to the benefit under the applicable plan has occurred as set forth in the governing plan documents, if it
is clear based on the governing documents of both the TWX Welfare Plan and Time Welfare Plans which plan should be responsible for the claim or, if not, as follows: (B) (1) health, dental, vision, employee assistance program and prescription
drug benefits (including in respect of any hospital confinement), upon provision of such services, materials or supplies; and (2) life, accidental death and dismemberment and business travel accident insurance benefits, upon death or other
event giving rise to such benefits. 
 (e) Disability Benefits. The members of the TWX Group shall retain Liability and
responsibility in accordance with the applicable TWX Welfare Benefit Plans for any Time Employee or Former Time Employee who commenced receiving disability benefits prior to April 1, 2014. The members of the Time Group shall retain Liability
and responsibility in accordance with the applicable Time Welfare Plans for any Time Employee or Former Time Employee who commenced receiving disability benefits on or following April 1, 2014. 

SECTION 14.05. Canadian Defined Contribution Plans. Prior to, on and after the Distribution, the Time Group shall retain sponsorship of
the Time Warner (Canada) Employees’ Pension Plan and all assets and Liabilities arising out of or relating to the Time Warner (Canada) Employees’ Pension Plan and the Time Warner (Canada) Employees’ Pension Plan shall make payments to
Time Employees and Former Time Employees with vested rights thereunder (and their applicable beneficiaries) in accordance with the terms of the Time Warner (Canada) Employees’ Pension Plan as in effect from time to time. 

  
 29 

 SECTION 14.06. Payroll Services in Certain Jurisdictions. (a) Prior to March 1,
2014, the TWX Group was responsible for providing payroll services to Time Employees and Former Time Employees employed primarily in Hong Kong. Effective as of March 1, 2014, the Time Group is solely responsible for providing such payroll
services. 
 (b) Prior to April 1, 2014, the TWX Group was responsible for providing payroll services to Time Employees and Former Time
Employees employed by TMEL. Effective as of April 1, 2014, the Time Group is solely responsible for providing such payroll services. 

(c) Prior to June 1, 2014, the TWX Group shall be responsible for providing payroll services to Time Employees and Former Time Employees
employed primarily in France. Effective as of June 1, 2014, the Time Group shall be solely responsible for providing such payroll services. 

SECTION 14.07. Certain Expatriate Benefit Plans. Until December 31, 2014, Time shall be an additional insured party under the
Cigna International insurance policy maintained by the TWX Group with respect to U.S. expatriate employees and shall be responsible for paying all premiums with respect to its participation in such policy. Effective January 1, 2015, Time
intends to adopt a replacement policy to provide benefits to Time Employees who currently receive benefits under such Cigna International insurance policy, and, if such replacement policy is not adopted as of such date, Time shall make alternative
arrangements to provide such Employees with replacement benefits. In any event, from and after January 1, 2015, the Time Group shall have full responsibility for providing all such benefits to any Time Employees, Salary Continuation Former
Employees and Former Time Employees receiving benefits under such Cigna International insurance policy as of December 31, 2014. 

ARTICLE XV 
 TWX Equity
Compensation Awards 
 SECTION 15.01. General Treatment of Outstanding TWX Equity Compensation Awards. Notwithstanding any
provision of this Agreement or the Separation Agreement to the contrary, at the time of the Distribution, each outstanding option to purchase TWX Common Stock (each a “TWX Option”) and each restricted stock unit payable in shares of
TWX Common Stock or the value of which is determined by reference to the value of shares of TWX Common Stock (each a “TWX RSU”), in each case, that was granted under or pursuant to any equity compensation plan of TWX (each such TWX
Option or TWX RSU, a “TWX Equity Compensation Award”), and that, at the time of the Distribution, is held by any Time Employee, Salary Continuation Former Employee or Former Time Employee, shall be treated as provided in the equity

  
 30 

 
compensation plan under which such TWX Equity Compensation Award was granted, the award agreement governing such TWX Equity Compensation Award and any employment agreement to which such Time
Employee, Salary Continuation Former Employee or Former Time Employee is a party, as in effect at the time of the Distribution, and any such TWX Equity Compensation Award that is not forfeited by its holder as a result of the Distribution shall be
adjusted to reflect the Distribution in the same manner, if any, as similar TWX Equity Compensation Awards held by Employees of the TWX Group immediately prior to the Distribution are adjusted, as determined by TWX in accordance with the equity
compensation plan of TWX under which such TWX Equity Compensation Award was granted; provided, however, that TWX may amend any such TWX Equity Compensation Award in any manner that TWX determines is necessary in order to avoid
additional Taxes and penalties under Section 409A of the Code. TWX hereby acknowledges that, except as provided in Section 15.02, each Time Employee (but no Salary Continuation Former Employee or Former Time Employee) who, as of the
Distribution, meets the eligibility requirements for retirement treatment in the event of a voluntary termination of employment with respect to any TWX Equity Compensation Award held by such Time Employee at the time of the Distribution, as
determined under the applicable equity compensation plan or award agreement, will, in connection with the Distribution, receive the benefit of any provisions of such equity compensation plan or award agreement that provide for accelerated vesting of
such TWX Equity Compensation Award or an extended time period to exercise any such TWX Equity Compensation Award that is a vested TWX Option in connection with a termination of employment due to retirement. As soon as practicable following the
payment by TWX of a cash dividend with respect to TWX Common Stock that is paid on or after the Distribution, Time shall pay each Time Employee, Salary Continuation Former Employee and Former Time Employee holding an outstanding TWX RSU any TWX
Dividend Equivalents payable pursuant to such TWX RSU (less any Taxes that are required to be withheld) and TWX shall not be obligated to pay such Time Employee, Salary Continuation Former Employee or Former Time Employee such TWX Dividend
Equivalent, but shall be obligated to reimburse the Time Group for such TWX Dividend Equivalent in accordance with Section 18.02. 

SECTION 15.02. Treatment of Outstanding TWX Equity Compensation Awards Held by Joseph A. Ripp and Jeffrey J. Bairstow. Notwithstanding
any provision of Section 15.01, subject to any required action by the compensation committee of the Time board of directors, in accordance with the Employment Agreement, dated October 31, 2013, by and between Time and Joseph A. Ripp
(“Ripp”) (the “Ripp Employment Agreement”) and the Employment Agreement, dated October 31, 2013, by and between Time and Jeffrey J. Bairstow (“Bairstow”) (the “Bairstow Employment
Agreement”), if any, effective immediately upon the Distribution, each outstanding TWX Option, whether vested or unvested, that is held, immediately prior to the Distribution, by Ripp or Bairstow, as applicable, shall be converted into an
option (each, a “Converted Time Option”) to acquire shares of Time Common Stock, on substantially the same terms and conditions as were applicable under such TWX Option (other than with respect to exercise price and the number and
type of shares covered thereby). The adjustments provided in this Section 15.02 with respect to any TWX Options are intended to be effected in a manner that is consistent with Section 409A of the Code. Furthermore, subject to any required
action by the compensation committee of the Time board of directors in accordance with the Ripp Employment Agreement or the Bairstow Employment Agreement, if any, effective immediately upon the Distribution, each outstanding TWX RSU, whether vested
or unvested, that is held, immediately prior to the Distribution, by Ripp or Bairstow, as applicable, shall be converted into a restricted stock unit with respect to shares of Time Common Stock (such restricted stock units, the “Converted
Time RSUs”), on substantially the same terms and conditions as were applicable under such TWX RSU (other than with respect to the number and type of shares covered thereby). Effective immediately upon the Distribution, Time shall be
responsible for all Liabilities related to the TWX Options and TWX RSUs held by Ripp and Bairstow (as Converted Time Options and Converted Time RSUs) and, from and after the Distribution, no member of the TWX Group shall have any Liabilities with
respect thereto. 
  

  
 31 

 SECTION 15.03. Replacement Time Equity Compensation Awards. Except as provided in
Section 15.02, as a result of the Distribution, Time Employees who do not meet the eligibility requirements for retirement treatment in the event of a voluntary termination of employment with respect to any TWX Equity Compensation Award
held as of the Distribution, will forfeit certain TWX Equity Compensation Awards upon the Distribution (any such forfeited award, a “Forfeited TWX Equity Compensation Award”). As soon as practicable following the Distribution,
subject to approval by the compensation committee of the board of directors of Time, Time shall take all actions necessary to award, and shall award, to each Post-Separation Time Employee (other than a Post-Separation Time Employee who is an
Employee in a jurisdiction listed on Schedule 15.03 hereof and other than Ripp and Bairstow), restricted stock units with respect to shares of Time Common Stock with (a) a Fair Market Value equal to the aggregate intrinsic value of such
Forfeited TWX Equity Compensation Awards (determined based on Fair Market Value of a share of TWX Common Stock as of the Distribution Date) and (b) vesting terms substantially identical to the vesting terms of the applicable Forfeited TWX
Equity Compensation Awards, including with respect to retirement eligibility but excluding any terms relating to vesting upon or following a “change in control” of Time, which terms shall be determined by the board of directors of Time (or
a duly authorized committee thereof). 
 SECTION 15.04. Tax Withholding and Reporting. Except as otherwise set forth in this
Section 15.04, (a) in the case of any TWX RSUs that are subject to Tax withholding upon vesting, upon the vesting of any such TWX RSUs held by Post-

  
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Separation Time Employees, Salary Continuation Former Employees and Former Time Employees that are not forfeited upon the Distribution, TWX shall reduce the number of TWX RSUs held by each such
Employee by a number of TWX RSUs having a Fair Market Value equal to the Withholding Amount attributable to such vesting, (b) upon the settlement of any TWX RSUs, a member of the TWX Group shall withhold from the number of shares of TWX Common
Stock otherwise issuable to the relevant Post-Separation Time Employee, Salary Continuation Former Employee or Former Time Employee a number of shares having a Fair Market Value equal to the Withholding Amount attributable to such settlement, unless
such Employee elects to make a cash payment to such member of the TWX Group in accordance with and to the extent permitted under applicable TWX policy in an amount equal to the Withholding Amount in lieu of such withholding of shares, and
(c) upon exercise of any TWX Option, the relevant Post-Separation Time Employee, Salary Continuation Former Employee or Former Time Employee shall either (i) pay to a member of the TWX Group an amount in cash in accordance with applicable
TWX policy equal to the Withholding Amount attributable to such exercise or (ii) in accordance with and to the extent permitted under applicable TWX policy, deliver to TWX a number of shares of TWX Common Stock having a Fair Market Value equal
to the Withholding Amount attributable to such exercise. For purposes of this Section 15.04, the “Withholding Amount” shall mean the employee-paid portion of any Taxes (including any Employment Taxes) required to be
withheld upon the applicable event. Notwithstanding the foregoing, if any of the procedures described in clause (a), (b) or (c) of the first sentence of this Section 15.04 are prohibited by applicable law, TWX and Time shall
cooperate in good faith to determine alternative procedures with respect to such awards in order to fulfill all required withholding and reporting obligations in compliance with applicable law. The Parties hereby acknowledge and agree that, without
limiting the generality of Section 22.02 and notwithstanding any provision of this Section 15.04, the members of the Time Group shall be solely responsible for all obligations relating to reporting of Taxes to the appropriate
Governmental Authority and remitting the amounts of any such Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with the exercise, vesting or settlement of any TWX Equity
Compensation Awards and the payment of any TWX Dividend Equivalents and no member of the TWX Group shall have any responsibility or Liability with respect thereto, other than (A) the obligations of the members of the TWX Group to notify the
members of the Time Group about amounts withheld by members of the TWX Group in connection with the exercise, vesting or settlement of any TWX Equity Compensation Awards and the amounts paid by TWX in respect of any cash dividend on TWX Common Stock
that would entitle any Post-Separation Time Employee, Salary Continuation Former Employee or Former Time Employee to a TWX Dividend Equivalent (in each case, as set forth in Section 15.01) and (B) the obligations of the members of
the TWX Group to make payments to the members of the Time Group in respect of the TWX Dividend Equivalent Reimbursement Amounts and the TWX Equity Compensation Award Withholding Reimbursement Amounts (as set forth in Section 18.02). The
obligations of the members of the Time Group and the TWX Group to provide Information to the other party in order to allow the administration of the TWX Equity Compensation Awards pursuant to this Article XV are set forth in
Section 15.05 and Section 17.01. The rights and obligations of the Parties with respect to U.S. Tax deductions relating to the TWX Equity Compensation Awards shall be governed by Section 4.08 of the TMA. 

  
 33 

 SECTION 15.05. Reports. For so long as any TWX Equity Compensation Award is outstanding
and held by a Time Employee, Salary Continuation Former Employee or Former Time Employee, (a) TWX shall provide Time with the reports listed on Schedule 15.05(a) hereto at the times specified therein and (b) Time shall provide TWX with the
reports listed on Schedule 15.05(b) hereto at the times specified therein. 
 SECTION 15.06. Recharge Agreements. On or prior to the
Distribution Date, the TWX Group and the Time Group shall terminate each agreement set forth on Schedule 15.06 (the “Applicable Recharge Agreements”). Notwithstanding the termination of such agreements, (a) any Subsidiary of
Time that is a party to an Applicable Recharge Agreement shall remain responsible for making payments to Time for costs relating to TWX Equity Compensation Awards held by its current or former Employees pursuant to the surviving terms and conditions
of the Applicable Recharge Agreements and (b) Time shall remain responsible for making payments to TWX for TWX Equity Reimbursement Amounts in accordance with Section 18.01. 

ARTICLE XVI 
 Administrative
Costs and Benefit Plan Reimbursements 
 SECTION 16.01. Time Reimbursement of TWX for Post-Separation Administrative Services.
From and after the Distribution, TWX shall continue to provide to the members of the Time Group services relating to (a) the administration of the TWX Equity Compensation Awards outstanding at the Distribution, (b) those services described
in the TSA and (c) maintenance and administration of data relating to Time Employees, Salary Continuation Former Employees and Former Time Employees as is necessary to provide the administrative services described in the preceding
clauses (a) and (b) (such services, the “TWX Services”). Without limiting the generality of Section 22.01, except as set forth in the TSA, TWX Services shall not include any services that relate to the
employment of any applicable Employee with any member of the Time Group following the Distribution. As payment for the TWX Services, Time shall, or shall cause one of its Subsidiaries to, make payments to TWX in amounts that TWX and Time reasonably
determine to be the costs incurred by the TWX Group in connection with such services (the “TWX Services Reimbursement Amounts”); provided, however, that to the extent that the costs of any TWX Services are billed
directly to a member of the Time Group by the relevant third-party vendor, the members of the Time Group shall not be required to reimburse the members of the TWX Group for such TWX Services; provided further that the Time Group shall not be
required to make payments for TWX Services pursuant to this Agreement to the extent payment for the relevant TWX Services are made pursuant to the TSA. The TWX Services Reimbursement Amounts shall also include amounts that relate to services for
which a member of the Time Group has previously reimbursed a member of the TWX Group (including services provided to the Time Group prior to the Distribution Date and any TWX Services) but with respect to which a member of the

  
 34 

 
TWX Group incurs additional costs following the time of the initial reimbursement, which additional costs may include, but are not limited to, additional Taxes payable by a member of the TWX
Group with respect to such services and additional payments required to be made to third-party vendors for previously rendered services. The obligations of Time to reimburse TWX with respect to the TWX Services are set forth in
Section 18.01. 
 SECTION 16.02. Pre-Separation Benefit Plan Matters. Schedule 16.02 sets forth a list of the types of
compensation and benefits provided to the Time Employees, Salary Continuation Former Employees and Former Time Employees as a result of participation in the TWX Benefit Plans prior to the Distribution Date for which a member of the TWX Group has
incurred costs that are not charged directly to the members of the Time Group (such costs, the “TWX Benefit Plan Costs”). Following the Distribution, the members of the Time Group shall remain responsible for reimbursing the members
of the TWX Group for all TWX Benefit Plan Costs; provided, however, that, except as otherwise specifically provided in this Agreement, in no event shall any member of the Time Group be required to reimburse any member of the TWX Group
for the cost of (a) any compensation or benefits provided to a Transferred To Time Employee that relates to a period prior to the applicable Transfer Time or (b) any Benefit Plan related Liabilities for which the TWX Group remains
responsible pursuant to this Agreement. Furthermore, following the Distribution, the members of the TWX Group shall reimburse the members of the Time Group for any rebates or reimbursements received by a member of the TWX Group from any third party
(whether from a vendor, a Governmental Authority or any other third party) that relate to amounts paid by a member of the Time Group pursuant to this Agreement or the TSA in connection with participation by Time Employees, Salary Continuation Former
Employees and Former Time Employees in any TWX Benefit Plan (such refunds and rebates, the “TWX Benefit Plan Rebates”), which amounts shall be paid quarterly pursuant to Section 18.02 to the extent the TWX Benefit Plan
Rebates exceed the TWX Benefit Costs for that quarter. 
 SECTION 16.03. Benefit Plan Indemnification. With respect to each TWX
Benefit Plan or Time Benefit Plan, Time shall indemnify, defend and hold harmless the members of the TWX Group from and against any and all Liabilities relating to, arising out of or resulting from participation in any such plan by any Time
Employee, Salary Continuation Former Employee or Former Time Employee, regardless of whether such participation relates to a period that was prior to, on or after the Distribution; provided, however, that the foregoing obligations
shall not apply to any participation by a Transferred To Time Employee in any TWX Benefit Plan prior to the applicable Transfer Time; provided further that the foregoing obligations shall not apply in the event of any Liabilities arising out
of wilful or intentional misconduct by any member of the TWX Group or any Employee of any member of the TWX Group. With respect to each TWX Benefit Plan or Time Benefit Plan, TWX shall indemnify, defend and hold harmless the members of the Time
Group from and against any and all Liabilities arising out of wilful or intentional misconduct by any member of the TWX Group or any Employee of any member of the TWX Group; provided, however, that in no event shall any member of the
TWX Group be responsible for the cost of any compensation or benefits that the relevant member of the Time Group would have incurred in the absence of any wilful or intentional misconduct by the relevant member of the TWX Group or the relevant
Employee of any member of the TWX Group. 

  
 35 

 ARTICLE XVII 

Cooperation; Production of Witnesses; Works Councils 

SECTION 17.01. Cooperation. Following the date of this Agreement, the Parties shall, and shall cause their respective Subsidiaries to,
use commercially reasonable efforts to cooperate with respect to any Employee compensation or benefits matters that either Party reasonably determines require the cooperation of the other Party in order to accomplish the objectives of this
Agreement. Without limiting the generality of the preceding sentence, (a) TWX and Time shall cooperate in connection with any audits of any Benefit Plan with respect to which such Party may have Information, (b) TWX and Time shall
cooperate in coordinating each of their respective payroll systems in connection with the transfers contemplated by Sections 2.01 and 2.02, (c) TWX and Time shall cooperate in connection with any audits of their respective payroll
services (whether by a Governmental Authority in the U.S. or otherwise) in connection with the services provided by one Party to the other Party, (d) TWX and Time shall cooperate in administering the TWX U.S. Pension Plan, the TWX Excess
Benefit Pension Plan, the Time Inc. Excess Benefit Pension Plan, the TWMPPP, the Time U.K. Group Personal Pension Plan and the TWUKPP and (e) TWX and Time shall cooperate in good faith in connection with the notification and consultation with
works councils, labor unions and other employee representatives of Employees of the TWX Group and the Time Group. The obligations of the TWX Group and the Time Group to cooperate pursuant to this Section 17.01 shall remain in effect
until the later of (i) the date all audits of all Benefit Plans with respect to which a Party may have Information have been completed or (ii) the date the applicable statute of limitations with respect to such audits has expired. 

SECTION 17.02. Production of Witnesses; Records; Further Cooperation. (a) For the time period described in
Section 17.01, except in the case of an adversarial Action or threatened adversarial Action by either TWX or Time or a Person or Persons in its Group against the other Party or a Person or Persons in its Group, each of TWX and Time shall
take all reasonable steps to make available, upon written request, the former, current and future directors, officers, Employees, other personnel and agents of the Persons in its respective Group (whether as witnesses or otherwise) and shall retain
and make available any books, records or other documents within its control or that it otherwise has the ability to make available, to the extent that such Person (giving consideration to business demands of such directors, officers, Employees,
other personnel and agents) or books, records or other documents may reasonably be required in connection with any Action or threatened or contemplated Action (including preparation for such Action) in which TWX or Time, as applicable, may from time
to time be involved, regardless of whether such Action is a matter with respect to which indemnification may be sought hereunder. The requesting Party shall bear all reasonable out-of-pocket costs and expenses in connection therewith. The
obligations of the TWX Group and the Time Group pursuant to this Section 17.02 shall remain in effect until the later of (i) the date all audits of all Benefit Plans with respect to which a Party may have Information have been
completed or (ii) the date the applicable statute of limitations with respect to such audits has expired. 

  
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 (b) Without limiting the foregoing, TWX and Time shall use their reasonable best efforts to
cooperate and consult to the extent reasonably necessary with respect to any Actions or threatened or contemplated Actions, other than an adversarial Action against the other Group. 

(c) The obligation of TWX and Time to make available former, current and future directors, officers, Employees and other personnel and agents
or provide witnesses and experts pursuant to this Section 17.02 is intended to be interpreted in a manner so as to facilitate cooperation and shall include the obligation to make available Employees and other officers without regard to
whether such individual or the employer of such individual could assert a possible business conflict (subject to the exception set forth in the first sentence of Section 17.02(a)). Without limiting the foregoing, each of TWX and Time
agrees that neither it nor any Person or Persons in its respective Group will take any adverse action against any Employee of its Group based on such Employee’s provision of assistance or information to each other pursuant to this
Section 17.02. 
 (d) Upon the reasonable request of TWX or Time, in connection with any Action contemplated by this
Section 17.02, TWX and Time will enter into a mutually acceptable common interest agreement so as to maintain, to the extent practicable, any applicable attorney-client privilege or work product immunity of any member of either Group.

 SECTION 17.03. Works Councils; Employee and Service Provider Notices. Prior to the Distribution, (a) Time shall, and shall
cause the other members of the Time Group, to satisfy all legally required obligations of the Time Group (if any) and (b) TWX shall, and shall cause the other members of the TWX Group, to satisfy all legally required obligations of the TWX
Group (if any), in each case, relating to (i) notification and consultation with works councils, labor unions and other employee representatives, (ii) completion of all regulatory filings relating to Time Employees, Salary Continuation
Former Employees and Former Time Employees, (iii) notification of Time Employees, Salary Continuation Former Employees and Former Time Employees, (iv) obtaining any required consents from any Time Employees, Salary Continuation Former
Employees and Former Time Employees and (iv) taking such other actions with respect to the Time Employees, Salary Continuation Former Employees and Former Time Employees as may be required by applicable law, in each case, as may be necessary in
order to complete the Transactions. The Time Group shall be responsible for determining whether any such actions are required with respect to Time Service Providers and Former Time Service Providers, and shall be responsible for complying with all
such requirements. Time shall indemnify, defend and hold harmless each member of the TWX Group from and against any and all Liabilities relating to, arising out of or resulting from the failure of any member of the Time Group to satisfy its
obligations pursuant to this Section 17.03 and TWX shall indemnify, defend and hold harmless each member of the Time Group from and against any and all Liabilities relating to, arising out of or resulting from the failure of any member
of the TWX Group to satisfy its obligations pursuant to this Section 17.03. 

  
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 ARTICLE XVIII 

Reimbursements 
 SECTION
18.01. Reimbursements by the Time Group. Promptly following the end of each calendar quarter that ends following the Distribution, TWX shall provide Time with one or more invoices that set forth the aggregate (a) Transferred To TWX
Employee Bonuses Reimbursement Amounts, (b) Schedule 5.02 Severance Amounts (as applicable in accordance with Section 5.02), (c) U.S. Workers’ Compensation Reimbursement Amounts, (d) TWX Services Reimbursement
Amounts, (e) TWX Equity Reimbursement Amounts and (f) TWX Benefit Plan Costs Reimbursement Amounts incurred by a member of the TWX Group during such calendar quarter. Within 20 days following Time’s receipt of such invoice, Time shall
notify TWX in writing if Time disagrees with any of the amounts set forth on such invoice and the reason for any such disagreement. If Time does not timely notify TWX of any such disagreement, TWX’s determination as set forth on such invoice
shall be conclusive, final and binding. If Time timely notifies TWX of any such disagreement, a Vice President of each Party shall meet during the 30-day period following Time’s notification of disagreement and shall negotiate in good faith to
resolve the dispute during such period, and the resolution of such disagreement reached by such Vice Presidents shall be conclusive, final and binding. Within 60 days following the date such invoice becomes conclusive, final and binding, Time shall
pay TWX an amount in cash equal to the aggregate amounts set forth on such invoice. 
 SECTION 18.02. Reimbursements by the TWX
Group. Promptly following the end of each calendar quarter that ends following the Distribution in which the Transferred To Time Employee Bonuses are paid to Transferred To Time Employees or TWX Dividend Equivalents are paid to Post-Separation
Time Employees, Salary Continuation Former Employees and Former Time Employees, Time shall provide TWX with one or more invoices that set forth the aggregate Transferred To Time Employee Bonuses Reimbursement Amounts and TWX Dividend Equivalent
Reimbursement Amounts incurred by a member of the Time Group during such calendar quarter. Within 20 days following TWX’s receipt of such invoice, TWX shall notify Time in writing if TWX disagrees with any of the amounts set forth on such
invoice and the reason for any such disagreement. If TWX does not timely notify Time of any such disagreement, Time’s determination as set forth on such invoice shall be conclusive, final and binding. If TWX timely notifies Time of any such
disagreement, a Vice President of each Party shall meet during the 30-day period following TWX’s notification of disagreement and shall negotiate in good faith to resolve the dispute during such period, and the resolution of such disagreement
reached by such Vice Presidents shall be conclusive, final and binding. Within 60 days following the date each such invoice becomes conclusive, final and binding, a member of the TWX Group shall pay a member of the Time Group an amount in cash
equal to the sum of the aggregate amounts set forth on such invoice plus the TWX Benefit Plan Rebate Reimbursement Amount (if any) for such calendar quarter. 

  
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Furthermore, not later than the last business day of the month following each month in which an amount is withheld by a member of the TWX Group pursuant to Section 15.04 in connection
with the exercise of a TWX Option by a Post-Separation Time Employee, Salary Continuation Former Employee or Former Time Employee or the vesting or settlement of a TWX RSU held by a Post-Separation Time Employee, Salary Continuation Former Employee
or Former Time Employee, a member of the TWX Group shall pay a member of the Time Group an amount in cash equal to the aggregate TWX Equity Compensation Award Withholding Reimbursement Amount (if any) withheld by members of the TWX Group during such
month. 
 SECTION 18.03. Invoices. All invoices provided pursuant to this Article XVIII shall be denominated in U.S. dollars.

 ARTICLE XIX 
 Termination

 SECTION 19.01. Termination. This Agreement may be terminated by TWX at any time, in its sole discretion, prior to the
Distribution; provided, however, that this Agreement shall automatically terminate upon the termination of the Separation Agreement in accordance with its terms. 

SECTION 19.02. Effect of Termination. In the event of any termination of this Agreement prior to the Distribution, none of the Parties
(or any of its directors or officers) shall have any Liability or further obligation to any other Party under this Agreement. 
 ARTICLE XX

 Indemnification 

SECTION 20.01. Incorporation of Indemnification Provisions of Separation Agreement. In addition to the specific indemnification
provisions in this Agreement, Sections 6.02 through 6.09 of the Separation Agreement are hereby incorporated into this Agreement mutatis mutandi. 

ARTICLE XXI 
 Further
Assurances and Additional Covenants 
 SECTION 21.01. Further Assurances. (a) In addition to the actions specifically
provided for elsewhere in this Agreement, each of the Parties shall use reasonable best efforts, prior to, on and after the Distribution Date, to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably
necessary, proper or advisable under applicable laws, regulations and agreements to consummate and make effective the transactions contemplated by this Agreement. 

  
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 (b) Without limiting the foregoing, prior to, on and after the Distribution Date, each Party
shall cooperate with the other Party, without any further consideration, but at the expense of the requesting Party, (i) to execute and deliver, or use reasonable best efforts to execute and deliver, or cause to be executed and delivered, all
instruments, including any instruments of conveyance, assignment and transfer as such Party may reasonably be requested to execute and deliver by the other Party, (ii) to make, or cause to be made, all filings with, and to obtain, or cause to
be obtained, all Consents of any Governmental Authority or any other Person under any permit, license, agreement, indenture or other instrument, (iii) to obtain, or cause to be obtained, any Governmental Approvals or other Consents required to
effect the Spin-Off and (iv) to take, or cause to be taken, all such other actions as such Party may reasonably be requested to take by the other Party from time to time, consistent with the terms of this Agreement, the Separation Agreement and
the Ancillary Agreements, in order to effectuate the provisions and purposes of this Agreement and any transactions contemplated hereby. 

(c) On or prior to the Distribution Date, TWX and Time, in their respective capacities as direct and indirect shareholders of their respective
Subsidiaries, shall each ratify any actions that are reasonably necessary or desirable to be taken by Time or any other Subsidiary of TWX, as the case may be, to effectuate the transactions contemplated by this Agreement. 

(d) Prior to the Distribution, if either Party identifies any commercial or other service that is needed to ensure a smooth and orderly
transition of its business in connection with the consummation of the transactions contemplated hereby, the Parties will cooperate in determining whether there is a mutually acceptable arm’s-length basis on which the other Party will provide
such service. 
 ARTICLE XXII 

Miscellaneous 
 SECTION
22.01. Administration. Time hereby acknowledges that TWX has provided administration services for certain Time Benefit Plans and Time agrees to assume responsibility for the administration and administration costs of such plans and each other
Time Benefit Plan, except as otherwise set forth in the TSA. The Parties shall cooperate in good faith to complete such transfer of responsibility on commercially reasonable terms and conditions effective no later than the Distribution. 

SECTION 22.02. Employment Tax Reporting Responsibility. The Parties hereby agree to follow the alternate procedure for U.S. employment
tax withholding as provided in Section 5 of Rev. Proc. 2004-53, I.R.B. 2004-35. Accordingly, (i) the members of the TWX Group shall not have any U.S. employment tax reporting responsibilities, and the members of the Time Group shall have
full U.S. employment tax reporting responsibilities, for Transferred To Time Employees from and after the applicable Transfer Time, and (ii) the members of the Time Group shall not have any U.S. employment tax reporting responsibilities, and
the members of the TWX Group shall have full U.S. employment tax reporting responsibilities, for Transferred To TWX Employees from and after the applicable Transfer Time. 

  
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 SECTION 22.03. Data Privacy. The Parties agree that any applicable data privacy laws and
any other obligations of the Time Group and the TWX Group to maintain the confidentiality of any Employee Information in accordance with applicable law shall govern the disclosure of Employee Information among the Parties under this Agreement. TWX
and Time shall ensure that they each have in place appropriate technical and organizational security measures to protect the personal data of the Time Employees, Salary Continuation Former Employees, Former Time Employees, Transferred To TWX
Employees and Transferred To Time Employees. Time shall be responsible for ensuring that it has in place appropriate technical and organizational security measures to protect the personal data of Time Service Providers and Former Time Service
Providers. Additionally, each Party shall sign such additional documentation as may be required to comply with applicable data privacy laws. 

SECTION 22.04. Confidentiality. (a) Without limiting the scope of Section 22.03, each of TWX and Time, on behalf of
itself and each Person in its respective Group, shall, and shall cause its respective directors, officers, Employees, agents, accountants, counsel and other advisors and representatives to, hold, in strict confidence and not release or disclose,
with at least the same degree of care, but no less than a reasonable degree of care, that it applies to its own confidential and proprietary Information pursuant to policies in effect as of the Distribution, all Information concerning the other
Group or its business that is either in its possession (including Information in its possession prior to the Distribution) or furnished by the other Group or its respective directors, officers, Employees, agents, accountants, counsel and other
advisors and representatives at any time pursuant to this Agreement and shall not use any such Information other than for such purposes as shall be expressly permitted hereunder, except, in each case, to the extent that such Information is
(i) in the public domain through no fault of any member of the TWX Group or the Time Group, as applicable, or any of its respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives,
(ii) later lawfully acquired from other sources by any of TWX, Time or its respective Group, Employees, directors or agents, accountants, counsel and other advisors and representatives, as applicable, which sources are not themselves bound by a
confidentiality obligation to the knowledge of any of TWX, Time or Persons in its respective Group, as applicable, (iii) independently generated without reference to any proprietary or confidential Information of the TWX Group or the Time
Group, as applicable, or (iv) required to be disclosed by law; provided, however, that the Person required to disclose such Information gives the applicable Person prompt, and to the extent reasonably practicable, prior notice of
such disclosure and an opportunity to contest such disclosure and shall use commercially reasonable efforts to cooperate, at the expense of the requesting Person, in seeking any reasonable protective arrangements requested by such Person. In the
event that such appropriate protective order or other remedy is not obtained, the Person that is required to disclose such Information shall furnish, or cause to be furnished, only that portion of such Information that is legally required to be
disclosed and shall take commercially reasonable steps to ensure that confidential treatment is accorded such Information. Notwithstanding the foregoing, each of TWX and Time may 

  
 41 

 
release or disclose, or permit to be released or disclosed, any such Information concerning the other Group (A) to their respective directors, officers, Employees, agents, accountants,
counsel and other advisors and representatives who need to know such Information (who shall be advised of the obligations hereunder with respect to such Information) and (B) to any nationally recognized statistical rating agency as it
reasonably deems necessary, solely for the purpose of obtaining a rating of securities upon normal terms and conditions; provided, however, that the Party whose Information is being disclosed or released to such rating agency is
promptly notified thereof. 
 (b) Without limiting the foregoing, when any Information concerning the other Group or its business is no
longer needed for the purposes contemplated by this Agreement, each of TWX and Time will, promptly after request of the other Party, either return all Information in a tangible form (including all copies thereof and all notes, extracts or summaries
based thereon) or certify to the other Party, as applicable, that it has destroyed such Information (and used commercially reasonable efforts to destroy all such Information electronically preserved or recorded within any computerized data storage
device or component (including any hard drive or database)). 
 SECTION 22.05. Counterparts; Entire Agreement; Corporate Power.
(a) This Agreement may be executed in one or more counterparts, all of which counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each Party hereto and
delivered to the other Party. This Agreement may be executed by facsimile or PDF signature and a facsimile or PDF signature shall constitute an original for all purposes. 

(b) This Agreement and the schedules hereto, together with the Separation Agreement and the Ancillary Agreements and the schedules thereto,
contain the entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter
and there are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or referred to herein. 

(c) TWX represents on behalf of itself and each other member of the TWX Group, and Time represents on behalf of itself and each other member
of the Time Group, as follows: 
 (i) each such Person has the requisite corporate or other power and authority and has taken
all corporate or other action necessary in order to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby; and 

(ii) this Agreement, the Separation Agreement and each Ancillary Agreement to which it is a party has been (or, in the case of
this Agreement and any Ancillary Agreement, will be on or prior to the Distribution Date) duly executed and delivered by it and constitutes, or will constitute, a valid and binding agreement of it enforceable in accordance with the terms thereof.

  
 42 

 SECTION 22.06. Governing Law; Jurisdiction. This Agreement shall be governed by, and
construed in accordance with, the Laws of the State of New York, regardless of the Laws that might otherwise govern under applicable principles of conflicts of laws thereof. Each Party irrevocably consents to the exclusive jurisdiction, forum and
venue of the Commercial Division of the Supreme Court of the State of New York, New York County and the United States District Court for the Southern District of New York over any and all claims, disputes, controversies or disagreements between the
Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby. 

SECTION 22.07. Assignability. Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be
assigned, in whole or in part, by operation of law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment without such consent shall be void. Subject to the preceding sentences, this Agreement
will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and permitted assigns. Notwithstanding the foregoing, either Party may assign this Agreement without consent in connection with
(a) a merger transaction in which such Party is not the surviving entity and the surviving entity acquires or assumes all or substantially all of such Party’s assets, or (b) upon the sale of all or substantially all of such
Party’s Assets; provided, however, that the assignee expressly assumes in writing all of the obligations of the assigning Party under this Agreement, and the assigning Party provides written notice and evidence of such assignment
and assumption to the non-assigning Party. No assignment permitted by this Section 22.07 shall release the assigning Party from liability for the full performance of its obligations under this Agreement. 

SECTION 22.08. No Third-Party Beneficiaries. Except for the indemnification rights under this Agreement of any TWX Indemnitee or Time
Indemnitee in their respective capacities as such, this Agreement is solely for the benefit of the Parties and no current or former director, officer, Employee or Service Provider of any member of the TWX Group or any member of the Time Group or any
other individual associated therewith (including any beneficiary or dependent thereof), or any trustee of any Benefit Plan of a Party or their respective Subsidiaries shall be regarded for any purpose as a third-party beneficiary of this Agreement
and no provision of this Agreement shall create such rights in any such persons in respect of any benefits that may be provided, directly or indirectly, under any TWX Benefit Plan or any Time Benefit Plan. Furthermore, no provision of this Agreement
shall constitute a limitation on the rights to amend, modify or terminate any TWX Benefit Plan or any Time Benefit Plan and nothing herein shall be construed as an amendment to any such Benefit Plan. No provision of this Agreement shall require any
member of the TWX Group or any member of the Time Group to continue the employment of any Employee or the services of any Service Provider of any member of either Group for any specific period of time following the Distribution. 

SECTION 22.09. Notices. All notices or other communications under this Agreement shall be in writing and shall be deemed to be duly
given when (a) delivered in person, (b) on the date received, if sent by a nationally recognized delivery or 

  
 43 

 
courier service or (c) upon the earlier of confirmed receipt or the fifth business day following the date of mailing if sent by registered or certified mail, return receipt requested,
postage prepaid, addressed as follows: 
  

	
	 If to TWX, to:

	
	 Time Warner Inc.

	 One Time Warner Center

	 New York, NY 10019

	 Attn:  General Counsel

	
	 with a copy to:

	
	 Cravath, Swaine & Moore LLP

	 Worldwide Plaza

	 825 Eighth Avenue

	 New York, NY 10019

	 Attn:  Eric Schiele

	
	 If to Time, to:

	
	 Time Inc.

	 1271 Avenue of the Americas

	 New York, NY 10020

	 Attn:  General Counsel

	
	 with a copy to:

	
	 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

	 666 Third Avenue

	 New York, NY 10017

	 Attn:  David Lagasse

 Any Party may, by notice to the other Parties, change the address to which such notices are to be given. 

SECTION 22.10. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is determined
by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held invalid or
unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to either Party. Upon any such determination, any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that such court determines is valid and enforceable and that comes
closest to expressing the intention of the invalid, void or unenforceable provision. 

  
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 SECTION 22.11. Headings. The article, section and paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
 SECTION 22.12.
Survival of Covenants. Except as expressly set forth in this Agreement, the covenants in this Agreement and the Liabilities for the breach of any obligations in this Agreement shall survive the Distribution and shall remain in full force and
effect. 
 SECTION 22.13. Waivers of Default. No failure or delay of any Party (or the applicable member of its Group) in exercising
any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct,
preclude any other or further exercise thereof or the exercise of any other right or power. Waiver by any Party hereto of any default by the other Party hereto of any provision of this Agreement shall not be deemed a waiver by the waiving Party of
any subsequent or other default. 
 SECTION 22.14. Specific Performance. In the event of any actual or threatened default in, or
breach of, any of the terms, conditions and provisions of this Agreement, the affected Party shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to any and all other
rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The other Party shall not oppose the granting of such relief on the basis that money damages are an adequate remedy. The Parties to this Agreement agree
that the remedies at law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived.
Any requirements for the securing or posting of any bond with such remedy are waived. 
 SECTION 22.15. Amendments. No provisions of
this Agreement shall be deemed waived, amended, supplemented or modified by any Party hereto, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each Party. 

SECTION 22.16. Interpretation. Words in the singular shall be held to include the plural and vice versa and words of one gender shall
be held to include the other gender as the context requires. The terms “hereof,” “herein”, “herewith” and words of similar import, unless otherwise stated, shall be construed to refer to this Agreement as a whole
(including all of the schedules hereto) and not to any particular provision of this Agreement. Article, Section or Schedule references are to the articles, sections and schedules of or to this Agreement unless otherwise specified. Any capitalized
terms used in any Schedule to this Agreement but not otherwise defined therein shall have the meaning as defined in this Agreement. Any reference herein to this Agreement, unless 

  
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otherwise stated, shall be construed to refer to this Agreement as amended, supplemented or otherwise modified from time to time, as permitted by Section 22.15. The word
“including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified. The word “or” shall not be exclusive.

 [SIGNATURE PAGE TO FOLLOW] 

  
 46 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

			
	TIME WARNER INC.,
		
	by	 	  

		 	Name:
		 	Title:
	
	TIME INC.,
		
	by	 	  

		 	Name:
		 	Title:

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