Document:

exv10w51

EXHIBIT 10.51

     EMPLOYMENT AGREEMENT (the “Agreement”) made February 17, 2010 between TIME WARNER INC., a
Delaware corporation (the “Company”), and GARY GINSBERG (“You”).

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

     1. Term of Employment. Your “term of employment” as this phrase is used throughout
this Agreement shall be for the period beginning with your commencement of employment with the
Company, on or about April 1, 2010, (the “Effective Date”) and ending on December 31, 2013 (the
“Term Date”), subject, however, to earlier termination as set forth in this Agreement.

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

     3. Compensation.

          3.1 Base Salary. The Company shall pay you a base salary at the rate of not less
than $800,000 per annum during the term of employment (“Base Salary”). The Company may increase,
but not decrease, your Base Salary during the term of employment. Base Salary shall be paid in
accordance with the Company’s customary payroll practices.

 

 

          3.2 Bonus. In addition to Base Salary, the Company typically pays its executives an
annual cash bonus (“Bonus”). Although your Bonus is fully discretionary, your target annual Bonus
as a percentage of Base Salary is 200% and your maximum Bonus as a percentage of Base Salary is
300%. Each year, your personal performance will be considered in the context of your executive
duties and any individual goals set for you, and your actual Bonus will be determined. Although as
a general matter the Company expects to pay bonuses at the target level in cases of satisfactory
individual performance, it does not commit to do so, and your Bonus may be negatively affected by
the exercise of the Company’s discretion or by overall Company performance. Your Bonus amount, if
any, will be paid to you between January 1 and March 15 of the calendar year immediately following
the performance year in respect of which such Bonus is earned. 

          3.3 Long Term Incentive Compensation. So long as the term of employment has not
terminated the Company annually shall provide you with long term incentive compensation with a
target value of $750,000 (based on the valuation method used by the Company for its senior
executives) through a combination of stock option grants, restricted stock units, performance
shares or other equity-based awards, cash-based long-term plans or other components as may be
determined by the Compensation Committee of the Company’s Board of Directors from time to time in
its sole discretion but in any event on a basis and with an allocation no less favorable to you
than is generally made applicable to any other executive vice president of the Company. The target
performance share units awarded in 2010 will be pro-rated based on the Effective Date and the
applicable performance period in accordance with the parameters for the performance share unit
program approved by the Compensation Committee in 2007.

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

     4. Termination.

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          4.1 Termination for Cause. The Company may terminate the term of employment and
all of the Company’s obligations under this Agreement, other than its obligations set forth below
in this Section 4.1, for “cause”. Termination by the Company for “cause” shall mean termination
because of your (a) conviction (treating a nolo contendere plea as a conviction) of a felony
(whether or not any right to appeal has been or may be exercised) other than as a result of a
moving violation or a Limited Vicarious Liability, (b) willful failure or refusal without proper
cause to perform your duties with the Company, including your material obligations under this
Agreement (other than any such failure resulting from your incapacity due to physical or mental
impairment), (c) willful misappropriation or embezzlement or reckless or willful destruction of
Company property having a significant adverse financial effect on the Company or a significant
adverse effect on the Company’s reputation, (d) willful and material breach of any statutory or
common law duty of loyalty to the Company having a significant adverse financial effect on the
Company or a significant adverse effect on the Company’s reputation; or (e) material and willful
breach of any of the covenants provided for in Sections 8 and 9. Such termination shall be
effected by written notice thereof delivered by the Company to you and shall be effective as of the
date of such notice; provided, however, that if (i) such termination is because of your willful
failure or refusal without proper cause to perform your material duties with the Company, including
any one or more of your material obligations under this Agreement, or for intentional and improper
conduct, and (ii) within 30 days following the date of such notice you shall cease your refusal and
shall use your best efforts to perform such obligations or cease such intentional and improper
conduct, the termination shall not be effective. For purposes of this definition of Cause, no act,
or failure to act, on your part shall be considered “willful” or “intentional” unless done, or
omitted to be done, by you not in good faith and without reasonable belief that such action or
omission was in or not opposed to the best interest of the Company. The term “Limited Vicarious
Liability” shall mean any liability that is based on acts of the Company for which you are
responsible or liable solely as a result of your office(s) with the Company; provided that (x) you
are not directly involved in such acts and either had no prior knowledge of such intended actions
or, upon obtaining such knowledge, promptly acted reasonably and in good faith to attempt to
prevent the acts causing such liability or (y) after consulting with the Company’s counsel, you
reasonably believed that no law was being violated by such acts.

          In the event of termination by the Company for cause, without prejudice to any other rights or
remedies that the Company may have at law or in equity, the Company shall have no further
obligation to you other than (i) to pay Base Salary through the effective date of the

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termination of employment (the “Effective Termination Date”), (ii) to pay any Bonus for any
year prior to the year in which such termination occurs that has been determined but not yet paid
as of the Effective Termination Date, and (iii) with respect to any rights you have pursuant to any
insurance or other benefit plans or arrangements of the Company (including rights under Section 7.2
hereof). You hereby disclaim any right to receive a pro rata portion of any Bonus with respect to
the year in which such termination occurs.

          4.2 Termination by You for Material Breach by the Company and Termination by the Company
Without Cause. Unless previously terminated pursuant to any other provision of this Agreement
and unless a Disability Period shall be in effect, you shall have the right, exercisable by written
notice to the Company, to terminate the term of employment under this Agreement with an Effective
Termination Date 30 days after the giving of such notice, if, at the time of the giving of such
notice, the Company is in material breach of its obligations under this Agreement; provided,
however, that, with the exception of clause (i) below, this Agreement shall not so terminate if
such notice is the first such notice of termination delivered by you pursuant to this Section 4.2
and within such 30-day period the Company shall have cured all such material breaches; and provided
further, that such notice is provided to the Company within 90 days after your knowledge of the
occurrence of such material breach. A material breach by the Company shall include, but not be
limited to, (i) the Company violating Section 2 with respect to authority, reporting lines, duties,
or place of employment or (ii) the Company failing to cause any successor to all or substantially
all of the business and assets of the Company expressly to assume the obligations of the Company
under this Agreement.

          The Company shall have the right, exercisable by written notice to you delivered before the
date which is 60 days prior to the Term Date, to terminate your employment under this Agreement
without cause, which notice shall specify the Effective Termination Date. If such notice is
delivered on or after the date which is 60 days prior to the Term Date, the provisions of Section
4.3 shall apply.

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

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annual Bonus, then your Average Annual Bonus shall equal your target Bonus and if the Company
has previously paid you one annual Bonus, then your Average Annual Bonus shall equal the average of
such Bonus and your target Bonus. Your pro rata Average Annual Bonus pursuant to this Section
4.2.1 shall be paid to you at the times set forth in Section 4.6.

               4.2.2 After the Effective Termination Date, you shall continue to be treated as an employee
of the Company for a period ending on the date which is twenty-four months after the Effective
Termination Date (the “Severance Term Date”); and during such period you shall be entitled to
receive, whether or not you become disabled during such period but subject to Section 6, (a) Base
Salary (on the Company’s normal payroll payment dates as in effect immediately prior to the
Effective Termination Date) at an annual rate equal to your Base Salary in effect immediately prior
to the notice of termination, and (b) an annual Bonus in respect of each calendar year or portion
thereof (in which case a pro rata portion of such Bonus will be payable) during such period equal
to your Average Annual Bonus. Except as provided in the next sentence, if you accept other
full-time employment during such period or notify the Company in writing of your intention to
terminate your status of being treated as an employee during such period, you shall cease to be
treated as an employee of the Company for purposes of your rights to receive certain
post-termination benefits under Section 7.2 effective upon the commencement of such other
employment or the date specified by you in the notice as the date you wish to terminate your status
of being treated as an employee, whichever is applicable (the “Equity Cessation Date”), and you
shall receive the remaining payments of Base Salary and Bonus pursuant to this Section 4.2.2 at the
times specified in Section 4.6 of the Agreement. Notwithstanding the foregoing, if you accept
employment with any not-for-profit entity or governmental entity, then you may continue to be
treated as an employee of the Company for purposes of your rights to receive certain
post-termination benefits pursuant to Section 7.2 and you will continue to receive the payments as
provided in the first sentence of this Section 4.2.2; and if you accept full-time employment with
any affiliate of the Company, then the payments provided for in this Section 4.2.2 shall
immediately cease and you shall not be entitled to any further payments. For purposes of this
Agreement, the term “affiliate” shall mean any entity which, directly or indirectly, controls, is
controlled by, or is under common control with, the Company.

          4.3 After the Term Date. If at the Term Date, the term of employment shall not
have been previously terminated pursuant to the provisions of this Agreement, no Disability Period
is then in effect and the parties shall not have agreed to an extension or renewal of this
Agreement or on the terms of a new employment agreement, then the term of employment

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shall continue on a month-to-month basis and you shall continue to be employed by the Company
pursuant to the terms of this Agreement, subject to termination by either party hereto on 60 days
written notice delivered to the other party (which notice may be delivered by either party at any
time on or after the date which is 60 days prior to the Term Date). If the Company shall terminate
the term of employment on or after the Term Date for any reason (other than for cause as defined in
Section 4.1, in which case Section 4.1 shall apply), which the Company shall have the right to do
so long as no Disability Date (as defined in Section 5) has occurred prior to the delivery by the
Company of written notice of termination, then such termination shall be deemed for all purposes of
this Agreement to be a “termination without cause” under Section 4.2 and the provisions of Sections
4.2.1 and 4.2.2 shall apply.

          4.4 Release. A condition precedent to the Company’s obligation to make or
continue the payments associated with a termination without cause shall be your execution and
delivery of a release in the form attached hereto as Annex A, as such form may be updated as
required by law within 60 days following your Effective Termination Date. If you shall fail to
timely execute and deliver such release, or if you revoke such release as provided therein, then in
lieu of continuing to receive the payments provided for herein, you shall receive a severance
payment determined in accordance with the Company’s policies relating to notice and severance
reduced by the aggregate amount of severance payments paid pursuant to this Agreement, if any,
prior to the date of your refusal to deliver, or revocation of, such release. Any such severance
payments shall be paid in the form of Base Salary continuation payments at the annual rate equal to
your Base Salary in effect immediately prior to your notice of termination, with such amounts paid
until your severance benefit has been exhausted.

          4.5 Mitigation. In the event of a termination without cause under this Agreement,
you shall not be required to take actions in order to mitigate your damages hereunder, unless
Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), would apply to any
payments to you by the Company and your failure to mitigate would result in the Company losing tax
deductions to which it would otherwise have been entitled. In such an event, Section 4.7 shall
govern. With respect to the preceding sentences, any payments or rights to which you are entitled
by reason of the termination of employment without cause shall be considered as damages hereunder.
Any obligation to mitigate your damages pursuant to this Section 4.5 shall not be a defense or
offset to the Company’s obligation to pay you in full the amounts provided in this Agreement upon
the occurrence of a termination without cause, at the time provided herein, or the timely and full
performance of any of the Company’s other obligations under this Agreement.

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          4.6 Payments. Payments of Base Salary and Bonus required to be made to you after
any termination shall be made at the same times as such payments otherwise would have been paid to
you pursuant to Sections 3.1 and 3.2 if you had not been terminated, subject to Section 11.17.

          4.7 Limitation on Certain Payments. Notwithstanding any other provision of this
Agreement:

               4.7.1. In the event the Company (or its successor) determines, based on the advice of an
independent nationally recognized public accounting firm engaged by the Company, that part or all
of the consideration, compensation or benefits to be paid to you under this Agreement constitute
“parachute payments” under Section 280G(b)(2) of the Code, then, if the aggregate present value of
such parachute payments, singularly or together with the aggregate present value of any
consideration, compensation or benefits to be paid to you under any other plan, arrangement or
agreement which constitute “parachute payments” (collectively, the “Parachute Amount”) exceeds 2.99
times your “base amount”, as defined in Section 280G(b)(3) of the Code (the “Base Amount”), the
amounts constituting “parachute payments” which would otherwise be payable to you or for your
benefit shall be reduced to the extent necessary so that the Parachute Amount is equal to 2.99
times the Base Amount (the “Reduced Amount”); provided that such amounts shall not be so reduced if
the Company determines, based on the advice of such public accounting firm, that without such
reduction you would be entitled to receive and retain, on a net after tax basis (including, without
limitation, any excise taxes payable under Section 4999 of the Code), an amount which is greater
than the amount, on a net after tax basis, that you would be entitled to retain upon receipt of the
Reduced Amount.

               4.7.2. If the determination made pursuant to Section 4.7.1 results in a reduction of the
payments that would otherwise be paid to you except for the application of Section 4.7.1, such
reduction in payments shall be first applied to reduce any cash severance payments that you would
otherwise be entitled to receive hereunder and shall thereafter be applied to reduce other payments
and benefits in a manner that would not result in subjecting you to additional taxation under
Section 409A of the Code. Within ten days following such determination, the Company shall pay or
distribute to you or for your benefit such amounts as are then due to you under this Agreement and
shall promptly pay or distribute to you or for your benefit in the future such amounts as become
due to you under this Agreement.

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               4.7.3. As a result of the uncertainty in the application of Sections 280G and 4999 of the Code
at the time of a determination hereunder, it is possible that payments will be made by the Company
that should not have been made under Section 4.7.1 (an “Overpayment”). In the event that there is a
final determination by the Internal Revenue Service, or a final determination by a court of
competent jurisdiction, that an Overpayment has been made, the Company shall have no further
liability or obligation to you for any excise taxes, interest or penalty that you are required to
pay as a result of such final determination.

     5. Disability.

          5.1 Disability Payments. If during the term of employment and prior to
the delivery of any notice of termination without cause, you become physically or mentally
disabled, whether totally or partially, so that you are prevented from performing your usual duties
for a period of six consecutive months, or for shorter periods aggregating six months in any
twelve-month period, the Company shall, nevertheless, continue to pay your full compensation
through the last day of the sixth consecutive month of disability or the date on which the shorter
periods of disability shall have equaled a total of six months in any twelve-month period (such
last day or date being referred to herein as the “Disability Date”), subject to Section 11.17. If
you have not resumed your usual duties on or prior to the Disability Date, the Company shall pay
you a pro rata Bonus (based on your Average Annual Bonus) for the year in which the Disability Date
occurs and thereafter shall pay you disability benefits for the period ending on the later of (i)
the Term Date or (ii) the date which is twelve months after the Disability Date (in the case of
either (i) or (ii), the “Disability Period”), in an annual amount equal to 75% of (a) your Base
Salary at the time you become disabled and (b) the Average Annual Bonus, in each case, subject to
Section 11.17.

          5.2 Recovery from Disability. If during the Disability Period you shall fully
recover from your disability, the Company shall have the right (exercisable within 60 days after
notice from you of such recovery), but not the obligation, to restore you to full-time service at
full compensation. If the Company elects to restore you to full-time service, then this Agreement
shall continue in full force and effect in all respects and the Term Date shall not be extended by
virtue of the occurrence of the Disability Period. If the Company elects not to restore you to
full-time service, you shall be entitled to obtain other employment, subject, however, to the
following: (i) you shall perform advisory services during any balance of the Disability Period;
and (ii) you shall comply with the provisions of Sections 8 and 9 during the

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Disability Period. The advisory services referred to in clause (i) of the immediately
preceding sentence shall consist of rendering advice concerning the business, affairs and
management of the Company as requested by the Chief Executive Officer of the Company but you shall
not be required to devote more than five days (up to eight hours per day) each month to such
services, which shall be performed at a time and place mutually convenient to both parties. Any
income from such other employment shall not be applied to reduce the Company’s obligations under
this Agreement.

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

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

     7. Other Benefits.

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          7.1 General Availability. To the extent that (a) you are eligible under the
general provisions thereof (including without limitation, any plan provision providing for
participation to be limited to persons who were employees of the Company or certain of its
subsidiaries prior to a specific point in time) and (b) the Company maintains such plan or program
for the benefit of its executives, during the term of your employment with the Company, you shall
be eligible to participate in any savings plan, or similar plan or program and in any group life
insurance, hospitalization, medical, dental, accident, disability or similar plan or program of the
Company now existing or established hereafter on a basis no less favorable to you than is generally
provided to any other executive vice president of the Company.

          7.2 Benefits After a Termination or Disability. After the Effective Termination
Date of a termination of employment pursuant to Section 4.2 and prior to the Severance Term Date or
during the Disability Period, you shall continue to be treated as an employee of the Company for
purposes of eligibility to participate in the Company’s health and welfare benefit plans other than
disability programs and to receive the health and welfare benefits (other than disability programs)
required to be provided to you under this Agreement to the extent such health and welfare benefits
are maintained in effect by the Company for its executives. After the Effective Termination Date
of a termination of employment pursuant to Section 4 or during a Disability Period, you shall not
be entitled to any additional awards or grants under any stock option, restricted stock or other
stock-based incentive plan and you shall not be entitled to continue elective deferrals in or
accrue additional benefits under any qualified or nonqualified retirement programs maintained by
the Company. At the Severance Term Date, your rights to benefits and payments under any health and
welfare benefit plans or any insurance or other death benefit plans or arrangements of the Company
shall be determined in accordance with the terms and provisions of such plans. At the Severance
Term Date or, if earlier, the Equity Cessation Date, your rights to benefits and payments under any
stock option, restricted stock, stock appreciation right, bonus unit, management incentive or other
long-term incentive plan of the Company shall be determined in accordance with the terms and
provisions of such plans and any agreements under which such stock options, restricted stock or
other awards were granted. However, notwithstanding the foregoing or any more restrictive
provisions of such plan or agreement, if your employment is terminated as a result of a termination
pursuant to Section 4.2, then, subject to the application of any more favorable terms of the
applicable stock option agreement, (i) all stock options to purchase shares of Time Warner Common
Stock shall continue to vest, and any such vested stock options shall remain exercisable (but not
beyond the term of such stock options) through the earlier of the Severance Term Date or the Equity

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Cessation Date; (ii) except if you shall then qualify for retirement under the terms of the
applicable stock option agreement and would receive more favorable treatment under the terms of the
stock option agreement, (x) all stock options to purchase shares of Time Warner Common Stock
granted to you on or after the date this Agreement is executed (such stock options, the “Term
Options”) that would have vested on or before the later of the Term Date and the Severance Term
Date (or the date that is comparable to the Severance Term Date under any employment agreement that
amends, replaces or supersedes this Agreement) shall vest and become immediately exercisable on the
earlier of the Severance Term Date or the Equity Cessation Date, and (y) all your vested Term
Options shall remain exercisable for a period of three years after the earlier of the Severance
Term Date or the Equity Cessation Date (but not beyond the term of such stock options); and (iii)
the Company shall not be permitted to determine that your employment was terminated for
“unsatisfactory performance within the meaning of any stock option agreement between you and the
Company. With respect to awards of restricted stock units (“RSUs”) held at the Effective
Termination Date of a termination of employment pursuant to Section 4.2, subject to potential
further delay in payment pursuant to Section 11.17, (i) if you are eligible for retirement
treatment at the Effective Termination Date, then for all awards of RSUs that contain special
accelerated vesting upon retirement, the vesting of the RSUs will accelerate upon, and the shares
of Time Warner Common Stock will be paid to you promptly following, the Effective Termination Date,
and (ii) if you are not eligible for retirement treatment at the Effective Termination Date, then
the treatment of the RSUs will be determined at the earlier of the Severance Term Date or the
Equity Cessation Date in accordance with the terms of the applicable award agreement(s), but the
shares of Time Warner Common Stock underlying any vested RSUs will not be paid to you until
promptly following the next regular vesting date(s) for such award(s) of RSUs.

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

          7.4 Life Insurance. During your employment with the Company, the Company shall
(i) provide you with $50,000 of group life insurance and (ii) pay you annually an amount equal to
two times the premium you would have to pay to obtain life insurance under the Group Universal Life
(“GUL”) insurance program made available by the Company in an amount equal to $3,000,000. The
Company shall pay you such amount no later than March 15 of the calendar

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year following any calendar year in which you are entitled to this amount. You shall be under
no obligation to use the payments made by the Company pursuant to the preceding sentence to
purchase GUL insurance or to purchase any other life insurance. If the Company discontinues its
GUL insurance program, the Company shall nevertheless make the payments required by this Section 7
as if such program were still in effect. The payments made to you hereunder shall not be
considered as “salary” or “compensation” or “bonus” in determining the amount of any payment under
any retirement, profit-sharing or other benefit plan of the Company or any subsidiary of the
Company.

     8. Protection of Confidential Information; Non-Compete.

          8.1 Confidentiality Covenant. You acknowledge that your employment by the Company
(which, for purposes of this Section 8 shall mean Time Warner Inc. and its affiliates) will,
throughout the term of employment, bring you into close contact with many confidential affairs of
the Company, including information about costs, profits, markets, sales, products, key personnel,
pricing policies, operational methods, technical processes and other business affairs and methods
and other information not readily available to the public, and plans for future development. You
further acknowledge that the services to be performed under this Agreement are of a special,
unique, unusual, extraordinary and intellectual character. You further acknowledge that the
business of the Company is international in scope, that its products and services are marketed
throughout the world, that the Company competes in nearly all of its business activities with other
entities that are or could be located in nearly any part of the world and that the nature of your
services, position and expertise are such that you are capable of competing with the Company from
nearly any location in the world. In recognition of the foregoing, you covenant and agree:

               8.1.1 You shall keep secret all confidential matters of the Company and shall not disclose
such matters to anyone outside of the Company, or to anyone inside the Company who does not have a
need to know or use such information, and shall not use such information for personal benefit or
the benefit of a third party, either during or after the term of employment, except with the
Company’s written consent, provided that (i) you shall have no such obligation to the extent such
matters are or become publicly known other than as a result of your breach of your obligations
hereunder and (ii) you may, after giving prior notice to the Company to the extent practicable
under the circumstances, disclose such matters to the extent required by applicable laws or
governmental regulations or judicial or regulatory process;

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

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

          8.2 Non-Compete. During the term of employment hereunder and for a period of
twelve months after (i) the effective date of your retirement or other voluntary termination of
employment hereunder or (ii) the Effective Termination Date of a termination of employment pursuant
to Section 4, you shall not, directly or indirectly, without the prior written consent of the Chief
Executive Officer of the Company, render any services to, or act in any capacity for, any
Competitive Entity, or acquire any interest of any type in any Competitive Entity; provided,
however, that the foregoing shall not be deemed to prohibit you from acquiring, (a) solely as an
investment and through market purchases, securities of any Competitive Entity which are registered
under Section 12(b) or 12(g) of the Securities Exchange Act of 1934 and which are publicly traded,
so long as you are not part of any control group of such Competitive Entity and such securities,
including converted securities, do not constitute more than one percent (1%) of the outstanding
voting power of that entity and (b) securities of any Competitive Entity that are not publicly
traded, so long as you are not part of any control group of such Competitive Entity and such
securities, including converted securities, do not constitute more than three percent (3%) of the
outstanding voting power of that entity. For purposes of the foregoing, the following shall be
deemed to be a Competitive Entity: (x) during the period that you are actively employed with the
Company hereunder (and during the Disability Period, if applicable), any person or entity that
engages in any line of business that is substantially the same as either (i) any line of business
which the Company engages in, conducts or, to your knowledge, has definitive plans to engage in or
conduct or (ii) any operating business that is engaged in or conducted by the Company as to which,
to your knowledge, the Company covenants, in writing, not to compete with in connection with the
disposition of such business, and (y) after the termination of your employment hereunder (or after
the Disability Period, if applicable), any of the following: CBS

13

 

Corporation, The Walt Disney Company, General Electric Corporation, Google Inc., Microsoft
Corporation, The News Corporation Ltd., Sony Corporation, Comcast Corporation, Viacom Inc. and
Yahoo! Inc., and their respective subsidiaries and affiliates and any successor to the internet
service provider, media or entertainment businesses thereof.

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

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

14

 

          10.1 If to the Company:

Time Warner Inc.

One Time Warner Center

New York, New York 10019

Attention: Senior Vice President — Global

Compensation and Benefits

(with a copy, similarly addressed

but Attention: General Counsel)

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

     11. General.

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

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

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

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

          11.5 Assignability. This Agreement and your rights and obligations
hereunder may not be assigned by you and except as specifically contemplated in this Agreement,
neither you, your legal representative nor any beneficiary designated by you shall have any right,
without the prior written consent of the Company, to assign, transfer, pledge, hypothecate,
anticipate or commute to any person or entity any payment due in the future

15

 

pursuant to any provision of this Agreement, and any attempt to do so shall be void and shall not
be recognized by the Company. The Company may not assign this Agreement or its rights or
obligations hereunder except that the Company shall assign its rights together with its obligations
hereunder in connection with any sale, transfer or other disposition of all or substantially all of
the Company’s business and assets, whether by merger, purchase of stock or assets or otherwise, as
the case may be. Upon any such assignment, the Company shall cause any such successor expressly to
assume such obligations, and such rights and obligations shall inure to and be binding upon any
such successor.

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

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

          11.8 Resolution of Disputes. Except as provided in the preceding Section 11.7, any
dispute or controversy arising with respect to this Agreement and your employment hereunder
(whether based on contract or tort or upon any federal, state or local statute, including but not
limited to claims asserted under the Age Discrimination in Employment Act, Title VII of the Civil
Rights Act of 1964, as amended, any state Fair Employment Practices Act and/or the Americans with
Disability Act) shall, at the election of either you or the Company, be submitted to JAMS/ENDISPUTE
for resolution in arbitration in accordance with the rules and procedures of JAMS/ENDISPUTE.
Either party shall make such election by delivering written notice thereof to the other party at
any time (but not later than 45 days after such party receives notice of the commencement of any
administrative or regulatory proceeding

16

 

or the filing of any lawsuit relating to any such dispute or controversy) and thereupon any
such dispute or controversy shall be resolved only in accordance with the provisions of this
Section 11.8. Any such proceedings shall take place in New York City before a single arbitrator
(rather than a panel of arbitrators), pursuant to any streamlined or expedited (rather than a
comprehensive) arbitration process, before a non-judicial (rather than a judicial) arbitrator, and
in accordance with an arbitration process which, in the judgment of such arbitrator, shall have the
effect of reasonably limiting or reducing the cost of such arbitration. The resolution of any such
dispute or controversy by the arbitrator appointed in accordance with the procedures of
JAMS/ENDISPUTE shall be final and binding. Judgment upon the award rendered by such arbitrator may
be entered in any court having jurisdiction thereof, and the parties consent to the jurisdiction of
the New York courts for this purpose. The prevailing party shall be entitled to recover the costs
of arbitration (including reasonable attorneys fees and the fees of experts) from the losing party.
If at the time any dispute or controversy arises with respect to this Agreement, JAMS/ENDISPUTE is
not in business or is no longer providing arbitration services, then the American Arbitration
Association shall be substituted for JAMS/ENDISPUTE for the purposes of the foregoing provisions of
this Section 11.8. If you shall be the prevailing party in such arbitration, the Company shall
promptly pay, upon your demand, all legal fees, court costs and other costs and expenses incurred
by you in any legal action seeking to enforce the award in any court.

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

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

17

 

          11.11 Conflict of Interest. Attached as Annex B and made part of this Agreement is
the Time Warner Corporate Standards of Business Conduct. You confirm that you have read,
understand and will comply with the terms thereof and any reasonable amendments thereto. In
addition, as a condition of your employment under this Agreement, you understand that you may be
required periodically to confirm that you have read, understand and will comply with the Standards
of Business Conduct as the same may be revised from time to time.

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

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

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

          11.15 Survival. Sections 3.4, 4.1, 4.3 7.3 and 8 through 11 shall survive any
termination of the term of employment by the Company for cause pursuant to Section 4.1. Sections
3.4, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7 and 7 through 11 shall survive any termination of the term of
employment pursuant to Sections 4.2, 5 or 6.

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

affiliate — Section 4.2.2

Average Annual Bonus — Section 4.2.1

Base Amount — Section 4.7.1

Base Salary — Section 3.1

Bonus — Section 3.2

cause — Section 4.1

Code — Section 4.5

18

 

Company — the first paragraph on page 1 and Section 8.1

Competitive Entity — Section 8.2

Disability Date — Section 5

Disability Period — Section 5

Effective Date — the first paragraph on page 1

Effective Termination Date — Section 4.1

Equity Cessation Date — Section 4.2.2

Overpayment — Section 4.7.3

Parachute Amount — Section 4.7.1

Reduced Amount — Section 4.7.1

Severance Term Date — Section 4.2.2

Term Date — Section 1

term of employment — Section 1

termination without cause — Section 4.2.1

Work Product — Section 9

          
11.17 Compliance with IRC Section 409A. This Agreement is intended to comply with
Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) and will be
interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything
herein to the contrary, (i) if at the time of your termination of employment with the Company you
are a “specified employee” as defined in Section 409A of the Code (and any related regulations or
other pronouncements thereunder) and the deferral of the commencement of any payments or benefits
otherwise payable hereunder as a result of such termination of employment is necessary in order to
prevent any accelerated or additional tax under Section 409A of the Code, then the Company will
defer the commencement of the payment of any such payments or benefits hereunder (without any
reduction in such payments or benefits ultimately paid or provided to you) until the date that is
six months following your termination of employment with the Company (or the earliest date as is
permitted under Section 409A of the Code) and (ii) if any other payments of money or other benefits
due to you hereunder could cause the application of an accelerated or additional tax under Section
409A of the Code, such payments or other benefits shall be deferred if deferral will make such
payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or
other benefits shall be restructured, to the extent possible, in a manner, determined by the
Company, that does not cause such an accelerated or additional tax. To the extent any
reimbursements or in-kind benefits due to you under this Agreement constitutes “deferred
compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be
paid to you in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made
under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A
of the Code. References in this Agreement to your termination of active employment or your

19

 

Effective Termination Date shall be deemed to refer to the date upon which you have a
“separation from service” with the Company and its affiliates within the meaning of Section 409A of
the Code. The Company shall consult with you in good faith regarding the implementation of the
provisions of this Section 11.17; provided that neither the Company nor any of its employees or
representatives shall have any liability to you with respect to thereto.

20

 

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

	 	 	 	 	 
	 

	 	TIME WARNER INC.
	 
	 	 	 	 
	 

	 	By
	 	/s/ Mark Wainger
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Gary Ginsberg
	 

	 	 
	 

	 	Gary Ginsberg

21

 

ANNEX A

RELEASE

This
Release is made by and among __________________
(“You” or “Your”) and TIME WARNER INC. (the “Company”), One Time
Warner Center, New York, New York 10019 as of the date set forth below in connection with the
Employment Agreement dated ____________, and effective as of ____________, and the letter agreement (the “Letter Agreement”
between You and the Company dated as of
____________ (as so amended, the “Employment Agreement”), and in
association with the termination of your employment with the Company.

In consideration of payments made to You and other benefits to be received by You by the Company
and other benefits to be received by You pursuant to the Employment Agreement, as further reflected
in the Letter Agreement, You, being of lawful age, do hereby release and forever discharge the
Company, its successors, related companies, Affiliates, officers, directors, shareholders,
subsidiaries, agents, employees, heirs, executors, administrators, assigns, benefit plans
(including but not limited to the Time Warner Inc. Severance Pay Plan For Regular Employees)
benefit plan sponsors and benefit plan administrators of and from any and all actions, causes of
action, claims, or demands for general, special or punitive damages, attorney’s fees, expenses, or
other compensation or damages (collectively, “Claims”), whether known or unknown, which in any way
relate to or arise out of your employment with the Company or the termination of Your employment,
which You may now have under any federal, state or local law, regulation or order, including
without limitation, Claims related to any stock options held by You or granted to You by the
Company that are scheduled to vest subsequent to Your termination of employment and Claims under
the Age Discrimination in Employment Act (with the exception of Claims that may arise after the
date You sign this Release, Title VII of the Civil Rights Act of 1964, the Americans with
Disabilities Act of 1990, as amended, the Family and Medical Leave Act and the Employee Retirement
Income Security Act of 1974, as amended, through and including the date of this Release; provided,
however, that the execution of this Release shall not prevent You from bringing a lawsuit against
the Company to enforce its obligations under the Employment Agreement and this Release.

Notwithstanding anything to the contrary, nothing in this Release shall prohibit or restrict You
from (i) making any disclosure of information required by law; (ii) filing a charge with,
providing information to, or testifying or otherwise assisting in any investigation or proceeding
brought by, any federal regulatory or law enforcement agency or legislative body, any
self-regulatory organization, or the Company’s legal, compliance or human resources officers; (iii)
filing, testifying or participating in or otherwise assisting in a proceeding relating to an
alleged violation of any federal, state or municipal law relating to fraud or any rule or
regulation of the Securities and Exchange Commission or any self-regulatory organization; or (iv)
challenging the validity of my release of claims under the Age Discrimination in Employment Act.
Provided, however, You acknowledge that You cannot recover any monetary damages or equitable relief
in connection with a charge

22

 

brought by You or through any action brought by a third party with respect to the Claims released
and waived in the Agreement. Further, notwithstanding the above, You are not waiving or releasing:
(i) any claims arising after the Effective Date of this Agreement; (iii) any claims for enforcement
of this Agreement; (iii) any rights or claims You may have to workers compensation or unemployment
benefits; (iv) claims for accrued, vested benefits under any employee benefit plan of the Company
in accordance with the terms of such plans and applicable law; and/or (v) any claims or rights
which cannot be waived by law.

You further state that You have reviewed this Release, that You know and understand its contents,
and that You have executed it voluntarily.

You
acknowledge that You have been given ___ days to review this Release and to sign it. You also
acknowledge that by signing this Release You may be giving up valuable legal rights and that You
have been advised to consult with an attorney. You understand that You have the right to revoke
Your consent to the Release for seven days following Your signing of the Release. You further
understand that You will cease to receive any payments or benefits under this Agreement (except as
set forth in Section 4.4 of the Agreement) if You do not sign this Release or if You revoke Your
consent to the Release within seven days after signing the Release. The Release shall not become
effective or enforceable with respect to claims under the Age Discrimination Act until the
expiration of the seven-day period following Your signing of this Release. To revoke, You send a
written statement of revocation by certified mail, return receipt requested, or by hand delivery.
If You do not revoke, the Release shall become effective on the eighth day after You sign it.

	 	 	 	 
	Accepted and Agreed to:
	 
	 	 
	 
	 	 
	 
	 
	 	 
	Dated:
	 	 
	 

	 	 

 

 

ANNEX B

TIME WARNER CORPORATE

STANDARDS OF BUSINESS CONDUCTexv10w53

EXHIBIT 10.53

FORM OF

COMMERCIAL PAPER DEALER AGREEMENT

4(2) PROGRAM

among

Time Warner Inc.,

as Issuer

Historic TW Inc.,

as Note Guarantor

Home Box Office, Inc. and Turner Broadcasting System, Inc.,

as Supplemental Guarantors

and

[•],

as Dealer

	 	 	 	 	 
	 

	 	Concerning Notes to be issued pursuant to an Issuing and
Paying Agency Agreement dated as of February 16, 2011, among the
Issuer, the Note Guarantor and JPMorgan Chase Bank, National
Association, as Issuing and Paying Agent
	 	 

Dated as of

February 16, 2011

 

 

COMMERCIAL PAPER DEALER AGREEMENT

4(2) Program

     This agreement (“Agreement”) dated February 16, 2011, sets forth the understandings among
the Issuer, the Guarantors and the Dealer, each named on the cover page hereof, in connection with
the issuance and sale by the Issuer of its short-term promissory notes (the “Notes”) through the
Dealer.

     Historic TW Inc. (the “Note Guarantor”) has agreed unconditionally and irrevocably to
guarantee payment in full of the principal and interest (if any) on all such Notes of the Issuer,
pursuant to a guarantee, dated as of February 16, 2011, in the form of Exhibit C hereto (the “Note
Guarantee”), and Home Box Office, Inc. and Turner Broadcasting System, Inc. (the “Supplemental
Guarantors”) have agreed unconditionally and irrevocably to guarantee the Note Guarantor’s
guarantee of the Notes pursuant to guarantees dated February 16, 2011 in the form of Exhibit D
hereto (the “Supplemental Guarantees”). The Note Guarantor and the Supplemental Guarantors are
collectively referred to herein as the “Guarantors,” and the Note Guarantee and the Supplemental
Guarantees are collectively referred to herein as the “Guarantees”.

     Certain terms used in this Agreement are defined in Section 6 hereof.

     The Addendum to this Agreement, and any Annexes or Exhibits described in this Agreement or
such Addendum, are hereby incorporated into this Agreement and made fully a part hereof.

Section 1. Offers, Sales and Resales of Notes

     1.1 While (i) the Issuer has and shall have no obligation to sell the Notes to the Dealer or
to permit the Dealer to arrange any sale of the Notes for the account of the Issuer, and (ii) the
Dealer has and shall have no obligation to purchase the Notes from the Issuer or to arrange any
sale of the Notes for the account of the Issuer, the parties hereto agree that in any case where
the Dealer purchases Notes from the Issuer, or arranges for the sale of Notes by the Issuer, such
Notes will be purchased or sold by the Dealer in reliance on the representations, warranties,
covenants and agreements of the Issuer contained herein or made pursuant hereto and on the terms
and conditions and in the manner provided herein.

     1.2 So long as this Agreement shall remain in effect, and in addition to the limitations
contained in Section 1.7 hereof, the Issuer shall not, without the consent of the Dealer, offer,
solicit or accept offers to purchase, or sell, any Notes except (a) in transactions with one or
more dealers which may from time to time after the date hereof become dealers with respect to the
Notes by executing with the Issuer one or more agreements which contain provisions substantially
identical to Section 1 of this Agreement, of which the Issuer hereby undertakes to provide the
Dealer prompt notice or (b) in transactions with the other dealers listed on the Addendum hereto,
which are executing agreements with the Issuer which contain provisions substantially identical to
Section 1 of this Agreement contemporaneously herewith. In no event shall the Issuer offer,
solicit or accept offers to purchase, or sell, any Notes directly on its own behalf in transactions
with persons other than broker-dealers as specifically permitted in this Section 1.2.

     1.3 The Notes shall be in a minimum denomination or minimum amount, whichever is applicable,
of $250,000 or integral multiples of $1,000 in excess thereof, will bear such interest rates, if
interest bearing, or will be sold at such discount from their face amounts, as shall be agreed upon
by the Dealer and the Issuer at the time of each proposed sale, shall have a maturity not exceeding
365 days from the date of issuance (exclusive of days of grace) and shall not contain any provision
for extension, renewal or automatic “rollover.”

2

 

     1.4 The authentication, delivery and payment of the Notes shall be effected in accordance with
the Issuing and Paying Agency Agreement and the Notes shall be either individual bearer physical
certificates or represented by book-entry Notes registered in the name of DTC or its nominee in the
form or forms annexed to the Issuing and Paying Agency Agreement.

     1.5 If the Issuer and the Dealer shall agree on the terms of the purchase of any Note by the
Dealer or the sale of any Note arranged by the Dealer (including, but not limited to, agreement
with respect to the date of issue, purchase price, principal amount, maturity and interest rate (in
the case of interest-bearing Notes) or discount thereof (in the case of Notes issued on a discount
basis), and appropriate compensation for the Dealer’s services hereunder) pursuant to this
Agreement, the Issuer shall cause such Note to be issued and delivered in accordance with the terms
of the Issuing and Paying Agency Agreement and payment for such Note shall be made by the purchaser
thereof, either directly or through the Dealer, to the Issuing and Paying Agent, for the account of
the Issuer. Except as otherwise agreed, in the event that the Dealer is acting as an agent and a
purchaser shall either fail to accept delivery of or make payment for a Note on the date fixed for
settlement, the Dealer shall promptly notify the Issuer, and if the Dealer has theretofore paid the
Issuer for the Note, the Issuer will promptly return such funds to the Dealer against its return of
the Note to the Issuer, in the case of a certificated Note, and upon notice of such failure in the
case of a book-entry Note.

     1.6 All offers and sales of Notes by the Issuer shall be effected pursuant to the exemption
from the registration requirements of the Securities Act provided by Section 4(2) thereof, which
exempts transactions by an issuer not involving any public offering. The Dealer and the Issuer
hereby establish and agree to observe the following procedures in connection with offers, sales and
subsequent resales or other transfers of the Notes:

     (a) Offers and sales of Notes shall be made only to investors reasonably believed by
the Dealer to be: (i) Institutional Accredited Investors or Sophisticated Individual
Accredited Investors, (ii) non-bank fiduciaries or agents that will be purchasing Notes for
one or more accounts, each of which is reasonably believed by the Dealer to be an
Institutional Accredited Investor or Sophisticated Individual Accredited Investor and (iii)
Qualified Institutional Buyers (“QIBs”).

     (b) Resales and other transfers of Notes by the holders thereof shall be made only in
accordance with the restrictions in the legends described in clause (e) below.

     (c) No general solicitation or general advertising shall be used in connection with
any offering of the Notes. Without limiting the generality of the foregoing, none of the
Dealer, the Issuer, or any Guarantor shall issue any press release or place or publish any
“tombstone” or other advertisement relating to the Notes without the prior written approval
of the other party.

     (d) No sale of Notes to any one purchaser shall be for less than $250,000 principal or
face amount, and no Note shall be issued in a smaller principal or face amount. If the
purchaser is a non-bank fiduciary acting on behalf of others, each person for whom such
purchaser is acting must purchase at least $250,000 principal or face amount of Notes.

     (e) Offers and sales of the Notes shall be made in accordance with Rule 506 under the
Securities Act (other than the requirement set forth in Rule 503(a)), and shall be subject
to the restrictions described in the legend appearing on Exhibit A hereto. A legend
substantially to the effect of such Exhibit A shall appear as part of the Private Placement
Memorandum used in connection with offers and sales of Notes hereunder, as well as on each
Note offered and sold pursuant to this Agreement.

     (f) The Dealer shall furnish or shall have furnished to each purchaser of Notes for
which it has acted as the dealer a copy of the then-current Private Placement Memorandum
unless such purchaser has previously received a copy of the Private Placement Memorandum as
then in

3

 

effect. The Private Placement Memorandum shall expressly state that any person to whom
Notes are offered shall have an opportunity to ask questions of, and receive information
from, the Issuer, the Guarantors and the Dealer and shall provide the names, addresses and
telephone numbers of the persons from whom information regarding the Issuer and the
Guarantors may be obtained.

     (g) The Issuer agrees, for the benefit of the Dealer and each of the holders and
prospective purchasers from time to time of Notes, that at any time that the Issuer shall
not be subject to Section 13 or 15(d) of the Exchange Act, the Issuer will furnish, upon
request and at its expense, to the Dealer and to holders and prospective purchasers of
Notes information as to the Issuer and the Guarantors required by Rule 144A(d)(4)(i).

     (h) In the event that any Note offered or to be offered by the Dealer would be
ineligible for resale under Rule 144A, the Issuer shall promptly notify the Dealer (by
telephone, confirmed in writing) of such fact and shall promptly prepare and deliver to the
Dealer an amendment or supplement to the Private Placement Memorandum describing the Notes
that are ineligible, the reason for such ineligibility and any other relevant information
relating thereto.

     (i) The Issuer and the Guarantors represent that the Guarantors are not presently
issuing commercial paper in the United States market. In the event that one or more of the
Guarantors does issue commercial paper in the United States market in reliance upon the
exemption provided by Section 3(a)(3) of the Securities Act, the Issuer and the Guarantors
agree that (a) the proceeds from sales of Notes will be segregated from proceeds of the
sale of any such commercial paper by being placed in separate accounts, (b) the Issuer and
the Guarantors will institute appropriate corporate procedures to ensure that offers and
sales of commercial paper issued by the Guarantors are not integrated with offerings and
sales of Notes hereunder and (c) the Issuer and the Guarantors will comply with the
requirements of the Securities Act in selling commercial paper or other short-term debt
securities other than the Notes in the United States.

     1.7 The Issuer and each Guarantor hereby represents and warrants to the Dealer, in connection
with offers, sales and resales of Notes, as follows:

     (a) The Issuer and the Guarantors hereby confirm to the Dealer that within the
preceding six months neither the Issuer, nor any Guarantor, nor any person other than the
Dealer or the other dealers referred to in Section 1.2 hereof acting on behalf of the
Issuer or a Guarantor has offered or sold any Notes, or any substantially similar security
of the Issuer (including, without limitation, medium-term notes issued by the Issuer or a
Guarantor with maturities less than 365 days), to, or solicited offers to buy any such
security from, any person other than the Dealer or the other dealers referred to in Section
1.2 hereof. The Issuer and the Guarantors also agree that (except as permitted by Section
1.6(i) hereof), as long as the Notes are being offered for sale by the Dealer and the other
dealers referred to in Section 1.2 hereof as contemplated hereby and until at least six
months after the offer of Notes hereunder has been terminated, none of the Issuer, any
Guarantor or any person other than the Dealer or the other dealers referred to in Section
1.2 hereof will offer the Notes or any substantially similar security of the Issuer or a
Guarantor for sale to, or solicit offers to buy any such security from, any person other
than the Dealer or the dealers referred to in Section 1.2 hereof (except as contemplated by
Section 1.2 hereof), it being understood that such agreement is made with a view to
bringing the offer and sale of the Notes within the exemption provided by Section 4(2) of
the Securities Act and Rule 506 thereunder and shall survive any termination of this
Agreement. Each of the Issuer and the Guarantors hereby represents and warrants that it
has not taken or omitted to take, and will not take or omit to take, any action that would
cause the offering and sale of Notes hereunder to be integrated with any other offering of
securities, whether such offering is made by the Issuer, a Guarantor or some other party or
parties.

     (b) The Issuer represents and agrees that the proceeds of the sale of the Notes are
not currently contemplated to be used for the purpose of buying, carrying or trading
securities within the meaning of Regulation T and the interpretations thereunder by the
Board of Governors

4

 

of the Federal Reserve System of the United States of America. In the event that the
Issuer determines to use such proceeds for the purpose of buying, carrying or trading
securities, whether in connection with an acquisition of another company or otherwise, the
Issuer shall give the Dealer at least five business days’ prior written notice to that
effect. Thereafter, in the event that the Dealer purchases Notes as principal and does not
resell such Notes on the day of such purchase, to the extent necessary to comply with
Regulation T and the interpretations thereunder, the Dealer will sell such Notes only to
offerees it reasonably believes to be QIBs or to QIBs it reasonably believes are acting for
other QIBs, in each case in accordance with Rule 144A.

Section 2. Representations and Warranties of the Issuer and the Guarantors

The Issuer, with respect to Sections 2.1 through 2.10 and 2.20, and each Guarantor, for itself
only, with respect to Sections 2.11 through 2.20, represents and warrants that:

     2.1 The Issuer is a corporation duly organized, validly existing and in good standing under
the laws of the jurisdiction of its incorporation and has all the requisite power and authority to
execute, deliver and perform its obligations under the Notes, this Agreement and the Issuing and
Paying Agency Agreement.

     2.2 This Agreement and the Issuing and Paying Agency Agreement have been duly authorized,
executed and delivered by the Issuer and constitute legal, valid and binding obligations of the
Issuer enforceable against the Issuer in accordance with their terms subject to applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to
enforceability, to general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law) and except as enforceability of the indemnification provisions of
this Agreement may be limited by federal securities laws.

     2.3 The Notes have been duly authorized, and when issued and delivered as provided in the
Issuing and Paying Agency Agreement, will be validly issued and delivered and will constitute
legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance
with their terms subject to applicable bankruptcy, insolvency and similar laws affecting creditors’
rights generally, and subject, as to enforceability, to general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law).

     2.4 The offer and sale of Notes in the manner contemplated hereby do not require registration
of the Notes under the Securities Act, pursuant to the exemption from registration contained in
Section 4(2) thereof, and no indenture in respect of the Notes is required to be qualified under
the Trust Indenture Act of 1939, as amended.

     2.5 The Notes will rank at least pari passu with all other unsecured and
unsubordinated indebtedness of the Issuer.

     2.6 No consent or action of, or filing or registration with, any governmental or public
regulatory body or authority, including the SEC, is required to authorize, or is otherwise required
in connection with the execution, delivery or performance of, this Agreement, the Notes or the
Issuing and Paying Agency Agreement, except as may be required by the securities or Blue Sky laws
of the various states in connection with the offer and sale of the Notes.

     2.7 None of the execution and delivery of this Agreement and the Issuing and Paying Agency
Agreement, the issuance and delivery of the Notes in accordance with the Issuing and Paying Agency
Agreement, or the fulfillment of or compliance with the terms and provisions hereof or thereof by
the Issuer, will (i) result in the creation or imposition of any mortgage, lien, charge or
encumbrance of any nature whatsoever upon any of the properties or assets of the Issuer or (ii)
violate or result in a breach or an event of default under any of the terms of the Issuer’s charter
documents or by-laws, any material contract or instrument to which the Issuer is a party or by
which it or its property is bound, or any law or regulation, or any order, writ, injunction or
decree of any court or government instrumentality, to which the Issuer is

5

 

subject or by which it or its property is bound, which violation, breach or event of default is
reasonably likely to have a material adverse effect on the business, operations or financial
condition of the Issuer and its subsidiaries taken as a whole or the ability of the Issuer to
perform its obligations under this Agreement, the Notes or the Issuing and Paying Agency Agreement.

     2.8 There is no litigation or governmental proceeding pending, or to the knowledge of the
Issuer threatened, against or affecting the Issuer or any of its subsidiaries which is reasonably
likely to result in a material adverse change in the business, operations or financial condition of
the Issuer and its subsidiaries taken as a whole or the ability of the Issuer to perform its
obligations under this Agreement, the Notes or the Issuing and Paying Agency Agreement.

     2.9 The Issuer is not an “investment company” or an entity “controlled” by an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

     2.10 Neither the Private Placement Memorandum nor the Company Information (excluding Dealer
Information) contains any untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.

     2.11 Such Guarantor is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its formation and has all the requisite power and authority to execute, deliver
and perform its obligations under its Guarantee, this Agreement and, in the case of the Note
Guarantor, the Issuing and Paying Agency Agreement.

     2.12 This Agreement, the Guarantee of such Guarantor and, in the case of the Note Guarantor,
the Issuing and Paying Agency Agreement, have been duly authorized, executed and delivered by such
Guarantor party thereto, and constitute legal, valid and binding obligations of such Guarantor,
enforceable against such Guarantor party thereto in accordance with their terms, subject to
applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and
subject, as to enforceability, to general principles of equity (regardless of whether enforcement
is sought in a proceeding in equity or at law) and except as enforceability of the indemnification
provisions of this Agreement may be limited by federal securities laws.

     2.13 No consent or action of, or filing or registration with, any governmental or public
regulatory body or authority, including the SEC, is required to authorize, or is otherwise required
in connection with the execution, delivery or performance of, this Agreement, the Guarantees or, in
the case of the Note Guarantor, the Issuing and Paying Agency Agreement, except as may be required
by the securities or Blue Sky laws of the various states in connection with the offer and sale of
the Notes.

     2.14 Neither the execution and delivery by such Guarantor of this Agreement, the Guarantees
and, in the case of the Note Guarantor, the Issuing and Paying Agency Agreement, nor the
fulfillment of or compliance with the terms and provisions hereof or thereof by such Guarantor
party thereto, as applicable, will (i) result in the creation or imposition of any mortgage, lien,
charge or encumbrance of any nature whatsoever upon any of the respective properties or assets of
such Guarantor or (ii) violate or result in a breach or an event of default under any of the terms
of such Guarantor’s formation documents, any material contract or instrument to which such
Guarantor is a party or by which it or its property is bound, or any law or regulation, or any
order, writ, injunction or decree of any court or government instrumentality, to which such
Guarantor is subject or by which it or its property is bound, which violation, breach or event of
default is reasonably likely to have a material adverse effect on the financial condition of such
Guarantor and its subsidiaries, taken as a whole, or the ability of such Guarantor to perform its
obligations under this Agreement, its respective Guarantee or, in the case of the Note Guarantor,
the Issuing and Paying Agency Agreement.

     2.15 Such Guarantor’s Guarantee will rank at least pari passu with all other senior
unsecured debt of such Guarantor.

6

 

     2.16 There is no litigation or governmental proceeding pending, or to the knowledge of such
Guarantor threatened, against or affecting such Guarantor or any of its subsidiaries which is
reasonably likely to result in a material adverse change in financial condition of such Guarantor
and its subsidiaries taken as a whole or the ability of such Guarantor to perform its obligations
under this Agreement, its Guarantee or, in the case of the Note Guarantor, the Issuing and Paying
Agency Agreement.

     2.17 Such Guarantor is not an “investment company” or an entity “controlled” by an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

     2.18 The Guarantor Information does not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading.

     2.19 The issuance of the Guarantees in the manner contemplated hereby does not require
registration under the Securities Act, pursuant to the exemption from registration contained in
Section 4(2) thereof, and no indenture in respect of the Guarantees is required to be qualified
under the Trust Indenture Act of 1939, as amended.

     2.20 Each issuance of Notes by the Issuer hereunder and each amendment or supplement to the
Private Placement Memorandum shall be deemed a representation and warranty by the Issuer and each
Guarantor, as applicable, to the Dealer, as of the date thereof, that, both before and after giving
effect to such issuance and after giving effect to such amendment or supplement, (i) the
representations and warranties given by the Issuer and such Guarantor set forth above in this
Section 2 remain true and correct on and as of such date as if made on and as of such date and (ii)
in the case of an issuance of Notes, since the date of the most recent Private Placement
Memorandum, there has been no material adverse change in the business, operations or financial
condition of the Issuer or such Guarantor and its respective subsidiaries, taken as a whole, which
has not been disclosed to the Dealer.

Section 3. Covenants and Agreements of Issuer and Guarantors

The Issuer and each Guarantor covenants and agrees, as applicable, that:

     3.1 The Issuer will give the Dealer prompt notice (but in any event prior to any subsequent
issuance of Notes hereunder) of any amendment to, modification of, or waiver with respect to, the
Notes, any Guarantee or the Issuing and Paying Agency Agreement, including a complete copy of any
such amendment, modification or waiver.

     3.2 The Issuer shall, whenever there shall occur any change in the business, operations or
financial condition of the Issuer or a Guarantor or any development or occurrence in relation to
the Issuer or a Guarantor that would be materially adverse to holders of the Notes or potential
holders of the Notes, promptly, and in any event prior to any subsequent issuance of Notes
hereunder, notify the Dealer (by telephone, confirmed in writing) of such change, development, or
occurrence; provided that, to the extent any such development or occurrence is described in
reasonable detail in any periodic or current report of the Issuer on file with the Securities and
Exchange Commission and available to the Dealer on a timely basis, the Dealer shall be deemed
notified in accordance herewith.

     3.3 The Issuer and each Guarantor shall from time to time furnish to the Dealer such publicly
released information with respect to the Issuer or the Guarantors as the Dealer may reasonably
request, including, without limitation, any press releases or other publicly released material
provided by the Issuer or any Guarantor to any national securities exchange or rating agency,
regarding (i) the Issuer’s and such Guarantor’s operations and financial condition, (ii) the due
authorization and execution of the Notes or the applicable Guarantee and (iii) the Issuer’s ability
to pay the Notes as they mature or such Guarantor’s ability to make payments under its Guarantee.

     3.4 The Issuer and each Guarantor will take such action as the Dealer may from time to time
reasonably request to ensure that each offer and each sale of the Notes in the manner contemplated
hereby

7

 

will comply with any applicable state Blue Sky laws; provided, that neither the Issuer
nor any of the Guarantors shall be obligated to file any general consent to service of process or
to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or subject
itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so
subject.

     3.5 The Issuer shall not issue Notes hereunder until the Dealer shall have received (a) an
opinion of counsel to the Issuer and the Guarantors, addressed to the Dealer, reasonably
satisfactory in form and substance to the Dealer, (b) a copy of the executed Guarantees, (c) a copy
of the executed Issuing and Paying Agency Agreement, (d) a copy of resolutions adopted by the Board
of Directors of the Issuer, reasonably satisfactory in form and substance to the Dealer and
certified by the Secretary or similar officer of the Issuer, authorizing execution and delivery by
the Issuer of this Agreement, the Issuing and Paying Agency Agreement and the Notes and
consummation by the Issuer of the transactions contemplated hereby and thereby, (e) a copy of
resolutions adopted by the Board of Directors of each Guarantor, reasonably satisfactory in form
and substance to the Dealer and certified by the Secretary or Assistant Secretary of the applicable
Guarantor authorizing, as applicable, the execution and delivery by such Guarantor of this
Agreement, its Guarantee and (in the case of the Note Guarantor) the Issuing and Paying Agency
Agreement and consummation by such Guarantor of the transactions contemplated hereby and thereby,
(f) prior to the issuance of any Notes represented by a book-entry note registered in the name of
DTC or its nominee, a copy of the executed Letter of Representations among the Issuer, the Issuing
and Paying Agent and DTC dated February 16, 2011 and (g) such other certificates, opinions, letters
and documents as the Dealer shall have reasonably requested.

     3.6 The Issuer shall not issue Notes such that the aggregate principal amount outstanding at
any time would exceed the total amount of the available revolving credit commitments then in effect
that may be drawn upon to pay the Notes under (a) the Credit Agreement dated as of January 19, 2011
(as amended, supplemented, restated or otherwise modified from time to time, the “Revolving Credit
Agreement”), among Time Warner Inc., Time Warner International Finance Limited, the Lenders party
thereto, and Citibank, N.A., as administrative agent and (b) any other financing arrangements that
replace or supplement the Revolving Credit Agreement.

Section 4. Disclosure

     4.1 The Private Placement Memorandum and its contents (other than the Dealer Information)
shall be the sole responsibility of the Issuer and the Guarantors. The Private Placement
Memorandum shall contain a statement expressly offering an opportunity for each prospective
purchaser to ask questions of, and receive answers from, the Issuer and the Guarantors concerning
the offering of Notes and to obtain relevant additional information which the Issuer or the
Guarantors possess or can acquire without unreasonable effort or expense.

     4.2 Each of the Issuer and each Guarantor agrees to furnish the Dealer with the Company
Information and the Guarantor Information promptly as it becomes available.

     4.3 (a) The Issuer and each Guarantor further agree to notify the Dealer promptly upon the
occurrence of any event relating to or affecting it that would cause the Company Information or the
Guarantor Information then in existence to include an untrue statement of material fact or to omit
to state a material fact necessary in order to make the statements contained therein, in light of
the circumstances under which they are made, not misleading.

          (b) In the event that the Issuer or a Guarantor gives the Dealer notice pursuant to Section
4.3(a) and the Dealer notifies the Issuer that it then has Notes it is holding in inventory, the
Issuer agrees promptly to supplement or amend the Private Placement Memorandum so that such Private
Placement Memorandum, as amended or supplemented, shall not contain an untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading, and the Issuer shall make
such supplement or amendment available to the Dealer.

8

 

          (c) In the event that (i) the Issuer or a Guarantor gives the Dealer notice pursuant to
Section 4.3(a) and (ii) the Dealer does not notify the Issuer that it is then holding Notes in
inventory and (iii) the Issuer chooses not to promptly amend or supplement the Private Placement
Memorandum in the manner described in clause (b) above, then all solicitations and sales of Notes
shall be suspended until such time as the Issuer has so amended or supplemented the Private
Placement Memorandum, and made such amendment or supplement available to the Dealer.

     4.4 The Issuer agrees that it shall not have outstanding at any time Notes issued in an
aggregate amount in excess of the authorized amount of the respective Guarantees.

Section 5. Indemnification and Contribution

     5.1 The Issuer and the Guarantors, jointly and severally, will indemnify and hold harmless the
Dealer, each individual, corporation, partnership, trust, association or other entity controlling
the Dealer, any affiliate of the Dealer or any such controlling entity and their respective
directors, officers, employees, partners, incorporators, shareholders, servants, trustees and
agents (hereinafter the “Indemnitees”) against any and all liabilities, penalties, suits, causes of
action, losses, damages, claims, costs and expenses (including, without limitation, reasonable fees
and disbursements of counsel) or judgments of whatever kind or nature (each a “Claim”), imposed
upon, incurred by or asserted against the Indemnitees arising out of or based upon (i) any
allegation that the Private Placement Memorandum, the Company Information or, the Guarantor
Information included (as of any relevant time) or includes an untrue statement of a material fact
or omitted (as of any relevant time) or omits to state any material fact necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading or
(ii) the breach by the Issuer or a Guarantor of any agreement, covenant or representation made in
or pursuant to this Agreement. This indemnification shall not apply to the extent that the Claim
arises out of or is based upon Dealer Information or the gross negligence or willful misconduct of
the Dealer in the performance, or failure to perform, its obligations under this Agreement.

     5.2 Provisions relating to claims made for indemnification under this Section 5 are set forth
on Exhibit B to this Agreement.

     5.3 In order to provide for just and equitable contribution in circumstances in which the
indemnification provided for in this Section 5 is held to be unavailable or insufficient to hold
harmless the Indemnitees, although applicable in accordance with the terms of this Section 5, the
Issuer and the Guarantors, jointly and severally shall contribute to the aggregate costs incurred
by the Dealer in connection with any Claim in the proportion of the respective economic interests
of the Issuer and the Guarantors, on the one hand, and the Dealer, on the other hand;
provided, however, that such contribution by the Issuer and the Guarantors shall be in an
amount such that the aggregate costs incurred by the Dealer do not exceed the aggregate of the
commissions and fees earned by the Dealer hereunder with respect to the issue or issues of Notes to
which such Claim relates. The respective economic interests shall be calculated by reference to
the aggregate proceeds to the Issuer of the Notes issued hereunder and the aggregate commissions
and fees earned by the Dealer hereunder.

Section 6. Definitions

     6.1 “Claim” shall have the meaning set forth in Section 5.1.

     6.2 “Company Information” at any given time shall mean the Private Placement Memorandum
together with, to the extent applicable, (i) the Issuer’s most recent report on Form 10-K filed
with the SEC and each report on Form 10-Q or 8-K filed by the Issuer with the SEC since the most
recent Form 10-K, in each case as amended and/or restated from time to time, (ii) any other
publicly available recent reports of the Issuer, including, but not limited to, any publicly
available filings or reports provided to its shareholders, (iii) any other information or
disclosure prepared pursuant to Section 4.3 hereof and (iv) any information prepared or approved by
the Issuer for dissemination to investors or potential investors in the Notes.

9

 

     6.3 “Dealer” shall mean the Dealer named on the cover page of this Agreement.

     6.4 “Dealer Information” shall mean material concerning the Dealer and provided by the Dealer
in writing expressly for inclusion in the Private Placement Memorandum.

     6.5 “DTC” shall mean The Depository Trust Company.

     6.6 “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended.

     6.7 “Guarantor Information” at any given time shall mean information with respect to a
Guarantor or the Guarantors contained in the Private Placement Memorandum together with, (i) to the
extent prepared and publicly filed by the applicable Guarantor, the respective Guarantor’s most
recent annual audited financial statements and each interim financial statement or report prepared
subsequent thereto, (ii) the Guarantor’s other publicly available recent reports, including, but
not limited to, any publicly available filings or reports provided to its shareholders, (iii) any
other information or disclosure prepared pursuant to Section 4.3 hereof and (iv) any information
prepared or approved by the respective Guarantor for dissemination to investors or potential
investors in the Notes.

     6.8 “Indemnitee” shall have the meaning set forth in Section 5.1.

     6.9 “Institutional Accredited Investor” shall mean an institutional investor that is an
accredited investor within the meaning of Rule 501 under the Securities Act and that has such
knowledge and experience in financial and business matters that it is capable of evaluating and
bearing the economic risk of an investment in the Notes, including, but not limited to, a bank, as
defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other
institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its
individual or fiduciary capacity.

     6.10 “Issuing and Paying Agency Agreement” shall mean the issuing and paying agency agreement
described on the cover page of this Agreement, as such agreement may be amended or supplemented
from time to time.

     6.11 “Issuing and Paying Agent” shall mean the party designated as such on the cover page of
this Agreement, as issuing and paying agent under the Issuing and Paying Agency Agreement.

     6.12 “Non-bank fiduciary or agent” shall mean a fiduciary or agent other than (a) a bank, as
defined in Section 3(a)(2) of the Securities Act, or (b) a savings and loan association, as defined
in Section 3(a)(5)(A) of the Securities Act.

     6.13 “Private Placement Memorandum” shall mean offering materials prepared in accordance with
Section 4 (including materials referred to therein or incorporated by reference therein) provided
to purchasers and prospective purchasers of the Notes, and shall include amendments and supplements
thereto which may be prepared from time to time in accordance with this Agreement (other than any
amendment or supplement that has been completely superseded by a later amendment or supplement).

     6.14 “Qualified Institutional Buyer” shall have the meaning assigned to that term in Rule 144A
under the Securities Act.

     6.15 “Revolving Credit Agreement” shall have the meaning set forth in Section 3.6.

     6.16 “Rule 144A” shall mean Rule 144A under the Securities Act.

     6.17 “SEC” shall mean the U.S. Securities and Exchange Commission.

     6.18 “Securities Act” shall mean the U.S. Securities Act of 1933, as amended.

10

 

     6.19 “Sophisticated Individual Accredited Investor” shall mean an individual who (a) is an
accredited investor within the meaning of Regulation D under the Securities Act and (b) based on
his or her pre-existing relationship with the Dealer, is reasonably believed by the Dealer to be a
sophisticated investor (i) possessing such knowledge and experience (or represented by a fiduciary
or agent possessing such knowledge and experience) in financial and business matters that he or she
is capable of evaluating and bearing the economic risk of an investment in the Notes and (ii)
having not less than $5 million in investments (as defined, for purposes of this section, in Rule
2a51-1 under the Investment Company Act of 1940, as amended).

Section 7. General

     7.1 Unless otherwise expressly provided herein, all notices under this Agreement to parties
hereto shall be in writing and shall be effective when received at the address of the respective
party set forth in the Addendum to this Agreement.

     7.2 This Agreement shall be governed by and construed in accordance with the laws of the State
of New York, without regard to its conflict of laws provisions.

     7.3 The Issuer, each Guarantor and the Dealer agree that any suit, action or proceeding
brought by any of them against another in connection with or arising out of this Agreement or the
Notes or the offer and sale of the Notes shall be brought solely in the United States federal
courts located in the borough of Manhattan or the courts of the State of New York located in the
Borough of Manhattan. EACH OF THE DEALER, THE ISSUER AND EACH GUARANTOR WAIVES ITS RIGHT TO TRIAL
BY JURY IN ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

     7.4 This Agreement may be terminated, at any time, by the Issuer, upon four business day’s
prior notice to such effect to the Dealer, or by the Dealer upon four business day’s prior notice
to such effect to the Issuer. Any such termination, however, shall not affect the obligations of
the Issuer or the Guarantors under Sections 5 and 7.3 hereof or the respective representations,
warranties, agreements, covenants, rights or responsibilities of the parties made or arising prior
to the termination of this Agreement.

     7.5 This Agreement is not assignable by any party hereto without the written consent of the
other parties, which consent shall not be unreasonably withheld, except that such consent shall not
be required in connection with an assignment by the Dealer of its rights and obligations under this
Agreement to an entity (“Successor Entity”) in which the Dealer merges or which acquires all or
substantially all of the Dealer’s assets (including its rights and obligations under this
Agreement) if the debt rating given by each of Standard & Poor’s and Moody’s to the long-term
senior unsecured debt of the Successor Entity is not lower than the debt rating given by Standard &
Poor’s or Moody’s, as applicable, to the long-term senior unsecured debt of the Dealer.

     7.6 This Agreement may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon the same
instrument.

     7.7 This Agreement shall inure to the benefit of and be binding upon the Issuer, each
Guarantor and the Dealer and their respective successors. Nothing expressed or mentioned in this
Agreement is intended or shall be construed to give any person, firm or corporation, other than the
parties hereto and their respective successors any legal or equitable right, remedy or claim under
or in respect of this Agreement or any provision herein contained. This Agreement and all
conditions and provisions hereof are intended to be for the sole and exclusive benefit of the
parties hereto and their respective successors, and for the benefit of no other person, firm or
corporation. No purchaser of Notes shall be deemed to be a successor by reason merely of such
purchase.

     7.8 The parties acknowledge and agree that effective upon the execution and delivery of this
Agreement, the Commercial Paper Dealer Agreement among the Issuer, Historic TW Inc., TW AOL

11

 

Holdings Inc., the Supplemental Guarantors and the Dealer, dated as of January 25, 2007, relating
to the sale and placement of short-term promissory notes within the United States (the “Prior
Agreement”) shall terminate (other than those provisions which are expressed in the Prior Agreement
to survive termination) and the parties waive the required notice period in Section 7.3 of the
Prior Agreement.

     7.9 The Issuer and Guarantors acknowledge and agree that in connection with the purchase and
sale of the Notes or any other services the Dealer may be deemed to be providing hereunder,
notwithstanding any preexisting relationship, advisory or otherwise, between the parties or any
oral representations or assurances previously or subsequently made by the Dealer: (i) except to the
extent explicitly set forth herein, no fiduciary or agency relationship between the Issuer and
Guarantors, on the one hand, and the Dealer, on the other, exists in respect of this Agreement or
the purchase and sale of the Notes; (ii) the Dealer is not acting as advisor, expert or otherwise,
to either the Issuer or any of the Guarantors, including, without limitation, with respect to the
determination of the offering price of the Notes, and such relationship between the Issuer and the
Guarantors, on the one hand, and the Dealer, on the other, is entirely and solely commercial, based
on arms-length negotiations; and (iii) the Dealer and its affiliates may have interests that differ
from those of the Issuer or the Guarantors.

     7.10 Upon the release of a Guarantee and of the applicable Guarantor from its obligations
under such Guarantee in accordance with such Guarantee, such Guarantor shall cease to be a party to
this Agreement, without any notice or action being required.

12

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date and
year first above written.

	 	 	 	 	 
	 	Time Warner Inc., as Issuer

 	 
	 	By:  	 	 
	 	Name:  	Edward B. Ruggiero 	 
	 	Title:  	Senior Vice President and Treasurer 	 
	 
	 	Historic TW Inc., as Note Guarantor

 	 
	 	By:  	 	 
	 	Name:  	Edward B. Ruggiero 	 
	 	Title:  	Senior Vice President and Treasurer 	 
	 
	 	Home Box Office, Inc., as Supplemental Guarantor

 	 
	 	By:  	 	 
	 	Name:  	Edward B. Ruggiero 	 
	 	Title:  	Senior Vice President and Assistant Treasurer 	 
	 
	 	Turner Broadcasting System, Inc., as Supplemental

Guarantor

 	 
	 	By:  	 	 
	 	Name:  	Edward B. Ruggiero 	 
	 	Title:  	Senior Vice President and Assistant Treasurer 	 
	 
	 	[•], as Dealer

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

13

 

ADDENDUM

	1.	 	The dealers referred to in clause (b) of Section 1.2 of the Agreement are: [•].
	 
	2.	 	The addresses of the respective parties for purposes of notices under Section 7.1 are as follows:

	 	 	 	 	 
	For the Issuer:	 	 
	 
	 	 	 	 
	Address:

	 	 	 	Time Warner Inc.
	 

	 	 	 	One Time Warner Center
	 

	 	 	 	New York, NY 10019
	 

	 	 	 	Attention: Treasurer
	 

	 	 	 	Telephone: (212) 484-8378
	 
	 	 	 	 
	 	 	With a copy to the same address:
	 
	 	 	 	 
	 

	 	 	 	Attention: Assistant Treasurer, Treasury Operations
	 

	 	 	 	Telephone: (212) 484-8378
	 
	 	 	 	 
	For the Guarantors:	 	 
	 
	 	 	 	 
	Address:

	 	 	 	Historic TW Inc.
	 

	 	 	 	One Time Warner Center
	 

	 	 	 	New York, NY 10019
	 

	 	 	 	Attention: Treasurer
	 

	 	 	 	Telephone: (212) 484-8378
	 
	 	 	 	 
	 	 	With a copy to the same address:
	 
	 	 	 	 
	 

	 	 	 	Attention: Assistant Treasurer, Treasury Operations
	 

	 	 	 	Telephone: (212) 484-8378
	 
	 	 	 	 
	Address:

	 	 	 	Home Box Office, Inc.
	 

	 	 	 	1100 Avenue of the Americas
	 

	 	 	 	New York, NY 10036
	 

	 	 	 	Attention: Assistant Treasurer
	 

	 	 	 	Telephone number: (212) 484-8378
	 
	 	 	 	 
	 	 	With a copy to Time Warner at its address set forth above.
	 
	 	 	 	 
	Address:

	 	 	 	Turner Broadcasting System, Inc.
	 

	 	 	 	One CNN Center
	 

	 	 	 	Atlanta, GA 30303
	 

	 	 	 	Attention: Assistant Treasurer
	 

	 	 	 	Telephone number: (212) 484-8378
	 
	 	 	 	 
	 	 	With a copy to Time Warner at its address set forth above.

14

 

	 	 	 	 	 
	For the Dealer:	 	 
	 

	 	 	 	Address: [•]
	 

	 	 	 	Telephone number: [•]
	 

	 	 	 	Fax number: [•]

15

 

EXHIBIT A

FORM OF LEGEND FOR

PRIVATE PLACEMENT MEMORANDUM AND NOTES

THE NOTES AND THE GUARANTEES OFFERED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER
APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY
IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS
ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT IT
HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE
ISSUER AND THE NOTES AND THE GUARANTEES AND THE GUARANTORS, THAT IT IS NOT
ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND THAT IT IS
EITHER (A) AN INSTITUTIONAL INVESTOR OR HIGHLY SOPHISTICATED INDIVIDUAL
INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a)
UNDER THE ACT AND WHICH, IN THE CASE OF AN INDIVIDUAL, (i) POSSESSES SUCH
KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS THAT HE OR SHE
IS CAPABLE OF EVALUATING AND BEARING THE ECONOMIC RISK OF AN INVESTMENT IN
THE NOTES AND (ii) HAS NOT LESS THAN $5 MILLION IN INVESTMENTS (AS
DEFINED, FOR PURPOSES OF THIS PARAGRAPH, IN RULE 2A51-1 UNDER THE
INVESTMENT COMPANY ACT OF 1940, AS AMENDED) (AN “INSTITUTIONAL ACCREDITED
INVESTOR” OR “SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR”, RESPECTIVELY)
AND THAT EITHER IS PURCHASING NOTES FOR ITS OWN ACCOUNT, IS A U.S. BANK
(AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN
ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE
ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR IS A FIDUCIARY OR
AGENT (OTHER THAN SUCH A BANK OR SAVINGS AND LOAN ASSOCIATION OR OTHER
INSTITUTION) PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH IS
SUCH AN INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL
ACCREDITED INVESTOR (i) WHICH ITSELF POSSESSES SUCH KNOWLEDGE AND
EXPERIENCE OR (ii) WITH RESPECT TO WHICH SUCH PURCHASER HAS SOLE
INVESTMENT DISCRETION; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”)
WITHIN THE MEANING OF RULE 144A UNDER THE ACT WHICH IS ACQUIRING NOTES FOR
ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH IS A QIB AND
WITH RESPECT TO EACH OF WHICH THE PURCHASER HAS SOLE INVESTMENT
DISCRETION; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE
SELLER MAY RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF
SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE,
THE PURCHASER THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR
OTHER TRANSFER THEREOF WILL BE MADE ONLY (A) IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE ACT, EITHER (i) TO THE ISSUER OR TO
__________________________ OR ANOTHER PERSON DESIGNATED BY THE ISSUER AS A
PLACEMENT AGENT FOR THE NOTES (COLLECTIVELY, THE “PLACEMENT AGENTS”), NONE
OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (ii) THROUGH A
PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED
INDIVIDUAL ACCREDITED INVESTOR OR A QIB BY A PLACEMENT AGENT OR (iii) TO A
QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN
MINIMUM AMOUNTS OF $250,000.

16

 

EXHIBIT B

FURTHER PROVISIONS RELATING

TO INDEMNIFICATION

     (a) The Issuer and the Guarantors, jointly and severally agree to reimburse each Indemnitee
for all expenses (including reasonable fees and disbursements of external counsel) as they are
incurred by it in connection with investigating or defending any loss, claim, damage, liability or
action in respect of which indemnification may be sought under Section 5 of the Agreement (whether
or not it is a party to any such proceedings).

     (b) Promptly after receipt by an Indemnitee of notice of the existence of a Claim, such
Indemnitee will, if a claim in respect thereof is to be made against the Issuer or any Guarantor,
notify the Issuer and such Guarantor in writing of the existence thereof; provided that (i) the
omission so to notify either or both the Issuer or such Guarantor will not relieve either of them
from any liability which it may have hereunder unless and except to the extent it did not otherwise
learn of such Claim and such failure results in the forfeiture by each of them of substantial
rights and defenses and (ii) the omission so to notify the Issuer or such Guarantor will not
relieve it from liability which it may have to an Indemnitee otherwise than on account of this
indemnity agreement. In case any such Claim is made against any Indemnitee and it notifies the
Issuer and the Guarantors of the existence thereof, the Issuer and the Guarantors will be entitled
to participate therein, and to the extent that any of them may elect by written notice delivered to
the Indemnitee, to assume the defense thereof, with counsel reasonably satisfactory to such
Indemnitee; provided that if the defendants in any such Claim include both the Indemnitee and the
Issuer or any Guarantor and the Indemnitee shall have concluded that there may be legal defenses
available to it which are different from or additional to those available to the Issuer or such
Guarantor(s), neither the Issuer nor such Guarantor(s) shall have the right to direct the defense
of such Claim on behalf of such Indemnitee, and the Indemnitee shall have the right to select
separate counsel reasonably satisfactory to the Issuer to assert such legal defenses on behalf of
such Indemnitee. Upon receipt of notice from the Issuer or a Guarantor to such Indemnitee of the
election of the Issuer or such Guarantor(s) so to assume the defense of such Claim and approval by
the Indemnitee of counsel, the Issuer and such Guarantor(s) will not be liable to such Indemnitee
for expenses incurred thereafter by the Indemnitee in connection with the defense thereof (other
than reasonable costs of investigation) unless (i) the Indemnitee shall have employed separate
counsel in connection with the assertion of legal defenses in accordance with the proviso to the
next preceding sentence (it being understood, however, that the Issuer and the Guarantors shall not
be liable for the expenses of more than one separate counsel (in addition to any local counsel in
the jurisdiction in which any Claim is brought), approved by the Dealer, representing the
Indemnitee who is party to such Claim), (ii) the Issuer or such Guarantor(s) shall not have
employed counsel reasonably satisfactory to the Indemnitee to represent the Indemnitee within a
reasonable time after notice of existence of the Claim or (iii) the Issuer or any Guarantor has
authorized in writing the employment of counsel for the Indemnitee. The indemnity, reimbursement
and contribution obligations of the Issuer and the Guarantors hereunder shall be in addition to any
other liability the Issuer and the Guarantors may otherwise have to an Indemnitee and shall be
binding upon and inure to the benefit of any successors, assigns, heirs and personal
representatives of the Issuer, the Guarantors and any Indemnitee. The Issuer and each Guarantor
agrees that without the Dealer’s prior written consent it will not settle, compromise or consent to
the entry of any judgment in any Claim in respect of which any Indemnitee is or could have been a
party and indemnification may be sought under the indemnification provision of the Agreement,
unless such settlement, compromise or consent (i) includes an unconditional release of each
Indemnitee from all liability arising out of such Claim and (ii) does not include a statement as to
or an admission of fault, culpability or failure to act, buy or on behalf of any Indemnitee;
provided, that if the conditions set forth in clauses (i) and (ii) are satisfied, the Dealer shall
not unreasonably without or delay its consent to a settlement, compromise or consent to the entry
of a judgment in respect of such a Claim.

17

 

EXHIBIT C

FORM OF GUARANTEE

     GUARANTEE, dated as of February 16, 2011 (this “Guarantee”), of HISTORIC TW INC., a Delaware
corporation (the “Note Guarantor”).

     The Note Guarantor, for value received, hereby irrevocably guarantees payment in full, as and
when the same becomes due and payable, of the principal of and interest, if any, on the promissory
notes (the “Notes”) issued by TIME WARNER INC., a Delaware corporation (the “Company”), from time
to time pursuant to the Issuing and Paying Agency Agreement, dated as of February 16, 2011, as the
same may be amended, supplemented or modified from time to time (the “Agreement”), among the
Company, the Note Guarantor and JPMorgan Chase Bank, National Association (“JPMorgan”) in the form
of (i) certificated notes or (ii) book-entry obligations evidenced by a master note payable to The
Depository Trust Company or its nominee. The Note Guarantor’s obligations under this Guarantee
shall be unconditional, irrespective of the validity or enforceability of any provision of the
Agreement or the Notes.

     This Guarantee is a guaranty of the due and punctual payment (and not collectibility) of all
obligations of the Company in respect of the Notes and, unless the Note Guarantor is released from
its obligations hereunder as provided below, shall remain in full force and effect until all
amounts have been validly, finally and irrevocably paid in full, and shall not be affected in any
way by any circumstance or condition whatsoever, including without limitation (a) the absence of
any action to obtain such amounts from the Company, (b) any variation, extension, waiver,
compromise or release of any or all of the obligations of the Company under the Agreement or the
Notes or of any collateral security therefor or (c) any change in the existence or structure of, or
the bankruptcy or insolvency of, the Company or by any other circumstance (other than by complete,
irrevocable payment) that might otherwise constitute a legal or equitable discharge or defense of a
guarantor. The Note Guarantor waives all requirements as to promptness, diligence, presentment,
demand for payment, protest and notice of any kind with respect to the Agreement and the Notes.

     Any term or provision of this Guarantee to the contrary notwithstanding, the maximum aggregate
amount of the Note Guarantor’s obligations hereunder shall not exceed the maximum amount that can
be hereby guaranteed without rendering this Guarantee voidable under applicable law relating to
fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors
generally.

     Any term or provision of this Guarantee to the contrary notwithstanding, the Note Guarantor
shall be automatically released from its obligations under this Guarantee, and the guaranty of the
Note Guarantor shall be automatically released, upon receipt by JPMorgan of a certificate of a
Responsible Officer of the Company certifying that the Note Guarantor has no outstanding
Indebtedness for Borrowed Money as of the date of such certificate, other than any other guarantee
of Indebtedness for Borrowed Money that will be released concurrently with the release of this
Guarantee. Capitalized terms used in this paragraph but not defined herein have the meaning
assigned to them in the Credit Agreement, dated as of January 19, 2011 among the Company, Time
Warner International Finance Limited, the lenders party thereto and Citibank, N.A., as
Administrative Agent).

     This Guarantee shall remain in full force and effect or shall be reinstated (as the case may
be) if at any time any payment of the Company, in whole or in part, is rescinded or must otherwise
be returned by the holder upon the insolvency, bankruptcy or reorganization of the Company or
otherwise, all as though such
payment had not been made; provided that this Guarantee shall not be
so reinstated if released as provided above.

     This Guarantee shall be governed by and construed in accordance with the law of the State of
New York.

	 	 	 	 	 
	 	HISTORIC TW INC.

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

18

 

EXHIBIT D

FORM OF SUPPLEMENTAL GUARANTEE

     SUPPLEMENTAL GUARANTEE, dated as of February 16, 2011 (this “Supplemental Guarantee”), of
[Name of Supplemental Guarantor], a corporation organized under the laws of ___________ (the
“Supplemental Guarantor”).

     The Supplemental Guarantor, for value received, hereby irrevocably guarantees the full payment
of all monetary obligations of Historic TW Inc., a Delaware corporation (“HTW”), under the
Guarantee (the “HTW Guarantee”) dated the date hereof given by HTW with respect to the payment of
principal and interest on promissory notes the (“Notes”) issued by Time Warner Inc., a Delaware
corporation (the “Issuer”), from time to time pursuant to the Issuing and Paying Agency Agreement,
dated as of February 16, 2011, as the same may be amended, supplemented or modified from time to
time (the “Agreement”), among the Issuer, HTW and JPMorgan Chase Bank, National Association
(“JPMorgan”), in the form of (i) certificated notes or (ii) book-entry obligations evidenced by a
master note payable to The Depository Trust Company or its nominee, as and when the same becomes
due and payable. The Supplemental Guarantor’s obligations under this Supplemental Guarantee shall
be unconditional, irrespective of the validity or enforceability of any provision of the Agreement,
the Notes or the HTW Guarantee.

     This Supplemental Guarantee is a guaranty of the due and punctual payment (and not
collectibility) of all obligations of HTW in respect of the HTW Guarantee and, unless the
Supplemental Guarantor is released from its obligations hereunder as provided below, shall remain
in full force and effect until all amounts have been validly, finally and irrevocably paid in full,
and shall not be affected in any way by any circumstance or condition whatsoever, including without
limitation (a) the absence of any action to obtain such amounts from HTW or the Issuer, (b) any
variation, extension, waiver, compromise or release of any or all of the obligations of HTW under
the HTW Guarantee or the Issuer under the Agreement or the Notes or of any collateral security
therefor, or (c) any change in the existence or structure of, or the bankruptcy or insolvency of,
HTW or the Issuer or by any other circumstance (other than by complete, irrevocable payment) that
might otherwise constitute a legal or equitable discharge or defense of a guarantor. The
Supplemental Guarantor waives all requirements as to promptness, diligence, presentment, demand for
payment, protest and notice of any kind with respect to the HTW Guarantee, the Agreement or the
Notes.

     Any term or provision of this Supplemental Guarantee to the contrary notwithstanding, the
maximum aggregate amount of the Supplemental Guarantor’s obligations hereunder shall not exceed the
maximum amount that can be hereby guaranteed without rendering this Supplemental Guarantee voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws
affecting the rights of creditors generally.

     Any term or provision of this Supplemental Guarantee to the contrary notwithstanding, the
Supplemental Guarantor shall be automatically released from its obligations under this Supplemental
Guarantee, and the guaranty of the Supplemental Guarantor shall be automatically released, upon
receipt by JPMorgan of a certificate of a Responsible Officer of the Company certifying that the
Supplemental Guarantor has no outstanding Indebtedness for Borrowed Money as of the date of such
certificate, other than any other guarantee of Indebtedness for Borrowed Money that will be
released concurrently with the release of this Supplemental Guarantee. Capitalized terms used used
in this paragraph but not defined herein have the meaning assigned to them in the Credit Agreement,
dated as of January 19, 2011 among the Company, Time Warner International Finance Limited, the
lenders party thereto and Citibank, N.A., as Administrative Agent).

     This Supplemental Guarantee shall remain in full force and effect or shall be reinstated (as
the case may be) if at any time any payment of HTW, in whole or in part, is rescinded or must
otherwise be returned by the holder upon the insolvency, bankruptcy or reorganization of HTW or
otherwise, all as though such

19

 

payment had not been made; provided that this Supplemental Guarantee
shall not be so reinstated if released as provided above.

     This Supplemental Guarantee shall be governed by and construed in accordance with the law of
the State of New York.

	 	 	 	 	 
	 	[NAME OF SUPPLEMENTAL GUARANTOR]

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

20

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