Common use of TWX Excess Benefit Pension Plan Clause in Contracts

TWX Excess Benefit Pension Plan. Effective as of the Distribution Date, the Time Group shall establish the Time Inc. Excess Benefit Pension Plan (the “Time Excess Benefit Pension Plan”) as a continuation of the Time Warner Excess Benefit Pension Plan (the “TWX Excess Benefit Pension Plan”). Pursuant to the TWX Excess Benefit Pension Plan, at all times prior to the Distribution Date, Time and its Subsidiaries have been responsible for all Liabilities with respect to the Time Excess Pension Participants under the TWX Excess Benefit Pension Plan, and pursuant to the Time Excess Benefit Pension Plan, Time and its Subsidiaries shall continue to be responsible for such Liabilities. Time and its Subsidiaries shall make payments to Time Excess Pension Participants who previously had rights under the TWX Excess Benefit Pension Plan in accordance with the terms of the Time Excess Benefit Pension Plan, as in effect from time to time. Effective as of the Distribution Date, TWX and its Subsidiaries shall be responsible for all Liabilities with respect to the TWX Excess Benefit Pension Plan relating to Former Time Employees (other than any Former Time Employee who is a Time Excess Pension Participant), and, from and after the Distribution Date, TWX and its Subsidiaries shall be solely liable for all payments to any such Former Time Employee pursuant to the TWX Excess Benefit Pension Plan. TWX and its Subsidiaries shall make payments to such Former Time Employees with rights under the TWX Excess Benefit Pension Plan in accordance with the terms of such plan, as in effect from time to time. TWX and its Subsidiaries shall be solely responsible for all obligations relating to reporting of Taxes to the appropriate Governmental Authority and remitting the amounts of any such Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with payments to Former Time Employees (other than any Former Time Employee who is a Time Excess Pension Participant) with rights under the TWX Excess Benefit Pension Plan. Notwithstanding the immediately preceding sentence, at the same time that Time is scheduled to make any reimbursement payments to TWX pursuant to Section 18.01 in connection with any expenses incurred by the TWX Group during the second calendar quarter of 2014, Time shall also reimburse TWX for the amount described in Schedule 8.02. The Time Group shall be solely responsible for all obligations relating to reporting of Taxes to the appropriate Governmental Authority and remitting the amounts of any such Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with payments to Time Excess Pension Participants.

TWX Excess Benefit Pension Plan. Effective as of the Distribution Date, the Time Group shall establish the Time Inc. Excess Benefit Pension Plan (the “Time Excess Benefit Pension Plan”) as a continuation of the Time Warner Excess Benefit Pension Plan (the “TWX Excess Benefit Pension Plan”). Pursuant to the TWX Excess Benefit Pension Plan, at all times prior to the Distribution Date, Time and its Subsidiaries have been responsible for all Liabilities with respect to the Time Excess Pension Participants under the TWX Excess Benefit Pension Plan, and pursuant to the Time Excess Benefit Pension Plan, Time and its Subsidiaries shall continue to be responsible for such Liabilities. Time and its Subsidiaries shall make payments to Time Excess Pension Participants who previously had rights under the TWX Excess Benefit Pension Plan in accordance with the terms of the Time Excess Benefit Pension Plan, as in effect from time to time. Effective as of the Distribution Date, TWX and its Subsidiaries shall be responsible for all Liabilities with respect to the TWX Excess Benefit Pension Plan relating to Former Time Employees (other than any Former Time Employee who is a Time Excess Pension Participant), and, from and after the Distribution Date, TWX and its Subsidiaries shall be solely liable for all payments to any such Former Time Employee pursuant to the TWX Excess Benefit Pension Plan. TWX and its Subsidiaries shall make payments to such Former Time Employees with rights under the TWX Excess Benefit Pension Plan in accordance with the terms of such plan, as in effect from time to time. TWX and its Subsidiaries shall be solely responsible for all obligations relating to reporting of Taxes to the appropriate Governmental Authority and remitting the amounts of any such Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with payments to Former Time Employees (other than any Former Time Employee who is a Time Excess Pension Participant) with rights under the TWX Excess Benefit Pension Plan. Notwithstanding the immediately preceding sentence, at the same time that Time is scheduled to make any reimbursement payments to TWX pursuant to Section 18.01 in connection with any expenses incurred by the TWX Group during the second calendar quarter of 2014, Time shall also reimburse TWX for the amount described in Schedule 8.02. The Time Group shall be solely responsible for all obligations relating to reporting of Taxes to the appropriate Governmental Authority and remitting the amounts of any such Taxes required to be withheld (including any Employment Taxes) to the appropriate Governmental Authority in connection with payments to Time Excess Pension Participants.