Common use of TWX Nonqualified Plans Clause in Contracts

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