ContractEmployment Agreement • February 26th, 2014 • Time Warner Inc. • Cable & other pay television services • New York
EMPLOYMENT AGREEMENT (the “Agreement”) made December 6, 2013 effective as of September 3 , 2013 (the “Effective Date”) between TIME WARNER INC., a Delaware corporation (the “Company”), and HOWARD AVERILL (“You”).
TIME WARNER INC. ONE TIME WARNER CENTER NEW YORK, NEW YORK 10019Time Warner Inc. • February 26th, 2014 • Cable & other pay television services • New York
Reference is made to your Employment Agreement effective January 1, 2008 as amended on December 1, 2008, January 1, 2010 and January 1, 2011 respectively (the “Employment Agreement”) with Time Warner Inc. (the “Company”). Capitalized terms used herein but not otherwise defined in this letter agreement (“Letter Agreement”) shall have the meanings given such terms in the Employment Agreement. You and the Company have agreed that you will resign your position as Chief Financial and Administrative Officer (“CFAO”) effective at the end of the day on December 31, 2013 in connection with your appointment as Chief Executive Officer of Turner Broadcasting System, Inc. This Letter Agreement sets forth the understandings between the Company and you concerning the termination of your employment as CFAO of the Company, transfer of employment to a wholly owned subsidiary of Time Warner and your entitlements under the Employment Agreement as you transition to your new position.
