TIME WARNER TELECOM INC
EMPLOYMENT AGREEMENT
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>dex101.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
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<TITLE>Employment Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 10.1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>EMPLOYMENT AGREEMENT </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Employment Agreement dated October 27, 2004 effective as of November 1, 2004, between Time Warner Telecom Inc. (the &#147;Company&#148;) and the employee whose name
appears on the last page hereof (the &#147;Employee&#148;). The Company shall employ the Employee on the following terms and conditions: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">1. <B><U>Term.</U></B> The Company hereby employs Employee and Employee hereby accepts such employment upon the terms and conditions hereof for an initial
term commencing on November 1, 2004 (the &#147;Effective Date&#148;) and ending, subject to renewal or termination as provided herein, on October 31, 2009 (the &#147;Initial Term&#148;); <U>provided</U>, however, that this Agreement shall
automatically continue for successive one month periods thereafter (each such period being an &#147;Additional Term&#148;) unless either party has delivered written notice of termination to the other party no later than six months prior to the end
of the Initial Term or 60 days prior to the end of any Additional Term. Sections 7 through 20 and 22 through 26 shall survive any termination of Employee&#146;s employment under this Agreement. The Employee hereby covenants that as of the Effective
Date any agreement between Employee and the Company, or any of its affiliates, entered into prior to the date hereof, relating to Employee&#146;s employment with such entity, shall terminate as of, or have been terminated prior to, the Effective
Date. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">2. <B><U>Duties.</U></B> Employee shall serve as
Chairman and Chief Executive Officer or subject to Section 5, in such other senior management position as the Company shall determine. Subject to the foregoing, Employee shall perform such duties as may be assigned by the Company to Employee from
time to time, and shall travel for business purposes to the extent reasonably necessary or appropriate in the performance of such duties. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Employee shall perform such duties on a full time basis (subject to the Company&#146;s written policies on vacations, illness, government service, etc.
applicable to employees at Employee&#146;s level in effect from time to time), <U>provided</U>, however, that Employee shall not be precluded from devoting such time to personal affairs as shall not interfere with the performance of his or her
duties hereunder. In performing his or her duties hereunder, Employee shall comply with the Company&#146;s policies and procedures in effect from time to time. Unless Employee otherwise consents, the headquarters for the performance of
Employee&#146;s services shall be the principal executive offices of the Company and /or the Denver, Colorado area, subject to such reasonable travel as may be appropriate or required in the performance of Employee&#146;s duties in the business of
the Company. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">3. <B><U>Compensation</U>.</B> The Company shall
pay or cause to be paid to Employee, during the term of employment, an annual salary in respect of each calendar year at the rate of not less than $515,000 per annum. The Company may increase, but not decrease, such annual salary at any time and
from time to time during the term of employment. In addition to annual salary, Employee may be entitled to receive an annual bonus in respect of each calendar year based on a target percentage of the salary paid to Employee during such calendar year
of 100%. Employee acknowledges that his or her actual annual bonus may vary and range from 0% to 150% of the target amount, depending on actual performance of the Company and Employee. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Board of Directors shall determine, in its sole discretion, the amount of any salary increase
annually, the amount of any annual bonus and whether to increase the target percentage of Employee&#146;s annual bonus. The payment of any bonus compensation shall be made in accordance with the Company&#146;s then current practices and policies,
including without limitation, less the usual required payroll deductions and withholding. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The Company shall pay or reimburse Employee, in accordance with Company policies applicable to employees at Employee&#146;s level, for all travel, entertainment and other business expenses actually incurred or paid by
Employee in the performance of his or her duties hereunder, if properly substantiated and submitted. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">4. <U><B>Benefits</B></U>. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Employee shall be eligible to participate in any pension, profit-sharing, employee stock ownership, vacation, insurance, hospitalization, medical,
health, disability and other employee benefit or welfare plan, program or policy whether now existing or established hereafter (collectively, the &#147;Benefit Plans&#148;), to the extent that employees at Employee&#146;s level are generally deemed
eligible under the general provisions thereof. The Company reserves the right to amend or cancel any such Benefit Plan in its sole discretion. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Life Insurance</U>. During the Initial Term of the term of employment, with respect to each indicated year, the Company shall pay the Employee an
annual amount equal to 167% of the premium the Company would have to pay to obtain, from a carrier chosen by the Company, term life insurance coverage on the Employee&#146;s life in the following amounts for the indicated period during the term of
employment: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Year Ending</B></FONT></P><HR WIDTH="66" SIZE="1" NOSHADE ALIGN="left" COLOR="#000000"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>Insurance Amount</B></FONT></P><HR WIDTH="97" SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">October 31, 2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$5 million</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">October 31, 2006</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$4 million</FONT></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">October 31, 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$3 million</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">October 31, 2008</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$2 million</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">October 31, 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">$2 million</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Employee shall be under no obligation
to use the payments made by the Company pursuant to the preceding sentence to purchase life insurance. The payments made to Employee hereunder shall not be taken into account for any purpose under any retirement, profit sharing or other benefit plan
of the Company or any affiliate of the Company. The Company&#146;s obligation to make such payments shall terminate upon the date a notice of termination of Employee&#146;s employment is effective. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">5. <B><U>Termination</U>.</B> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) <U>For Cause</U>. Provided that notice of termination has not previously been given under any other Subsection hereof,
the Company shall have the right to terminate Employee&#146;s employment for cause upon written notice to Employee at any time. In such event, Employee&#146;s employment with the Company shall terminate immediately and Employee shall be entitled to
receive (i) any earned and unpaid salary accrued through the date of such termination, and (ii) subject to the terms thereof, any benefits which may be due to Employee under the provisions of any Benefit Plan. Employee hereby disclaims any right to
receive a pro rata portion of his or her annual bonus with respect to the year in which such termination occurs. For purposes hereof, &#147;cause&#148; shall mean termination by action of the Company&#146;s Board of Directors or any committee
thereof because of (i) Employee&#146;s conviction (treating a nolo contendere plea as a conviction) of a felony (whether or not any right to appeal has been exercised); (ii) willful refusal without proper cause to perform his or her obligations
under this Agreement; (iii) misappropriation, embezzlement or reckless or willful destruction of Company property; (iv) willful and material breach of any statutory or common law duty of loyalty to the Company having a significant adverse effect on
the Company&#146;s financial condition or reputation; or (v) Employee&#146;s material breach of the covenants provided for in Sections 8, 9 and 10, of this Agreement. In the event (i) such termination is because of the Employee&#146;s willful
refusal without proper cause to perform any one or more of his or her obligations under this Agreement, (ii) such notice is the first such notice of termination for any reason delivered by the Company to the Employee under this Section 5(a), and
(iii) within 10 days following the date of such notice the Employee shall cease his or her refusal and shall use his or her best efforts to perform such obligations, the termination shall not be effective. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Termination by Employee For Good Reason or by the Company Without
Cause.</U> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(i) <I>Termination by
Employee</I>. Provided that notice of termination has not previously been given under any other Section hereof, Employee shall have the right to terminate his or her employment with the Company under this Agreement for good reason upon 30 days prior
written notice delivered to the Company at any time within 180 days after the occurrence of any of the following events (a &#147;Good Reason Event&#148;), indicating in such notice which Event has occurred: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(A) A change in the location of Employee&#146;s office or
of the Company&#146;s principal executive offices to a place which is more than 50 miles from the location of Employee&#146;s office or the location of the Company&#146;s principal executive offices prior to such change; </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(B) A material reduction in Employee&#146;s
decision-making, budgetary, operating, staff and other responsibilities, taken as a whole, or a change in the person or persons to whom Employee reports to a person or persons of lesser rank, title or responsibility; <U>provided</U>, however, that
the appointment of a non-executive Chairman of the Board or any other officer whose appointment is required or determined by the Board of Directors to be advisable in light of legal or regulatory requirements shall not be deemed a Good Reason Event;
or </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:13%"><FONT FACE="Times New Roman" SIZE="2">(C) Any material breach of this Agreement by the Company. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(ii) <I>Termination by the Company.</I> Provided that notice
of termination has not previously been given under any other Subsection hereof, the Company shall have the right at any time with the approval of a majority vote of the Board of Directors to terminate Employee&#146;s employment under this Agreement
without cause, by giving written notice thereof to Employee. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(c) Upon the expiration of the notice period provided in Section 5(b)(i) or in the notice given under Section 5(b)(ii), Employee shall be relieved of his or her management position with the Company and his or her duties hereunder;
<U>provided</U>, however, that a Good Reason Event shall not be deemed to have occurred if within such 30-day notice period the Company shall have cured the conditions that constituted the Good Reason Event. If either such notice is so given,
Employee shall be entitled to receive, subject to the terms thereof, all benefits which may be due to Employee under the provisions of any Benefit Plan and Section 5(d) hereof and to elect in the notice under Section 5(b)(i) or, within 30 days after
receiving a notice under Section 5(b)(ii), to receive either a lump sum severance payment in the amount, and upon the terms and conditions, provided in Section 5(c)(A) and calculated as set forth in the last paragraph of this Section 5(c), or to
remain an employee of the Company upon the terms and conditions provided in Section 5(c)(B). Employee shall elect either: </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(A)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">to terminate his or her employment with the Company, in which case Employee shall receive: (x) subject to the terms thereof, all benefits which may be due to Employee under the
provisions of any Benefit Plan; and (y) in a lump sum severance payment, within 30 days following the effective date of such termination, the present value (using the discount rate described below) of an amount equal to the sum of the annual salary
at the rate in effect on the date of termination of employment or, if applicable, immediately prior to the Good Reason Event, whichever is greater, plus an annual bonus in a minimum amount equal to Employee&#146;s then applicable target bonus amount
or, if applicable, the Employee&#146;s applicable target bonus amount in effect immediately prior to the Good Reason Event, whichever is greater, for the remainder of the existing term of this Agreement, without any further renewal or continuation,
provided that such amount shall be not less than the sum of such salary and bonus pro rated for a 24-month period, or </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(B)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">to remain an employee of the Company for a period (as determined by Employee) of up to 24 months following the date notice of termination is given pursuant to Section 5, in which
case Employee shall be relieved of his or her management position with the Company and his or her duties hereunder, and shall (i) continue to receive both salary, based on a rate equal to his or her annual rate in effect on the date of termination
of employment or, if applicable, immediately prior to the Good Reason Event, whichever is </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">greater, and annual bonus in respect of such period (in each case payable within 30 days after the end of
the respective calendar year and prorated for any portion of a year), each such bonus to be based on an amount equal to Employee&#146;s then applicable target bonus amount or, if applicable, the Employee&#146;s applicable target bonus amount in
effect immediately prior to the Good Reason Event, whichever is greater, and (ii) receive a discounted lump sum payment pursuant to Section 5(c)(A)(y) for any portion of the term of employment remaining after such period (without any further renewal
or continuation); <U>provided</U>, however, that if Employee accepts full-time employment with any other corporation, partnership, trust, government or other entity (&#147;Entity&#148;) during such period or notifies the Company in writing of his or
her intention to terminate his or her employment during such period, Employee shall cease to be an employee of the Company effective upon the commencement of such employment or the effective date of such termination as specified by Employee in such
notice, and shall be entitled to receive, subject to the terms thereof, all benefits due to Employee under the provisions of any Benefit Plan and a discounted lump sum cash payment for the balance of the salary and bonus Employee would have been
entitled to receive pursuant to this Section 5(c)(B) had Employee remained on the Company&#146;s payroll until the end of the Initial Term or such 24-month period whichever is greater, <U>provided,</U> <U>further, however</U>, that Employee shall
not be entitled to receive any such lump sum cash payment if he or she accepts full-time employment with any subsidiary or Affiliate of the Company. For purposes of this Agreement, the term &#147;Affiliate&#148; shall mean an Entity which, directly
or indirectly, controls, is controlled by or is under common control with, the Company or Time Warner Inc. (&#147;TWI&#148;). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">(C)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">In partial consideration for the Company&#146;s obligation to make the payments described in this Section 5(c), Employee shall execute and deliver to the Company a release in the
form as set forth in Exhibit A. The Company shall deliver such release to Employee promptly after the written notice of termination or a Good Reason Event, as applicable, is delivered pursuant to this Section 5. Employee shall execute and deliver
such release to the General Counsel of the Company within 21 days of receipt of notice of termination. If Employee shall fail to execute and deliver to the Company such release within 30 days of Employee&#146;s receipt thereof from the Company,
Employee&#146;s employment with the Company shall terminate effective at the end of such 30-day period and Employee shall receive, in lieu of the severance arrangements described in Section 5(b), a lump sum cash payment in an amount determined in
accordance with the personnel policies of the Company then applicable. </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">Any lump sum payments required to be made pursuant to the foregoing provisions of this Section 5(c) shall be discounted to present value from the times at which such amounts would have been paid absent any such
termination at an annual discount rate for the relevant period equal to the &#147;applicable Federal rate&#148; (within the meaning of Section 1274(d) of the Internal Revenue Code of 1986 (the &#147;Code&#148;)), compounded semi-annually, in effect
on the date of such termination. The use of this rate is hereby elected by the Company and Employee pursuant to Treas. Reg. &#167; 1.280G- I </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Q/A32, if applicable (provided that in the event such election is not permitted, such other rate determined as of such
other date as is applicable for determining present value under Section 280G of the Code shall be used). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(d) In addition, whether Employee elects to receive either a lump sum severance payment in the amount, and upon the terms and conditions, provided in
Section 5(c)(A) and calculated as set forth in the last paragraph of Section 5(c), or to remain an employee of the Company upon the terms and conditions provided in Section 5(c)(B), during the period (the &#147;COBRA Period&#148;) from the date the
notice of termination of Employee&#146;s employment is effective (i.e., Employee is no longer considered an employee for payroll purposes) until the earlier of (x) the date the Employee is no longer obtaining health insurance coverage pursuant to
provisions of the Consolidated Omnibus Budget Reconciliation Act of 1986 (&#147;COBRA&#148;), or (y) the last day of the Initial Term, the Company shall pay Employee $15,800 per year. During the period, if any, from, but excluding, the last day of
the COBRA Period until the earlier of (a) the last day of the Initial Term or (b) the date Employee is eligible to receive health benefits by virtue of other employment, the Company shall pay Employee $5,000 per year. These amounts will be
appropriately prorated for any partial period and may, at the Company&#146;s option be paid at monthly or quarterly intervals in advance or such other intervals as the Company deems convenient. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(e) <U>Office Facilities.</U> For the period beginning when Employee gives
notice of termination under Section 5(b)(i) or receives notice of termination from the Company pursuant to this Section 5(b)(ii), and ending six months thereafter, Employee will, without charge to Employee, have use of reasonable office space and
reasonable office facilities at Employee&#146;s principal job location immediately prior to his or her termination of employment, or other location reasonably close to such location, together with reasonable secretarial services in each case
appropriate to an employee of Employee&#146;s position and responsibilities prior to such termination of employment but taking into account Employee&#146;s reduced need for such office space and secretarial services. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(f) During the period Employee remains an employee of the Company pursuant to
Section 5(c)(B), Employee will continue to be eligible to participate in the Company&#146;s Benefit Plans and to receive, subject to the terms and conditions thereof, all benefits, which are received by other employees at Employee&#146;s level
thereunder other than options or similar equity-based or incentive awards. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">6. <U><B>Death; Disability</B>.</U> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman"
SIZE="2">(a) <U>Death.</U> If Employee shall die while employed by the Company, Employee&#146;s employment under this Agreement shall thereupon terminate and Employee&#146;s estate or beneficiaries, as the case may be, shall be entitled to receive
as promptly as practicable but in any event within 30 days after reasonably satisfactory evidence of Employee&#146;s death is received by the Company (i) any earned and unpaid salary accrued to Employee through the period ending 30 days following
the date of Employee&#146;s death and a pro rata portion of the target annual bonus amount in effect immediately prior to Employee&#146;s death; and (ii) subject to the terms thereof, any benefits which may be due to Employee&#146;s estate or
beneficiaries under the provisions of any Benefit Plan. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">6 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) <U>Disability</U>. Provided that notice of termination has not previously been given under any
Section hereof, if Employee becomes ill or is injured or disabled during the term of this Agreement such that Employee fails to perform all or substantially all the duties to be rendered hereunder and such failure continues for a period in excess of
26 consecutive weeks (a &#147;Disability&#148;), the Company may terminate the employment of Employee under this Agreement upon written notice to Employee at any time and thereupon Employee shall be entitled to receive (i) any earned and unpaid
salary accrued through the date of such termination; (ii) subject to the terms thereof, any benefits which may be due to Employee under the provisions of any Benefit Plan; and (iii) a lump-sum cash payment equal to the sum of 75% of Employee&#146;s
then current annual salary and then applicable target annual bonus amount prorated for an 18 month period, less the amount of any disability insurance proceeds payable to Employee under any disability insurance policy or program covering Employee
provided by the Company, including the group disability insurance coverage provided to certain senior executives. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In addition to the Company&#146;s standard group coverage, during the Employee&#146;s term of employment, the Company shall provide disability insurance
coverage for the Employee under the Company&#146;s Individual Supplemental Income Protection Plan available generally to the senior executives of the Company, at a level comparable to that available to Employee under such Plan on November 1, 2004,
or substantially equivalent coverage. In addition, during the Employee&#146;s term of employment, the Company shall obtain additional disability insurance coverage for the Employee that provides a monthly disability benefit of $6,500 or such lesser
amount that Employee shall select. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">7. <B><U>Stock Options and
Other Incentive Awards</U>.</B> Upon Employee&#146;s termination of employment with the Company for any reason, Employee&#146;s rights to benefits and payments under any stock options, restricted shares or other incentive plans shall be determined
in accordance with the terms and provisions of such plans and any agreements under which such stock options, restricted shares or other awards were granted. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">8. <B><U>Trade Secrets; Work Products, Etc</U>.</B> Except in connection with the performance of his or her duties hereunder, Employee hereby expressly
covenants and agrees that Employee will not at any time while employed by the Company or thereafter, exploit, use, sell, publish, disclose, communicate or divulge to any person or Entity, other than the Company and its subsidiaries, either directly
or indirectly, any trade secrets or confidential information, knowledge or data regarding the Company or any of its subsidiaries or Affiliates or any of their respective officers, directors or employees including, without limitation, the existence
and terms of this Agreement, other than such information, knowledge or data which has been released by the Company or such subsidiaries, Affiliates or others to the public (except that with respect to the terms of this Agreement, Employee may
communicate such terms to Employee&#146;s spouse and Employee&#146;s attorneys and financial advisors). Notwithstanding the foregoing, Employee may disclose such trade secrets or confidential information, knowledge, data or terms when required to do
so by a court or government agency or legislative body of competent jurisdiction, provided Employee first notifies the Company orally and in writing as promptly as possible of such requirement so that the Company may either seek an appropriate
protective order or waive compliance with the provisions of this Section, and <U>provided further that</U> if, in the absence of such protective order or waiver, Employee is </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">7 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">nevertheless, in the written opinion of his or her counsel, reasonably acceptable to the Company addressed to and
delivered to the Company, otherwise required to disclose such information to any such court, government agency or legislative body or else stand liable for contempt or suffer other material penalty, Employee may disclose such information in such
case without liability hereunder so long as such disclosure does not exceed that required by such court, government agency or legislative body. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Employee hereby grants and assigns to the Company all rights (including, without limitation, any copyright or patent) in the results and proceeds of all
services provided by Employee hereunder and all such services shall be subject in all respects to the supervision, control and direction of the Company. Any work in connection with such services shall be considered &#147;work made for hire&#148;
under the Copyright Law of 1976 or any successor thereof, and the Company shall be the owner of such work as if the Company were the author of such work. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">9. <B><U>Non-Compete; Solicitation</U></B>. Employee hereby expressly covenants and agrees that: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Employee will not at any time during the term of employment and for a
period of eighteen months following the date a notice of termination of Employee&#146;s employment is effective as provided herein (i.e., Employee is no longer serving as Chairman and Chief Executive Officer, whether or not Employee remains on the
Company payroll pursuant to Section 5 (c) (B)), be or become an officer, director, partner or employee of or consultant to or act in any managerial capacity with or own any equity interest in any Entity (an &#147;Affiliated Person&#148;) which is a
&#147;Competitive Business Entity&#148; (as such term is defined on Exhibit B hereto); <U>provided</U>, however, that (i) ownership of less than 1% of the outstanding equity securities of any Entity listed on any national securities exchange or
traded on the National Association of Securities Dealers Automated Quotation System shall not be prohibited hereby, and (ii) in the event Employee is terminated pursuant to Section 5(b), Employee is hereby permitted to accept employment with either
TWI or Advance/Newhouse Partnership (or their respective affiliates and successors) and such employment shall not violate the provisions of this Section 9. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) Employee will not at any time during the term of employment and for a period of eighteen months after the date a notice of termination of
Employee&#146;s employment is effective as provided herein, solicit (or assist or encourage the solicitation of) any employee of the Company or any of its subsidiaries or Affiliates to work for Employee or for any Entity in which Employee owns or
expects to own more than a 1% equity interest or for which Employee serves or expects to serve as an Affiliated Person. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">For the purposes of this Section 9(b), the term &#147;solicit any employee&#148; shall mean Employee&#146;s contacting, or providing information to others
who may be expected to contact any employee of the Company or any of its subsidiaries or Affiliates regarding their employment status, job satisfaction, interest in seeking employment with Employee or any Affiliated Person or any related matter, but
shall not include general print advertising for personnel or responding to an unsolicited request for a personal recommendation for or evaluation of an employee of the Company or any of its subsidiaries or Affiliates. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">8 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">10. <B><U>Documents; Conduct</U>.</B> Employee hereby expressly covenants and agrees that: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Following termination of Employee&#146;s employment with the Company for
any, reason or at any time upon the Company&#146;s request Employee will promptly return to the Company all property of the Company and its subsidiaries and Affiliates in his or her possession or control (whether maintained at his or her office,
home or elsewhere), including, without limitation, all copies of all management studies, business or strategic plans, budgets, notebooks and other printed, typed, written or electronic materials, documents, diaries, calendars and data of or relating
to the Company or its subsidiaries or Affiliates or their respective personnel or affairs; and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT
FACE="Times New Roman" SIZE="2">(b) Employee will not at any time denigrate, ridicule or intentionally criticize the Company or any of its subsidiaries or Affiliates or any of their respective products, properties, employees, officers or directors,
including, without limitation, by way of news interviews, or the expression of personal views, opinions or judgments to the news media. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">11. <B><U>Breach by Employee</U>.</B> Employee hereby expressly covenants and agrees that the Company will suffer irreparable damage in the event any
provisions of Sections 8, 9 and 10 are not performed or are otherwise breached and that the Company shall be entitled as a matter of right to an injunction or injunctions and other relief to prevent a breach or violation by Employee and to secure
its enforcement of Section 8, 9 and 10 resort to such equitable relief, however, shall not constitute a waiver of any other rights or remedies which the Company may have. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">12. <U><B>Representations</B>.</U> </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(a) Employee represents and warrants to the Company that this Agreement is legal, valid and binding upon Employee and Employee is not a party to any
agreement or understanding which would prevent the fulfillment by Employee of the terms of this Agreement. Employee has consulted with his or her legal, tax, financial and other advisors, to the extent desired, prior to execution and delivery of
this Agreement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:8%"><FONT FACE="Times New Roman" SIZE="2">(b) The Company represents and warrants to
Employee that this Agreement is legal, valid and binding upon the Company and the Company is not a party to any agreement or understanding which would prevent the fulfillment by the Company of the terms of this Agreement. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">13. <B><U>Notice.</U></B> Any notice required or permitted to be given
hereunder shall be in writing (except where required to be given orally) and shall be sufficiently given or sent by registered or certified mail or delivered, in person, if to Employee at the address set forth on the last paragraph hereof, or at
such other address as Employee shall designate by written notice to the Company, and if to the Company at 10475 Park Meadows Drive, Littleton, CO 80124 attention of the General Counsel or at such other address as the Company shall designate by
written notice to Employee. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">14. <B><U>Successors and
Assigns</U>.</B> This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Agreement or any right or obligations hereunder; <U>provided</U> however, that the provisions hereof shall inure to the
benefit of, and be binding upon, any successor of the Company, whether by merger, consolidation, transfer of all or substantially all of the assets of the Company, or otherwise. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">15. <B><U>Governing Law</U>.</B> This Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of Colorado irrespective of its conflicts of law rules, except for the By-laws referred to in Section 24, which shall be governed by and construed and enforced in accordance with the laws of the State of Delaware. To the extent that any
applicable state or Federal law, rule or regulation confers upon Employee any greater benefit or right than that set forth in this Agreement, such law, rule or regulation shall control in lieu of the provisions hereof relating to such benefit or
right. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">16. <B><U>Mitigation</U>.</B> Employee shall have no
obligation to mitigate damages in the event of termination of Employee&#146;s employment under this Agreement under Section 5 or 6, other than as necessary to prevent the Company from losing any tax deductions to which it otherwise would have been
entitled for any payments deemed to be &#147;contingent on a change&#148; under the Code and any payments received by Employee hereunder shall not be offset or reduced in any way by any other earnings or payments which may be received by Employee
from any source, except as provided by this Section 16. It is acknowledged and agreed that any payment which may be made by the Company to Employee under Section 5 or 6 is in the nature of severance and is not a penalty payment. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">17. <B><U>Withholding</U>.</B> All payments required to be paid by the
Company to Employee under this Agreement will be paid in accordance with the payroll practices of the Company or the terms of the Benefit Plans, as the case may be, and will be subject to withholding taxes, social security and other payroll
deductions in accordance with the Company&#146;s policies applicable to employees at Employee&#146;s level and the terms of the Benefit Plan. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">18. <B><U>Complete Understanding</U>.</B> This Agreement supersedes any prior contracts, understandings, discussions and agreements relating to employment
between Employee, on the one hand, and the Company and its subsidiaries and Affiliates, on the other, and constitutes the complete understanding between the parties with respect to the subject matter hereof. No statement, representation, warranty or
covenant has been made by either party with respect thereto except as expressly set forth herein. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">19. <B><U>Modification; Waiver</U>.</B> This Agreement cannot be changed, modified or amended and no provision or requirement hereof may be waived without
the consent in writing of both the parties hereto. No waiver by either party at any time of any breach by the other party of any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. Subject to Section 26, no policy, procedure or practice of the Company whether now or hereafter in effect shall be deemed to modify, amend or supersede any provision of this Agreement except as
contemplated or provided otherwise in this Agreement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">20.
<B><U>Headings</U>.</B> The headings in this Agreement are for convenience of reference only and shall not control or affect the meaning or construction of this Agreement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">10 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">21. <B><U>Use of Likeness</U>.</B> The Company and TWI shall have the right to use Employee&#146;s name,
biography and likeness in connection with their respective businesses and that of their subsidiaries and Affiliates, but not for use as a direct endorsement. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">22. <B><U>Validity</U>.</B> The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement, which shall remain in full force and effect. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">23. <B><U>Set-off</U>.</B> The Company and its subsidiaries and Affiliates shall have no right to set-off payments owed to Employee hereunder against amounts owed or claimed to be owed by Employee to the Company or
its subsidiaries or Affiliates under this Agreement or otherwise. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">24. <B><U>Indemnification</U>.</B> The Company shall indemnify Employee to no lesser extent than provided in the Company&#146;s By-laws on the date hereof (the provisions of which are hereby incorporated by reference herein),
notwithstanding any changes or amendments to such By-laws after the date hereof adversely affecting, limiting or reducing such indemnification. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">25. <B><U>Counterparts</U>.</B> This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of
which together shall constitute one and the same instrument. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman"
SIZE="2">26. <B><U>Changes</U></B>. Subject to Section 5, the Company and its subsidiaries and Affiliates are entitled to amend, modify, terminate or otherwise change at any time or from time to time any and all Benefit Plans and policies, practices
or procedures referred to in this Agreement, and all references herein to such Benefit Plans and policies, practices and procedures shall be to such as from time to time in effect, except as otherwise specifically herein provided. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">27. <B><U>Beneficiaries.</U></B> Whenever this Agreement provides for any
payment to the Employee&#146;s estate, such payment may be made instead to such beneficiary or beneficiaries as the Employee may designate in writing (using the form of Beneficiary Designation attached hereto as <U>Exhibit C)</U> and filed with the
Company. The Employee shall have the right to revoke such Beneficiary Designation and redesignate a beneficiary by filing with the Company (and any applicable insurance company) a later dated Beneficiary Designation to such effect. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">11 </FONT></P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">IN WITNESS WHEREOF, Employee and the Company have caused this Agreement to be executed as of the date
first above written. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">TIME WARNER TELECOM INC.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ Theodore H. Schell</FONT></P><HR WIDTH="95%" SIZE="1" NOSHADE COLOR="#000000" ALIGN="left"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Theodore H. Schell</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Chairman, Compensation Committee</FONT></P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Agreed to and accepted as of the
date first above written </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">/s/ Larissa L. Herda</FONT></P><HR WIDTH="83%" SIZE="1" NOSHADE COLOR="#000000"
ALIGN="left"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Larissa L. Herda</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Chairman, President and</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Chief Executive Officer</FONT></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Address for Notices:</FONT></P></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">12 </FONT></P>

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