X0202 4 2008-05-16 0001105705 TIME WARNER INC. TWX 0001192501 WRIGHT DEBORAH C ONE TIME WARNER CENTER NEW YORK NY 10019-8016 1 Restricted Stock Units 2008-05-16 4 A 0 4647 0 A Common Stock, Par Value $.01 4647 10514 D Directors Stock Option (Right to Buy) 16.37 2008-05-17 4 A 0 8000 16.37 A 2018-05-16 Common Stock, Par Value $.01 8000 8000 D Each restricted stock unit represents a contingent right to receive one share of Common Stock. The Reporting Person receives one share of Common Stock for each restricted stock unit that vests. This award of restricted stock units vests in annual installments of 25% beginning on May 1, 2009 through May 1, 2012. The vested shares of Common Stock will be issued to the Reporting Person upon vesting. This option vests in annual installments of 25% on the first four anniversaries of the date of grant, May 17, 2008. By: Brenda C. Karickhoff For: Deborah C. Wright 2008-05-19