X0306 4 2016-02-15 0001105705 TIME WARNER INC. TWX 0001237443 BEWKES JEFFREY L ONE TIME WARNER CENTER NEW YORK NY 10019 1 1 Chairman of the Board and CEO Common Stock, Par Value $.01 2016-02-15 4 M 0 283986 0 A 682062 D Common Stock, Par Value $.01 2016-02-15 4 F 0 145628 62.26 D 536434 D Common Stock, Par Value $.01 2016-02-15 4 M 0 48703 0 A 585137 D Common Stock, Par Value $.01 2016-02-15 4 F 0 23830 62.26 D 561307 D Common Stock, Par Value $.01 37668 I By Savings Plan Performance Stock Units 2016-02-15 4 M 0 283986 0 D 2016-02-15 2016-02-15 Common Stock, Par Value $.01 283986 0 D Restricted Stock Units 2016-02-15 4 M 0 48703 0 D Common Stock, Par Value $.01 48703 0 D Employee Stock Option (Right to Buy) 62.26 2016-02-15 4 A 0 650407 0 A 2026-02-14 Common Stock, Par Value $.01 650407 650407 D On February 15, 2013, the Reporting Person was awarded 149,624 target performance stock units (as adjusted for the spin-off of Time Inc.) with a three-year performance period ending December 31, 2015. As previously reported on a Form 4 (filed with the SEC on January 28, 2016), on January 27, 2016, the Compensation and Human Development Committee approved a payout of 189.8% of the target PSUs under the performance standards set in 2013, based on (i) the Issuer's cumulative Adjusted EPS achieved during the performance period, which resulted in an Adjusted EPS factor of 183%, and (ii) its total stockholder return for the performance period compared to other companies in the S&P 500, which resulted in a TSR modifier of 103.7%. The PSU payout factor is determined by multiplying the Adjusted EPS factor and the TSR modifier. On February 15, 2016, the Reporting Person acquired 283,986 shares of common stock upon the vesting of the performance stock units. Each performance stock unit or restricted stock unit represents a contingent right to receive one share of common stock. The Reporting Person received one share of common stock for each performance stock unit or restricted stock unit that vested. Payment of tax liability by withholding shares of common stock incident to the vesting of performance stock units or restricted stock units in accordance with Rule 16b-3. Shares of common stock acquired upon the vesting of restricted stock units awarded on February 15, 2012. The Time Warner Savings Plan, a qualified employee benefit plan (the "Savings Plan"). Includes shares of common stock acquired through the reinvestment of dividends paid on the common stock held by the Savings Plan. These restricted stock units vest in two equal installments on the third and fourth anniversaries of the date of grant, February 15, 2012. This option becomes exercisable in increments of 25% on the first four anniversaries of the date of grant, February 15, 2016. By: Brenda C. Karickhoff for Jeffrey L. Bewkes 2016-02-17