X0306 4 2016-12-12 0001591517 Time Inc. TIME 0001689488 Murray Alan S C/O TIME INC. 225 LIBERTY STREET NEW YORK NY 10281 1 Chief Content Officer Performance Stock Units 2016-12-12 4 A 0 22727 0 A 2018-03-15 Common Stock, par value $0.01 22727 22727 D Each performance stock unit represents a contingent right to receive one share of common stock of the Issuer. The performance stock units shall vest (if any) on March 15, 2018 in a threshold amount of 50% to a maximum amount of 275% of the number of performance stock units granted based on the average fair market value of the Issuer's common stock during the period commencing on February 15, 2018 and ending on March 15, 2018. /s/ Kevin Tang, Attorney-in-Fact for Alan S. Murray 2016-12-14