AGREEMENT entered into as of the 11th day of November, 1996, by and between MEREDITH
CORPORATION, an Iowa corporation (the "Company"), and WILLIAM T. KERR ("Kerr").
W I T N E S S E T H:
WHEREAS, Kerr has been employed by the Company since September 10, 1991, pursuant to an Employment
Agreement of that same date;
WHEREAS, the Company wishes to continue to employ Kerr pursuant to the terms and conditions hereof, and
in order to induce Kerr to enter into this agreement (the "Agreement") and to secure the benefits to accrue from
his performance hereunder is willing to undertake the obligations assigned to it herein; and
WHEREAS, Kerr is willing to continue his employment with the Company under the terms hereof and to enter
into the Agreement;
NOW THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good
and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:
1. Position; Duties; Responsibilities.
1.1 Kerr shall serve as Chief Executive Officer and President of the Company, and, as contemplated by Section
9.6, in such other position as elected by the Board of Directors of the Company. Kerr shall at all times report to
and be subject to the supervision, control and direction of the Board of Directors of the Company. Kerr shall at
all times be the most senior executive officer of the Company and all other officers shall report to him, except for
Mr. Jack D. Rehm who shall remain as Chairman of the Board through December 31, 1997, and E. T. Meredith
III. Kerr shall have such other responsibilities and authorities consistent with the status, titles and reporting
requirements set forth herein as are appropriate to said positions, subject to change (other than diminution in
position, authority, duties or responsibilities) from time to time by the Board of Directors of the Company.
Anything to the contrary above notwithstanding, the Board of Directors may elect ano