**Exhibit 10.22**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This **EMPLOYMENT AGREEMENT**(“Agreement”) is made and entered into as of May 10, 2010, by and between **AOL INC**. (the “Company”), a New York Corporation with an address at 770 Broadway, New York, New York 10003, and **ALEXANDER GOUNARES**(“Employee”). 

**WHEREAS**, Company desires to retain the services of Employee as an Executive Vice President andthe Chief Technology Officer of Company; and 

**WHEREAS**, Company and Employee desire to enter into this Agreement to setforth the terms and conditions of the employment relationship between Company and Employee; 

**NOW, THEREFORE**, inconsideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1. **Term**. Employee’s term of employment (the “Employment Term”) under this Agreement shall be four (4) years, commencingon May 13, 2010, 2010, and shall continue for a period through and including May 12, 2014, 20 l4 (“Term Date”), subject to the following provisions for extension and the provisions regarding earlier termination set forth in thisAgreement. If at the Term Date, Employee’s employment has not been terminated previously, and Employee and Company have not agreed to an extension or renewal of this Agreement or to the terms of a new employment agreement, then Employee’sEmployment Term shall continue on a month-to-month basis, and Employee shall continue to be employed by Company pursuant to the terms of this Agreement, subject to termination by either party hereto on 30 days’ written notice delivered to theother party (which notice may be delivered by either party at any time on or after a date which is 30 days before the Term Date). If Company elects to give notice of termination under this paragraph 1 and the basis for such termination is not one ofthe grounds for termination set forth in paragraphs 5.B. or 5.C., then Employee’s termination shall be deemed a termination without Cause under paragraph 5.A. If Employee elects to give notice of termination under this paragraph 1, and thebasis for such termination is not one of the grounds for termination set forth in paragraph 5.E, then Employee’s termination shall be deemed a voluntary resignation not for Good Reason under paragraph 5.D. 

2. **Duties; Conditions of Employment**. 

A. **Duties**. Employee shall perform all duties incident to the position of the Chief Technology Officer of Company as well as any other duties as may from time to time be assigned by the ChiefExecutive Officer of Company (the “CEO”), which duties and authority shall be consistent, and those normally associated, with Employee’s position, and agrees to abide by all Company by-laws, policies, practices, procedures, or rules,including the Company’s Standards of Business Conduct (“SBC”). Employee shall report directly to the CEO. Employee will be expected to perform services for Company at Company’s Dulles, VA office, subject to such travel as may berequired in the performance of Employee’s duties. 

B. **Conditions of Employment**. 

(i) Employee’s employment is contingent on submission of satisfactory proof of eligibility to work in the UnitedStates. Employee must bring documentary proof of eligibility to work in 

 
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the United States on the first day of work. Employee should contact Company with any questions about what documents are acceptable for this purpose. 

(ii) Employee’s employment is contingent upon the results of a pre-employment background check, which may includeconfirmation of Employee’s Social Security number, verification of prior employment, verification of education, if applicable, and a criminal records check, all to be conducted in accordance with applicable law. If the results of thepre-employment background check are not satisfactory, or if Company determines that Employee has falsified or failed to disclose relevant information on Employee’s application, Company reserves the right to terminate Employee’s employmentfor Cause. 

3. **Exclusive Services and Best Efforts**. Employee agrees to devote his/her best efforts, energies, and skill to thedischarge of the duties and responsibilities attributable to his/her position, and to this end, he/she will devote his/her full time and attention exclusively to the business and affairs of Company. Employee is not precluded from performing anycharitable or civic duties, provided that such duties do not interfere with the performance of his/her duties as an employee of the Company, do not violate the SBC or the Confidentiality, Non-Competition and Proprietary Rights Agreement (“CNPRAgreement”), or cause a conflict of interest. Employee may sit on the boards of non-Company entities during employment only if first approved in writing by the Company’s Chief Compliance Officer. 

4. **Compensation and Benefits**. 

A. **Base Salary**. During the Employment Term, Company shall pay Employee a base salary at the rate of no less than $22,916.66 semi-monthly, less applicable withholdings, which is $550,000 onan annual basis (“Base Salary”). Employee’s Base Salary will be reviewed annually during the Employment Term and may be increased based on Employee’s individual performance or increases in competitive market conditions.Employee’s Base Salary may be decreased upon mutual consent of Company and Employee. 

B. **Signing Payments**.

(i) In order to compensate Employee for certain benefits and payments that he forfeited when he ceasedemployment with his former employer, and upon this Agreement becoming effective and Employee commencing employment with the Company, Employee is entitled to receive during the 2010 calendar year, the following payments, which in the aggregate shallequal $2,000,000: 

a. A payment to the Employee representing the purchase price for the Company’s purchaseof the assets of Employee’s business (the “FairDivvy Assets”), which the Company has agreed to purchase and which shall close no later than December 31, 2010. As of the date hereof, the FairDivvy Assets have an estimated value ofapproximately $200,000; the actual purchase price shall be based upon a valuation performed by the Company. The Parties will work in good faith to negotiate and execute an asset purchase and sale agreement for the FairDivvy Assets, upon mutuallyagreeable terms, consistent with transactions of this nature, and with the understanding that Employee will make very limited representations, warranties and indemnities related to the sale of the FairDivvy Assets given the valuation above.

b. A payment to the Employee, less applicable withholdings to compensate him for the equity-based awards andbonuses that he forfeited when he ceased employment with Microsoft Corporation. As a condition to receiving the payment required by this paragraph 4.B(i)(b), no later than the close of the first week in which Employee commences employment with theCompany, Employee must provide the Company with appropriate documentation to support his estimates of the 

 
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amounts of the equity-based awards and bonuses that he forfeited when he ceased employment with Microsoft Corporation. 

c. If the Employee provides the documentation required by paragraph 4.B(i)(b) herein, a payment equal to $2,000,000 lessthe aggregate of the amounts payable under paragraphs 4.B(i)(a) and 4.B(i)(b) herein. The Parties acknowledge that Employee will be solely responsible for the sale of his personal residence in Washington State, including any losses associatedtherewith. 

d. The payments provided by paragraphs 4.B(i)(a), 4.B(i)(b) and 4.B(i)(c) herein will be paid incalendar year 2010 no later than the earlier of (i) the second pay period following the date on which the valuation described in paragraph 4.,B(i)(a) is completed by the Company, or (ii) September 30, 2010, provided that Employee hasnot resigned his employment not for Good Reason. 

(ii) If, during the first 36 months of Employee’semployment, Employee resigns his employment not for Good Reason, Employee must repay a pro rata amount of the payments provided by paragraphs 4.B(i)(b) and 4.B(i)(c) herein within 30 days of Employee’s resignation. The pro rata amount will bedetermined by multiplying the aggregate amount of the payments provided by paragraphs 4.B(i)(b) and 4.B(i)(c) herein by a fraction, the numerator of which is the number of whole or partial months remaining in the 36-month period, determined from theEmployee’s termination date and the denominator of which is 36. By Employee’s signature below, Employee agrees to the extent permitted by law and except with respect to deferred compensation payable to Employee subject to Section 409Aof the Internal Revenue Code of 1986 (“Code”), that such amount shall be deducted from any compensation payable to Employee at the time of Employee’s resignation. 

C. **Annual Bonus**. In addition to Employee’s Base Salary, Employee will be eligible to participate in the Company’sAnnual Bonus Plan (“ABP”), pursuant to its terms as determined by the Company from time to time. Pursuant to the ABP, the Company will review its overall performance and Employee’s individual performance and will determineEmployee’s bonus under the ABP, if any (“Bonus”). Although as a general matter in cases of satisfactory individual performance, the Company would expect to pay a Bonus at the target level provided for in the ABP where the Company hasmet target performance with respect to the financial metrics measuring performance for a given year, the Company does not commit to paying any Bonus, and Employee’s Bonus may be negatively affected by the exercise of the Company’sdiscretion or by overall Company performance. Although any Bonus (and its amount, if a Bonus is paid) is fully discretionary, Employee’s target Bonus opportunity each fiscal year during the Employment Term is one-hundred percent (100%) ofthe Employee’s Base Salary. 

D. **Equity Incentive Awards.**

(i) During Employee’s employment, he/she will be eligible to participate in any grants or awards of long term equityincentives which are offered to all other Executive Vice Presidents of Company, Employee’s participation in any such programs will be at the same rate as comparable level Executive Vice Presidents of Company and any such awards or grants shallbe determined in accordance with the terms and conditions of the plans, agreements and notices under which such grants or awards were issued, subject to approval, and in a manner determined, by Company’s Board of Directors (or any dulyauthorized committee thereof) in its sole discretion. 

(ii) During each fiscal year of the Employment Term, theCompany shall grant to Employee an equity award under the Company’s then equity-based incentive compensation plan, provided that Employee is still employed with the Company on the day such equity awards are granted to the Employee. For fiscalyear 2010, the equity award shall have an equity value at least equal to three million 

 
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dollars ($3,000,000) at the date of grant (rounded to the nearest whole share) and shall be granted on the date Employee effectively commences employment with the Company. Each equity awardgranted in the second, third and fourth fiscal year of the Employment Term shall have an equity value at least equal to one million dollars ($1,000,000) at the dates of such grant (rounded to the nearest whole share). Based on the equity value onthe date of grant, sixty percent (60%) of each equity award will be comprised of stock options (“Stock Options”), and the remaining forty percent (40%) of each equity award will be comprised of restricted stock units(“RSUs”). 

(iii) RSUs shall have the following vesting schedule: (A) fifty percent (50%) ofthe RSUs shall vest on the second (2nd) anniversary from the date of grant; (B) an additional twenty-five (25%) shall vest on the third (3rd) anniversary from the date of grant; and (C) the remaining twenty-five percent(25%) shall vest on the fourth (4th) anniversary from the date of grant, provided, that Employee is employed with the Company on each applicable vesting date. If Employee’s employment is terminated by the Company without Cause underparagraph 5.A. or Employee resigns for Good Reason under paragraph 5.E., then Employee shall be entitled to pro-rata vesting of any unvested RSUs outstanding (based on the number of days Employee was employed during the year of termination anddivided by 365, and then multiplied by the percentage of RSUs that would have vested on the next vesting date following Employee’s termination of employment). All other RSUs shall be forfeited on the date of Employee’s termination ofemployment. 

(iv) Stock Options shall vest over four (4) years following the date of grant, withtwenty-five percent (25%) of such Stock Option vesting on the first (1st) anniversary of the date of grant, and monthly thereafter, provided, that Employee is employed with the Company on each applicable vesting date. Any Stock Option thatis unvested on the date of Employee’s termination for any reason shall be forfeited on such date of termination. 

(v) All equity awards shall be subject to approval by the Compensation Committee of the Company’s Board of Directors and the terms and conditions of the applicable equity award agreement and theCompany’s applicable equity-based incentive compensation plan. 

E. **Benefit Plans**. 

(i) **Eligibility; Participation**. During the Employment Term and as otherwise provided herein, Employee shallbe entitled to participate in any and all employee health and other welfare benefit plans (including, but not limited to, life insurance, health and medical, dental, and disability plans) and other employee benefit plans, including, but not limitedto, tax qualified retirement plans established by Company from time to time for the benefit of employees of Company. Employee shall be required to comply with the conditions attendant to coverage by such plans and shall comply with and be entitledto benefits only in accordance with the terms and conditions of such plans as they may be amended from time to time. Nothing herein contained shall be construed as requiring Company to establish or continue any particular benefit plan in dischargeof its obligations under this Agreement. 

(ii) **Enrollment**. It will be necessary for Employee tomake benefit elections within 30 days of Employee’s hire date with Company. If Employee does not make an election within the designated timeframe, Employee hereby agrees that he/she will be enrolled into the benefits default plan and Employeewill be responsible for any associated costs. Employee benefits are subject to change at the sole discretion of Company. 

F.**Vacation; Relocation Benefits**. 

 
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(i) **Vacation**. The Employee shall be entitled to not less thanfour (4) weeks of paid vacation each calendar year of his/her employment hereunder, in addition to Company’s recognized holidays and personal days, as well as to such other employment benefits that are or may be extended or provided to allother executives at the Executive Vice-President level. The accrual and/or carry over of paid vacation from one year to the next shall be in accordance with Company policy applicable to the Company location where Employee’s principal office islocated as it may exist and change from time to time. 

(ii) **Relocation Benefits**. Employee shallrelocate to the vicinity of the Dulles, VA within twelve (12) months of Employee’s commencement of employment with the Company. The Employee shall be entitled to relocation benefits commensurate with Employee’s position as anExecutive Vice President, in accordance with the Company’s relocation program as in effect from time to time. All amounts payable under this paragraph 4.F. shall be subject to Employee’s presentment to the Company of appropriatedocumentation and shall be subject to the limitations and procedures set forth in the Company’s relocation program as in effect from time to time. 

G. **Deductions from Salary. Bonus and Benefits**. The Company may withhold from any Base Salary, bonus, equity or other benefits payable to Employee all federal, state, local, and other taxesand other amounts as permitted or required pursuant to law, rule, or regulation. 

5. **Termination of the Employment Agreement**.

A. **Termination Without Cause**. Notwithstanding anything to the contrary herein, Company reserves the right toterminate Employee’s employment and this Agreement without Cause. If Company terminates Employee’s employment and this Agreement without Cause, and, solely in exchange for Employee’s execution and delivery of Company’s thenstandard separation agreement, which includes, among other obligations, a full release of claims against Company and related entities and persons (sample release language is attached hereto as Exhibit A, which language may be modified by the Companyin the future), within the time period specified therein, and upon such agreement becoming effective by its terms, the following terms shall apply: 

(i) The Company will pay Employee an amount equal to eighteen (18) months of Employee’s then current Base Salary, less applicable withholdings. This amount will be paid in substantially equalinstallments commencing on the sixtieth (60th) day following Employee’s termination of employment. These payments will not be eligible for deferrals to Company’s 401(k) plan. 

(ii) Subject to the terms of paragraph 4.C. herein, if Employee is terminated between January I and March 15, a Bonuspayment for the calendar year ending prior to Employee’s termination (“Prior Year”) payable at the same rate that continuing employees receive their Bonus payment, less applicable tax withholdings, but in no event to exceed 100% ofEmployee’s target payout; provided that (i) Company pays a Bonus to eligible employees under Company’s ABP for the Prior Year, (ii) such Bonus has not already been paid to Employee at the time of termination of Employee’semployment, and (iii) Employee was otherwise eligible for such Bonus payment if Employee had remained employed through the date of payout. This payment will be paid on the sixtieth (60th) day following Employee’s termination ofemployment. This payment will not be eligible for deferrals to Company’s 401(k) plan. 

(iii) In addition,subject to the terms of paragraph 4.C. herein, Employee will receive a one-time, lump-sum severance payment in an amount equal to the amount of the target Bonus payment Employee would have received under the ABP for the current performance period,prorated through the effective date of Employee’s termination of employment, less tax withholdings. This payment will be paid 

 
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on the sixtieth (60th) day following Employee’s termination of employment. This payment will not be eligible for deferrals to Company’s 401(k) plan. 

(iv) If Employee elects group health plan continuation coverage under the Consolidated Omnibus Budget Reconciliation Act(“COBRA”), Company will pay the cost of Employee’s medical, dental and vision benefit coverage (“group health coverage”) under COBRA for up to eighteen (18) months, in accordance with COBRA, beginning the first day ofthe calendar month following Employee’s termination of employment. Employee agrees that the Company may impute compensation income to Employee in an amount equal to 102% of the premium cost for such group health coverage if necessary to avoidadverse income tax consequences to Employee resulting from the application of Section 105(h) of the Code to the Company’s payment of the cost of such group health coverage. 

(v) If Employee’s separation agreement fails to become effective and irrevocable prior to the sixtieth(60th) day following Employee’s termination of employment, the Company will have no obligation to make the payments provided by paragraphs 5.A.(i), (ii), (iii) and (iv) herein, other than to provide Employee with COBRA to theextent required by law. 

(vi) Employee agrees to reasonably assist Company, in connection with any litigation,investigation or other matter involving Employee’s tenure as an employee, officer or director of the Company, including, but not limited to, meetings with Company representatives and counsel and giving testimony in any legal proceedinginvolving Company. Company will reimburse Employee for reasonable out-of-pocket expenses incurred in rendering such assistance to Company (not including attorney’s fees, unless required by federal, state or local law). Furthermore, Employeeagrees not to affirmatively encourage or assist any person or entity in litigation against Company or its affiliates, officers, employees and agents in any manner. This provision does not prohibit Employee’s response to a valid subpoena fordocuments or testimony or other lawful process or limit Employee’s rights that are not legally waivable; however, Employee agrees to provide Company with prompt notice of said process. 

(vii) Employee agrees not to make any disparaging or untruthful remarks or statements about Company or its products,services, officers, directors, or employees. Company agrees not to cause its officers or senior executives to make on its behalf any disparaging or untruthful remarks or statements about Employee’s employment with the Company to prospectiveemployers of Employee following Employee’s termination from employment. Nothing in this Agreement prevents Employee or Company from making truthful statements when required by law, court order, subpoena, or the like, to a governmental agency orbody or in connection with any legal proceeding. 

(viii) Employee shall not be entitled to notice and severanceunder any policy or plan of Company (the payments set forth in this paragraph 5.A. being given in lieu thereof) and Employee waives all participation in and claims under such policies and plans; 

(ix) Employee agrees that if Employee breaches any of Employee’s obligations, to the material detriment of Company,under paragraphs 5.A.(vi) or (vii), under paragraphs 6 or 9 of this Agreement, under the CNPR Agreement, or under the separation agreement described in this paragraph 5.A., Company has the right to seek recovery of the full payments made to Employeeunder subparagraphs 5.A.(i), (ii) and (iii) above, and to obtain all other remedies provided by law or equity. 

B.**Termination For Cause**. Notwithstanding anything to the contrary herein, Company reserves the right to terminate Employee’s employment and this Agreement for Cause, as this term is defined below, with or without prior notice toEmployee. 

 
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(i) For purposes of this Agreement, “Cause” means:(a) Employee’s conviction of or nolo contendere or guilty plea to, a felony (whether any right to appeal has been of may be exercised); (b) Employee’s repeated failure or refusal without proper cause to perform Employee’sduties with Company, including Employee’s express obligations under this Agreement, provided that Company shall give Employee written notice specifically identifying and describing the failure or refusal and provided such failure or refusalremains uncured for 60 days after such notice to Employee; (c) fraud, embezzlement, misappropriation, or material destruction of Company property by Employee; (d) Employee’s breach of any statutory or common law duty of loyalty toCompany; (e) Employee’s violation of paragraph 6, the CNPR Agreement or the SHC; (f) Employee’s improper conduct substantially prejudicial to Company’s business; (g) Employee’s failure to cooperate in any internalor external investigation involving Company; or (h) Employee’s indictment (or its procedural equivalent) for a felony alleging fraud, embezzlement, misappropriation or destruction of Company property by Employee or alleging fraud,embezzlement, or monetary theft by Employee with respect to another party. 

(ii) If Company terminatesEmployee’s employment and this Agreement for Cause, Company shall have no further obligation to Employee other than (a) to pay Employee’s Base Salary and accrued unused vacation, in accordance with Company policy, through theeffective date of termination, and (b) with respect to any rights Employee may have pursuant to any insurance or other benefit plans of Company, but Employee will not be entitled to receive any bonus payments. 

C. **Death and Disability.** Notwithstanding anything to the contrary herein, Company reserves the right to terminateEmployee’s employment and this Agreement on account of Employee’s death or disability (as the term “disability” is defined in Company’s long-term disability plan, but which definition must also constitute a“disability” for purposes of Section 409A of the Code), and the terms of this paragraph 5.C. shall apply to such termination. If Company terminates Employee’s employment and this Agreement because of Employee’s death ordisability, Company shall have no further obligation to Employee or Employee’s heirs other than (i) to pay Employee’s Base Salary through the effective date of termination, (ii) to pay Employee an amount equal to eighteen(18) months of Employee’s then current Base Salary, less applicable withholdings, payable in a lump sum within thirty (30) days of the effective date of Employee’s termination (which payment will oat be eligible for deferrals toCompany’s 401(k) plan), (iii) subject to the terms of subparagraph 4.C herein, to pay a Bonus payment, prorated through the effective date of the termination of Employee’s employment and (iv) with respect to any rights orbenefits Employee may have pursuant to any insurance, benefit or other applicable plan of the Company, but Employee shall not be entitled to receive any other bonus payments. 

D. **Resignation Not For Good Reason**. Employee may resign employment with Company at any time. If Employee resigns employment and such resignation does not constitute a resignation for GoodReason within the meaning of paragraph 5.E herein, Company shall have no further obligation to Employee other than (i) to pay Employee’s Base Salary and accrued unused vacation, in accordance with Company policy, through the effective dateof the resignation, and (ii) with respect to any rights Employee may have pursuant to any insurance or other benefit plans of Company, but Employee will not be entitled to receive any bonus payments. 

E. **Resignation for Good Reason**. Employee also may resign employment with the Company and terminate this Agreement for GoodReason, provided that the Employee gives the Company written notice of the Good Reason condition within 60 days from the initial existence of the Good Reason condition, which written notice shall provide a 30-day period during which the Company mayremedy the actions that Employee has identified as the condition constituting grounds for a resignation for Good Reason. If the Company has not remedied the Good Reason condition within 30 days following such notice from the Employee, then theEmployee must resign his/her employment with the Company within 30 days of the end of the remedy period or he/she will have forever waived his/her 

 
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right to resign for Good Reason for such condition. Upon such a termination, the Employee will be treated in accordance with paragraph 5.A herein, as if the Employee’s employment had beenterminated by the Company without Cause. As used herein, “Good Reason” means: (i) Employee no longer reports to the CEO; (ii) a relocation of the Employee’s principal office at the Company to a location which is more than 50miles from its location as of the date of this Agreement without Employee’s written consent; (iii) a material diminution in Employee’s duties, responsibilities, or authority; or (iv) a material diminution in the Employee’sthen Base Salary. 

6. **Non-Competition Agreements and Restrictive Covenants**. 

A. Employee agrees to execute and abide by the enclosed CNPR Agreement with Company, which is incorporated herein by reference. Anyreference in the CNPR Agreement to Employee’s “at will” employment status is superseded by this Agreement. 

B.Employee also agrees that, in addition to Employee’s obligations under the CNPR Agreement, for twelve (12) months following termination of his/her employment for any reason, Employee shall not, directly or indirectly, participate in theownership, control, or management of, or perform any services for or be employed by Bloomberg, Demand Studios, Time Warner, Inc., Yahoo!, Inc., Google, Inc. Microsoft Corporation, IAC/Interactive Corp., News Corp, Viacom Inc. or Disney, or any oftheir respective subsidiaries, affiliates or successors. 

7. **Representations and Warranties of Employee**. Employee herebyrepresents and warrants to Company as follows: (i) Employee has the legal capacity and unrestricted right to execute and deliver this Agreement and to perform all of his/her obligations hereunder; (ii) the execution and delivery of thisAgreement by Employee and the performance of his/her obligations hereunder will not violate or be in conflict with any fiduciary or other duty, instrument, agreement, document, arrangement, or other understanding to which Employee is a party or bywhich he/she is or may be bound or subject; (iii) the execution and delivery of, and Employee’s performance under, this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidenceproprietary information, knowledge or data acquired by Employee prior to his/her employment with the Company; (iv) Employee will not disclose to the Company or induce the Company to use any confidential or proprietary information or materialbelonging to any previous employer or other person or entity; (v) Employee is not a party to any other agreement that will interfere with Employee’s full compliance with this Agreement; (vi) Employee will not enter into any agreement,whether written or oral, in conflict with the provisions of this Agreement; (vii) Employee agrees to indemnify and hold the Company harmless from and against any and all damages, claims, costs, and expenses, including reasonable attorneys’fees, based on or arising, directly or indirectly, from his/her willful breach of any agreement or understanding between him/her and another person or company, as finally determined by a court of competent jurisdiction; this includes, but is notlimited to, liability for the Company arising from or based on any confidential or proprietary information or trade secrets Employee has obtained from sources other than the Company. 

8. **Employment Obligations**. 

A. **Company Property**. Allrecords, files, lists, including computer generated lists, drawings, documents, equipment, and similar items relating to Company’s business that Employee shall prepare or receive from Company shall remain Company’s sale and exclusiveproperty. Upon termination of this Agreement, or upon Company’s request, Employee shall promptly return to Company all property of Company in his/her possession. Employee further represents that he/she will not copy, cause to be copied, printout, or cause to be printed out any software, documents, or other materials originating with or belonging to Company. Employee additionally represents that, upon termination of his/her employment with Company, he/she will not retain in his/herpossession any such software, documents, or 

 
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other materials. 

B. **Cooperation**. Employee agrees thatduring his/her employment he/she shall, at the request of Company, render all assistance and perform all lawful acts that Company considers necessary or advisable in connection with any litigation involving Company or any director, officer,employee, shareholder, agent, representative, consultant, client, or vendor of Company. 

9. **Arbitration**. Except as provided inparagraph 10.B. herein or as otherwise excluded herein, any dispute or controversy arising under or relating to this Agreement and Employee’s employment hereunder (whether based on contract or tort or other common law or upon any federal, stateor local statute or regulation, including, without limitation, claims of discrimination, harassment and retaliation under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act andsimilar federal, state and local fair employment practices laws) shall, at the election of either Employee or Company, be submitted to JAMS for resolution in arbitration in accordance with the then current rules and procedures of JAMS foremployment-related disputes. Either party shall make such election by delivering written notice thereof to the other party at any time (but not later than 30 days after such party receives notice of the commencement of any administrative orregulatory proceeding or the filing of any lawsuit relating to any such dispute or controversy), and thereupon any such dispute or controversy shall be resolved only in accordance with the provisions of this paragraph 9. Any such arbitrationproceedings shall take place in New York, New York before a single arbitrator (rather than a panel of arbitrators), pursuant to any available streamlined or expedited (rather than a comprehensive) arbitration process and in accordance with anarbitration process which, in the judgment of such arbitrator, shall have the effect of reasonably limiting or reducing the cost of such arbitration for both parties. The resolution of any such dispute or controversy by the arbitrator appointed inaccordance with the procedures of JAMS shall be final and binding. Judgment upon the award rendered by such arbitrator may be entered in any court having jurisdiction thereof, and the parties consent to the jurisdiction of the courts of New York forthis purpose; provided, however, the parties may agree after the commencement of a proceeding to hold the arbitration in another jurisdiction. If at the time any dispute or controversy arises with respect to this Agreement JAMS is no longerproviding arbitration services, then the American Arbitration Association shall be substituted for JAMS for purposes of this paragraph 9, and the arbitration will be conducted in accordance with the then current AAA Employment ArbitrationRules & Mediation Procedures. 

10. **Miscellaneous**. 

A. **Captions**. The section, paragraph and subparagraph headings contained herein are for reference purposes only and shallnot in any way affect the meaning or interpretation of this Agreement. 

B. **Specific Remedy**. In addition to suchother rights and remedies as Company may have at equity or in law with respect to any breach of this Agreement, if Employee commits a material breach of any provision of this Agreement or the CPNR Agreement, Company shall have the right and remedyto have such provision specifically enforced by any court having competent jurisdiction, it being acknowledged that any such breach or threatened breach will cause irreparable injury to Company. 

C. **Governing Law**. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State ofNew York, without regard to the conflicts of law rules thereof. 

D. **Jurisdiction**. Each of the parties heretohereby irrevocably consents and submits to the jurisdiction of the Supreme Court of the State of New York, in New York, New York, and the United States District Court for the Southern District of New York in connection with any suit, action,arbitration or other proceeding concerning the interpretation of this Agreement or enforcement of paragraph 6 of this 

 
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Agreement. Employee waives and agrees not to assert any defense of lack of jurisdiction, that venue is improper, inconvenient forum, or otherwise. Employee waives the right to a jury trial andagrees to accept service of process by certified mail at Employee’s last known address. 

E. **Successors andAssigns**. Neither this Agreement, nor any of Employee’s rights, powers, duties, or obligations hereunder, may be assigned by Employee. This Agreement shall be binding upon and inure to the benefit of Employee and his/her heirs and legalrepresentatives and Company and its successors. Successors of Company shall include, without limitation, any company or companies acquiring, directly or indirectly, all or substantially all of the assets of Company, whether by merger, consolidation,purchase, lease, or otherwise, and such successor shall thereafter be deemed “Company” for the purpose hereof. 

F.**Notices**. All notices, requests, demands, and other communications hereunder must be in writing and shall be deemed to have been duly given if delivered by hand or mailed within the continental United States by first class, registeredmail, return receipt requested, postage and registry fees prepaid, to the applicable party and addressed as follows: 

TheCompany:

AOL Inc. 

700 Broadway 

New York, NY 10003 

Attn: General Counsel 

Employee:

At the address (or to the facsimile number) shown on therecords of the Company 

Addresses may be changed by notice in writing signed by the addressee. 

G. **Amendment**. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms orcovenants hereof may be waived, only by a written instrument executed by Employee and the CEO or the senior Human Resources executive, subject to, if necessary, approval of the Compensation Committee. 

H. **Waiver**. Any waiver or consent from Company with respect to any term or provision of this Agreement or any other aspectof Employee’s conduct or employment shall be effective only in the specific instance and for the specific purpose for which given and shall not be deemed, regardless of frequency given, to be a further or continuing waiver or consent. Thefailure or delay of Company at any time or times to require performance of, or to exercise any of its powers, rights, or remedies with respect to, any term or provision of this Agreement or any other aspect of Employee’s conduct or employmentin no manner (except as otherwise expressly provided herein) shall affect Company’s right at a later time to enforce any such term or provision. 

I. **Severability**. If any provision of this Agreement is held to be invalid, the remainder of this Agreement shall not be affected thereby. 

J. **Survival**. Paragraphs 5.A., 5.C. and 5.E., and paragraphs 6, 7, 8, 9, 10, 11 shall survive termination of this Agreement.

 
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K. **Entire Agreement**. 

(i) This Agreement, including Exhibit A and the CNPR Agreement, embodies the entire agreement of the parties hereto withrespect to its subject matter and merges with and supersedes all prior discussions, agreements, commitments, or understandings of every kind and nature relating thereto, whether oral or written, between Employee and Company. Neither party shall bebound by any term or condition of this Agreement other than as is expressly set forth herein. 

(ii) Employeerepresents and agrees that he/she fully understands his/her right to discuss all aspects of this Agreement with his/her private attorney, that to the extent he/she desired, he/she availed himself of this right, that he/she has carefully read andfully understands all of the provisions of the Agreement, that he/she is competent to execute this Agreement, that his/her decision to execute this Agreement has not been obtained by any duress, that he/she freely and voluntarily enters into thisAgreement, and that he/she has read this document in its entirety and fully understands the meaning, intent, and consequences of this Agreement. 

L. **Counterparts**. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the sameinstrument. 

M. **Tax Withholding**. The Company may withhold from any and all amounts payable under this Agreementsuch federal. state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 

11. **CodeSection 409A**. This Agreement is intended to be exempt from Section 409A of the Code, as amended and will be interpreted in a manner intended to reflect that intention. 

A. Notwithstanding anything herein to the contrary, if any amounts payable pursuant to this Agreement are determined to be subject toSection 409A of the Code, then with respect to such amounts: (i) if at the time of Employee’s separation from service from Company, Employee is a “specified employee” as defined in Section 409A of the Code (and anyrelated regulations or other pronouncements thereunder) and the deferral of the commencement of the payment of such amounts on account of such separation from service is necessary in order to prevent any accelerated or additional tax underSection 409A of the Code, then Company will defer the commencement of the payment of any such amounts hereunder (without any reduction in such payments or benefits ultimately paid or provided to Employee) until the date that is six monthsfollowing Employee’s separation from service from the Company (or the earliest date as is permitted under Section 409A of the Code), and (ii) each payment of two or more installment payments made under this Agreement shall bedesignated as a “separate payment” within the meaning of Section 409A of the Code. Any amounts of deferred compensation that are payable by reason of the Employee’s termination of employment shall not be paid unless suchtermination of employment also constitutes a “separation from service” for purposes of Section 409A of the Code and references to the employee’s “termination,” or “termination of employment” and words andphrases of similar meaning shall be construed to require a “separation from service” for purposes of Section 409A of the Code. 

B. If any other payments of money or other benefits due to Employee hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or otherbenefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by theCompany, that does not cause such an accelerated or additional tax. 

 
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C. To the extent any reimbursements or in-kind benefits due Employee under this Agreementconstitutes “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to Employee in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). 

D. The Company shall consult with Employee in good faith regarding the implementation of the provisions of this section; provided thatneither the Company nor any of its employees or representatives shall have any liability to Employee with respect thereto. 

(Signature Page to Follow) 

 
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**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the datefirst written above. 

 
**AOL INC.**By: /s/ David HarmonName: David HarmonTitle: Executive Vice-President Human Resources & Corporate Services**ALEXANDER GOUNARES**/s/ Alexander Gounares 
 
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**EXHIBIT A**

Release and Waiver 

In exchange and consideration for the Company’s promises to me inparagraph 5.A. of my Agreement effective May 13, 2010 and other valuable consideration, I, Alex Gounares, agree to release and discharge unconditionally the Company and its past and present subsidiaries, affiliates, related entities,successors, predecessors, assigns, merged entities and parent entities and its and their respective past and present officers, directors, stockholder, employees, benefit plans and their administrators and trustees, agents, attorneys, insurers,representatives, affiliates, and all of their respective successors and assigns, in their individual and official capacities, from any and all claims, actions, causes of action, demands, obligations or damages of any kind arising from my employmentwith the Company and my separation from employment or otherwise, whether known or unknown by me, which I ever had or now have upon or by reason of any matter, cause or thing, up to an including the day I sign this Release and Waiver. Withoutlimiting the generality of the foregoing, the claims I am waiving include, but are not limited to, all claims arising out of or related to any stock options held by me or granted to me by the Company; all claims for unreimbursed business-relatedexpenses (except in California); all claims under Title VII of the Civil Rights Act of 1964, as amended; all claims under the Worker Adjustment and Retraining Notification Act (WARN) and similar state and local statutes, all as amended; all claimsunder the Americans with Disabilities Act, as amended; all claims under the Age Discrimination in Employment Act (“ADEA”), as amended; all claims under the Older Workers Benefit Protection Act (“OWBPA”), as amended; all claimsunder the National Labor Relations Act, as amended; all claims under the Family and Medical Leave Act and similar state and local leave laws, all as amended; all claims under the Employee Retirement Income Security Act, as amended (except withrespect to accrued vested benefits under any retirement or 401(k) plan in accordance with the terms of such plan and applicable law); all claims under 42 U.S.C. § 1981, as amended; all claims under the Sarbanes-Oxley Act of 2002, as amended;all claims of discrimination, harassment. and retaliation in connection with my employment, the terms and conditions of such employment and my separation from employment under any federal, state and local fair employment, non-discrimination or civilrights law or regulation, including, without limitation, the New York State and City Human Rights Laws, the Texas Human Rights law, the Illinois Human Rights Act, the Chicago Human Rights Ordinance, the Cook County Human Rights Ordinance, theIllinois Equal Pay Act, and the Illinois Worker’s Compensation Retaliation Law, all as amended; all claims of whistle blowing and retaliation under federal, state and local laws, including, without limitation, the New Jersey ConscientiousEmployee Protection Act and the Illinois Whistleblower Act, as amended and applicable; all claims under other analogous foreign, federal, state, and local laws, regulation, statutes and ordinances; all claims under any principle of common law orsounding in tort or contract; all claims concerning any right to reinstatement; and all claims for any type of relief from the Company, whether foreign, federal, state or local, whether statutory, regulatory or common law, and whether tort, contractor otherwise, to the fullest extent permitted by law, through the date I sign this Release and Waiver. Further, each of the persons and entities released herein is intended to be a third-party beneficiary of this Agreement. This release of claimsdoes not affect or waive any claim for workers’ compensation benefits, unemployment benefits, or other legally non-waivable rights or claims, my vested rights, if any, in the Company’s 40l(k) plan in accordance with the terms of such planand applicable law, or my rights to exercise any and all Company stock options held by me that are exercisable as of the date of the termination of my employment during the applicable period of exercise and in accordance with all other terms ofthose options and the stock options plans, agreements, and notices under which such options were granted, or claims related to the enforcement of the Agreement. Additionally, nothing in this Release and Waiver waives or limits my right to file acharge with, provide information. to or cooperate in any investigation of or proceeding brought by a government agency, including without limitation the EEOC, (though I acknowledge I am not entitled to recover money or other relief with respect tothe claims waived in this Waiver and Release). 

 
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I agree that I have been paid and/or received all leave (paid or unpaid), compensation, wages, bonuses,severance or termination pay, commissions, notice period, and/or benefits to which I may have been entitled and that no other remuneration or benefits are due to me, except the benefits I will receive under paragraph 5.A. of my Agreement effectiveMay 13, 2010. I affirm that I have had no known workplace injuries or occupational diseases. I also represent that I have disclosed to the Company any information I have concerning any fraudulent or unlawful conduct involving the persons andentities I am releasing herein. 

Pursuant to the OWBPA, I acknowledge and warrant the following: (i) that I am waiving rights and claimsfor age discrimination under the ADEA and OWBPA, in exchange for the consideration described above, which is not otherwise due to me; (ii) I am hereby advised to consult and have had the opportunity to consult with an attorney before signingthis Release and Waiver; (iii) I am not waiving rights or claims for age discrimination that may arise after the effective date of this Release and Waiver; (iv) I have been given a period of at least twenty-one (21) days in which toconsider this Release and Waiver and the waiver of any claims I have or may have under law, including my rights under the ADEA and OWBPA, before signing below; and (v) I understand that I may revoke the waiver of my age discrimination claimsunder the ADEA and OWEPA within seven (7) days after my execution of this Release and Waiver, and that such waiver shall not become effective or enforceable until seven (7) days after the date on which I execute this Release and Waiver.Any such revocation must be made in writing and delivered by certified mail to both the Chairman & Chief Executive Officer and the General Counsel of AOL Inc., at the following address: AOL Inc., 770 Broadway, New York, New York 10003. If Ido not revoke my waiver of my age discrimination claims under the ADEA and OWBPA according to the terms herein within seven (7) days, the eighth day following my execution will be the “effective date” of this Release and Waiver.

By signing below, I acknowledge that I have carefully reviewed and considered this Release and Waiver; that I fully understand all of itsterms; and that I voluntarily agree to them. 

 
  Alex GounaresDate [     ]
 
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