Document:

Exhibit 10.24

 Exhibit 10.24 

 

 

  
  

HUMAN RESOURCES MEMORANDUM 
  

 
  

 

	TO:	Julie M. Jacobs (ID 074509) 

  

	FROM:	Dave Harmon, EVP AOL Human Resources 

  

	CC:	Gillian Pon, VP AOL Human Resources, Total Rewards 

  

	DATE:	April 1, 2009 

  

	SUBJECT:	Retention Bonus Program 

 This
memo is to notify you that you are eligible to participate in a one-time, discretionary retention bonus program (“Retention Bonus Program”) with AOL LLC (together with its subsidiaries and affiliates, “AOL” or “the
Company”). This letter sets forth the key terms and conditions of your participation in the Retention Bonus Program. 
  

	1.	Retention Bonus Program 

	 	a.	Bonus Period. The Retention Bonus Program shall be effective from April 1, 2009 and shall end on March 31, 2010 (“Bonus Period”).

  

	 	b.	Bonus Payment. Subject to the Bonus Conditions set forth below, the total retention bonus amount for which you may be eligible shall be a one-time payment equal
to $45,000, less applicable withholdings (“Bonus Payment”). 

  

	2.	Retention Bonus Conditions 

 Your eligibility for the Bonus Payment shall be subject to and dependent upon you meeting the following conditions: 
  

	 	a.	Employment. You must be a full-time, active employee of the Company throughout the entire Bonus Period, subject to the following conditions:

  

	 	(i)	Prior to the end of the Bonus Period, if AOL terminates your employment without cause, as defined below, in exchange for your execution and delivery of the
Company’s standard separation agreement which contains, among other obligations, a valid release of all claims against the Company, you shall be entitled to receive any remaining, unpaid Bonus Payment under the Retention Bonus Program.

  

	 	(ii)	Prior to the end of the Bonus Period, if AOL terminates your employment for cause, as defined below, or if you resign your employment for any reason, you will not be
entitled to any Bonus Payment (or any pro rata Bonus Payment) for the Bonus Period. If during the Bonus Period you move to another Time Warner entity, you will not be entitled to any Bonus Payment (or any pro rata Bonus Payment) for the Bonus
Period. 

	 	(iii)	Prior to the end of the Bonus Period, as a result of an “AOL Change of Control Transaction”, as defined as you no longer having a position with the Company,
the Company agrees to terminate your employment and characterize such termination as a termination without cause for purposes of paragraph 2(a)(i) above. For purposes of this Retention Bonus Program, an “AOL Change in Control Transaction”
means a transaction that results in (i) a transfer by the Company or any Affiliate of the Company of your employment to a corporation, company or other entity whose financial results are not consolidated with those of the Company or Time
Warner, or (ii) a change in the ownership structure of the Company or Affiliate with which you are employed such that the Company’s or Affiliate’s financial results are no longer consolidated with those of Time Warner.

  

	 	(iv)	For purposes of this Paragraph, “cause” means: (i) your conviction of, or nolo contendere or guilty plea to, a felony (whether any right to appeal has
been or may be exercised); (ii) your failure, in the sole discretion of the Company, to satisfactorily perform your duties and responsibilities for the Company; (iii) fraud, embezzlement, misappropriation, or material destruction of
Company property by you; (iv) your breach of any statutory or common law duty of loyalty to the Company; (v) your violation of the Company’s Confidentiality, Non-competition and Proprietary Rights Agreement (the “CNPR
Agreement”) or the Standards of Business Conduct; (vi) your improper conduct substantially prejudicial to the Company’s business; or (vii) your failure to cooperate in any internal or external investigation involving the Company.

  

	 	b.	Eligibility. Eligibility for participation in the Retention Bonus Program shall be determined by the Executive Vice President, Business Development and General
Counsel and the Executive Vice President of the Human Resources department, at their sole and absolute discretion, and can be revised at any time, with or without notice, for any reason not prohibited by law. 

 

	 	c.	Satisfactory Performance. You must perform your position in a satisfactory fashion throughout the entire Bonus Period. Satisfactory performance shall be
determined by the Executive Vice President, Business Development and General Counsel and the Executive Vice President of the Human Resources department, at their sole and absolute discretion. If you are on a Performance Improvement Plan at the time
of payout, you will not be deemed eligible to receive a bonus payment. 

  

	 	d.	Leave of Absence. If you are on an approved leave of absence during the Bonus Period, you shall receive a Bonus Payment only upon your return to work. If you do
not return from a leave of absence, you will not receive a Bonus Payment. 

  

	 	e.	 Payment Dates and Withholdings. Any Bonus Payment to which you may be awarded under this Retention Bonus Program shall be paid, less applicable
withholdings, on your next regularly scheduled pay date following the end of the Bonus Period, unless local law requires that it be paid sooner. If AOL terminates your employment without cause as referenced in paragraph 2(a)(i) above, AOL will pay
any remaining, unpaid Bonus Payment, less applicable 

	 	 
withholdings, within four (4) weeks of its receipt of your executed separation agreement. 

  

	 	f.	CNPR Agreement/Non-Disparagement. You agree to comply with the current version of the Company’s Confidentiality, Non-competition and Proprietary Rights
Agreement (the “CNPR Agreement”) which is incorporated herein by reference. In addition, you agree not to make any disparaging or untruthful remarks or statements about the Company, its officers, directors, employees or agents, and to
comply with the Standards of Business Conduct and all other relevant policies of the Company. 

  

	 	g.	Confidentiality. You agree to keep the existence and details of the Retention Bonus Program, including your participation in the Retention Bonus Program,
strictly confidential. Any breach of this provision shall result in forfeiture of your eligibility for the Bonus Payment or your return of the Bonus Payment to the Company if previously paid to you. 

All other terms and conditions of your employment with the Company remain in full force and effect. Your employment with the Company remains at-will,
unless otherwise provided in a separate writing signed by an authorized officer of the Company. Nothing in this letter or the Retention Bonus Program is intended to create a contract for employment or guarantee of continued employment with the
Company for any period of time. The Bonus Program is a discretionary incentive provided by the Company. It is not intended to be a payment of wages for services performed and no entitlement to any bonus payment should arise unless all of the stated
terms and conditions of this Bonus Program have been satisfied in the Company’s sole and absolute discretion. 
 Please
sign and date a copy of this memo and return it to Gillian Pon, via fax (703-265-7825) or interoffice mail by
April 30th, 2009 if you wish to participate in this
Retention Bonus Program. If you have any questions, please do not hesitate to contact People Direct (PeopleDirect@corp.aol.com). 
  

									
		 		 		 	
					
	ACCEPTED:	 	/s/ Julie Jacobs	 		 	DATE:	 	4/08/09
		 	Julie M. JacobsExhibit 10.25

 Exhibit 10.25 

 

 

 March 30, 2010 
 Dear Julie: 
 I wanted to begin by saying thank you for all the hard work in 2009 and so far in
2010. As I previously spoke to, we are expecting great performance and thus we continue to invest in our employees. This memo will outline how we are investing in you! 
 First, the Cash Retention Program, which was put in place for our employees in 2009 as a replacement to the equity program (TW Stock), will pay out in April. 

You are scheduled to receive $45,000.00 as a one-time, discretionary cash retention bonus payment (“Retention Bonus Program”) payable on
April 15, 2010, pursuant to the terms of the program outlined in your memorandum dated April 1, 2009. 
 The second program is the
RSU Make-Good Program. We recognize the contributions you have made to AOL before, during and after we went public. In that spirit, our CEO and Board of Directors have generously agreed to institute a cash bonus plan designed to
compensate you for forfeited Time Warner Inc. restricted stock units (“RSUs”) upon AOL’s Spin-Off in December. 
 The
total value of your forfeited RSUs is $98,895.48. This is based on multiplying the total number of RSUs you forfeited upon the Spin-Off by $31.05 (the average of the high and low price of a share of Time Warner Inc. common stock on the Spin-Off Date
on 12/9). As long as you are an active employee in good standing on the payment dates, you will receive a cash payment based on the following: 
  

									
	Percent of Total	  	 	 	  	Your Award	 
			
	Forfeited RSU Value	  	Payment Date:	 	  	Amount	 
			
	 25%
	  	 	April 15, 2010	  	  	$	24,723.87	  
	 25%
	  	 	April 15, 2011	  	  	$	24,723.87	  
	 50%
	  	 	April 13, 2012	  	  	$	49,447.74	  

 Attached are the terms and conditions
of this program. Please review these carefully. We appreciate your continued contributions to the success of the company. Again, please remember this RSU program is another example of our investing in our people and we need to respond with
exceptional performance for 2010 and beyond. 
 Please direct any questions to PeopleDirect@corp.aol.com. 

Go AOL! 
  

	
	/s/ Dave Harmon
	Dave Harmon
	
	Human Resources and Corporate Services

 RSU Make-Good Program 

Terms and Conditions 

The RSU Make-Good Program is designed to compensate employees who forfeited Time Warner Inc. restricted stock units (“RSUs”) upon the Spin-Off
by making cash payments to each such employee and to provide meaningful incentives for such employees to stay committed and productive during this time of major organizational change. This letter sets forth the key terms and conditions of your
participation in the RSU Make-Good Program. 
 1. RSU Make-Good Program 

 

	 	a.	Cash Payments. The total amount of your potential cash payments is calculated using (A) the aggregate number of RSUs you forfeited upon the Spin-Off that
would have vested up to and including April 15, 2012, multiplied by (B) $31.05, which was the average of the high and low price of a share of Time Warner Inc. common stock on the Spin-Off Date (the “Total Forfeited RSU
Value”); provided that the Payment Conditions set forth in Section 2 below have been satisfied. Subject to your continued employment with the Company on each of the following Vesting Dates, you will receive a cash payment equal to the
following: 

  

			
	 	  	Payment Date:
		
	25% of the Total Forfeited RSU Value	  	April 15, 2010
	25% of the Total Forfeited RSU Value	  	April 15, 2011
	50% of the Total Forfeited RSU Value	  	April 13, 2012

  

	 	b.	Payment Date. Subject to Section 2(d) below, each payment will be made in single cash lump sum on the regularly scheduled pay date listed above. For the
exact amount of your Total Forfeited RSU Value, please refer to the cover letter of this plan document. 

 2. Payment
Conditions 
  

	 	a.	Employment. You must be a full-time, active employee of the Company on each applicable Vesting Date, subject to the following conditions:

  

	 	i.	If your employment with the Company terminates or is terminated for any reason other than due to your death or disability prior to the applicable payment date, you will
forfeit your right to receive any cash payments. 

  

	 	b.	Eligibility. Eligibility for participation in the RSU Make-Good Program shall be determined by the Company’s Chief Executive Officer and Executive Vice
President of Human Resources and Corporate Services, at their sole discretion, and can be revised at any time for any reason not prohibited by law. 

  

	 	c.	Satisfactory Performance. You must perform your duties in a satisfactory fashion through each Vesting Date. Satisfactory performance shall be determined by the
Company’s Chief Executive Officer and the Executive Vice President of Human Resources and Corporate Services, at their sole and absolute discretion. 

  

	 	d.	Withholdings. The Company will be entitled to withhold from any payment due to you any and all applicable income and employment taxes and required deductions.

  
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	 	e.	Internal Revenue Code Section 409A. The RSU Make-Good Program is intended to be administered in a manner consistent with the requirements, where applicable,
of Internal Revenue Code Section 409A. 

  

	 	f.	CNPR Agreement/Non-Disparagement. You agree to comply with the current version of the Company’s Confidentiality, Non-competition and Proprietary Rights
Agreement (the “CNPR Agreement”), which is incorporated herein by reference. In addition, you agree not to make any disparaging or untruthful remarks or statements about the Company, its officers, directors, employees or agents, and
to comply with the Company’s Standards of Business Conduct and all other relevant policies of the Company. 

 All other terms
and conditions of your employment with the Company remain in full force and effect. Your employment with the Company remains at-will, unless otherwise provided in a separate writing signed by an authorized officer of the Company. Nothing in this
letter or the RSU Make-Good Program is intended to create a contract for employment or guarantee of continued employment with the Company for any period of time. The RSU Make-Good Program is a discretionary incentive provided by the Company. It is
not intended to be a payment of wages for services performed and no entitlement to any cash payment shall arise unless all of the stated terms and conditions of this RSU Make-Good Program have been satisfied in the Company’s sole and absolute
discretion. This letter may not be amended or modified except through a written amendment signed by an authorized officer of the Company and you. In addition, this letter does not provide you with a right to be granted any RSUs or other equity-based
awards under the 2010 Stock Incentive Plan, as amended and restated from time to time. 

  
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