Document:

EX-10.4

Exhibit 10.4

WELLCARE HEALTH PLANS, INC.

2004 EQUITY INCENTIVE PLAN

PERFORMANCE SHARE AWARD AGREEMENT

FOR

TODD S. FARHA

This PERFORMANCE SHARE AWARD AGREEMENT (the “Agreement”) is made and entered into effective as
of June 6, 2005, by and between WellCare Health Plans, Inc., a Delaware corporation (the
“Company”), and Todd S. Farha (the “Grantee”).

RECITALS

In consideration of services to be rendered by the Grantee and to provide an incentive to the
Grantee to remain with the Company and its Subsidiaries, it is in the best interests of the Company
to make a Performance Award to Grantee in accordance with the terms of this Agreement; and

The Performance Award is granted pursuant to the WellCare Health Plans, Inc. 2004 Equity
Incentive Plan (the “Plan”) which is incorporated herein for all purposes. The Grantee hereby
acknowledges receipt of a copy of the Plan. Unless otherwise provided herein, terms used herein
that are defined in the Plan and not defined herein shall have the meanings attributable thereto in
the Plan.

NOW, THEREFORE, for and in consideration of the mutual premises, covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

1. Grant of Performance Shares. Pursuant to the provisions of the Plan, the Company on the
date set forth above (the “Grant Date”) has granted and hereby evidences the grant to the Grantee,
subject to the terms and conditions set forth herein and in the Plan, of an award (the “Award”) of
up to 240,279 shares of common stock, par value $.01 per share, of the Company (the “Performance
Shares”). The target number of Performance Shares to be issued in the aggregate pursuant to this
Award is 130,000, and the actual number of Performance Shares to be issued shall be between zero
and 240,279, based upon the Company’s achievement of the Performance Goals as set forth herein.

2. Settlement of Performance Shares. Subject to the provisions of this Section 2, Section
3 and Section 4, each Performance Share covered by the Award which the Company determines, in
writing, to be earned pursuant to Section 3, shall be delivered by the Company on the
3rd or 5th anniversary, as applicable, of the Grant Date (each, a “Vesting
Date”). Payments hereunder shall be made by the delivery of shares of Common Stock.

3. Vesting Criteria Applicable to Performance Shares.

(a) Performance Cycle. There shall be two “Performance Cycles” for this Award of
Performance Shares. The first Performance Cycle shall commence on January 1, 2005, and shall end
on December 31, 2007. The second Performance Cycle shall commence on January 1, 2005 and shall end
on December 31, 2009. Any Performance Shares earned on account of the first Performance Cycle
shall vest and be issued to the Grantee on the first Vesting Date, and any Performance Shares
earned on account of the second Performance Cycle shall vest and be issued to the Grantee on the
second Vesting Date.

(b) Performance Goals. The “Performance Goal” for each Performance Cycle shall be the
Company’s achievement of Cumulative Adjusted EPS (as herein defined) for the full fiscal years
within such Performance Cycle at or above the levels set forth on Exhibit A attached
hereto. The extent to which Performance Shares shall become earned on each Vesting Date shall be
determined in accordance with the schedule set forth on such Exhibit A (in each case,
rounded to the nearest whole number). The target number of Performance Shares to be issued on the
first Vesting Date (based on the Company’s achievement of the Target Cumulative Adjusted EPS goal
for the first Performance Cycle) is 65,000, and a maximum of 130,000 of the Performance Shares
shall be available for issuance on the first Vesting Date (based on the Company’s achievement of
the Maximum Cumulative Adjusted EPS goal for the first Performance Cycle). The balance of any
Performance Shares not awarded on the first Vesting Date (because the Maximum Cumulative Adjusted
EPS goal for the first Performance Cycle shall not have been achieved) shall be available for
vesting on the second Vesting Date should the targets then be reached (based on Cumulative Adjusted
EPS for the second Performance Cycle), and the greater of (i) one-half of such available balance of
Performance Shares and (ii) 65,000 shall be the target number of Performance Shares to be issued on
the second Vesting Date (based on the Company’s achievement of the Target Cumulative Adjusted EPS
goal for the second Performance Cycle). The target number of Performance Shares to be issued on
each Vesting Date, as set forth in the two preceding sentences, is referred to herein as the
applicable “Target Shares.”

(c) Adjusted EPS. For purposes hereof, “Adjusted EPS” shall mean the Company’s diluted net
income per share of Common Stock for the applicable fiscal year, as reported by the Company in its
Form 10-K (or any successor form) for such year, as adjusted by the Committee pursuant to Section
3(d) below.

(d) Authority of Committee. The Committee shall have the authority to determine
whether the Performance Goal for each Performance Cycle shall have been met, the number of
Performance Shares (if any) that shall be earned on each Vesting Date, whether any adjustments in
the calculation of the achievement of any Performance Goal are necessary or desirable, and
otherwise to interpret this Agreement and administer the Award, and, unless a Change in Control
shall have occurred, the Committee’s decisions with respect to any of the foregoing shall be final
and binding. Without limiting the generality of the foregoing, the Committee shall have the
authority to make such adjustments to the Company’s reported diluted net income per share as it may
deem necessary or appropriate in connection with the calculation of the achievement of any
Performance Goal in order to exclude significant amounts reported by the Company which are
typically excluded by the investment community in their determination of company financial results,
such as, by way of example only, gains or losses on sales or dispositions, asset write-downs,
litigation or claims judgments or settlements, changes in tax law or rates including impact on
deferred tax liabilities, uninsured catastrophic property losses, cumulative effect of changes in
accounting principles, extraordinary items as described in Accounting Principles Bulletin No. 30
and/or in management’s discussion and analysis of financial performance appearing in the Company’s
annual report on Form 10-K, unbudgeted costs incurred relating to future acquisitions or
divestitures, discontinued operations and related restructuring and severance charges, and gains or
losses on debt extinguishment or refinancing.

4. Termination of Employment. Except as otherwise provided in this Section 4, the Grantee
shall not have any right to any payment hereunder unless the Grantee is employed by the Company or
a Subsidiary on the applicable Vesting Date.

(a) Upon the termination or cessation of Grantee’s employment or service with the Company and
its Subsidiaries, for any reason whatsoever, any portion of the Performance Shares which is not yet
then vested, and which does not then become vested pursuant to this Section 4, shall automatically
and without notice terminate, be forfeited and become null and void.

(b) Notwithstanding the foregoing, in the event that the Recipient’s employment with the
Company and its Subsidiaries is terminated by the Company without Cause or by the Grantee for Good
Reason, a portion of the Performance Shares subject to this Agreement shall become immediately
vested as of the date of the termination of the Recipient’s employment with the Company and its
Subsidiaries (the “Date of Termination”), as follows (in each case, rounded to the nearest whole
number): the number of such Performance Shares that shall so vest shall be calculated by
multiplying (i) the Applicable Number of Shares (as defined below) by (ii) the Applicable
Percentage (as defined below).

For purposes hereof, the “Applicable Number of Shares” shall mean (i) if the Date of
Termination occurs prior to the first Vesting Date, the total number of Target Shares for each
Performance Cycle and (ii) if the Date of Termination occurs after the first Vesting Date, the
number of Target Shares for the second Performance Cycle.

For purposes hereof, the “Applicable Percentage” shall be a fraction, as follows: (x) if the
Date of Termination occurs prior to the first Vesting Date, the numerator shall be the number of
full months during the period beginning on the Grant Date and ending on the Date of Termination,
and the denominator shall be 60, and (y) if the Date of Termination occurs after the first Vesting
Date, the numerator shall be the number of full months during the period beginning on the first
Vesting Date and ending on the Date of Termination, and the denominator of which shall be 24.

(c) Notwithstanding any other term or provision of this Agreement, in the event of a Change in
Control of the Company, as defined in Section 2(c) of the Plan, then any unvested portion of the
Performance Shares to be issued under this Agreement as if the “target” level of Cumulative
Adjusted EPS were achieved with respect to each Performance Cycle shall become immediately vested
as of the consummation of the Change in Control (but only if the Date of Termination has not
occurred prior to such Change in Control).

(d) Notwithstanding any other term or provision of this Agreement, in the event that the
Grantee’s employment or service with the Company and its Subsidiaries is terminated on account of
the Grantee’s death, Disability, or Retirement, any unvested portion of the Performance Shares to
be issued under this Agreement as if the “target” level of Cumulative Adjusted EPS is achieved with
respect to each Performance Cycle shall become immediately vested as of the Date of Termination.

(e) For purposes of this Agreement, the term “Disability” shall (i) mean a disability that
would entitle the Grantee to payment of monthly disability payments under any Company long-term
disability plan or (ii) have such meaning as otherwise set forth in any employment or similar
agreement between the Recipient and the Company.

(f) Notwithstanding any other term or provision of this Agreement but subject to the
provisions of the Plan, the Committee shall be authorized, in its sole discretion, based upon its
review and evaluation of the performance of the Grantee and of the Company and its Subsidiaries, to
accelerate the vesting of all or any portion of the Performance Shares under this Agreement, at
such times and upon such terms and conditions as the Committee shall deem advisable.

5. Adjustment in Capitalization. In the event that the Committee shall determine that any
stock dividend, stock split, share combination, extraordinary cash dividend, recapitalization,
reorganization, merger, consolidation, split-up, spin-off, combination, exchange of shares,
warrants or rights offering to purchase Common Stock at a price substantially below fair market
value, or other similar corporate event affects the Common Stock such that an adjustment is
required in any of the number of shares or Performance Goals specified in Sections 1 or 3 hereof in
order to preserve, or to prevent the enlargement of, the benefits or potential benefits intended to
be made available under this Award, then the Committee shall, in its sole discretion, and in such
manner as the Committee may deem equitable, adjust any or all of the number and kind of Performance
Shares subject to this Award and/or, if deemed appropriate, make provision for a cash payment to
the person holding this Award, provided, however, that, unless the Committee determines otherwise,
the number of Performance Shares subject to this Award shall always be a whole number.

6. Transferability. Unless otherwise determined by the Committee, the Performance Shares
are not transferable until and unless they become vested in accordance with this Agreement. The
terms of this Agreement shall be binding upon the executors, administrators, heirs, successors and
assigns of the Grantee. Any attempt to effect a Transfer of any Performance Shares prior to the
date on which the Performance Shares become vested shall be void ab initio. For purposes of this
Agreement, “Transfer” shall mean any sale, transfer, encumbrance, gift, donation, assignment,
pledge, hypothecation, or other disposition, whether similar or dissimilar to those previously
enumerated, whether voluntary or involuntary, and including, but not limited to, any disposition by
operation of law, by court order, by judicial process, or by foreclosure, levy or attachment.

7. No Rights as a Shareholder. Until shares of Stock are issued, if at all, in
satisfaction of the Company’s obligations under this Award, in the time and manner specified in
Section 2 or 4, the Grantee shall have no rights as a shareholder with respect to the Performance
Shares.

8. Tax Withholding Obligations.

(a) The Company shall withhold a number of shares of the Company’s common stock (rounded up)
otherwise deliverable to the Grantee having a Fair Market Value sufficient to satisfy the statutory
minimum of all or part of the Grantee’s estimated total federal, state and local tax obligations
associated with the award or vesting of the Performance Shares; provided, however,
the Grantee may elect, by providing the Company with at least two weeks prior notice, to satisfy
such tax withholding obligations by depositing with the Company an amount of cash equal to the
amount determined by the Company to be required with respect to any withholding taxes, FICA
contributions or the like under federal, state or local statute, ordinance rule or regulation in
connection with the award or vesting of the Performance Shares. Alternatively, the Company may, in
its sole discretion and to the extent permitted by law, deduct from any payment of any kind
otherwise due to the Grantee any federal, state or local taxes of any kind required by law to be
withheld with respect to the Performance Shares.

(b) Tax consequences on the Grantee (including without limitation federal, state, local and
foreign income tax consequences) with respect to the Performance Shares (including without
limitation the grant, vesting and/or forfeiture thereof) are the sole responsibility of the
Grantee.

9. Amendment, Modification and Assignment; Non-Transferability. This Agreement may only be
modified or amended in a writing signed by the parties hereto. No promises, assurances,
commitments, agreements, undertakings or representations, whether oral, written, electronic or
otherwise, and whether express or implied, with respect to the subject matter hereof, have been
made by either party which are not set forth expressly in this Agreement. Unless otherwise
consented to in writing by the Company, in its sole discretion, this Agreement (and Grantee’s
rights hereunder) may not be assigned, and the obligations of Grantee hereunder may not be
delegated, in whole or in part. The rights and obligations created hereunder shall be binding on
the Grantee and his heirs and legal representatives and on the successors and assigns of the
Company.

10. Complete Agreement. This Agreement (together with those agreements and documents
expressly referred to herein, for the purposes referred to herein) embody the complete and entire
agreement and understanding between the parties with respect to the subject matter hereof, and
supersede any and all prior promises, assurances, commitments, agreements, undertakings or
representations, whether oral, written, electronic or otherwise, and whether express or implied,
which may relate to the subject matter hereof in any way.

11. Company Discretion; Delegation. Notwithstanding anything contained in this Agreement
to the contrary, the Company may take any action that is authorized under the terms of the Plan
that is not contrary to the express terms hereof, including permitting the Grantee to receive (upon
such terms and conditions as the Company shall determine) all or a portion of the Performance
Shares covered by the Award, up to the maximum amount that would have been payable, despite the
termination of the Grantee’s employment prior to the applicable Vesting Date. Nothing in this
Agreement shall limit or in any way restrict the power of the Company, consistent with the terms of
the Plan, to delegate any of the powers reserved to it hereunder to such person or persons as it
shall designate from time to time.

12. No Right to Continued Employment or Service. This Agreement and the award of
Performance Shares hereunder shall not confer, or be construed to confer, upon the Grantee any
right to employment or service, or continued employment or service, with the Company or any
Subsidiary.

13. No Limit on Other Compensation Arrangements. Nothing contained in this Agreement shall
preclude the Company or any Subsidiary from adopting or continuing in effect other or additional
compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may
be either generally applicable or applicable only in specific cases or to specific persons.

14. Severability. If any term or provision of this Agreement is or becomes or is deemed to
be invalid, illegal or unenforceable in any jurisdiction or under any applicable law, rule or
regulation, then such provision shall be construed or deemed amended to conform to applicable law
(or if such provision cannot be so construed or deemed amended without materially altering the
purpose or intent of this Agreement and the award of Performance Shares hereunder, such provision
shall be stricken as to such jurisdiction and the remainder of this Agreement and the award
hereunder shall remain in full force and effect).

15. No Trust or Fund Created. Neither this Agreement nor the award of Performance Shares
hereunder shall create or be construed to create a trust or separate fund of any kind or a
fiduciary relationship between the Company or any Subsidiary and the Grantee or any other person.
To the extent that the Grantee or any other person acquires a right to receive payments from the
Company or any Subsidiary pursuant to this Agreement, such right shall be no greater than the right
of any unsecured general creditor of the Company.

16. Electronic Delivery and Signatures. Grantee hereby consents and agrees to electronic
delivery of any Plan documents, proxy materials, annual reports and other related documents. If
the Company establishes procedures for an electronic signature system for delivery and acceptance
of Plan documents (including documents relating to any programs adopted under the Plan), Grantee
hereby consents to such procedures and agrees that his or her electronic signature is the same as,
and shall have the same force and effect as, his or her manual signature. Grantee consents and
agrees that any such procedures and delivery may be effected by a third party engaged by the
Company to provide administrative services related to the Plan, including any program adopted under
the Plan.

17. Law Governing. This Agreement shall be governed by and construed and enforced in
accordance with the internal laws of the State of Delaware (without reference to the conflict of
laws rules or principles thereof).

18. Interpretation. The Grantee accepts the Performance Shares subject to all of the terms,
provisions and restrictions of this Agreement and the Plan. Unless a Change in Control shall have
occurred, the undersigned Grantee hereby accepts as binding, conclusive and final all decisions or
interpretations of the Company upon any questions arising under this Agreement.

19. Headings. Section, paragraph and other headings and captions are provided solely as a
convenience to facilitate reference. Such headings and captions shall not be deemed in any way
material or relevant to the construction, meaning or interpretation of this Agreement or any term
or provision hereof.

20. Notices. Any notice under this Agreement shall be in writing and shall be deemed to
have been duly given when delivered personally or when deposited in the United States mail,
registered, postage prepaid, and addressed, in the case of the Company, to the Company’s Secretary
at 8735 Henderson Road, Ren Two, Tampa, Florida 33634, or if the Company should move its principal
office, to such principal office, and, in the case of the Grantee, to the Grantee’s last permanent
address as shown on the Company’s records, subject to the right of either party to designate some
other address at any time hereafter in a notice satisfying the requirements of this Section.

21. Non-Waiver of Breach. The waiver by any party hereto of the other party’s prompt and
complete performance, or breach or violation, of any term or provision of this Agreement shall be
effected solely in a writing signed by such party, and shall not operate nor be construed as a
waiver of any subsequent breach or violation, and the waiver by any party hereto to exercise any
right or remedy which he or it may possess shall not operate nor be construed as the waiver of such
right or remedy by such party, or as a bar to the exercise of such right or remedy by such party,
upon the occurrence of any subsequent breach or violation.

22. Counterparts. This Agreement may be executed in two or more separate counterparts,
each of which shall be an original, and all of which together shall constitute one and the same
agreement.

• * * * * * *

1

IN WITNESS WHEREOF, the parties hereto, intending to be legally bound,
have executed this Agreement as of the date first written above.

WELLCARE HEALTH PLANS, INC.

By: /s/ THADDEUS BEREDAY

	 	 	 	Name: Thaddeus Bereday

	 	 	 	Title: Senior Vice President and General
Counsel

Grantee acknowledges receipt of a copy of the Plan and represents that he is familiar with the
terms and provisions thereof, and hereby accepts this Agreement subject to all of the terms and
provisions thereof. Grantee has reviewed the Plan and this Agreement in their entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Agreement, and fully
understands all provisions of this Agreement.

GRANTEE:

By: /s/ TODD S. FARHA

Todd S. Farha

2EX-10.1

Exhibit 10.1

May 25, 2005

Mr. Eduardo Hauser

962 Sanibel Dr.

Hollywood, FL 33019

Separation Agreement and Release of Claims

Dear Mr. Hauser:

This letter will serve as confirmation that your employment with America Online Latin America,
Inc. (“AOLA”, together with any successors, subsidiaries, merged entities, parent entities and
their respective affiliates, collectively the “Company”) will end as set forth in this letter.
This Separation Agreement and Release of Claims (“Agreement”), upon your signature, will constitute
the complete agreement between you and the Company regarding the terms of your separation of
employment.

	 	1.	 	Your employment with the Company will cease at the close of business on May 25, 2005 (the
“Separation Date”) on the terms and conditions set forth in this Agreement. Effective at the
close of business on the Separation Date, you will cease to perform your duties for the
Company. The obligations of the Company set forth in this letter are conditioned on your
continuing to perform your duties through the Separation Date and your compliance with all
other terms and conditions of this Agreement.

	 	2.	 	You will be paid a total severance amount equal to $373,009.98 as wages in lieu of notice,
accrued, but unused vacation time, and payment of a retention bonus and severance payment
pursuant to that certain Executive Retention Agreement (the “Retention Agreement”) dated as of
June 5, 2004 (collectively, the “Severance Amount”). The Severance Amount will be paid in a
lump sum on or before July 1, 2005, subject to customary payroll deductions and withholdings.
In addition, you will be eligible for a bonus (“Potential Bonus”) for the second quarter of
2005 based on actual performance as compared with budgetary objectives for the entire quarter.
The Potential Bonus would be subject to customary payroll deductions and withholdings. In
addition, you will be entitled to keep possession of your personal computer (subject to your
deleting Company information contained on such computer as set forth in Paragraph 4 below).

	 	3.	 	Your benefits will continue through the Separation Date. With respect to the Consolidated
Omnibus Budget Reconciliation Act (“COBRA”), your COBRA period will begin on the day following
the Separation Date. You will receive separate information regarding your option to continue
health benefits under COBRA. To the extent that you elect to continue health benefits under
COBRA, the Company will reimburse you for the premiums you pay under COBRA for June, July,
August, September, October, November and December 2005 and for January, February, March, April
and May 2006. All other benefits will terminate on the Separation Date.

	 	4.	 	Prior to your departure from work on the Separation Date, you must return to the Company all
the Company property in your possession, including, but not limited to, keys and the original
and all copies of any written, recorded, or computer-readable information about Company
practices, procedures, trade secrets, customer lists, or product marketing associated with the
Company’s online services business. As provided in the Confidentiality, Non-Competition and
Proprietary Rights Agreement which you signed with America Online, Inc. (“AOL”) dated March 3,
1999 (the “NDA”), you have agreed not to disclose to others information about AOL’s and the
Company’s practices, procedures, trade secrets, customer lists, or product marketing, except
as required by law, and that agreement remains in full force and effect, and shall remain in
full force and effect following your separation from the Company.

	 	5.	 	The agreement of the Company to agree to pay you the Severance Amount (which includes payment
of the retention amount) and your eligibility for the Potential Bonus is being offered solely
in consideration for your release of claims, as set forth in Paragraph 6, your compliance with
this Agreement and your continued compliance with the NDA as set forth above, and you
acknowledge that this is compensation to which you are not otherwise entitled. Such
agreements are not, and should not be construed as, an admission of any kind whatsoever by the
Company, and the Company denies it has engaged in any wrongdoing against you. In addition,
you agree that the payment of the Severance Amount constitutes full payment to you under the
Retention Agreement and that you are not entitled to any additional payments under the
Retention Agreement. You further agree that this agreement supercedes the Retention Agreement
and the Retention Agreement shall no longer be in force or effect.

	 	6.	 	In consideration of the Company’s agreement as stated above, you agree to discharge and
release unconditionally the Company, its successors and their respective predecessors,
subsidiaries, affiliates, related entities, merged entities and their parent entities, and
their respective officers, directors, stockholders, employees, benefit plan administrators and
trustees, agents, attorneys, insurers, representatives, affiliates, successors and assigns
(the “Releasees”) from any and all claims, actions, causes of action, demands, obligations or
damages of whatever nature, whether known or unknown to you, which you ever had or now have
upon or by reason of any matter, cause or thing, up to and including the day on which you sign
this Agreement, arising from your employment with the Company and separation of your
employment with the Company or otherwise, including any claim arising out of or related to any
stock options held by you or granted to you by the Company which are scheduled to vest
subsequent to the Separation Date (all of the foregoing, collectively “Claims”). The Claims
you are waiving include, but are not limited to, any and all claims arising out of or related
to or under: any stock options held by you or granted to you by the Company which are
scheduled to vest subsequent to your Separation Date; Title VII of the Civil Rights Act of
1964, as amended; the Employee Retirement Income Security Act; the Americans with Disabilities
Act; the Fair Labor Standards Act; the Worker Adjustment and Retraining Notification Act
(WARN), or similar statutes; the Family Medical Leave Act; the National Labor Relations Act;
the Employee Retirement Income Security Act; 42 U.S.C. 1981; the Older Workers Benefits
Protection Act; Chapter 760, Florida Statutes; Chapter 448, Florida Statutes; analogous
federal, state and local laws, regulations, statutes or ordinances; any principle of common
law; all claims for any type of relief from the Releasees, and any other federal, state and
local claims, whether statutory or common law, and whether tort or contract. This release of
claims does not affect any pending claim for workers’ compensation benefits, your vested
rights, if any, in the Company’s 401(k) plan, or your rights to exercise any and all Company
stock options held by you that are exercisable as of your Separation Date during the
applicable period of exercise and in accordance with all other terms of those options and the
stock option plans, agreements and notices under which such options were granted.

	 	7.	 	You agree to assist the Company, upon its reasonable request, in connection with any
litigation, investigation or other matter arising out of or related to your service as an
employee, officer, or director of the Company. The Company will reimburse you for the
reasonable out-of-pocket costs incurred by you in rendering such assistance to the Company. In
addition, you agree to assist the Company in canceling the letter of credit established to
secure the retention payment under the Retention Agreement.

	 	8.	 	You represent and agree that you have not filed any complaint or charge or lawsuit of any
kind whatsoever against the Company with any other governmental agency or any court and you
further represent and agree that you will not file or institute or participate in any
litigation, award or judgment with any State or Federal court any time hereafter or, unless
required by law or pursuant to Paragraph 7 above, testify or provide documents or information
for or to any other person or entity with regard to any matter related to or arising out of
your employment with the Company or the termination thereof, this Agreement or any matters
released herein; provided, that this shall not limit you from filing a lawsuit for the purpose
of enforcing your rights under this Agreement.

9. [intentionally omitted].

	 	10.	 	You agree not to make any untruthful remarks or statements about the Releasees and their
respective officers, directors, employees or agents.

	 	11.	 	You agree that in the event you breach any of your obligations under paragraph 1, 4, 7, 8, 9
or 10 of this Agreement, the Company will be entitled to seek recovery or setoff of the full
amount of the Severance Payment, Potential Bonus and other amounts paid or to be paid to you
following the Separation Date.

	 	12.	 	This Agreement shall be governed by and construed in accordance with the laws of the State of
Florida, with regard to any otherwise applicable principles of conflicts of law.

	 	13.	 	If any portion of this Agreement should ever be determined to be unenforceable, it is agreed
that this will not affect the enforceability of any other clause of the remainder of this
Agreement.

Sincerely,

/s/ Charles M. Herington

	 	 	 	Charles M. Herington

President and CEO

America Online Latin America, Inc.

By signing this letter, I acknowledge that I have had the opportunity to review this agreement
carefully with legal or other personal advisors of my own choice; I understand that by signing this
agreement I am releasing the Company from all claims against it; that I have read this agreement
and understand its terms; that I have been given a reasonable period of time to consider its terms
and effect and to ask any questions I may have; and that I voluntarily agree to them.

/s/ Eduardo Hauser Dated: June 3, 2005

Eduardo Hauser

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