Document:

EX-10.34

 Exhibit 10.34 
 Execution Copy 
 THIRD AMENDMENT TO THE EMPLOYMENT AGREEMENT OF JULIE JACOBS

 This THIRD AMENDMENT TO THE EMPLOYMENT AGREEMENT OF JULIE JACOBS (the “Third Amendment”), by and between
AOL Inc., a Delaware corporation (“Company”), and Julie Jacobs (“Executive”) is made and entered into as of December 18, 2012 (the “Effective Date”). 

WHEREAS, Executive and Company entered into an employment agreement dated as of June 11, 2010, as first amended as of
March 30, 2011, and as further amended as of December 13, 2011 (the “Employment Agreement”); and 

WHEREAS, Executive and Company have agreed to change certain terms intended to bring the Employment Agreement into documentary
compliance with Section 409A of the Internal Revenue Code, as amended, and desire to amend the Employment Agreement to reflect these changes. 
 NOW, THEREFORE, in consideration of the promises and mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Executive and
Company agree as follows: 
 1. Paragraph 5A(i) of the Employment Agreement is hereby replaced in its entirety with the following: 

(i) The Company will pay Executive an amount equal to eighteen (18) months of Executive’s then current
Base Salary, less applicable withholdings. This amount will be paid in a lump sum on the sixtieth (60th) day following your termination of employment. This payment will not be eligible for deferrals to Company’s 401(k) plan. 
 2. Paragraph 5A(ii) of the Employment Agreement is hereby replaced in its entirety with the following: 
 (iii) Subject to the terms of paragraph 4.B. herein, if you are terminated between January 1 and March 15, a Bonus payment for the calendar year ending prior to termination (“Prior
Year”) payable at the same rate that continuing Executives receive their Bonus payment, less applicable tax withholdings, but in no event to exceed 100% of your target payout; provided that (i) Company pays a Bonus to eligible Executives
under Company’s ABP for the Prior Year, (ii) such Bonus has not already been paid to you at the time of termination of your employment, and (iii) you were otherwise eligible for such Bonus payment if you had remained employed through
the date of payout. This amount will be paid to you in a lump sum on the earlier of the date on which other eligible employees are paid bonuses under the ABP for the Prior Year provided your separation

  
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 Execution Copy 
  

agreement has become effective by its terms, or on the sixtieth
(60th) day following your termination of employment.
This payment will not be eligible for deferrals to Company’s 401(k) plan. 
 3. Paragraph 5A(iii) of the Employment Agreement is hereby
replaced in its entirety with the following: 
 (iii) In addition, subject to the terms of paragraph 4.B.
herein, Executive will receive a one-time, lump-sum severance payment in an amount equal to the amount of the target Bonus payment Executive would have received under the ABP for the current performance period, prorated through the effective date of
Executive’s termination of employment, less tax withholdings. This payment will be paid on the sixtieth
(60th) day following your termination of employment.
This payment will not be eligible for deferrals to Company’s 401(k) plan. 
 4. Counterparts. This Third Amendment may be
signed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 5. Entire Agreement. The Employment Agreement (as amended by this Third Amendment) contains the entire agreement between the parties concerning the subject matter hereof and supersedes all
prior agreements, written or oral, between the parties with respect thereto. 
 6. Employment Agreement Terms. Except as provided
in this Third Amendment, all terms and conditions of the Employment Agreement shall remain in effect and shall not be altered by this Third Amendment. 
 (Signature page to Third Amendment follows) 

  
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 Execution Copy 
  

IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as of the date first written above. 

 

			
	AOL INC.
		
	By:	 	 /s/ John B. Reid-Dodick

	Name:	 	 John B. Reid-Dodick

	Title:	 	 Chief People Officer

	
	EXECUTIVE
	
	 /s/ Julie Jacobs

	Julie Jacobs
	Executive Vice President and General Counsel

  
 32013 Restriced Stock Unit Award

 Exhibit 10.13 
 [Grant Date]             
  

	TO:	[Participant Name] 

  

	FROM:	Ralph A. Hill 

  

	SUBJECT:	2013 Restricted Stock Unit Award 

 You
have been selected to receive a restricted stock unit award. This award, which is subject to adjustment under the 2013 Restricted Stock Unit Agreement (the “Agreement”), is granted to you in recognition of your role as a key employee whose
responsibilities and performance are critical to the attainment of long-term goals. This award and similar awards are made on a selective basis and are, therefore, to be kept confidential. It is granted and subject to the terms and conditions of the
WPX Energy, Inc. 2011 Incentive Plan, as amended and restated from time to time, and the Agreement. 
 Subject to all of the terms of the
Agreement, you will become entitled to payment of this award if you are an active employee of the Company three years after the date on which this award is made. 
 If you have any questions about this award, you may contact a dedicated Fidelity Stock Plan Representative at 1-800-544-9354. 

 WPX ENERGY, INC. 

2013 RESTRICTED STOCK UNIT AGREEMENT 
 THIS RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”), which contains the terms and conditions for the Restricted Stock Units (“Restricted Stock Units” or “RSUs”)
referred to in the 2013 Restricted Stock Unit Award Letter delivered in hard copy or electronically to Participant (“2013 Award Letter”), is by and between WPX ENERGY, INC., a Delaware corporation (the “Company”) and the
individual identified on the last page hereof (the “Participant”). 
 1. Grant of RSUs. Subject to the terms and conditions of
the WPX Energy, Inc. 2011 Incentive Plan, as amended and restated from time to time (the “Plan”), this Agreement and the 2013 Award Letter, the Company hereby grants an award (the “Award”) to the Participant of [Number of
Shares Granted] RSUs effective [Grant Date] (the “Effective Date”). The Award gives the Participant the opportunity to earn the right to receive the number of shares of the Common Stock of the Company equal to the number of RSUs
shown in the prior sentence, subject to adjustment under the terms of this Agreement. These shares are referred to in this Agreement as the “Shares.” Until the Participant both becomes vested in the Shares under the terms of Paragraph 4
and is paid such Shares under the terms of Paragraph 5, the Participant shall have no rights as a stockholder of the Company with respect to the Shares. 
 2. Incorporation of Plan and Acceptance of Documents. The Plan is incorporated by reference and all capitalized terms used herein which are not defined in this Agreement or in the attached Appendix
A shall have the respective meanings set forth in the Plan. The Participant acknowledges that he or she has received a copy of, or has online access to, the Plan and hereby automatically accepts the RSUs subject to all the terms and provisions of
the Plan and this Agreement. The Participant hereby further agrees that he or she has received a copy of, or has online access to, the prospectus and hereby acknowledges his or her automatic acceptance and receipt of such prospectus electronically.

 3. Committee Decisions and Interpretations. The Participant hereby agrees to accept as binding, conclusive and final all actions,
decisions and/or interpretations of the Committee, its delegates, or agents, upon any questions or other matters arising under the Plan or this Agreement. 
  

	4.	Vesting; Legally Binding Rights . 

 (a) Notwithstanding any other provision of this Agreement, a Participant shall not be entitled to any payment of Shares under this Agreement unless and until such Participant obtains a legally binding
right to such Shares and satisfies applicable vesting conditions for such payment. 
 (b) Except as otherwise provided in
Subparagraphs 4(c) – 4(h) below, the Participant shall vest in all Shares on the date that is three years after the Effective Date (not including the Effective Date) (the “Maturity Date”), but only if the Participant remains an active
employee of the Company or any of its Affiliates through the Maturity Date. For example, 

  
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if the Effective Date of Participant’s award under this Agreement is [Grant Date], the Maturity Date will be [Expiration Date]. 

(c) If a Participant dies prior to the Maturity Date while an active employee of the Company or any of its Affiliates, the Participant
shall vest in all Shares at the time of such death. 
 (d) If a Participant becomes Disabled prior to the Maturity Date while an
active employee of the Company or any of its Affiliates, the Participant shall vest in all Shares at the time the Participant becomes Disabled. 
 (e)    (i) If the Participant Separates from Service prior to the Maturity Date (such date the “Separation Date”) because such Participant qualifies for Retirement, at the
time of such Participant’s ceasing being an active employee the Participant shall vest in a pro rata number of the Shares as determined in accordance with this Subparagraph 4(e). 

(ii) The pro rata number referred to above shall be determined by multiplying the number of Shares subject to the Award by
a fraction, the numerator of which is the number of full and partial months in the period that begins the month following the month that contains the Effective Date and ends on (and includes) the date of the Participant’s ceasing being an
active employee of the Company and its Affiliates, and the denominator of which is the total number of full and partial months in the period that begins the month following the month that contains the Effective Date and ends on (and includes) the
Maturity Date. 
 (iii) For purposes of this Subparagraph 4(e), a Participant “qualifies for
Retirement” only if such Participant experiences a Separation from Service prior to 2014 and after attaining age 55 and completing at least three years of service with the Company or any of its Affiliates. Any such participant that would
experience a Separation from Service in 2014 or thereafter and has attained age 55 and completed at least five years of continuous service with the Company or any of its Affiliates will be considered to have met the qualification for Retirement.

 (f) If the Participant experiences a Separation from Service prior to the Maturity Date within two years following a Change in
Control, either voluntarily for Good Reason or involuntarily (other than due to Cause), the Participant shall vest in all of the Shares upon such Separation from Service. 
 (g) If the Participant experiences an involuntary Separation from Service prior to the Maturity Date and the Participant either receives benefits under a severance pay plan or program maintained by the
Company or receives benefits under a separation agreement with the Company, the Participant shall vest in all Shares upon such Separation from Service. 
 (h) If the Participant experiences an involuntary Separation from Service prior to the Maturity Date due to a sale of a business or the outsourcing of any portion of a business, the Participant shall vest
in all Shares upon such Separation from Service, but only if the Company or any of its Affiliates failed to make an offer of comparable employment, as defined by a severance pay plan or program maintained by the Company, to the Participant.

  
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For purposes of this Subparagraph 4(h), a Termination of Affiliation shall constitute an involuntary Separation from Service. 

 

	5.	Payment of Shares. 

 (a)
The payment date for all Shares in which a Participant becomes vested pursuant to Subparagraphs 4(b) or 4(e) above shall be the 30th day following the Maturity Date. 
 (b) The payment date for all Shares in which a Participant becomes vested pursuant to Subparagraph 4(c) above shall be the 60th day following such death. 

(c) The payment date for all shares in which a Participant becomes vested pursuant to Subparagraph 4(d) above shall be the 30th day after
the Participant becomes Disabled. 
 (d) The payment date for all Shares in which the Participant becomes vested pursuant to
Subparagraphs 4(f), 4(g) and 4(h) above shall be the 30th day following such Participant’s Separation from Service, provided that if the Participant was a “key employee” within the meaning of Section 409A(a)(B)(i) of the Internal
Revenue Code of 1986, as amended (the “Code”) immediately prior to his or her Separation from Service, and such Participant vested in such Shares under Subparagraph 4(e), (4)(f), 4(g) or 4(h) above, payment shall not be made sooner
than six months following the date such Participant experienced a Separation from Service. For purposes of this Subparagraph 5(d), “key employee” means an employee designated on an annual basis by the Company as of December 31 (the
“Key Employee Designation Date”) as an employee meeting the requirements of Section 416(i) of the Code utilizing the definition of compensation under Treasury Regulation § 1.415(c)-2(d)(2). A Participant designated as a “key
employee” shall be a “key employee” for the entire 12 month period beginning on April 1 following the Key Employee Designation Date. 
 (e) Upon conversion of RSUs into Shares under this Agreement, such RSUs shall be cancelled. Shares that become payable under this Agreement will be paid by the Company by the delivery to the Participant,
or the Participant’s beneficiary or legal representative, of one or more certificates (or other indicia of ownership) representing shares of Common Stock equal in number to the number of Shares otherwise payable under this Agreement less the
number of Shares having a Fair Market Value, as of the date the withholding tax obligation arises, equal to the minimum statutory withholding requirements. Notwithstanding the foregoing, to the extent permitted by Section 409A of the Code and
the guidance issued by the Internal Revenue Service thereunder, if federal employment taxes become due when the Participant becomes entitled to payment of Shares, the number of Shares necessary to cover minimum statutory withholding requirements
may, in the discretion of the Company, be used to satisfy such requirements upon such entitlement. 
  

	6.	Other Provisions. 

 (a)
The Participant understands and agrees that payments under this Agreement shall not be used for, or in the determination of, any other payment or benefit under any continuing agreement, plan, policy, practice, or arrangement providing for the making
of any payment 

  
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or the provision of any benefits to or for the Participant or the Participant’s beneficiaries or representatives, including, without limitation, any employment agreement, any change of
control severance protection plan, or any employee benefit plan as defined in Section 3(3) of ERISA, including, but not limited to qualified and non-qualified retirement plans. 

(b) The Participant agrees and understands that, subject to the limit expressed in clause (iii) of the following sentence, upon
payment of Shares under this Agreement, stock certificates (or other indicia of ownership) issued may be held as collateral for monies he/she owes to the Company or any of its Affiliates, including but not limited to personal loan(s), Company credit
card debt, relocation repayment obligations, or benefits from any plan that provides for pre-paid educational assistance. In addition, the Company may accelerate the time or schedule of a payment of vested Shares, and/or deduct from any payment of
Shares to the Participant under this Agreement, or to his or her beneficiaries in the case of the Participant’s death, that number of Shares having a Fair Market Value at the date of such deduction to the amount of such debt as satisfaction of
any such debt, provided that (i) such debt is incurred in the ordinary course of the employment relationship between the Company or any of its Affiliates and the Participant, (ii) the aggregate amount of any such debt-related
collateral held or deduction made in any taxable year of the Company with respect to the Participant does not exceed $5,000, and (iii) the deduction of Shares is made at the same time and in the same amount as the debt otherwise would have been
due and collected from the Participant. 
 (c) Except as provided in Subparagraphs 4(c) through 4(h) above, in the event that the
Participant experiences a Separation from Service prior to the Participant’s becoming vested in the Shares under this Agreement, RSUs subject to this Agreement and any right to Shares issuable hereunder shall be forfeited. 

(d) The Participant acknowledges that this Award and similar awards are made on a selective basis and are, therefore, to be kept
confidential. 
 (e) RSUs, Shares, and the Participant’s interest in RSUs and Shares may not be sold, assigned, transferred,
pledged, or otherwise disposed of or encumbered at any time prior to both (i) the Participant’s becoming vested in such Shares and (ii) payment of such Shares under this Agreement. 

(f) If the Participant at any time forfeits any or all of the RSUs pursuant to this Agreement, the Participant agrees that all of the
Participant’s rights to and interest in such RSUs and in Shares issuable hereunder shall terminate upon forfeiture without payment of consideration. 
 (g) The Committee shall determine whether an event has occurred resulting in the forfeiture of the Shares, in accordance with this Agreement, and all determinations of the Committee shall be final and
conclusive. 
 (h) With respect to the right to receive payment of the Shares under this Agreement, nothing contained herein
shall give the Participant any rights that are greater than those of a 

  
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general creditor of the Company. 
 (i) The obligations of the Company
under this Agreement are unfunded and unsecured. Each Participant shall have the status of a general creditor of the Company with respect to amounts due, if any, under this Agreement. 

(j) The parties to this Agreement intend that this Agreement meet the applicable requirements of Section 409A of the Code and
recognize that it may be necessary to modify this Agreement and/or the Plan to reflect guidance under Section 409A of the Code issued by the Internal Revenue Service. Participant agrees that the Committee shall have sole discretion in
determining (i) whether any such modification is desirable or appropriate and (ii) the terms of any such modification. 

(k) The Participant hereby automatically becomes a party to this Agreement whether or not he or she accepts the Award electronically or in
writing in accordance with procedures of the Committee, its delegates or agents. 
 (l) Nothing in this Agreement or the Plan
shall interfere with or limit in any way the right of the Company or an Affiliate to terminate the Participant’s employment or service at any time, nor confer upon the Participant the right to continue in the employ of the Company and/or
Affiliate. 
 (m) The Participant hereby acknowledges that nothing in this Agreement shall be construed as requiring the
Committee to allow a domestic relations order with respect to this Award. 
 7. Notices. All notices to the Company required hereunder
shall be in writing and delivered by hand or by mail, addressed to WPX Energy, Inc., One Williams Center, Tulsa, Oklahoma 74172, Attention: Stock Administration Department. Notices shall become effective upon their receipt by the Company if
delivered in the foregoing manner. To direct the sale of any Shares issued under this Agreement, the Participant shall contact the Plan Administrator. 
 8. Tax Consultation. The Participant understands he or she will incur tax consequences as a result of acquisition or disposition of the Shares. The Participant agrees to consult with any tax
consultants deemed advisable in connection with the acquisition of the Shares and acknowledges that he or she is not relying, and will not rely, on the Company for any tax advice. 

 

			
	WPX ENERGY, INC.
		
	By:	 	 
	Ralph A. Hill
	Chief Executive Officer

 Participant: [Participant Name] 
 SSN:     [Participant ID] 

  
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 APPENDIX A 

DEFINITIONS 
 “Affiliate” means all persons with whom the Company would be considered a single employer under Section 414(b) of the Code and all persons with whom such person would be
considered a single employer under Section 414(c) of the Code. 
 “Disabled” means a Participant
qualifies for long-term disability benefits under the Company’s long-term disability plan, or if the Company does not sponsor such a disability plan, the Participant qualifies for Social Security Disability Insurance under Title II of the
Social Security Act. Notwithstanding the forgoing, all determinations of whether a Participant is Disabled shall be made in accordance with Section 409A of the Internal Revenue Code of 1986, as amended, and the guidance thereunder. 

“Separation from Service” means a Participant’s termination or deemed termination from employment with the
Company and its Affiliates. For purposes of determining whether a Separation from Service has occurred, the employment relationship is treated as continuing intact while the Participant is on military leave, sick leave, or other bona fide leave of
absence if the period of such leave does not exceed six months, or if longer, so long as the Participant retains a right to reemployment with his or her employer under an applicable statute or by contract. For this purpose, a leave of absence
constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for his or her employer. If the period of leave exceeds six months and the Participant does not retain a right to
reemployment under an applicable statute or by contract, the employment relationship will be deemed to terminate on the first date immediately following such six month period. 
 Notwithstanding the foregoing, if a leave of absence is due to any medically determinable physical or mental impairment that can be expected to last for a continuous period of more than six months but
less than 12 months, and such impairment causes the Participant to be unable to perform the duties of the Participant’s position of employment or any substantially similar position of employment, a period equal to such Participant’s leave
of absence will be substituted for such six-month period, so long as that period is less than 12 months. If such an absence exceeds 12 months, then the Participant will be considered Disabled and Section 4(d) will govern. 

A Separation from Service occurs at the date as of which the facts and circumstances indicate either that, after such date: (A) the
Participant and the Company reasonably anticipate the Participant will perform no further services for the Company and its Affiliates (whether as an employee or an independent contractor) or (B) that the level of bona fide services the
Participant will perform for the Company and its Affiliates (whether as an employee or independent contractor) will permanently decrease to no more than 20% of the average level of bona fide services performed over the immediately preceding 36-month
period or, if the Participant has been providing services to the Company and its Affiliates for less than 36 months, the full period over which the Participant has rendered services, whether as an employee or independent contractor. The
determination of whether a Separation from Service has occurred shall be governed by the provisions of Treasury Regulation § 1.409A-1, as amended, taking into account the objective facts and circumstances with respect to the level of bona fide
services performed by 

  
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the Participant after a certain date. 

  
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