Document:

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                                                                    EXHIBIT 10.4

January __, 2006

Mr. Alan Brown
Nuveen Investments, Inc.
333 W. Wacker Drive
Chicago, Ill 60606

Re:      RESTRICTED STOCK AWARD AGREEMENT

Dear Mr. Brown:

I am pleased to confirm that the Compensation Committee (the "Committee") of the
Board of Directors of Nuveen Investments, Inc. (the "Company") has approved the
award (the "Award") to you of 30,000 shares of Class A Common Stock of the
Company as a Special Restricted Stock Award (the "Restricted Stock") under the
Nuveen Investments, Inc. 2005 Equity Incentive Plan (the "Plan"). Subject to
your acceptance of the terms and conditions of this Award set forth in this
letter agreement (this "Agreement"), this Award is effective as of JANUARY 13,
2006 (the "Effective Date"). With regard to vesting of the shares of Restricted
Stock, 15,000 of the shares of Restricted Stock (the "Non-Performance Vested
Restricted Stock") will vest in a single installment on September 30, 2008. The
remaining 15,000 shares of Restricted Stock (the "Performance Vested Restricted
Stock") are subject to performance vesting and will vest in one installment at
the first calendar year end prior to January 1, 2009 at which time both (1)
total assets under management held in Nuveen-sponsored open-end mutual funds
exceed $20 billion (such amount to be adjusted up or down to reflect any
acquisition or disposition of mutual fund assets by the Company after October 1,
2005), and (2) the Operating Margin for the mutual funds business equals or
exceeds 83% of mutual fund net revenues. For these purposes, the Operating
Margin shall be calculated using net advisory fees realized from
Nuveen-sponsored open-end funds (reflecting, e.g., reimbursements, expense
waivers and sub-advisory fees) as well as net distribution revenue realized from
Nuveen-sponsored open-end funds (reflecting an offset for the amortization of
advanced sales commissions) and the expenses relating to such funds, including
personnel expenses (e.g., compensation and travel and entertainment), fund
advertising and promotion, shelf space program or platform fees, cost of fund
launches, fund organization costs, costs of incubating new funds (a capital
charge on amounts above regulatory seed capital), and costs of any incremental
fund service teams or resource commitments to support new open-end fund efforts
such as offshore fund development.

The terms and conditions of this Award are governed by this Agreement and the
Plan (a copy of which is attached hereto). Unless otherwise defined herein,
terms used in this Agreement have the meanings assigned to them in the Plan. In
the event of any inconsistency between the terms of this Agreement and the terms
of the Plan, the terms of the Plan shall govern, except as set forth in
paragraphs 5 and 6 below, where the terms of this Agreement shall govern.

1.   As soon as practicable after the Effective Date of this Award, with respect
     to Non-Performance Vested Restricted Stock, the Company will transfer to
     and register in your name the number of shares of Class A Common Stock
     designated in this Award. No deferral opportunity is being offered with
     this grant of Restricted Stock.

2.   Shares of Restricted Stock transferred under paragraph 1 will be evidenced
     by one or more certificates bearing a legend referring to the terms,
     conditions and restrictions applicable to such Restricted Stock. The
     Company will retain physical possession of such certificates, and you will
     be required upon demand to execute and deliver one or more stock powers to
     the Company, endorsed in blank, relating to such shares of Restricted Stock
     for so long as such shares remain unvested and subject to a risk of
     forfeiture. Shares of Non-Performance Vested Restricted Stock that have not
     fully vested under the vesting provisions described herein, and the right
     to vote such stock and receive Dividends thereon, may not be sold,
     assigned, transferred, exchanged, pledged, hypothecated or otherwise
     encumbered; provided, however, that you may grant to another person a
     revocable proxy to vote unvested shares of Non-Performance Vested
     Restricted Stock at a Company stockholder meeting.

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3.   You (or your beneficiary) will have full voting rights with respect to
     shares of the Non-Performance Vested Restricted Stock granted to you in
     this Award. You (or your beneficiary) will have no voting rights or rights
     to receive Dividends on the shares of Performance Vested Restricted Stock
     until such shares are performance vested.

4.   You will be entitled to receive Dividends on shares of the Non-Performance
     Vested Restricted Stock payable to shareholders of record after the
     Effective Date (unless and until such Restricted Stock is forfeited). In
     the absence of an 83(b) election with regard to the Non-Performance Vested
     Restricted Stock, (described in further detail in a separate attachment),
     Dividends paid on unvested shares of Non-Performance Vested Restricted
     Stock will be treated as ordinary compensation and are subject to
     withholding.

5.   Under the Plan, unvested shares of Restricted Stock will be forfeited in
     the event of termination of your employment with the Company and its
     subsidiaries, unless such termination is due to (i) your death, (ii) your
     Disability, (iii) your Retirement, (iv) a termination by the Company
     without Cause, or (v) a termination by you as a result of Constructive
     Termination (but only as provided in an employment agreement between you
     and the Company), and (vi) a Disaffiliation Transaction (all except
     "Retirement" as defined in the Plan). Where your employment is terminated
     for one of the reasons set forth in (i) through (vi) above, the Plan
     provides for accelerated vesting of your Restricted Stock. If your
     employment is terminated by you as a result of Good Reason, your Restricted
     Stock will similarly receive accelerated vesting. "Good Reason" as used in
     this Agreement means that (1) your current responsibilities in respect of
     the mutual fund business are materially diminished without your consent or
     (2) your reporting to the President of the Company or to another member of
     the Office of the Chairman is changed without your consent.

6.   "Retirement" as used in this Agreement means your retirement from your
     employment with the Company or a Company subsidiary at (i) (your normal
     retirement date upon reaching age 65, or (ii) your early retirement with
     the approval of the Committee. There is no right to retire under this
     Agreement when the combination of your age and years working at the Company
     reach 90. By accepting this Agreement, you hereby waive all rights which
     you would otherwise have under the Plan with regard to the definition of
     "Retirement " set forth therein.

7.   Subject to satisfaction of any tax withholding obligation as described
     below, shares of Restricted Stock that are no longer subject to forfeiture,
     will be transferred and delivered to you or your beneficiary as soon as
     practicable after the date on which they irrevocably vest. Upon the vesting
     of shares of Restricted Stock, the prohibition against the sale or transfer
     of such shares will be lifted and such shares may be treated as any other
     shares of Class A Common Stock of the Company, subject to any restrictions
     on transfer that may be applicable under federal securities laws. In the
     absence of an 83(b) election (described in further detail in a separate
     attachment), the transfer of such shares of Restricted Stock to you or your
     beneficiary upon vesting will be subject to withholding by the Company of
     amounts sufficient to cover withholding obligations applicable to such
     payment and transfer. In the event that any required tax withholding upon
     the settlement of such Awards exceeds your other compensation due from the
     Company, you agree to remit to the Company, as a condition to the
     settlement of such Awards, such additional amounts in cash as are necessary
     to satisfy such required withholding. Any and all withholding obligations
     may be settled with shares of Class A Common Stock.

8.   Nothing in the Plan or this Agreement will be construed as creating any
     right in the Participant to continued employment, or as altering or
     amending the existing terms and conditions of the Participant's employment.

9.   To the extent not preempted by federal law, this Agreement shall be
     construed, administered and governed in all respects under and by the laws
     of the State of Delaware, without giving effect to its conflict of laws
     principles.

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10.  This Agreement contains all the understandings between the parties hereto
     pertaining to the matters referred to herein, and supersedes all
     undertakings and agreements, whether oral or in writing, previously entered
     into by them with respect thereto. The Participant represents that, in
     executing this Agreement, he does not rely and has not relied upon any
     representation or statement not set forth herein made by the Company with
     regard to the subject matter, bases or effect of this Agreement or
     otherwise.

     Very truly yours,

NUVEEN INVESTMENTS, INC.

By:
    --------------------------------
         Vice President

ACCEPTED:
          --------------------------Letter Agreement

 

Exhibit 10.1

 

			
	Time Warner Inc.

One Time Warner Center

New York, NY 10019
	 	America Online, Inc.

22000 AOL Way

Dulles, VA 20166

January 17, 2006

America Online Latin America, Inc.

6600 N. Andrews Avenue, Suite 400

Ft. Lauderdale, Florida 33309

Attn: President

Aspen Investments LLC

c/o Finser Corporation

550 Biltmore Way, Suite 900

Coral Gables, FL 33134

Attn: President

Atlantis Investments LLC

c/o Finser Corporation

550 Biltmore Way, Suite 900

Coral Gables, FL 33134

Attn: President

Ladies and Gentlemen:

     The purpose of this letter is to confirm our understandings and agreements relating to the
payment of certain post-petition costs and expenses associated with the wind-down of America Online
Latin America, Inc. (“AOLA”) and its subsidiaries (the “Wind-Down”).

     As you know, AOLA and certain of its subsidiaries (collectively, the “Debtors”) are
debtors in a jointly administered chapter 11 case pending in the United States Bankruptcy Court for
the District of Delaware. On or about January 17, 2006, the Debtors intend to file a Joint Plan of
Reorganization and Liquidation (the “Plan”) which will provide for the implementation of
the Wind-Down. Pursuant to the Wind-Down, certain of AOLA’s non-Debtor subsidiaries, including AOL
S. de R.L. de C.V. (“AOL Mexico”) and AOL Brasil Ltda. (“AOL Brazil”), will be
liquidated and/or dissolved in accordance with applicable local laws. America Online, Inc.
(“AOL”) is expected to incur actual out-of-pocket costs and expenses in assisting AOLA, AOL
Mexico and AOL Brazil in their efforts to terminate service, discontinue customers, and shut down
operations in connection with the Wind-Down of AOL Mexico and AOL Brazil, as set forth in an
estimate delivered by AOL to AOLA (the “Wind-Down Costs”). The parties hereto have agreed
that AOL will be reimbursed for the Wind-Down Costs in a manner consistent with the following terms
and conditions. Capitalized terms used herein and not defined herein shall have the meanings
ascribed to such terms in the Plan.

 

 

     • All payments made by AOL Mexico and/or AOL Brazil to AOL hereunder shall be made
free and clear of, and without deduction or withholding for or on account of, any taxes, levies,
imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied,
collected, withheld or assessed by any governmental authority (“Taxes”), excluding any
Taxes imposed by the jurisdiction in which AOL is organized or is located, or in which its
principal executive office is located or by reason of any connection between the jurisdiction
imposing such Tax and AOL other than in connection with AOL having executed, delivered or performed
its obligations hereunder or performed activities described herein (“Non-Excluded Taxes”);
provided, that if any such Non-Excluded Taxes are required to be withheld from, or
otherwise deducted from, any amounts payable to AOL hereunder, the amounts so payable shall be
increased as necessary so that after making all required deductions for Non-Excluded Taxes
(including deductions applicable to additional sums payable under this paragraph), AOL receives an
amount equal to the sum it would have received had no such deductions been made.

     • If any applicable law requires AOL Mexico and/or AOL Brazil to withhold or deduct any
amounts from any Wind-Down Costs paid to AOL hereunder, AOL Mexico and/or AOL Brazil shall effect
such withholding, remit such amounts to the appropriate governmental authorities and deliver to
AOL, within thirty (30) days of payment of such amounts to the governmental authorities, the
original or a certified copy of a tax receipt issued by such governmental authority evidencing the
payment of any such amounts.

     • AOL Mexico and AOL Brazil shall indemnify AOL, within ten (10) days after written demand
therefor, for the full amount of any Non-Excluded Taxes paid by or with respect to AOL on or with
respect to any payment by or on account of any obligation of AOL hereunder (including Non-Excluded
Taxes imposed or asserted on or attributable to amounts payable under this paragraph) and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or
not such Non-Excluded Taxes were correctly or legally imposed or asserted by the relevant
governmental authority; provided, that AOL shall cooperate with AOL Mexico and AOL Brazil
to contest such Non-Excluded Taxes at the reasonable request of AOL Mexico and/or AOL Brazil.

     • If AOL receives a refund in respect of any amounts paid by AOL Mexico or AOL Brazil
hereunder, which refund in the sole discretion of AOL is allocable to such payment, AOL shall
promptly notify AOLA of such refund and shall, within fifteen (15) days after receipt, repay such
refund and any interest with respect thereto (net of any Taxes payable thereon, taking into account
any offsetting deductions, with respect to such refund and interest received with respect thereto)
to AOLA net of all out-of-pocket expenses of AOL; provided, that AOLA, upon the request of
AOL, agrees to repay the amount paid over to AOLA to AOL in the event that AOL is required to repay
such refund and/or interest.

     • Upon reasonable request by AOLA, AOL Mexico or AOL Brazil, and as permitted by applicable
law, AOL shall deliver to such party properly completed and executed documentation so as to
effectuate the terms of this letter and to permit any payments made hereunder to be made without
withholding of Taxes or at a reduced rate.

 

 

     • AOL Mexico agrees, and AOLA agrees to cause AOL Mexico, to reimburse AOL in an amount up to
$300,000 for Wind-Down Costs incurred by AOL in connection with the shut-down of AOL Mexico (the
“AOL Mexico Wind-Down Costs”). AOL will be reimbursed for any AOL Mexico Wind-Down Costs
(up to the $300,000 cap) as and when services resulting in AOL Mexico Wind-Down Costs are performed
and billed to AOL Mexico. AOL and AOLA agree to cooperate to produce a separate agreement between
AOL and AOL Mexico and all other documentation reasonably required to ensure optimal
externalization of funds in respect of the payment of the AOL Mexico Wind-Down Costs. AOL agrees
to take reasonable commercial efforts to minimize the amount of the AOL Mexico Wind-Down Costs and
only to charge AOL Mexico for actual out-of-pocket costs and expenses incurred in connection with
the shut-down of AOL Mexico.

     • AOL Brazil agrees, and AOLA agrees to cause AOL Brazil, to reimburse AOL in an
amount up to $1,004,000 for Wind-Down Costs incurred by AOL in connection with the shut-down of AOL
Brazil (the “AOL Brazil Wind-Down Costs”). AOL will be reimbursed for any AOL Brazil
Wind-Down Costs (up to the $1,004,000 cap) as and when services resulting in AOL Brazil Wind-Down
Costs are performed and billed to AOL Brazil. AOL and AOLA agree to cooperate to produce a
separate agreement between AOL and AOL Brazil and all other documentation reasonably required to
ensure optimal externalization of funds in respect of the payment of the AOL Brazil Wind-Down
Costs. AOL agrees to take reasonable commercial efforts to minimize the amount of the AOL Brazil
Wind-Down Costs and to only charge AOL Brazil for actual out-of-pocket costs and expenses incurred
in connection with the shut-down of AOL Brazil and, to the extent AOL’s actual out-of-pocket costs
and expenses depend upon negotiations with third parties, to take reasonable commercial efforts to
minimize the amount of such costs.

     • To the extent that any payments hereunder have not been paid as and when required
by either AOL Mexico or AOL Brazil (the “Unpaid Costs”), AOLA shall pay the amount of the
Unpaid Costs to AOL from Available Cash (after payment or reservation of amounts necessary to pay
distributions on account of the Series A-1 Beneficial Interests and the Series A-2 Beneficial
Interests, if the LLC Option is elected) on a par with amounts payable on account of the Series C
Beneficial Interests, at the rate of 50% of such Available Cash to AOL, on the one hand, and 50% of
such Available Cash to the holders of the Series C Beneficial Interests, on the other hand, until
any such Unpaid Costs are paid in full.

     • Each of AOLA, AOL Mexico and AOL Brazil represents and warrants, severally and not jointly,
as to itself and not as to any other entity, that it is duly authorized to execute and deliver this
letter agreement and that each of its obligations hereunder are valid, binding and enforceable
against it in accordance with its terms, subject to, in the case of (i) AOLA, the occurrence of the
Effective Date or entry of an order of the Bankruptcy Court (which may be the Confirmation Order)
authorizing this letter agreement, and (ii) AOL Mexico and/or AOL Brazil, applicable foreign
exchange regulations and bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
and other similar laws of general application affecting creditors’ rights.

 

 

     Please confirm that the foregoing sets forth our agreement by signing and returning to us the
duplicate copy of this letter. This letter agreement may be executed in multiple counterparts, any
of which may be transmitted by facsimile or by electronic mail in portable document format, and
each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

	 	 	 	 	 
	 	Very truly yours,

TIME WARNER INC.

 	 
	 	By:  	/s/ Katherine Brown
 	 
	 	 	Name:  	Katherine Brown 	 
	 	 	Title:  	Vice President 	 
	 
	 	AMERICA ONLINE, INC.

 	 
	 	By:  	/s/ Steven Swad
 	 
	 	 	Name:  	Steven Swad 	 
	 	 	Title:  	Chief Financial Officer 	 

 

 

	 	 	 	 	 

Acknowledged and Agreed as of

the date first written above:

	 	 	 	 	 
	AMERICA ONLINE LATIN AMERICA, INC.

 	 
	By:  	/s/ Charles M. Herington
 	 
	Name:  	Charles M. Herington 	 
	Title:  	President & CEO 	 
	 
	AOL S. DE R.L. DE C.V.

 	 
	By:  	/s/ Eduardo A. Escalante
 	 
	Name:  	Eduardo A. Escalante 	 
	Title:  	President 	 
	 
	AOL BRASIL LTDA.

 	 
	By:  	/s/ Milton R. Camargo
 	 
	Name:  	Milton R. Camargo 	 
	Title:  	President 	 

 

 

	 	 	 	 	 
	ASPEN INVESTMENTS L.L.C.

 	 
	By:  	/s/ Cristina Pieretti
 	 
	Name:  	Cristina Pieretti 	 
	Title:  	Vice President 	 
	 
	ATLANTIS INVESTMENTS L.L.C.

 	 
	By:  	/s/ Cristina Pieretti
 	 
	Name:  	Cristina Pieretti 	 
	Title:  	Vice President

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