Document:

EXHIBIT 10.88

 Exhibit 10.88 
 AOL LLC 
 770 BROADWAY 
 NEW YORK, NEW YORK 10036 
 May 26, 2009 
 Mr. Ron Grant 

770 Broadway 
 New York, New York 10036

 Dear Ron: 
 Reference is made to your Employment Agreement dated December 21, 2006 and effective as of November 27, 2006 with AOL LLC (the “Company”), as amended by a letter agreement dated February 18, 2009 (as so amended, the
“Employment Agreement”). Capitalized terms used herein but not otherwise defined in this letter agreement (“Letter Agreement”) shall have the meanings given such terms in the Employment Agreement. We have agreed that your
employment with the Company will be terminated and the provisions of Section 4.2 of your Employment Agreement are to become applicable, subject to the modifications set forth in this Letter Agreement (which modifications shall be deemed to
constitute an amendment to your Employment Agreement). This Letter Agreement sets fort the understandings between the Company and you concerning the termination of your employment and your entitlements under the Employment Agreement. 
 You and the Company, intending to reflect our mutual understanding regarding the terms of the plan for the separation of
your employment from the Company, hereby agree as follows: 
 1.        Pursuant to Section 4.2 of the Employment Agreement, your active employment with the Company shall terminate effective as of March 13, 2009 (the “Separation from Service
Date”) and you shall continue to receive your current Base Salary, and a pro-rata portion of your Average Annual Bonus (which you and the Company agree is $1,662,500) and all other benefits as described in the Employment Agreement through the
Separation from Service Date. From the Separation from Service Date through June 1, 2009 (the “Transition Period Date”), you shall provide transition services as described in paragraph 2, and you shall continue to receive your current
Base Salary and a pro-rata portion of your Average Annual Bonus and all other benefits as described in Section 7.2 of the Employment Agreement. As of the Separation from Service Date, you shall no longer serve in any officer or director
positions 

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 with the Company, Time Warner and any affiliates and subsidiaries of the Company or Time Warner and, to the extent action has not been taken to elect a successor to an officer or director position as of
such date, you shall be deemed to have resigned from the position. 
 2.        Though the Transition Period Date you agree to cooperate with the Company in providing for an orderly transition, which cooperation shall include giving such assistance as may be reasonably
requested by the Company. Such cooperation shall extend to additional matters as reasonably requested by the Chairman and Chief Executive Officer of the Company and/or the Chairman and Chief Executive Officer of Time Warner Inc. from time to time
and agreed to by you. The Company agrees to pay you $200,000, less applicable withholdings and deductions for your transition services (“Transition Payment”). The Transition Payment will be paid to you on or before June 1, 2009. The
Company shall reimburse you for all reasonable expenses in fulfilling your obligations under this Paragraph 2. 
 3.        In accordance with Section 4.2 of the Employment Agreement, your termination of employment shall be deemed for all purposes of the Employment Agreement to be a termination without cause
under Section 4.2 of the Employment Agreement and you shall be entitled to receive payments of Base Salary and annual bonus from the Transition Period Date through December 31, 2010 (the “Severance Term Date”) as described in
Sections 4.2.1 and 4.2.2 of the Employment Agreement at the times provided in Section 4.6 of the Employment Agreement; provided, however, that the Employment Agreement is hereby amended to provide for the following term with respect to the
timing of your termination payments thereunder: 
 a.        Subject to Section 12 of this Letter Agreement, (i) your future annual bonus payments that you are entitled to receive under the Employment Agreement (both before and after the
Separation from Service Date) shall be paid to you between January 1 and March 15 of the calendar year immediately following the performance year with respect to such bonus and (ii) following the Separation from Service Date, your
continued Base Salary payments pursuant to Sections 4.2.1 and 4.2.2 of the Employment Agreement shall be paid to you on the Company’s normal payroll payment dates as in effect immediately prior to the Separation from Service Date. 

b.        The second sentence of Section 4.2.2 of the Employment
Agreement is hereby amended to provide that if you accept full-time employment with any other Entity (other than a not-for-profit Entity as described in the last sentence of Section 4.2.2 of the Employment Agreement) during the period following
the Separation from Service Date and ending on the Severance Term Date or if you notify the Company in writing of your intention to terminate your status of being treated as an employee during that period, then you shall cease to be treated as an
employee of the Company for purposes of your rights to receive certain post-termination benefits under Section 7.2 of the Employment Agreement effective upon the commencement of such employment or the effective date of such termination as
specified by you in such notice, whichever is applicable (the “Equity Cessation Date”); provided, however, that the timing of your termination payments under the Employment Agreement shall not be accelerated or otherwise changed following
such cessation of employee status treatment (i.e., you shall continue to receive the remaining payments you would have received pursuant to 

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 the Employment Agreement as if you remained on the Company’s payroll at the times specified in Section 4.6 of the Employment Agreement). 
 3A. The Company shall reimburse you for up to $50,000 in career counseling and outplacement services. Career counseling and
outplacement services must be used and reimbursement claims submitted by March 15, 2010. You will be reimbursed within 30 days following your submission of the relevant claims. 
 4.        Section 7.2 of the Employment Agreement is hereby amended to provide
that, after the Separation from Service Date and prior to the Severance Term Date, you shall continue to be treated as an employee of the Company for purposes of eligibility to participate in the Company’s health and welfare benefit plans and
to receive the health and welfare benefits required to be provided to you under the Employment Agreement to the extent such health and welfare benefits are maintained in effect by the Company for its executives. After the Separation from Service
Date, you shall not be entitled to any additional awards or grants under any stock option, restricted stock or other stock based incentive plan and you shall not be entitled to continue elective deferrals in or accrue additional benefits under any
qualified or nonqualified retirement programs maintained by the Company. At the Severance Termination Date, your rights to benefits and payments under any benefit plans or any insurance or other death benefit plans or arrangements of the Company
shall be determined in accordance with the term and provisions of such plans. At the Severance Termination Date or, if earlier, the Equity Cessation Date, your rights to benefits and payment under any stock option, restricted stock unit, stock
appreciation right, bonus unit, management incentive or other plan of the Company shall be determined in accordance with the terms and provisions of such plans and any agreements under which such stock options, restricted stock or other awards were
granted. However, notwithstanding the foregoing or any more restrictive provisions of any such plan or agreement, (i) all stock options to purchase shares of Time Warner Common Stock granted to you shall continue to vest though the earlier of
the Severance Term Date and the Equity Cessation Date, (ii) at the earlier of the Severance Term Date and the Equity Cessation Date, (x) all stock options to purchase shares of Time Warner Common Stock granted to you after
November 27, 2006 and prior to February 18, 2009 (the “Term Options”) that would have vested on or before the Severance Term Date shall vest and become exercisable, and any vested Term Options shall remain exercisable (but not beyond
the term of such options) for a period of three years following the earlier of the Severance Term Date or the Equity Cessation Date, and (y) all stock options to purchase shares of Time Warner Common Stock granted to you on or after February
18, 2009 shall vest and become immediately exercisable and shall remain exercisable for a period of three years after the earlier of the Severance Term Date or the Equity Cessation Date (but not beyond the terms of such options), and (iii) the
Company and Time Warner shall not be permitted to determine that your employment was terminated for “unsatisfactory performance” within the meaning of any stock option agreement between you and Time Warner. With respect to restricted stock
units (“RSUs”) held at the time of the Separation from Service Date, subject to potential further delay in payment pursuant to Section 12, (i) the RSUs granted to you on February 20, 2009 will fully vest on the Separation
from Service Date, and will be paid to you immediately following the Separation from Service Date, and (ii) for all other RSU grants, the pro-rated vesting of the RSUs will be determined at the earlier of the Severance Term Date or the Benefit
Cessation Date in accordance with the terms of the applicable award agreement(s), but the shares or Time Warner Common Stock underlying any vested RSUs will not be paid to you 

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 until promptly following the next regular vesting date(s) for such award(s) of RSUs. With regard to the target Performance Share Units (“PSUs”) you hold at the Separation from Service Date,
following the end of the applicable three-year performance periods, the performance achieved by Time Warner will be determined and the number of shares of Time Warner Common Stock to be delivered to you will be determined in accordance with the
terms of the applicable award agreement, with amounts prorated if the earlier of the Severance Term Date and the Equity Cessation Date occurs prior to the end of the performance period for an award of PSUs. 
 5.        In accordance with Section 4.4 of the Employment Agreement, the
obligations of the Company to make or continue any of the payments to you or to take any actions with respect to Paragraphs 1 through 4 above are subject to your execution of the Release attached hereto. If you fail to execute and deliver the
Release, or if you revoke the Release as provided therein, then in lieu of the payments and benefits provided herein, you shall receive a severance payment determined in accordance with the Company’s polices relating to notice and severance
reduced by the aggregate amount of severance payments paid pursuant to this Letter Agreement, if any, prior to the date of your refusal to deliver, or revocation of, such Release. 
 5A.      Section 4.5 of the Employment Agreement is hereby deleted and replace with the
following: 
 In the event of a termination without cause under this Agreement, you shall not be required to
take actions, including but not limited to finding other employment or being required to pay over compensation received or payable to you in connection with other employment, in order to mitigate your damages hereunder, unless Section 280G of
the Internal Revenue Code would apply to any payments to you by the Company and your failure to mitigate would result in the Company losing tax deductions to which it would otherwise have been entitled. In such an event, you will engage in whatever
mitigation is necessary to preserve the Company’s tax deductions. With respect to the preceding sentences, any payments or rights to which you are entitled by reason of the termination of employment without cause shall be considered as damages
hereunder. Any obligation to mitigate your damages pursuant to this Section 4.5 shall not be a defense or offset to the Company’s obligation to pay you in full the amounts provided in this Agreement upon the occurrence of a termination
without cause, at the time provided herein, or the timely and full performance of any of the Company’s other obligations under this Agreement. 
 5B.      The last sentence of Section 8.2 of the Employment Agreement is hereby deleted and replaced with the following sentence: 
             For purposes of the foregoing, the
following shall be deemed to be a Competitive Entity: (x) during the period that you are actively employed with the Company, any person or entity that engages in any line of business that is substantially the same as either (i) any line of
business which the Company engages in, conducts or, to 

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 your knowledge, has definitive plans to engage in or conduct or (ii) any operating business that is engaged in or conducted by the Company as to which, to your knowledge, the Company
covenants, in writing, not to compete with in connection with the disposition of such business, and (y) during the period following a termination of your term of employment pursuant to Section 4, any of the following: MySpace, Interactive
Corp., Earthlink, Inc., Facebook, Google Inc., Microsoft Corporation,. and Yahoo! Inc., and their respective subsidiaries and any successor to the aforesaid internet service provider; provided however, you may provide services to the parent (as long
as the services are unrelated to the internet service provider) or, any other division or subsidiary of the successor. 
 6.        In accordance with Section 11.14 of the Employment Agreement, you shall continue to be subject to any obligations under the Employment Agreement that survive your termination under
Section 4.2 thereof, including but not limited to Sections 3.4, 4.4, 4.5, 4.6, and 7 through 11 thereof. 
 7.        You agree and acknowledge that you have no further right to receive any compensation, payments or benefits from the Company, other than as set forth in the Employment Agreement, as amended
by this Letter Agreement. 
 7A.      You and the Company agree that the Company
is responsible for the payments and benefits set fort in the Employment Agreement, as amended by this Letter Agreement, except as specifically designated otherwise. You and the Company acknowledge and agree that the Company’s obligations with
respect to such payments and benefits will continue in the event of an AOL Transaction, subject to its right and obligation to assign its rights and obligations under the Employment Agreement, as amended by this Letter Agreement, pursuant to
Section 11.5. In addition, in the event of an AOL Transaction that includes the sale, merger or spin off of substantially all for the Company by Time Warner Inc in two or more parts, if the Company (or its successor(s), as applicable) fails to
make any required payment to you, Time Warner will make such required payment(s) and will have a claim for reimbursement from the Company (or its successor(s), as applicable), and you acknowledge that in such instance, Time Warner will have and be
able to assert any defenses to payment that the Company may have other than defenses to the payment that are based on or related to the discharge of the Company’s payment obligation as a result of or through a proceeding by the Company under 11
U.S.C. et seq., as amended, or any state insolvency laws, including but not limited to, any assignment by the Company for the benefit of creditors. 
 8.        Except as provided in Section 11.7 of the Employment Agreement, any claims, controversies or disputes arising out of or related to this Letter
Agreement or the Release, the interpretation, validity or enforceability of this Letter Agreement or the Release, or the alleged breach of this Letter Agreement or the Release shall be submitted to resolution in arbitration in accordance with the
procedures set forth in Section 11.8 of the Employment Agreement. 
 9.        This Letter Agreement, taken together with the Release and Employment Agreement, as modified by this Letter Agreement, constitute and contain the entire agreement and understanding
concerning your employment, termination from employment and the other subject matters addressed herein between the parties and supersedes and replaces all prior 

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 negotiations and all agreements proposed or otherwise, whether written or oral, concerning the subject matters hereof. This is an integrated document. Except as expressly amended by this Letter Agreement,
the Employment Agreement remains in full force and effect. 
 10.        This Letter Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original. Photographic copies of such signed counterparts may
be used in lieu of the originals for any purpose. 
 11.        This
Letter Agreement shall be governed by and construed and enforced in accordance with the substantive laws of the State of New York applicable to agreements made and to be performed entirely in New York. 
 12.        This Letter Agreement is intended to comply with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), and will be interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything herein or contained in the Employment Agreement to the contrary,
(i) if at the Effective Termination Date you are a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any payments
or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment
of any such payments or benefits hereunder or under the Employment Agreement (without any reduction in such payments or benefits ultimately paid or provided to you) until the date that is six months following your termination of employment with the
Company (or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other payments of money or other benefits due to you hereunder or under the Employment Agreement could cause the application of an accelerated or
additional tax under Section 409A of the Code, such payments or other benefits 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 the Company, that does not cause such an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due to you under this Letter Agreement or under
the Employment Agreement constitutes “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to you in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv).
Each payment made under this Agreement or under the Employment Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code. The Company shall consult with you in good faith regarding the
implementation of the provisions of this Section 12; provided that neither the Company nor any of its employees or representatives shall have any liability to you with respect to thereto. 
 If the foregoing accurately reflects our agreement, please so indicate by signing and dating where indicated below.

  

	
	 Very truly yours,

	
	 AOL LLC

 7 
  

					
		
	 By:
	 	 /s/ Mark A. Wainger

		 	 Name:
	 	 Mark A. Wainger

		 	Title:	 	 Vice President

 Agreed and Accepted: 

	
	
	 /s/ Ron Grant

	 Ron Grant

  

	
	Date: 6/5/09

  

	cc:	   Ron Grant (residence address) 

	 	   Lanny Oppenheim, Esq. 

 RELEASE 
 This Release is made by and among Ron Grant (“You” or “Your”) and AOL LLC (the “Company”), 770 Broadway, New York, New York 10036, as of the date set forth below in
connection with the Employment Agreement effective as of November 27, 2006, as amended by a letter agreement dated February 18, 2009, and the letter agreement (the “Letter Agreement” between you and the Company dated as of April
[    ], 2009 (as so amended, the “Employment Agreement”), and in association with the termination of your employment with the Company. 
 In consideration of payments made to You and other benefits to be received by You by the Company and other benefits to be received by You pursuant to the Employment Agreement, as
further reflected in the Letter Agreement, You, being of lawful age, do hereby release and forever discharge the Company, its successors, related companies, affiliates, officers, directors, shareholders, subsidiaries, agents, employees, heirs,
executors, administrators, assigns, benefit plans (including but not limited to any severance plan of the Company), benefit plan sponsors and benefit plan administrators of and from any and all actions, causes of action, claims, or demands for
general, special or punitive damages, attorney’s fees, expenses, or other compensation or damages (collectively, “Claims”), whether known or unknown, which in any way relate to or arise out of your employment with the Company or the
termination of Your employment, which You may now have under any federal, state or local law, regulation or order, including without limitation, Claims related to any stock options held by You or granted to You by Time Warner that are scheduled to
vest subsequent to Your termination of employment and Claims under the Age Discrimination in Employment Act (with the exception of Claims that may arise after the date I sign this Release), Title VII of the Civil Rights Act of 1964, the Americans
with Disabilities Act of 1990, as amended, the Family and Medical Leave Act and the Employee Retirement Income Security Act of 1974, as amended, through and including the date of this Release; provided, however, that the execution of this Release
shall not prevent You from bringing a lawsuit against the Company to enforce its obligations under the Employment Agreement and this Release, including any rights you may have to indemnification by the Company. 
 Notwithstanding anything to the contrary, nothing in this Release shall prohibit or restrict You from (i) making any disclosure of
information required by law; (ii) filing a charge with, providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any
self-regulatory organization, or the Company’s legal, compliance or human resources officers (iii) filing, testifying or participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or
municipal law relating to fraud or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization; or (iv) challenging the validity of my release of claims under the Age Discrimination in Employment Act.
Provided, however, You acknowledge that You cannot recover any monetary damages or equitable relief in connection with a charge brought by You or through any action brought by a third party with respect to the Claims released and waived in the
Agreement. Further, notwithstanding the above, You am not waiving or releasing: (i) any claims arising after the Effective Date of this Agreement; (iii) any claims for enforcement of this Agreement; (iii) any rights or claims You may
have to workers compensation or unemployment benefits; (iv) claims for accrued, vested 

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 benefits under any employee benefit plan of the Company in accordance with the terms of such plans and applicable law; and/or (v) any claims or rights which cannot be waived by law. 
 You further state that You have reviewed this Release, that You know and understand its contents, and that You have executed it voluntarily.

 You acknowledge that You have been given 21 days from the date You received a copy of the Release to sign it. You also
acknowledge that by signing this Release You may be giving up valuable legal rights and that You have been advised to consult with an attorney. You understand that You have the right to revoke my consent to the Release for seven days following my
signing of the Release. You further understand that You will not receive any payments or benefits under this Agreement if You do not sign this Release or if You revoke Your consent to the Release within seven days after signing the Release. The
Release shall not become effective or enforceable with respect to claims under the Age Discrimination Act until the expiration of the seven-day period following Your signing of this Release. You shall not receive any payments or benefits pursuant to
this Agreement until the Release becomes effective. To revoke, You send a written statement of revocation by certified mail, return receipt requested, or by hand delivery. If You do not revoke, the Release shall become effective on the eighth day
after You sign it. 
 Accepted and Agreed to: 
  

	
	
	 /s/ Ron Grant

	 Ron Grant

 Dated: 6/5/09EXHIBIT 10.89

 Exhibit 10.89 
 AOL LLC 
 770 BROADWAY 
 NEW YORK, NEW YORK 10003 
 Via Hand Delivery 
 June 30, 2009

 Ms. Nisha Kumar 
 770 Broadway

 New York, New York 10003 
 Separation Agreement and Release of Claims 
 Dear Nisha: 
 Reference is made to your Employment Agreement dated January 9, 2008 and effective as of December 1, 2007 (the “Employment Agreement”) with AOL LLC
(“AOL” or the “Company”). Capitalized terms used herein but not otherwise defined in this separation agreement and release of claims (“Separation Agreement”) shall have the meanings given such terms in the Employment
Agreement. We have agreed that your employment with the Company will be terminated and the provisions of Section 15 of your Employment Agreement are to become applicable, subject to the modifications set forth in this Separation Agreement
(which modifications shall be deemed to constitute an amendment to your Employment Agreement). This Separation Agreement sets forth the understandings between the Company and you concerning the termination of your employment and your entitlements
under the Employment Agreement. The Employment Agreement and this Separation Agreement, upon your signature, will constitute the complete agreement between you and the Company regarding the terms of your separation from employment. 
 You and the Company, intending to reflect our mutual understanding regarding the terms of the separation of your employment from the
Company, hereby agree as follows: 
 1.         Your employment with the Company is
being terminated without cause at the close of business on July 1, 2009 (your “Separation Date”). Until such time, you will remain an employee of the Company for all purposes (including without limitation, under the Company’s
policies and benefits plans and for purposes of continued vesting of your outstanding equity awards). Your rights under any qualified and nonqualified pension plans in which you participate (specifically the Time Warner Pension Plan, the Time Warner
Excess Benefit Pension Plan, and the Time Warner Savings Plan) shall be determined in accordance with the terms and provisions of the applicable plan document. You are 100% vested in your benefits under the Time Warner Pension Plan, the Time Warner
Excess Benefit Pension Plan and the Time Warner 
  

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Savings Plan. Your rights under any stock option, restricted stock unit, and performance stock unit awards shall be determined in accordance with the terms and provisions of the equity plans and
agreements under which any grants of stock options or awards of restricted stock units and performance stock units were granted, based on a July 1, 2009 separation date. If you obtain other employment with AOL or with any Time Warner company
within thirty days of your Separation Date, you will not be eligible to receive any of the benefits set forth in this Separation Agreement, unless specified herein, and this Separation Agreement shall become null and void. 
 2.         On the next regularly scheduled pay date following your Separation Date, or sooner if
local law requires, you will receive a check for all unpaid wages and any accrued, unused vacation or paid time off from January 1, 2009, or longer if required by state law, due through your Separation Date, less applicable deductions and
withholdings. You and the Company agree that your accrued, unused vacation or time off as of your Separation Date, which will be paid to you in accordance with this paragraph, will be 16.5 days. You will also be reimbursed, in accordance with
Company policy, for any outstanding reasonable business expenses that you incur through the Separation Date. 
 3.         Your medical, dental and vision benefits will continue through the end of the month in which your Separation Date occurs (i.e., through July 31, 2009). With respect to the Consolidated
Omnibus Budget Reconciliation Act (“COBRA”), your COBRA period will begin on the first day of the month following your Separation Date (i.e., on August 1, 2009). You will receive separate information regarding your option to continue
health benefits after your Separation Date. Your Company-paid life insurance will continue through the end of the month in which your Separation Date occurs (i.e., through July 31, 2009). All other benefits will terminate on your Separation
Date. 
 4.         Prior to your departure on your Separation Date, unless otherwise
instructed by an authorized Company representative, you must: 
 a.         resign from any and all positions you hold as an officer and/or director of AOL LLC and from each of its direct and indirect subsidiaries and/or affiliates (using the four attached
resignation letters, which contain a true and accurate list of all of the entities for which you serve as a director, managing director, chairman, representative, authorized person, officer, or other appointment on behalf of the Company, any of its
group companies, or any of its direct or indirect subsidiaries, and which letters, where notice of your resignation is required to be filed with the applicable authorities, the Company agrees to cause to be timely filed with such applicable
authorities); and 
 b.         return to the head of Human Resources,
Dave Harmon, all the Company property in your possession, including, but not limited to, your identification badge and SecurID, keys, computers, corporate credit cards, pagers, telephones, parking permits 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 business and any other information deemed proprietary or confidential in
accordance with Company policies. By signing this Separation Agreement, you represent that you will return all Company confidential or proprietary information in your possession and that you will take all reasonable steps to protect the

  

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confidentiality of such Company information during your employment. Notwithstanding the foregoing or anything else in this Separation Agreement to the contrary, you will be permitted to keep your
Company-provided Blackberry once it has been reviewed and all appropriate Company data removed from the device (provided that your “contacts list” will not be removed). You agree that you are bound by all the terms of the Standards of
Business Conduct through your Separation Date. 
 5.         Pursuant to paragraph 15 of
your Employment Agreement and under the terms and conditions as detailed below, the Company will provide you additional payments and benefits, which you acknowledge are payments and benefits to which you are otherwise not entitled, if you sign this
Separation Agreement. If you do not sign this Separation Agreement, you will not receive the following additional payments and benefits: 
 a.         Paragraph 15(a) of your Employment Agreement is hereby deleted in its entirety and replaced with the following: The Company will pay you $2.2
million, less applicable tax withholdings and deductions, in a lump sum subject to paragraph 5(f) below. This payment will not be eligible for deferrals to the Company’s 401(k) plan. 
 b.         Paragraph 15(b) is hereby deleted in its entirety. 
 c.         Paragraph 15(c) of your Employment Agreement is hereby deleted in
its entirety and replaced with the following: You will receive a payout under the 2009 Global Bonus Plan and you and the Company agree that such payout will be $275,000, which is the portion of your target annual bonus amount, $550,000, pro-rated
through the Separation Date, less applicable withholdings and deductions. This payment will be made at the same time as the lump sum payment discussed in paragraph 5(a) above, subject to paragraph 5(f) below. This payment will not be eligible for
deferrals to the Company’s 401(k) plan. 
 d.         The following
is hereby added as Paragraph 15(k) of your Employment Agreement: You are currently participating in a 2009 Company Retention Bonus Program, as outlined in a memo to you dated April 1, 2009, and pursuant to this program you are entitled to
receive an amount equal to $220,000, less applicable tax withholdings and deductions, payable in a lump sum subject to paragraph 5(f) below. This payment will not be eligible for deferrals to the Company’s 401(k) plan. 
 e.         Paragraph 15(d) of your Employment Agreement is hereby deleted in its
entirety and replaced with the following: If you elect to enroll in COBRA benefit continuation, the Company will pay for the full cost of continued medical, dental and vision benefit coverage under COBRA for you and your qualified beneficiaries for
eighteen (18) months beginning the first day of the calendar month following the termination of your employment (i.e., August 2009). 
 f.         Paragraph 15(e) of your Employment Agreement is hereby deleted in its entirety and replaced with the following: The payments made under paragraphs 5(a),
5(c) and 5(d) above will be paid within thirty (30) days of the Separation Date or the “effective

  

 3 

 
date” of the signed Separation Agreement, as set forth in paragraph 16 below, whichever is later, but no later than sixty (60) days after the Separation Date. 
 g.         You shall not be entitled to notice and severance under any policy or
plan of the Company (the payments set forth in this paragraph being given in lieu thereof). 
 h.         The payments under paragraphs 5(a) – 5(d) shall be made without regard to any duty to mitigate damages and shall not be reduced by any compensation received by you from any subsequent
employment. 
 i.         You are not currently included on the
Company’s “specified employee” list as defined in Section 409A of the Internal Revenue Code and the Company does not believe that you are a “specified employee” under Section 409A as of the Separation Date.

 6.         The payments and other benefits set forth in Paragraph 5 are being offered
solely in consideration for your execution of this Separation Agreement, including a release of all claims against the Company as set forth in Paragraph 7 below. The payments are not an admission of any wrongdoing by the Company. 
 7.         In exchange for the Company’s agreement as stated above and below, you agree to
release and discharge unconditionally the Company and any successors, subsidiaries, affiliates, related entities, predecessors, merged entities and parent entities, and their respective officers, directors, stockholders, employees, benefit plan
administrators and trustees, agents, attorneys, insurers, representatives, affiliates, successors and assigns, from any and all claims, actions, causes of action, demands, obligations or damages of any kind arising from your employment with the
Company and the separation of that employment or otherwise, including the notice of your termination, 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 Separation Agreement. The claims you are waiving include, but are not limited to, all claims arising out of or related to any stock options held by you or granted to you by the Company which are not vested as of the Separation
Date and which are scheduled to vest subsequent to your Separation Date; 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) or similar state statutes;
all claims under the Americans with Disabilities Act; all claims under the Age Discrimination in Employment Act; all claims under the National Labor Relations Act; all claims under the Older Workers Benefit Protection Act (“OWBPA”); all
claims under the Family and Medical Leave Act, to the extent permitted by law, all claims under the Employee Retirement Income Security Act; all claims under 42 U.S.C. § 1981; all claims under the Sarbanes-Oxley Act of 2002; all claims under
state anti-discrimination laws; all claims for unreimbursed business expenses that are not within the scope of the Company’s policies, including the Company’s guidelines for timely submission of business expenses; all claims under any
principle of common law; all claims concerning any right to reinstatement; and all claims for any type of relief from the Company, whether federal, state or local, whether statutory, regulatory or common law, and whether tort, contract or otherwise,
to the fullest extent permitted by law. This release of claims does not affect any claim for workers’ compensation benefits, unemployment benefits or other non-waivable administrative claims; your vested rights, if any, in the Company’s
(or Time Warner’s) 401(k) plan, pension plan and excess pension plan; your rights to

  

 4 

 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 options plans, agreements, and notices under which such options were granted; your right to receive payment for any
portion of your restricted stock units and performance stock units that are vested as of or as a result of your separation from employment on the Separation Date, determined in accordance with all the terms of those stock units and the applicable
plans, agreements, and notices under which such stock units were granted; or your right to enforce the terms of this Separation Agreement. This release of claims does not affect the Company’s agreement to indemnify and hold you harmless against
any claims brought against you for your acts and omissions committed or alleged to be committed while serving as an officer, director, employee, or agent of the Company to the maximum extent permitted under the Limited Liability Company Agreement of
AOL, which, in certain circumstances, may be subject to approval by AOL’s Board of Managers. 
 8.        You agree to assist the Company in connection with any litigation, investigation or other legal or regulatory matter involving your 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 proceeding involving the Company. This provision does not prohibit your response to a valid subpoena for documents or
testimony or other lawful process; however, you agree to provide the Company with prompt notice of said process. The Company shall use its best efforts to minimize any inconvenience to you and to avoid interference with any then-existing obligations
that you may have and shall reimburse you for your travel and/or other reasonable costs, including, without limitation, air fare and hotel accommodations if you are required to travel out of town overnight. 
 9.        You understand and agree that the terms of this Separation Agreement are confidential, and
you agree not to disclose to others the terms of this Separation Agreement, except as otherwise permitted by law or with the written consent of the Company, provided however, that this Paragraph 9 does not preclude disclosure to your immediate
family or for purposes of securing professional financial, tax or legal services, provided further that, prior to making any such disclosure, you will inform any such persons that this confidentiality clause is in effect and that they are also bound
by it. 
 10.        You agree not to affirmatively encourage or assist any person or
entity in litigation against the Company or its parent, affiliates, officers, employees and agents in any manner. This provision does not prohibit your response to a valid subpoena for documents or testimony or other lawful process; however, you
agree to provide the Company with prompt notice of any such subpoena or process. You agree that this Separation Agreement is not admissible in any proceeding except one to enforce the terms of this Separation Agreement. 
 11.        You agree not to make any disparaging or untruthful remarks or statements about the
Company, its officers, directors, or employees. The Company (for purposes of this sentence, the “Company” is defined to include AOL LLC and its subsidiaries, affiliates, and assigns) agrees not to cause its officers and senior executives
to make any disparaging or untruthful remarks or statements about your employment with the Company. Nothing in this Separation Agreement prevents you or the Company from making truthful statements when required by law, court order, subpoena, or the
like, to a governmental agency or body. In addition, subject to your 
  

 5 

 compliance with the provisions of this Separation Agreement, the Company will not endorse
public statements that characterize your termination of employment with the Company as an involuntary termination, and will take reasonable efforts so that internal communications to employees of the Company (except those Company employees who have
a business need to know otherwise) characterize your termination of employment as a voluntary resignation and that external communications to the public either do not characterize your termination of employment or do not characterize it as an
involuntary termination. Notwithstanding anything in this paragraph, the Company shall not be limited in its right to maintain accurate information in its personnel records, to provide accurate information to any governmental agency or in any
government or legal proceeding or to provide its benefits vendors with accurate information. 
 12.            Notwithstanding any prior agreement between you and the Company (including, without limitation, any Confidentiality, Non-Competition and Property Rights Agreement),
after the Separation Date, you shall not be prevented from owning, controlling, managing, or working for any business except only that, for the six-month period immediately following the Separation Date (the “Restricted Period”), you will
not, anywhere in the United States or any country in which the Company is now operating, directly or indirectly participate in the ownership, control or management of, or be employed by, Yahoo!, Inc., Google Inc., Microsoft Corporation,
IAC/InterActive Corp., News Corp., Viacom Inc. or Disney, or any of their respective subsidiaries, affiliates or successors (each a “Restricted Entity”); provided that this restriction does not prevent you from (i) working in a
capacity that does not compete with the specific business of the Company in which you were engaged or had material knowledge during the last two years of your employment with the Company, or (ii) owning as a passive investor not more than 1% of
the outstanding stock of any class of a competitor entity that is publicly traded. In the event that you wish to work for a Restricted Entity during the Restricted Period, you may send written notice of that request to the Company, at which time the
Company may elect to waive the application of this Paragraph 12 and to allow you to work for that Restricted Entity during the Restricted Period. 
 13.        You agree that in the event you breach any of your obligations under Paragraphs 4, 7, 8, 9, 10, or 11 above, or any obligation that survives the
termination of the Employment Agreement, and in either case such breach is to the material detriment of the Company, the Company will be entitled to recover the full amount paid under Paragraph 5 above and to obtain all other remedies provided by
law or equity. 
 14.        Following the Separation Date, your right to be indemnified
and held harmless against any claims brought against you for your acts and omissions committed or alleged to be committed while you were serving as an officer, director, employee or agent of the Company will continue to the maximum extent permitted
under the Limited Liability Company Agreement of AOL. In certain circumstances such indemnification may be subject to approval by AOL’s Board of Managers. 
 15.        If any term or clause of this Separation Agreement should ever be determined to be unenforceable, you and the Company agree that this will not affect the
enforceability of any other term or clause of this Separation Agreement. In the event of a conflict between the terms of this Separation Agreement on the one hand, and the terms of the Employment Agreement, any 
  
  

 6 

 Confidentiality, Non-Competition and Proprietary Rights Agreement, or any other agreement
signed by you on the other hand, the terms of this Separation Agreement shall control. 
 16.        You should consider consulting an attorney before executing this Separation Agreement. You have seven (7) days from your Separation Date in which to sign and return the Separation
Agreement, although you may, at your discretion, sign and return the Separation Agreement at any earlier time. The day you return the executed Separation Agreement is the “effective date” of this Separation Agreement. If you have not
returned the executed Separation Agreement within the time permitted, then the Company’s offer will expire by its own terms at such time. 
 17.        Paragraph 17(i) of your Employment Agreement is deleted in its entirety and replaced with the following: This Agreement shall be governed by and
construed and enforced in accordance with the substantive laws of New York applicable to agreements made and to be performed in New York. In addition, Paragraph 16 of the Employment Agreement is amended by (i) replacing the reference to
“Washington, D.C.” as the site of the arbitration with a reference to “New York, New York,” and (ii) replacing the reference to “the courts of Virginia” as having jurisdiction with a reference to “the courts
of the State of New York.” 
 18.        This Separation Agreement may be executed
in one or more counterparts, all of which shall be considered one and the same agreement. 
 To accept the Separation Agreement,
you must sign below and return one entire copy to AOL LLC, Attn: Mark Wainger, One Time Warner Center, New York New York 10019. 
  

	
	 Sincerely,

	
	 Timothy Armstrong

	 AOL LLC

  
  

 7 

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

									
					
	  	 		 		 	  	 	 
	 Nisha Kumar
	 		 	 Date
	 		 	

  
  
  
  

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