Document:

Exhibit 10.20

 Exhibit 10.20 
 

 
  
  
 2009 Global Bonus Plan (GBP) Document* 
 *US Employees 
 Jackie Gillispie, Total Rewards Specialist – Total Rewards (AOL Human Resources) 
  
  
 Summary 
 This is the
official plan document for the 2009 Global Bonus Plan for US Employees. 

			
	AOL Human Resources / Total Rewards	  	A-GL-HR-123 | GPB – US Employees

  

 Objective 
 The
success of AOL is dependent on the caliber of its employees. The AOL LLC Global Bonus Plan (“GBP”) is a critical tool in rewarding outstanding Company performance, individual performance and behaviors that contribute to the achievement of
corporate objectives. 
 AOL’s GBP provides participating employees the opportunity to be eligible to receive cash incentives, when, in AOL’s
discretion, such incentives are warranted, based on individual performance and the financial and operational performance of AOL LLC. 
 The guidelines
provided in this document are applicable to all bonus eligible employees, globally, with the exception of those on a sales or commission plan. As necessary due to local country laws or regulations certain eligibility requirements, processes or
calculations may be modified. For guidance on the application of the GBP program within your particular country contact local HR representatives. 
 The GBP shall supersede AOL’s Annual Incentive Plan in its entirety. 
 Eligibility 
 AOL employees levels J through B are eligible to participate in the GBP, subject to the terms of the plan and the following conditions: 
  

	 	•	 	 US based employees must be scheduled to work a minimum of 25 hours or more per week to be eligible to participate. 

  

	 	•	 	 Employees eligible to participate in any other AOL incentive plan (i.e., sales, commission, etc.) are not eligible to participate in the GBP. 

 

	 	•	 	 New employees who are hired throughout the year will be eligible to participate in the GBP beginning on their first day of employment or transfer into an eligible
position. 

  

	 	•	 	 Individuals, including but not limited to, interns, MBA interns, contractors, bloggers and temporary workers are not considered employees of the Company and are not
eligible to participate in AOL’s GBP plan. This list is not intended to be all inclusive and may be updated without prior notice. 

 

 
  

			
	© 2009 AOL LLC, All rights reserved. Proprietary & Confidential	  	Page 2 of 6

			
	AOL Human Resources / Total Rewards	  	A-GL-HR-123 | GPB – US Employees

  

 Target Incentive 
  

	 	•	 	 GBP target incentive, for employees in levels J* - B is reflected and communicated as a percentage of an employee’s annual base pay. The annual target incentive will
be paid out over two separate and distinct bonus periods. 

  

	 	•	 	 Bonus Period 1 will run between January 1, 2009 - June 30, 2009 and Bonus Period 2 will run from July 1, 2009 – December 31, 2009.

  

	 	•	 	 Bonus Period 1 will account for fifty percent (50%) of the target annual bonus percentage and Bonus Period 2 will account for the remaining fifty percent (50%).

  

	 	•	 	 Actual payouts, if granted, will be calculated based on the participating employee’s actual base pay** as of the final day of the respective Bonus Period in
accordance with the administrative guidelines of GBP. 

  

	 	•	 	 An employee promoted to a new job level during any Bonus Period, in the event of a Plan payout, will receive a prorated payment based on the number of days during the
Bonus Period that they were employed at each respective job level. 

 The following table displays bonus targets by job level as a
percentage of annual base pay. 
  

									
	  
 AOL Bonus Plan Targets
  

	Level	 	Typical Compensation Title	 	      Annual        
      Percent of        
      Base
Pay        	 	Percent of
    Base Pay –    
Period 1	 	Percent of
    Base Pay –    
Period 2
	 B
	 	 CFO, General Counsel
  
	 	    75%    	 	37.5%    	 	37.5%    
	 C
	 	 Executive Vice President
  
	 	    56%    	 	  28%    	 	  28%    
	 D
	 	 Senior Vice President
  
	 	    38%    	 	  19%    	 	  19%    
	 E
	 	 Vice President
  
	 	    26%    	 	  13%    	 	  13%    
	 F
	 	 Director
  
	 	    19%    	 	  9.5%    	 	  9.5%    
	 G
	 	 Principal and Senior Manager
  
	 	    11%    	 	  5.5%    	 	  5.5%    
	 H
	 	 Senior Individual Contributors and First Line
 Managers
  
	 	      8%    	 	    4%    	 	    4%    
	 I
	 	 Entry Level Professional
  
	 	      6%    	 	    3%    	 	    3%    
	 J
	 	 Individual Contributors
  
	 	      4%**  	 	    2%    	 	    2%    

 * US based level J employees will be eligible for an annual bonus of 4% of their actual base pay plus their
average overtime and shift differential compensation during the respective bonus period. 
 ** Definition of Base Pay may vary based on local
country standards. Any country specific requirements regarding the components used to determine base pay eligible for GBP will be subject to leadership review. 
  

			
	© 2009 AOL LLC, All rights reserved. Proprietary & Confidential	  	Page 3 of 6

			
	AOL Human Resources / Total Rewards	  	A-GL-HR-123 | GPB – US Employees

  

 Performance Measures 
 The amount of any GBP target bonus payouts, for any individual employee is in the sole, final and absolute discretion of AOL which will consider the following factors: 
  

	 	•	 	 For Bonus Period 1, payout will be determined by an individual’s performance being at least satisfactory as determined by the employee’s manager. *

  

	 	•	 	 For Bonus Period 2, payout will be determined by AOL LLC financial and operational performance along with a distribution based on individual performance. *

 * Employees who are currently on a Performance Improvement Plan at the end of the Bonus Period will not be
deemed to be eligible for a bonus payment. 
 Funding 
 GBP Bonus Period 1
funding is based on target payouts for eligible employees who have satisfactory performance. 
 GBP Bonus Period 2 funding is based on AOL’s OIBDA
and Free Cash Flow achievement level for 2009. OIBDA and Free Cash Flow goals are determined at the beginning of each plan year by senior management. 
   The following table shows Bonus Period 2 funding levels at various levels of AOL’s achievement. Metrics are weighted 70% OIBDA and 30% Free Cash Flow. Actual funding and any payout will be interpolated from the levels
below, at the discretion of AOL’s senior management. 

									
	  
 Global Bonus Plan Period 2 Funding Scale

	 	 		 	 
	 OIBDA
  Achievement 
	  	% of
    Targeted    
Funding	  	 	  	 Free Cash
 Flow
    Achievement    
	  	 % of
     Targeted    
Funding

	 <$980M
	  	 At CEO
 discretion
	  		  	<$775M	  	 At CEO
 discretion

	 $980M
	  	50%	  		  	$775M	  	50%
	 $1,080M
	  	100%	  		  	$925M	  	100%
	 $1,280M
	  	150%	  		  	$1,025M	  	150%
	 >$1,280M
	  	 At CEO
 discretion
	  		  	>$1,025M	  	 At CEO
 discretion

	 	  	 	  		  	 	  	 

 The threshold funding level for GBP funding for Bonus Period 2 is set at $980M for OIBDA metric and $775M
Free Cash Flow metric. Funding for performance below $980M and above $1,280M in OIBDA and below $775M and above $1,025M in Free Cash Flow is determined by the Chairman and Chief Executive Officer of AOL. AOL, in its discretion, may elect not to make
any payout if management determines either that business results do not warrant a payout or the OIBDA and Free Cash Flow achievement threshold is not met. 
 Final GBP funding and payout is at the discretion of the Chairman and Chief Executive Officer of AOL and must also be approved by Time Warner, in their sole and absolute discretion. 
  

			
	© 2009 AOL LLC, All rights reserved. Proprietary & Confidential	  	Page 4 of 6

			
	AOL Human Resources / Total Rewards	  	A-GL-HR-123 | GPB – US Employees

  

 Administrative Guidelines 
 1.  AOL’s GBP is effective from January 1, 2009 through December 31, 2009 and has two distinct Bonus Periods, Bonus Period 1 and Bonus Period 2. 
 2.  Any payout for Bonus Period 1 will be paid no later than July 17, 2009. Any payout for Bonus Period 2 will be paid no later than March 15, 2010. 
 3.  Participants must be actively employed by AOL or another Time Warner Division and not be on a Performance Improvement Plan at the time of payout in
order to be eligible to receive a payout, unless otherwise required by law. 
 4.  Employees promoted or transferred into
a GBP eligible position are eligible to participate in the GBP effective as of the 1st day they were
employed in a GBP eligible position in accordance with the guidelines set forth in the GBP. The GBP payment will be prorated on a daily basis based on the tenure in the eligible position during the applicable Bonus Period. 
 5.  Employees transferring from a GBP eligible position to a non-eligible position, or TWX Divisions or AOL businesses not participating in GBP, will be eligible to
receive a GBP payout, in accordance with the guidelines set forth in the GBP, prorated on a daily basis for the portion of the applicable Bonus Period in which they were employed in a GBP eligible position, provided that AOL pays a bonus to other
eligible GBP participants for that bonus period and/or plan year. 
 6.  GBP payouts for participants that are promoted from one GBP level to
another during any Bonus Period will be eligible to receive a GBP payout in accordance with the guidelines set forth in the GPB, prorated on a daily basis based on the length of time in each position during the applicable Bonus Period, provided that
AOL pays a bonus to other eligible GBP participants for that bonus period and/or plan year. 
 7.  Participants on an approved leave of
absence are eligible for a GBP payout for the time period during the applicable Bonus Period that they were scheduled to work 25 or more hours/week. Participants are eligible for payment only upon a return to work. If a Participant does not return
from a leave of absence, the individual will not receive a bonus payment. 
 8.  GBP allocation will not exceed 200% of target. 

9.  In the event of employee’s death during any applicable Bonus Period, the employee’s beneficiaries will receive a prorated GBP payout
based on the number of days the participant spent in a GBP eligible position during the applicable Bonus Period. 
 10.  There is no
guaranteed GBP payout. 
 Participation in the AOL Global Bonus Plan does not constitute a contract of employment, a guarantee of continued employment,
or a contractual agreement for payout. All elements of the GBP plan are at the discretion of AOL and, as applicable, subject to approval by Time Warner. This document is for informational purposes only. The GBP should not be considered to be a part
of the employee’s annual compensation. AOL reserves the right to modify, revoke, suspend, terminate, or disregard all GPB practices, policies or procedures, in whole or in part, published or unpublished, at any time, with or without notice,
unless prohibited by law. 
 Management reserves the right to exercise discretion in calculating the GBP payout, and setting or adjusting any values or
factors used in the calculation of the GBP payout. 
  

			
	© 2009 AOL LLC, All rights reserved. Proprietary & Confidential	  	Page 5 of 6

			
	AOL Human Resources / Total Rewards	  	A-GL-HR-123 | GPB – US Employees

  

 In the event of any inconsistency or conflict between the provisions of any communications and the terms of the
GPB document, the terms outlined in the plan document shall prevail. 
 Participants shall not have the right to assign, pledge, or otherwise transfer
any payments to which they may be entitled under the GPB unless otherwise stated herein. 
 AOL reserves the right to deduct any moneys owed to AOL by
a participant from any payout under the GBP prior to distribution, unless local or regional laws require otherwise. 
  
  
 

 
  

			
	© 2009 AOL LLC, All rights reserved. Proprietary & Confidential	  	Page 6 of 6Exhibit 10.21

 Exhibit 10.21 
 AOL LLC 
 AIP 
 Annual
Incentive Plan 
 2008 
  
  
  
  
  

 AOL LLC 
 DO NOT DISTRIBUTE 
 Privileged and Confidential 
 - 1 - 

 Objective 
 The success
of AOL is to a great extent dependent on the caliber of its employees. The Annual Incentive Plan (“AIP”) is a critical tool in the retention of key talent. It is designed to reward outstanding performance and desired behaviors that
contribute to the achievement of corporate objectives. 
 At the discretion of senior management, AIP provides participating employees the opportunity
to receive cash incentives based on the financial and operational performance of AOL as well as their own individual performance. 
 The guidelines
provided in this document are applicable to all AIP eligible employees regardless of location. As necessary due to local country laws or regulations certain processes or calculations may be modified. For guidance on the application of the AIP
program within your particular country contact local HR representatives. 
 Eligibility 
 AOL employees levels B through J are eligible to participate in the plan, subject to the terms of the plan and the following conditions. 
  

	 	•	 	 US based Employees must be scheduled to work a minimum of 25 hours or more per week to be eligible to participate. 

  

	 	•	 	 Employees eligible to participate in any other AOL incentive plan (i.e.sales, call center, etc.) are not eligible to participate. 

  

	 	•	 	 New employees who are hired during the 4th quarter of the plan year (October 1st – December 31st or “Q4”) become eligible to participate in AIP beginning January 1st of the following plan year. These employees will not be eligible to participate in AIP or receive prorated AIP payout for the
plan year in which they were hired or transferred. 

  

	 	•	 	 Individuals, including but not limited to, interns, MBA interns, contractors, temporary workers are not considered employees of the Company and are not eligible to
participate in AOL’s AIP plan. This list is not intended to be all inclusive and may be updated without prior notice. 

  
  
  

 AOL LLC 
 DO NOT DISTRIBUTE 
 Privileged and Confidential 
 - 2 - 

 Target Incentive 
  

	¡	 	 AIP target incentive, for employees in levels B – J* is reflected and communicated as a percentage of an employee’s annual base pay.

  

	¡	 	 Actual annual incentive payouts, if granted, will be calculated based on the participating employee’s actual base pay for the plan year in accordance with the
administrative guidelines of AIP. 

 The following table displays target incentive by job classification as a percentage of annual
base pay. 
  

							
	Annual Incentive Plan Targets
	        Level        	 	Typical Compensation Title	 	Percent of    
Base Pay    	 	 Percent of
 Base Pay –
AOL Europe
Employees
 Only

	 B

	 	Executive Vice President	 	100%  	 	100%
	 C

	 	Executive Vice President	 	75%	 	 75%
	 D

	 	Senior Vice President	 	50%	 	 50%
	 E

	 	Vice President	 	35%	 	 35%
	 F

	 	Director	 	25%	 	 25%
	 G

	 	Principal and Senior Manager	 	15%	 	 20%
	 H

	 	 Senior Individual Contributors and First Line
 Managers
	 	10%	 	 10%
	 I

	 	Entry Level Professional	 	7.5%	 	  5%
	 J

	 	Individual Contributors	 	5%**	 	  5%

 * Definition of Base Pay may vary based on local country standards. Any country specific requirements
regarding the components used to determine base pay eligible for AIP will be subject to leadership review. 
 ** US based level J employees
will be eligible for a bonus determined as 5% of their actual base pay plus their overtime and shift differential compensation during the plan year. 
  
  

 AOL LLC 
 DO NOT DISTRIBUTE 
 Privileged and Confidential 
 - 3 - 

 Performance Measures & Weighting 
 Any AIP target incentive payouts are calculated based on the following factors: 
  

	¡	 	 AOL LLC financial and operational performance; 

  

	¡	 	 Individual performance as measured by the employee’s overall rating in his or her annual performance review; and 

  

	¡	 	 Achievement of diversity goals (for US based Level D employees and above only). 

 The following table displays the weighting of each factor, as applicable, by job level. 
 AIP Weighting 

 

							
	    Level    	 	Typical Compensation Title	  	    Company    
Goal	 	Individual Performance
    (Diversity Goal - SVP+ Only)    
	 B
	 	Executive Vice President	  	70%	 	30%
	 C
	 	Executive Vice President	  	70%	 	30%
	 D
	 	Sr. Vice President	  	70%	 	30%
	 E
	 	Vice President	  	60%	 	40%
	 F
	 	Director	  	60%	 	40%
	 G
	 	Principal and Senior Manager	  	50%	 	50%
	 H
	 	 Senior Level Individual Contributors and First Line
 Managers
	  	50%	 	50%
	 I
	 	Entry Level Professional	  	50%	 	50%
	 J
	 	Individual Contributor	  	50%	 	50%

  
  
  
  

 AOL LLC 
 DO NOT DISTRIBUTE 
 Privileged and Confidential 
 - 4 - 

 Funding 
 AOL LLC total
AIP funding is based on AOL’s OIBDA and Free Cash Flow achievement level. OIBDA and Free Cash Flow goals are determined at the beginning of each plan year by senior management. 
 The following table shows AIP funding levels at various levels of AOL’s achievement. Metrics are weighted 70% OIBDA and 30% Free Cash Flow. Actual funding will be interpolated from the levels below,
at the discretion of AOL’s senior management. 
  

									
	  
 Annual Incentive Plan Funding Scale

	 	 		 	 
	 OIBDA
     Achievement    
	  	 % of
     Targeted    
 Funding

	  	 	  	 Free Cash
 Flow
    Achievement    
	  	 % of
     Targeted    
 Funding

	 = >$1,70M
	  	Threshold	  		  	= >$1,050M	  	Threshold
	 $1,70M
	  	62.5%	  		  	$1,050M	  	62.5%
	 $1,80M
	  	100%	  		  	$1,150M	  	100%
	 $1,90M
	  	125%	  		  	$1,250M	  	125%
	 $2,00M
	  	150%	  		  	$1,350M	  	150%
	 	  	 	  		  	 	  	 

 Both the OIBDA and Free Cash Flow metrics must meet the minimum threshold associated with a targeted funding
level in order to have any payment at that targeted funding level. There is no guarantee of payout if the threshold is not met. The threshold funding level for AIP is set at $1,70M for OIBDA metric and $1,05M for Free Cash Flow metric. Funding for
performance above $2,00M in OIBDA and $1,350M in Free Cash Flows is determined by the Chairman and Chief Executive Officer of AOL. 
 Final AIP funding
is at the discretion of the Chairman and Chief Executive Officer of AOL and must also be approved by Time Warner. 
  
  
  

 AOL LLC 
 DO NOT DISTRIBUTE 
 Privileged and Confidential 
 - 5 - 

 Administrative Guidelines 
 1.   AIP is an annual plan based on Company and individual performance from January 1st through December 31st of each plan year. 
 2.   Any payouts will be distributed no later than March 15 following the end of the plan year. 
 3.   Participants must be actively employed by AOL or another Time Warner division at the time of payout in order to be eligible to receive a
payout, unless otherwise required by law. 
 4.   Employees promoted or transferred into an AIP eligible position are eligible to
participate in the AIP Plan effective as of the 1st day they were employed in an AIP eligible position.
The AIP payment will be prorated monthly based on the tenure in the eligible position during the plan year. 
 5.   Employees
transferring from an AIP eligible position to TW Divisions or AOL businesses not participating in AIP, will be eligible to receive a AIP payout, prorated on a monthly basis for the portion of the plan year in which they were employed in an AIP
eligible position, provided that AOL pays a bonus to other eligible AIP participants for that plan year. 
 6.   AIP payouts for
participants that are promoted or transferred from one AIP level to another during the plan will be eligible to receive an AIP payout, prorated on a monthly basis based on the length of time in each position during the year. Participants that are
promoted or transferred during Q4 of the plan year will not be eligible to receive an AIP payout based on the higher AIP percentage until January 1st of the next plan year. 
 7.
  Employees transferring to or from another AOL company, or Time Warner division, are eligible for AIP payout prorated on a monthly basis based on the amount of time they were an AOL employee in an eligible position subject to the
guidelines set forth in this plan. Payouts will be funded based on plan funding and performance at AOL. 
 8.   Employees transferring
to or from a sales or other incentive/bonus eligible position are eligible for a prorated AIP payout for the time they were in an AIP eligible job, in accordance with the guidelines set forth in this plan, unless they enter the AIP eligible job in
Q4. 
 9.   Participants on an approved leave of absence are eligible for a prorated AIP payout for the time period during the plan
year that they were scheduled to work 25 or more hours/week.  
 10.   AIP allocation may not exceed 200% of target.

 11.   In the event of employee death during the plan year the employee’s beneficiaries will receive a prorated AIP payout
based on the number of full months the participant spent in an AIP eligible position during the current plan year. 
 12.   There is
no guaranteed AIP payout. 
  

 AOL LLC 
 DO NOT DISTRIBUTE 
 Privileged and Confidential 
 - 6 - 

 Participation in the Annual Incentive Plan does not constitute a contract of employment or a contractual agreement
for payout. All elements of the AIP plan are at the discretion of AOL and, as applicable, subject to approval by Time Warner. This document is for informational purposes only. The AIP should not be considered to be a part of the employee’s
annual compensation. AOL reserves the right to modify, revoke, suspend, terminate, or disregard all plan practices, policies or procedures, in whole or in part, published or unpublished, at any time, with or without notice. 
 Management reserves the right to exercise discretion in calculating the AIP payout, and setting or adjusting any values or factors used in the calculation of the
AIP payout. 
 In the event of any inconsistency or conflict between the provisions of any communications and the terms of the plan document, the terms
outlined in the plan document shall prevail. 
 Participants shall not have the right to assign, pledge, or otherwise transfer any payments to which
they may be entitled under the plan. 
 AOL reserves the right to deduct any moneys owed to AOL by a participant from the payout prior to distribution,
unless regional laws require otherwise. 
  
  
  
  
  

 AOL LLC 
 DO NOT DISTRIBUTE 
 Privileged and Confidential 
 - 7 -

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