Document:

Exhibit 10.7

 Exhibit 10.7 
 EXECUTION COPY 
 EMPLOYMENT AGREEMENT made August 24, 2009 between AOL LLC, a Delaware limited
liability company (the “Company”), and Arthur Minson (“You”). You agree that you shall commence employment with the Company on a full-time basis as of September 8, 2009 (the “Effective Date”). 
 You and the Company desire to set forth the terms and conditions of your employment by the Company and agree as follows: 
 1.    Term of Employment.    Your “term of employment” as this phrase is used throughout this
Agreement shall be for the period beginning on the Effective Date and ending on September 7, 2012 (the “Term Date”), subject, however, to earlier termination as set forth in this Agreement. 
 2.    Employment. 
     2.1      Employment Terms.    During the term of employment, you shall serve as an Executive Vice President of the Company and the Chief Financial Officer of
the Company, and you shall have the authority, functions, duties, powers and responsibilities normally associated with such position and such additional authority, functions, duties, powers and responsibilities as may be assigned to you from time to
time by the Chief Executive Officer of the Company or the Company’s Board of Directors consistent with your senior position with the Company. During the term of employment, (i) your services shall be rendered on a substantially full-time,
exclusive basis and you will apply on a full-time basis all of your skill and experience to the performance of your duties, (ii) you shall have no other employment and, without the prior written consent of the Chief Executive Officer of the
Company, no outside business activities which require the devotion of substantial amounts of your time, (iii) you shall report to the Chief Executive Officer of the Company and (iv) the place for the performance of your services shall be
the principal executive offices of the Company in the New York City metropolitan area, subject to such reasonable travel as may be required in the performance of your duties. The foregoing shall be subject to the Company’s written policies, as
in effect from time to time, regarding vacations, holidays, illness and the like. Notwithstanding the foregoing, nothing herein shall preclude you from (x) serving, with the prior written consent of the Company, as a member of the board of
directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses and 

 
charitable organizations, (y) engaging in charitable activities and community affairs and/or (z) managing your personal investments and affairs;
provided, however, that the activities set out in clauses (x), (y) and (z) shall be limited by you so as not to interfere, individually or in the aggregate, with the performance of your duties and responsibilities hereunder. 
     2.2      Transaction.   “Transaction” means any transaction pursuant to
which (i) the Company becomes a separate publicly traded company from Time Warner Inc. (“Parent”), (ii) all or substantially all the assets of, or membership interests in, the Company are transferred to another entity that is an
affiliate of Parent and then becomes a separate publicly traded company from Parent or (iii) all or substantially all the assets of, or membership interest in, the Company are transferred to another entity that is not an affiliate of Parent
(whether or not publicly traded). “PublicCo” means (a) the Company in the event of a Transaction described in clause (i) of the definition thereof or (b) the transferee in the event of a Transaction described in clause
(ii) or (iii) of the definition thereof. 
 3.   Compensation. 
     3.1       Base Salary.   The Company shall pay you a base salary at the rate of
not less than $750,000 per annum during the term of employment (“Base Salary”). The Company may increase, but not decrease, your Base Salary during the term of employment. Base Salary shall be paid in accordance with the Company’s
customary payroll practices. 
     3.2       Bonus.   In addition to
Base Salary, the Company typically pays its executives an annual cash bonus (“Bonus”). Although your Bonus is fully discretionary, your target annual Bonus as a percentage of Base Salary is 200%, and your maximum annual Bonus as a
percentage of Base Salary is 300%; provided that your Bonus for 2009 will not be less than $1,000,000. Each year, your personal performance will be considered in the context of your executive duties and any individual goals set for you, and your
actual Bonus will be determined. Although as a general matter the Company expects to pay bonuses at the target level in cases of satisfactory individual performance, it does not commit to do so, and your Bonus may be negatively affected by the
exercise of the Company’s discretion or by overall Company performance. Your Bonus amount, if any, 
  
  

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will be paid to you between January 1 and March 15 of the calendar year immediately following the performance year in respect of which such Bonus
is earned. 
     3.3       Long Term Incentive Compensation. 
 3.3.1     Long Term Equity Incentive Awards.    During your term of employment, provided that you remain
employed by PublicCo or one of its affiliates on the applicable grant date, you shall receive annual grants of long-term equity incentive awards with a value, as determined in accordance with Section 3.3.3, equal to $1,500,000 annually, in a
manner determined by PublicCo’s Board of Directors (or any duly authorized committee thereof) in its sole discretion; provided that the value of the first annual long-term equity incentive award shall be comprised of 60% PublicCo stock options
and 40% PublicCo restricted stock units. Notwithstanding the foregoing or any other provisions of this Agreement (other than Section 3.5.2), the value of any long-term equity incentive awards granted pursuant to this Section 3.3.1 and any
Pre-Spin-Off LTI Awards (as defined below) granted pursuant to Section 3.3.2 that you are entitled to receive prior to the Term Date shall equal no less than $4,500,000 in the aggregate; provided, however, that the Company’s Board of
Directors (or any duly authorized committee thereof), in its sole discretion, shall be permitted to make one or more combined grants to you in an earlier year that is intended to cover the annual grants for the then-current year and one or more
later years, in which case, you shall not be entitled to receive another annual award for the year(s) covered by any such combined grant. For this purpose, the value of any Pre-Spin-Off LTI Awards granted pursuant to Section 3.3.2 shall be
deemed to equal the target value of such awards. The annual long-term equity incentive awards granted pursuant to this Section 3.3.1 will vest and become exercisable or settled, as applicable, in accordance with the terms and conditions set
forth in the award agreement evidencing such awards, as determined by PublicCo’s Board of Directors in its sole discretion, provided that such awards shall vest in accordance with the vesting schedule generally applicable to the annual
long-term equity incentive awards granted to other senior executives of the Company. Except as specifically set forth in this Agreement, in the event that you cease to be employed by the Company or any of its affiliates prior to the relevant vesting
date set forth in the award agreement evidencing such long-term equity incentive awards will be immediately forfeited and you will be entitled to no further payment or benefits with respect thereto. For purposes of this Agreement, the term
“affiliate”, when used with respect to any entity, shall mean any other entity which, 
  
  

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directly or indirectly, controls, is controlled by, or is under common control with, such entity. 
 3.3.2    Pre-Spin-Off Long Term Cash Incentive Grant.    In the event that a Transaction described in
clause (i) or (ii) of the definition thereof is not consummated by each March 31 that occurs during the term of your employment hereunder, provided that you remain employed by the Company or one of its affiliates through such date,
not later than each such March 31, you shall receive a long-term cash incentive grant with a target value of $1,500,000, which shall vest in full, subject to the achievement of certain performance goals as determined by the Company’s Board
of Directors, on the second anniversary of the date of grant, provided that you remain continuously employed by the Company or one of its affiliates until that date, except as otherwise specifically set forth in this Agreement. Each long-term cash
incentive grant made pursuant to this Section 3.3.2, shall be referred to as a “Pre-Spin-Off LTI Award”. It is expected that the Pre-Spin-Off LTI Awards will not constitute non-qualified deferred compensation within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 3.3.3    Other.    For purposes of the first annual long-term equity incentive award described in Section 3.3.1 and the Make-Whole RSUs described in Section 3.5.2, the grant date
value of each PublicCo restricted stock unit shall be deemed to equal to the per share closing price of the underlying stock on the applicable grant date, and the grant date value of each PublicCo stock option shall be deemed to equal to one-third
of the per share exercise price of such stock option. The value of all other PublicCo restricted stock units and PublicCo stock options granted pursuant to this Section 3 shall be in conformity with the methodology and calculations as
determined by PublicCo’s Board of Directors (or any duly authorized committee thereof) for other senior executives of the Company. All stock options that are granted pursuant to this Section 3.3 shall be granted at an exercise price that
is equal to the fair market value of the underlying common stock on the applicable grant date. Notwithstanding any provision of this Section 3, PublicCo shall be permitted to grant shares of restricted stock (or other similar awards) in lieu of
restricted stock units and stock appreciation rights (or other similar awards) in lieu of stock options. 
  
  

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     3.4      Sale of the Company Prior to
March 31, 2010.    In the event that a Transaction described in clause (iii) of the definition thereof is consummated prior to the consummation of a Transaction described in clause (i) or (ii) of the
definition thereof and prior to March 31, 2010, provided that you do not become employed by PublicCo or any of its affiliates following such Transaction described in clause (iii) of the definition thereof, you shall receive a lump-sum cash
payment equal to $1,500,000 upon the consummation of such Transaction, which shall be in lieu of any long-term equity incentive awards and any Pre-Spin-Off LTI Awards described in Section 3.3. In the event, however, that you accept employment
with PublicCo or any of its affiliates following a Transaction described in clause (iii) of the definition thereof under circumstances described in the preceding sentence, you shall receive a long-term incentive grant with a target value of
$1,500,000 from PublicCo or one of its affiliates, as applicable, on or about March 31, 2010, in a manner mutually agreed to by you and such entity. 
     3.5      Make-Whole Grant. 
 3.5.1    Make-Whole Payment.    In order to compensate you for all benefits and payments that you forfeited when you ceased employment with your former employer, you shall receive, on or about
the Effective Date, a lump-sum cash payment equal to $675,000 (the “Make-Whole Payment”). Notwithstanding the foregoing, if you voluntarily terminate your employment with the Company, other than due to a material breach by the Company
pursuant to Section 4.2, (a) on or prior to the first anniversary of the Effective Date, you shall repay the Make-Whole Payment to the Company in full within 15 business days following such voluntary termination or (b) after the first
anniversary of the Effective Date but on or prior to the second anniversary of the Effective Date, you shall repay 50% of the Make-Whole Payment to the Company within 15 business days following such voluntary termination. 
 3.5.2    Make-Whole RSUs.    In order to compensate you for any equity that you forfeited when you ceased
employment with your former employer, you shall receive, upon a Transaction described in clause (i) or (ii) of the definition thereof, a grant of PublicCo restricted stock units with a value, as determined in accordance with
Section 3.3.3, equal to $1,000,000 (the “Make-Whole RSUs”), which shall vest 50% on each of the first and second anniversaries of the date of grant; provided, however, that except as otherwise set forth in this Agreement, you must be
employed by PublicCo or one 
  
  

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of its affiliates on the date the Make-Whole RSUs are granted in order to be entitled to such grant. If, following a Transaction described in clause
(i) or (ii) of the definition thereof, the Company experiences a change in control, as defined by the Company’s Board of Directors in a manner consistent with the definition established for other senior executives of the Company,
subject to Section 11.18, the Make-Whole RSUs shall vest in full upon the earliest of (a) the expiration of the one-year period immediately following such change in control, provided that you remain employed by the Company or one of its
affiliates through such date, (b) the original vesting date with respect to each portion of such Make-Whole RSUs and (c) termination of your employment as a result of a termination without cause (other than due to disability or death), and
shares of common stock underlying the Make-Whole RSUs shall be issued to you as soon as practicable but in no event later than 30 days following the date on which the Make-Whole RSUs vest pursuant to this sentence. Furthermore, in the event that a
Transaction described in clause (iii) of the definition thereof is consummated prior to the consummation of a Transaction described in clause (i) or (ii) of the definition thereof, you shall receive a lump-sum cash payment equal to
$1,000,000 upon the consummation of such Transaction, which shall be in lieu of the grant of Make-Whole RSUs. 
     3.6      Indemnification.    You shall be entitled throughout the term of employment (and after the end of the term of employment, to the extent relating to
service during the term of employment) to the benefit of the indemnification provisions contained on the date hereof in the Operating Agreement of the Company (not including any amendments or additions after the Effective Date that limit or narrow,
but including any that add to or broaden, the protection afforded to you by those provisions). 
 4.    Termination. 
     4.1       Termination for
Cause.    The Company may terminate the term of employment and all of the Company’s obligations under this Agreement, other than its obligations set forth below in this Section 4.1, for “cause”.
Termination by the Company for “cause” shall mean termination because of your (a) conviction (treating a nolo contendere plea as a conviction) of a felony (whether or not any right to appeal has been or may be exercised),
(b) willful failure or refusal without proper cause to perform your duties with the Company, including your obligations under this Agreement (other than any such failure resulting from your incapacity due to physical or mental impairment), (c)

  
  

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misappropriation, embezzlement or reckless or willful destruction of Company property, (d) breach of any statutory or common law duty of loyalty to the
Company, (e) intentional and improper conduct materially prejudicial to the business of the Company or any of its affiliates, or (f) breach of any of the covenants provided for in Section 8 hereof. Such termination shall be effected
by written notice thereof delivered by the Company to you and shall be effective as of the date of such notice; provided, however, that if (i) such termination is because of your willful failure or refusal without proper cause to perform any
one or more of your obligations under this Agreement, (ii) such notice is the first such notice of termination for any reason delivered by the Company to you under this Section 4.1, and (iii) within 15 days following the date of such
notice you shall cease your refusal and shall use your best efforts to perform such obligations, the termination shall not be effective. 
     In the event of termination by the Company for cause, without prejudice to any other rights or remedies that the Company may have at law or in equity, the Company shall have no further obligation to you other than
(i) to pay Base Salary through the effective date of the termination of employment (the “Effective Termination Date”), (ii) to pay any Bonus for any year prior to the year in which such termination occurs that has been determined
but not yet paid as of the Effective Termination Date, and (iii) with respect to any rights you have pursuant to any insurance or other benefit plans or arrangements of the Company. You hereby disclaim any right to receive a pro rata portion of
any Bonus with respect to the year in which such termination occurs. 
     4.2    Termination by
You for Material Breach by the Company and Termination by the Company Without Cause.     Unless previously terminated pursuant to any other provision of this Agreement and unless a Disability Period shall be in effect, you
shall have the right, exercisable by written notice to the Company, to terminate the term of employment under this Agreement with an Effective Termination Date 30 days after the giving of such notice, if, at the time of giving such notice, the
Company is in material breach of its obligations under this Agreement; provided, however, that, in the case of clauses (i) and (ii) below, this Agreement shall not so terminate if such notice is the first such notice of termination
delivered by you pursuant to this Section 4.2 and within such 30-day period the Company shall have cured all such material breaches; and provided further, that such notice is provided to the Company within 90 days after the occurrence of such
material breach. A material breach by the Company shall mean (i) the Company’s 
  
  

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violating Section 2 with respect to authority, reporting lines, duties, or place of employment, (ii) the Company’s violating Section 3
with respect to compensation payable to you, (iii) upon the consummation of a Transaction described in clause (ii) of the definition thereof, the failure of the transferee in such Transaction expressly to assume the obligations of the
Company under this Agreement or (iv) the consummation of a Transaction described in clause (iii) of the definition thereof prior to the consummation of a Transaction described in clause (i) or (ii) of the definition thereof.

     The Company shall have the right, exercisable by written notice to you delivered before the date which is 60 days
prior to the Term Date, to terminate your employment under this Agreement without cause, which notice shall specify the Effective Termination Date. If such notice is delivered on or after the date which is 60 days prior to the Term Date, the
provisions of Section 4.3 shall apply. 
 4.2.1    In the event of a termination of employment by the Company
without cause or by you for a material breach by the Company pursuant to this Section 4.2.1 (a “termination without cause”), you shall receive Base Salary and a pro rata portion of your then-current target annual Bonus (which, for the
avoidance of doubt, shall not be less than 200% of your then-current Base Salary) through the Effective Termination Date. In addition, subject to Section 11.18, promptly following the date that the release of claims described in
Section 4.4 becomes effective and irrevocable (but in no event more than 90 days following the Effective Termination Date), you shall receive a lump-sum cash payment equal to two times the sum of your then-current (a) Base Salary and
(b) target annual Bonus (which, for the avoidance of doubt, shall not be less than 200% of your then-current Base Salary). Furthermore, in the event of a termination without cause prior to the consummation of a Transaction described in clause
(i) or (ii) of the definition thereof, subject to Section 11.18, promptly following the date that the release of claims described in Section 4.4 becomes effective and irrevocable (but in no event more than 90 days following the
Effective Termination Date), you shall receive a lump-sum cash payment equal to $1,000,000, which shall be in lieu of the grant of Make-Whole RSUs. Notwithstanding the other provisions of this Section 4.2.1, if you accept full-time employment
with any then-current affiliate of the Company prior to the period ending on the date that is twenty-four months after the Effective Termination Date (the “Severance Term Date”), then prior to commencing employment, you will be required to
repay the Company an amount in cash equal to the value of the lump-sum cash severance payment 
  
  

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that you received pursuant to the second sentence of this of this Section 4.2.1, multiplied by a fraction, (x) the numerator of which is the number
of full months then remaining prior to the Severance Term Date and (y) the denominator of which is 24. 
     4.3      After the Term Date.    If at the Term Date, the term of employment shall not have been previously terminated pursuant to the provisions of this
Agreement, no Disability Period is then in effect and the parties shall not have agreed to an extension or renewal of this Agreement or on the terms of a new employment agreement, then the term of employment shall continue on a month-to-month basis
and you shall continue to be employed by the Company pursuant to the terms of this Agreement, subject to termination by either party hereto on 60 days written notice delivered to the other party (which notice may be delivered by either party at any
time on or after the date which is 60 days prior to the Term Date). If the Company shall terminate the term of employment on or after the Term Date for any reason (other than for cause as defined in Section 4.1, in which case Section 4.1
shall apply), which the Company shall have the right to do so long as no Disability Date (as defined in Section 5) has occurred prior to the delivery by the Company of written notice of termination, then such termination shall be deemed for all
purposes of this Agreement to be a “termination without cause” under Section 4.2 and the provisions of Sections 4.2.1 and 7.2 shall apply. 
     4.4      Release.    A condition precedent to the Company’s obligation to make or continue the payments associated with a
termination without cause shall be your execution and delivery of a release in the form attached hereto as Annex A, as such form may be updated by the Company to reflect changes in applicable law. If you shall fail to execute and deliver such
release, or if you revoke such release as provided therein, then in lieu of the payments provided for herein, you shall receive a severance payment determined in accordance with the Company’s then-current policies relating to notice and
severance reduced by the aggregate amount of severance payments paid pursuant to this Agreement, if any, prior to the date of your refusal to deliver, or revocation of, such release. 
     4.5      Mitigation.    In the event of a termination without cause,
you shall not be required to take actions in order to mitigate your damages hereunder, unless Section 280G of the 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 
  
  

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 otherwise have been entitled. In such an event, Section 4.5.1 shall govern. 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. 
 4.5.1 Limitation on Certain Payments.    Notwithstanding any other
provision of this Agreement: 
 4.5.1.1 In the event the Company (or its successor) determines, based on the advice of an independent
nationally recognized public accounting firm engaged by the Company, that part or all of the consideration, compensation or benefits to be paid to you under this Agreement constitute “parachute payments” under Section 280G(b)(2) of
the Code, then, if the aggregate present value of such parachute payments, singularly or together with the aggregate present value of any consideration, compensation or benefits to be paid to you under any other plan, arrangement or agreement which
constitute “parachute payments” (collectively, the “Parachute Amount”) exceeds 2.99 times your “base amount”, as defined in Section 280G(b)(3) of the Code (the “Base Amount”), the amounts constituting
“parachute payments” which would otherwise be payable to you or for your benefit shall be reduced to the extent necessary so that the Parachute Amount is equal to 2.99 times the Base Amount (the “Reduced Amount”); provided that
such amounts shall not be so reduced if the Company determines, based on the advice of such public accounting firm, that without such reduction you would be entitled to receive and retain, on a net after tax basis (including, without limitation, any
excise taxes payable under Section 4999 of the Code), an amount which is greater than the amount, on a net after tax basis, that you would be entitled to retain upon receipt of the Reduced Amount. 
 4.5.1.2. If the determination made pursuant to Section 4.5.1.1 results in a reduction of the payments that would otherwise be paid to you
except for the application of Section 4.5.1.1, such reduction in payments shall be first applied to reduce any cash severance payments that you would otherwise be entitled to receive hereunder 
  
  

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 and shall thereafter be applied to reduce other payments and benefits in a manner that would not result in subjecting you
to additional taxation under Section 409A of the Code. Within ten days following such determination, the Company shall pay or distribute to you or for your benefit such amounts as are then due to you under this Agreement and shall promptly pay
or distribute to you or for your benefit in the future such amounts as become due to you under this Agreement. 
 4.5.1.3.  As a
result of the uncertainty in the application of Sections 280G and 4999 of the Code at the time of a determination hereunder, it is possible that payments will be made by the Company that should not have been made under Section 4.5.1.1 (an
“Overpayment”). In the event that there is a final determination by the Internal Revenue Service, or a final determination by a court of competent jurisdiction, that an Overpayment has been made, the Company shall have no liability or
obligation to you for any excise taxes, interest or penalty that you are required to pay as a result of such final determination. 
 4.6    Payments.  Except as otherwise specifically set forth in this Agreement, payments of Base Salary and Bonus required to be made to you after any termination shall be made at the same times as such
payments otherwise would have been paid to you pursuant to Sections 3.1 and 3.2 if you had not been terminated, subject to Section 11.18. 
 5.    Disability. 
 5.1   Disability Payments.    If during
the term of employment and prior to the delivery of any notice of termination without cause, you become physically or mentally disabled, whether totally or partially, so that you are prevented from performing your usual duties for a period of six
consecutive months, or for shorter periods aggregating six months in any twelve-month period, the Company shall, nevertheless, continue to pay your full compensation through the last day of the sixth consecutive month of disability or the date on
which the shorter periods of disability shall have equaled a total of six months in any twelve-month period (such last day or date being referred to herein as the “Disability Date”), subject to Section 11.18. If you have not resumed
your usual duties on or prior to the Disability Date, the Company shall pay you a pro rata Bonus (based on your target annual Bonus) for the year in which the Disability Date occurs and thereafter shall 
  
  

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 pay you disability benefits for the period ending on the later of (i) the Term Date or (ii) the date which is
twelve months after the Disability Date (in the case of either (i) or (ii), the “Disability Period”), in an annual amount equal to 75% of (a) your Base Salary at the time you become disabled and (b) your target annual Bonus
at the time you become disabled, in each case, subject to Section 11.18. 
 5.2   Recovery from
Disability.    If during the Disability Period you shall fully recover from your disability, the Company shall have the right (exercisable within 60 days after notice from you of such recovery), but not the obligation, to
restore you to full-time service at full compensation. If the Company elects to restore you to full-time service, then this Agreement shall continue in full force and effect in all respects and the Term Date shall not be extended by virtue of the
occurrence of the Disability Period. If the Company elects not to restore you to full-time service, you shall be entitled to obtain other employment and continue to receive the payments as set forth in, and in accordance with, the last sentence of
Section 5.1, subject, however, to the following: (i) you shall perform advisory services during any balance of the Disability Period; and (ii) you shall comply with the provisions of Sections 8 and 9 during the Disability Period. The
advisory services referred to in clause (i) of the immediately preceding sentence shall consist of rendering advice concerning the business, affairs and management of the Company as requested by the Chief Executive Officer or other senior
officer of the Company but you shall not be required to devote more than five days (up to eight hours per day) each month to such services, which shall be performed at a time and place mutually convenient to both parties. Any income from such other
employment shall not be applied to reduce the Company’s obligations under this Agreement. 
 5.3   Other Disability
Provisions.    The Company shall be entitled to deduct from all payments to be made to you during the Disability Period pursuant to this Section 5 an amount equal to all disability payments received by you during the
Disability Period from Worker’s Compensation, Social Security and disability insurance policies maintained by the Company; provided, however, that for so long as, and to the extent that, proceeds paid to you from such disability insurance
policies are not includible in your income for federal income tax purposes, the Company’s deduction with respect to such payments shall be equal to the product of (i) such payments and (ii) a fraction, the numerator of which is one
and the denominator of which is one less the maximum marginal rate of federal income taxes applicable to individuals at the time of receipt of 
  
  

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 such payments. All payments made under this Section 5 after the Disability Date are intended to be disability
payments, regardless of the manner in which they are computed. Except as otherwise provided in this Section 5, the term of employment shall continue during the Disability Period and you shall be entitled to all of the rights and benefits
provided for in this Agreement, except that Sections 4.2 and 4.3 shall not apply during the Disability Period, and unless the Company has restored you to full-time service at full compensation prior to the end of the Disability Period, the term of
employment shall end and you shall cease to be an employee of the Company at the end of the Disability Period and shall not be entitled to notice and severance or to receive or be paid for any accrued vacation time or unused sabbatical. 

6.    Death.    If you die during the term of employment, this Agreement and all obligations of the
Company to make any payments hereunder shall terminate except that your estate (or a designated beneficiary) shall be entitled to receive Base Salary to the last day of the month in which your death occurs and Bonus compensation (at the time bonuses
are normally paid) based on your target annual Bonus at the time of your death, but prorated according to the number of whole or partial months you were employed by the Company in such calendar year. 
 7.    Other Benefits. 
 7.1    General Availability.    To the extent that (a) you are eligible under the general provisions thereof (including without limitation, any plan provision providing for participation
to be limited to persons who were employees of the Company or certain of its subsidiaries prior to a specific point in time) and (b) the Company maintains such plan or program for the benefit of its executives, during the term of your
employment with the Company, you shall be eligible to participate in any savings plan, or similar plan or program and in any group life insurance, hospitalization, medical, dental, accident, disability or similar plan or program of the Company now
existing or established hereafter. 
 7.2    Benefits After a Termination or Disability. 
 7.2.1    Continued Benefits.    After the Effective Termination Date of a termination of employment
pursuant to Section 4.2 and prior to the Severance 
  
  

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 Term Date or during the Disability Period, 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 other than disability programs and to receive the health and welfare benefits (other than disability programs) required to be provided to you under this Agreement to
the extent such health and welfare benefits are maintained in effect by the Company for its executives. After the Effective Termination Date of a termination of employment pursuant to Section 4 or during a Disability Period, 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 Term Date, your rights to benefits and payments under any health and welfare benefit plans or any insurance or other death benefit plans or arrangements of the Company
shall be determined in accordance with the terms and provisions of such plans. 
 7.2.2    Treatment of Outstanding
Long-Term Incentive Awards. 
 7.2.2.1 PublicCo Equity-Based Awards.  At the Severance Term Date, your rights to
benefits and payments under any stock option, restricted stock, stock appreciation right, bonus unit, management incentive or other long-term incentive 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 such plan or agreement, if your employment is terminated as a result of a
termination pursuant to Section 4.2, subject to Section 4.4, then any stock options to purchase the Company’s common stock that you hold at the time of such termination shall continue to vest through the Severance Term Date, and any
such vested stock options shall remain exercisable thereafter (but not beyond the term of such stock options) for the period set forth in the relevant stock option agreement and the Company’s equity plan. Furthermore, notwithstanding the first
sentence of this Section 7.2.2.1 or any more restrictive provisions of such plan or agreement, if your employment is terminated as a result of a termination pursuant to Section 4.2, subject to Section 11.18, provided that the release
of claims described in Section 4.4 has become irrevocable (but in no event more than 70 days following the Effective Termination Date), you shall receive a number of 
  
  

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 shares of the Company’s common stock equal to the number of restricted stock units (including any Make-Whole RSUs)
that you hold at the time of such termination of employment and that were scheduled to vest on or prior to the Severance Term Date. Except as specifically provided in Section 3.5.2 regarding treatment of the Make-Whole RSUs, any portion of any
restricted stock units that is not settled pursuant to this Section 7.2.2.1 shall be completely forfeited on the Effective Termination Date and you shall have no further rights with respect thereto. All other outstanding equity-based awards
(excluding the annual long-term equity incentive awards granted pursuant to Section 3.3.1 and the Make-Whole RSUs) that you hold at the time your employment is terminated shall be treated as determined by the Company’s Board of Directors
(or any duly authorized committee thereof). 
 7.2.2.2 Pre-Spin-Off LTI Awards.  In the event your employment is
terminated (i) as a result of a termination without cause pursuant to Section 4.2 or (ii) as a result of a termination due to disability or death pursuant to Section 5 or 6, respectively, in each case, subject to
Section 11.18, provided that, except in the event of termination due to disability or death, the release of claims described in Section 4.4 has become effective and irrevocable (but in no event more than 70 days following the Effective
Termination Date), you shall receive a lump-sum cash payment equal to the target value of any Pre-Spin-Off LTI Awards that you hold at the time of such termination of employment. 
 7.3    Payments in Lieu of Other Benefits.    In the event the term of employment and your employment
with the Company is terminated pursuant to any section of this Agreement, you shall not be entitled to notice and severance under the Company’s general employee policies or to be paid for any accrued vacation time or unused sabbatical, the
payments provided for in such sections being in lieu thereof. 
 8.    Protection of Confidential Information;
Non-Compete. 
 8.1    Confidentiality Covenant.    You acknowledge that your employment
by the Company (which, for purposes of this Section 8.1 (other than Section 8.1.3) shall mean the Company, Parent and their respective affiliates) will, throughout the term of employment, bring you into close contact with many confidential
affairs of the Company, including information about costs, profits, markets, sales, products, key 
  
  

 15 

 
personnel, pricing policies, operational methods, technical processes and other business affairs and methods and other information not readily available to
the public, and plans for future development. You further acknowledge that the services to be performed under this Agreement are of a special, unique, unusual, extraordinary and intellectual character. You further acknowledge that the business of
the Company is international in scope, that its products and services are marketed throughout the world, that the Company competes in nearly all of its business activities with other entities that are or could be located in nearly any part of the
world and that the nature of your services, position and expertise are such that you are capable of competing with the Company from nearly any location in the world. In recognition of the foregoing, you covenant and agree: 
 8.1.1  You shall keep secret all confidential matters of the Company and shall not disclose such matters to anyone outside of the Company, or
to anyone inside the Company who does not have a need to know or use such information, and shall not use such information for personal benefit or the benefit of a third party, either during or after the term of employment, except with the
Company’s written consent, provided that (i) you shall have no such obligation to the extent such matters are or become publicly known other than as a result of your breach of your obligations hereunder and (ii) you may, after giving
prior notice to the Company to the extent practicable under the circumstances, disclose such matters to the extent required by applicable laws or governmental regulations or judicial or regulatory process; 
 8.1.2  You shall deliver promptly to the Company on termination of your employment, or at any other time the Company may so request, all
memoranda, notes, records, reports and other documents (and all copies thereof) relating to the Company’s business, which you obtained while employed by, or otherwise serving or acting on behalf of, the Company and which you may then possess or
have under your control; and 
 8.1.3  If the term of employment is terminated pursuant to Section 4, for a period of one
year after the Effective Termination Date, without the prior written consent of the Company, you shall not employ, and shall not cause any entity of which you are an affiliate to employ, any person who was a full-time employee of the Company at the
date of such termination or within six months prior thereto but such 
  
  

 16 

 
prohibition shall not apply to your secretary or executive assistant or to any other employee eligible to receive overtime pay. 
 8.2    Non-Compete.    During the term of employment and for a period of twelve months after (i) the
effective date of your retirement or other voluntary termination of employment or (ii) the Effective Termination Date of a termination of employment pursuant to Section 4, you shall not, directly or indirectly, without the prior written
consent of the Chief Executive Officer of the Company, render any services to, or act in any capacity for, any Competitive Entity, or acquire any interest of any type in any Competitive Entity; provided, however, that the foregoing shall not be
deemed to prohibit you from acquiring, (a) solely as an investment and through market purchases, securities of any Competitive Entity which are registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934 and which are
publicly traded, so long as you are not part of any control group of such Competitive Entity and such securities, including converted securities, do not constitute more than one percent (1%) of the outstanding voting power of that entity and
(b) securities of any Competitive Entity that are not publicly traded, so long as you are not part of any control group of such Competitive Entity and such securities, including converted securities, do not constitute more than three percent
(3%) of the outstanding voting power of that entity. 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, during the Disability
Period, or prior to the Effective Termination Date in the event your employment is terminated pursuant to Section 4, 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 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) after the Disability Period, the Effective Termination Date in the event of a termination of your term of employment pursuant to
Section 4 or the effective date of your retirement or other voluntary termination of employment, any of the following: Google Inc., IAC/InterActiveCorp, Microsoft Corporation and Yahoo! Inc., and their respective subsidiaries and affiliates and
any successor thereto, and any other pure play internet company that, during the twelve months preceding the effective date of your retirement, voluntary termination of employment or Effective Termination Date in the event of a 
  
  

 17 

 
termination of your employment pursuant to Section 4, derived a majority of its revenues from online advertising. 
 9.   Ownership of Work Product.   You acknowledge that during the term of employment, you may conceive of, discover,
invent or create inventions, improvements, new contributions, literary property, material, ideas and discoveries, whether patentable or copyrightable or not (all of the foregoing being collectively referred to herein as “Work Product”),
and that various business opportunities shall be presented to you by reason of your employment by the Company. You acknowledge that all of the foregoing shall be owned by and belong exclusively to the Company and that you shall have no personal
interest therein, provided that they are either related in any manner to the business (commercial or experimental) of the Company, or are, in the case of Work Product, conceived or made on the Company’s time or with the use of the
Company’s facilities or materials, or, in the case of business opportunities, are presented to you for the possible interest or participation of the Company. You shall (i) promptly disclose any such Work Product and business opportunities
to the Company; (ii) assign to the Company, upon request and without additional compensation, the entire rights to such Work Product and business opportunities; (iii) sign all papers necessary to carry out the foregoing; and (iv) give
testimony in support of your inventorship or creation in any appropriate case. You agree that you will not assert any rights to any Work Product or business opportunity as having been made or acquired by you prior to the date of this Agreement
except for Work Product or business opportunities, if any, disclosed to and acknowledged by the Company in writing prior to the date hereof. 
 10.   Notices.   All notices, requests, consents and other communications required or permitted to be given under this Agreement shall be effective only if given in writing and shall be deemed to have
been duly given if delivered personally or sent by a nationally recognized overnight delivery service, or mailed first-class, postage prepaid, by registered or certified mail, as follows (or to such other or additional address as either party shall
designate by notice in writing to the other in accordance herewith): 
  
  
  

 18 

 10.1    If to the Company prior to a Transaction: 
 AOL LLC 
 770 Broadway 
 New York, New York 10003 
 Attention: General Counsel 
 10.2    If to the Company upon and following a Transaction, to the address of the Company’s corporate headquarters and to the attention of the Company’s most senior human resources officer. 
 10.3    If to you, to your residence address set forth on the records of the Company. 
 11.    General. 
 11.1    Governing Law.    This 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. 
 11.2    Captions.    The section headings contained herein
are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. 
 11.3    Entire Agreement.    This Agreement, including Annexes A and B, sets forth the entire agreement and understanding of the parties relating to the subject matter of this Agreement and
supersedes all prior agreements, arrangements and understandings, written or oral, between the parties. 
 11.4    No
Other Representations.    No representation, promise or inducement has been made by either party that is not embodied in this Agreement, and neither party shall be bound by or be liable for any alleged representation, promise
or inducement not so set forth. 
 11.5    Assignabilitv.    This Agreement and your rights
and obligations hereunder may not be assigned by you and except as specifically contemplated in this Agreement, neither you, your legal representative nor any beneficiary designated by 
  
  

 19 

 
you shall have any right, without the prior written consent of the Company, to assign, transfer, pledge, hypothecate, anticipate or commute to any person or
entity any payment due in the future pursuant to any provision of this Agreement, and any attempt to do so shall be void and shall not be recognized by the Company. The Company shall assign its rights together with its obligations hereunder in
connection with any sale, transfer or other disposition of all or substantially all of the Company’s business and assets, whether by merger, purchase of stock or assets or otherwise, as the case may be. Without limiting the foregoing, the
Company shall assign its rights together with its obligations hereunder to PublicCo in connection with any Transaction, and following such Transaction, except as otherwise specifically set forth herein, all references herein to “the
Company” shall be deemed to refer to PublicCo. Upon any such assignment, the Company shall cause any such successor expressly to assume such obligations, and such rights and obligations shall inure to and be binding upon any such successor. For
the avoidance of doubt, upon an assignment to PublicCo in connection with any Transaction, AOL LLC shall have no further rights or obligations under this Agreement. 
 11.6    Amendments; Waivers.    This Agreement may be amended, modified, superseded, cancelled, renewed or extended and the terms or covenants hereof may be waived only
by written instrument executed by both of the parties hereto, or in the case of a waiver, by the party waiving compliance. The failure of either party at any time or times to require performance of any provision hereof shall in no manner affect such
party’s right at a later time to enforce the same. No waiver by either party of the breach of any term or covenant contained in this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver
of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 
 11.7    Specific Remedy.    In addition to such other rights and remedies as the Company may have at equity or in law with respect to any breach of this Agreement, if you commit a material
breach of any of the provisions of Sections 8.1, 8.2, or 9, the Company shall have the right and remedy to have such provisions specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or
threatened breach will cause irreparable injury to the Company. 
 11.8    Third-Party
Beneficiary.    Parent shall be a third-party beneficiary of the provisions of Section 8.1 (other than Section 8.1.3), and Parent shall 
  
  

 20 

 
have the right to enforce the provisions of such section. In addition to such other rights and remedies as Parent may have at equity or in law with respect
to a breach of Section 8.1 (other than Section 8.1.3), if you commit a material breach of the provisions of Section 8.1 (other than Section 8.1.3), Parent shall have the right and remedy to have such provisions specifically
enforced by any court having equity jurisdiction, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to Parent. 
 11.9    Resolution of Disputes.    Except as provided in Sections 11.7 and 11.8, any dispute or controversy arising with respect to this Agreement and your employment
hereunder (whether based on contract or tort or upon any federal, state or local statute, including but not limited to claims asserted under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, as amended, any state
Fair Employment Practices Act and/or the Americans with Disability Act) shall, at the election of either you or the Company, be submitted to JAMS/ENDISPUTE for resolution in arbitration in accordance with the rules and procedures of JAMS/ENDISPUTE.
Either party shall make such election by delivering written notice thereof to the other party at any time (but not later than 45 days after such party receives notice of the commencement of any administrative or regulatory proceeding or the filing
of any lawsuit relating to any such dispute or controversy) and thereupon any such dispute or controversy shall be resolved only in accordance with the provisions of this Section 11.9. Any such proceedings shall take place in New York City
before a single arbitrator (rather than a panel of arbitrators), pursuant to any streamlined or expedited (rather than a comprehensive) arbitration process, before a non-judicial (rather than a judicial) arbitrator, and in accordance with an
arbitration process which, in the judgment of such arbitrator, shall have the effect of reasonably limiting or reducing the cost of such arbitration. The resolution of any such dispute or controversy by the arbitrator appointed in accordance with
the procedures of JAMS/ENDISPUTE shall be final and binding. Judgment upon the award rendered by such arbitrator may be entered in any court having jurisdiction thereof, and the parties consent to the jurisdiction of the New York courts for this
purpose. The prevailing party shall be entitled to recover the costs of arbitration (including reasonable attorney’s fees and the fees of experts) from the losing party. If at the time any dispute or controversy arises with respect to this
Agreement, JAMS/ENDISPUTE is not in business or is no longer providing arbitration services, then the American Arbitration Association shall be substituted for JAMS/ENDISPUTE for the purposes of the foregoing provisions of this Section 11.9. If
you shall be the prevailing party in such arbitration, the Company shall 
  
  

 21 

 
promptly pay, upon your demand, all legal fees, court costs and other costs and expenses incurred by you in any legal action seeking to enforce the award in
any court. 
 11.10    Beneficiaries.    Whenever this Agreement provides for any payment to
your estate, such payment may be made instead to such beneficiary or beneficiaries as you may designate by written notice to the Company. You shall have the right to revoke any such designation and to redesignate a beneficiary or beneficiaries by
written notice to the Company (and to any applicable insurance company) to such effect. 
 11.11    No
Conflict.    You represent and warrant to the Company that this Agreement is legal, valid and binding upon you and the execution of this Agreement and the performance of your obligations hereunder does not and will not
constitute a breach of, conflict with the terms or provisions of or violate, any agreement or understanding to which you are a party (including, without limitation, any other employment agreement). The Company represents and warrants to you that
this Agreement is legal, valid and binding upon the Company and the execution of this Agreement and the performance of the Company’s obligations hereunder does not and will not constitute a breach of, or conflict with the terms or provisions
of, any agreement or understanding to which the Company is a party. 
 11.12    Conflict of
Interest.    Attached as Annex B and made part of this Agreement is the Company Corporate Standards of Business Conduct. You confirm that you have read, understand and will comply with the terms thereof and any reasonable
amendments thereto. In addition, as a condition of your employment under this Agreement, you understand that you may be required periodically to confirm that you have read, understand and will comply with the Standards of Business Conduct as the
same may be revised from time to time. 
 11.13    Withholding Taxes.    Payments made to you
pursuant to this Agreement shall be subject to withholding and social security taxes and other ordinary and customary payroll deductions. 
 11.14    No Offset.    Neither you nor the Company shall have any right to offset any amounts owed by one party hereunder against amounts owed or claimed to be owed to such party, whether
pursuant to this Agreement or otherwise, and you and 
  
  

 22 

 
the Company shall make all the payments provided for in this Agreement in a timely manner. 
 11.15    Severabilitv.    If any provision of this Agreement shall be held invalid, the remainder of this
Agreement shall not be affected thereby; provided, however, that the parties shall negotiate in good faith with respect to equitable modification of the provision or application thereof held to be invalid. To the extent that it may effectively do so
under applicable law, each party hereby waives any provision of law which renders any provision of this Agreement invalid, illegal or unenforceable in any respect. 
 11.16    Survival.    Sections 3.6, 7.3 and 8 through 11 shall survive any termination of the term of employment by the Company for cause pursuant to Section 4.1.
Sections 3.6, 4.4, 4.5, 4.6 and 7 through 11 shall survive any termination of the term of employment pursuant to Section 4.2, 5 or 6. 
 11.17    Definitions.    The following terms are defined in this Agreement in the places indicated: 
 affiliate – Section 3.3.1 
 Base Amount – Section 4.5.1.1 
 Base Salary – Section 3.1 
 Bonus
– Section 3.2 
 cause – Section 4.1 
 Code – Section 3.3.2 
 Company – the first paragraph on page 1 and Sections 8.1 and 11.5

 Competitive Entity – Section 8.2 
 Disability Date – Section 5.1 
 Disability Period – Section 5.1 
 Effective Date – the first paragraph on page 1 
 Effective Termination Date – Section 4.1 
 Make-Whole Payment – Section 3.5.1 
 Make-Whole RSUs – Section 3.5.2 
 Overpayment – Section 4.5.1.3 
 Parachute Amount – Section 4.5.1.1 
 Parent – Section 2.2 
 Pre-Spin-Off LTI
Award – Section 3.3.2 
 PublicCo – Section 2.2 
 Reduced Amount – Section 4.5.1.1 
  
  

 23 

 Severance Term Date – Section 4.2.1 
 Term Date – Section 1 
 term of
employment – Section 1 
 termination without cause – Section 4.2.1 
 Transaction – Section 2.2 
 Work
Product – Section 9 
  
  
  

 
  
  

 24 

 11.18         Compliance with IRC
Section 409A.   This Agreement is intended to comply with Section 409A of the Code and will be interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything herein to the
contrary, (i) you shall not be entitled to any payments or benefits payable hereunder as a result of your termination of employment with the Company that constitute “deferred compensation” under Section 409A of the Code unless
such termination of employment qualifies as a “separation from service” within the meaning of Section 409A of the Code (and any related regulations or other pronouncements thereunder), (ii) if at the time of your termination of
employment with the Company 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 (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 (iii) if any other payments of money or other benefits due to you hereunder 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 Agreement constitute “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 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 11.18; provided that none of the Company, any affiliate thereof or any of their respective employees
or representatives shall have any liability to you with respect thereto. 
  
  
  

 25 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written.

  

			
	AOL LLC
		
	by	 	/s/ Mark Wainger
	Name:	 	Mark Wainger
	Title:	 	Vice President
	
	ARTHUR MINSON
	
	 /s/ Arthur Minson

  
  
  
  

 26 

 ANNEX A 
 RELEASE 
 This Release is made by and among Arthur Minson (“You” or “Your”) and AOL LLC (the
“Company”), 770 Broadway, New York, New York 10003 as of the date set forth below in connection with the Employment Agreement, dated August [•], 2009, and effective on or before September 8, 2009 (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, 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, 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 the Company 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 You 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. 
 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 Your 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 are not waiving or releasing: (i) any claims arising
after the date set forth below; (iii) any claims for enforcement of this Agreement; (iii) any rights or claims You may have to workers 
  
  

 27 

 
compensation or unemployment benefits; (iv) claims for accrued, vested 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
             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 Your consent to the Release for seven days following Your 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: 
  

			
		
	 	 	 
		
	Dated:	 	 

  
  
  

 28 

 ANNEX B 
 AOL LLC CORPORATE 
 STANDARDS OF BUSINESS CONDUCT 
  
  
  
  
  
  

 29Exhibit 10.8

 Exhibit 10.8 
 

 
 January 7, 2008 
 Via Hand Delivery 
 Ira Parker 
 22000 AOL Way

 Dulles, VA 20166 
 Dear Ira: 
 This letter agreement (the “Agreement”) contains the key terms and conditions of your continued employment with AOL LLC (together with its subsidiaries,
affiliates, and assigns, “AOL” or “the Company”). You and the Company agree as follows: 
  

	1.	Term of Employment.    The phrase “Term of Employment,” as used throughout this Agreement, shall mean the period beginning on December 1,
2007 (the “Effective Date”), and ending on November 30, 2010 (the “Term Date”), subject to the provisions for earlier termination and extension set forth in this Agreement. 

  

	2.	Scope of Employment.    Your position with the Company will be General Counsel and Executive Vice President, Business Development, reporting to the Chief
Executive Officer (“CEO”), or his or her successor. You will have the duties and authority normally associated with this position and any additional duties and authority that may be assigned to you by the CEO or his or her successor.

  

	3.	Base Salary.    During the Term of Employment, your base compensation (“Base Salary”) will be no less than $22,916.66 semi-monthly, less
applicable withholdings, which is $550,000.00 on an annual basis. Your Base Salary will be reviewed annually during the Term of Employment and may be increased based on your individual performance or changes in competitive market conditions.

  

	4.	Bonus.    In addition to Base Salary, the Company typically pays its employees an annual cash bonus (“Bonus”) pursuant to its Annual Incentive
Plan (“AIP”). Although any Bonus (and its amount, if a Bonus is paid) is fully discretionary, your target Bonus as a percentage of your annualized Base Salary is 100 percent. Each year, the Company will review its overall performance and
your individual performance, and will determine your Bonus, if any. Although as a general matter the Company expects to pay Bonuses at the target level in cases of satisfactory individual performance, the Company does not commit to paying any Bonus,
and your Bonus may be negatively affected by the exercise of the Company’s discretion or by overall Company performance. Your Bonus amount, if any, will be paid to you between January 1 and March 15 of the calendar year that
immediately follows the year to which the Bonus relates. 

  

	5.	Additional Bonus.    In addition, you will receive a one-time bonus in the amount of $120,000, less any applicable withholdings, to cover commuting
expenses while traveling between Boston, Virginia and New York during the period of April 1, 2008 through 

 22070 Broderick
Drive         Dulles, VA    20166     USA 

 March 31, 2009. This bonus will be paid to you within 2 pay periods following April 1, 2008. If
you resign within 12 months of April 1, 2008, you agree that you will pay back to the Company a pro-rated amount of this bonus, at the rate of $10,000 per month remaining in the 12 month period. 
  

	6.	Stock Options and Restricted Stock Units.    You will be eligible to receive grants of options to purchase shares of Time Warner Inc. (“Time
Warner”) common stock and awards of restricted stock units (“RSU’s”), subject to Board of Director approval and provided that (a) you remain employed by the Company on the date of grant or award and your performance remains
satisfactory and (b) Time Warner continues to maintain stock option and restricted stock plans. Any such grant of stock options or award of RSU’s shall be governed in accordance with the terms and conditions of the plans, agreements and
notices under which they were issued. 

  

	7.	Long-Term Incentive Program.    You may participate in the Company’s long-term incentive program at the sole discretion of the Company and in
accordance with the terms of the program. The Company will consider you among the pool of candidates eligible for the long-term incentive program in 2007 and thereafter; however, nothing in this letter shall be considered a guarantee of your
participation in that program. 

  

	8.	Benefits.    While you are an AOL employee, you will be eligible to participate in any group life insurance, medical, dental, disability or other benefit
plan or program of the Company now existing or established hereafter, provided that (a) you are eligible under the general provisions thereof (including without limitation, any plan provision providing for participation to be limited to persons
who were employees of the Company or certain of its subsidiaries prior to a specific point in time) and (b) the Company maintains such plan or program for the benefit of its employees. At the time you no longer are an employee of the Company,
your rights to benefits and payments under any benefit plans or programs of the Company, or under any stock option, restricted stock, bonus, annual 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 benefits, stock options, restricted stock or other awards were granted. 

  

	9.	Employment Conditions.    While you are an AOL employee, you shall render your services to the Company on a full-time, exclusive basis. The place for
performance of your services will be the offices of the Company in Dulles, Virginia and New York, New York, subject to such travel as may be required in the performance of your duties. During the Term of Employment, you shall comply with the
Company’s Standards of Business Conduct and all other applicable Company policies. 

  

	10.	Confidentiality, Non-Competition and Proprietary Rights.    You agree to continue to abide by your September 25, 2006 Confidentiality,
Non-Competition and Proprietary Rights Agreement (“CNPR Agreement”) with the Company, which is incorporated herein by reference. Any reference in the CNPR Agreement to your “at will” employment status is superseded by this
Agreement. You shall comply with all the terms of the CNPR Agreement. 

  

	11.	Cooperation.    During and after your employment with the Company, you shall assist the Company in connection with any litigation, investigation, or other
legal or regulatory matter involving the Company. You agree that such assistance may include, but is not limited to, meeting with the Company’s legal counsel or other representatives and 

  

 2 

 
voluntarily providing testimony in legal proceedings if so requested by the Company. The Company will reimburse you for reasonable out-of-pocket expenses
incurred in rendering such assistance to the Company (not including attorney’s fees, unless required by federal, state or local law). 
  

	12.	Return of Company Property.    Upon termination of your employment, or at any time the Company so requests, you must return to the Company all the Company
property then in your possession, including, but not limited to, keys, access cards, computers, SecurIDs, pagers, telephones, credit cards and the original and all copies of any written, recorded, or computer readable information about Company
practices, procedures, employees, trade secrets, finances, customer lists or marketing associated with the Company’s business, and any other information deemed proprietary or confidential in accordance with Company policies and/or the CNPR
Agreement. 

  

	13.	Extension.    If, at the Term Date, your employment has not been terminated previously, and you and the Company have not agreed to an extension or renewal
of this Agreement or to the terms of a new employment agreement, then your Term of Employment shall continue on a month-to-month basis, and you shall continue to be employed by the Company pursuant to the terms of this Agreement, subject to
termination by either party hereto on 30 days’ written notice delivered to the other party (which notice may be delivered by either party at any time on or after a date which is 30 days before the Term Date). If the Company elects to give
notice of termination under this paragraph and the basis for such termination is not one of the grounds for termination set forth in paragraphs 14 or 15, then your termination shall be deemed a termination without cause under paragraph 17. If you
elect to give notice of termination under this paragraph, then your termination shall be deemed a resignation under paragraph 16. 

  

	14.	Termination for Cause.    Notwithstanding anything to the contrary herein, the Company reserves the right to terminate your employment and this Agreement
for cause, as this term is defined below, with or without prior notice to you. 

  

	 	a.	For purposes of this Agreement, “cause” means: (i) your conviction of, or nolo contendere or guilty plea to, a felony (whether any right to appeal has been or may be
exercised); (ii) your failure or refusal without proper cause to perform your duties with the Company, including your express obligations under this Agreement, if such failure or refusal remains uncured for 15 days after notice to you;
(iii) fraud, embezzlement, misappropriation, or material destruction of Company property by you; (iv) your breach of any statutory or common law duty of loyalty to the Company; (v) your violation of the CNPR Agreement or the Standards
of Business Conduct; (vi) your improper conduct substantially prejudicial to the Company’s business; or (vii) your failure to cooperate in any internal or external investigation involving the Company. 

  

	 	b.	If the Company terminates your employment and this Agreement for cause, the Company shall have no further obligation to you other than (i) to pay your Base Salary through the
effective date of termination, and (ii) with respect to any rights you may have pursuant to any insurance or other benefit plans of the Company. You will not be entitled to receive any Bonus that remains unpaid for the fiscal year ending prior
to the year of your termination for cause, and you will not be entitled to receive a pro rata portion of any Bonus for the fiscal year in which your termination for cause occurs. 

  

 3 

	15.	Termination for Death or Disability.    Notwithstanding anything to the contrary herein, the Company reserves the right to terminate your employment and
this Agreement because of your death or disability (as the term disability is defined in the long-term disability plan of the Company), and the terms of this paragraph will apply to any such termination. If the Company terminates your employment and
this Agreement because of your death or disability, the Company shall have no further obligation to you or your heirs other than (i) to pay your Base Salary through the effective date of termination, and (ii) with respect to any rights or
benefits you may have pursuant to any insurance, benefit or other applicable plan of the Company. 

  

	16.	Resignation.    You may resign your employment with the Company at any time. If you resign your employment, the Company shall have no further obligation
to you other than (i) to pay your Base Salary through the effective date of termination, and (ii) with respect to any rights you may have pursuant to any insurance or other benefit plans of the Company. You will not be entitled to receive
any Bonus that remains unpaid for the fiscal year prior to the year of your resignation, and you will not be entitled to receive a pro rata portion of any Bonus for the fiscal year in which your resignation occurs. 

  

	17.	Termination Without Cause.    Notwithstanding anything to the contrary herein, the Company reserves the right to terminate your employment and this
Agreement without cause. If the Company terminates your employment and this Agreement without cause, and, solely in exchange for your execution and delivery of a release of claims against the Company in the form attached hereto as Exhibit A, the
following terms shall apply: 

  

	 	a.	The Company will pay you an amount equal to eighteen (18) months of your then current Base Salary, less applicable withholdings, payable in a lump sum. This payment will not be
eligible for deferrals in the Company’s 401(k) plan. 

  

	 	b.	Subject to the terms of paragraph 4, provided the Company pays a Bonus to eligible employees under the Company’s AIP for the fiscal year ending prior to your termination, you
will receive a Bonus payment, payable at the same rate that continuing employees receive their Bonus payment, less tax withholdings; provided however, that such Bonus payment has not already been paid to you at the time of the termination of your
employment. This payment will be paid in a lump sum at the same time that continuing employees receive their AIP payout for that fiscal year, subject to paragraph 17(e) below. This payment will not be eligible for deferrals in the Company’s
401(k) plan. 

  

	 	c.	In addition, you will receive a Bonus payment, pro-rated through the effective date of the termination of your employment, payable at target, less tax withholdings, payable in a
lump sum, subject to paragraph 17(e) below. This payment will not be eligible for deferrals in the Company’s 401(k) plan. 

  

	 	d.	If you elect to enroll in COBRA benefit continuation, the Company will pay the cost of medical, dental and vision benefit coverage under COBRA for twelve (12) months beginning
the first day of the calendar month following the termination of your employment. 

  

	 	e.	The payments made under paragraphs 17(a) and 17(c) will be paid within thirty (30) days of the effective date of the termination of your employment or the

  

 4 

 effective date of the signed release of claims, whichever is later, but no later than March 15 of
the calendar year following the year of the termination of your employment. Payment made under paragraph 17(b) will be paid no later than March 15 of the calendar year of the termination of your employment. 
  

	 	f.	You agree not to affirmatively encourage or assist any person or entity in litigation against the Company or its 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 said process. 

  

	 	g.	You agree not to make any disparaging or untruthful remarks or statements about the Company or its products, services, officers, directors, or employees. Nothing in this Agreement
prevents you from making truthful statements when required by law, court order, subpoena, or the like, to a governmental agency or body. 

  

	 	h.	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);

  

	 	i.	You agree that if you breach any of your obligations, to the material detriment of the Company, under Paragraphs 10, 11, 12 or 17(f), 17(g) of this Agreement, the CNPR Agreement, or
the release of claims referenced above, the Company will be entitled to recover the full payments made to you under paragraphs 17(a), 17(b) and 17(c), and to obtain all other remedies provided by law or equity. 

  

	18.	Arbitration.    Except as provided in paragraph 19(e), any dispute or controversy arising under or relating to this Agreement and your employment
hereunder (whether based on contract or tort or upon any federal, state or local statute) shall, at the election of either you or the Company, be submitted to JAMS for resolution in arbitration in accordance with the rules and procedures of JAMS for
employment-related disputes. Either party shall make such election by delivering written notice thereof to the other party at any time (but not later than 30 days after such party receives notice of the commencement of any administrative or
regulatory proceeding or the filing of any lawsuit relating to any such dispute or controversy), and thereupon any such dispute or controversy shall be resolved only in accordance with the provisions of this Paragraph 18. Any such arbitration
proceedings shall take place in Washington D.C. before a single arbitrator (rather than a panel of arbitrators), pursuant to any streamlined or expedited (rather than a comprehensive) arbitration process and in accordance with an arbitration process
which, in the judgment of such arbitrator, shall have the effect of reasonably limiting or reducing the cost of such arbitration. The resolution of any such dispute or controversy by the arbitrator appointed in accordance with the procedures of JAMS
shall be final and binding. Judgment upon the award rendered by such arbitrator may be entered in any court having jurisdiction thereof, and the parties consent to the jurisdiction of the courts of Virginia for this purpose. If at the time any
dispute or controversy arises with respect to this Agreement JAMS is no longer providing arbitration services, then the American Arbitration Association shall be substituted for JAMS for purposes of this paragraph 18. 

  

 5 

	19.	Miscellaneous. 

  

	 	a.	Captions.    The section headings of the paragraphs and subparagraphs contained herein are for reference purposes only and shall not in any way affect the
meaning or interpretation of this Agreement. 

  

	 	b.	Entire Agreement.    This Agreement, including Exhibit A, sets forth the entire agreement and understanding between you and the Company relating to the
terms and conditions of your employment and supersedes all prior agreements, arrangements and understandings, written or oral, between you and the Company concerning your employment status, including your offer letter from the Company dated
September 25, 2006. 

  

	 	c.	Assignability.    This Agreement and your rights and obligations hereunder may not be assigned, transferred or delegated by you to any person or entity.
The Company shall assign its rights together with its obligations hereunder in connection with any sale, transfer or other disposition of all or substantially all of the Company’s business and assets, whether by merger, purchase of stock or
assets or otherwise. 

  

	 	d.	Amendments and Waivers.    This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms or covenants hereof may be
waived, only by a written instrument executed by you and AOL’s Chief Executive Officer or the senior Human Resources executive or, in the case of a waiver, by the party waiving compliance. The failure of either party at any time to require
performance of any provision hereof shall in no manner affect such party’s right at a later time to enforce the same. No waiver by either party of the breach of any term or covenant contained in this Agreement, in any one or more instances,
shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 

  

	 	e.	Specific Remedy.    In addition to such other rights and remedies as the Company may have at equity or in law with respect to any breach of this
Agreement, if you commit a material breach of any of the provisions of this Agreement or the CNPR Agreement, the Company shall have the right and remedy to have such provisions specifically enforced by any court having competent jurisdiction, it
being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company. 

  

	 	f.	Taxes.    Payments made to you under this Agreement shall be subject to withholding and social security taxes and other ordinary and customary payroll
deductions. 

  

	 	g.	Severability.    If any provision of this Agreement is held to be invalid, the remainder of this Agreement shall not be affected thereby.

  

	 	h.	Survival.    Paragraphs 10-12, and 14-19 shall survive termination of this Agreement. 

  

 6 

	 	i.	Governing Law.    This Agreement shall be governed by and construed and enforced in accordance with the substantive laws of the Commonwealth of Virginia
applicable to agreements made and to be performed entirely in Virginia. 

  

	20.	Compliance with IRC Section 409A.    This 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 to the contrary, (i) if at the time of your termination of employment with the Company 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 (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 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 Agreement constitute “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 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; provided that neither the Company nor any of its employees or representatives shall have any liability to you with respect thereto.

 Please sign and date one copy of this letter and return it to me. An extra copy is enclosed for your files. 
  

	
	Sincerely
	
	/s/ Randy Falco
	Randy Falco

 Agreed and Accepted: 
  

											
				
	/s/ Ira Parker	 		 	Date: 2/7/08	 	
	Ira Parker	 		 		 		 	

  

 7 

					
	EXHIBIT A	  	Release and Waiver	  	

 In exchange and consideration for the Company’s promises to me in my employment agreement dated
January 7, 2008, I 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 my employment with the Company and my separation from employment or otherwise, whether known or unknown by me, which I ever had or now have upon or by reason of any matter, cause or thing, up to an including the day I sign this Release
and Waiver. The claims I am waiving include, but are not limited to, all claims arising out of or related to any stock options held by me or granted to me by the Company; all claims for unreimbursed business-related expenses (except in California);
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 (“ADEA”); all claims under the Older Workers Benefit Protection Act (“OWBPA”); all claims under the National Labor Relations Act; all claims under the Family and Medical Leave Act, to the
extent permitted by applicable 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; and all claims under other analogous foreign, federal, state,
and local laws, regulation, statutes and ordinances; 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 foreign, federal, state or local,
whether statutory, regulatory or common law, and whether tort, contract or otherwise, to the fullest extent permitted by law, through the date I sign this Release and Waiver. This release of claims does not affect any pending claim for workers’
compensation benefits, unemployment benefits, or other non-waivable administrative claims, my vested rights, if any, in the Company’s 401(k) plan, or my rights to exercise any and all Company stock options held by me that are exercisable as of
the date of the termination of my employment 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, or your right
to enforce the terms of this Agreement. 
 Pursuant to the OWBPA, I acknowledge and warrant the following: (i) that I am waiving rights and claims for
age discrimination under the ADEA and OWBPA, in exchange for the consideration described above, which is not otherwise due to me; (ii) I have consulted with an attorney before signing this Release and Waiver; (iii) I am not waiving rights
or claims for age discrimination that may arise after the effective date of this Release and Waiver; (iv) I have been given a period of at least twenty-one (21) days in which to consider this Release and Waiver and the waiver of any claims
I have or may have under law, including my rights under the ADEA and OWBPA, before signing below; and (v) I understand that I may revoke the waiver of my age discrimination claims under the ADEA and OWBPA within seven (7) days after my
execution of this Release and Waiver, and that such waiver shall not become effective or enforceable until seven (7) days after the date on which I execute this Release and Waiver. Any such revocation must be made in writing and delivered by
certified mail to both the Chairman & Chief Executive Officer and the General Counsel of AOL LLC, at the following address: AOL LLC, 22000 AOL Way, Dulles, VA 20166. If I do not revoke my waiver of my age discrimination claims under the
ADEA and OWBPA according to the terms herein within seven (7) days, the eighth day following my execution will be the “effective date” of this Release and Waiver. 
 By signing below, I acknowledge that I have carefully reviewed and considered this Release and Waiver; that I fully understand all of its terms; and that I voluntarily agree to them. 
  

			
		
	  	 	 
	Ira Parker	 	

 Date:
                                 
  

 8

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