Document:

Exhibit 10.7

 Exhibit 10.7 
 EXECUTION COPY 
 EMPLOYEE MATTERS ASSIGNMENT
AND ASSUMPTION AGREEMENT (“Agreement”), dated as of December 3, 2009 (the “Employee Asset Distribution Date”), by and among TIME WARNER INC., a Delaware corporation (“TWX”), AOL INC., a
Delaware corporation (“AOL”), and AOL LLC, a Delaware limited liability company (“AOL LLC”). 
 RECITALS 
 WHEREAS, TWX and AOL are parties to a Separation and Distribution Agreement, dated as of
November 16, 2009 (the “Separation and Distribution Agreement”), and TWX, AOL and AOL LLC are parties to an Employee Matters Agreement, dated as of November 16, 2009 (the “Employee Matters Agreement”);

 WHEREAS, pursuant to the Separation and Distribution Agreement, TWX and AOL agreed to cause the Internal Transactions,
including the Asset Distribution, to be completed; 
 WHEREAS, pursuant to the Employee Matters Agreement, TWX, AOL and AOL LLC
agreed to allocate certain Assets and Liabilities relating to employee and employee-benefits matters; 
 WHEREAS, in order to
complete the Asset Distribution, the parties desire to enter into this Agreement; and 
 WHEREAS, terms used but not defined
herein have the meanings assigned thereto in the Employee Matters Agreement. 
 NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are acknowledged by this Agreement, the parties agree as follows: 
 1.
Assignment. Subject to the terms of the Employee Matters Agreement, effective as of 12:01 a.m. eastern standard time on the Employee Asset Distribution Date (the “AOL Employee Transfer Time”), AOL LLC hereby transfers,
assigns, conveys and delivers to AOL, and AOL hereby accepts from AOL LLC, all of AOL LLC’s right, title and interest in the AOL Assets relating to employee or employee-benefits matters. 
 2. Assumption. Subject to the terms of the Employee Matters Agreement, effective as of the AOL Employee Transfer Time, AOL hereby
assumes and agrees faithfully to pay, perform, discharge and fulfill when due, all of the AOL LLC Employee Liabilities, other than those Liabilities retained by TWX or AOL LLC pursuant to the Employee Matters Agreement. 
 3. Release. Except as provided in the Employee Matters Agreement, effective as of the Distribution, AOL does hereby, for itself and
each other member of the AOL Group, remise, release and forever discharge TWX, AOL LLC and the other members of the TWX Group, from any and all AOL LLC Employee Liabilities other than those Liabilities retained by TWX or AOL LLC pursuant to the
Employee Matters Agreement. 

 4. Further Assurances. Each party hereto agrees to take such further actions as may
be reasonably necessary to effect the transactions contemplated by this Agreement, including any actions after the AOL Employee Transfer Time required in accordance with the terms of the Employee Matters Agreement. 
 5. Other Agreements. The parties agree that, in the event of a conflict between the terms of this Agreement and the Separation and
Distribution Agreement, the Employee Matters Agreement or any other Ancillary Agreement, the terms of the Separation and Distribution Agreement, Employee Matters Agreement or other Ancillary Agreement, as applicable, shall govern. 
 6. Governing Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New
York, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. Each party irrevocably consents to the exclusive jurisdiction, forum and venue of the Commercial Division of the Supreme Court of the
State of New York, New York County and the United States District Court for the Southern District of New York over any and all claims, disputes, controversies or disagreements between the parties or any of their respective subsidiaries, affiliates,
successors and assigns under or related to this Agreement or any of the transactions contemplated hereby. 
 7. Binding
Effect. This Agreement shall be binding upon each of the parties and their respective successors and assigns. 
 8.
Counterparts. This Agreement may be executed in one or more counterparts, all of which counterparts shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each party hereto
and delivered to the other parties. 
 9. Severability. If any provision of this Agreement or the application thereof to
any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than
those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to any party. Upon any such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable and equitable provision to effect the original intent of the parties.

 10. Headings. The section headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement. 

 11. Amendments. No provisions of this Agreement shall be deemed waived, amended,
supplemented or modified by any party hereto, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of each party. Any waiver of any term or condition shall not be construed as a waiver
of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition of this Agreement. The failure of any party to assert any of its rights hereunder shall not constitute a waiver of any such
rights. 

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

					
	TIME WARNER INC.,
			
	by	 		 	
		
		 	/s/ John K. Martin, Jr.
		 	Name:	 	John K. Martin, Jr.
		 	Title:	 	 Executive Vice President and
 Chief Financial Officer

  

					
	AOL INC.,
			
	by	 		 	
		
		 	/s/ Ira H. Parker
		 	Name:	 	Ira H. Parker
		 	Title:	 	 Executive Vice President,
 Corporate Secretary and
 General Counsel

  

					
	AOL LLC,
			
	by	 		 	
		
		 	/s/ Ira H. Parker
		 	Name:	 	Ira H. Parker
		 	Title:	 	 Executive Vice President,
 Corporate Secretary and
 General CounselExhibit 10.15

 Exhibit 10.15 
 Execution Copy 
 SECOND AMENDMENT TO SEARCH SERVICES
AGREEMENT 
 This Second Amendment to Search Services Agreement (“Second Amendment”) is entered into by and
between AOL Inc. (successor-in-interest to AOL LLC), a Delaware corporation, with its principal place of business at 770 Broadway, New York, NY 10003 (“AOL”), and Time Inc. (“TI”), a Delaware corporation with
offices at 1271 Avenue of the Americas, New York, New York 10020, effective as of December 17, 2009 (the “Second Amendment Effective Date”). 
 INTRODUCTION 
 The Parties hereto wish to amend the Search Services
Agreement entered into by and between the AOL and TI on August 23, 2007, as amended by the First Amendment dated as of March 10, 2009 (collectively, the “Existing Agreement”). Together, the Existing Agreement and this
Second Amendment shall be referred to collectively as the “Agreement”. Capitalized terms not defined in this Second Amendment shall have the meanings set forth in the Existing Agreement. 
 AGREEMENT 
 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby amend the Existing Agreement as follows: 
  

	1.	Term. Section 6.1 (titled, “Term”) of the Existing Agreement is hereby deleted in its entirety and replaced with the following:

 “This Agreement will commence on the Effective Date and shall expire at 11:59 p.m. (EST) on
January 31, 2010, unless terminated earlier as provided for in this Agreement (the “Term”). TI may terminate this Agreement upon no less than three (3) days prior written notice to AOL if Google is prepared to provide
search services directly to TI.” 
  

	2.	Order of Precedence; Entire Agreement. Except as expressly modified by this Second Amendment, all terms and conditions, and provisions of the Existing
Agreement shall continue in full force and effect. In the event of conflict between the terms and conditions of the Existing Agreement and the terms and conditions of this Second Amendment, the terms and conditions of this Second Amendment will
control. The Existing Agreement, together with any exhibits, and schedules attached thereto and referenced therein, all as modified by this Second Amendment, constitutes the entire and exclusive agreement between the Parties with respect to the
subject matter thereof. 

  

	3.	Counterparts; Facsimile. This Second Amendment may be executed in counterparts, each of which shall be deemed an original and all of which together shall
constitute one and the same document. This Second Amendment may be executed by signatures transmitted by facsimile. 

 IN WITNESS WHEREOF, the Parties have caused this Second Amendment to Search Services Agreement to be signed by their duly authorized representatives and delivered as of the dates set forth below. 
  

									
	AOL INC.	 		 	TIME INC.
					
	By:	 	 /s/ Steven Quan
	 		 	By:	 	 /s/ Andy Blau

					
	Name:	 	Steven Quan	 		 	Name:	 	 Andy Blau`

					
	Title:	 	VP, Business Development	 		 	Title:	 	  

					
	Date:	 	 12/17/09
	 		 	Date:	 	 12/17/09

  

					
	Confidential	 	1Exhibit 10.17

 Exhibit 10.17 
 EXECUTION COPY 
 AMENDMENT TO 
 MEMORANDUM OF UNDERSTANDING 
 This Amendment (this “Amendment”),
dated as of December 8, 2009 (“Amendment Effective Date”), is entered into by and between AOL Inc., a Delaware corporation, with its principal offices at 770 Broadway, New York, New York 10003 (“AOL”), and
Telepictures Productions Inc., a Delaware corporation, with its principal offices at 4000 Warner Blvd., Burbank, CA 91522 (“TP”; and together with AOL, the “Parties” and each a “Party”) to amend
that certain Memorandum of Understanding, effective as of July 25, 2005, between AOL (as assignee of AOL LLC (f/k/a America Online, Inc.)) and TP, as such Memorandum of Understanding may have been amended from time to time (as so amended, the
“MOU”). 
  

	1.	Binding MOU; Term. Except as amended herein effective as of the date first written above, AOL and TP agree that the MOU shall remain in full force and effect, and
shall be binding and enforceable against each Party, in accordance with the terms thereof. Notwithstanding any other provision in the MOU or this Amendment, the MOU, as amended by this Amendment, shall become effective as of the Amendment Effective
Date and terminate on the date that is the earlier of December 31, 2010 or twelve (12) months after the on the date AOL is no longer wholly owned by Time Warner Inc. (“Spin Date”), or such earlier date as the Parties may mutually
agree in writing. 

  

	2.	Amendments. AOL and TP hereby agree to amend the MOU as follows, effective as of the Spin Date: 

  

	 	a.	Section 2.1 of Exhibit A to the MOU is hereby amended by deleting it in its entirety and substituting the following: 

  

	 	“2.1	Brand Website: the website located at www.tmz.com.” 

  

	 	b.	Section 2.3 of Exhibit A to the MOU is hereby amended by deleting all references to AOL’s assistance in obtaining approvals. 

  

	 	c.	Section 2.4 of Exhibit A to the MOU is hereby amended by deleting it in its entirety and substituting the following: 

  

	 	“2.4	Services Provided by AOL. 

  

	 	•	 	 Hosting and Streaming: 

  

	 	–	 	 AOL shall be responsible for procuring and maintaining the production equipment for the Brand Website and procuring and maintaining the transmission of the Brand
Website information to the Internet (collectively, “Hosting and Streaming”). Beginning on the Spin Date, instead of the foregoing, AOL shall provide Hosting and Streaming to the Brand Website in accordance with the terms of the
Master Services Agreement

	 	 
between AOL and Time Warner Inc., dated November 16, 2009 (the “Hosting Agreement”). 

  

	 	–	 	 Hosting and Streaming provided by AOL will be maintained at the same level and quality as the Hosting and Streaming services provided by AOL to the Branded
Website as of the Spin Date. 

  

	 	–	 	 TP will pay AOL for the Hosting and Streaming provided by AOL to the Branded Website, the JV, TP or any of their affiliates at the rates which are set forth in
the Hosting Agreement (“Hosting and Steaming Fees”). 

  

	 	•	 	 Reports: AOL shall provide the JV with monthly reports on promotions provided and access to reporting systems consistent with AOL’s normal business
practices and that are made available to the JV as of the Amendment Effective Date.” 

  

	 	d.	Article 7 of Exhibit A to the MOU is hereby amended by adding the following as a new Section 7.6 after Section 7.5: 

  

	 	“7.6	Financial and Other Matters Commencing on January 1, 2010 or the date AOL is no longer owned by Time Warner Inc., whichever is earlier (“Spin Date”).

  

	 	(i)	Prior to the Spin Date. Sections 7.1-7.5 above shall be effective until expiration on the day before the Spin Date. 

  

	 	(ii)	Commencing on the Spin Date. Commencing on the Spin Date: 

  

	 	(a)	Except for Hosting and Streaming provided by AOL pursuant to Section 2.4 of this Exhibit A and the distribution and promotion obligations of AOL set forth in Annex
A, none of AOL nor any of its affiliates shall have any obligations with respect to the TMZ Parties (as defined below) hereunder, including without limitation, any obligations to make any contributions, reimbursements or other payments to the
Brand, the Brand Website, Additional Brand Services (including the TMZ television show and TMZ wireless services), the Service, the JV, TP, and/or any of their affiliates (collectively, the “TMZ Parties”) under this MOU.

  

	 	(b)	 Except for the AOL Ad Revenue Share (as defined below), the Hosting and Streaming Fees and the promotion obligations of the TMZ Parties set forth

  

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in Annex A, none of the TMZ Parties shall have any obligation to make any contributions, reimbursements or other payments to AOL or any of its affiliates, and none of AOL nor any of its
affiliates shall have the right to receive, share, or participate in any revenues of the TMZ Parties, in each case under this MOU. 

  

	 	(c)	From the Spin Date through the end of the Term, AOL shall receive fifteen percent (15%) of Gross Advertising Revenues for all Gross Advertising Revenues up to and including
ten million dollars ($10,000,000) and twenty percent (20%) of all Gross Advertising Revenues in excess of ten million dollars, with a guaranteed minimum revenue share of one million five hundred thousand dollars ($1,500,000) to AOL. As used
herein, “Gross Advertising Revenues” means gross advertising (including but not limited to display, video, text, and search advertising) revenues actually received from advertisements placed on the Brand Website and the TMZ Mobile Site
(collectively, the “AOL Ad Revenue Share”). The AOL Ad Revenue Share shall be paid quarterly.” 

  

	 	e.	Article 8 of Exhibit A to the MOU is hereby amended by deleting it in its entirety and substituting the following: 

  

	 	“8.	Promotion and Distribution of the Brand Website. 

  

	 	•	 	 AOL and the Brand Website shall perform their respective promotion and distribution obligations set forth on Annex A attached hereto.

  

	 	•	 	 Notwithstanding anything herein to the contrary, AOL reserves the right to redesign or modify the organization, structure, “look and feel,” navigation
and other elements of the AOL Network at any time. In the event such modifications materially and adversely affect any particular AOL Promotions, AOL, after a good faith consultation and working with TP, will provide alternative promotional assets
of equivalent value, on the AOL.com primary, “entry” or “landing” page, with reasonably equivalent placement (e.g. above the fold in a position that AOL has reasonably demonstrated to be in a equivalent position as the previous
placements). AOL shall in good faith avoid exercising its rights hereunder in a manner intended to decrease the value of the AOL Promotions.” 

  

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	 	f.	Article 9 of Exhibit A to the MOU is hereby amended by deleting it in its entirety and substituting the following: 

  

	 	“9.	Advertising Sales and Sponsorships for the Brand Website. 

  

	 	 •	TP will solely handle the selling of all advertising and sponsorships for the Brand Website, and fulfilling and serving all sold advertising and sponsorships.”

  

	 	g.	The first bullet point under Section 11.1 of Exhibit A to the MOU is hereby amended by deleting it in its entirety and substituting the following:

  

	 	“•	All AOL Provided Technology will be owned by AOL.” 

  

	 	h.	The first bullet point under Section 11.2 of Exhibit A to the MOU is hereby amended by deleting it in its entirety and substituting the following:

  

	 	“•	All TP Provided Content will be owned by TP.” 

  

	 	i.	Section 11.3 of Exhibit A to the MOU is hereby amended by adding the following to the end of the bullet: 

  

	 	“11.3	JV Property. 

  

	 	 •	“JV Property” shall also include the Brand, the name “TMZ”, the domain name www.tmz.com, the Brand Website, Additional Brand Services (including
the TMZ television show and TMZ wireless services), the Service, JV Produced Content, and Third Party Content and Third Party Technology acquired by, or licensed to, the TMZ Parties in connection with the Service, but excluding the TP Provided
Content and the AOL Provided Technology. 

  

	 	 •	Notwithstanding anything to the contrary in this MOU, the Parties will mutually agree on a list of all JV Developed Technology and all JV Developed Technology will be jointly
owned by the Parties, with no duty by either Party to account to the other Party for use or profits. Nothing created after the Spin Date shall be deemed JV Developed Technology for the purposes of this agreement. 

  

	 	 •	Any and all JV Property will be owned solely by TP. AOL shall have no ownership interests in, or rights in or to, the JV Property.” 

  

	 	j.	Articles 1, 3, 4, 5, 6, 7.1-7.5, 10, 12, 13, 14, 15, and 17, and Sections 5.2, 11.4 and 11.5 of Exhibit A to the MOU and Schedules 1-5 of the MOU are hereby amended
by deleting each in its entirety and substituting the following: 

  

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 “[Intentionally Omitted]”. 
  

	 	k.	The following new Section 13 shall be added to Exhibit A of the MOU: 

  

	 	“13.	Other Rights. 

  

	 	13.1	Transfer to Non-TW Affiliate. In the event of a transfer or assignment by TP of any of its interest in the Service (or any portion thereof) or of any TMZ Party which owns
the Service (or any portion thereof) (a “Transfer”) to an entity that does not control, is not controlled by or is not under common control with TP, Warner Brothers or Time Warner Inc. (“Third Party”) during the Term, TP shall
provide AOL sixty (60) days prior written notice thereof and AOL shall have a right to terminate this Agreement upon ten (10) days prior written notice. 

  

	 	13.2	Right of First Negotiation. In the event of TP wishes to make a Transfer to a Third Party during the Term and within one years thereafter, TP shall notify AOL thereof
(“TP Notice”). Upon written request by AOL given within five (5) days after the TP Notice, the Parties shall negotiate in good faith for a period of thirty (30) days (“Negotiating Period”) regarding a Transfer to AOL.
During the Negotiating Period, TP shall not enter into any agreement with a Third Party or enter into binding discussions with a Third Party regarding a Transfer to such Third Party. 

  

	 	13.3	Remedies. In the event of a breach, the parties will work together in good faith to resolve the dispute. If a resolution cannot be reached the matter shall be submitted to
the CEOs of AOL and Warner Brothers for resolution. 

  

	3.	Traffic Roll-Up. Through and including February 28, 2010,(a) the traffic for Popeater will continue to roll-up to the Brand Website as it does as of
October 25, 2009 and AOL will continue to provide promotions reasonably necessary to continue such arrangement (the “PopEater Roll-up Obligation”), and (b) the traffic for the Brand Website will continue to roll-up to AOL
as it does as of October 25, 2009 and TP will continue to provide promotions reasonably necessary to continue such arrangement. In consideration of AOL’s performance of the Popeater Roll-up Obligation from October, 2008 through
February 28, 2010, TP shall pay AOL six hundred thousand dollars ($600,000), payable on March 15, 2010. TP shall also reimburse AOL for any fee charged by ComScore to effectuate the foregoing arrangements. TP acknowledges that timing of
such arrangements is not completely in AOL’s control and is subject to ComScore’s approval and implementation. 

  

	4.	Miscellaneous. 

 4.1 Governing
Law. The MOU and this Amendment shall be interpreted and construed in accordance with the laws of the State of New York, without regard to the principles of conflicts of laws, and with the same force and effect as if fully executed and performed
therein. 
  

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 4.2 Entire Agreement. The MOU, as amended by this Amendment, represents the entire agreement of
the Parties with respect to the subject matter hereof and supersedes all prior and/or contemporaneous agreements and understandings, written or oral between the Parties with respect to the subject matter hereof. 
 4.3 Press Releases and Public Statements. No Party will issue any press releases or make public statements relating to the MOU, this Amendment,
or the relationship between the Parties without the other Party’s review of and written consent to such press release or public statement. 
 [Remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, this Amendment has been duly executed by the Parties hereto effective as of the date first
set above. 
  

									
	TELEPICTURES PRODUCTIONS INC.	 		 	AOL LLC
					
	By:	 	 /s/ David Decker
	 		 	By:	 	 /s/ Bill Wilson

					
	Name:	 	 David Decker
	 		 	Name:	 	 Bill Wilson

					
	Title:	 	 EVP Business & Legal Affairs
	 		 	Title:	 	 President, AOL Media

					
	Date:	 	 12/8/09
	 		 	Date:	 	 12.08.09

  

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 ANNEX A 
 Brand Website/AOL Promotion and Distribution Arrangement 
  

	1.	AOL Obligations 

  

	 	a.	Promotion and Distribution. AOL shall provide the Brand Website with eight (8) Dynamic Leads (DL) promotion spots per month, reasonably evenly distributed over the
month (averaging approximately 2 per week) on the AOL “Welcome” screen/page, with 6 DLs per month in position DL2 or better, and 2 DL per month in position DL4 or better. The DL promotion touts a story from the Brand Website. An AOL
DL manager shall coordinate with the Brand Website editorial team to select the story that will be promoted in the DL. TP shall ensure that the landing page linked to on the Brand Website from an AOL promotion provided hereunder, for the duration of
such promotion, does not promote or market the following direct competitors of AOL: Google, Yahoo! or MSN (and any other Microsoft web properties). In addition, TP shall in good faith avoid doing anything intended to send a disproportionate amount
of traffic to any other direct AOL competitor relative to traffic driven to AOL from these landing pages. In the event AOL believes TP is in violation of the foregoing sentence, AOL shall provide TP with written notice thereof and TP shall have the
opportunity to cure by removing or decreasing such promotion or links within the following seven (7) days. Search tools (including bars, branding, sponsored links, etc.) shall not be considered direct competition to AOL and will be excluded
from the above restrictions. 

  

	 	b.	Editorial Coverage. AOL shall provide the Brand Website with the following links: 

 1. for the extraordinary story (e.g., Michael Jackson’s death, Mel Gibson’s tirade) where the Brand Website is the “breaking news”
source and is the actual source for the Popeater story (if any), three (3) links to the Brand Website from such Popeater story. 
 For example, the Michael Jackson death story was one where the Brand Website broke the story/was the originator of the content. AOL put 3 links to the Brand Website within the Popeater story because the Brand Website was the original
breaking news source of the content and AOL used it as the actual source for the Popeater story. 
 2. With respect to stories that are
not originating from the Brand Website editorial team, but are covered by the Brand Website and for which the Brand Website has additional exclusive assets like exclusive photos, video or legal documents, AOL shall provide one (1) link to the
Brand Website story from Popeater stories where AOL incorporates such Brand Website exclusive asset. 
  

	 	c.	 In order to allow AOL to provide the promotions set forth in 1.a. above, TP, for itself and the TMZ Parties, hereby grants AOL a worldwide, non-

  

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exclusive license to display the Licensed Content (or any portion thereof) on the AOL Network (as formerly defined in the MOU). TP will indemnify and defend AOL from and against all third party
claims, actions, costs and/or damages arising from or relating to the Licensed Content and AOL use of the Licensed Content in accordance with this MOU. As used herein, “Licensed Content” shall mean any Content on the Brand Website that is
displayed on the AOL Network at the request of TP and furnished by TP solely for the DL placements, but shall exclude any claims arising out of or related to AOL content that accompanies such Licensed Content (i.e. AOL inserted headline or caption),
or AOL changes/modifications to Licensed Content that have not been required of TP. 

  

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