Document:

EX-10.28

 Exhibit 10.28 

AOL INC. 
 LONG-TERM
INCENTIVE PLAN 
 FOR THE EMPLOYEES OF THE HUFFINGTONPOST MEDIA GROUP 

As Amended and Restated, effective March 7, 2011 

ARTICLE 1 
 BACKGROUND
AND PURPOSE OF THE PLAN 
 1.1        Background. On February 6,
2011, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Headline Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of the Company, the HuffingtonPost, and,
solely in its capacity as the Securityholders’ Agent, Shareholder Representative Services, LLC, pursuant to which Headline Acquisition Corp. was to merge with and into the HuffingtonPost, with the HuffingtonPost surviving as a wholly-owned
subsidiary of the Company (the “Merger”). The Merger was consummated on March 4, 2011 (the “Effective Date”). In connection with the Merger, the Company assumed this Long-Term
Incentive Plan (the “Plan”) and in accordance with the terms of the Merger Agreement, certain Options that were outstanding under the Plan immediately prior to the Effective Date. The Plan permits the grant of
Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, and other equity-based awards to Service Providers. 

1.2         Purpose. The purposes of the Plan are (a) to provide incentives to Service
Providers who are selected to receive Awards under the Plan; and (b) to promote the success of the business of the HuffingtonPost. 

1.3         Eligibility. Service Providers who are determined by the Committee to be
significantly responsible for the success and future growth and profitability of the HuffingtonPost. Incentive Stock Options may be granted only to Employees. 

1.4         Definitions. Capitalized terms used in the Plan and not otherwise defined herein
shall have the meanings assigned to such terms in the attached Appendix or in the applicable Award Agreement. 
 ARTICLE 2 

SHARE LIMITS 
 2.1
Shares Subject to the Plan. 
 (a)         Share Reserve. Subject to
adjustment under Section 2.2 of the Plan, and notwithstanding anything contained in this Section 2 to the contrary, no more than 4,938,606 Shares shall be reserved for issuance pursuant to Awards made under the Plan, and the maximum number
of Shares with respect to which Options may be granted during a calendar year to any Participant shall be 3,758,000 Shares. 
 (b)
        Lapsed Awards. If an Award: (i) expires; (ii) is terminated, surrendered, or canceled without having been exercised in full; or (iii) is otherwise forfeited in whole or
in part, including as a result of Shares constituting or subject to an Award being repurchased by the Company pursuant to a contractual repurchase right, then the unissued Shares that were subject to such Award and/or such surrendered, canceled, or
forfeited Shares (as the case may be) shall become available for future grant or sale under the Plan (unless the Plan has terminated), subject however, in the case of Incentive Stock Options, to any limitations under the Code. 

 2.2 Adjustments. 

(a) In the event that there is any dividend or distribution payable in Shares, or any stock split, reverse stock split, combination or
reclassification of Shares, or any other similar change in the number of outstanding Shares, then the maximum aggregate number of Shares available for Awards under Section 2.1 of the Plan and any other limitation under this Plan on the maximum
number of Shares issuable to an individual or in the aggregate shall be proportionately adjusted (and rounded down to a whole number) by the Committee as it deems equitable in its discretion to prevent dilution or enlargement of the rights of the
Participants. The Committee’s determination with respect to any such adjustments shall be conclusive. 
 (b) In the event that there is
any extraordinary dividend or other distribution in respect of the Shares, recapitalization, reclassification, merger, reorganization, consolidation, combination, sale of assets, split-up, exchange, or spin-off, then the Committee shall make
provision for a cash payment or for the substitution or exchange of any or all outstanding Awards, based upon the distribution or consideration payable to holders of the Shares in respect of such event or as the Committee otherwise deems
appropriate. 
 (c) In the event of any change in the outstanding Shares (including, without limitation, the value thereof) due to any of
the foregoing reasons described in paragraphs (a) and (b) above after the Effective Date, then Section 10 of the Company’s 2010 Stock Incentive Plan shall apply instead. 

ARTICLE 3 

ADMINISTRATION OF THE PLAN 

3.1 Administrator. The Plan shall be administered by the Committee. 

3.2 Powers of the Committee. Subject to the provisions of the Plan, Applicable Law, and the specific duties delegated by
the Board to the Committee, the Committee shall have the authority in its discretion: (a) to determine the Fair Market Value; (b) to select the Service Providers to whom Awards may be granted hereunder and the types of Awards to be granted
to each; (c) to determine the number of Shares to be covered by each Award granted hereunder; (d) to determine whether, to what extent, and under what circumstances an Award may be settled in cash, Shares, other securities, other Awards,
or other property; (e) to approve forms of Award Agreements; (f) to determine, in a manner consistent with the terms of the Plan, the terms and conditions of any Award granted hereunder, based on such factors as the Committee, in its sole
discretion, shall determine; (g) to construe and interpret the terms of the Plan and Award Agreements; (h) to correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award Agreement in the manner and to
the extent it shall deem desirable to carry out the purposes of the Plan; (i) to prescribe, amend, and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established pursuant to
Section 12.1 of the Plan; (j) to authorize withholding arrangements pursuant to Section 10.7(b) of the Plan; (k) to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award
previously granted by the Committee; and (l) to make all other determinations and take all other action described in the Plan or as the Committee otherwise deems necessary or advisable for administering the Plan and effectuating its purposes.

 3.3 Compliance with Applicable Law. The Committee shall administer, construe, interpret, and exercise discretion
under the Plan and each Award Agreement in a manner that is consistent and in compliance with a reasonable, good faith interpretation of all Applicable Laws. 

  
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 3.4 Effect of Committee’s Decision and Committee’s Liability. The
Committee’s decisions, determinations and interpretations shall be final and binding on all Participants and any other holders of Awards. Neither the Committee nor any of its members shall be liable for any act, omission, interpretation,
construction, or determination made in good faith in connection with the Plan or any Award Agreement. 
 3.5 Delegation to
Executive Officers. To the extent permitted by Applicable Law, the Committee may delegate to one or more Executive Officers the powers: (a) to designate Service Providers who are not Executive Officers as eligible to participate in
the Plan; and (b) to determine the amount and type of Awards that may be granted to Service Providers who are not Executive Officers. 

3.6 Awards may be Granted Separately or Together. In the Committee’s discretion, Awards may be granted alone, in
addition to, or in tandem with any other Award or any award granted under another plan of the Company or an Affiliate. Awards granted in addition to or in tandem with other awards may be granted either at the same time or at different times. 

ARTICLE 4 
 VESTING
AND PERFORMANCE OBJECTIVES 
 4.1 General. The vesting schedule or Period of Restriction for any Award shall be
specified in the Award Agreement. The criteria for vesting and for removing restrictions on any Award may include (i) performance of substantial services for the HuffingtonPost for a specified period; (ii) achievement of one or more
Performance Objectives; or (iii) a combination of (i) and (ii), as determined by the Committee. 
 4.2 Period of Absence
from Providing Substantial Services. To the extent that vesting or removal of restrictions is contingent on performance or substantial services for a specified period, a leave of absence shall not count toward the required period of
service unless the Award Agreement provides otherwise. 
 4.3 Performance Objectives. 

(a) Possible Performance Objectives. Any Performance Objective shall relate to the Service Provider’s performance for the
HuffingtonPost (or an Affiliate) or the HuffingtonPost’s (or Affiliate’s) business activities or organizational goals, and shall be sufficiently specific that a third party having knowledge of the relevant facts could determine whether the
Performance Objective is achieved. The Performance Objectives with respect to any Award may be one or more of the following General Financial and/or Operational Objectives, as established by the Committee in its sole discretion: 

(i) General Financial Objectives: 
  

	 	•	 	Increasing the HuffingtonPost’s net sales; 

  

	 	•	 	Achieving a target level of earnings (including gross earnings; earnings before certain deductions, such as interest, taxes, depreciation, or amortization; or earnings per Share); 

 

	 	•	 	Achieving a target level of income (including net income or income before consideration of certain factors, such as overhead) or a target level of gross profits for the HuffingtonPost, an Affiliate, or a business unit;

  

	 	•	 	Achieving a target return on the HuffingtonPost’s (or an Affiliate’s) capital, assets, or stockholders’ equity; 

  
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	 	•	 	Maintaining or achieving a target level of appreciation in the price of the Shares; 

  

	 	•	 	Increasing the HuffingtonPost’s (or an Affiliate’s) market share to a specified target level; 

  

	 	•	 	Achieving or maintaining a Share price that meets or exceeds the performance of specified stock market indices or other benchmarks over a specified period; 

 

	 	•	 	Achieving a level of Share price, earnings, or income performance that meets or exceeds performance in comparable areas of peer companies over a specified period; 

 

	 	•	 	Achieving specified reductions in costs; or 

  

	 	•	 	Achieving specified improvements in collection of outstanding accounts or specified reductions in non-performing debts. 

(ii) Operational Objectives: 
  

	 	•	 	Achieving a prescribed level of productivity within a business unit; or 

  

	 	•	 	Completing specified projects within or below the applicable budget. 

 (b) Documentation of
Performance Objectives. With respect to any Award, the Performance Objectives shall be set forth in writing no later than 90 days after commencement of the period to which the Performance Objective(s) relate(s) (or, if sooner, before 25% of such
period has elapsed) and at a time when achievement of the Performance Objectives is substantially uncertain. Such writing shall also include the period for measuring achievement of the Performance Objectives, which shall be no greater than five
consecutive years, as established by the Committee. Once established by the Committee, the Performance Objective(s) may not be changed to accelerate the settlement of an Award or to accelerate the lapse or removal of restrictions on Restricted Stock
that otherwise would be due upon the attainment of the Performance Objective(s). 
 (c) Committee Certification. Prior to settlement
of any Award that is contingent on achievement of one or more Performance Objectives, the Committee shall certify in writing that the applicable Performance Objective(s) and any other material terms of the Award were in fact satisfied. For purposes
of this Section 4.3(d), approved minutes of the Committee shall be adequate written certification. 
 (d) Negative Discretion.
The Committee may reduce, but may not increase, the number of Shares deliverable or the amount payable under any Award after the applicable Performance Objectives are satisfied. 

ARTICLE 5 
 STOCK
OPTIONS 
 5.1 Terms of Option. Subject to the provisions of the Plan, the type of Option, term, exercise
price, vesting schedule, and other conditions and limitations applicable to each Option shall be as determined by the Committee and shall be stated in the Award Agreement. 

5.2 Type of Option. 

(a) Each Option shall be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. 

  
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 (b) Neither the Company nor the Committee shall have liability to a Participant or any other
party if an Option (or any part thereof) which is intended to be an Incentive Stock Option does not qualify as an Incentive Stock Option. In addition, the Committee may make an adjustment or substitution described in Section 2.2 of the Plan
that causes the Option to cease to qualify as an Incentive Stock Option without the consent of the affected Participant or any other party. 

5.3 Limitations. 

(a) Maximum Term. No Option shall have a term in excess of 10 years measured from the date the Option is granted. In the case of any
Incentive Stock Option granted to a 10% Stockholder (as defined in Section 5.3(e), below), the term of such Incentive Stock Option shall not exceed five years measured from the date the Option is granted. 

(b) Minimum Exercise Price. Subject to Section 2.2(b) of the Plan, the exercise price per share of an Option shall not be less
than 100% of the Fair Market Value per Share on the date the Option is granted. In the case of any Incentive Stock Option granted to a 10% Stockholder, subject to Section 2.2(b) of the Plan, the exercise price per share of such Incentive Stock
Option shall not be less than 110% of the Fair Market Value per Share on the date the Option is granted. 
 (c) Repricing Prohibited.
Except as provided in Section 2.2, the Committee shall not amend any outstanding Option to reduce its exercise price, and shall not grant an Option with a lower exercise price within six months before or after an Option with a higher exercise
price is canceled. 
 (d) $100,000 Limit for Incentive Stock Options. Notwithstanding an Option’s designation, to the extent
that Incentive Stock Options are exercisable for the first time by the Participant during any calendar year with respect to Shares whose aggregate Fair Market Value exceeds $100,000 (regardless of whether such Incentive Stock Options were granted
under this Plan, or any other plan of the Company or any Affiliate), such Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 5.3(d), Fair Market Value shall be measured as of the date the Option was granted and
Incentive Stock Options shall be taken into account in the order in which they were granted. 
 (e) 10% Stockholder. For purposes of
this Section 5.3, a “10% Stockholder” is an individual who, immediately before the date an Award is granted, beneficially owns (or is treated as owning) stock possessing more than 10% of the total combined voting power of all classes
of stock of the Company (or an Affiliate), determined under Section 424(d) of the Code. 
 5.4 Form of
Consideration. The Committee shall determine the acceptable form of consideration for exercising an Option, including the method of payment. In the case of an Incentive Stock Option, the Committee shall determine the acceptable form of
consideration at the time of grant. To the extent approved by the Committee, the consideration for exercise of an Option may be paid in any one, or any combination, of the forms of consideration set forth in subsections (a), (b), and (c),
below. Unless the Award Agreement states otherwise, all options shall be exercised by cash payments and the use of any alternative method of payment which is permitted by the Plan shall be subject to the approval of the Committee in its sole
discretion. 
 (a) Cash Equivalent. Consideration may be paid by cash, check, or other cash equivalent approved by the Committee.

 (b) Tender or Attestation of Shares. Consideration may be paid by the tendering of other Shares to the Company or the attestation
to the ownership of the Shares that otherwise would be tendered to the Company in exchange for the Company reducing the number of Shares issuable upon the 

  
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exercise of the Option. Shares tendered or attested to in exchange for Shares issued under the Plan must be held by the Service Provider for at least six months (or such other period of time as
may be required by the Company’s accountants to avoid an additional charge to earnings) prior to their tender or their attestation to the Company and may not be shares of Restricted Stock at the time they are tendered or attested to. The
Committee shall determine acceptable methods for tendering or attesting to Shares to exercise an Option under the Plan and may impose such limitations and prohibitions on the use of Shares to exercise Options as it deems appropriate. For purposes of
determining the amount of the Option price satisfied by tendering or attesting to Shares, such Shares shall be valued at their Fair Market Value on the date of tender or attestation, as applicable. 

(c) Broker-Assisted Cashless Exercise. Consideration may be paid by the Participant’s (i) irrevocable instructions to the
Company to deliver the Shares issuable upon exercise of the Option promptly to a broker (acceptable to the Company) for the Participant’s account, and (ii) irrevocable instructions to the broker to sell Shares sufficient to pay the
exercise price and upon such sale to deliver the exercise price to the Company. A Participant may use this form of exercise only if the exercise would not subject the Participant to liability under Section 16(b) of the Exchange Act or would be
exempt pursuant to Rule 16b-3 promulgated under the Exchange Act or any other exemption from such liability. The Company shall deliver an acknowledgement to the broker upon receipt of instructions to deliver the Shares, and the Company shall
deliver the Shares to such broker upon the settlement date. Upon receipt of the Shares from the Company, the broker shall deliver to the Company cash sale proceeds sufficient to cover the exercise price. Shares acquired by a cashless exercise shall
be deemed to have a Fair Market Value on the Option exercise date equal to the gross sales price at which the broker sold the Shares to pay the exercise price. 

5.5 Exercise of Option. 

(a) Procedure for Exercise. Any Option granted hereunder shall be exercisable according to the terms of the Plan and at such times and
under such conditions as set forth in the Award Agreement. An Option shall be deemed exercised when the Committee receives: (i) written or electronic notice of exercise (in accordance with the Award Agreement) from the person entitled to
exercise the Option and (ii) full payment for the Shares (in a form permitted under Section 5.4 of the Plan) with respect to which the Option is exercised. 

(b) Termination of Relationship as a Service Provider. Following a Participant’s Termination of Service, the Participant (or the
Participant’s Beneficiary, in the case of Termination of Service due to death) may exercise his or her Option within such period of time as is specified in the Award Agreement, subject to the following conditions: 

(i) An Option may be exercised after the Participant’s Termination of Service only to the extent that the Option was vested as of the
Termination of Service; 
 (ii) An Option may not be exercised after the expiration of the term of such Option as set forth in the Award
Agreement; 
 (iii) Unless a Participant’s Termination of Service is the result of the Participant’s Disability or death, the
Participant may not exercise an Incentive Stock Option more than three months after such Termination of Service; 
 (iv) If a
Participant’s Termination of Service is the result of the Participant’s Disability or death, the Participant may exercise an Incentive Stock Option up to 12 months after Termination of Service; and 

  
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 (v) After the Participant’s death, his Beneficiary may exercise an Incentive Stock Option
only to the extent that the deceased Participant was entitled to exercise such Incentive Stock Option as of the date of his death. 
 In the absence of a
specified time in the Award Agreement, the Option shall remain exercisable for three months after the Participant’s Termination of Service for any reason other than Disability or death, and for 12 months after the Participant’s Termination
of Service on account of Disability or death. 
 (c) Rights as a Stockholder. Shares subject to an Option shall be deemed issued, and
the Participant shall be deemed the record holder of such Shares, on the Option exercise date. Until such Option exercise date, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares subject
to the Option. In the event that the Company effects a split of the Shares by means of a stock dividend and the exercise price of, and number of shares subject to, an Option are adjusted as of the date of distribution of the dividend (rather than as
of the record date for such dividend), then a Participant who exercises such Option between the record date and the distribution date for such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect to
the Shares subject to the Option. No other adjustment shall be made for a dividend or other right for which the record date is prior to the date the Shares are issued. 

5.6 Repurchase Rights. The Committee shall have the discretion to grant Options which are exercisable for unvested
Shares. If the Participant ceases to be a Service Provider while holding such unvested Shares, the Company shall have the right to repurchase any or all of those unvested Shares at a price per share equal to the lower of (i) the exercise price
paid per Share, or (ii) the Fair Market Value per Share at the time of repurchase. The terms upon which such repurchase right shall be exercisable by the Committee (including the period and procedure for exercise and the appropriate vesting
schedule for the purchased Shares) shall be established by the Committee and set forth in the document evidencing such repurchase right. 

ARTICLE 6 

STOCK APPRECIATION RIGHTS 

6.1 Terms of Stock Appreciation Right. The term, base amount, vesting schedule, and other conditions and limitations
applicable to each Stock Appreciation Right shall be as determined by the Committee and shall be stated in the Award Agreement. 
 6.2
Exercise of Stock Appreciation Right. 
 (a) Procedure for Exercise. Any Stock Appreciation Right granted
hereunder shall be exercisable according to the terms of the Plan and at such times and under such conditions as set forth in the Award Agreement. A Stock Appreciation Right shall be deemed exercised when the Committee receives written or electronic
notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise the Stock Appreciation Right. 
 (b)
Termination of Relationship as a Service Provider. Following a Participant’s Termination of Service, the Participant (or the Participant’s Beneficiary, in the case of Termination of Service due to death) may exercise his or her
Stock Appreciation Right within such period of time as is specified in the Award Agreement to the extent that the Stock Appreciation Right is vested as of the Termination of Service. In the absence of a specified time in the Award Agreement, the
Stock Appreciation Right shall remain exercisable for three months following the Participant’s Termination of Service for any reason other than Disability or death, and for 12 months after the Participant’s Termination of Service on
account of Disability or death. 

  
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 (c) Rights as a Stockholder. Shares subject to a Stock Appreciation Right shall be deemed
issued, and the Participant shall be deemed the record holder of such Shares, on the date the Stock Appreciation Right is exercised. Until such date, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect
to the Shares subject to the Stock Appreciation Right. If the Company effects a split of the Shares by means of a stock dividend and the exercise price of, and number of shares subject to, a Stock Appreciation Right are adjusted as of the date of
distribution of the dividend (rather than as of the record date for such dividend), then a Participant who exercises such Stock Appreciation Right between the record date and the distribution date for such stock dividend shall be entitled to
receive, on the distribution date, the stock dividend with respect to the Shares subject to the Stock Appreciation Right. No other adjustment shall be made for a dividend or other right for which the record date is prior to the date the Shares are
issued. 
 ARTICLE 7 

RESTRICTED STOCK 

7.1 Terms of Restricted Stock. Subject to the provisions of the Plan, the Period of Restriction, the number of Shares
granted, and other conditions and limitations applicable to each Award of Restricted Stock shall be as determined by the Committee and shall be stated in the Award Agreement. Unless the Committee determines otherwise, Shares of Restricted Stock
shall be held by the Company as escrow agent until the restrictions on such Shares have lapsed. 
 7.2 Transferability.
Except as provided in this Article 7, Shares of Restricted Stock may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated until the end of the applicable Period of Restriction. 

7.3 Other Restrictions. The Committee, in its sole discretion, may impose such other restrictions on Shares of Restricted
Stock as it may deem advisable or appropriate. 
 7.4 Removal of Restrictions. Except as otherwise provided in this
Article 7, and subject to Section 10.5 of the Plan, Shares of Restricted Stock covered by an Award of Restricted Stock made under the Plan shall be released from escrow, and shall become fully transferable, as soon as practicable after the
Period of Restriction ends, and in any event no later than 2 1⁄2 months after the end of the Tax Year in which the Period of Restriction ends. 

7.5 Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted
hereunder may exercise full voting rights with respect to those Shares, unless otherwise provided in the Award Agreement. 
 7.6
Dividends and other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock shall be entitled to receive all dividends and other distributions with respect to such Shares unless
otherwise provided in the Award Agreement. 
 (a) If any such dividends or distributions are paid in Shares, the Shares shall be subject to
the same restrictions (and shall therefore be forfeitable to the same extent) as the Shares of Restricted Stock with respect to which they were paid. 

(b) If any such dividends or distributions are paid in cash, the Award Agreement may specify that the cash payments shall be subject to the
same restrictions as the related Restricted Stock, in which case they shall be accumulated during the Period of Restriction and paid or forfeited when the related Shares of Restricted Stock vest or are forfeited. Alternatively, the Award Agreement
may specify that the dividend equivalents or other payments shall be unrestricted, in which case they shall 

  
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be paid as soon as practicable after the dividend or distribution date. In no event shall any cash dividend or distribution be paid later than
2 1⁄2 months after the Tax Year in which the dividend or distribution becomes nonforfeitable. 

7.7 Right of Repurchase of Restricted Stock. If, with respect to any Award, (a) a Participant’s Termination of
Service occurs before the end of the Period of Restriction or (b) any Performance Objectives are not achieved by the end of the period for measuring such Performance Objectives, then the Company shall have the right to repurchase forfeitable
Shares of Restricted Stock from the Participant at their original issuance price or other stated or formula price (or to require forfeiture of such Shares if issued at no cost). 

ARTICLE 8 

RESTRICTED STOCK UNITS 

8.1 Terms of Restricted Stock Units. Subject to the provisions of the Plan, the Period of Restriction, number of
underlying Shares, and other conditions and limitations applicable to the Award of Restricted Stock Units shall be determined by the Committee and shall be stated in the Award Agreement. 

8.2 Settlement of Restricted Stock Units. Subject to Section 10.5 of the Plan, the number of Shares specified in the Award Agreement,
or cash equal to the Fair Market Value of the underlying Shares specified in the Award Agreement, shall be delivered to the Participant as soon as practicable after the end of the applicable Period of Restriction, and in any event no later than
21⁄2 months after the end of the Tax Year in which the Period of Restriction ends. 
 8.3 Dividend and Other Distribution
Equivalents. The Committee is authorized to grant to holders of Restricted Stock Units the right to receive payments equivalent to dividends or other distributions with respect to Shares underlying Awards of Restricted Stock Units. The
Award Agreement may specify that the dividend equivalents or other distributions shall be subject to the same restrictions as the related Restricted Stock Units, in which case they shall be accumulated during the Period of Restriction and paid or
forfeited when the related Restricted Stock Units are paid or forfeited. Alternatively, the Award Agreement may specify that the dividend equivalents or other distributions shall be unrestricted, in which case they shall be paid on the dividend or
distribution payment date for the underlying Shares, or as soon as practicable thereafter. In no event shall any unrestricted dividend equivalent or other distribution be paid later than 2 1⁄2 months after the Tax Year in which the record date for the dividend or distribution occurs. 
 8.4
Forfeiture. If, with respect to any Award, (a) a Participant’s Termination of Service occurs before the end of the Period of Restriction, or (b) any Performance Objectives are not achieved by the end of the period
for measuring such Performance Objectives, then the Restricted Stock Units granted pursuant to such Award shall be forfeited and the Company (and any Affiliate) shall have no further obligation thereunder. 

ARTICLE 9 

OTHER EQUITY-BASED AWARDS 

9.1 Other Equity-Based Awards. The Committee shall have the right to grant other Awards based upon or payable in Shares
having such terms and conditions as the Committee may determine, including the grant of Shares upon the achievement of a Performance Objective and the grant of securities convertible into Shares. 

  
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 ARTICLE 10 

ADDITIONAL TERMS OF AWARDS 

10.1 No Rights to Awards. No Service Provider shall have any claim to be granted any Award under the Plan, and the
Company is not obligated to extend uniform treatment to Participants or Beneficiaries under the Plan. The terms and conditions of Awards need not be the same with respect to each Participant. 

10.2 No Effect on Employment of Service. Neither the Plan nor any Award shall confer upon a Participant any right with
respect to continuing the Participant’s relationship as a Service Provider with the Company, nor shall they interfere in any way with the Participant’s right or the Company’s right to terminate such relationship at any time, with or
without cause, to the extent permitted to Applicable Laws and any enforceable agreement between the Service Provider and the Company. 

10.3 No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the
Committee shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated, or otherwise
eliminated. 
 10.4 Transferability of Awards. Unless otherwise determined by the Committee, an Award may not be sold,
pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. Subject to the approval of
the Committee in its sole discretion, Nonstatutory Stock Options may be transferable to members of the immediate family of the Participant and to one or more trusts for the benefit of such family members, partnerships in which such family members
are the only partners, or corporations in which such family members are the only stockholders. “Members of the immediate family” means the Participant’s spouse, children, stepchildren, grandchildren, parents, grandparents, siblings
(including half brothers and sisters), and individuals who are family members by adoption. To the extent that any Award is transferrable, such Award shall contain such additional terms and conditions as the Committee deems appropriate. 

10.5 Conditions on Delivery of Shares and Lapsing of Restrictions. The Company shall not be obligated to deliver any
Shares pursuant to the Plan or to remove restrictions from Shares previously delivered under the Plan until (a) all conditions of the Award have been met or removed to the satisfaction of the Committee, (b) subject to approval of the
Company’s counsel, all other legal matters (including any Applicable Laws) in connection with the issuance and delivery of such Shares have been satisfied, and (c) the Participant has executed and delivered to the Company such
representations or agreements as the Committee may consider appropriate to satisfy the requirements of Applicable Laws. 
 10.6
Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and
sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 

10.7 Withholding. 

(a) Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to the grant, exercise, vesting, or settlement of an
Award, the Company shall have the power and the right to deduct or withhold, or to require a Participant or Beneficiary to remit to the Company, an amount sufficient to satisfy any federal, state, and local taxes (including the Participant’s
FICA obligation) that 

  
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the Company determines is required to be withheld to comply with Applicable Laws. The Participant or Beneficiary shall remain responsible at all times for paying any federal, state, and local
income or employment tax due with respect to any Award, and the Company shall not be liable for any interest or penalty that a Participant or Beneficiary incurs by failing to make timely payments of tax. 

(b) Withholding Arrangements. The Committee, in its sole discretion and pursuant to such procedures as it may specify from time to time
in the applicable Award Agreement or otherwise, may permit a Participant or Beneficiary to satisfy such tax withholding obligation, in whole or in part, by (i) electing to have the Company withhold otherwise deliverable Shares, or
(ii) delivering to the Company already-owned Shares having a Fair Market Value equal to the amount required by Applicable Law to be withheld. The Fair Market Value of the Shares to be withheld or delivered, or with respect to which restrictions
are removed, shall be determined as of the date that the taxes are required to be withheld. 
 10.8 Other Provisions in Award
Agreements. In addition to the provision described in the Plan, any Award Agreement may include such other provisions (whether or not applicable to the Award of any other Participant) as the Committee determines appropriate, including
restrictions on resale or other disposition, provisions for the acceleration of exercisability of Options and Stock Appreciation Rights in the event of a change in control of the Company, provisions for the cancellation of Awards in the event of a
change in control of the Company and provisions to comply with Applicable Laws. 
 10.9 Section 16 of the Exchange
Act. It is the intent of the Company that Awards and transactions permitted by Awards be interpreted in a manner that, in the case of Participants who are or may be subject to Section 16 of the Exchange Act, qualify, to the maximum
extent compatible with the express terms of the Awards, for exemption from matching liability under Rule 16b-3 promulgated under the Exchange Act. The Company shall have no liability to any Participant or other person for Section 16
consequences of Awards or events in connection with Awards if an Award or related event does not so qualify. 
 10.10 Not Benefit
Plan Compensation. Payments and other benefits received by a Participant under an Award made pursuant to the Plan shall not be deemed a part of a Participant’s compensation for purposes of determining the Participant’s benefits
under any other employee benefit plans or arrangements or provided by the Company or an Affiliate, except where the Committee expressly provides otherwise in writing. 

ARTICLE 11 
 TERM,
AMENDMENT, AND TERMINATION OF PLAN 
 11.1 Term of Plan. The Plan initially became effective on March 24,
2008 and was assumed by the Company on the Effective Date. 
 11.2 Termination of the Plan. The Plan shall terminate
upon the earliest to occur of (i) March 24, 2018; (ii) the date that is 10 years after the Plan was approved by the HuffingtonPost’s stockholders; (iii) the date on which all Shares available for issuance under the Plan have been
issued as fully vested Shares; or (iv) the date determined by the Board pursuant to its authority under Section 11.3 of the Plan. 

11.3 Amendment of the Plan. The Board or the Committee may at any time amend, alter, suspend, or terminate the Plan,
without the consent of the Participants or Beneficiaries. The Company shall obtain stockholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws. 

  
 11 

 11.4 Effect of Amendment or Termination. Except as provided in Section 11.5 of the
Plan, no amendment, alteration, suspension, or termination of the Plan shall impair the rights of any Participant or Beneficiary under an outstanding Award, unless required to comply with an Applicable Law or mutually agreed otherwise between the
Participant and the Committee; any such agreement must be in writing and signed by the Participant and the Company. Termination of the Plan shall not affect the Committee’s ability to exercise the powers granted to it hereunder with respect to
Awards granted under the Plan prior to the date of such termination. 
 11.5 Adjustments of Awards Upon the Occurrence of Unusual or
Nonrecurring Events. The Committee may, in its sole discretion (but subject to the limitations and conditions expressly stated in the Plan, such as the limitations on adjustment of Performance Objectives), adjust the terms and conditions of
Awards during the pendency or in recognition of (a) unusual or nonrecurring events affecting the Company or an Affiliate (such as a capital adjustment, reorganization, or merger) or the financial statements of the Company or an Affiliate, or
(b) any changes in Applicable Laws or accounting principles. By way of example, the power to adjust Awards shall include the power to suspend the exercise of any Option or Stock Appreciation Right. 

ARTICLE 12 

MISCELLANEOUS 
 12.1
Authorization of Sub-Plans. The Board may from time to time establish one or more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities and/or tax laws of various jurisdictions. The Board shall
establish such sub-plans by adopting supplements to this Plan containing (i) such limitations on the Board’s discretion under the Plan as the Board deems necessary or desirable, and (ii) such additional terms and conditions not
otherwise inconsistent with the Plan as the Board shall deem necessary or desirable. All sub-plans adopted by the Board shall be deemed to be part of the Plan, but each sub-plan shall apply only to Participants within the affected jurisdiction and
the Company shall not be required to provide copies of any sub-plans to Participants in any jurisdiction which is not the subject of such sub-plan. 

12.2 Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in
accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

12.3 Committee Manner of Action. Unless otherwise provided in the bylaws of the Company or the charter of the Committee:
(a) a majority of the members of a Committee shall constitute a quorum, and (b) the vote of a majority of the members present who are qualified to act on a question assuming the presence of a quorum or the unanimous written consent of the
members of the Committee shall constitute action by the Committee. The Committee may delegate the performance of ministerial functions in connection with the Plan to such person or persons as the Committee may select. 

12.4 Expenses. The costs of administering the Plan shall be paid by the Company. 

12.5 Severability. If any provision of the Plan or any Award Agreement is determined by a court of competent jurisdiction
to be invalid, illegal, or unenforceable in any jurisdiction, or as to any person or Award, such provision shall be construed or deemed to be amended to resolve the applicable infirmity, unless the Committee determines that it cannot be so construed
or deemed amended without materially altering the Plan or the Award, in which case such provision shall be stricken as to such jurisdiction, person, or Award, and the remainder of the Plan and any such Award shall remain in full force and effect.

  
 12 

 12.6 Construction. Unless the contrary is clearly indicated by the context,
(1) the use of the masculine gender shall also include within its meaning the feminine and vice versa; (2) the use of the singular shall also include within its meaning the plural and vice versa; and (3) the word “include”
shall mean to include, but not to be limited to. 
 12.7 No Trust or Fund Created. Neither the Plan nor any Award
Agreement shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company (or an Affiliate) and a Participant or any other person. To the extent that any person acquires a right to receive
payments from the Company (or an Affiliate) pursuant to an Award, such right shall be no more secure than the right of any unsecured general creditor of the Company (or the Affiliate, as applicable). 

12.8 Headings. Headings are given to the sections and subsections of the Plan solely as a convenience to facilitate
reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

12.9 Complete Statement of the Plan. This document is a complete statement of the Plan. 

  
 13 

 APPENDIX 

As used in this Plan, the following terms shall have the following meanings: 

(a) “Affiliate” means an entity that is a “parent corporation” (as defined in Section 424(e) of the Code) or a
“subsidiary corporation” (as defined in Section 424(f) of the Code) with respect to the HuffingtonPost, whether now or hereafter existing. 

(b) Applicable Laws” means the requirements relating to, connected with, or otherwise implicated by the administration of
long-term incentive plans under applicable state corporation laws, United States federal and state securities laws, the Code, any stock exchange or quotation system on which the Shares are listed or quoted, and the applicable laws of any foreign
country or jurisdiction where Awards are, or will be, granted under the Plan. 
 (c) “Award” means, individually or
collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, or other equity-based awards. 

(d) “Award Agreement” means a written agreement setting forth the terms and provisions applicable to an Award granted under
the Plan. Each Award Agreement shall be subject to the terms and conditions of the Plan. 
 (e) “Beneficiary” means the
personal representative of the Participant’s estate or the person(s) to whom an Award is transferred pursuant to the Participant’s will or in accordance with the laws of descent or distribution. 

(f) “Board” means the board of directors of the Company. 

(g) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein shall be a
reference to any regulations or other guidance of general applicability promulgated under such section, and shall further be a reference to any successor or amended section of such section of the Code that is so referred to and any regulations
thereunder. 
 (h) “Committee” means the Compensation Committee of the Board, which has constituted by the Board to comply
with the requirements of Rule 16b-3 promulgated under the Exchange Act, Section 162(m) of the Code (if applicable), and/or other Applicable Laws or if no such Compensation Committee has been constituted then the entire Board. 

(i) “Company” means AOL Inc., a Delaware corporation and the parent entity of the HuffingtonPost. 

(j) “Consultant” means any natural person, including an advisor, engaged by the HuffingtonPost to render services to the
Company. 
 (k) “Employee” means any person who is an employee, as defined in Section 3401(c) of the Code, of the
HuffingtonPost. Neither service as a member of the board of directors nor payment of a director’s fee by the HuffingtonPost shall be sufficient to constitute “employment” by the HuffingtonPost. 

(l) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 (m) “Executive Officer” means an individual who is an “executive
officer” of the Company (as defined by Rule 3b-7 under the Exchange Act). 
 (n) “Fair Market Value” means, on
a given date, (i) if there should be a public market for the Shares on such date, the closing sale price of the Shares on the New York Stock Exchange (“NYSE”) Composite Tape, or, if the Shares are not listed or admitted on any
national securities exchange, the average of the per Share closing bid price and per Share closing asked price on such date as quoted on the National Association of Securities Dealers Automated Quotation System (or such market in which such prices
are regularly quoted) (the “NASDAQ”), or, if no sale of Shares shall have been reported on the NYSE Composite Tape or quoted on the NASDAQ on such date, then the immediately preceding date on which sales of the Shares have been so
reported or quoted shall be used, and (ii) if there should not be a public market for the Shares on such date, the Fair Market Value shall be the value established by the Committee in good faith. 

(o) “HuffingtonPost” means TheHuffingtonPost Media Group, a wholly-owned subsidiary of the Company. 

(p) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of
Section 422 of the Code. 
 (q) “Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive
Stock Option. 
 (r) “Option” means an option to purchase Shares that is granted pursuant to Article 5 of the Plan. An
Option may be an Incentive Stock Option or a Nonstatutory Stock Option. 
 (s) “Participant” means the holder of an
outstanding Award granted under the Plan. 
 (t) “Performance Objective” means a performance objective or goal that must be
achieved before an Award, or a feature of an Award, becomes nonforfeitable, as described in Section 4.3 of the Plan. 
 (u)
“Period of Restriction” means the period during which Restricted Stock, the remuneration underlying Restricted Stock Units, or any other feature of an Award is subject to a substantial risk of forfeiture. A Period of Restriction
shall be deemed to end when the applicable Award ceases to be subject to a substantial risk of forfeiture. 
 (v) “Restricted
Stock” means Shares that, during a Period of Restriction, are subject to restrictions as described in Article 7 of the Plan. 
 (w)
“Restricted Stock Unit” means an Award that entitles the recipient to receive Shares or cash after a Period of Restriction, as described in Article 8 of the Plan. 

(x) “Service Provider” means an individual who is either an Employee or Consultant at the time such individual is granted an
Award under the Plan and who was an Employee or Consultant immediately prior to the Effective Date. 
 (y) “Share” means a
share of the Company’s common stock, par value $0.001 per share. 

  
 2 

 (z) “Stock Appreciation Right” means an Award that entitles the recipient to
receive, upon exercise, the excess of (i) the Fair Market Value of a Share on the date the Award is exercised, over (ii) a base amount specified by the Committee which shall not be less than the Fair Market Value of a Share on the date the
Award is granted, as described in Article 6 of the Plan. 
 (aa) “Tax Year” means the Company’s taxable year. 

(bb) “Termination of Service” means the date an individual ceases to be a Service Provider. Unless the Committee or a Company
policy provided otherwise, a leave of absence authorized by the Company or the Committee (including sick leave or military leave) from which return to service is not guaranteed by statute or contract shall be characterized as a Termination of
Service if the individual does not return to service within three months; such Termination of Service shall be effective as of the first day that is more than three months after the beginning of the period of leave. If the ability to return to
service upon the expiration of such leave is guaranteed by statute or contract, but the individual does not return, the leave shall be characterized as a Termination of Service as of a date established by the Committee or Company policy. 

  
 3EX-10.39

 Exhibit 10.39 

FIRST AMENDMENT TO THE EMPLOYMENT AGREEMENT OF KAREN DYKSTRA 

This FIRST AMENDMENT TO THE EMPLOYMENT AGREEMENT OF KAREN DYKSTRA (the
“First Amendment”), by and between AOL Inc., a Delaware corporation (“Company”), and Karen Dykstra (“Executive”) is made and entered into as of November 7, 2013 (the “Effective Date”). 

WHEREAS, Executive and Company entered into an employment agreement dated as of September 19, 2012 (the “Employment
Agreement”); and 
 WHEREAS, Company expanded Executive’s role at Company and, in accordance with the expanded
responsibility, Company has agreed to change certain terms of the Executive’s compensation and desires to amend the Employment Agreement to reflect these changes. 

NOW, THEREFORE, in consideration of the promises and mutual covenants herein and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Executive and Company agree as follows: 
 1. Paragraph 2A of the Employment Agreement is replaced with the
following new Paragraph 2A: 
 Duties. Executive shall be Chief Financial and Administrative Officer and an Executive Vice
President of Company, effective as of July 1, 2013, and shall perform all duties incident to such positions as well as any other lawful duties as may from time to time be assigned by the Chief Executive Officer, which duties and authority shall
be consistent, and those normally associated, with Executive’s position, and agrees to abide by all Company by-laws, policies, practices, procedures, or rules, including Company’s Standards of Business Conduct (the “SBC”) that
are provided or made available to Executive. Executive shall report directly to the Chief Executive Officer. Executive will be expected to perform services for Company at Company’s New York, New York office, subject to such travel as may be
required in the performance of Executive’s duties. 
 2. Paragraph 4A of the Employment Agreement is hereby replaced with the following: 

Base Salary. During the Employment Term and effective as of July 1, 2013 Company shall pay Executive a base salary at the
rate of no less than $31,250.00 semi-monthly, less applicable withholdings, which is $750,000.00 on an annual basis (“Base Salary”). Executive’s semi-monthly paydays fall on the
15th and the last day of each month. If the 15th or the last day of the month falls on a weekend or bank holiday, the payday is the preceding
business day. Executive’s Base Salary will be reviewed annually during the Employment Term and may be increased based on Executive’s individual performance or increases in competitive market conditions. Executive’s Base Salary may be
decreased upon mutual consent of Company and Executive. 
  

  
 1 

 3. Paragraph 4C of the Employment Agreement is hereby replaced with the following: 

Annual Bonus. In addition to Executive’s Base Salary, Executive will be eligible to participate in Company’s Annual
Bonus Plan (the “ABP”), pursuant to its terms as determined by Company from time to time. Pursuant to the ABP, Company will review its performance (including, if applicable, Brand/Segment/Group performance) and Executive’s individual
performance and will determine Executive’s bonus under the ABP, if any (“Bonus”). Although as a general matter in cases of satisfactory individual performance, Company would expect to pay a Bonus at the target level provided for in
the ABP where Company has met target performance for a given year, Company does not commit to paying any Bonus, and Executive’s Bonus may be negatively affected by the exercise of Company’s discretion or by Company performance. Although
any Bonus (and its amount, if a Bonus is paid) is fully discretionary and subject to the terms of the ABP, Executive’s target Bonus opportunity during the Employment Term is one hundred twenty-five percent (125%) of Executive’s Base
Salary effective as of July 1, 2013. For calendar year 2013, Executive’s ABP bonus opportunity will be pro-rated for the period from January 1, 2013 through June 30, 2013 to reflect Executive’s target bonus opportunity and
base salary prior to July 1, 2013. 
 4. A new subsection 4D(iv) is hereby added to Paragraph 4D of the Employment Agreement: 

Promotional Equity Grant. 

(a) Company shall grant to Executive an equity award that shall have an equity value equal to $500,000.00 on the date of grant. Based on the
equity value on the date of grant, one-third of the equity award will be comprised of restricted stock units (“Additional RSUs”) (rounded down to the nearest whole number of units), one-third of the equity award will be comprised of stock
options (“Additional Stock Options”) (rounded down to the nearest whole share), and the remaining one-third of the equity award will be comprised of performance shares based on relative total shareholder return (“Additional
Performance Shares”)(rounded down to the nearest whole share). Equity value of Additional RSUs and Additional Performance Shares will be determined based on the closing price of a share of Company common stock, par value $.01 per share, on the
date of grant. Equity value of Additional Stock Options will be determined based on the standard option valuation formula used by Company. The grant of the Additional RSUs, Additional Stock Options and Additional Performance Shares provided by this
subsection shall generally be made in an administratively reasonable period of time following the date that Executive signs the First Amendment, subject to compliance with applicable law and the schedule of the Compensation Committee of the Board.

  
 2 

 (b) Executive’s Additional RSUs will vest over a three-year period following the date of
grant, with one-third vesting on the first anniversary of the grant date and one-third vesting on each of the second and third anniversaries of the grant date, provided, that Executive is continuously employed with Company from the grant date to
each applicable vesting date. Except as may be otherwise provided in the applicable award agreement, any Additional RSU that is unvested on the date of Executive’s termination for any reason shall be forfeited on such date of termination. 

(c) Executive’s Additional Stock Options will vest over a three-year period following the date of grant, with one-third of such Stock
Options vesting on the first (1st) anniversary of the date of grant, and monthly thereafter in substantially equal installments over the remaining two (2) years, provided, that Executive
is continuously employed with Company from the grant date to each applicable vesting date. Except as may be otherwise provided in the applicable award agreement, any Additional Stock Option that is unvested on the date of Executive’s
termination for any reason shall be forfeited on such date of termination. 
 (d) Subject to achievement of performance objectives,
Additional Performance Shares shall vest following the Committee’s certification of performance following the end of a three-year performance period, commencing January 1, 2013, provided, that Executive is continuously employed with
Company from the grant date to the applicable vesting date. Except as may be otherwise provided in the applicable award agreement, any Performance Share that is unvested on the date of Executive’s termination for any reason shall be forfeited
on such date of termination. 
 5. The following language is added to the end of Paragraph 4.D(iii)(e) of the Employment Agreement: 

Notwithstanding the foregoing, for the avoidance of doubt, to the extent that on or after November 1, 2013, Company grants any equity
award that becomes fully vested over a period of at least three years based on continuous service, the provisions of this paragraph 4.D(iii)(e) shall not apply and no amendments shall be made to Executive’s outstanding and unvested equity
incentive awards on account of any such grant. 
 6. Counterparts. This First Amendment may be signed in several counterparts, each of which
shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 7. Entire Agreement. The
Employment Agreement (as amended by this First Amendment) contains the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements, written or oral, between the parties with respect thereto. This
paragraph does not replace or supersede the Entire Agreement paragraph (Paragraph 10.K) in the Employment Agreement except insofar as this First Amendment is incorporated into the scope of the terms of that paragraph. 

  
 3 

 8. Employment Agreement Terms. Except as provided in this First Amendment, all terms and conditions
of the Employment Agreement shall remain in effect and shall not be altered by this First Amendment. 
 (Signature page to First Amendment
follows) 
  

  
 4 

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

			
	AOL INC.
		
	By:	 	/s/ Julie Jacobs
	Name:	 	 Julie Jacobs

	 Title:
	 	 EVP and General Counsel

	
	 EXECUTIVE
  

	 /s/
Karen Dykstra            

	Karen Dykstra
	Executive Vice President and Chief Financial and
	Administrative Officer

  
 5

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