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                                                                   EXHIBIT 10.14

                              AMENDED AND RESTATED
                              AOL TIME WARNER INC.
                    ANNUAL BONUS PLAN FOR EXECUTIVE OFFICERS

1.       Purpose.

         The purpose of the AOL Time Warner Inc. Annual Bonus Plan for Executive
Officers (hereinafter the "Plan") is to provide for the payment of annual cash
bonuses to certain executive officers of the Company that qualify for income tax
deduction by the Company.

2.       Definitions.

         The following terms (whether used in the singular or plural) have the
meanings indicated when used in the Plan:

                  2.1      "Annual Bonus" means the annual cash bonus payable to
         a Participant pursuant to the Plan with respect to any calendar year,
         which (i) shall be determined by the Committee prior to the beginning
         of each such calendar year, or at such later time as may be permitted
         by the Code and the Regulations, (ii) shall be expressed as a
         percentage of the Bonus Pool and (iii) shall not exceed 50 percent of
         the Bonus Pool.

                  2.2      "AP" means the applicable percent determined pursuant
         to Section 3.1.

                  2.3      "Base EBITDA" means the average of the Company's
         EBITDA for the three years preceding the year for which the Bonus Pool
         is being calculated.

                  2.4      "Board" means the Board of Directors of the Company.

                  2.5      "Bonus Pool" means the annual cash bonuses payable to
         all Participants calculated pursuant to Section 3.1.

                  2.6      "Code" means the Internal Revenue Code of 1986, as
         amended from time to time, or any successor statute or statutes
         thereto. Reference to any specific Code section shall include any
         successor section.

                  2.7      "Committee" means the Compensation Committee of the
         Board, and any successor thereto.

                  2.8      "Company" means AOL Time Warner Inc., a Delaware
         corporation, and any successor thereto.

                  2.9      "Company's EBITDA" for any year shall mean (i) EBITDA
         of the Company for that year, plus (ii) a pro rata portion (based on
         the percentage ownership) of the EBITDA of any entity or business that
         the Company accounts for by the equity method of accounting if the
         Company's pro rata share of the EBITDA of such entity or business for
         the year with respect to which the Bonus Pool is being calculated
         exceeds $25 million, all determined in accordance with GAAP; provided,
         however, that to the extent that the Company's EBITDA must be
         determined for any period on or before the

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         "Closing" (as defined therein) of transactions described in the
         Agreement and Plan of Merger dated as of January 10, 2000 between
         America Online, Inc. and Time Warner Inc., such EBITDA shall equal the
         pro forma EBITDA for both such companies on a combined basis.

                  2.10     "Current EBITDA" means the Company's EBITDA for the
         year with respect to which the Bonus Pool is being calculated.

                  2.11     "EBITDA" for any year of any entity or business shall
         mean the combined operating income (loss) before depreciation,
         amortization and impairment charges of such entity or business for that
         year.

                  2.12     "GAAP" shall mean generally accepted accounting
         principles applicable to the Company as in effect from time to time.

                  2.13     "Participant" means those executive officers of the
         Company and its affiliates as the Committee shall designate to
         participate in the Plan for any calendar year prior to the beginning of
         each such calendar year, or at such later time as may be permitted by
         the Code and the Regulations.

                  2.14     "Plan" has the meaning ascribed thereto in Section 1.

                  2.15     "Regulations" shall mean the rules and regulations
         under Section 162(m) of the Code.

                  2.16     "Significant Business" has the meaning ascribed
         thereto in Section 3.2.

3.       Calculation of Bonus Pool.

                  3.1      Subject to the other provisions of this Section 3,
         the Bonus Pool under the Plan with respect to any year shall be
         determined pursuant to the following formula:

                  Bonus Pool = (Current EBITDA - Base EBITDA) x AP

Where AP is the applicable percent determined pursuant to the following table
(with the AP for percentage increases between the increases shown in the table
determined by interpolation):

<TABLE>
<CAPTION>
        Percentage Increase
        in Current EBITDA
        over Base EBITDA                                         AP
        ----------------                                         --
        <S>                                                      <C>
        no increase over Base EBITDA.........................    0%
        5% increase over Base EBITDA.........................    2.25%
        10% increase over Base EBITDA........................    4.00%
        15% increase over Base EBITDA........................    5.25%
        20% or higher increase over Base EBITDA..............    6.00%
</TABLE>

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                  3.2.     The Current EBITDA and/or Base EBITDA used to
         calculate the Bonus Pool for any year shall be adjusted as provided in
         this Section 3.2 if the Company or any entity or business included in
         the Company's EBITDA for such year pursuant to Section 2.9(ii) engages
         in any acquisition or disposition during such year or in any of the
         prior three years, of any entity or business which (a) if wholly owned,
         had more than $25 million of EBITDA in the year prior to its
         acquisition or disposition or (b) if less than wholly owned, as to
         which more than $25 million of EBITDA was or would have been included
         in the Company's EBITDA pursuant to Section 2.9(ii) in the year prior
         to its acquisition or disposition (each, a "Significant Business"). In
         the event of an acquisition, the EBITDA of the Significant Business
         shall be excluded from Current EBITDA for the year in which it was
         acquired. For each year subsequent to the year of acquisition, all or a
         portion of the EBITDA of the Significant Business for each applicable
         year shall be included in Current EBITDA and shall be included in each
         of the years used in the calculation of Base EBITDA. In the event of a
         disposition, all or a portion of the EBITDA of a Significant Business
         for each applicable year shall be excluded from Current EBITDA and from
         each of the three years included in the calculation of Base EBITDA for
         the year in which such disposition occurs and for each year subsequent
         to such disposition. For the purposes hereof, an acquisition or
         disposition of an entity or business shall include a change in
         ownership which results in a change in consolidation or equity
         accounting by the Company for such entity or business.

                  3.3.     The Base EBITDA used to calculate the Bonus Pool for
         any year shall be adjusted in the event any change in GAAP that is
         effective for such year was not effective for each of the three years
         included in the calculation of Base EBITDA; provided, however, that no
         such adjustment to Base EBITDA shall be made unless such change in GAAP
         would have increased or decreased Current EBITDA by more than $25
         million in the year prior to the year in which such change in GAAP
         first becomes effective. The adjustment to Base EBITDA to be made
         pursuant to this Section 3.3 shall consist of applying the change in
         GAAP to each year included in the Base EBITDA calculation. In addition,
         if the change in GAAP is phased in so that the change is applied
         differently in successive years, then the adjustment to be made to each
         year included in Base EBITDA shall be the same as the change in GAAP
         that is applicable to the year for which the Bonus Pool is being
         calculated.

                  3.4.     The Committee may in its discretion (a) determine to
         make an award to any Participant for any year in an amount that is less
         than the Annual Bonus and (b) determine to make aggregate awards to all
         Participants for any year that total less than the Bonus Pool.

                  3.5.     Prior to paying any award under the Plan, the
         Company's independent auditors shall review the calculation of the
         Bonus Pool and the Committee shall certify that the performance goals
         have been met within the meaning of the Code and the Regulations.
         Subject to Section 6 of this Plan, payments of an award, if any, under
         the Plan with respect to any year, shall be made as soon as practicable
         after the Committee certifies that the performance goals have been met.

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4.       Administration

         The Plan shall be administered by the Committee or a subcommittee
thereof. Subject to the express provisions of the Plan and the requirements of
Section 162(m) of the Code, the Committee shall have plenary authority to
interpret the Plan, to prescribe, amend and rescind the rules and regulations
relating to it and to make, in its discretion, all other determinations deemed
necessary or advisable for the administration of the Plan. The determinations of
the Committee on the matters referred to in this Section 4 shall be conclusive.

         Each member of the Committee (or a subcommittee thereof, consisting of
at least two individuals, established to administer the Plan) shall be an
"outside director" within the meaning of Section 162(m) of the Code and the
Regulations.

5.       Eligibility

         Payments with respect to any year may be made under the Plan only to a
person who was a Participant during all or part of such year.

6.       Deferral of Award

         Each Participant may elect by written notice delivered to the Company
at the time and in the form required by the Company to defer payment of all or
any portion of an award the Participant might earn with respect to a year, all
in accordance with the Code and the Regulations and on such terms and conditions
as the Committee may establish from time to time or as may be provided in any
employment agreement between the Company and the Participant.

7.       Termination and Amendment

         The Plan shall continue in effect until terminated by the Board. The
Committee may at any time modify or amend the Plan in such respects as it shall
deem advisable; provided, however, that any such modification or amendment shall
comply with all applicable laws and applicable requirements for exemption (to
the extent necessary) under Section 162(m) of the Code and the Regulations.

8.       Effectiveness of the Plan

         The Plan, as amended and restated herein, shall become effective upon
approval by the Board, subject to the affirmative vote of a majority of the
votes cast at a duly called and held meeting of stockholders of the Company, and
shall apply to the annual bonuses payable to each Participant in respect of 2003
and thereafter.

9.       Withholding

         The obligations of the Company to make payments under the Plan shall be
subject to applicable federal, state and local tax withholding requirements.

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10.      Separability

         If any of the terms or provisions of this Plan conflict with the
requirements of Section 162(m) of the Code, the Regulations or applicable law,
then such terms or provisions shall be deemed inoperative to the extent
necessary to avoid the conflict with the requirements of Section 162(m) of the
Code, the Regulations or applicable law without invalidating the remaining
provisions hereof. With respect to Section 162(m), if this Plan does not contain
any provision required to be included herein under Section 162(m) of the Code or
the Regulations, such provision shall be deemed to be incorporated herein with
the same force and effect as if such provision had been set out at length
herein.

11.      Non-Exclusivity of the Plan

         Neither the adoption of the Plan by the Committee or the Board nor the
submission of the Plan to the stockholders of the Company for approval shall be
construed as creating any limitations on the power of the Committee or the Board
to adopt such other incentive arrangements as it may deem desirable, including,
without limitation, the granting of stock options and the awarding of stock or
cash or other benefits otherwise than under the Plan, and such arrangements may
be either generally applicable or applicable only in specific cases. None of the
provisions of this Plan shall be deemed to be an amendment to or incorporated in
any employment agreement between the Company and any Participant.

12.      Beneficiaries

         Each Participant may designate a beneficiary or beneficiaries to
receive, in the event of such Participant's death, any payments remaining to be
made to the Participant under the Plan. Each Participant shall have the right to
revoke any such designation and to redesignate a beneficiary or beneficiaries by
written note to the Company to such effect. If any Participant dies without
naming a beneficiary or if all of the beneficiaries named by a Participant
predecease the Participant, then any amounts remaining to be paid under the Plan
shall be paid to the Participant's estate.

13.      Governing Law

         The Plan shall be governed by, and construed in accordance with, the
laws of the State of New York, without regard to principles of conflicts of
laws.<PAGE>
                                                                   EXHIBIT 10.19

                     Approved by the Benefits Officer 12/20/01

                                 AMENDMENT NO. 1
                                     TO THE
                            TIME WARNER ENTERTAINMENT
                           DEFERRED COMPENSATION PLAN
                   (AMENDED AND RESTATED AS OF AUGUST 1, 2001)

1.       Section 3.6(b) is amended to read as follows:

                  (b)      Each Eligible Employee, whose compensation is payable
         under an employment agreement with an Employing Company which provides
         for deferred compensation, may elect to have transferred to and
         deferred under his or her Deferred Compensation Account in the Plan the
         balance, in whole or in part, of the compensation previously deferred
         under such agreement, subject to the terms thereof. Such an election
         can be made at any time, but only once in the Eligible Employee's
         lifetime. Notwithstanding the foregoing, an Eligible Employee who has
         made an election to defer compensation under an employment agreement
         may, prior to the date that such compensation would be payable but for
         such election, make a subsequent election directing that the deferral
         be made under the Plan instead of under the employment agreement.

2.       Section 4.4 is amended to read as follows:

         4.4      CHANGES IN INVESTMENT DIRECTION. A Participant or Inactive
         Participant may make one Investment Direction in each calendar quarter,
         separately with respect to either or both new deferrals or previous
         deferrals and any earnings thereon; provided, however, that one
         additional Investment Direction may be made in the fourth quarter of
         2001, also separately with respect to either or both new deferrals or
         previous deferrals and any earnings thereon.

3.       Items 1 and 2 are effective October 15, 2001.

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