Document:

EX-10.2

 Exhibit 10.2 
  

 
 REVISED 
 June 3, 2010

 Donald Rosenthal 
 Dear Donald: 

Congratulations! AOL Inc. (“AOL” or “Company”) is pleased to offer you the position of Senior Vice President, Operations and GM Access,
reporting to Ned Brody, Executive Vice President, Paid Services. This letter sets forth the terms and conditions of your new position. 
 Base
Salary: Your compensation will be $12,500.00 semi-monthly (“Base Salary”), less applicable withholdings, which if calculated on a yearly basis is $300,000.00. 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 a bank holiday, payday is the preceding day. 
 Annual Bonus Plan: In addition to your Base
Salary, you will be eligible to participate in AOL’s Annual Bonus Plan (“ABP”), pursuant to its terms. Pursuant to the ABP, AOL will review its overall performance and your individual performance to determine your bonus under the
Plan, if any (“Bonus”). Although as a general matter in cases of satisfactory individual performance, AOL would expect to pay a Bonus at the target level provided for in the ABP (where AOL has met target performance with respect to the
financial metrics measuring company performance for a given year), AOL does not commit to paying any Bonus, and your Bonus may be negatively affected by AOL’s overall performance. Although any Bonus (and its amount, if a bonus is paid) is fully
discretionary, your target Bonus as a percentage of your Base Salary is 50 percent. If a Bonus is paid with respect to the year of your hire, it will be pro-rated to reflect the portion of the year you were employed at AOL. 

Stock Options and Restricted Stock Units: As soon as administratively practicable following your first day of employment with AOL or one of its
affiliates, you will be granted an option to purchase shares of AOL common stock (“Stock Option Grant”) and an award of restricted stock units (“RSUs”) (“RSU Award”). Specifically, on the grant date, you will be granted
an option to purchase 15,000 shares of AOL common stock and an award of 4,000 RSUs. We arrive at the specific number of RSUs and the shares subject to the Stock Option Grant to grant you by assuming a reasonable value for AOL

 
common stock. The exercise price for your Stock Option Grant will be the “fair market value” of a share of AOL common stock on the grant date, which is the closing price of AOL common
stock on the New York Stock Exchange on that day. The Stock Option Grant will vest over a 4-year period, 25% percent after year one, and monthly thereafter. The RSU Award will also vest over a 4-year period, with 50% vesting at the end of the second
year and 25% vesting at the end of years three and four. The Stock Option Grant and the RSU Award are both subject to the approval of the AOL Board of Directors (or an authorized committee of the Board, or its delegate) and governed by the terms and
conditions of the plans, agreements and notices under which they were issued. 
 Relocation Assistance: The Company will provide you with relocation
assistance under our Program D policy. The basic components of this program are outlined in the booklet provided. To be eligible for reimbursement, relocation expenses must be supported with appropriate documentation and must be reasonable in
relation to the expense category. All amounts paid to you for reimbursement of relocation expenses will be appropriately reported on your W-2 as either taxable or non-taxable income. Please be advised that you may be required to reimburse the
Company for these relocation expenses in certain circumstances, as set forth in the enclosed Reimbursement Agreement (Appendix A) and Promissory Note (Appendix B). 

Upon receipt of the Reimbursement Agreement and Promissory Note signed by you, the Relocation Department will contact you, usually within 48 hours, to
initiate your relocation. Please be advised that Relocation Department’s receipt of your signed Reimbursement Agreement and Promissory Note is required prior to reimbursement of any approved relocation expenses. If you have additional
questions, please contact the Relocation Department listed in the Relocation Policy. 
 Benefits: The Company offers a generous and comprehensive
benefits package, including health, disability, and life insurance. You and your family members will be eligible to participate in a full range of benefits in accordance with the Company’s current eligibility requirements. It will be necessary
for you to make benefit elections within 30 days of your hire date with the Company. If you do not make an election within the designated timeframe, you will be enrolled into the benefits default plan and you will be responsible for any
associated costs. Employee benefits are subject to change at the sole discretion of the Company. A copy of the benefits brochure is enclosed. 

Vacation: You are eligible for 4 weeks vacation annually, in addition to the Company’s recognized holidays and personal days. 

Location: Your primary work location will be Dulles, VA, but you shall make yourself available for travel to other locations as business needs require
and in order to facilitate effective interaction between you and other members of management and the Company. 

 Key Employment Conditions: This offer is contingent on your submission of satisfactory proof of
eligibility to work in the United States. You must bring documentary proof of your eligibility to work with you on your first day of work. Please contact me if you have any questions about what documents are acceptable for this purpose. 

This offer also is contingent upon the results of a pre-employment background check, which may include confirmation of your Social Security number,
verification of prior employment, verification of education, if applicable, and a criminal records check. If the results of the pre-employment background check are not satisfactory, or if the Company determines that you have falsified or failed to
disclose relevant information on your application, the Company reserves the right to withdraw this offer or terminate your employment. 
 In addition, as a
condition of your employment, you must sign and comply with the enclosed Confidentiality, Non-Competition and Proprietary Rights Agreement (“CNPR Agreement”), the terms of which are incorporated herein by reference. Please return an
executed copy of this CNPR Agreement by facsimile to 703-466-9309, along with your executed offer letter. You agree that acceptance of this offer and your start of employment at AOL also constitute your agreement to abide by the terms of the CNPR
Agreement. 
 Further, as a condition of your employment, you will be required to electronically sign AOL’s Standards of Business Conduct within the
first 30 days of your employment and periodically thereafter during your employment as requested by the Company, as an affirmation of your agreement to the Company’s code of ethical and appropriate workplace conduct. 

You shall render your services to the Company on a full-time, exclusive basis. However, nothing In this letter precludes you from performing any charitable or
civic duties provided that such duties do not interfere with the performance of your duties as an employee of AOL, do not violate the Standards of Business Conduct or the CNPR Agreement, or cause a conflict of interest. You may sit on the boards of
non-AOL entities during your employment only if first approved in writing by AOL’s Compliance Council. 
 Cooperation: During and after your
employment with the Company, you agree to assist the Company, upon its reasonable request, in connection with any litigation, investigation, or other matter involving the Company. You agree that such assistance may include, but is not limited to,
meeting with the Company’s legal counsel upon request. 
 Return of Company Property: Upon termination of your employment, or at any other time
the Company so requests, you must return to your manager all the Company property in your possession, including, but not limited to, keys, access cards, computers, pagers, telephones and the original and all copies of any written, recorded, or
computer readable information about Company practices, procedures, trade secrets, customer lists or marketing associated with the Company’s business. 

 Termination: Your employment with the Company is at-will, meaning that you or the Company may terminate
the employment at any time for any reason not prohibited by law, with or without notice or Cause” (as defined below), subject to the following consequences. Nothing in this offer is intended to create a contract for employment or guarantee of
continued employment with the Company. This at-will employment relationship cannot be modified except by an express written agreement signed by you and an authorized officer of the Company. 

In the event the Company terminates your employment for Cause, you shall be entitled as of the termination date to no further compensation under this
agreement, except that you shall be entitled to receive such portion of your Base Salary as shall have accrued but remain unpaid through the termination date and any accrued, but unused vacation in accordance with Company policy. 

For purposes of this letter, “Cause” shall be limited to (i) your conviction of, or nolo contendere or guilty plea to, a felony (whether any
right to appeal has been or may be exercised); (ii) your failure or refusal, without proper cause, to perform your duties with the Company, including your obligations under this letter, if such failure or refusal remains uncured for
15 days after written notice to you; (iii) fraud, embezzlement, misappropriation, or reckless or willful destruction of Company property; (iv) breach of any statutory or common law duty of loyalty to the Company; (v) your
violation of the CNPR Agreement or the Company’s Standards of Business Conduct; (vi) your improper conduct substantially prejudicial to the Company’s business, or (vii) your failure to cooperate in any internal or external
investigation involving the Company. 
 Compliance with IRC Section 409A. This letter is intended to comply with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and will be interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything herein to the contrary, (i) if at the time of your termination
of employment with the Company you are a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or benefits
otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such
payments or benefits hereunder (without any reduction In such payments or benefits ultimately paid or provided to you) until the date that is six months following your termination of employment with the Company (or the earliest date as is permitted
under Section 409A of the Code) and (ii) if any other payments of money or other benefits due to you hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other
benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or 

 
otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional tax. To the
extent any reimbursements or in-kind benefits due to you under this letter constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to you in a manner consistent with
Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made under this letter shall be designated as a “separate payment” within the meaning of Section 409A of the Code. The Company shall consult with you in good faith regarding
the implementation of the provisions of this section; provided that neither the Company nor any of its employees or representatives shall have any liability to you with respect thereto. 

Commencement Date: The commencement date of your employment is to be June 8, 2010. 

This letter constitutes the full terms and conditions of your employment with the Company. It supersedes any other oral or written promises that may have been
made to you. 
 If you agree to accept this offer, please sign and date below at your earliest convenience so that we can begin making arrangements for your
arrival. 
 We hope that your employment with the Company will prove to be exciting and beneficial for both you and us. We look forward to having you
aboard, if you have any questions, please do not hesitate to contact me. 
 Sincerely, 

/s/ David Harmon 
 David Harmon 

Executive Vice President, Human Resources 
 AOL Inc. 

 

							
	Accepted: /s/ Donald Rosenthal 	  		  	Date: Jun 4, 2010
		  	Donald Rosenthal (Jun 4, 2010)EX-10.3

 Exhibit 10.3 
  

 
 February 25, 2011 

By Hand Delivery 
 Bud Rosenthal 

Dear Bud: 
 This letter, upon your signature, supplements your
offer letter to the extent set forth herein, and these documents together shall constitute the complete agreement between you and AOL Inc. (together with its subsidiaries, affiliates, and assigns, “AOL” or the “Company’’)
regarding your continued employment. 
 At Will Employment: Your employment with the Company is at will and you or the Company are free to terminate
such employment at any time, with or without “Cause.” For purposes of this letter, Cause shall be limited to (i) your conviction of, or nolo contendere or guilty plea to, a felony (whether any right to appeal has been or may be
exercised); (ii) your failure or refusal, without proper cause, to perform your duties with the Company, including your obligations under this letter, if such failure or refusal remains uncured for 15 days after written notice to you;
(iii) fraud, embezzlement, misappropriation, or reckless or willful destruction of Company property; (iv) breach of any statutory or common law duty of loyalty to the Company; (v) your violation of the CNPR Agreement or
Confidentiality, Inventions and Assignment Agreement (each a “Confidentiality Agreement”) or the Company’s Standards of Business Conduct; (vi) your improper conduct substantially prejudicial to the Company’s business, or
(vii) your failure to cooperate in any internal or external investigation involving the Company. 
 Termination of Employment: If the Company
terminates your employment other than for Cause, in exchange for your execution and delivery of the Company’s standard separation agreement, which shall contain among other obligations, a release of claims against the Company, you will be
entitled to receive: 
  

	 	•	 	An amount equal to 6 months base salary, less applicable taxes. This amount will be paid in 12 semi-monthly, substantially equal installments starting on the second payroll period following your termination date
(“Payment Date”); provided, however, that if your separation agreement is not effective and irrevocable on the Payment Date, the first payment will be made on the second payroll period following the date that it becomes effective and
irrevocable and will include any prior installments otherwise payable to you; and shall be paid to you in all events on or before March 15 of the calendar year following the calendar year in which your termination date occurs. These payments
will not be eligible for deferrals to Company’s 401(k) plan. 

 22000 AOL Way Dulles, Virginia 20166 USA 

	 	•	 	If you elect to enroll in COBRA benefit continuation, at the Company’s expense, continuation of health, vision and dental benefits coverage under COBRA for 6 months beginning the first day of the calendar month
following your termination date. 

 You will not be entitled to the above benefits, and the Company shall have no obligation to you other than
to pay your base salary through the effective date of the termination and with respect to any rights you may have pursuant to any insurance or other benefit plans of the Company if: (i) the Company terminates your employment for Cause;
(ii) you resign your employment; or (iii) your release fails to become effective and irrevocable within 60 days following your termination of employment. 

Cooperation. During and after your employment with the Company, you shall assist the Company in connection with any litigation, investigation, or other
legal or regulatory matter involving the Company. You agree that such assistance may include, but is not limited to, meeting with the Company’s legal counsel or other representatives and voluntarily providing testimony in legal proceedings if
so requested by the Company. The Company will reimburse you for reasonable out-of-pocket expenses incurred in rendering such assistance to the Company (not including attorney’s fees, unless required by federal, state or local law). 

Return of Company Property. Upon termination of your employment, or at any time the Company so requests, you must return to the Company all the Company
property then in your possession, including, but not limited to, keys, access cards, computers, SecurIDs, pagers, telephones, credit cards and the original and all copies of any written, recorded, or computer readable information about Company
practices, procedures, employees, trade secrets, finances, customer lists or marketing associated with the Company’s business, and any other information deemed proprietary or confidential in accordance with Company policies and/or the
Confidentiality Agreement. 
 Employment Conditions: Notwithstanding anything set forth herein, you will continue to render your services to the
Company on a full-time, exclusive basis and comply with the Company’s Standards of Business Conduct and all other Company policies. In addition, you agree to continue to abide by the terms of your Confidentiality Agreement, which remains in
full force and effect. 
 Nothing in this letter is intended to create a contract for employment or guarantee of continued employment with the Company for
any period of time and your employment continues to be at-will. 
 Compliance with IRC Section 409A. This letter is intended to comply with
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and will be interpreted in a manner intended to comply with Section 409A of the Code. Notwithstanding anything herein to the

 
contrary, (i) if at the time of your termination of employment with the Company you are a “specified employee” as defined in Section 409A of the Code (and any related
regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional
tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to you) until the date
that is six months following your termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other payments of money or other benefits due to you hereunder could cause the
application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise
such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Company, that does not cause such an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due to you under
this letter constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid to you in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). Each payment made
under this letter shall be designated as a “separate payment” within the meaning of Section 409A of the Code. The Company shall consult with you in good faith regarding the implementation of the provisions of this section; provided
that neither the Company nor any of its employees or representatives shall have any liability to you with respect thereto. 
 Please sign and date one copy
of this letter and return to Gillian Pon, VP, Total Rewards via pdf, fax (703-265-7825) or mail at 22110 Pacific Blvd, Dulles, Virginia 20166. 
 With warm
regards, 
 /s/ Kathy Andreasen 
 Kathy Andreasen 

Chief People Officer 
 AGREED AND ACCEPTED: 

 

					
	/s/ Bud Rosenthal	  		  	Date: 2/25/11
	Bud Rosenthal

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