Document:

EX-10..1

Exhibit 10.1

CONFIDENTIAL

LOCALIZATION SERVICES, LICENSING AND CONTENT PROGRAMMING AGREEMENT

THIS LOCALIZATION SERVICES, LICENSING AND CONTENT PROGRAMMING AGREEMENT (the “Agreement”) is
made and entered into as of September 2, 2004 (the “Effective Date”), by and between America
Online, Inc., a Delaware corporation, with offices at 22000 AOL Way, Dulles, Virginia 20166
(hereinafter referred to as “AOL”), and America Online Latin America, Inc., a Delaware corporation,
with its principal offices at 6600 N. Andrews Avenue, Suite 400, Ft. Lauderdale, Florida 33309
(hereinafter referred to as “AOLA”) (each a “Party” and collectively the “Parties”). All
capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in
Exhibit A attached hereto.

WHEREAS, the Parties have previously entered into the AOL License Agreement dated as of August
7, 2000 (the “License Agreement”), pursuant to which AOL licenses to AOLA certain Licensed Products
(as defined in the License Agreement) upon the terms and conditions set forth in the License
Agreement; and

WHEREAS, AOL acknowledges and agrees that the Content programming services provided by AOLA
in the third and fourth quarters of 2003 are satisfactory, and the Parties have agreed that AOLA
shall continue to provide localization, translation and content programming services for the AOL
Latino service, as more specifically set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual promises set forth herein, AOL and AOLA hereby
agree as follows:

	 	1.	 	Localization Engineering and Services. As more specifically set forth below, AOL
shall offer to AOLA the opportunity to participate in certain Product Programs. If AOLA
elects to participate in such Product Programs, as consideration for AOL providing
Localization Engineering, AOLA shall provide Localization Services, as defined in Section 1(b)
below) to AOL in connection with such Product Programs. If AOLA elects not to participate in
such Product Programs, AOL may elect to engage AOLA for Localization Services.

	 	a.	 	AOLA Products: Localization Engineering. AOL shall provide AOLA with
prompt notice (the “IRB Notice”) of any decision by AOL’s senior executive
investment/project review board (i.e., the Internal Review Board or equivalent
organization) to approve a Product Program, and whether such Product Program is
approved to be offered internationally (an “IRB Decision”). In the event that such
Product Program is approved to be offered internationally pursuant to the License
Agreement, within three (3) business days after AOLA’s receipt of such IRB Notice, AOLA
shall notify AOL in writing of its decision whether to participate in such Product
Program for the development of associated AOLA Products (the “Decision”). All Products
provided by AOL hereunder shall be considered “Licensed Products” as defined by the
License Agreement and the Parties shall have such rights and obligations for such
Products as set forth in the License Agreement for Licensed Products.

	 	i.	 	Opt-In Decision. If AOLA selects an offered Product Program as
an AOLA Product, the Parties shall mutually agree upon a timetable under which
AOL shall provide AOLA with the final executable code for such AOLA Product(s).
Prior to delivery to AOLA of such final executable code, AOL shall perform
Localization Engineering on such AOLA Product(s) at no additional cost to AOLA.
The specific Product requirements for each Product Program shall be described in
a PRD. AOLA shall be responsible for all In-Country Quality Assurance and local
country beta testing functions for all AOLA Products.

	 	ii.	 	Opt-Out Decision. If AOLA elects not to participate in such
Product Program for the development of associated AOLA Products, AOL may elect
to engage AOLA to provide the Localization for the corresponding Latino Products
at the price of AOLA’s hourly cost of resources, based on time and materials,
plus a ten percent (10%) management fee, at a total cost no less favorable than
AOLA charges any third party (such costs and fees, the “Localization Costs”) to
perform such Localization Services. AOLA shall deliver a proposal to AOL for
performing the Localization Services, including all Localization Costs,
timetables, and specific deliverables for such Localization Services, within two
(2) weeks after the Decision. If AOL agrees to engage AOLA for such
Localization Services, the Parties shall execute a Statement of Work based on
AOLA’s proposal, which shall be considered a Schedule to this Agreement setting
forth the agreed upon Localization Costs, timetables, specific deliverables and
acceptance criteria. Any Deliverables (as defined in Section 3(a) below)
provided under any such Statement of Work shall be considered Work as defined
under this Agreement and its Schedules going forward.

	 	iii.	 	Product Programs Not Available for International. If any Product
Program is not approved to be offered internationally pursuant to the License
Agreement, AOL may elect to engage AOLA to provide the Localization for the
corresponding Latino Products at the price of the Localization Costs (as defined
in Section 1(a)(ii) above) to perform such Localization Services. AOLA shall
deliver a proposal to AOL for performing the Localization Services, including
all Localization Costs, timetables, and specific deliverables for such
Localization Services, within two (2) weeks after the IRB Decision. If AOL
agrees to engage AOLA for such Localization Services, the Parties shall execute
a Statement of Work based on AOLA’s proposal, which shall be considered a
Schedule to this Agreement setting forth the agreed upon Localization Costs,
timetables, specific deliverables and acceptance criteria. Any Deliverables (as
defined in Section 3(a) below) provided under any such Statement of Work shall
be considered Work as defined under this Agreement and its Schedules going
forward.

	 	b.	 	AOLA Products: Localization Services. Subject to AOLA’s Decision as
set forth in Section 1(a) above, AOLA shall provide the following services (the
“Localization Services”):

	 	i.	 	AOLA shall Localize all Latino Products using (a) AOL’s
then-standard Tools, such as JV Web and CVS, to change forms, translate areas,
commit changes and install forms and (b) HTML, Flash and any other required
media development (such as Companion and Installer) pursuant to AOL Studio’s
requirements, if any. AOLA shall (i) perform all required translations
reasonably in accordance with localization and translation guidelines, attached
hereto as Exhibit A-2 (the “Localization Guidelines”), including integration of
the translations into the appropriate forms and online areas and modification of
forms to fit terms and language and (ii) create the forms and artwork necessary
for the Localization work and then publish those forms and assets appropriately.
AOL will work together with AOLA in good faith to define a list and glossary of
all Spanish Key Terms for use in AOLA’s translation efforts, however in the
event of a dispute, AOL will have sole discretion over the Key Terms for the AOL
Latino Service.

	 	ii.	 	AOLA shall provide In Country Quality Assurance for the Latino
Products in accordance with the timetable(s) in the applicable PRD(s).

	 	iii.	 	The Parties shall enter into a Statement of Work for each of the
Latino Products for which AOLA shall provide Localization Services, which shall
be considered a Schedule to this Agreement setting forth the agreed upon
Localization Costs (as defined in Section 1(a)(ii) above), timetables, specific
deliverables and acceptance criteria. Any Deliverables (as defined in Section
3(a) below) provided under any such Statement of Work shall be considered Work
as defined under this Agreement and its Schedules going forward.

	 	2.	 	Content License. Each Party shall license Spanish-language Content to the other
Party as more specifically set forth on Exhibit C attached hereto.

3. Additional Services and Requirements.

	 	a.	 	Services. AOLA agrees to provide to AOL such services, including
Localization services, as the Parties may mutually agree (collectively, the
“Services”), as they are described in any Statement of Work attached hereto as a
Schedule, including but not limited to providing to AOL the deliverables and
documentation specified therein (collectively, “Deliverables”). All Services shall be
provided in accordance with the provisions of this Agreement and any Schedule hereto.
Any Deliverables provided under any such Statement of Work shall be considered Work as
defined under this Agreement and its Schedules going forward.

	 	b.	 	Performance of Services. Except as otherwise agreed to by the Parties
in writing, in this Agreement or any Schedule hereto, AOLA shall furnish all equipment
and materials used to perform the Services, including but not limited to telephone
lines, personal computers and modems; provided that AOL shall reimburse AOLA up to
fifteen thousand dollars ($15,000) for the purchase of specialized hardware and
software (including applicable Tools (defined in Section 5(e) below)) required by AOL
for performance of the Services, such request for reimbursement to be submitted by AOLA
pursuant to Section 6(b) below.

	 	c.	 	Compliance with Applicable Law and Rules. AOLA shall comply with all
applicable local, state and federal laws and AOL’s then-current Terms of Service and
Privacy Policy in performing the Services. AOLA shall observe the working hours,
working rules and polices of AOL while working on AOL’s premises.

	 	d.	 	AOL Deliverables. To the extent AOL has the right to do so, AOL agrees
to provide to AOLA those AOL and third party services and materials not already
provided to AOLA pursuant to the License Agreement that are necessary to enable AOLA to
perform the Services, including but not limited to those services, materials, content
licenses (and access) and Tools (as hereinafter defined) as specified on any Schedule
hereto.

4. AOLA Personnel

	 	a.	 	Independent Contractor; No Agency. AOLA is and shall remain an
independent contractor of AOL. AOLA is not and shall not be deemed for any purpose to
be an employee of AOL. AOL shall not be responsible to AOLA or any governing body for
any payroll-related taxes related to the performance of the Services, including but not
limited to, withholding or other taxes related to federal or state income tax, social
security benefits or unemployment compensation. AOLA further represents and warrants
that AOLA qualifies as an independent contractor under the provisions of the Internal
Revenue Code and its common law rules and, as such, AOLA is filing all required forms
and necessary payments appropriate to AOLA’s tax status. Neither Party is an agent,
representative or partner of the other Party. Neither Party shall have any right,
power or authority to enter into any agreement for or on behalf of, or incur any
obligation or liability on behalf of, or to otherwise bind, the other Party. This
Agreement shall not be interpreted or construed to create an employment relationship,
an association, agency, joint venture or partnership between the Parties or to impose
any liability attributable to such a relationship upon either Party.

	 	b.	 	AOLA’s Employees and Assistants. AOLA shall provide all Services
through employees of AOLA or its subsidiaries unless AOL agrees in writing (which may
include email) in advance that certain Services may be provided through subcontractors,
independent contractors, consultants, volunteer assistants or other persons or entities
(collectively, “Assistants”), which agreement shall not be unreasonably withheld or
delayed. AOL has no relationship with or to such Assistants and such Assistants are
not employees, agents, consultants, representatives, assistants, subcontractors or
independent contractors of AOL. AOLA shall be fully and solely responsible for the
supervision and payment of such Assistants and for all work performed by such
Assistants.

5. Product and Project Management

	 	a.	 	AOLA Project Managers. AOLA shall appoint a qualified member of its
staff to act as project manager in connection with AOLA’s provision of the Localization
Services and for AOLA Products and another in connection with the content programming
services (the “AOLA Project Managers”), each of whom duties shall act as a liaison
between AOL and AOLA and to provide overall oversight and management of the applicable
Services. With respect to Localization Services, AOLA shall have primary
responsibility for managing daily communication, deliverables and resources for
subprojects and subproducts within each Product (e.g., AIM, Love@AOL, Mail, Groups,
Radio@AOL, AOL Communicator, AOL Companion, etc.), and for managing the relationship
with the Localization teams in Dublin, Ireland, providing project management,
translation, quality assurance, design and technology development services.

	 	b.	 	AOL Project Manager. AOL shall designate a project manager for the
Localization Services (the “AOL Project Manager”), who shall act as a liaison between
AOL and AOLA in connection with the Localization Services.

	 	c.	 	Latino Products: Product and Project Management. AOL shall have sole
responsibility for creating the PRDs for the Latino Products; provided that AOL shall
consult with AOLA during the requirements definition process to ensure that both
Parties are working toward minimizing the differences between requirements for Latino
Products and requirements for AOLA Products and the related costs of adapting Latino
Products for AOLA. For all Latino Products, the AOL Latino staff shall remain the main
point of contact for product management and product marketing teams in Dulles. AOL
shall continue to have overall project management responsibility for the Latino
Products, including maintaining ownership of and directing all development initiatives
in connection therewith.

	 	d.	 	Management Review. The Parties shall have a quarterly discussion among
senior management to address the progress of the relationship and any outstanding
issues. Pursuant to Section 9.7 below, the Parties shall use good faith efforts to
resolve any outstanding issues through this forum prior to further escalation,
mediation, arbitration or other legal action.

	 	e.	 	Software Tools. The Parties shall mutually agree, which, if any, of
AOL’s proprietary software tools, including without limitation Rainman, Catalyst,
Robohelp and Shark Lite and any other necessary tools (e.g., Telescope) for localizing
technology and/or for producing and maintaining the content, clients and products for
the AOL Latino Service (each a “Tool”), shall be made available to AOLA in order for
AOLA to perform its duties hereunder pursuant to the terms and conditions of the
License Agreement; provided, however, that AOLA must have appropriately trained
personnel if required by the third party licensor for use of any such Tool and further
provided that AOL has the rights to provide to AOLA for each such Tool.
Notwithstanding the foregoing, AOL will provide AOLA with those Tools for which AOL has
the applicable rights, and any applicable training (and necessary travel), for AOLA’s
use in performing its duties hereunder and the term of the license for such Tools shall
be the term of the applicable Schedule or the development requirements under the
applicable PRD(s). AOL shall provide such Tools to AOLA as soon as reasonably
practicable and AOLA shall have no obligation to provide Services for which such Tools
are required until AOL has delivered such Tools and provided necessary training.

6. Fees and Expenses; Taxes.

	 	a.	 	Services Fees. In consideration of the Services performed hereunder,
AOL shall pay AOLA the fees set forth in any applicable Schedule (the “Services Fees”).
Such fees shall be payable according to the timeline and milestones set forth in such
Schedule(s). Except as set forth in Section 7(b) below, the Services Fees and AOL’s
provision of Localization Engineering shall be AOLA’s complete compensation for
providing the Services.

	 	b.	 	Expenses. AOLA shall not be entitled to reimbursement of expenses
except as specifically set forth on any applicable Schedule or as set forth in this
Section 6(b). AOL shall reimburse AOLA for expenses relating to travel (including
transportation, hotel and meals) by AOLA employees, such travel to be requested and
approved in advance by AOL. All such travel shall be limited to ten (10) days in the
aggregate per person per calendar quarter, unless otherwise agreed in writing by AOLA.
AOLA will submit any expenses to be invoiced, together with the applicable
documentation, to the AOL Project Manager for approval prior to actual invoicing. AOLA
shall invoice AOL on a monthly basis for expenses incurred as approved. Such expenses
shall be limited to reasonable out-of-pocket expenses necessarily and actually incurred
by AOLA in the performance of its services hereunder, provided that (i) the expenses
have been detailed on a form acceptable to AOL and submitted to the appropriate AOL
Project Manager for review and approval; and (ii) if requested by AOL, AOLA submits
supporting documentation in addition to the approved expense form. Any travel expenses
shall comply with AOL’s travel policy, a copy of which has been provided to AOLA, and
AOL may, at AOL’s sole discretion, require AOLA to make travel arrangements through an
AOL-approved travel agency.

	 	c.	 	Taxes. AOLA shall be responsible for determining the applicability of
any sales, use, excise, or similar transactional taxes that may be applicable to the
performance of the Services, if any. AOLA shall clearly and separately state any
applicable taxes on AOLA’s invoice to AOL for corresponding Services. AOL shall pay
applicable taxes, if any, on the invoice or, in lieu of the payment of any such taxes,
AOL may provide AOLA with a certificate acceptable to the taxing authorities exempting
AOL from payment of these taxes. AOL shall not be liable for taxes based on AOLA’s net
income, items of tax preference, net worth, capital stock, franchise, property or
conduct of business, or similarly-based taxes. AOLA shall pay all taxes collected from
AOL to the appropriate taxing authority. AOLA, and not AOL, shall be obligated to pay
any applicable taxes not so invoiced to AOL for corresponding Services, including
without limitation, any and all interest, penalties and attorneys’ fees. AOL will not
be responsible to AOLA or any governing body for any payroll-related taxes including
but not limited to, withholding or other taxes related to federal or state income tax,
social security benefits, or unemployment compensation. AOLA shall bear any and all
costs, and shall indemnify AOL pursuant to section (iv) of Exhibit B, including,
without limitation, penalties, interest and attorneys’ fees. AOL shall be entitled to
contest, pursuant to applicable law and at its own expense, any taxes it is ultimately
obligated to pay, and AOLA shall reasonably cooperate with any such contest.

7. Acceptance of Services; Change Requests.

	 	a.	 	Acceptance of Services. All Services, Deliverables and Work delivered
by AOLA pursuant to the Agreement and any Schedule shall be subject to acceptance by
AOL as set forth in such Schedule, which acceptance shall not be unreasonably withheld
or delayed. Except for bug fixes and normal maintenance modifications, once a
Deliverable has been accepted by AOL pursuant to the provisions of an applicable
Schedule, additional features and modifications to such Deliverable requested by AOL
shall be subject to the provisions of Section 7(b) below.

	 	b.	 	Change Requests. AOL may from time to time request modifications to
the specifications for the Deliverables (defined in Section 3(a) above), alternative
deliverables or additional deliverables by providing notice to AOLA and indicating the
nature of the change request. AOLA agrees to cooperate with AOL to make reasonable
changes to such specifications or provide alternative or additional deliverables,
provided, however, that if (i) any such changes or alternative or additional
deliverables require AOLA to invest additional resources (including personnel
resources) or costs beyond what is contemplated by the then-current specifications, or
will result in additional costs to AOLA, (ii) AOLA has opted out of a Product Program,
and (iii) AOLA has obtained prior written approval from AOL (which may include email),
then AOL will pay AOLA for its services in effecting such change request. If any AOL
change request will impact a milestone or delivery schedule previously agreed upon by
the parties, AOLA shall notify AOL and the parties shall make reasonable and
appropriate adjustments to such milestone or delivery schedules.

	 	c.	 	Dependencies. In the event that AOLA’s performance of any Services
contemplated hereunder is delayed by the failure of AOL to perform any duty or
obligation set forth under this Agreement or to meet any milestone upon which AOLA is
dependent or which is a prerequisite to AOLA performing any Services (an “AOL Delay”),
then AOLA must notify AOL as soon as possible and may adjust any applicable delivery
date to reasonably take into account the time of such AOL Delay.

8. Term and Termination

	 	a.	 	Term. Unless earlier terminated as set forth in this Agreement, the
term of this Agreement (the “Term”) shall commence on the Effective Date and shall
continue in full force and effect through and including June 1, 2006; provided that AOL
shall be obligated to provide Localization Engineering, and AOLA shall be obligated to
provide Localization Services, only until December 31, 2005; and further provided that
for any Localization Engineering in process by AOL for an AOLA Product, or for any
Localization Services in process by AOLA for a Latino Product, scheduled (as of
December 31, 2005 or any earlier date of termination of this Agreement) by senior
executive investment/project review board (i.e., the Internal Review Board or
equivalent organization) to have been released as a “Gold Master” version prior to the
termination of this Agreement, the applicable Party shall perform all necessary
Localization Engineering or Localization Services until such AOLA Product or Latino
Product is released by AOL or AOLA as a “Gold Master” version.

	 	b.	 	Termination For Breach. Either Party may terminate this Agreement at
any time in the event of a material breach by the other Party which remains uncured
after thirty (30) days’ written notice thereof (or such shorter period as may be agreed
to by the Parties in any applicable Schedule). Notwithstanding the foregoing, the
obligations of the Parties to provide Localization Engineering and/or Localization
Services, as applicable, shall survive to their natural conclusion (i.e. until the
applicable Product is released to the public) a termination under this Section 8(b) for
any reason other than a breach of such Localization Engineering and/or Localization
Services.

	 	c.	 	Termination for Bankruptcy/Insolvency. Either Party may terminate this
Agreement immediately following written notice to the other Party if the other Party
(i) ceases to do business in the normal course, (ii) becomes or is declared insolvent
or bankrupt, (iii) is the subject of any proceeding related to its liquidation or
insolvency (whether voluntary or involuntary) which is not dismissed within ninety (90)
calendar days or (iv) makes an assignment for the benefit of creditors.

	 	d.	 	Other Termination. AOL shall have a right to terminate this Agreement
upon thirty (30) days’ prior written notice to AOLA in the event that (i) AOL is no
longer a shareholder of AOLA pursuant to the Stockholder Agreement, (ii) neither Time
Warner Inc. nor AOL is a holder of any of AOLA’s debt or similar instrument; (iii) AOL
elects, in its sole discretion, to cease producing or offering the AOL Latino Service;
or (iv) AOL, AOLA or both Parties sell, transfer, or otherwise dispose of the majority
of rights to own, operate or manage the AOL® branded PC access service in Mexico. The
Parties further acknowledge that a change in ownership or control of one or more of the
services currently owned, operated or managed by AOLA may change access by such
service(s) to Products, Tools and/or Content provided to AOLA under this Agreement.

e. Effect of Termination.

	 	i.	 	Payment Upon Termination. If either Party terminates the
Agreement, AOL agrees to pay AOLA for any reimbursable expenses, if any
(pursuant to the applicable Statement of Work), incurred by AOLA hereunder with
AOL’s approval up to the effective date of termination. Unless otherwise stated
in an applicable Schedule, in the event AOL terminates this Agreement or any
Schedule under Section 8(d)(i) above, prior to completion of all Deliverables,
(x) AOLA shall be compensated a pro-rata share of the Services Fees due to AOLA
under this Agreement and any applicable Schedule(s), and (y) if applicable, AOL
shall pay AOLA for all milestones (as set forth in any applicable Schedule)
completed and accepted by AOL and a pro-rata share of the milestone AOLA is
working to complete at the time the Agreement is terminated. Undisputed amounts
owed to AOLA and invoiced to AOL upon termination shall be paid by AOL promptly,
and in any event no later than thirty (30) days after the effective date of
termination.

	 	ii.	 	Wind-Down Period. Upon the expiration or earlier
termination of this Agreement, the Parties shall cooperate in any transition
(including the Wind-Down Period defined below) to ensure that users of the AOL
Latino Service do not experience any interruption in service. Upon the
expiration or earlier termination of this Agreement, the Parties shall have
ninety (90) days during which to make a transition of any Services hereunder
from AOLA to another provider (the “Wind-Down Period”). During the Wind-Down
Period, AOLA shall continue to provide all Services. AOL shall pay all sums
accrued and owed to AOLA but unpaid during the Term and the Wind-Down Period to
AOLA within thirty (30) days after the end of the Wind-Down Period. All terms
and conditions of this Agreement that are reasonably necessary for the Parties
to fulfill their obligations and exercise their rights during the Wind-Down
Period shall survive during the Wind-Down Period.

	 	f.	 	AOL Rights Upon Termination. Termination under this Agreement shall
not affect AOL’s rights in and to all Work (as defined in Exhibit B) created by AOLA
pursuant to this Agreement prior to such termination. If this Agreement is terminated
by reason of an uncured material breach by AOLA, then AOLA shall refund to AOL a
pro-rated portion of the Services Fees – based on the Work that was accepted by AOL
prior to the effective date of the termination – promptly, and in any event no later
than thirty (30) days after the effective date of termination. In the event that
Services are provided on a fixed fee basis, “pro-rated” shall be determined based on
the number of days during which Services are provided to AOL prior to the effective
date of termination.

	 	9.	 	Terms and Conditions. The terms and conditions set forth on Exhibit B attached
hereto are hereby made a part of this Agreement.

IN WITNESS WHEREOF, the Parties hereto, each acting under due and proper authority, have
executed this Agreement as of the Effective Date.

	 	 	 
	AMERICA ONLINE, INC.

	 	AMERICA ONLINE LATIN AMERICA, INC.
	 
	 	 
	By: /s/ David Wellisch

	 	By: /s/ Travis Good
	 
	 	 
	Print Name: David Wellisch

	 	Print Name: Travis Good
	 
	 	 
	Title: Vice President, GM—AOL Latino

	 	Title: Vice President—Technology and Operations
	 
	 	 

1

EXHIBIT A

DEFINITIONS

	 	 	 	1.1. “AOL Affiliate” means an entity that is controlled by AOL, including any entity
in which AOL owns at least a 19% equity interest.

	 	2.	 	“AOL Latino Service” shall mean AOL’s multi-topic Spanish-language Content and services
interactive area for the U.S. Hispanic audience currently available at Keyword: Latino on the
AOL Service.

	 	3.	 	“AOL Products” shall mean the various client-based and host-based features that AOL in its
sole discretion determines will be rolled out to an international audience, to the extent AOL
has the right to do so under any and all third-party licenses. Back office system
features/products which are not visible to AOL Members shall not be considered “AOL Products”
under the Agreement.

4. “AOL Service” shall mean the America Online® brand proprietary service.

	 	5.	 	“AOL Network” shall mean (a) the AOL Service and (b) any other product, service or property
owned, operated, distributed or authorized to be distributed by or through AOL or any AOL
Affiliate (other than AOLA and its wholly owned direct or indirect subsidiaries) worldwide.
Without limiting the foregoing, a service operated by AOL under a third party brand is an AOL
Network service, excluding AOLA and its wholly owned direct or indirect subsidiaries.

	 	6.	 	“AOLA Network” shall mean the web-based and client-based Internet access services and
interactive sites offered, or which may be offered, by AOLA or its affiliates in Brazil,
Mexico, Argentina, and Puerto Rico and in any other countries in the AOLA Territory,
specifically excluding the AOL Service and the AOL Latino Service, but including any other
product, service or property owned, operated, distributed or authorized to be distributed by
or through AOLA or any of its affiliates.

	 	7.	 	“AOLA Products” shall mean a Spanish-language Localized version of the AOL Products, to the
extent AOL has the license rights to provide such to AOLA, with the additional features
requested by AOLA as outlined in the applicable PRD(s).

8. “AOLA Territory” shall have the same meaning as “Territory” in the License Agreement.

	 	9.	 	“Content” shall mean text, images, video, audio (including, without limitation, music used in
time relation with text, images, or video), and other data, products, services,
advertisements, promotions, URLs, keywords and other navigational elements, links, and
pointers, as well as any media or work product that AOLA produces for AOL.

	 	10.	 	“Error” shall mean bugs or deviations from the AOL Studio style guide or other specifications
that cause either (1) return of any Deliverables to AOLA for correction or (2) rework by AOL
to ensure usability.

	 	11.	 	“In Country Quality Assurance” shall mean the specific services set forth on Exhibit A-1
attached hereto.

	 	12.	 	“Key Terms” shall mean unique descriptions, abbreviations and product names associated with
the Products.

	 	13.	 	“Keywords” shall mean AOL Keyword online search terms, such as those used in the AOL Service,
which are shortcuts to online areas.

	 	14.	 	“Latino Products” shall mean all the AOL Products and any other products that AOLA Localizes
for the AOL Latino Service during the term of the Agreement.

	 	15.	 	“Localize” or “Localization” shall mean (1) translation of English text strings, art files
and other resources that may require adaptation for Products into Spanish and (2) fixing of
bugs that arise from such translation.

	 	16.	 	“Localization Engineering” shall mean (1) engineering Localized strings into the AOLA
Products and Latino Products and producing Localized builds, (2) quality assurance “smoke
testing” and (3) quality assurance bug management, which includes sending product and
localization bugs, receiving associated bug fixes and integrating such fixes back into the
Products.

17. “PRD” shall mean a product requirement document for any Product or Product Program.

18. “Product” shall mean any of the AOL Products, AOLA Products, or Latino Products.

	 	19.	 	“Product Program” shall mean a set of new AOL Products grouped for parallel development and
simultaneous launch.

2

Exhibit A-1

In Country Quality Assurance

	 	•	 	Functionally test the product and features and log all bugs in BLT (AOL’s bug tracking
system) – ensure that all new features as per PRD and Feature Matrix have been thoroughly
tested and cleared for release to Beta and ultimately GM. Functional testing shall have
particular focus on international-specific features and ensuring that the localization
process has not adversely affected the core functionality.

	 	•	 	Ensure that product functionality is consistent with US product and PRD and DRD, and
that only differences are to account for country specific differences in requirements.

	 	 	 
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-

-

-

-

-

-

-

	 	Ensure reasonable adherence to global AOL studio UI standards.

Record Test Results for future reference and deliver to AOL within three (3) business days, if so requested.

Retest Resolved & Passed Bugs in a timely manner and update BLT with latest findings.

Update Pending Info Bugs with additional information requests.

Scrub bugs daily or on as needed basis.

Notify AOL that builds are ready (“clear”) for Beta and GM release.

Within one (1) business day, pass on known issues to Member Services for each beta release.

Investigate beta reports and log bugs where appropriate – i.e., reproducible bug or many beta reports.

Escalate beta reports of problems to AOL product team within same day as discovery of problems.

Look for failcases for elevations or spikes in performance stats found during beta.

	 	•	 	In-country QA Lead should ensure that QA testers are following then-current defined
processes in terms of testing, bug logging, test tracking, etc.

3

Exhibit A-2

In Country Localization engineering

	 	•	 	Acquire access to translation tools such as JVWeb and Catalyst to allow for translation
of features.

	 	•	 	Ensure that appropriate up front in country training is carried out on new feature
technologies in advance of localization commencement particularly where the features use
new technologies such as Flash and XML that could have an impact on the translation
schedule.

	 	•	 	Ensure that all translations are appropriate for the U.S. Hispanic market, including:
(i) translating localizable client features and components of the product based on
comparison reports received between the previous U.S. build and the U.S. build currently
being developed; and (ii) translating all host based features that are agreed to be
localized as part of the Product and ensure that these localizations coincide with testing
schedule for these features.

	 	•	 	Schedule the translation work for each feature and publish the deliverable dates to the
AOL program team for these translated features to the program.

	 	•	 	Ensure that product owners for all localizable features, particularly host products,
are identified by in country engineering early in the program cycle. This is recommended so
that issues or escalations can be directed in a timely manner to the correct people.

- Attend and contribute on bug scrubs when they occur on the project.

	 	•	 	Bug fix all localization bugs assigned to in country engineering. Update bug status in
BLT as country specific bugs are resolved or addressed. Escalate difficult bugs or issues
in an appropriate timeframe in order to ensure it does not have an impact on the program
schedule. Ensure that beta stopper bugs assigned to in country engineering are addressed in
time for their respective beta.

	 	•	 	Check in updated translations and bug fixes on a regular basis to CVS for inclusion in
International client builds.

	 	•	 	Ensure that translations and bug fixes required for a beta release are checked into CVS
in appropriate time for that beta.

	 	•	 	Work with Dublin localization engineering to resolve any assigned bugs that may require
further input or support.

4

EXHIBIT B

TERMS AND CONDITIONS

I. NO RIGHTS IN AOL PROPERTY AND TRADEMARKS

Agreement Grants No Ownership or License. Nothing in this Agreement shall convey to AOLA
any right, license, title, interest in and to the Work (as defined below), the AOL Look and Feel,
or any other AOL property, property interest, license or right. For purposes of this Agreement,
“AOL Look and Feel” means the elements of graphics, design, organization, presentation, layout,
user interface, navigation, trade dress and stylistic convention (including the digital
implementations thereof) which are generally associated with interactive sites within the AOL
Network, or any other AOL interactive site or service.

Agreement Grants No Right to Post Content. Unless specifically directed to do so by AOL
pursuant to Schedule No. 1 or another Schedule, AOLA shall have no right under this Agreement to
post or display content or other materials in any area of the AOL Network.

Agreement Grants No Right to Use Trademarks. Nothing in this Agreement grants AOLA any
right to use any AOL trade name, trademark or service mark without the express written consent of
AOL.

II. CONFIDENTIALITY; PROPRIETARY RIGHTS; SECURITY TRADING

Confidentiality. “Confidential Information” means this Agreement, and any and all software
(whether in object code or source code), Documentation, data, drawings, benchmark tests,
specifications, trade secrets, logins, passwords and other access codes, algorithms, names and
expertise of employees and consultants, know-how, formulas, processes, ideas, inventions (whether
patentable or not); schematics and other technical, business, financial and product development
plans, forecasts, strategies and information; and any other information disclosed by one Party to
the other which is conspicuously marked “confidential” or “proprietary” if in tangible form, or if
orally disclosed is (i) identified as such at the time of disclosure or (ii) information that, when
taking into consideration the circumstances surrounding disclosure of the same, a reasonable person
would determine to be of a confidential or proprietary nature. Each Party recognizes and
acknowledges that the other’s Confidential Information (and the confidential nature thereof) is
critical to the business of the discloser and that the discloser would not enter into this
Agreement without assurance that its Confidential Information and the value thereof shall be
protected as provided in this Agreement.

Each Party acknowledges that the Confidential Information constitutes valuable trade secrets and
each Party agrees that it shall use the Confidential Information of the other Party solely in
accordance with the provisions of this Agreement and it will not disclose, or permit to be
disclosed, the same directly or indirectly, to any third party without the other Party’s prior
written consent.

Notwithstanding any provision of this Agreement, either Party may disclose this Agreement, in whole
or in part (i) to its employees, officers, directors, attorneys, auditors, financial advisors
and/or subcontractors who have a need to know and are legally bound to keep such information
confidential by confidentiality obligations consistent with those of this Agreement, and (ii) as
reasonably deemed by a Party to be required by securities law. Each Party shall be responsible for
ensuring that all contractors who have access to the other Party’s Confidential Information become
bound to and comply with all of the restrictions applicable to such Party under this Agreement.
Each Party agrees to exercise due care in protecting the Confidential Information from unauthorized
use and disclosure.

However, neither Party bears any responsibility for safeguarding any information that (i) is in the
public domain through no fault of its own, (ii) was properly known to it, without restriction,
prior to disclosure by the disclosing Party, (iii) was properly disclosed to it, without
restriction, by another person with the legal authority to do so, (iv) is independently developed
by the receiving Party without use of or reference to the disclosing Party’s Confidential
Information or (v) is required to be disclosed by law, regulation or pursuant to a judicial or
legislative order or proceeding; provided that, to the extent permitted by and practical under the
circumstances, receiving Party provides to disclosing Party prior notice (at least five (5) days if
possible) of the intended disclosure and an opportunity to respond or object to the disclosure or
if prior notice is not permitted or practical under the circumstances, prompt notice of such
disclosure.

In the event of actual or threatened breach of the provisions of this section, the non-breaching
Party will be entitled to seek immediate injunctive and other equitable relief, without waiving any
other rights or remedies available to it. Each Party shall promptly notify the other in writing if
it becomes aware of any violations of the confidentiality obligations set forth in this Agreement.

Without limiting the generality of the foregoing, AOLA shall not collect AOL Member screennames
from public or private areas of the AOL Network and shall comply with AOL’s bulk e-mail and privacy
policies.

Proprietary Rights. All work, Services, Deliverables, and materials performed or created
under the Agreement (collectively, “Work”), including, but not limited to, (i) names, characters,
protectable organizational structures, “look and feel”, other “brand” components, and (ii) all
materials, writings, products, Deliverables developed or prepared for AOL by AOLA under the
Agreement (whether or not completed) or provided or delivered to AOL by AOLA, its Assistants or
their agents to AOL pursuant to this Agreement (collectively, “Materials”) are the property of AOL
and all title and interest therein shall vest in AOL and shall be deemed to be a work made for hire
and made in the course of Services rendered hereunder.

To the extent that title to any Works may not, by operation of law, vest in AOL or such Works may
not be considered works made for hire, AOLA hereby irrevocably assigns to AOL all right, title and
interest in and to any Work, including but not limited to any and all Materials and Inventions.
All Works, including but not limited to Materials and Inventions, shall belong exclusively to AOL,
and AOL shall have the right to obtain and to hold in its own name, copyrights, registrations,
patents, or such other protection as may be appropriate to the subject matter, and any extensions
and renewals thereof. AOLA agrees to give AOL and any person designated by AOL such reasonable
assistance, at AOL’s request and expense, as is required to perfect, secure and protect AOL’s
intellectual property and other rights set forth in this Section, including but not limited to
executing all documents necessary to perfect, secure and protect such rights.

Unless otherwise requested by AOL, upon the completion of the Services or upon the earlier
termination of the Agreement, AOLA shall immediately turn over to AOL all Work, including without
limitation, any and all Materials and Inventions, developed pursuant to the Agreement.

Notwithstanding the foregoing, all right, title and interest in and to the following materials,
works, inventions and properties, including any and all copyrights, patents, and other intellectual
property and proprietary rights therein, shall reside in and/or remain in AOLA: (a) any
intellectual property that AOLA developed or acquired prior to the commencement of the Services;
(b) any intellectual property that AOLA develops or acquires independent of the provision of the
Services to AOL, (c) the Licensed Software; or (d) subject to AOL’s ownership rights in the
Materials and the Work, any and all new or improved ideas, designs, concepts, works, materials or
other inventions (even if made or developed by AOLA during the course of rendering the Services or
developing or preparing the Materials) which are improvements or derivative works of or incorporate
AOLA’s intellectual property described in sections (a), (b) and (c) of this paragraph
(collectively, the “Pre-Existing IP”).

Except as may be specifically set forth in any other agreement between the Parties (including,
without limitation, the License Agreement), AOLA hereby grants to AOL a perpetual, fully-paid,
non-exclusive and worldwide license to use (including, without limitation, the right to reproduce,
prepare derivative works, adapt, distribute, perform, display and sublicense) and to make, have
made, import, offer for sale, sell or have sold), by any manner and means now known or hereafter
devised, any Pre-Existing IP that is incorporated in the Deliverables for the purpose of allowing
AOL to make use of the Deliverables. AOL may exercise these rights through independent contractors
and others performing services on its behalf.

Statements to Third Parties/Publicity. AOLA agrees that it will not, without prior written
consent of AOL, use in advertising, publicity, or otherwise the name or any trademark or brand name
of AOL in connection with this Agreement, or refer to the existence of this Agreement in press
releases, advertising, or materials distributed to prospective customers. In the event that AOLA
wishes to use AOL’s name or any mark or brand name of AOL in any type of advertising, publicity, or
otherwise in connection with this Agreement, it shall submit such request in writing to AOL. If
AOL does not respond within five (5) business days, AOLA shall have the right to escalate the issue
to the Executive Vice President of Product Marketing. For the avoidance of doubt, this paragraph
shall not affect in any way any rights granted to AOLA in any other agreement in connection with
AOL’s trademarks or trade names.

III. REPRESENTATIONS AND WARRANTIES

Representations and Warranties. AOLA represents and warrants that: (1) in connection with
all Services provided under this Agreement other than Services provided by the Dedicated Resources
under Schedule No. 1: (a) AOLA is or will promptly and prior to the Effective Date become familiar
with AOL’s current or then-current Terms of Service Agreement and Privacy Policy; (b) AOLA has or
shall have the proper skill, training, and background so as to be able to perform in a competent
and professional manner and that all work will be performed in accordance with applicable
standards; (c) AOL shall receive free, good and clear title to all Work which may be developed by
AOLA under this Agreement or which is provided or delivered to AOL by AOLA or AOLA’s Assistants,
agents or representatives pursuant to this Agreement; including without limitation the Materials,
which title shall be free and clear of any and all liens, encumbrances, claims or litigation,
whether pending or threatened, (d) no Work, Deliverable or other materials delivered by AOLA to
AOL hereunder, including without limitation the Materials, shall infringe on or violate (i) any
copyright, trademark, patent, any music performance or other music related right, (ii) any other
proprietary or other right of any third party, including but not limited to any third party right
to privacy, (iii) any applicable law or regulation, or (iv) AOL’s Terms of Service or any AOL
service guidelines or standards made available to AOLA by AOL, specifically including AOL’s Privacy
Policy as it may be modified from time to time, and (e) no Work, Deliverable or other materials
delivered by AOLA to AOL hereunder, including without limitation the Materials, shall contain any
scandalous, libelous or unlawful matter or material; and (2) in connection with the Work performed
and Deliverables provided by the Dedicated Resources, as between AOLA and AOL, and to the best of
AOLA’s knowledge, AOL shall receive free, good and clear title to all Work and Deliverables which
may be developed by the Dedicated Resources under Schedule No. 1 of this Agreement or which is
provided or delivered to AOL by the Dedicated Resources pursuant to Schedule No. 1 of this
Agreement; including without limitation the Materials, which title shall be free and clear of any
and all liens, encumbrances, claims or litigation, whether pending or threatened; provided that
this subsection (2) shall not create any duty of inquiry on the part of AOLA regarding the title to
such Work, Deliverables, and/or Materials provided by the Dedicated Resources; and further provided
that to the extent that AOLA has actual knowledge of any third party claim(s) or interest in any
such Work, Deliverables, and/or Materials, AOLA shall notify AOL promptly in writing of such third
party claim(s) or interest.

AOL represents and warrants to AOLA that as of the Effective Date and during the Term, AOL owns or
controls and shall own or control the rights in and to the AOL Products necessary to effectuate the
grant of rights with respect to the Localization Engineering and Localization Services under this
Agreement.

Each Party represents and warrants to the other Party that: (i) such Party has the full corporate
right, power and authority to enter into this Agreement, to grant the licenses granted hereunder
and to perform the acts required of it hereunder; (ii) the execution of this Agreement by such
Party, and the performance by such Party of its obligations and duties hereunder, do not and will
not violate any agreement to which such Party is a party or by which it is otherwise bound; (iii)
when executed and delivered by such Party, this Agreement will constitute the legal, valid and
binding obligation of such Party, enforceable against such Party in accordance with its terms; and
(iv) SUCH PARTY ACKNOWLEDGES THAT THE OTHER PARTY MAKES NO REPRESENTATIONS, WARRANTIES OR
AGREEMENTS, EXPRESS OR IMPLIED, RELATED TO THE SUBJECT MATTER HEREOF WHICH ARE NOT EXPRESSLY
PROVIDED FOR IN THIS AGREEMENT.

IV. INDEMNITY

Indemnity. AOLA shall defend, indemnify and hold harmless AOL, its officers, directors,
agents, affiliates, distributors, franchisees and employees from any and all loss and third party
claims, demands, liabilities, costs or expenses, including without limitation reasonable outside
and in-house attorneys’ fees and expenses (“Liabilities”) resulting from (1) and in connection with
all Services provided under this Agreement other than Services provided by the Dedicated Resources
under Schedule No. 1: (a) actual or alleged infringement of any patent, copyright, or other
property right (including, but not limited to, misappropriation of trade secrets) based on any
software, program, service and or other materials furnished to AOL by AOLA pursuant to the terms of
this Agreement, including without limitation, the Work, Services, Materials or Inventions, or the
use thereof by AOL, (b) the payment of compensation or salary asserted by an employee or Assistant
of AOLA, (c) any governmental determination that AOLA is not an independent contractor or
litigation determining a change of AOLA’s independent contractor status, including liability for
taxes and other penalties assessed upon AOL because of AOLA’s change or lack of independent
contractor status, and (d) AOLA’s material breach of any obligation, duty, representation or
warranty contained in this Agreement; and (e) the fault or negligence of AOLA and/or its
Assistants; and (2) in connection with the Work performed and Deliverables provided by the
Dedicated Resources, the willful misconduct or gross negligence of AOLA and/or the Dedicated
Resources (other than as directed by an AOL employee).

AOL reserves the right to assume the exclusive defense and control of any matter otherwise subject
to indemnification by AOLA hereunder. AOLA agrees, should AOL’s use of any service, program,
and/or other material furnished to AOL by AOLA be enjoined by any court, to promptly obtain — at no
expense to AOL — the right to continue to use the items so enjoined or, at no expense to AOL,
provide AOL promptly with substitute items that are functionally equivalent to the enjoined
products. If AOLA can not secure AOL’s right to continue using such items or substitute such items
as provided herein, AOLA agrees to refund all sums earned under this Agreement relating to the
provision of such specific items. The provisions of this subparagraph shall not apply to any
Deliverables or Work created by the Dedicated Resources unless AOLA is otherwise required to
provide AOL with indemnification for such Deliverables and/or Work as set forth in this Section IV.

AOL shall, at its expense, defend any action, suit or proceeding brought (other than by a
shareholder of AOLA or any AOLA affiliate) against AOLA or any AOLA affiliate, to the extent it
results from breach of a covenant or a representation or warranty by AOL under Section III of this
Exhibit B and AOL shall indemnify and hold AOLA and any AOLA affiliate harmless from and against
all Liabilities directly relating to or resulting from any such action, suit or proceeding,
provided, however, that AOL shall not settle any claim without AOLA’s prior written approval, not
to be unreasonably withheld, delayed or conditioned.

V. RELATIONSHIP WITH AOL MEMBERS

1. Solicitation of Subscribers. During the term of this Agreement and for a two (2) year
period thereafter, AOLA shall not use the AOL Network (including, without limitation, the email
network contained therein) to solicit AOL Members on behalf of another Interactive Service. More
generally, AOLA will not send unsolicited, commercial email (i.e., “spam”) or other online
communications through or into AOL’s products or services, absent a Prior Business Relationship.
For purposes of this Agreement, a “Prior Business Relationship” will mean that the AOL Member to
whom commercial email or other online communication is being sent has voluntarily either (a)
engaged in a transaction with AOLA or (b) provided information to AOLA through a contest,
registration or other communication, which included clear notice to the AOL Member that the
information provided could result in commercial email or other online communications being sent to
that AOL Member by AOLA or its agents. Any commercial email or other online communications to AOL
Members which are otherwise permitted hereunder (i) will include a prominent and easy means to “opt
out” of receiving any future commercial communications from AOLA and (ii) shall also be subject to
AOL’s then-standard restrictions on distribution of bulk email (e.g., related to the time and
manner in which such email can be distributed through or into the AOL product or service in
question).

2. Collection of Member Information. AOLA shall ensure that its collection, use and
disclosure of information obtained from AOL Members under this Agreement (“Member Information”)
complies with (a) all applicable laws and regulations and (b) AOL’s standard privacy policies,
available on the AOL Service at the keyword term “Privacy.” Except to the extent required by law,
rule, regulation or government or court order, AOLA will not disclose Member Information collected
hereunder to any third party in a manner that identifies AOL Members as end users of an AOL product
or service or use Member Information collected under this Agreement to market another Interactive
Service.

3. Email Newsletters. Any email newsletters sent to AOL Members by AOLA or its agents
shall (a) be subject to AOL’s policies on use of the email functionality, including but not limited
to AOL’s policy on unsolicited bulk email; (b) be sent only to AOL Members requesting to receive
such newsletters; (c) not contain content which violates AOL’s terms of service; and (d) not
contain any advertisements, marketing or promotion for any other Interactive Service.

4. As used in this Agreement, “AOL Member” shall mean any user of the AOL Network, including
authorized users (including any sub-accounts under an authorized master account) of the AOL
Service.

VI. GENERAL

Force Majeure. If and to the extent a party’s performance of any of its obligations
pursuant to this Agreement is prevented, hindered or delayed by fire, flood, earthquake, elements
of nature or acts of God, acts of war, terrorism, riots, civil disorders, rebellions or
revolutions, or any other similar cause beyond the reasonable control of such party (each, a “Force
Majeure Event”), and such non-performance, hindrance or delay could not have been prevented by
reasonable precautions, then the non-performing, hindered or delayed party shall be excused for
such non-performance, hindrance or delay, as applicable, of those obligations affected by the Force
Majeure Event for as long as such Force Majeure Event continues and such party continues to use its
best efforts to recommence performance whenever and to whatever extent possible without delay,
including through the use of alternate sources, workaround plans or other means. The party whose
performance is prevented, hindered or delayed by a Force Majeure Event shall immediately notify the
other party of the occurrence of the Force Majeure Event and describe in reasonable detail the
nature of the Force Majeure Event.

Notice. ANY NOTICE REQUIRED OR PERMITTED UNDER THE TERMS OF THIS AGREEMENT OR REQUIRED BY
LAW MUST BE IN WRITING AND MUST BE (A) DELIVERED IN PERSON, (B) SENT BY REGISTERED MAIL, RETURN
RECEIPT REQUESTED, (C) SENT BY OVERNIGHT AIR COURIER, OR (D) BY FACSIMILE, IN EACH CASE FORWARDED
TO THE APPROPRIATE ADDRESS SET FORTH BELOW. EITHER PARTY MAY CHANGE ITS ADDRESS FOR NOTICE BY
WRITTEN NOTICE TO THE OTHER PARTY. NOTICES WILL BE CONSIDERED TO HAVE BEEN GIVEN AT THE TIME OF
ACTUAL DELIVERY IN PERSON, THREE (3) BUSINESS DAYS AFTER POSTING, OR ONE DAY AFTER (I) DELIVERY TO
AN OVERNIGHT AIR COURIER SERVICE OR (II) THE MOMENT OF TRANSMISSION BY FACSIMILE.

In the case of AOL:

General Counsel

America Online, Inc.

22000 AOL Way

Dulles, Virginia 20166

Fax: 703-265-3992

and to

Vice President, AOL Latino

America Online, Inc.

22000 AOL Way

Dulles, Virginia 20166

Fax: 650-937-5409

In the case of AOLA:

America Online Latin America, Inc.

6600 N. Andrews Ave., Suite 400

Ft. Lauderdale, FL 33309

Attn: General Counsel

Fax: 954-233-1805

No Waiver. Any waiver of the provisions of this Agreement or of a party’s rights or
remedies under this Agreement must be in writing to be effective. Failure, neglect or delay by a
party to enforce the provisions of this Agreement or its rights or remedies at any time will not be
construed to be deemed a waiver of such party’s rights under this Agreement and will not in any way
affect the validity of the whole or any part of this Agreement or prejudice such party’s right to
take subsequent action.

Entire Agreement. This Agreement (including the Exhibits and Schedules) contains the entire
agreement of the parties with respect to the subject matter of this Agreement and supercedes all
previous communications, representations, understandings and agreements, either oral or written,
between the parties with respect to said subject matter, including but not limited to, that certain
Letter Agreement dated June 2, 2004, between AOL and AOLA, as amended. No modification of or
amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective
unless in writing signed by both parties.

Amendment. No change, amendment or modification of any provision of this Agreement shall
be valid unless set forth in a written instrument signed by the Party subject to enforcement of
such amendment.

Further Assurances. AOLA shall take such action (including, but not limited to, the
execution, acknowledgment and delivery of documents) as may reasonably be requested by AOL for the
implementation or continuing performance of this Agreement.

Assignment. AOLA shall not assign this Agreement or any right, interest or benefit under
this Agreement without the prior written consent of AOL. Assumption of the Agreement by any
successor to AOLA (including, without limitation, by way of merger, consolidation or sale of all or
substantially all of AOLA’s stock or assets) shall be subject to AOL’s prior written approval.
Subject to the foregoing, this Agreement shall be fully binding upon, inure to the benefit of and
be enforceable by the Parties hereto and their respective successors and assigns.

Severability. If any term, condition or provision in this Agreement is found to be
invalid, unlawful or unenforceable to any extent, the parties shall endeavor in good faith to agree
to such amendments that will preserve, as far as possible, the intentions expressed in this
Agreement. If the parties fail to agree on such an amendment, such invalid term, condition or
provision will be severed from the remaining terms, conditions and provisions, which will continue
to be valid and enforceable to the fullest extent permitted by law.

Remedies. Except where otherwise specified, the rights and remedies granted to a Party
under this Agreement are cumulative and in addition to, and not in lieu of, any other rights or
remedies which the Party may possess at law or in equity.

Choice of Law; Arbitration. This Agreement will be interpreted and construed pursuant to
the laws of the State of New York and the United States without regard to conflict of laws
provisions thereof, and without regard to the United Nations Convention on the International Sale
of Goods.

The Parties shall act in good faith and use commercially reasonable efforts to promptly resolve any
claim, dispute, controversy or disagreement (each a “Dispute”) between the Parties or any of their
respective subsidiaries, affiliates, successors and assigns under or related to this Agreement or
any document executed pursuant to this Agreement or any of the transactions contemplated hereby. If
the Parties cannot resolve the Dispute within such timeframe, the Dispute shall be submitted to the
Management Committee for resolution. For ten (10) days after the Dispute was submitted to the
Management Committee, the Management Committee shall have the exclusive right to resolve such
Dispute; provided further that the Management Committee shall have the final and exclusive right to
resolve Disputes arising from any provision of this Agreement which expressly or implicitly
provides for the Parties to reach mutual agreement as to certain terms. If the Management
Committee is unable to amicably resolve the Dispute during the ten (10) day period, then the
Management Committee will consider in good faith the possibility of retaining a third party
mediator to facilitate resolution of the Dispute. In the event the Management Committee elects not
to retain a mediator, the Dispute will be subject to the resolution mechanisms described below.
“Management Committee” shall mean a committee made up of a senior executive from each of the
Parties for the purpose of resolving Disputes under this Section and generally overseeing the
relationship between the Parties contemplated by this Agreement. Neither Party shall seek, nor
shall be entitled to seek, binding outside resolution of the Dispute unless and until the Parties
have been unable to amicably resolve the dispute as set forth in this paragraph (a) and then, only
in compliance with the procedures set forth in this Section.

Except for the right of either party to apply to a court of competent jurisdiction for a temporary
restraining order, a preliminary injunction, or other equitable relief to preserve the status quo
or prevent irreparable harm pending the selection and confirmation of the arbitrator(s) (in which
case such proceeding must be brought solely and exclusively in the United States District Court for
the Southern District of New York or in the state courts of New York) all Disputes which may arise
between the parties, out of, in relation to, or in connection with this Agreement, or the breach
thereof, shall be finally settled by binding arbitration pursuant to the Commercial Arbitration
Rules of the American Arbitration Association in effect as of the date the dispute arises. Any
such arbitration shall be under the rules and administration of the American Arbitration
Association’s New York, New York office, and all hearings shall be held in New York, New York. The
arbitrator(s) shall enforce the express terms of this Agreement, shall follow the applicable law
where the Agreement is silent on a matter in dispute, and shall have no authority to award punitive
damages nor any damages expressly excluded by the terms of this Agreement. All proceedings in any
arbitration shall be conducted in the English language. The arbitrator’s award may be enforced in
any court of competent jurisdiction.

Export Controls. Both Parties shall adhere to all applicable laws, regulations and rules
relating to the export of technical data and shall not export or re-export any technical data, any
products received from the other Party or the direct product of such technical data to any
proscribed country listed in such applicable laws, regulations and rules unless properly
authorized.

Limitations. EXCEPT FOR THE INDEMNIFICATION OBLIGATIONS SET FORTH ABOVE AND ANY VIOLATION
OF THE CONFIDENTIALITY OBLIGATIONS SET FORTH ABOVE, NEITHER PARTY SHALL BE LIABLE TO THE OTHER
PARTY FOR ANY INCIDENTAL, CONSEQUENTIAL, SPECIAL OR PUNITIVE DAMAGE OF ANY KIND OR NATURE, WHETHER
SUCH LIABILITY IS ASSERTED ON THE BASIS OF CONTRACT (INCLUDING, WITHOUT LIMITATION, THE BREACH OF
THIS AGREEMENT OR ANY TERMINATION OF THIS AGREEMENT), TORT (INCLUDING WITHOUT LIMITATION NEGLIGENCE
OR STRICT LIABILITY) OR OTHERWISE, EVEN IF ANY OTHER PARTY HAS BEEN WARNED OF THE POSSIBILITY OF
ANY SUCH LOSS OR DAMAGE IN ADVANCE. EXCEPT AS PROVIDED ABOVE IN THE “INDEMNITY” SECTION, (I)
LIABILITY ARISING UNDER THIS AGREEMENT WILL BE LIMITED TO DIRECT, OBJECTIVELY MEASURABLE DAMAGES,
AND (II) THE MAXIMUM LIABILITY OF ONE PARTY TO THE OTHER PARTY FOR ANY CLAIMS ARISING IN CONNECTION
WITH THIS AGREEMENT WILL NOT EXCEED THE AGGREGATE AMOUNTS PAYABLE HEREUNDER IN THE YEAR IN WHICH
THE EVENT GIVING RISE TO SUCH LIABILITY OCCURRED; PROVIDED THAT EACH PARTY SHALL REMAIN LIABLE FOR
THE AGGREGATE AMOUNT OF ANY PAYMENT OBLIGATIONS OWED TO THE OTHER PARTY UNDER THE PROVISIONS OF
THIS AGREEMENT.

Headings. The captions and headings used in this Agreement are inserted for convenience
only and shall not affect the meaning or interpretation of this Agreement.

Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed an original and all of which together shall constitute one and the same document.

Surviving Sections. Each Section of this Agreement and the Schedules thereto which, by its
nature and to effectuate the purposes of this Agreement, should survive any termination or
expiration hereof, shall survive such termination or expiration.

Authority. Each of the individuals signing this Agreement on behalf of his/her respective
company represents and warrants that he/she is authorized to do so, and that such company shall be
bound thereby.

5

EXHIBIT C

CONTENT LICENSE

1. Notice: Upon being notified of a Party’s (the “Requesting Party”) interest in
Spanish-language content provided by third parties or on third-party sites linked to by the
other Party (the “Licensing Party”), and subject to confidentiality provisions, the
Licensing Party shall inform the Requesting Party whether the applicable license agreement
allows (a) the Licensing Party to sublicense such content to the Requesting Party and (b)
the Requesting Party to use and distribute such content in the United States, in the case of
AOLA’s agreements, and in the AOLA Territory, in the case of AOL’s agreements.

2. License. For any Content identified pursuant to Section 3 of this Exhibit C (the
“Identified Content”), the Licensing Party hereby grants to the Requesting Party, and solely
to the extent available to the Licensing Party, the right to use, reproduce, market, store,
distribute, have distributed, publicly and privately display, communicate, publicly and
privately perform, transmit, have transmitted, create derivative works based upon, and
promote the Identified Content through the AOL Latino Service, in the case of AOL, or in the
AOLA Territory through the AOLA Network, in the case of AOLA. The Licensing Party shall
specify at the time of its identification of Identified Content any restrictions on the
above license rights applicable to the Identified Content.

3. Identification of Applicable Content: To the extent allowed by the applicable
license agreements, and as the Licensing Party shall inform the Requesting Party as set
forth in Section 1 of this Exhibit C,

	 	(a)	 	For cashless deals and web pointing agreements: Each Party shall
allow the other to link to an equal number (the “Quota”) of its respective
Spanish-language Content providers for which the Licensing Party has the rights
to allow such linking or other use of the Content. Each Party shall make
available to the other Party one Content provider in order to be able to link to
each additional desired Content provider. The Parties acknowledge that there
may be a timing difference related to either Party’s ability to “true-up” the
Quota, and therefore, the Parties will discuss in good faith and reasonably
treat any such imbalance. Exhibit C-1 sets forth a list of the applicable
cashless deals and web pointing agreements for each Party as of the Effective
Date.

	 	(b)	 	For deals where either Party pays license Spanish-language
Content:

	 	(i)	 	Existing Deals: AOLA shall make Spanish-language
Content licensed by AOLA available to AOL for use in the Latino Products
to the extent AOLA has the rights to do so, and AOL shall make all
Spanish-language Content licensed by AOL for use in the Latino Products
available to AOLA for use on the AOLA clients. Such Content shall be
made available based on an equal sharing of the costs for such Content
for the remainder of the term of such license agreement if costs within
the applicable agreement are not allocated by distribution area (i.e.,
specifically allocated such that the Licensing Party is able to determine
from the face of the applicable agreement the costs for licensing the
requested Content in the U.S. or AOLA Territory, as applicable).
However, if such costs are allocated by distribution area, the Requesting
Party shall bear the costs related to distribution in its region, subject
to its prior written approval. Exhibit C-2 sets forth each party’s list
of existing deals and information relating to the cost of usage of such
Content.

	 	(ii)	 	Renegotiated Deals: If the Licensing Party does not
currently have the rights to license Spanish-language Content under an
existing deal that the Requesting Party has requested, the Licensing
Party shall use commercially reasonable efforts to seek such rights for
the Requesting Party when and if the Licensing Party renegotiates the
applicable agreement; provided that in no case shall this Section
3(b)(ii) impose an obligation on either Party to renew or renegotiate an
agreement solely in order to obtain Content for the Requesting Party. If
the Licensing Party can grant license rights to the Requesting Party but
only subject to increases in the fees for the Content, then the
Requesting Party shall be obligated to pay such increase, subject to
their prior written approval of such increase.

	 	(iii)	 	New Deals: Each party (the “Negotiating Party”)
shall notify the other Party (the “Non Negotiating Party”) about any
contemplated Spanish-language Content agreement so that the Non
Negotiating Party can decide whether it wants to acquire a license to
such Content. If the Negotiating Party can grant license rights to the
Non Negotiating Party but only subject to increases in the fees for the
Content, then the Non Negotiating Party shall be obligated to pay such
increase, subject to its prior written approval of such increase.

	 	(iv)	 	This Section 3 does not create any obligation for
either Party to obtain Content rights for the other at any time.

	 	(v)	 	Notwithstanding anything contained herein to the
contrary, if a Licensing Party incurs incremental costs related to
providing any Identified Content (as defined above), the Requesting Party
shall bear all such incremental costs, subject to its prior written
approval. In the event the Requesting Party does not approve such
incremental costs, the Licensing Party shall have no further obligation
to acquire or provide such Identified Content.

	 	(c)	 	For Content provided by AOLA pursuant to any Schedule of this
Agreement: Notwithstanding anything contained herein to the contrary, AOL will
provide Content provided by AOLA pursuant to Schedule No. 1 of this Agreement to
AOLA at no cost to AOLA for use by AOLA on the AOLA Network, unless such
distribution is prohibited by law or restricted by contract.

	 	(d)	 	For all other Content: A Licensing Party may license any other
Content to the Requesting Party, in the Licensing Party’s sole discretion, and
subject to the Licensing Party’s rights to sublicense or otherwise distribute
such Content.

	 	(e)	 	For Sections 3(a)-(d) above, AOL shall only be obligated to
sublicense or distribute, as the case may be, Spanish-language Content that is
used in the Latino Products.

3. Asset Tracking: As soon as AOLA has launched a content management system, AOLA
will be responsible for accurately tracking the use of all AOL-provided assets within the
AOLA Territory. As soon as AOL has launched a content management system, AOL will be
responsible for accurately tracking the use of all AOLA-provided assets within the AOL
Latino Service.

6

SCHEDULE NO. 1

DATED SEPTEMBER 2, 2004

TO

LOCALIZATION SERVICES, LICENSING AND CONTENT PROGRAMMING AGREEMENT

BETWEEN

AMERICA ONLINE, INC. AND AMERICA ONLINE LATIN AMERICA, INC. (“AOLA”)

DATED AS OF SEPTEMBER 2, 2004 (THE “AGREEMENT”)

I. Detailed Description of Services

AOLA shall provide the following services (the “Content Programming Services”) to AOL in connection
with the AOL Latino Service by providing AOL with Dedicated Resources as set forth in Section II
below:

A. Programming Services:

1. Create text for daily features and editorial content;

	 	2.	 	Review partner sites to maintain and update all channels of the
AOL Latino Service in accordance with applicable rights and licenses;

	 	3.	 	Generate ideas and define content assets (e.g., graphics, photos,
text, etc.) to create new Content;

	 	4.	 	Work with AOL’s AOL Latino and other appropriate personnel to
acquire all necessary third-party assets, including photos, for publishing; and

	 	5.	 	Publish Content, including the required “magic numbers” and “plus
groups,” to the AOL Latino Service, using AOL’s then-current publishing system.

B. Design Services:

	 	1.	 	Refresh the AOL Latino Service channel and content designs and
produce designs for new channels and Content areas;

2. Provide support for product programming design needs; and

3. Produce mocks and other material required by the AOL Latino team.

II. Dedicated Resources

A. AOLA shall make available to AOL the following full time positions (each, a “Dedicated
Resource”) devoted and 100% dedicated to the Content Programming Services during the term of
this Statement of Work. The Parties acknowledge and agree that the Work set forth in this
document that will be required to provide the Content Programming Services shall require the
following Dedicated Resources during the term of this Statement of Work.

1. Two (2) programmers to support Entretenimiento;

2. One (1) programmer to support Deportes;

3. One (1) programmer to support Estilo de Vida;

4. One (1) designer; and

5. One (1) programmer to support Noticias.

AOLA will screen, interview and assign Dedicated Resources, and will comply with any other
assignment criteria mutually agreed to by the Parties necessary to perform the Content
Programming Services.

AOLA will manage all employment aspects of the Dedicated Resources assigned to AOL, to
include hiring, employment-based counseling, terminations, salary review, performance
evaluations, work schedules, orientation and placement. AOLA shall be solely responsible
for the payment of wages and incentives to the Dedicated Resources for work performed on the
Services hereunder, and will be solely responsible for applicable employment taxes.

B. Assignment. If AOLA does not retain the Dedicated Resources as set forth in Section
II.A. above by the Hire Date, then the fees payable under this Schedule No. 1 shall be
reduced on a pro rata basis for each person and each week during which there are any
Dedicated Resources not retained.

C. Flexibility of Dedicated Resources: Upon sixty (60) days’ prior written notice, AOL may
reasonably require that AOLA reallocate the programmers included in the Dedicated Resources
to different channels within the AOL Latino Service or substitute one or more Dedicated
Resources with different skill sets. To the extent that AOLA incurs any direct
out-of-pocket costs for such substitution (e.g., severance and hiring costs) or reallocation
(e.g., training costs) of Dedicated Resources, AOLA shall notify AOL of such costs in
writing, and shall provide appropriate documentation; if AOL agrees to pay such costs, AOLA
shall substitute or reallocate the Dedicated Resources as reasonably required by AOL.

D. Replacement of Dedicated Resources: If three (3) times in any thirty (30) day period, a
Dedicated Resource delivers Work that either (1) does not materially meet AOL’s standards
and requirements, as provided by AOL from time to time (the “Standards”) and is not
cured as directed by AOL or (2) does not meet the delivery schedule for such work product
(each such event, an “Occurrence”), AOL shall notify AOLA in writing of the third
such Occurrence, and the parties will have a discussion within one week of the notice to try
to resolve any problems. If over the next 30 days, there is another Occurrence, AOL shall
have the right to have AOLA replace such Dedicated Resource within thirty days by delivering
notice thereof to AOLA (a “Dedicated Resource Replacement Notice”). If AOLA is unable to
find a qualified replacement for any terminated Dedicated Resource within 30 days of receipt
of a Dedicated Resource Replacement Notice, AOLA shall provide a temporary Dedicated
Resource that is fully dedicated to the Latino project until a permanent Dedicated Resource
is retained. If such temporary Dedicated Resource is not fully dedicated or does not meet
the Standards or delivery schedule over any two week period, the Service Fee shall be
reduced pro rata (retroactive to the start date of such temporary Dedicated Resource) for
each week such Dedicated Resource is not replaced. AOLA shall bear the costs related to
replacing any such Dedicated Resource, including, but not limited to severance costs and
hiring costs.

III. Payments

	 	A.	 	Fee. AOL shall pay to AOLA an annual fee of four hundred thousand
dollars ($400,000) for providing the Dedicated Resources’ Content Programming Services
under this Schedule (the “Content Programming Fee”).

	 	B.	 	Expenses. AOL shall reimburse AOLA for expenses relating to travel
(including transportation, hotel and meals) by AOLA employees (including Dedicated
Resources), such travel to be requested and approved in advance by AOL. All such
travel shall be limited to ten (10) days in the aggregate per calendar quarter, unless
otherwise agreed in writing by AOLA. AOLA will submit any expenses to be invoiced,
together with the applicable documentation, to the AOL Project Manager for approval
prior to actual invoicing. AOLA shall invoice AOL on a monthly basis for expenses
incurred as a result of performing Services in accordance with this Schedule No 1.
Such expenses shall be limited to reasonable out-of-pocket expenses necessarily and
actually incurred by AOLA in the performance of its services hereunder, provided that
(i) the expenses have been detailed on a form acceptable to AOL and submitted to the
appropriate AOL Project Manager for review and approval; and (ii) if requested by AOL,
AOLA submits supporting documentation in addition to the approved expense form. Any
travel expenses shall comply with AOL’s travel policy, a copy of which has been
provided to AOLA, and AOL may, at AOL’s sole discretion, require AOLA to make travel
arrangements through an AOL-approved travel agency.

	 	C.	 	Payment Schedule. AOL shall pay the Content Programming Fee in equal
monthly installments of $33,333.33, payable within thirty (30) days after AOL’s receipt
of AOLA’s monthly invoice. Any expenses invoiced in accordance with Section IV.B.
above, except for any amounts disputed by AOL, shall be payable by AOL within thirty
(30) days of AOL’s receipt of each invoice, accompanied by an Acceptance Certificate
executed by the AOL Project Manager, if applicable.

	 	 	 	 	 
	IV.Project Managers

	 	AOLA Project Manager:Name:  Alejandro Gómez
	 
	 	 	 	 
	 
	 	Phone:  (52 55) 5284.6820
	 
	 	Fax:  (52 55) 5284.6894
	AOL Project Manager:
	 	Name:  Itay Eshet

	 
	 	 	 	 
	 
	 	Fax:  703-265-6104

V. Other Terms.

	 	A.	 	Accounts. AOLA shall be given eight (8) Business ID 1 account(s)
for the America Online® brand service for the exclusive purpose of enabling it and
its agents to perform AOLA’s duties under this Agreement. The account(s) shall be
of the type determined by AOL to be necessary for AOLA to perform its duties
hereunder. AOLA shall be responsible for any premium charges, transaction charges,
communication surcharges or other charges incurred by any such account(s), other
than AOL’s standard monthly subscription charge, unless any such premium or
additional charges or fees are incurred for the purpose of accessing those AOL
services necessary to enable AOLA to perform the Services. AOLA shall be
responsible for the actions taken under or through its account(s), which actions
shall be subject to AOL’s then-applicable Terms of Service. Upon termination of
this Agreement, the account(s), and any associated usage credits and related screen
names or similar rights, shall automatically terminate. AOL shall have no liability
for loss of data or content related to termination of any account.

	 	B.	 	Puerto Rico Keywords. If either Party creates a new
Spanish-language Keyword that will apply to Business ID 1 (i.e., the U.S. and Puerto
Rico), such Party shall, prior to the creation and deployment of such Keyword,
provide the other Party with five (5) business days’ prior notice to allow the other
Party to determine where it would like the Keyword to point.

This Statement of Work is hereby accepted by both parties:

	 	 	 
	AMERICA ONLINE, INC.

	 	AMERICA ONLINE LATIN AMERICA, INC.
	 
	 	 
	By: /s/ David Wellisch

	 	By: /s/ Travis Good
	 
	 	 
	Print Name: David Wellisch

	 	Print Name: Travis Good
	 
	 	 
	Title: Vice President, GM—AOL Latino

	 	Title: Vice President—Technology and Operations
	 
	 	 

7EX-10.1

Exhibit 10.1

ASHWORTH, INC.

2000 EQUITY INCENTIVE PLAN

STOCK OPTION AGREEMENT

THIS STOCK OPTION AGREEMENT (this “Agreement”) is made effective as of the Option Grant Date set
forth below, by and between Ashworth, Inc., a Delaware corporation (the “Company”), and
   (“Optionee”). Terms not otherwise defined in this Agreement shall have the meanings
ascribed to them in the Company’s 2000 Equity Incentive Plan (the “Plan”). The parties agree as
follows:

1. Governing Plan. Optionee has received a copy of the Plan. This Agreement is subject in
all respects to the applicable provisions of the Plan, which are incorporated herein by reference.
In the case of any conflict between the provisions of the Plan and this Agreement, the provisions
of the Plan shall control.

2. Grant of Option. The Company hereby grants to Optionee a stock option (the “Option”) to
purchase shares of the Company’s Common Stock upon the following terms and conditions:

	 
	 

	Option Grant Date:

	 

	Type of Option (Incentive/Nonqualified):

	 

	Maximum Number of Shares of Common Stock Issuable Upon Exercise of Option:

	 

	Purchase Price Per Share:

	 

	Vesting Schedule:

	 

	Term of Option:

3. Governing Law. This Agreement shall be governed by, interpreted under, and construed
and enforced in accordance with the internal laws, and not the laws pertaining to conflicts or
choice of laws, of the State of California applicable to agreements made or to be performed wholly
within the State of California.

IN WITNESS WHEREOF, the Company and Optionee have executed this Agreement effective as of the
Option Grant Date.

	 	 	 
	The Company:

	 	Optionee:
	 
	 	 
	By:

	 	

	 

	 	 
	Terence Tsang

	 	Name:
	Executive Vice President & CFO

	 	Title:

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