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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On January 28, 2015, the Compensation Committee (“Committee") of the Board of Directors of AOL Inc. (the “Company”) approved an amendment to the employment agreement dated as of July 18, 2013, between the Company and Robert Lord, the Company’s Executive Vice President and Chief Executive Officer, AOL Platforms (the “Lord Employment Agreement”) in connection with the expansion of Mr. Lord’s role to President, AOL Inc., overseeing the Company's newly unified global advertising operations, including the
Company’s programmatic platforms, video platforms, and advertising sales and operations. The amendment provides for (i) an annual base salary increase from $750,000 to $800,000 and (ii) an increase in annual bonus target from 100% to 125% of base salary.
In approving the amendments to the Lord Employment Agreement the Committee reviewed peer group and salary survey data and consulted with its independent compensation consultant. The foregoing description is subject to the terms of the employment agreement amendment which the Company will file as an exhibit to its Form 10-Q for the quarter ended March 31, 2015.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.