Meanwhile, CEO Tim Armstrong, who came in last year, has a very strong incentive to perform, so much so that his total package touched about $25 million for the partial 2009 he was there, even though vast majority was in stocks and options. Also, another factoid: Armstrong owns exactly 1 percent of AOL’s outstanding common stock, as a result of these stock awards.

Another fact buried in the filing: AOL had an exclusive search ad deal with both Time (NYSE: TWX) Inc and CNN.com, owned by Time Warner, which expires this month. The deal with Time Inc: required to pay Time Inc. 95 percent of the revenues generated from search ads, less its revenue share payment to Google (NSDQ: GOOG). It made payments of $4.9 million for 2009, and $2.9 million and $1.1 million in 2008 and 2007, respectively. The deal for CNN.com: 85 percent rev share to CNN, less Google cut. It paid CNN $4.0 million for 2009, and $5.7 million and $0.8 million in 2008 and 2007, respectively. Both these agreements expire at the end of this month, so would be interesting to see if Time Warner decided to go direct with Google this time. Or if Microsoft (NSDQ: MSFT) is bidding through Bing.

The full compensation chart for the top management; click for enlarge: