In this paper we report on a kinetics study of the discharge process and its relationship to the charge overpotential in a Li-O-2 cell for large surface area cathode material. The kinetics study reveals evidence for a first-order disproportionation reaction during discharge from an oxygen-rich Li2O2 component with superoxide-like character to a Li2O2 component. The oxygen-rich superoxide-like component has a much smaller potential during charge (3.2-3.5 V) than the Li2O2 component (similar to 4.2 V). The formation of the superoxide-like component is likely due to the porosity of the activated carbon used in the Li-O-2 cell cathode that provides a good environment for growth during discharge. The discharge product containing these two components is characterized by toroids, which are assemblies of nanoparticles. The morphologic growth and decomposition process of the toroids during the reversible discharge/charge process was observed by scanning electron microscopy and is consistent with the presence of the two components in the discharge product. The results of this study provide new insight into how growth conditions control the nature of discharge product, which can be used to achieve improved performance in Li-O-2 cell.