Travelzoo 2002 Annual Report Download - page 9

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Executive Compensation
The following table sets forth summary information concerning all compensation we paid each of our
executive oÇcers during the years ended December 31, 2000, 2001 and 2002.
Summary Compensation Table
Long Term
Annual Compensation Compensation
Shares
Fiscal Underlying All Other
Name and Principal Position Year Salary ($)(1) Bonus ($) Options (#)(2) Compensation
Ralph Bartel ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2002 $192,000 Ì 5,000 Ì
Chairman, President, Chief 2001 $192,000 Ì 30,000 Ì
Executive OÇcer, and 2000 $178,000 Ì Ì Ì
Secretary
Lisa Su ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2002 $103,337 Ì Ì Ì
Controller 2001 $ 87,667 Ì Ì Ì
2000 $ 18,750 Ì Ì Ì
(1) The salary paid to Mr. Bartel in 2000 was provided by Silicon Channels, a former aÇliate of Travelzoo.
Mr. Bartel received no salary directly from Travelzoo in 2000.
(2) The options issued to Mr. Bartel during 2001 and 2002 constitute compensation for participation on the
Board of Directors.
Employment Agreements
Ralph Bartel has entered into an employment agreement with us. His current employment agreement
became eÅective on October 1, 2000, and provides for an annual salary of $192,000. We may terminate the
agreement with or without cause by delivering two weeks' advance written notice to Mr. Bartel. He may
terminate his employment agreement with or without cause by delivering two weeks' advance written notice to
us.
Mr. Bartel has agreed not to compete with us, solicit our suppliers or employees or reveal our conÑdential
information during the term of his employment agreement and for one year thereafter. In addition, Mr. Bartel
is bound by a proprietary inventions agreement which prohibits him from, among other things, disseminating
or using conÑdential information about our business or clients in any way that would be adverse to us.
Option Grants in Last Fiscal Year
The following table contains information concerning options granted to our executive oÇcers during Ñscal
year 2002:
Option Grants In Last Fiscal Year
Individual Grants
Number of % of Total
Securities Options Grant Date
Underlying Granted to Exercise Present
Options Employees in Price Value
Name Granted (#) 2001 ($/Sh) Expiration Date (1)($)
Ralph Bartel ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 5,000 100% $3.00 3/25/12 $0.06
(1) The value of the options was derived using the Black-Scholes option pricing model in accordance with
rules and regulations of the SEC and is not intended to forecast the market value or future appreciation of
our common share price. The Black-Scholes model was used with the following assumptions: dividend
yield of 0%; expected volatility of 51%; risk-free interest rate of 4.5%; expected life of 5 years; and an
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