Travelzoo 2015 Annual Report Download - page 32

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Mr. Singer agreed that the Company will own any discoveries and work product (as defined in the agreement) made
during the term of his employment and to assign all of his interest in any and all such discoveries and work product to the
Company. Furthermore, Mr. Singer agreed to not, directly or indirectly, solicit the Company's customers or employees during
the term of his employment and for a period of one year thereafter.
Mr. Stitt entered into an employment agreement with the Company on May 1, 2011 and on September 30, 2015.
Pursuant to the terms of the agreement, Mr. Stitt is an at-will employee and the Company or Mr. Stitt may terminate the
agreement, with or without cause, upon two weeks notice. However, if Mr. Stitt's employment is terminated at any time without
cause, Mr. Stitt will be entitled to receive his base salary for a six month period in exchange for executing a general release of
claims as to the Company. Assuming that Mr. Stitt was terminated by the Company as of December 31, 2015 without cause,
Mr. Stitt would have been entitled to receive $160,000. If Mr. Stitt's employment is terminated at any time due to a change of
control (as defined in the agreement) or if he is not offered a position of comparable pay and responsibilities in the same
geographic area in which he worked immediately prior to a change of control, Mr. Stitt will be entitled to receive his base salary
and medical benefits for a six month period in exchange for executing a general release of claims as to the Company. Assuming
that Mr. Stitt was terminated by the Company as of December 31, 2015 following a change of control of the Company, Mr. Stitt
would have been entitled to receive $160,000 and the Company would incur additional expenses for medical benefits of
approximately $5,064.
Mr. Stitt agreed that the Company will own any discoveries and work product (as defined in the agreement) made
during the term of his employment and to assign all of his interest in any and all such discoveries and work product to the
Company. Furthermore, Mr. Stitt agreed to not, directly or indirectly, solicit the Company's customers or employees during the
term of his employment and for a period of one year thereafter.
Mr. Talling-Smith entered into an employment agreement with the Company on April 12, 2013. Pursuant to the terms
of the agreement, Mr. Talling-Smith was an at-will employee and the Company or Mr. Talling-Smith could terminate the
agreement, with or without cause, upon three months notice. However, if Mr. Talling-Smith's employment was terminated at
any time without cause, Mr. Talling-Smith would be entitled to receive his base salary for a six month period in exchange for
executing a general release of claims as to the Company. If Mr. Talling-Smith's employment was terminated at any time due to a
change of control (as defined in the agreement) or if he is not offered a position of comparable pay and responsibilities in the
same geographic area in which he worked immediately prior to a change of control, Mr. Talling-Smith was entitled to receive
his base salary and medical benefits for a six month period in exchange for executing a general release of claims as to the
Company. Mr. Talling-Smith’s employment was terminated effective December 14, 2015 and, in exchange for executing a
general release of claims, Mr. Talling-Smith was entitled to receive $210,000 and medical benefits of approximately $5,064.
Mr. Talling-Smith agreed that the Company owns any discoveries and work product (as defined in the agreement)
made during the term of his employment and assigned all of his interest in any and all such discoveries and work product to the
Company. Furthermore, Mr. Talling-Smith agreed not to, directly or indirectly, perform services for, or engage in, any business
competitive with the Company or solicit the Company's customers or employees during the term of his employment and for a
period of one year thereafter.