Document:

May 20, 2005

Mr. Scott D. Hazlett
871 Balfour Road
Grosse Pointe Park, MI 48230

Dear Scott:

This letter agreement (the "Agreement") details the understanding that TriMas
Corporation ("TriMas") and you have reached regarding the separation of your
employment with TriMas, and the benefits that TriMas is willing to provide you
as consideration for the execution of this Agreement. For purposes of this
Agreement, TriMas includes all of its subsidiaries and affiliates.

1.   Employment and Severance Benefits

Your employment with TriMas terminates effective as of April 14, 2005 (the
"Termination Date"). Except as noted below, TriMas, effective on the Termination
Date, will discontinue your compensation and benefits, except that TriMas will
pay you any accrued and unused vacation time for calendar year 2005.

As consideration for the execution of this Agreement and after it becomes
binding on both parties, TriMas agrees to pay you the compensation benefits
described below ("Compensation Benefits").

     (a)  Cash Compensation. Compensation equal to one hundred twenty five
          thousand dollars ($125,000) to be paid over a period of sixteen (16)
          months following the Termination Date. Payments will be made via
          direct deposit, to an account you specify, in equal, bi-weekly
          installments, less applicable withholding and payroll taxes.

     (b)  COBRA Continuation of Health Care. Continuation of medical benefits
          under TriMas group benefits (including health, dental and prescription
          plans), as defined by the plan documents, until the earlier of sixteen
          (16) months from the date of this Agreement or the date on which you
          become eligible to receive any medical benefits under any plan or
          program of any other employer; provided, that you timely elect to
          continue group health coverage under COBRA and subject to TriMas's
          COBRA policies. You will be charged and responsible for payment of the
          COBRA premium equal to the employee portion of the premium for the
          selected coverage that you

Scott D. Hazlett
May 20, 2005

Page 2

          would have paid if you continued to be a TriMas employee. TriMas will
          pay the employer-portion of the medical coverage. After the stated
          continuation period, you will be responsible for 100% of the COBRA
          premiums.

     (c)  Executive Outplacement Services. Outplacement services will be
          provided via Right Management Consultants. TriMas's obligation to
          provide or pay for this service will termination upon your obtaining
          any new employment or the last day of the 16th month following the
          Termination Date, whichever occurs first.

2.   Termination of Accruals Under Retirement Plans. Notwithstanding anything to
the contrary stated herein, you shall cease to be an active participant under
the TriMas retirement programs and other benefit plans pursuant to the terms of
those plans, and no additional benefits or compensation shall accrue to you
after the Termination Date. No amounts paid under this Agreement shall
constitute compensation for purposes of any such retirement plan. Your rights to
any accrued and vested benefits under a qualified retirement plan shall be
determined in accordance with the applicable plan document.

3.   Taxes. Any payments made by TriMas hereunder are subject to applicable
federal, state and local tax withholding. You agree that you are exclusively
liable for the payment of any federal, state, local or other taxes that may be
due as a result of any benefits received by you as provided in this Agreement.
You further agree to indemnify and hold TriMas harmless from any payment of
taxes or penalties, if any, that may be required of you as a result of any
benefits received by you pursuant to this Agreement. You may wish to consult
with your financial or tax advisor with regard to the tax implication of any
benefits described in this Agreement. You acknowledge and agree that no
representations or warranties have been made to you with regard to the tax
consequences of any payment provided for under this Agreement.

4.   Stock Option Surrender. In exchange for the Compensation Benefits and other
valuable financial consideration, you surrender any and all stock option shares
(vested or unvested) or other long term incentives, including restricted shares
or units, granted to you under any stock option or other long term incentive
plans of TriMas and irrevocably waive any and all claims, rights or entitlements
under any stock option agreement with TriMas.

5.   Confidentiality; Release Consideration. You agree that you are subject to
the restrictive covenants and remedies set forth on Attachment A, which is
hereby incorporated into and made part of to this Agreement. You acknowledge
that this Agreement provides additional and sufficient consideration for the
release contained herein.

Scott D. Hazlett
May 20, 2005

Page 3

6.   Executive's Duty to Provide Materials. Upon termination you will surrender
to TriMas all correspondence, letters, files, contracts, mailing lists, customer
lists, advertising material, ledgers, equipment, checks and all materials and
records of any kind that are the property of TriMas that may be in your
possession or under your control, including all copies of the foregoing, as well
as all other property of TriMas.

7.   Cooperation.

     (a) You agree that you will not to in any way criticize, disparage, attempt
to discredit, demean or otherwise call into disrepute TriMas, or its successors,
assigns, officers, directors, employees or agents, or any of TriMas's products
or services.

     (b) You agree that you will not assist any party other than TriMas in any
claim, litigation, proceeding or investigation against TriMas or other Released
Parties (as defined below), except as require by law. You further agree that if
you believe any such action is required by law, you will first afford TriMas the
opportunity to raise and obtain a ruling on any claim of attorney-client or
other privilege, attorney work product protection, contractual or other defense
that may be applicable.

     (c) You agree to provide, at TriMas's reasonable expense, your cooperation
to TriMas and the Released Parties in any existing or future claim, litigation,
proceeding, investigation or other judicial, administrative or legislative
matter in which your assistance may be desired by TriMas.

     (d) Upon execution of this Agreement, you and TriMas will enter into a
Consulting Services Agreement (in the form attached as Attachment B) which
Consulting Services Agreement will become effective upon the expiration of any
revocation period set forth in Section 11 below.

8.   Release.

     (a) you and TriMas, without any admission of liability, desire to settle
with finality, compromise, dispose of, and release all claims, demands, and
causes of action you have asserted or which you could assert against TriMas or
any of the Released Parties in connection with or related to stock options, any
agreement with a predecessor to TriMas, your employment or the termination of
your employment, or any condition or benefit of employment or otherwise. This
Agreement is not and shall not be construed as an admission by either party that
your employment was terminated voluntarily or involuntarily, with or without
cause, or as an admission by TriMas of any liability, an admission against
interest, or any violation of TriMas's policies or procedures.

     (b) You, your heirs, executors, administrators, successors and assigns,
hereby release and forever discharge TriMas, direct or indirect parents,
subsidiaries and their

Scott D. Hazlett
May 20, 2005

Page 4

affiliates and respective officers, directors, agents, representatives,
shareholders, employees (current and former), employee benefit plans,
fiduciaries, successors, predecessors, assigns, and any and all other persons,
firms, corporations and other legal entities associated with TriMas
(collectively referred to as the "Released Parties"), of and from any and all
claims, demands, actions, causes of action, debts, damages, expenses, suits,
contracts, agreements, costs and liabilities of any kind, nature or description,
whether direct or indirect, known or unknown, in law or in equity, in contract,
tort or otherwise, which you ever had, now have or may have against any of the
Released Parties as of the date of execution of this Agreement, whether known or
unknown, suspected or unsuspected, or which may be based upon pre-existing acts,
claims or events occurring at any time up to the present date, including, but
not limited to, (i) claims arising under any written or oral agreement regarding
compensation, benefits, or options or equity grants, (ii) claims arising under
Title VII of the Civil Rights Act of 1964 or state civil rights statutes, the
Age Discrimination in Employment Act of 1967 ("ADEA"), the Older Worker Benefit
Protection Act ("OWBPA"), the Americans with Disabilities Act ("ADA"), the
Family and Medical Leave Act ("FMLA"), the Fair Labor Standards Act ("FLSA"),
the National Labor Relations Act ("NLRA"), the Employee Retirement Income
Security Act ("ERISA"), (iii) claims for breach of express or implied contract,
breach of promise, promissory estoppel, loss of income, back pay, reinstatement,
front pay, impairment of earning capacity, wrongful termination, defamation,
libel, slander, discrimination, damage to reputation, fraud, violation of public
policy, retaliation, negligent or intentional infliction of mental or emotional
distress, intentional tort or any other federal, state or local common law or
statutory claims, and all other claims and rights, whether in law or equity. It
is the intention of the parties that this paragraph will be construed as broadly
as possible; however, this paragraph does not include claims arising under state
workers' compensation laws and state unemployment laws. This paragraph also
does not affect your right to file a charge or otherwise participate in an EEOC
proceeding insofar as it is required by current EEOC regulations. You understand
that TriMas will assert this Agreement as an affirmative defense against any
claim asserted by you in any forum.

     (c) In signing this Agreement, you agree to waive any rights you might have
to pursue any claims against the Released Parties through any alternative
dispute resolution process, or through any court or administrative agency, to
the extent permitted by law, and further agree not to bring any suit or action
in any court or administrative agency, to the extent permitted by law, against
any of the Released Parties, arising out of or relating to the subject matter of
this Agreement.

9.   Nondisclosure. You agree not to disclose the existence of this Agreement or
any of its terms to any third parties other than your spouse, tax advisors,
accountants and attorneys, or as otherwise required by law. If you disclose the
contents of this Agreement to any person as permitted above, you shall use your
best efforts to prevent all such persons from disclosing the contents of this
Agreement. You agree that any violation of

Scott D. Hazlett
May 20, 2005

Page 5

this nondisclosure paragraph will result in substantial and irreparable injury
to TriMas. If any claim or demand is made to legally compel you to disclose the
terms and conditions of this Agreement, you will promptly notify TriMas's
General Counsel of such claim or demand before responding thereto, so that
TriMas may take such action as it deems appropriate.

10.  References. In the event that you seek a reference for employment purposes,
you agree to direct inquiries to TriMas's Human Resources Department. Other than
the mutually agreed upon letter of reference attached hereto as Attachment C,
references to be provided by TriMas regarding you shall be limited to dates of
employment, positions held and compensation. Those making such inquiries will be
advised that it is the general policy of TriMas to provide only such neutral
references in response to employment inquiries.

11.  Consideration Time and Revocation Period.

     (a) You acknowledge you have sufficient time, totaling twenty-one (21) days
from receipt of this Agreement, to determine if you wish to accept the terms. In
the event you sign and return this Agreement before that time, you certify, by
such execution, that you knowingly and voluntarily waive the right to the full
time period, for reasons personal to you, with no pressure by TriMas to do so.
TriMas and you further agree that any changes, whether material or immaterial,
to this Agreement do not restart the running of the twenty-one (21) day
consideration period. TriMas has made no promises, inducements or threats to
cause you to sign this Agreement before the end of the twenty-one (21) day
period.

     (b) You understand that you may revoke this Agreement for a period of
seven (7) calendar days following your execution of the Agreement. You
understand that any revocation, in order to be effective, must be: (1) in
writing and either postmarked within seven (7) days of your execution of the
Agreement and addressed to General Counsel, TriMas Corporation, 39400 Woodward,
Suite 130, Bloomfield Hills, MI 48304 or (2) hand-delivered within seven (7)
days of your execution of the Agreement to TriMas's General Counsel at the
address listed above. If revocation is by mail, certified mail, return receipt
requested is required to show proof of mailing.

     (c) No payments or benefits under this Agreement shall be made to you until
after the seven (7) day revocation period has expired. If you do not revoke this
Agreement within the seven (7) day revocation period, then this Agreement shall
become fully and finally effective and the payments and benefits provided
hereunder will be made to you in accordance with this Agreement.

12.  Complete Agreement. In executing this Agreement, you are doing so knowingly
and voluntary and agree that you have not relied upon any oral statements by
TriMas or

Scott D. Hazlett
May 20, 2005

Page 6

its representatives, and that this Agreement, when signed by both parties,
supersedes any and all prior written agreements between the parties regarding
the terms of your employment or the termination of such employment. Any
modification of this Agreement must be made in writing and signed by you and an
authorized representative of TriMas and must specifically refer to and
expressly modify this Agreement.

13.  Severability. Should any provision of this Agreement be declared or
determined by any court to be illegal or invalid, the remaining parts, terms or
provisions shall not be affected thereby, and said illegal or invalid part, term
or provision shall be deemed not to be a part of this Agreement; provided that
such court may, in lieu of finding any provision hereof to be unenforceable,
illegal or invalid, modify any such provision to preserve to the greatest extent
possible the intended effect of such provision while otherwise rendering it
legal and enforceable.

14.  Choice of Law. This Agreement shall be deemed to be made and entered into
in the State of Michigan and shall in all respect be interpreted, enforced and
governed under the laws of the State of Michigan, except if applicable federal
law provides differently.

13.  Attorney. You acknowledge that you have had the opportunity to review this
Agreement with an attorney of your choosing and at your cost, and have been
encouraged and given sample time to consult with your own legal counsel prior to
executing this Agreement.

14.  Deadline for Acceptance. You must accept this Agreement, by signing it
within twenty-one (21) days after delivery to you, or the offer contained in
this Agreement will be withdrawn.

Scott D. Hazlett
May 20, 2005

Page 7

15.  Consequences of Violation of Promise. If you break the promise in paragraph
8 of this Agreement and file a lawsuit based on legal or equitable claims that
you have released, it is expressly understood and agreed that the covenant not
to sue constitutes a complete defense to any such lawsuit. If litigation is
brought to enforce the terms of paragraph 8 and/or 15, the prevailing party shall
be entitled to recover reasonable costs and reasonable attorneys' fees incurred
in the litigation. This provision shall not apply to a claim by you under and/or
challenging this Agreement's validity under the ADEA or OWBPA and excludes any
such claim, unless authorized by federal law.

                                             TRIMAS CORPORATION

/s/ Scott D. Hazlett
-------------------------------
SCOTT D. HAZLETT

DATE: May 23, 2005                       By: /s/ Grant H. Beard
      -------------------------              --------------------------------
                                         GRANT H. BEARD
                                         ITS:  PRESIDENT AND CEO
                                         Date: May 20, 2005

Date of Delivery to Employee: May 20, 2005

Scott D. Hazlett
May 20, 2005

Page 8

                                  Attachment A

  (a)   You shall not at any time disclose or use for your own benefit or
        purposes or the benefit or purposes of any other person, firm,
        partnership, joint venture, association, corporation or other business
        organization, entity or enterprise other than TriMas, any trade secrets,
        information, data, or other confidential information of TriMas,
        including but not limited to, information relating to customers,
        development programs, costs, marketing, trading, investment, sales
        activities, promotion, credit and financial data, financing methods,
        plans or the business and affairs of TriMas generally, unless required
        to do so by applicable law or court order, subpoena or decree or
        otherwise required by law, with reasonable evidence of such
        determination promptly provided to TriMas. The preceding sentence of
        this paragraph shall not apply to information which is not unique to
        TriMas or which is generally known to the industry or the public other
        than as a result of your breach of this covenant. You further agree not
        to retain or use for business purposes any trade names, trademark or
        other proprietary business designation used or owned in connection with
        the business of TriMas.

  (b)   You acknowledge and agree that TriMas's remedies at law for a breach or
        threatened breach of any of the provisions of this Attachment A would be
        inadequate and, in recognition of this fact, you agree that, in the
        event of such a breach or threatened breach, in addition to any remedies
        at law, you shall forfeit all payments otherwise due under the Agreement
        and shall return any payments made under the Agreement. Moreover,
        TriMas, without posting any bond, shall be entitled to seek equitable
        relief in the form of specific performance, temporary restraining order,
        temporary or permanent injunction or any other equitable remedy which
        may then be available. Further, a breach by you of any the provisions in
        this Attachment A will subject you to pay damages for any such breach
        which may include costs and attorneys' fees incurred by TriMas in
        seeking to enforce this provision.

                         CONSULTING SERVICES AGREEMENT

     THIS CONSULTING SERVICES AGREEMENT, dated as of May 20, 2005 ("Consulting
     Services Agreement"), is made between TriMas Corporation, a Delaware
     corporation with its principal place of business at 39400 Woodward Avenue,
     Suite 130, Bloomfield Hills, MI 48304 ("Corporation") and Scott D. Hazlett
     ("Consultant"), an individual, whose principal residence is 871 Balfour
     Road, Grosse Pointe Park, Michigan 48230.

                                  WITNESSETH:

WHEREAS, the Corporation and the Consultant have entered into an agreement dated
May 20, 2005 ("Separation Agreement") regarding the terms and conditions of the
termination of the employment relationship between the Consultant and the
corporation;

WHEREAS, pursuant to the terms of the Separation Agreement, the Corporation and
the Consultant have agreed to enter into this Consulting Services Agreement
whereby the Corporation will agree to retain the services of the Consultant on
the terms and conditions contained herein; and

WHEREAS, the Consultant is willing to provide such services on such terms and
conditions;

NOW THEREFORE, in consideration of the mutual promises contained herein, and
intending to be legally bound hereby, the Corporation and the Consultant agree
as follows:

1.   Consulting Services

     (a)  The Corporation hereby engages the Consultant with respect to the
          organizational, product marketing and distribution and business
          development aspects of the Corporation's Cequent Transportation
          Accessories Group (the "Business"), in addition to such
          responsibilities and duties within the experience, training and
          ability of the Consultant as may be designated from time to time by the
          President of the Corporation (the "Services"). The Consultant agrees
          to be available to perform the Services at such reasonable times and
          places as the President of the Corporation may direct.

     (b)  The Corporation and the Consultant hereby agree and acknowledge that
          other than this Agreement, no independent contractor or employment
          arrangement is in effect between the Consultant and the Corporation.

2.   Term

     The term of this Agreement shall commence as of the expiration of the
     revocation date under the Separation Agreement, and terminate sixteen (16)
     months thereafter (the "Term"). If the Separation Agreement is revoked,
     this Agreement shall be null and void.

3.   Fees

     In consideration of the Services provided by the Consultant and other
     undertakings set forth herein (including pursuant to Section 4 below), the
     Corporation shall pay to the Consultant a fee of $425,000 in sixteen (16)
     equal monthly installments commencing in the month in which the term set
     forth in section 2 begins, which installments shall be made via direct
     deposit to the account specified by the Consultant. Payments shall be made
     by the last business day of the month for Services provided during that
     month.

4.   Confidentiality, Non-solicitation and Non-competition

     (a)  The Consultant acknowledges that in the course of providing the
          Services, he may have access to and be entrusted with confidential
          information relating to the Corporation's property, business affairs,
          finances, clients, and employees (the "Confidential Information"), the
          disclosure of which would be highly detrimental to the interests of
          Corporation. The Consultant further acknowledges and agrees that such
          Confidential Information constitutes a proprietary right which the
          Corporation is entitled to protect. Accordingly, the Consultant hereby
          agrees to make use of such Confidential Information only for the
          purposes of providing Services to the Corporation pursuant to this
          Agreement and shall not directly or indirectly communicate or disclose
          such Confidential Information to any other person, firm, corporation
          or entity, unless required to do so by applicable law or court order,
          subpoena or decree or otherwise required by law, with reasonable
          evidence of such determination promptly provided to the Corporation.
          The preceding sentence of this paragraph shall not apply to
          information which is not unique to the Corporation or which is
          generally known to the industry or the public other than as a result
          of the Consultant's breach of this covenant.

     (b)  The Consultant agrees that he will promptly disclose to the
          Corporation any and all ideas, improvements, inventions, discoveries,
          or business opportunities (patentable or otherwise) derived during the
          term of this Agreement and which pertain directly or indirectly to the
          business of the Corporation. The Consultant further agrees to assign
          all such rights and interests to the Corporation without additional
          compensation, and agrees to cooperate in all other such acts and
          things as may be reasonably necessary to exclusively vest such rights
          and interests in the name of the Corporation.

     (c)  The Consultant will at all times, hold in the strictest confidence,
          and will not disclose to anyone (either directly or indirectly)
          confidential or proprietary information belonging to the Corporation,
          except as may be required by law. The Consultant agrees that all such
          information acquired through his dealings with the Corporation, its
          shareholders, officers, directors, employees or agents relating to the
          processes, practices, methods, products, inventions, marketing plans,
          improvements, developments, suppliers, customers, trade secrets, work
          methods, technical design, internal organization, investments,
          finances, personnel, or pension plans of the Corporation will be held
          in the strictest confidence. The Consultant agrees not to disclose any
          such information without the prior written authorization of the
          Company, with the exception of that information already in the public
          domain (other than through a breach of this

                                       2

          Agreement), except as may be required by law. The Consultant further
          agrees to use such information only for those purposes which are in
          the best interests of the Corporation, and shall not make use of such
          information for his own personal benefit or for the benefit of any
          other person, firm, corporation or entity.

     (d)  Consultant acknowledges and recognizes the highly competitive nature
          of the business of the Corporation and accordingly agrees that from
          April 14, 2005 through the entire Term, Consultant shall not engage,
          either directly or indirectly, as a principal for his own account or
          jointly with others, or as a stockholder in any corporation or joint
          stock association, or as a partner or member of a general or limited
          liability entity, or as an employee, officer, director, agent,
          consultant or in any other advisory capacity in any business which
          designs, develops, manufacturers, distributes, sells, markets or is
          otherwise engaged in activities related to the type of products or
          services sold, distributed or provided by the Business during the
          twelve (12) month period prior to April 14, 2005 or during the Term
          (the "Business Activity"); provided that nothing herein shall prevent
          Consultant from owning, directly or indirectly, not more than five
          percent (5%) of the outstanding shares of, or any other equity
          interest in, any entity engaged in the Business Activity and listed or
          traded on a national securities exchanges or in an over-the-counter
          securities market.

     (e)  From April 14, 2005 through the entire Term, Consultant shall not (i)
          directly or indirectly employ or solicit, or receive or accept the
          performance of services by, any active employee of the Corporation,
          except in connection with general, non-targeted recruitment efforts
          such as advertisements and job listings, or directly or indirectly
          induce any employee of the Corporation to leave the Corporation, or
          assist in any of the foregoing, or (ii) solicit for business (with
          respect to the Business) any person who is a customer or former
          customer of the Corporation, unless such person shall have ceased to
          have been such a customer for a period of at least six (6) months.

     (f)  It is expressly understood and agreed that although Consultant and the
          Corporation consider the restrictions contained in this Section 4 to
          be reasonable, if a final judicial determination is made by a court of
          competent jurisdiction that the time or territory or any other
          restriction contained in this Agreement is an unenforceable
          restriction against the Consultant, the provisions of this Section 4
          shall not be rendered void but shall be deemed amended to apply as to
          such maximum time and territory and to such maximum extent as such
          court may judicially determine or indicate to be enforceable.
          Alternatively, if any tribunal of competent jurisdiction finds that
          any restriction contained in this Agreement is unenforceable, and such
          restriction cannot be amended so as to make it enforceable, such
          finding shall not affect the enforceability of any of the other
          restrictions contained herein.

     (g)  The consultant acknowledges and agrees that the Corporation's remedies
          at law for a breach or threatened breach of any of the provisions of
          this Section 4 would be inadequate and, in recognition of this fact,
          agrees that, in the event of such a breach or threatened breach, in
          addition to any remedies at law, the Consultant shall forfeit all
          payments otherwise due under the Agreement and shall return any
          payments made under the Agreement. Moreover, TriMas,

                                       3

          without posting any bond, shall be entitled to seek equitable relief
          in the form of specific performance, temporary restraining order,
          temporary or permanent injunction or any other equitable remedy which
          may then be available. Further, a breach by the Consultant of any of
          provisions in this Section 4 will subject the Consultant to pay
          damages for any such breach which may include costs and attorneys'
          fees incurred by the Corporation in seeking to enforce this provision.

     (h)  The Consultant hereby acknowleges and agrees that all covenants,
          provisions and restrictions contained in this Section 4 of this
          Agreement are reasonable and valid and that all defenses to the strict
          enforcement thereof by the Corporation are hereby waived by the
          Consultant.

5.   Independent Contractor

     (a)  The Consultant is and shall remain at all times an independent
          contractor and is not, and shall not represent himself to be a joint
          venturer, partner or employee of the Corporation or to be related to
          the Corporation in any fashion other than as an independent
          contractor. The Consultant agrees not to knowingly make any
          representations or engage in any acts which could establish an
          apparent relationship of joint venture, partnership or employment with
          the Corporation. For greater certainty, the Corporation shall not be
          bound in any manner whatsoever by any agreement, warranties or
          representations made by the Consultant to any other person, firm or
          corporation or by any action of the Consultant, except where the
          Consultant has first obtained the prior written consent of the
          Corporation. Nothing contained in this Agreement is intended to create
          nor shall be construed as creating an employment relationship between
          the Consultant and the Corporation.

     (b)  The Consultant recognizes that he has the sole responsibility as an
          independent contractor to comply with all requirements of applicable
          laws, rules and regulations. The Corporation shall not make any
          deductions or withholdings for pension plans, employment insurance,
          taxes or any other similar amounts from the compensation set out in
          paragraph 3 of this Agreement. It is agreed that the Consultant shall
          be solely responsible for deducting all applicable federal and state
          income tax, pension plan deductions, employment insurance premiums and
          all other relevant deductions from all fees provided by the
          Corporation to the Consultant and for remitting same to the Internal
          Revenue Service and any other governmental authorities as may be
          prescribed by law.

     (c)  As an independent contractor, the Consultant shall not be entitled to
          any employment related benefits or vacation pay. Upon termination of
          this Agreement, the Corporation shall only be responsible for the
          payment of any reasonable expenditure incurred in the course of
          providing services to the Corporation and approved in advance in
          writing by the President of the Corporation. With the exception of
          these amounts, the Consultant shall have no claim or cause of action
          against the Corporation for any cause, matter or thing including,
          without limitation, any claim or cause of action arising out of an
          alleged employment relationship between the Consultant and the
          Corporation (which specifically includes any claim for notice, pay in
          lieu of notice, severance or vacation pay, whether arising by statute
          or otherwise). It is agreed that the

                                       4

          provisions of this paragraph shall survive the termination of this
          Agreement and shall remain binding on the Consultant.

6.   Miscellaneous

     (a)  This Agreement contains the entire agreement between the Corporation
          and the Consultant with respect to the transactions contemplated by
          this Agreement and supersedes all prior arrangements or understandings
          with respect thereto.

     (b)  This Agreement may be assigned by the Corporation to any person, firm,
          corporation or other entity acquiring (by purchase, merger or
          otherwise), directly or indirectly, the business and substantially all
          of the assets of the Corporation and expressly assuming the
          obligations of the Corporation under this Agreement.

     (c)  The performance by the Consultant of his duties under this Agreement
          is the personal obligation of the Consultant and may not be delegated
          by the Consultant; however, the Consultant may delegate duties and
          responsibilities to other employees or agents of the Corporation
          incident to normal and customary management practices.

     (d)  This Agreement is a contract made under, and the rights and
          obligations of the parties hereunder shall be governed by and
          construed in accordance with the laws of the State of Michigan without
          giving effect to choice of law provisions.

     (e)  The descriptive headings of this Agreement are for convenience only
          and shall not control or affect the meaning or construction of any
          provision of this Agreement.

     (f)  Any waiver of any term or condition, or any amendment or
          supplementation, of this Agreement shall be effective only if in
          writing signed by the party against whom enforcement is sought.

     (g)  In the event of the death of the Consultant, any accrued compensation
          hereunder, the balance of the unpaid compensation set forth in Section
          3 above, and outstanding expenses under this Agreement to which the
          Consultant may be entitled shall inure to the benefit of Consultant's
          heirs and estate.

     (h)  The invalidity or unenforceability of any provision or part of any
          provision of this Agreement shall not affect the validity or
          enforceability of any other provision or part of any provision and any
          such invalid or unenforceable provision or part thereof shall be
          deemed to be severable.

     (i)  The Consultant agrees not to disclose the existence of this Agreement
          or any of its terms to any third parties other than his spouse, tax
          advisors, accountants and attorneys, or as otherwise required by law.
          If Consultant discloses the contents of this Agreement to any person
          as permitted above, he shall use his best efforts to prevent all such
          persons from disclosing the

                                       5

          contents of this Agreement. The Consultant agrees that any violation
          of section will result in substantial and irreparable injury to
          TriMas. If any claim or demand is made to legally compel the
          consultant to disclose the terms and conditions of this Agreement, he
          will promptly notify the Corporation's General Counsel of such claim
          or demand before responding thereto, so that the Corporation may take
          such action as it deems appropriate.

     (j)  The Consultant acknowledges that he has read, considered, understands
          and hereby accepts the terms and conditions contained in this
          Agreement. The Consultant further acknowledges having been given an
          opportunity to obtain independent legal advice, and hereby executes
          this Agreement freely and voluntarily with a full understanding of its
          content. The Consultant further acknowledges that he has not relied on
          any representations made by the Corporation except as specifically set
          forth in this Agreement.

The parties have executed this Agreement as of the date first above written.

TRIMAS CORPORATION

By:  /s/ Grant H. Beard
     --------------------------
Its: President & C.E.O.
     --------------------------

By:  /s/ Scott D. Hazlett
     --------------------------
     SCOTT D. HAZLETT

Signed:  May 23, 2005

                                       6exv10w1

 

Exhibit 10.1

Final

Travelzoo UK Limited

Christopher Loughlin

Service Agreement

	 	 	 	 	 	 	 
	Date:

	 	16 May 2005
	 	 
	Document Number:

	 	 	159453.5	 	 	 
	Matter Number:

	 	[                    ]
	 	 

33 Cannon Street London EC4M 5TE

tel: (+44) (0) 20 7246 5800 — fax: (+44) (0) 20 7246 5858

 

CONTENTS

	 	 	 	 	 	 	 
	1.

	 	Definitions
	 	 	1	 
	2.

	 	Commencement and Term
	 	 	2	 
	3.

	 	Role and Duties of the Executive
	 	 	2	 
	4.

	 	Place of Work
	 	 	3	 
	5.

	 	Remuneration
	 	 	3	 
	6.

	 	Expenses
	 	 	3	 
	7.

	 	Holidays
	 	 	4	 
	8.

	 	Sickness Benefit
	 	 	4	 
	9.

	 	Pension and Medical Expenses Insurance
	 	 	4	 
	10.

	 	Relocation Arrangements and Expenses
	 	 	4	 
	11.

	 	Restrictions During His Employment
	 	 	5	 
	12.

	 	Confidential Information and Company Property
	 	 	6	 
	13.

	 	Inventions and Other Intellectual Property
	 	 	6	 
	14.

	 	Termination
	 	 	7	 
	15.

	 	Garden Leave
	 	 	9	 
	16.

	 	Restrictive Covenants
	 	 	10	 
	17.

	 	Disciplinary and Grievance Procedure
	 	 	11	 
	18.

	 	Data Protection and Communications
	 	 	11	 
	19.

	 	Notices
	 	 	11	 
	20.

	 	Deductions
	 	 	12	 
	21.

	 	Former Contracts of Employment
	 	 	12	 
	22.

	 	General
	 	 	12	 
	23.

	 	Choice of Law and Submission to Jurisdiction
	 	 	13	 
	Schedule 1	 	 	14	 
	Schedule 2	 	 	16	 

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THIS AGREEMENT is made the 16th day of May 2005

BETWEEN:

	(1)	 	Travelzoo UK Limited (registered number 05442657) whose registered office is at 90 Long Acre,
Covent Garden, London WC2E 9RZ (the “Company”);
	 
	(2)	 	Christopher Loughlin of 53b Fulham Park Gardens, Fulham, London SW6 4LB (the “Executive”).

THE PARTIES AGREE as follows:

	1.	 	Definitions
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement unless the context otherwise requires the following expressions have the
following meanings:

	 	 	 	 	 
	 

	 	“Act”
	 	The Employment Rights Act 1996 as amended;
	 

	 	 	 	 
	 

	 	“Annual Bonus Plan”
	 	an individual bonus plan which applies to the Executive, subject to the
terms described in Schedule 1, for the following periods only: (1) the period from May
16, 2005, to December 31, 2005; (2) the period from January 1, 2006, to December 31,
2006; (3) the period from January 1, 2007, to December 31, 2007; and (4) the period
from January 1, 2008, to May 15, 2008;
	 

	 	 	 	 
	 

	 	“Board”
	 	the board of directors for the time being of the Company or any committee of
directors appointed by the board for the time being;
	 

	 	 	 	 
	 

	 	“Confidential Information”
	 	personnel information, or any information relating to the
business, clients/customers, products, users, subscribers, affairs and finances,
internal processes, systems and organisation of the Company or of any Group Company for
the time being confidential to it or to them or treated by it or them as such and trade
secrets (including, without limitation, technical data and know-how) relating to the
business of the Company or of any Group Company or of any of its or their suppliers or
clients/customers;
	 

	 	 	 	 
	 

	 	“Executive Bonus Plan”
	 	the bonus plan for senior executives of Travelzoo USA as amended on
18 May 2005;
	 

	 	 	 	 
	 

	 	“Group”
	 	the Company and the Group Companies;
	 

	 	 	 	 
	 

	 	“Group Company”
	 	any company (including Travelzoo USA) which is for the time being a
subsidiary or holding

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	 	 	 	company of the Company and any subsidiary of any such holding
company and for the purposes of this Agreement the terms “subsidiary” and “holding
company” shall have the meanings ascribed to them by sections 736 and 736A Companies
Act 1985;
	 

	 	 	 	 
	 

	 	“Quarterly Bonus Plan”
	 	an individual bonus plan which applies to the Executive during the
term of the Agreement;
	 

	 	 	 	 
	 

	 	“Travelzoo USA”
	 	Travelzoo Inc., a company incorporated according to the laws of the State of
Delaware and the parent company of the Company.

	1.2	 	References to clauses and schedules are unless otherwise stated to clauses of and schedules
to this Agreement.
	 
	1.3	 	The headings to the clauses are for convenience only and shall not affect the construction or
interpretation of this Agreement.
	 
	1.4	 	Unless the context otherwise requires, references in this Agreement to the masculine gender
shall, where appropriate, be deemed to include the feminine and vice versa.
	 
	2.	 	Commencement and Term
	 
	2.1	 	This Agreement shall be deemed to commence on May 16 2005 and shall continue (except as
provided in Clause 14) for a fixed period of two years. After the initial fixed period of two
years, the Agreement may be terminated at any time by either party giving to the other one
year’s notice in writing.
	 
	2.2	 	For the purposes of the Act, the Executive’s period of continuous employment commenced on
November 15, 2001.
	 
	3.	 	Role and Duties of the Executive
	 
	3.1	 	The Executive shall serve the Company as Managing Director. He shall also serve Travelzoo
USA as Senior Vice President and General Manager, Travelzoo UK.
	 
	3.2	 	During his employment the Executive shall:

	 	3.2.1	 	devote the whole of his time, attention and skill to the business and affairs
of the Company both during normal business hours and during such additional hours as
are necessary for the proper performance of his duties or as the Board may reasonably
require from time to time;
	 
	 	3.2.2	 	faithfully and diligently perform such duties and exercise such powers
consistent with his position as may from time to time be assigned to him to a standard
that is acceptable to the Board;
	 
	 	3.2.3	 	obey the reasonable and lawful directions of the Board;
	 
	 	3.2.4	 	comply with all the Company’s rules, regulations, policies and procedures from
time to time in force; and

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	 	3.2.5	 	keep the Board at all times promptly and fully informed (in writing if so
requested) of his conduct of the business of the Company and any Group Company and
provide such explanations in connection with it as the Board may require.

	3.3	 	The Executive agrees, for the purposes of Regulation 5 of The Working Time Regulations 1998
(the “Regulations”), that Regulation 4 of the Regulations does not apply to him. The Company
and the Executive agree that the Executive’s consent, for the purpose of this Clause 3.3,
shall continue indefinitely provided that the Executive may withdraw such consent at any time
by giving the Company three months’ notice of his wish to do so.
	 
	3.4	 	The Executive shall, if and so long as the Company requires and without any further
remuneration other than is specified in this Agreement:
	 

	 	3.4.1	 	carry out duties on behalf of any Group Company; and
	 
	 	3.4.2	 	act as a director or officer of any Group Company.
	 

	3.5	 	The Company may at its sole discretion transfer this Agreement to any Group Company at any
time.
	 
	4.	 	Place of Work
	 
	 	 	The Executive’s place of work will be the Company’s offices at 90 Long Acre, Covent Garden,
London WC2E 9RZ, but the Company may require the Executive to work at any place (whether
inside or outside the United Kingdom) for such periods as the Company may from time to time
require.
	 
	5.	 	Remuneration
	 
	5.1	 	The Company shall pay to the Executive, by credit transfer to his bank account, an annual
salary of £118,500 payable by equal monthly instalments in arrears for the previous month on
or before the first day of each calendar month.
	 
	5.2	 	The Executive shall also be entitled to participate in a Quarterly Performance Bonus Plan, an
Annual Bonus Plan, and the Executive Bonus Plan of Travelzoo USA, the terms of which are set
out in the Schedule to this Agreement.
	 
	5.3	 	Salary and any bonus payable shall be inclusive of any fees to which the Executive may be
entitled as a director of the Company or any Group Company.
	 
	5.4	 	Payment of salary and bonus (if applicable) to the Executive shall be made either by the
Company or by a Group Company and, if by more than one company, in such proportions as the
Board may from time to time think fit.
	 
	6.	 	Expenses
	 
	6.1	 	The Company shall reimburse the Executive in respect of all expenses reasonably incurred by
him in the proper performance of his duties, subject to the Company’s policies and his
providing such receipts or other appropriate evidence as the Company may require.

3

 

	7.	 	Holidays
	 
	7.1	 	The Executive shall be entitled, in addition to all Bank and public holidays normally
observed in England, to 20 working days’ paid holiday in each holiday year (being the period
from 1 January to 31 December). This entitlement is subject to the following provisions of
this clause.
	 
	7.2	 	The Executive may take his holiday only at such times as are agreed with the Chairman of the
Company. Such agreement is to be obtained before the Executive commits himself to bookings or
other positive arrangements.
	 
	7.3	 	No holiday may be carried forward to the next holiday year, except with the express written
consent of the Company.
	 
	7.4	 	The Executive will not be entitled to pay for any unused holiday entitlement (except on the
termination of his employment).
	 
	8.	 	Sickness Benefit
	 
	8.1	 	There is no contractual right to payment in respect of periods of absence due to sickness or
incapacity, but such payments are at the discretion of the Company.
	 
	8.2	 	Any payment to the Executive pursuant to Clause 8.1 shall be deemed to include any Statutory
Sick Pay and any Social Security Sickness Benefit or other benefits to which the Executive may
be entitled.
	 
	8.3	 	If so required, the Executive agrees to supply the Company with medical certificates covering
any period of sickness or incapacity exceeding seven days (including weekends) and to undergo,
at the Company’s expense, a medical examination by a doctor appointed by the Company (and the
Executive agrees that copies of any medical reports prepared by such doctor shall be sent
directly to the Company).
	 
	9.	 	Pension and Medical Expenses Insurance
	 
	9.1	 	During his employment, the Executive shall be eligible to join the Company’s stakeholder
pension scheme, currently planned to be with Scottish Widows and to take effect from June 1,
2005. The pension scheme is contracted in to the state earnings-related pension scheme and a
contracting out certificate under the Pension Scheme Act 1993 is not in force.
	 
	9.2	 	During his employment, the Executive and his spouse shall be entitled to participate in any
private health insurance scheme that may be arranged by the Company for its executives subject
to the insurer accepting the Executive for cover under the relevant policy at normal rates and
subject to the rules of such scheme or policy from time to time in force.
	 
	10.	 	Relocation Arrangements and Expenses
	 
	10.1	 	The Company and the Executive agree that his employment constitutes a local hire position.

4

 

	10.2	 	The Company will reimburse the Executive’s reasonable moving expenses up to a total value of
£4,100 upon submission of valid receipts. Receipts must be submitted within 30 calendar days
of the expenses being incurred.
	 
	10.3	 	The Company will pay for the Executive’s temporary housing in London for the period from May
1 2005 to October 31 2005 (the first six months), subject to an upper limit of £8,316 and
subject to the production of valid receipts.
	 
	10.4	 	The Company will use reasonable efforts to try to obtain a UK visa for the Executive’s spouse
and will pay for the legal expenses in this regard (not to exceed a total of £5,500).
	 
	10.5	 	The Company will pay for six economy class tickets from the US to London between the period
May 16 2005 and May 31 2006 for the Executive’s spouse.
	 
	10.6	 	The above expenses and allowances will be provided on the condition that the Executive
relocates to London on or before June 1 2005, and are to be repaid to the Company by the
Executive if the Executive should leave the Company’s employment voluntarily, or if his
employment terminates on any of the grounds set out in Clause 14.1, within twelve months of
the commencement of this Agreement.
	 
	11.	 	Restrictions During His Employment
	 
	11.1	 	During his employment, the Executive shall not directly or indirectly:

	 	11.1.1	 	be employed, engaged, concerned or interested in any other business or undertaking;
or
	 
	 	11.1.2	 	engage in any activity which the Board reasonably considers may be, or become,
harmful to the interests of the Company or of any Group Company or which might
reasonably be considered to interfere with the performance of the Executive’s duties
under this Agreement.

	11.2	 	The Executive agrees that he will not at any time during the course of his employment take
any preparatory steps to become engaged or interested in any capacity whatsoever in any
business or venture which is in or is intended to enter into competition with any business of
the Company.
	 
	11.3	 	During the term of this Agreement, the Executive shall not whether alone or jointly with or
on behalf of any other person, firm or company and whether as principal, partner, manager,
employee, contractor, director, consultant, investor or otherwise (except as a representative
or nominee of the Company or any Group Company or otherwise with the prior consent in writing
of the Board) be engaged, concerned or interested in any other business or undertaking which
is wholly or partly in competition with any business carried on by the Company or any Group
Company provided that the Executive may hold (directly or through nominees) by way of bona
fide personal investment any units of any authorised unit trust and up to one per cent
of the issued shares, debentures or other securities of any class of any company whose
shares are listed on a recognised investment exchange within the meaning of section 285 of
the Financial Services and Markets Act 2000 (“FSMA”) or dealt in the Alternative Investment
Market or any such other exchange as may be specified by the Board from time to time.

5

 

	12.	 	Confidential Information and Company Property
	 
	12.1	 	The Executive shall neither during his employment (except in the proper performance of his
duties) nor at any time (without limit) after the termination of his employment except in
compliance with an order of a competent court:

	 	12.1.1	 	divulge or communicate to any person, company, business entity or other organisation
any Confidential Information;
	 
	 	12.1.2	 	use any Confidential Information for his own purposes or for any purposes other than
those of the Company or any Group Company; or
	 
	 	12.1.3	 	through any failure to exercise due care and diligence, permit or cause any
unauthorised disclosure of any Confidential Information.

	12.2	 	The Executive acknowledges that all books, notes, memoranda, records, lists of
clients/customers and suppliers and employees and users and subscribers, correspondence,
documents, computer and other discs and tapes, data listings, codes and other documents and
material whatsoever (whether made or created by the Executive or otherwise) relating to the
business of the Company or any Group Company (and any copies of the same):

	 	12.2.1	 	shall be and remain the property of the Company or the relevant Group Company; and

	 	12.2.2	 	shall be handed over by the Executive to the Company or to the relevant Group Company
on demand and in any event on the termination of his employment and the Executive shall
certify that all such property has been handed over on request by the Board and agrees
that he will take all reasonable steps to prevent the disclosure of the same.

	13.	 	Inventions and Other Intellectual Property
	 
	13.1	 	The parties foresee that the Executive may make inventions or create other intellectual
property in the course of his duties and agree that in this respect the Executive has a
special responsibility to further the interests of the Company and the Group Companies.
	 
	13.2	 	Any invention, improvement, design, process, information, copyright work, trade mark or trade
name or get-up made, created or discovered by the Executive in the course of his employment
(whether capable of being patented or registered or not and whether or not made or discovered
in the course of his employment) in conjunction with or in any way affecting or relating to
the business of the Company or of any Group Company or capable of being used or adapted for
use in or in connection with such business (“Intellectual Property Rights”) shall be disclosed
immediately to the Company and shall (subject to sections 39 to 43 Patents Act 1977) belong to and be the
absolute property of the Company or such Group Company as the Company may direct.
	 
	13.3	 	If and whenever required so to do by the Company, the Executive shall at the expense of the
Company or such Group Company as the Company may direct:

	 	13.3.1	 	apply or join with the Company or such Group Company in applying for letters patent
or other protection or registration for any other Intellectual Property Rights in the
United Kingdom and in any other part of the world; and

6

 

	 	13.3.2	 	execute all instruments and do all things necessary for vesting all such right, title
and interest in such letters patent or other Intellectual Property Rights in the
Company or such Group Company or such other person as the Company may specify
absolutely as sole beneficial owner.

	13.4	 	The Executive irrevocably and unconditionally waives all rights under Chapter IV of Part I of
the Copyright, Designs and Patents Act 1988 in connection with his authorship of any existing
or future copyright work in the course of his employment, in whatever part of the world such
rights may be enforceable including, without limitation:

	 	13.4.1	 	the right conferred by section 77 of that Act to be identified as the author of any
such work; and

	 	13.4.2	 	the right conferred by section 80 of that Act not to have any such work subjected to
derogatory treatment.

	13.5	 	The Executive irrevocably appoints the Company to be his Attorney in his name and on his
behalf to execute any such instrument or do any such thing and generally to use his name for
the purpose of giving to the Company the full benefits of this Clause 13. A certificate in
writing in favour of any third party signed by any director or by the Secretary of the Company
that any instrument or act falls within the authority conferred by this Agreement shall be
conclusive evidence that such is the case.

	13.6	 	Nothing in this Clause 13 shall be construed as restricting the rights of the Executive or
the Company under sections 39 to 43 Patents Act 1977.

	14.	 	Termination

	14.1	 	Notwithstanding any other provisions of this Agreement, in any of the following
circumstances, the Company may terminate the Executive’s employment summarily and without
further payment (save for any sums accrued due as at the relevant date) if the Executive:

	 	14.1.1	 	commits any serious breach of this Agreement or is guilty of any gross misconduct or
any wilful neglect in the discharge of his duties;
	 
	 	14.1.2	 	repeats or continues (after warning) any breach of this Agreement;
	 
	 	14.1.3	 	is guilty of any fraud, dishonesty or any conduct tending to bring himself, the
Company, or any Group Company into disrepute;
	 
	 	14.1.4	 	has a petition presented for a bankruptcy order to be made in respect of him, enters
into (or proposes to enter into) an individual voluntary arrangement or other
composition with his creditors or takes advantage of any other legislation for the time
being in force offering relief for insolvent debtors;
	 
	 	14.1.5	 	is convicted of any criminal offence (other than minor offences under the Road
Traffic Acts or the Road Safety Acts for which a fine or non-custodial penalty is
imposed) which might reasonably be thought to affect adversely the performance of his
duties;

7

 

	 	14.1.6	 	is disqualified from holding office in the Company or in any other company by reason
of any order made under the Company Directors Disqualification Act 1986 or any other
enactment;
	 
	 	14.1.7	 	resigns as or otherwise ceases to be or becomes prohibited by law from being a
director of the Company, otherwise than at the Company’s request; or

	 	 	Any delay by the Company in exercising such right of termination shall not constitute a
waiver of it.
	 
	14.2	 	If at any time the Executive is unable to perform his duties properly because of ill health,
accident or otherwise for a period or periods totalling at least 130 working days in any
period of 12 calendar months, or becomes incapable by reason of mental disorder of managing
and administering his property and affairs, then the Company may terminate his employment by
giving him not less than statutory minimum written notice to that effect and the Executive
will have no entitlement, in such circumstances, to payment other than in respect of statutory
minimum notice.
	 
	14.3	 	If the Company believes that it may be entitled to terminate his employment pursuant to
Clause 14.1, it shall be entitled (but without prejudice to its right subsequently to
terminate his employment on the same or any other ground) to suspend the Executive on full pay
and other benefits for so long as it may think fit.
	 
	14.4	 	The Company reserves the right, at its absolute discretion, to terminate the Executive’s
employment at any time by making a payment in lieu of any notice of termination and/or in lieu
of the balance of the fixed term of employment corresponding either to the applicable
period(s) as set out in Clause 2, or Clause 14.2 in the case of serious incapacity. For this
purpose, the Executive agrees that pay in lieu will consist of basic salary only (and no bonus
payments) for the fixed term and/or notice period which is accrued due as at the date of
termination of his employment.
	 
	14.5	 	On the termination of his employment or upon either the Company or the Executive having
served notice of such termination, the Executive shall, at the request of the Company, resign
from office as a director of the Company and all offices held by him in any Group Company
provided however that such resignation shall be without prejudice to any claims which the
Executive may have against the Company or any Group Company arising out of the termination of
his employment; and the Executive irrevocably authorises the Company to appoint any person in
his name and on his behalf to sign any documents and do any things necessary or requisite to
give effect to his obligations under this Clause 14.5.
	 
	14.6	 	If (a) the Company in a general meeting shall remove the Executive from the office of
director of the Company or any Group Company, or (b) under the Articles of Association for the
time being of the Company or any Group Company, the Executive shall be obliged to retire by
rotation or otherwise and the Company in general meeting shall fail to re-elect the Executive
as a director of the relevant Group Company (either such case being referred to in this Clause
14.6 as an “Event”), then the Executive’s employment under this Agreement shall automatically
terminate with effect from the date of the Event, and no payment in lieu of notice or in lieu
of the balance of a fixed term shall be due to him.

8

 

	14.7	 	The Executive acknowledges the right of the Company to monitor and control the performance of
its employees and acknowledges the fiduciary obligations attaching to his position including
obligations to inform the Board forthwith upon his becoming aware that any of his colleagues
engaged in the business of any Group Company of which he is a director is intending or
contemplating the termination of his contract of employment with the Company of any other
company in the Group.
	 
	14.8	 	Without prejudice to any other provisions of this Agreement, the Executive may not (except in
the legitimate performance of his duties as an employee) at any time and specifically not on
the termination of his employment, delete, copy, forward to a third party or interfere in any
way with any Company information (including e-mails or documents relating to Company business)
held on a laptop or computer or other electronic device and any attempt to do so will be
regarded as gross misconduct.
	 
	15.	 	Garden Leave
	 
	15.1	 	At any time including after notice to terminate employment has been given by the Executive or
the Company, the Board may for all or part of the duration of the notice period in its
absolute discretion require the Executive:

	 	15.1.1	 	to perform only such duties (including without limitation research projects) as it
may allocate to the Executive;
	 
	 	15.1.2	 	not to perform any duties;
	 
	 	15.1.3	 	not to have any contact with clients/customers of the Company or any Group Company;
	 
	 	15.1.4	 	not to have any contact with such employees or suppliers of the Company or any Group
Company as the Board shall determine;
	 
	 	15.1.5	 	to disclose to the Board any attempted contact (other than purely social contact)
with him made by any client, employee or supplier with whom the Executive has been
required to have no contact pursuant to this sub-clause;
	 
	 	15.1.6	 	to take any accrued holiday entitlement;
	 
	 	15.1.7	 	not to enter any premises of the Company or any Group Company nor to visit the
premises of any of the Company’s or any Group Company’s suppliers or customers;
	 
	 	15.1.8	 	to resign as a director of the Company or from any other office held by him in the
Company or any other Group Company;

	 	 	provided always that throughout the period of any such action and subject to the other
provisions of this Agreement the Executive’s salary and contractual benefits shall not cease
to accrue or be paid (subject to Clause 15.3 below) and provided further that the period of
garden leave shall not be for a period exceeding six months in total.
	 
	15.2	 	The Executive acknowledges that such action as set out above taken on the part of the Company
shall not constitute a breach of this Agreement of any kind whatsoever nor shall the Executive

have any claim against the Company in respect of any such action.

9

 

	15.3	 	During any period of garden leave, the Executive shall owe a duty of the utmost good faith to
the Company and its Group Companies, must not work for any other person or on his own account
and shall remain readily contactable and available to work for the Company or any Group
Company. Should the Executive work for any other person or on his own account or fail to be
available for work at any time having been requested by the Company to do so or otherwise be
in breach of any of the provisions of this Agreement, the Executive’s right to salary and
contractual benefits in respect of such period of non compliance shall be forfeit
notwithstanding any other provision of this Agreement.

	16.	 	Restrictive Covenants

	16.1	 	The Executive will not for a period of six months (less any period during which the Executive
has been on garden leave) after the termination of his employment whether as principal or
agent, and whether alone or jointly with, or as a director, manager, partner, shareholder,
employee or consultant of any other person, directly or indirectly:

	 	16.1.1	 	solicit or canvass (or seek to canvass or solicit) any business, order or custom of
any Client of the Company. For the purposes of this clause, “Client” shall mean any
person, firm or entity who shall have advertised products or services in any of the
Company’s or Group Company’s publications or products and with whom the Executive has
had material dealings at any time in the six months prior to the termination of the his
employment. “Client” shall also include any prospective client, which shall mean any
potential advertiser in any of the Company’s or Group Company’s publications or
products with whom the Executive has had material dealings at any time in the last six
months before the termination of his employment and in relation to which there were
material prospects of obtaining business at the time his employment terminated;
	 
	 	16.1.2	 	perform services for or engage in any business that generates revenue principally
from the development, publication or sale of online advertisements for travel
companies.

	16.2	 	None of the restrictions contained in Clause 16.1 shall prohibit any activities by the
Executive which are not in direct or indirect competition with any on-line travel
advertisement business being carried on by the Company or by any Group Company at the date of
the termination of his employment.
	 
	16.3	 	Nothing in Clause 16.1 shall preclude the Executive from holding (directly or through
nominees) investments in the amount and of the type specified in Clause 11.3.
	 
	16.4	 	At no time after the termination of his employment shall the Executive directly or indirectly
represent himself as being interested in or employed by or in any way connected with the
Company or any Group Company, other than as a former employee of the Company.
	 
	16.5	 	The Executive acknowledges and agrees that he shall be obliged to draw the provisions of this
clause to the attention of any third party who may at any time before or after the termination
of the Executive’s employment offer to employ or engage the Executive and for whom or with
whom the Executive intends to work at any time during 12 months after the termination of his
employment.

10

 

	16.6	 	The Executive agrees that, having regard to all the circumstances and having taken
independent legal advice, the restrictions contained in this clause are reasonable and
necessary for the protection of the Company and the Group Companies and that they do not bear
harshly upon him and the parties agree that:

	 	16.6.1	 	each restriction shall be read and construed independently of the other restrictions
so that if one or more are found to be void or unenforceable as an unreasonable
restraint of trade or for any other reason the remaining restrictions shall not be
affected; and
	 
	 	16.6.2	 	if any restriction is found to be void but would be valid and enforceable if some
part of it were deleted, that restriction shall apply with such deletion as may be
necessary to make it valid and enforceable.

	17.	 	Disciplinary and Grievance Procedure
	 
	 	 	The Executive is referred to Schedule 2 to this Agreement for the Company’s Disciplinary and
Grievance Procedure.
	 
	18.	 	Data Protection and Communications
	 
	18.1	 	The Executive consents to the Company or any Group Company holding and processing both
electronically and manually the data (including personal sensitive data and information
contained in e-mail and e-mail attachments) it collects, stores and/or processes, which
relates to the Executive for the purposes of the administration and management of its
business. It may also be necessary for the Company to forward such personal information to
other offices or any Group Company may have outside the European Economic Area (and, in
particular, to the United States) where such company has offices or storage for the processing
for administrative purposes and the Executive consents to the Company doing so as may be
necessary from time to time.
	 
	18.2	 	To ensure the protection of its workers, clients/customers and business, the Company reserves
the right to monitor, intercept, review and access the Executive’s telephone log, internet
usage, voicemail, e-mail and other communication facilities provided by the Company which he
may use during his employment with the Company. The Company will use this right of access
reasonably, but it is important that the Executive is aware that all communications and activities on the Company’s/any Group
Company’s equipment or premises cannot be presumed to be private.
	 
	19.	 	Notices
	 
	 	 	A notice may be given by any party hereto to any other party hereto either personally or by
sending it by prepaid first class post or airmail to his address stated in this Agreement or
to any other address supplied by him to the other parties hereto for the giving of notice to
him. A properly addressed and prepaid notice sent by post shall be deemed to have been
served at an address within the United Kingdom at the expiry of 48 hours after the notice is
posted and to have been served at an address outside the United Kingdom at the expiry of 72
hours after the notice is posted.

11

 

	20.	 	Deductions
	 
	20.1	 	The Executive shall pay to the Company any sums owing by him to the Company upon demand by
the Company at any time (whether during the Executive’s employment by the Company or after the
termination Date).
	 
	20.2	 	For the purposes of the Act and otherwise, the Executive consents to the deduction from his
wages or from any other sums owed to the Executive by the Company of any sums owing by him to
the Company at any time.
	 
	20.3	 	This clause is without prejudice to the rights of the Company to recover any sums or balance
of sums owing by the Executive to the Company by legal proceedings.
	 
	21.	 	Former Contracts of Employment
	 
	 	 	This Agreement shall be in substitution for any previous contracts, whether by way of
letters of appointment, agreements or arrangements, whether written, oral or implied,
relating to the employment of the Executive (including all bonus arrangements), (whether by
Travelzoo USA or by the Company or any other Group Company) which shall be deemed to have
been terminated by mutual consent as from the date of this Agreement and the Executive
acknowledges to the Company for itself and on behalf of each Group Company that he has no
outstanding claims of any kind against the Company or any Group Company in respect of any
such contract.
	 
	22.	 	General
	 
	22.1	 	The Executive acknowledges that the provisions of Clauses 12, 13 and 16 constitute separate
undertakings given for the benefit of each Group Company and may be enforced by any of them.
	 
	22.2	 	The expiration or termination of this Agreement shall not prejudice any claim which either
party may have against the other in respect of any pre-existing breach of or contravention of
or non-compliance with any provision of this Agreement nor shall it prejudice the coming into
force or the continuance in force of any provision of this Agreement which is expressly or by
implication intended to or has the effect of coming into or continuing in force on or after
such expiration or termination.
	 
	22.3	 	This Agreement constitutes the written statement of the terms of employment of the Executive
provided in compliance with Part I of the Act.
	 
	22.4	 	Save as otherwise herein provided, there are no terms or conditions of employment relating to
hours of work or to normal working hours or to entitlement to holiday (including public
holidays) or holiday pay or to incapacity for work due to sickness or injury or to pensions or
pension schemes or to requirements to work abroad and no collective agreement has any effect
upon the Executive’s employment under this Agreement.
	 
	22.5	 	No term in this Agreement is enforceable under the Contracts (Rights of Third Parties) Act
1999 but this does not affect any right or remedy of a third party which exists or is
available apart from that Act.

12

 

	23.	 	Choice of Law and Submission to Jurisdiction
	 
	23.1	 	This Agreement shall be governed by and interpreted in accordance with English law.
	 
	23.2	 	The parties submit to the exclusive jurisdiction of the English courts, but this Agreement
may be enforced by the Company in any court of competent jurisdiction.

IN WITNESS whereof this Agreement has been executed as a deed by the Executive the day and year
first written above.

	 	 	 	 	 	 	 
	Signed by Ralph Bartel for and

	 	 	)	 	 	 
	on behalf of the Company

	 	 	)	 	 	 
	 

	 	 	 	 	 	 

Director
	 
	 	 	 	 	 	 
	Executed and delivered as a Deed by

	 	 	)	 	 	 
	the Executive in the presence of

	 	 	)	 	 	 

	 

	 	 	 	 	 	 

Witness Signature

Witness name:

Witness address:

13

 

Schedule 1

Quarterly Performance Bonus Plan

The Executive will be eligible to participate in a quarterly performance bonus plan which provides
up to £20,000 per calendar quarter. The performance bonus depends to the extent of which the
Company meets its business goals as determined by the Board of the Company and the Chief Financial
Officer of Travelzoo USA and the assessment of the Executive’s performance by the Chairman of the
Company. The calculation of the quarterly performance bonus will be based on the official budget
for the Company (to be approved by the Chairman of the Company and by the Chief Financial Officer
of Travelzoo USA), which will include quarterly targets for revenues, net income and subscribers,
and a quarterly assessment of the Executive’s performance by the Chairman of the Company, which
will focus on the Executive’s motivation and the quality of the UK Company’s publications and
products and advertiser base.

The following criteria will apply in relation to the quarterly performance bonus plan:

	 	 	 	 	 	 	 	 	 
	Criteria	 	Quarterly Bonus Payment
	Revenue goal as defined in official budget for
Travelzoo UK met?
	 	 	 	 	 	£	5,000	 
	Net income goal as defined in official budget for
Travelzoo UK met?
	 	 	 	 	 	£	5,000	 
	Subscriber goal as defined in official budget for
Travelzoo UK met?
	 	 	 	 	 	£	5,000	 
	Performance evaluation by the Chairman of the
Company
	 	 	 	Up to £	5,000	 
	Total
	 	 	 	Up to £	20,000	 

The quarterly bonus will be paid less statutory deductions, within 45 days after the end of the
quarter, on condition that the Executive is in employment on the relevant bonus payment date, or in
the case of the quarter covering May 15, 2008, he must be in employment on that date.

Any bonus payments for periods beginning after the first day of a calendar quarter or ending before
the last day of a calendar quarter will be pro rata.

Annual Bonus Plan

In addition, for (1) the period from May 16, 2005, to December 31, 2005; (2) the period from
January 1, 2006, to December 31, 2006; (3) the period from January 1, 2007, to December 31, 2007;
and (4) the period from January 1, 2008, to May 15, 2008 only under an Annual Bonus Plan, the
Executive will be eligible to receive a 15% profit share based on the Company’s pro forma operating
income (before expenses relating to the profit sharing plan and before taxes) generated from sales
and/or operations in the UK. The Annual Bonus will be calculated for the following four
periods: (1) the period from May 16, 2005, to December 31, 2005; (2) the period from January 1,
2006, to December 31, 2006; (3) the period from January 1, 2007, to December 31, 2007; and (4) the
period from January 1, 2008, to May 15, 2008. The Annual Bonus will be

14

 

determined within 30 days
after the end of each period by the Chief Financial Officer of Travelzoo USA and the Company’s
Chairman and is payable within 60 days after the end of the respective period.

The profit share under the Annual Bonus Plan is capped at £667,000 in the year 2005, £1,000,000 in
each of the years 2006 and 2007, and £333,000 in the year 2008. In order to be eligible for the
Annual Bonus Plan for any of the four periods as defined above, the Executive must be employed by
the Company on the last day of the respective period. The profit share under the Annual Bonus
Plan will be paid less statutory deductions.

For the avoidance of doubt the Annual Bonus Plan will only apply to the following four periods
during the Executive’s employment: (1) the period from May 16, 2005, to December 31, 2005; (2) the
period from January 1, 2006, to December 31, 2006; (3) the period from January 1, 2007, to December
31, 2007; and (4) the period from January 1, 2008, to May 15, 2008. No Annual Bonus will be paid
for any periods after May 15, 2008.

Executive Bonus Plan of Travelzoo USA

As a member of Travelzoo USA’s Executive Team, the Executive will also participate in the current
Executive Bonus Plan of Travelzoo USA, subject to the terms of the Executive Bonus Plan and
continuation of that plan. Travelzoo USA reserves the right to amend or withdraw the Executive
Bonus Plan at any time.

Any bonus payable under the Executive Bonus Plan will be paid, less statutory deductions, within 45
days after the end of the calendar quarter.

15

 

Schedule 2

Procedures in relation to

Dismissal/Disciplinary Action

In relation to any proposed dismissal or disciplinary action, the Company will observe the standard
or modified dismissal and disciplinary procedure, as may be required in the relevant case. These
procedures are set out below:

Standard Dismissal and Disciplinary Procedure

Step 1: Statement of grounds for action and invitation to meeting

	•	 	The Company will set out in writing your alleged conduct or
characteristics, or other circumstances, which led it to
contemplate dismissing or taking disciplinary action against you.
	 
	•	 	The Company will send the statement or a copy of it to you and
invite you to attend a meeting to discuss the matter.

Step 2: Meeting

	•	 	The meeting will take place before action is taken, except in the
case where the disciplinary action consists of suspension.
	 
	•	 	The meeting will not take place unless:

	 	(a)	 	the Company has informed you what the basis was for including in the statement
under Step 1 the ground or grounds given in it; and
	 
	 	(b)	 	you have had a reasonable opportunity to consider your response to that
information.

	•	 	You must take all reasonable steps to attend the meeting.
	 
	•	 	After the meeting, the Company will inform you of its decision and notify you of the right to appeal against the
decision if you are not satisfied with it.
	 
	•	 	You have the right to be accompanied at the meeting by a work colleague or a trade union representative.

Step 3: Appeal

	•	 	If you wish to appeal, you must inform the Company in writing.
	 
	•	 	If you inform the Company of your wish to appeal, the Company will invite you to attend a further meeting.
	 
	•	 	You must take all reasonable steps to attend the meeting.

16

 

	•	 	The appeal meeting need not take place before the dismissal or disciplinary action takes effect.
	 
	•	 	After the appeal meeting, the Company will inform you of its final decision.
	 
	•	 	Where reasonably practicable, the appeal should be dealt with by a more senior manager than attended the first meeting
(unless the most senior manager attended that meeting).
	 
	•	 	You have the right to be accompanied at the meeting by a work colleague or a trade union representative.

Modified Dismissal and Disciplinary Procedure

Step 1: Statement of grounds for action 

	•	 	The Company will set out in writing — (i) your alleged misconduct which has led to the dismissal (ii) the reasons for
thinking at the time of the dismissal that you were guilty of the alleged misconduct and (iii) your right to appeal
against dismissal.
	 
	•	 	The Company will send the statement, or a copy of it, to you.

Step 2: Appeal

	•	 	If you wish to appeal, you must inform the Company.
	 
	•	 	If you inform the Company of your wish to appeal, the Company will invite you to attend a meeting.
	 
	•	 	You must take all reasonable steps to attend the meeting.
	 
	•	 	After the appeal meeting, the Company will inform you of its final decision.
	 
	•	 	Where reasonably practicable, the appeal should be dealt with by a more senior manager not involved in the earlier
decision to dismiss.
	 
	•	 	You have the right to be accompanied at the appeal meeting by a work colleague or a trade union representative.

17

 

Grievance Procedure

Step 1: statement of grievance

	•	 	You must set out the grievance in writing and send the statement or a copy of it to the Company.

Step 2: meeting

	•	 	The Company must invite you to attend a meeting to discuss the grievance.
	 
	•	 	The meeting must not take place unless:

	 	(a)	 	you have informed the Company what the basis for the grievance was when you made
the statement under Step 1 above; and
	 
	 	(b)	 	the Company has had a reasonable opportunity to consider its response to that
information.

	•	 	You must take all reasonable steps to attend the meeting.
	 
	•	 	After the meeting, the Company must inform you of its decision as to its response to the grievance and notify you of
the right to appeal against the decision if you are not satisfied with it.
	 
	•	 	You have the right to be accompanied at the meeting by a work colleague or a trade union representative.

	Step 3: appeal	 	 

	•	 	If you do wish to appeal, you must inform the Company.
	 
	•	 	If you inform the Company of your wish to appeal, the Company must invite you to attend a further meeting.
	 
	•	 	You must take all reasonable steps to attend the meeting.
	 
	•	 	After the appeal meeting, the Company must inform you of its final decision.
	 
	•	 	Where reasonably practicable, the appeal should be dealt with by a more senior manager than attended the first meeting
(unless the most senior manager attended that meeting).
	 
	•	 	You have the right to be accompanied at the meeting by a work colleague or a trade union representative.

18

 

Modified Grievance Procedure

Step 1: statement of grievance

	•	 	You must:

	 	(a)	 	set out in writing — (i) the grievance, and (ii) the basis for it, and
	 
	 	(b)	 	send the statement, or a copy of it, to the Company.

Step 2: response

	•	 	The Company must set out its response in writing and send the statement or a copy of it to
you.

19

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