Document:

exv10w2

 

Exhibit 10.2

AMENDMENT NO. 1

TO THE

FIRST INDUSTRIAL REALTY TRUST, INC.

2001 STOCK INCENTIVE PLAN

     AMENDMENT NO. 1 (the “Amendment”), to the First Industrial Realty Trust, Inc. 2001 Stock
Incentive Plan (the “Plan”) established and maintained by First Industrial Realty Trust, Inc., a
Maryland corporation (the “Company”). Capitalized terms used herein and not defined shall have the
meanings set forth in the Plan.

     WHEREAS, the Company has previously reserved up to 345,000 shares of the Stock for
issuance under the Plan with respect to Stock Appreciation Rights, Performance Share Awards and
Restricted Stock Awards;

     WHEREAS, Section 13 of the Plan reserves to the Board the right to amend the Plan at any
time; and

     WHEREAS, the Board has approved an increase in the maximum number of shares of Stock
available for grant under the Plan with respect to Stock Appreciation Rights, Performance Share
Awards and Restricted Stock Awards to 950,000 shares.

SECTION 1. Amendment to Plan.

     The fourth sentence of Section 3(a) of the Plan is hereby amended by replacing the
number “345,000” with the number “950,000”.

SECTION 2. Effective Date of the Amendment; Ratification and Confirmation.

     This Amendment shall become effective upon approval by the stockholders of the Company.
In all other respects, the Plan is hereby ratified and confirmed.

SECTION 3. Governing Law.

     THIS AMENDMENT SHALL BE GOVERNED BY NEW YORK LAW WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICT OF LAWS THEREOF, EXCEPT TO THE EXTENT SUCH LAW IS PREEMPTED BY FEDERAL LAW.<PAGE>

EXHIBIT 10.1 SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

The summary of the Plan is as follows:

Annual Retainer: $90,000

      Payment Structure: The payment structure is divided into two portions: 1)
      the annual cash retainer; and 2) the annual equity award. The annual cash
      retainer, in the amount of $40,000, will be paid in cash and all or a
      portion may be deferred under the Directors' Deferred Compensation Plan.
      The annual equity award, in the amount of $50,000, all or a portion of
      which may be deferred under the Directors' Deferred Compensation Plan or
      paid to the director in shares of stock of the Company if the director has
      reached the required stock ownership levels. Each non-employee member of
      the Board of Directors is required to obtain ownership in company stock
      (or its equivalent) equal to five times the annual cash retainer, which
      amount is to be achieved within five years of joining the board, and
      maintain at least five times the annual cash retainer in stock ownership
      (or its equivalent) while still on the board.

Additional Retainers for Committee Chairmen and Lead Director remain unchanged
and are as follows:

      Lead Director - $15,000
      Audit Committee - $15,000
      Compensation Committee - $7,500
      Nominating/Corporate Governance - $5,000
      Environmental, Health & Safety - $5,000

      Payment Structure: The additional committee chairman retainer will be paid
      in cash and all or a portion may be deferred under the Directors' Deferred
      Compensation Plan.

Meeting Attendance Fees: None

Travel Expenses: Reimbursedexv10w1

 

EXHIBIT 10.1

Memo

	 	 	 
	To:

	 	North America Executive Team
	From:

	 	Ralph Bartel—CEO
	CC:

	 	Compensation Committee of the Board of Directors
	Date:

	 	June 13, 2006
	Re:

	 	North America Executive Bonus Plan — Revised
	 
	 	 

 

          To all:

          This Amendment supersedes the Executive Bonus Plan dated May 16, 2005 and is effective July 1,
2006.

          The purpose of the plan is to reward qualifying members of Travelzoo’s North America executive
team for achieving their quarterly targets as set per the North America Master Budget. Executives
with a minimum of twelve months of service are eligible to participate in the Executive Bonus Plan.
The twelve month minimum service requirement is subject to waiver upon approval by the
Compensation Committee of the Board of Directors. Individual discretionary rewards will not be
made under this plan.

          The following executives are eligible for the Executive Bonus Plan:

          North America Executives

	 	 	 	 	 
	 

	 	Ralph Bartel
	 	CEO
	 

	 	Holger Bartel
	 	EVP
	 

	 	Steve Ledwith
	 	CTO
	 

	 	Wayne Lee
	 	VP Finance
	 

	 	Shirley Tafoya
	 	SVP Sales

          The bonus plan has two sets of goals that must be achieved in order to be rewarded.

          The first set of goals is based upon success of achieving both of the following
quarterly targets as specified in the North America Master Budget:

	 	•	 	Revenue — There is also a customer concentration criteria which must be met whereby
there cannot be more than two “significant customers,” defined as a customer that accounts
for 10% (rounded to the nearest 1%) or more of worldwide consolidated revenues for the
quarter. Each of the significant customers also cannot account for more than 15% of
worldwide revenues for the quarter (see Exhibit A for examples).

 

 

	 	•	 	Operating income

          If both of the revenue and operating income targets are not met, the executive team is not
eligible for the bonus even if all secondary goals are achieved that quarter.

          The second set of goals is based upon achieving at least two of the following three quarterly
targets as specified each quarter in the North America Master Budget:

	 	•	 	Collections
	 
	 	•	 	Subscriber targets
	 
	 	•	 	Staffing goals*

          * Staffing goals can be within +10% of the targeted headcount (calculated by taking
the sum of the absolute values of the differences between actual and targeted headcount for each
department and dividing by the targeted headcount for the quarter.)

          Each executive will be eligible to receive a bonus of $50,000 for the quarter upon the
attainment of these goals, in addition to their current base salary.

          The bonus would be paid out approximately 45 days after the quarter closes. The bonus is
subject to applicable tax withholdings.

          The Company reserves the right to amend its North America Master Budget and/or this Executive
Bonus Plan at anytime and for any reasons.

 

 

          Exhibit A  — Customer Concentration

          For all three examples below, the quarterly consolidated worldwide revenues are $20,000,000.

          Example A – Revenue for Customer ABC is $2,300,000, revenue for Customer XYZ is
$1,950,000. No other customers have revenues greater than $1,900,000 (rounds to 10% of revenue).

	 	 	 	 	 
	 	 	% of
	 	 	Revenue
	Customer ABC
	 	 	12	%
	Customer XYZ
	 	 	10	%

          Revenue Goal met – There are no more than two significant customers (Customer ABC and
Customer XYZ) and each is under 15%.

          Example B – Revenue for Customer ABC is $2,300,000, revenue for Customer XYZ is
$1,950,000, revenue for Customer QRS is $2,000,000. No other customers have revenues greater than
$1,900,000 (rounds to 10% of revenue).

	 	 	 	 	 
	 	 	% of
	 	 	Revenue
	Customer ABC
	 	 	12	%
	Customer XYZ
	 	 	10	%
	Customer QRS
	 	 	10	%

          Revenue
Goal not met – there are more than two significant customers.

          Example C — Revenue for Customer ABC is $3,500,000 and Customer XYZ is $1,950,000. No
other customers have revenues greater than $1,900,000 (rounds to 10% of revenue).

	 	 	 	 	 
	 	 	% of
	 	 	Revenue
	Customer ABC
	 	 	18	%
	Customer XYZ
	 	 	10	%

          Revenue Goal not met – there are only two significant customers but one of the
significant customers is over 15% of revenue.exv10w2

 

Exhibit 10.2

	 	 	 
	 

	 	Travelzoo (Europe) Ltd
	 

	 	90 Long Acre, Covent Garden
	 

	 	London WC2E 9RZ
	 

	 	Phone +44 (0) 20 7203 2000
	 

	 	Fax +44 (0) 20 7203 2001
	 
	 	 
	 

	 	Germany Office:
	 

	 	Elisabethstraße 91
	 

	 	80797 Munich
	 

	 	Phone +49 (0) 89 5908 2500
	 

	 	Fax +49 (0) 89 5908 2501

NASDAQ: TZOO

12 July 2006

PRIVATE & CONFIDENTIAL

Christopher Loughlin

Travelzoo (Europe) Limited

90 Long Acre

Covent Garden

LONDON WC2E 9RZ

Dear Chris,

          Amendments to your Service Agreement 

          This letter serves to confirm the changes to the Service Agreement made between Travelzoo
(Europe) Limited (formerly known as Travelzoo UK Limited) and Christopher Loughlin, dated 16 May
2005 (“Service Agreement”).

          The changes set out below are effective from 1 July 2006.

          The Executive Bonus Plan

          As of 1 July 2006, the Executive Bonus Plan for Travelzoo USA has been changed to an
Executive Bonus Plan for North America and as such no longer applies to you. Therefore, all
references to the Executive Bonus Plan should be removed from the Service Agreement and from
Schedule 1 to the Service Agreement.

          The following clauses to the Service Agreement are replaced and should read as follows:

          Definitions: the Company

          The Company is defined as Travelzoo (Europe) Limited (formerly known as Travelzoo UK Limited).

          Definitions: Annual Bonus Plan

          Should now read:

          “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 16 May 2005 to 31
December 2005 (2) the period from 1 January 2006 to 31 December 2006; (3) the period from 1 January
2007 to 31 December 2007; (4) the period from 1 January 2008 to 31 December 2008; and (5) the
period from 1 January 2009 to 15 May 2009.”

 

 

          Clause 2.1

          Should now read:

          “This Agreement shall be deemed to commence on 16 May 2005 and shall continue (except as
provided in Clause 14) for a fixed period of three years. After the initial fixed period of three
years, the Agreement may be terminated at any time by either party giving the other one year’s
notice in writing.”

          Clause 5

          Should now read:

          “The Company shall pay the Executive, by credit transfer to his bank account, an annual salary
of £200,000 payable by equal monthly instalments in arrears for the previous month on or before the
first day of each calendar month.”

          Clause 9.1

          Should now read:

          “During his employment, the Executive shall be eligible to participate in the UK Employee
Pension Contribution Program, which was adopted by the Company on 25 April 2006 and under which the
Company contributes 7% of each qualifying employee’s gross salary to a pension program. The
Company’s contribution shall be based on gross salary only and not on any bonus or other payments
or allowances.”

          Amendments to Schedule 1

          Quarterly Performance Bonus Plan

          The first sentence should now read:

          “The Executive will be eligible to participate in the Quarterly Performance Bonus Plan which
provides up to £30,000 per calendar quarter.”

          All references to “Travelzoo UK” should be changed to “the Company”.

          All references to “£5,000” (Quarterly Bonus Payments) should be changed to “£7,500” making a
total Quarterly Bonus Payment of £30,000 (and not £20,000).

          The remainder of the terms relating to Quarterly Performance Bonus Plan remain as in the
Service Agreement save that in the penultimate paragraph, reference to the “quarter covering May 15
2008” should be changed to “quarter ending May 15 2009”.

          The Annual Bonus Plan

          The terms of the Annual Bonus Plan should now read:

          “In addition, for (1) the period from 16 May 2005 to 31 December 2005 (2) the period from 1
January 2006 to 31 December 2006; (3) the period from 1 January 2007 to 31 December 2007; (4) the
period from 1 January 2008 to 31 December 2008; and (5) the period from 1 January 2009 to 15 May
2009 only, under an Annual Bonus Plan, the Executive will be eligible to receive an Annual Bonus of
20% of the Company’s pro forma operating income generated from the Company’s operations in Europe.
The pro forma operating income for the purpose of this Annual Bonus Plan is defined as the
Company’s operating income (profit from the Company’s operations before taxes) as per the Company’s
audited accounts for the year preceding the year in which the bonus is payable after adding back
expenses related to payment of the Annual Bonus for the period and after applying any subscriber
credits (“Subscriber Credits”) for the period. Subscriber Credits can be applied up to 250,000
qualifying new subscribers per quarter; and up to an average cost per acquisition (CPA) of £1.63
per subscriber in 2006, £1.90 in 2007, £2.18 in 2008 and up to 275,000 qualifying new subscribers
and up to a CPA of £2.18 for the period of 1 January 2009 to 15 May 2009. Qualifying new
subscribers are subscribers to the Company’s e-mail publications that were acquired in paid
advertising campaigns and meet Travelzoo USA’s quality standards.

  

 

          The Annual Bonus will be 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.

          In order to be eligible for the Annual Bonus Plan or any of the period 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 five periods
during the Executive’s employment: (1) the period from 16 May 2005 to 31 December 2005 (2) the
period from 1 January 2006 to 31 December 2006; (3) the period from 1 January 2007 to 31 December
2007; (4) the period from 1 January 2008 to 31 December 2008; and (5) the period from 1 January
2009 to 15 May 2009 only.”

          Please sign and date a copy of this letter and return it to me to confirm your consent to
these terms.

          Regards,

          Ralph Bartel

          Chairman

          Accepted:

                                                                      

          Christopher Loughlin

          Date:

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