Document:

Exhibit

MUTUAL SEPARATION AGREEMENT

This Mutual Separation Agreement (the “Agreement”) is made by and between the two parties below:

Employer: Travelzoo (Shanghai) Media Co., Ltd. (the “Company”)

Employee: Vivian Hong (the “Employee”) ID No.: 310103197309093225

Whereas:

		
	(1)
	The Employee has an employment relationship and Employment Contracts (the “Employment Contract”) with the Company; and 

		
	(2)
	Both parties desire to terminate the employment relationship and Employment Contract by mutual agreement.

NOW, THEREFORE, the Parties hereby reach the following agreements regarding the mutual separation through friendly and equally consultations:

		
	1.
	The Company and the Employee hereby mutually confirm to terminate the employment relationship and Employment Contract effective on November 30, 2017 (the “Separation Date”). The Employee shall normally perform all of her job duties and obligations under the Employment Contract until the Separation Date.

		
	2.
	In consideration of the covenants by the Employee and subject to the terms and conditions contained herein, the Company shall pay the Employee the final settlement payment in one lump sum in the amount of RMB 1,150,000.

Subject to the Employee’s completion of the exit handover formalities as required by the Company, the Settlement Payment will be paid to the Employee’s current payroll bank account within 30 days after the Separation Date.

		
	3.
	Employee’s salary will be paid until the Separation Date and the social insurance and housing accumulation fund paid until the month of the Separation Date.

The Company will payout unused vacation payment of a maximum of 17 days. The Employee can take any accrued and unused vacation time before the Separation Date, which will be deducted from the unused vacation payment.

		
	4.
	The Employee is entitled to be reimbursed for any pre-approved business expense incurred prior to the Separation Date under the rules established by the Company relating to such reimbursement, provided that such business expenses are submitted in the customary way within seven (7) days of the Separation Date. 

		
	5.
	The Company shall withhold the appropriate amount of individual income tax from the payments to be made under Section 2. and make payments to the tax authorities on behalf of the Employee as required by law. 

		
	6.
	Release of Claims.

6.1    The Company and the Employee hereby confirm that both parties are fully aware and understand the provisions of relevant laws and regulations of China and voluntarily and irrevocably enter into this Agreement without using such means as deception or coercion, or taking advantage of the other party’s difficulties, or having major misconstruction, to impact the validity of this Agreement. In consideration of the settlement payment set forth in Section 2 hereof, the Employee agrees to release all known and unknown claims that the Employee had or may have against the Company, its current or former, direct or indirect shareholders, parents, subsidiaries, brother-sister companies, and all other affiliates and related entities, and their current and former partners, directors, officers, employees, agents, and other related parties, arising out of, or in any way relating to, the Employee’s employment, or Separation of the Employee’s employment, with the Company.

6.2    This release includes, but is not limited to: (1) all claims related to the Employee’s compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, overtime pay; (2) all claims for breach of contract and wrongful Separation; and (3) all statutory claims arising under the laws and/or regulations of the PRC (including the PRC Labor Law and the PRC Employment Contracts Law) or of the municipal of Shanghai.  

		
	7.
	The Employee shall promptly and fully complete the handover of her work at the Company and return all Company properties (including the official Stamp of the Company, computers and relevant assets owned by the Company) to the Company on or before the Separation Date. If the Employee fails to fulfill the foregoing obligations, the Company has the right to postpone making the payments specified under Section 2 until and unless the Employee fulfills the foregoing obligations.

		
	8.
	The Employee shall abide by all post-Separation obligations set forth in her employment contract and any other agreement between the Employee and the Company, including but not limited to certain confidentiality obligations and non-compete obligations.

The Employee shall keep all the process of negotiating and executing this Agreement and the content of this Agreement in strict confidence, and shall not disclose to any third party.  

		
	9.
	Notwithstanding the foregoing, the Company hereby releases the Employee from the post-Separation non-compete obligation toward the Company provided in the employment contract. The Employee acknowledges that the Company will not be obligated to pay any compensation for the non-compete obligation.

		
	10.
	The Employee shall not make, or cause or encourage others to make, any statement, written or verbal, that disparages, criticizes, defames or slanders the Company, its affiliates, or any of their respective directors, employees, officers, products or business practices. 

		
	11.
	Effective immediately on the Separation Date, the Employee will no longer be authorized to act on behalf of the Company or in the Company's name.  The Employee shall not claim, or cause or allow others to claim, that the Employee is still affiliated with the Company or any of its affiliates. 

		
	12.
	If any provision (or part of any provision) of this agreement is held to be invalid or unenforceable, the validity and enforceability of the other provisions of this agreement shall not be affected. 

		
	13.
	This agreement contains the entire agreement between the parties regarding the subject matter hereof and may be amended only by a written agreement signed by the parties.  Upon the execution of this agreement, this agreement supersedes all prior written or verbal agreements or undertakings between the parties with respect to the subject matter hereof. 

		
	14.
	The execution, interpretation, performance of and dispute resolution in connection with this agreement are governed by law of the People’s Republic of China. 

		
	15.
	This agreement takes effect upon execution by the parties. 

	
		
	Travelzoo (Shanghai) Media Co., Ltd.

(Company Seal)

	Vivian Hong

Signature: 
(Please initial at the bottom of each page)

ID Number: 310103197309093225 
Tel.: 

	November 1, 2017
	November 1, 2017Exhibit

Exhibit 10(k)(iv)

FOURTH AMENDMENT TO THE McDONALD’S CORPORATION
SEVERANCE PLAN
The McDonald’s Corporation Severance Plan, as most recently amended and restated effective September 30, 2015 and as subsequently amended by the First, Second, and Third Amendments, is hereby further amended as set forth below, effective as of July 1, 2017.
I.

The definition of “Employee” in Article II is deleted in its entirety and replaced with the following:
Employee. “Employee” means an employee (including an Officer) of an Employer who is on the Employer’s United States payroll and is subject to taxation in the United States, but excluding those employees who are (i) classified as interns, (ii) restaurant management employees hired on a temporary basis for a period that does not exceed six months, or (iii) hired into “sunset roles.”  For purposes of this definition, “sunset roles” are roles designated at the outset as being temporary in duration, where the employee’s offer letter specifies the length of employment and such length of employment does not exceed two years.  
The following sentence is added to Section 4.2 (“Medical, Dental and Vision Coverage) after the first sentence thereof:
COBRA premium payments will begin on the Qualifying Employee’s COBRA start date and will be rounded to the end of the month in which the Severance Period ends.  
Article X is deleted in its entirety and replaced with the following:
Section 10.1. Amendment and Termination.  McDonald's Corporation reserves the right to amend the Plan from time to time or to terminate the Plan; provided, however, that no such amendment or termination shall reduce the amount of Severance Benefits payable to any Qualifying Employee whose Termination Date has already occurred, who has signed and not revoked or rescinded a Release Agreement required by Section 6.1, and who has completed all other applicable paperwork on or before the effective date of such amendment or termination. Notwithstanding the foregoing, the Plan Administrator may amend or modify the terms of the Plan hereunder to the extent necessary or advisable to comply with or obtain the benefits or advantages under the provisions of applicable law, regulations or rulings or requirements of the Internal Revenue Service or other governmental agency or of changes in such law, regulations, rulings or requirements (including, without limitation, any amendment necessary to comply with or secure an exemption from Section 409A of the Code). The Plan Administrator may also amend or modify the terms of the Plan hereunder to adopt (i) any amendment that does not impact the schedule of Severance Benefits for Officers or (ii) any procedural or cosmetic amendment, in each case that does not materially change the benefits to Qualifying Employees or materially increase the cost of the benefits provided under the Plan.  No person may amend this Plan in a manner that would subject any Covered Employee to 

taxation of his or her Severance Pay or any other Severance Benefits under Section 409A(a)(l) of the Code.

Section 10.2. Partial Termination of the Plan Upon a Subsidiary Change of Control Event.  Notwithstanding any other provision of the Plan, if an Employer undergoes a Subsidiary Change of Control Event, as defined below (a “Disaffiliated Subsidiary”), McDonald’s Corporation, in its sole discretion, may terminate the portion of the Plan (a “Partial Termination”) covering those Qualifying Employees (“Disaffiliated Employees”) who as of the occurrence of such Subsidiary Change of Control Event are employed by such Disaffiliated Subsidiary.  Any such Partial Termination of the Plan shall be implemented in accordance with and subject to the requirements imposed under Treasury Regulation Section 1.409A-3(j)(4)(ix)(B), including the following:
(a) McDonald’s Corporation may amend the Plan pursuant to Section 10.1 at any time during the period commencing 30 days prior and ending 12 months after the occurrence of a Subsidiary Change of Control Event to implement a Partial Termination with respect to such Subsidiary Change of Control Event.
(b) If a Partial Termination amendment is timely adopted, each Disaffiliated Employee will receive, within the 12 month period following the date the Partial Termination amendment is adopted, a lump sum distribution of his or her balance under the Plan and his or her entire account balance under all other McDonald’s Corporation-sponsored deferred compensation plans that together with this Plan are required to be treated as a single “plan” under Treasury Regulation Section 1.409A-1(c)(2).
(c) An Employer shall undergo a “Subsidiary Change of Control Event” if (i) it ceases to be a Related Entity of McDonald’s Corporation as a result of a stock or asset sale or similar transaction and (ii) such sale or other transaction constitutes a “change in ownership” (within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(v)) of such Employer, a “change in effective control” (within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vi)(1)) of such Employer, or a “change in the ownership of a substantial portion of the assets” (within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(vii)) of such Employer.
Schedule I (“Qualifying McOpCo Restaurant Management Employees and Shared Restaurant Support Employees”) is hereby amended by adding the following new paragraph to the end thereof:
Sabbatical for Ineligible Qualifying Employees.  If a Qualifying Employee would be eligible for the benefits described in this Schedule I but is ineligible because the Employee receives an offer of employment with the purchasing Operator that satisfies the requirements described above, then such Qualifying Employee will receive, if otherwise eligible, the Severance Benefits provided for in Section 4.5 (sabbatical), but shall not receive any other Severance Benefits of the Plan.
Schedule J (“Severance Benefits for Employees of Restaurant Application Development International”) is hereby amended by adding the following new paragraph to the end thereof:

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Outsourced Employees of RDI: Notwithstanding any other provision of this Plan, if a Qualifying Employee of RDI would be covered by this Schedule J but is a Qualifying Outsourced Employee, as defined in Schedule F, such employee shall be credited with four (4) weeks of Severance.  Such Qualifying Outsourced Employees shall not be eligible for any other payments or benefits under the Plan.
Effective upon and contingent on the closing of the transaction contemplated by that certain LLC Interest Purchase Agreement dated June 19, 2017 by and between McDonald’s Corporation and Capgemini America, Inc. to sell all of McDonald’s Corporation’s ownership interest in RDI, RDI shall be treated as having undergone a Subsidiary Change of Control Event (as defined in Section 10.2) and the Plan shall have a Partial Termination with respect to Disaffiliated Employees of RDI.  
        
II.

Except as herein amended, the Plan shall remain in full force and effect.
Executed this 31st day of August, 2017.
	
				
	 
	McDONALD’S CORPORATION
	 

	 
	 
	 

	 
	/s/ David Carroll
	 

	 
	David Carroll
	 

	 
	Corporate Vice President, Global Total Rewards
	 

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