Document:

Exhibit
10.1

 

PURCHASE AGREEMENT

This Purchase Agreement
("Agreement") is made as of April 21, 2014 by and between Specialty Contractors, Inc.., a Nevada
corporation ("Buyer"), The Individuals and/or Companies signing as the Sellers on the signature
page herein("Sellers").

PRELIMINARY STATEMENT

Sellers desires
to sell, and Buyer desires to purchase, the shares ("Shares") of Ciao Telecom, Inc. (“The Company or CIAO”)
(that Sellers own) in CIAO, a Nevada corporation, organized under the laws of Nevada (the "Company"), on the terms
and subject to the conditions set forth in this Agreement.

AGREEMENT

The parties, intending
to be legally bound, agree as follows:

ARTICLE
1

DEFINITIONS

For the purposes
of this Agreement, the following terms and variations on them have the meanings specified in this Article 1:

"Buyer"
is defined in the first paragraph of this Agreement.

"Buyer Shares"
means newly issued shares of Buyer common stock, par value $.001 per share.

"Closing"
means the consummation and completion of the purchase and sale of the Shares.

"Closing
Date" means the date on which the Closing actually takes place.

"Company"
is defined in the Preliminary Statement.

"Company
Contract" means any Contract (a) under which the Company has or may acquire rights, (b) under which the Company
is or may become subject to Liability or (c) by which the Company or any of its assets is or may become bound.

"Consent"
means any approval, consent, ratification, waiver or other authorization.

"Contemplated
Transactions" means all of the transactions to be carried out in accordance with this Agreement, including the purchase
and sale of the Shares, the performance by the parties of their other obligations under this Agreement.

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"Contract"
means any contract, agreement, commitment, understanding, lease, license, franchise, warranty, guaranty, mortgage, note, bond or
other instrument or consensual obligation (whether written or oral and whether express or implied) that is legally binding.

"Contravene"
-- an act or omission would "Contravene" something if, as the context requires:

(a)the act or
omission would conflict with it, violate it, result in a breach or violation of or failure to comply with it, or constitute a default
under it;

(b)the act or
omission would give any Governmental Body or other Person the right to challenge, revoke, withdraw, suspend, cancel, terminate
or modify it, to exercise any remedy or obtain any relief under it, or to declare a default or accelerate the maturity of any obligation
under it; or

(c)the act or
omission would result in the creation of an Encumbrance on the stock or assets of the Company.

"Encumbrance"
means any charge, claim, mortgage, servitude, easement, right of way, community or other marital property interest, covenant, equitable
interest, license, lease or other possessory interest, lien, option, pledge, security interest, preference, priority, right of
first refusal or similar restriction.

"Financial
Statements" is defined in Section 3.4.

"GAAP"
means generally accepted accounting principles for financial reporting in the United States.

"Governing
Document" means any charter, articles, bylaws, certificate, statement, statutes or similar document adopted, filed or
registered in connection with the creation, formation or organization of an entity, and any Contract among all equityholders, partners
or members of an entity.

"Governmental
Authorization" means any Consent, license, permit or registration issued, granted, given or otherwise made available by
or under the authority of any Governmental Body or pursuant to any Law.

"Governmental
Body" means any (a) nation, region, state, county, city, town, village, district
or other jurisdiction, (b) federal, state, local, municipal, foreign or other government,
(c) governmental or quasi-governmental authority of any nature (including any governmental
agency, branch, department or other entity and any court or other tribunal), (d) multinational
organization, (e) body exercising, or entitled to exercise, any administrative, executive,
judicial, legislative, police, regulatory or taxing authority or power of any nature, or (f)
official of any of the foregoing.

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"Knowledge"
means, with respect to Seller, the actual knowledge after reasonable investigation of Seller or of the Company's directors, officers
or senior managerial employees.

"Law"
means any constitution, law, statute, treaty, rule, regulation, ordinance, code, binding case law, principle of common law or notice
of any Governmental Body.

"Liabilities"
includes liabilities or obligations of any nature, whether known or unknown, whether absolute, accrued, contingent, choate, inchoate
or otherwise, whether due or to become due, and whether or not required to be reflected on a financial statement prepared in accordance
with GAAP.

"Order"
means any order, injunction, judgment, decree, ruling, assessment or arbitration award of any Governmental Body or arbitrator and
any Contract with any Governmental Body pertaining to compliance with Law.

"Ordinary
Course of Business" refers to actions taken in the Company's normal operation, consistent with its past practice and having
no material adverse effect on the financial or other condition, results of operations, assets, Liabilities, equity, business or
prospects of the Company.

"Person"
refers to an individual or an entity, including a corporation, share company, limited liability company, partnership, trust, association,
Governmental Body or any other body with legal personality separate from its equityholders or members.

"Proceeding"
means any action, arbitration, audit, examination, investigation, hearing, litigation or suit (whether civil, criminal, administrative,
judicial or investigative, whether formal or informal, and whether public or private) commenced, brought, conducted or heard by
or before, or otherwise involving, any Governmental Body or arbitrator.

"Purchase
Price" is defined in Section 2.2.

"Securities
Act" means the Securities Act of 1933.

"Securities
Exchange Act" means the Securities Exchange Act of 1934.

"Seller
Release" is defined in Section 2.4(a)(ii).

"Seller"
is defined in the first paragraph of this Agreement.

"Seller's
Disclosure Schedule" means the disclosure schedule delivered pursuant to Article 3 by Seller to Buyer concurrently
with the execution of the Agreement.

"Shares"
is defined in the Preliminary Statement.

ARTICLE
2

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SALE AND TRANSFER OF SHARES; CLOSING

		2.1	SHARES

Upon the terms and
subject to the conditions set forth in this Agreement, at the Closing, Sellers will sell and transfer the Shares to Buyer, and
Buyer will purchase and acquire the Shares from Sellers.

		2.2	PURCHASE PRICE

The purchase price
for the Shares (the "Purchase Price") will be paid by delivery of Common Stock of Purchaser (Buyer) in an amount
equal to Eighty Nine and .116555/100 (89.116555) shares for each one share of Ciao that the seller sells ( shown on the signature
page) rounded down to the nearest whole share.

 

 

Intentionally left
Blank

 

CLOSING

The Closing will
take place at the offices of Seller, at 10:00 a.m. (local time) on the date that is two business days following the satisfaction
or waiver of each of the conditions set forth in Articles 5 and 6, and the audit of Ciao (The Company) unless
Buyer and Sellers agree otherwise.

CLOSING
DELIVERIES

At the Closing:

(a)               
Seller will deliver to Buyer:

(i)                
certificates representing the Shares, duly endorsed in blank (or accompanied by duly executed stock powers in blank);

(ii)              
a release in the form of Exhibit 2.4(a)(ii) executed by Sellers (the "Seller Release");

(iii)            
a certificate executed by Seller as to the accuracy of Seller's representations and warranties as of the date of this Agreement
and as of the Closing in accordance with Section 6.1 and as to their compliance with and performance of its

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covenants and obligations to be performed
or complied on or before the Closing Date in accordance with Section 6.2.

(b)              
Buyer will deliver:

(i)                
Common Stock certificates in the amount agreed to by Buyer and Sellers of the Buyers stock.

(ii)              
a certificate executed by the President of Buyer as to the accuracy of Buyer's representations and warranties as of the
date of this Agreement and as of the Closing in accordance with Section 7.1 and as to its compliance with and performance
of its covenants and obligations to be performed or complied with on or before the Closing Date in accordance with Section 7.2.

ARTICLE
3

REPRESENTATIONS AND WARRANTIES OF SELLER

Seller represents
and warrants to Buyer that:

		3.1	ORGANIZATION AND GOOD STANDING

The Company is a
corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, with full
corporate power and authority to conduct its business as presently conducted, to own or use the properties and assets that it purports
to own or use, and to perform all its obligations under all its Company Contracts.

		3.2	ENFORCEABILITY; NO CONFLICT

(a)               
Sellers and the Company have the absolute and unrestricted right, power, authority and capacity to execute and deliver this
Agreement and to perform their obligations under this Agreement. Assuming due authorization, execution and delivery of this Agreement
by Buyer, this Agreement constitutes the legal, valid and binding obligation of Seller and the Company, enforceable against Seller
and the Company in accordance with its terms.

(b)              
Sellers and the Company are not and will not be required to give any notice to any Person or obtain any Consent or Governmental
Authorization in connection with the execution and delivery of this Agreement or the consummation or performance of any of the
Contemplated Transactions.

(c)               
Neither the execution and delivery of this Agreement nor the consummation or performance of any of the Contemplated Transactions
will directly or indirectly (with or without notice or lapse of time) (i) Contravene any provision of the Governing Documents
of the Company, (ii) Contravene any Company Contract, Governmental Authorization, Law or Order to which Company or Seller,
or any of the assets owned or used by the Company, may be subject, or (iii) result in the imposition or

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creation of any Encumbrance upon or
with respect to any of the assets owned or used by the Company.

		3.3	CAPITALIZATION AND OWNERSHIP

The authorized equity
securities of the Company consist of  2,000,000 shares of common stock, par value $____.001____ per share, of which
1,392,254 shares are issued and outstanding. The Shares represent all of the issued and outstanding shares in the Company.
Seller is and will be on the Closing Date the record holders and beneficial owners of the Shares, free and clear of all Encumbrances.
All of the outstanding equity securities of the Company have been duly authorized and validly issued and are fully paid and nonassessable.
There are no Contracts relating to the issuance, sale or transfer of any equity securities or other securities of the Company.

		3.4	FINANCIAL STATEMENTS

Seller has furnished
to Buyer financial statements as of December 31, 2011 December 31, 2012 and December 31, 2013 (collectively, the "Financial
Statements"), which is in the form of a listing of assets and liabilities. The Financial Statements were prepared in accordance
with the books and records of the Company. The Financial Statements and notes thereto are complete and fairly present the assets,
liabilities and financial condition of the Company as of the date thereof. There will be no liabilities owed to Seller or Seller’s
family.

		3.5	NO UNDISCLOSED LIABILITIES

The Company has
no Liabilities except for Liabilities reflected or reserved against in the Financial Statements, and current Liabilities incurred
in the Ordinary Course of Business since the respective dates thereof.

		3.6	CONTRACTS; NO DEFAULTS

(a)               
Section 3.6 of Seller's Disclosure Schedule contains an accurate and complete list of:

(i)                
each Company Contract that involves performance of services or delivery of goods or materials by the Company of an amount
or value in excess of $100,000;

(ii)              
each Company Contract that involves performance of services for or delivery of goods or materials to the Company of an amount
or value in excess of $100,000; and

(iii)            
each Company Contract that was not entered into in the Ordinary Course of Business and that involves the expenditure or
receipt by the Company of an amount or value in excess of $100,000.

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		3.7	LEGAL PROCEEDINGS; ORDERS

(a)               
There exists no pending Proceedings (i) by or against the Company or that otherwise relate to or may affect the business
of, or any of the assets owned or used by, the Company or (ii) that challenge, or that may have the effect of preventing,
delaying, making illegal or otherwise interfering with, any of the Contemplated Transactions. To Seller's Knowledge, no other such
Proceeding has been threatened, and no event has occurred or circumstance exists that may give rise to or serve as a basis
for the commencement of any such Proceeding.

(b)              
There exists no pending Order to which the Company, or any of the assets owned or used by the Company, is or has been subject.

		3.8	SECURITIES LAW MATTERS

NONE

		3.9	BROKERS OR FINDERS

Seller has not incurred
any Liability for brokerage or finders' fees or agents' commissions or other similar payment in connection with the Contemplated
Transactions.

ARTICLE
4

REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer represents
and warrants to Seller that:

		4.1	ORGANIZATION

Buyer is a corporation
duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.

		4.2	ENFORCEABILITY; NO CONFLICT

(a)               
Buyer has the absolute and unrestricted right, power and authority to execute and deliver this Agreement and to perform
its obligations under this Agreement, which actions have been duly authorized and approved by all necessary corporate action of
Buyer. Assuming the execution and delivery of this Agreement by Seller, this Agreement constitutes the legal, valid and binding
obligation of Buyer, enforceable against Buyer in accordance with its terms.

(b)              
Buyer is not and will not be required to obtain any Consent or Governmental Authorization in connection with the execution
and delivery of this Agreement or the consummation or performance of any of the Contemplated Transactions.

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(c)               
 Neither the execution and delivery of this Agreement by Buyer nor the consummation or performance of any of the Contemplated
Transactions by Buyer will give any Person the right to prevent, delay or otherwise interfere with any of the Contemplated Transactions
pursuant to (i) any provision of Buyer's Governing Documents, (ii) any resolution adopted by the board of directors or
the stockholders of Buyer, (iii) any Law, Order or Governmental Authorization to which Buyer may be subject or (iv) any
Contract to which Buyer is a party or by which Buyer may be bound.

		4.3	BROKERS OR FINDERS

Buyer has not incurred
any Liability for brokerage or finders' fees or agents' commissions or other similar payment in connection with the Contemplated
Transactions.

ARTICLE
5

COVENANTS OF THE PARTIES BEFORE CLOSING

		5.1	ACCESS AND INVESTIGATION

Between the date
of this Agreement and the Closing Date and upon reasonable advance notice from Buyer, Seller will, and will cause the Company to,
(a) afford Buyer full and free access to Company’s personnel, properties, Contracts, books and records, and other documents
and data, (b) furnish such Persons with copies of all such Contracts, books and records, and other documents and data as Buyer
may reasonably request, and (c) furnish such Persons with such additional financial, operating and other data and information as
Buyer may reasonably request.

		5.2	OPERATION OF THE BUSINESS OF THE COMPANY

Between the date
of this Agreement and the Closing Date, Seller will, and will cause the Company to, (a) conduct its business only in the Ordinary
Course of Business, (b) use their Best Efforts to preserve intact the current business organization of the Company, keep available
the services of the current officers, employees and agents of the Company, and maintain relations and goodwill with suppliers,
customers, landlords, creditors, employees, agents and others having business relationships with the Company, (c) confer with
Buyer concerning operational matters of a material nature and (d) otherwise report periodically to Buyer concerning the status
of the business, operations and finances of the Company.

		5.3	REQUIRED APPROVALS

As promptly as practicable
after the date of this Agreement, Buyer and Seller will, and Seller will cause the Company to, make all filings that they are required
by Law to make to consummate the Contemplated Transactions. Between the date of this Agreement and the Closing Date, Buyer and
Seller will, and Seller will cause the Company to, (a) cooperate with the other Party with respect to all filings that such
Party elects to make or that such Party is required by Law to make in connection with the

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Contemplated Transactions, and (b) cooperate
with Buyer in obtaining any Governmental Authorizations.

		5.4	[SHAREHOLDER APPROVAL

Buyer does
not require shareholder approval

 

ARTICLE
6

CONDITIONS PRECEDENT TO BUYER'S OBLIGATION TO CLOSE

Buyer's obligation
to purchase the Shares and to take the other actions required to be taken by Buyer at the Closing is subject to the satisfaction,
on or before the Closing Date, of each of the following conditions (any of which may be waived by Buyer, in whole or in part):

		6.1	ACCURACY OF REPRESENTATIONS

All of Seller's
representations and warranties in this Agreement (considered both collectively and individually) must have been accurate in all
material respects as of the date of this Agreement, and must be accurate in all material respects as of the Closing Date as if
then made.

		6.2	SELLERS’ AND COMPANY’S PERFORMANCE

All of the covenants
and obligations that Seller and Company is required to perform or to comply with under this Agreement on or before the Closing
Date (considered both collectively and individually) must have been duly performed and complied with in all material respects.

		6.3	STOCKHOLDER APPROVAL

The Buyer’s stockholders if required by
the Bylaws of Buyer shall have approved the Contemplated Transactions.

 

ARTICLE
7

CONDITIONS PRECEDENT TO SELLER'S OBLIGATION TO CLOSE

Seller's obligation
to sell the Shares and to take the other actions required to be taken by Seller at the Closing is subject to the satisfaction,
on or before the Closing Date, of each of the following conditions (any of which may be waived by Seller, in whole or in part):

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		7.1	ACCURACY OF REPRESENTATIONS

All of Buyer's representations
and warranties in this Agreement (considered both collectively and individually) must have been accurate in all material respects
as of the date of this Agreement and must be accurate in all material respects as of the Closing Date as if then made.

		7.2	BUYER’S PERFORMANCE

All of the covenants
and obligations that Buyer is required to perform or to comply with under this Agreement on or before the Closing Date (considered
both collectively and individually) must have been performed and complied with in all material respects.

ARTICLE
8

TERMINATION

		8.1	TERMINATION EVENTS

Subject to Section 8.2,
this Agreement may, by notice given before or at the Closing, be terminated:

(a)               
by mutual consent of Buyer and Seller;

(b)              
by Buyer if the satisfaction of any condition in Article 6 is or becomes impossible (other than through the
failure of Buyer to comply with its obligations under this Agreement) and Buyer has not waived such condition;

(c)               
by Seller if the satisfaction of any condition in Article 7 is or becomes impossible (other than through the
failure of Seller to comply with its obligations under this Agreement) and Seller has not waived such condition; and

(d)              
by either Buyer or Seller if the Closing has not occurred (other than through the failure of any party seeking to terminate
this Agreement to comply fully with its obligations under this Agreement) on or before August 31, 2014, or such later date
as Buyer and Seller may agree upon.

		8.2	EFFECT OF TERMINATION

Each party's right
of termination under Section 8.1 is in addition to any other rights it may have under this Agreement or otherwise,
and the exercise of such right of termination will not be an election of remedies. If this Agreement is terminated pursuant to
Section 8.1, all obligations of the parties under this Agreement will terminate; provided, however, that if
this Agreement is terminated by a party because of the breach of the Agreement by another party or because one or more of the conditions
to the terminating party's obligations under this Agreement is not satisfied as a result of any

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other party's failure to comply with
its obligations under this Agreement, the terminating party's right to pursue all legal remedies will survive such termination
unimpaired.

ARTICLE
9

INDEMNIFICATION; REMEDIES

		9.1	SURVIVAL

All representations,
warranties, covenants and obligations in this Agreement, and any other certificate or document delivered pursuant to this Agreement
will survive the Closing and the consummation of the Contemplated Transactions.

ARTICLE
10

GENERAL PROVISIONS

		10.1	EXPENSES

Except as otherwise
expressly provided in this Agreement, each party to this Agreement will bear its respective expenses incurred in connection with
the preparation, execution and performance of this Agreement and the Contemplated Transactions, including all fees and expenses
of its Representatives.

		10.2	FURTHER ACTIONS

Upon the request
of any party to this Agreement, the other parties will (a) furnish to the requesting party any additional information, (b) execute
and deliver, at their own expense, any other documents and (c) take any other actions as the requesting party may reasonably
require to more effectively carry out the intent of this Agreement and the Contemplated Transactions.

		10.3	ENTIRE AGREEMENT AND MODIFICATION

This Agreement supersedes
all prior agreements among the parties with respect to its subject matter a complete and exclusive statement of the terms of the
agreement between the parties with respect to its subject matter. This Agreement may not be amended, supplemented or otherwise
modified except in a written document executed by the party against whose interest the modification will operate.

		10.4	SEVERABILITY

If a court of competent
jurisdiction holds any provision of this Agreement invalid or unenforceable, the other provisions of this Agreement will remain
in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full
force and effect to the extent not held invalid or unenforceable.

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10.5GOVERNING LAW

This Agreement will
be governed by and construed under the laws of California without regard to conflicts of laws principles that would require the
application of any other law.

10.6COUNTERPARTS

This Agreement may
be executed in two or more counterparts.

The parties have
executed and delivered this Agreement as of the date indicated in the first sentence of this Agreement.

 

Specialty Contractors, Inc.CIAO
GROUP, Holding

894,110 Shares

By:/s/ Michael GoodeBy: /s/ Eugenio
Santos

PresidentChairman of the Board

Ciao Telecom, Inc.

By:/s/ Eugenio Santos

Chairman of the
Board

 

/s/ Francesco Ricciulli

Francesco Ricciulli, 137,800 Shares

 

/s/ Ricardo Barros

Ricardo Barros, 68,600 Shares

 

/s/ Stefania Canfarini

Stefania Canfarini, 39,200 Shares

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/s/ Luis Carlos Silva Neto

Luis Carlos Silva Neto, 27,855 Shares

 

/s/ Sara Choi

Sara Choi, 18,106 Shares

 

/s/ Aubrey Brown

Aubrey Brown, 13,928 Shares

 

/s/ Alex Sujuyana

Alex Sujuyana, 6,964 Shares

 

/s/ Maria Cristina

Maris Cristina, 6,964 Shares

 

/s/ Ronaldo Akira

Ronaldo Akira, 5,571 Shares

 

/s/ Brandal Henao

Brendal Henao, 4,875 Shares

 

/s/ David Lim

David Lim, 4,875 Shares

 

/s/ Ji Young Golden

Ji Young Golden, 4,178 Shares

 

/s/ Tenzin Nyima

Tenzin Nyima, 4,178 Shares

 

/s/ Aldi Zhupani

Aldi Zhupani, 3,481 Shares

 

/s/ Andrew Delos Reyes

Andrew Delos Reyes, 3,481 Shares

 

    	13

    	 

    

/s/ Tett Kyaw

Tett Kyaw, 2,089 Shares

 

/s/ Shinghi Detlefsen

Shinghi Detlefsen, 2,089 Shares

 

/s/ Junghwa Detlefsen

Junghwa Detlefsen, 696 Shares

 

/s/ Armada Group USA

Armada Group USA, 5,619 Shares

 

/s/ Diogo Oliveira

Diogo Oliveira, 20,000 Shares

 

/s/ Mario de Oliveira Filho

Mario de Oliveira Filho, 55,710 Shares

 

/s/ Success Builder Group Inc.

Success Builder Group Inc., 6,474 Shares

 

/s/ Luckycard Corp.

Luckycard Corp., 6,474 Shares

 

/s/ Jenny Y. Chen

Jenny Y. Chen, 3,237 Shares

 

 

    	14TZOO-EX-10.15

AMENDMENT  NO. 1 TO EMPLOYMENT AGREEMENT
This Amendment No. 1 to the Employment Agreement (this “Amendment”) is made effective as of January 1, 2013 (the “Effective Date”) by and between Travelzoo Inc. (the “Company”) and Chris Loughlin (“Employee”), with reference to the following facts:
A.    The Company and Employee are parties to an Employment Agreement dated November 18, 2009 (“Employment Agreement”).
B.    To incorporate changes to the performance bonus provision of the Employment Agreement, Company and Employee mutually desire to effect certain amendments to the Employment Agreement.
NOW, THEREFORE, in consideration of the mutual covenants contained herein, and such other good and valuable consideration, the parties agree as follows:
Except as otherwise provided, capitalized terms in this Amendment shall have the meanings ascribed to such terms in the Employment Agreement. 
1.      The entire Sections 3(b) and 3(c) entitled “Performance Bonus” and “Discretionary Bonus” are hereby deleted and the following is substituted in its place:
“(b)    Performance Bonus.  Beginning with the first quarter of 2013, Employee will be eligible to participate in a quarterly Performance Bonus plan (“Performance Bonus”), under which Employee may receive, in addition to his Salary, a bonus in an amount between zero and $90,667 (Ninety Thousand, Six Hundred and Sixty-Seven Dollars) per calendar quarter.  Employee must be employed by the Company through the last day of the calendar quarter in order to receive any Performance Bonus attributable to such quarter with the following exceptions:  the bonus for such quarter shall be prorated only if the last calendar quarter is less than a full quarter because Employee’s employment is terminated without Cause under Section 2(a).

1

The following schedule applies for calculating a bonus.
	
		
	Criteria
	Amount

	Worldwide revenue target for the quarter met AND there are no more than two Significant Customers AND no Significant Customer accounts for 17% or more of worldwide consolidated revenue for the quarter.
	No bonus if actual quarterly revenues are less than 95% of the worldwide revenue target for the quarter, or if the significant customer criteria are not met.
If actual revenues are 95% or more of the worldwide revenue target, the bonus is as follows:
• 95% achievement: $16,000
• 100% achievement: $26,667
• 105% achievement: $32,000
If the achievement falls between 95% and 100%, bonus will be calculated according to the following formula: 
          $16,000 plus $213 for every 0.1 percent achievement above 95%. 
          Example: 
96.7% achievement would result in a bonus of $16,000 plus 17 times $213 = total payout of $19,621.
If the achievement is falls between 100% and 105%, bonus will be calculated according to the following formula: 
          $26,667 plus $106 for every 0.1 percent achievement above 100%. 
          Example: 
104.2% achievement would result in a bonus of $26,667 plus 42 times $106 = total payout of $31,119.
If achievement is 105% or above, the bonus is $32,000.  

2

	
		
	Worldwide operating income target for the quarter met.
	No bonus if actual quarterly operating income is less than 90% of the worldwide operating income target for the quarter.
 If the actual worldwide operating income is 90% or more of the target, the bonus is as follows:
• 90% achievement: $16,000
• 100% achievement: $26,667
• 110% achievement: $32,000
If the achievement falls between 90% and 100%, bonus will be calculated according to the following formula: 
          $16,000 plus $106 for every 0.1 percent achievement above 90%. 
          Example: 
92.9% achievement would result in a bonus of $16,000 plus 29 times $106 = total payout of $19,074.
If the achievement is falls between 100% and 105%, bonus will be calculated according to the following formula: 
          $26,667 plus $106 for every 0.1 percent achievement above 100%. 
          Example: 
102.5% achievement would result in a bonus of $26,667 plus 25 times $106 = total payout of $29,317.
If achievement is 110% or above, the bonus is $32,000.   

	Worldwide audience target for the quarter met.
	Up to $26,667 if all targets are met.

 
All targets (worldwide revenue, worldwide operating income, and worldwide audience) will be set by the Company’s Board of Directors as part of the approval of the Company’s annual 

3

budget, and can only be modified by the Board throughout the calendar year.  The Company’s Chief Executive Officer will determine if the criteria are met and will determine the quarterly Performance Bonus, if any, according to the schedule above.
The Company shall notify Employee of any changes to the Performance Bonus via E-mail or in writing.
Any bonus payments, if applicable, shall be made no more than 60 days after the end of the calendar quarter, and will be subject to the usual and applicable withholding and payroll taxes.”

This Amendment shall commence on the Effective Date and continue in effect until the expiration or sooner termination of the Employment Agreement.  This Amendment shall supersede and replace any inconsistent provisions of the Employment Agreement.  Except as expressly set forth herein, all other terms of the Employment Agreement remain in full force and effect.

Employee acknowledges that he has had an adequate opportunity to review this agreement and all of its terms and is entering into it voluntarily on the date shown below his name.  He has carefully read this agreement and understands all of its terms.  He further acknowledges that he has voluntarily entered into this agreement, that this agreement is not the result of any fraud, duress, coercion, pressure or undue influence exercised by or on behalf of employer, that he has not relied upon any representation or statement, written or oral, not set forth in this agreement, and that he has had sufficient time to review and discuss this agreement with his legal advisor and tax advisor.

TRAVELZOO INC.    CHRIS LOUGHLIN
By: __________________________    By: __________________________
Its: __________________________
Date: ________________________    Date: ________________________

4

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