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EXHIBIT 4.1
Description of the Company’s Common and Preferred Stock

Description of the Company’s Common and Preferred Stock Registered
Under Section 12 of the Exchange Act of 1934

The following summary of Travelzoo’s common stock and preferred stock is based on and qualified by the Company’s Certificate of Incorporation, as amended (the “Certificate of Incorporation”) and the Company’s By-laws (the “By-laws”). For a complete description of the terms and provisions of the Company’s equity securities, including its common stock and preferred stock, refer to the Certificate of Incorporation and all amendments thereto and the By-laws, which are filed as exhibits to this Annual Report on Form 10-K.
Authorized Capital Stock
The Company's Certificate of Incorporation authorizes the issuance of 25,000,000 shares of common stock, par value $0.01 per share (“Common Stock”), and 5,000,000 shares of preferred stock, par value $0.01 per share (“Preferred Stock”). There are no shares of Preferred Stock currently outstanding.
Voting Rights
The holders of shares of the Common Stock are entitled to one vote per share on each matter submitted to a vote of shareholders and to vote together as a single class (with the holders of all series of Preferred Stock entitled to vote together with the holders of the shares of Common Stock). The Company's Board of Directors (the "Board") is not classified and each member is elected annually. The By-laws provide that directors are elected by a plurality of the votes cast. All other elections and questions shall, unless otherwise provided by law or by the Certificate of Incorporation or the By-laws, be decided by the vote of the holders of a majority of the outstanding shares of all classes of stock entitled to vote thereon present in person or by proxy at the meeting, provided that (except as otherwise required by law or by the Certificate of Incorporation) the Board may require a larger vote upon any election or question.
Dividend Rights
No cash dividends may be declared and paid upon the Common Stock so long as any Preferred Stock is outstanding. Thereafter, cash dividends may be declared and paid upon the Common Stock in such amounts and at such times as the Board may determine. Funds otherwise legally available for the payment of dividends on the Common Stock shall not be restricted or reduced by reason of there  being any excess of the aggregate preferential amount of any series of Preferred Stock outstanding  over the aggregate par value thereof.
Liquidation Rights 
In  the  event  of  any  liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, after there shall have been paid or set apart for payment of holders of any outstanding  shares of Preferred Stock the full preferential  amounts to which they are entitled, the entire  remaining assets and funds of the Company legally available for distribution, if any, to its shareholders shall be distributed ratably among the holders of the Common Stock in proportion to the shares of Common Stock then held by them.
Other Rights and Preferences
            At any time or times on or after such time as the occurrence of the revocation by any holder of Common Stock of consent to electronic notice and communications from the Corporation or failure by any holder of Common Stock to provide such consent at the Corporation's  request, the Corporation  shall have the right in its sole discretion, to require that all, but not less than all, of the outstanding Common Stock held by such holder be redeemed at a price per share of Common Stock equal to the market value per share of the Common Stock.
            Our Common Stock has no sinking fund or pre-emptive, conversion or exchange rights. Holders of Common Stock may act by unanimous written consent.
Listing
The Common Stock is traded on The Nasdaq Stock Market LLC under the trading symbol “TZOO.”

1/4Exhibit 10.1

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March 29, 2022
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Mr. Morris Goldfarb
G-III Apparel Group, Ltd.
512 Seventh Avenue
New York, New York 10018
​
Dear Mr. Goldfarb:
​
This letter agreement, when executed by you, shall constitute an amendment to the Employment Agreement (the “Agreement”), dated February 1, 1994, as amended, between G-III Apparel Group, Ltd. (the “Company”) and you.
Your annual cash bonus for the Company’s fiscal year ended January 31, 2022 (“fiscal 2022”), as determined in accordance with the provisions of Sections 4a and 4b of the Agreement, would be $17,168,681 (the “fiscal 2022 bonus”). The Company and you agree that, in lieu of your receiving the entire fiscal 2022 bonus in cash, the fiscal 2022 bonus will be paid as follow and subject to the provisions of this letter agreement.
1. The amount of the fiscal 2022 bonus paid in cash shall be capped at $7,500,000.
2. You shall receive 415,704 shares (the “Shares”) of the Company’s common stock pursuant to a stock award under the Company’s 2015 Long-Term Incentive Plan, as amended (the “Plan”) in lieu of the payment to you in cash of the fiscal 2022 bonus owed to you in excess of $7,500,000.
3. Prior to issuance of the Shares, you shall be required to pay, or make adequate arrangements satisfactory to the Company for the payment of, all applicable tax withholding obligations. Pursuant to the authorization of the Company’s Compensation Committee, you may satisfy any such tax withholding obligations with Shares and/or with previously-owned shares of the Company’s common stock held by you. The amount of your tax withholding obligation that is satisfied in shares of the Company’s common stock, if any, shall be based upon the Fair Market Value (as such term is defined in the Plan) of such shares on the date such shares are delivered or withheld.
4. You agree that you will not, during the period (the “restriction period”) commencing on the date of this Agreement and ending on the third anniversary of such date (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Shares or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Shares, whether any such 

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G-III Apparel Group Ltd.  512 Seventh Avenue New York, New York 10018  P.212.403.0500 • F.212.403.0551
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1

transaction described in clause (1) or (2) above is to be settled by delivery of Shares, in cash or otherwise. The foregoing sentence shall not apply to the net settlement of Shares to pay taxes related to the issuance of Shares. The restrictions contained in the first sentence of this paragraph shall no longer apply if a Change in Control (as such term is defined in the Plan) occurs or upon your death or disability.  You also agree and consent to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of the Shares unless such transfer is in compliance with the foregoing provisions or occurs after the end of the restriction period.
This Letter Agreement may be executed by the parties hereto in one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement.  Any signature delivered by a party by facsimile transmission, or in “PDF” format circulated by electronic means, shall be deemed to be an original signature hereto.
Except as modified herein, all terms and provisions of the Agreement continue in full force and effect. If the foregoing accurately sets forth our agreement, please execute this letter and return it to the undersigned. 
Very truly yours,
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	​

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	G-III APPAREL GROUP, LTD.

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		By:
	/s/   Neal S. Nackman

	​
	Name:
	Neal S. Nackman

	​
	Title:
	Chief Financial Officer

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Accepted and agreed to:
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	/s/ Morris Goldfarb

	Morris Goldfarb

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G-III Apparel Group Ltd.  512 Seventh Avenue New York, New York 10018  P.212.403.0500 • F.212.403.0551
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Exhibit 10.2

​
March 29, 2022
​
Mr. Sammy Aaron
G-III Apparel Group, Ltd.
512 Seventh Avenue
New York, New York 10018
​
Dear Mr. Aaron:
​
This letter agreement, when executed by you, shall constitute an amendment to the Employment Agreement (the “Agreement”), dated July 11, 2005, as amended, between G-III Apparel Group, Ltd. (the “Company”) and you.
Your annual cash bonus for the Company’s fiscal year ended January 31, 2022 (“fiscal 2022”), as determined in accordance with the provisions of Section 3(b) of the Agreement, would be $11,207,333 (the “fiscal 2022 bonus”). The Company and you agree that, in lieu of your receiving the entire fiscal 2022 bonus in cash, the fiscal 2022 bonus will be paid as follow and subject to the provisions of this letter agreement.
1. The amount of the fiscal 2022 bonus paid in cash shall be capped at $7,250,000.
2. You shall receive 152,235 shares (the “Shares”) of the Company’s common stock pursuant to a stock award under the Company’s 2015 Long-Term Incentive Plan, as amended (the “Plan”) in lieu of the payment to you in cash of the fiscal 2022 bonus owed to you in excess of $7,250,000.
3. Prior to issuance of the Shares, you shall be required to pay, or make adequate arrangements satisfactory to the Company for the payment of, all applicable tax withholding obligations. Pursuant to the authorization of the Company’s Compensation Committee, you may satisfy any such tax withholding obligations with Shares and/or with previously-owned shares of the Company’s common stock held by you. The amount of your tax withholding obligation that is satisfied in shares of the Company’s common stock, if any, shall be based upon the Fair Market Value (as such term is defined in the Plan) of such shares on the date such shares are delivered or withheld.
4. You agree that you will not, during the period (the “restriction period”) commencing on the date of this Agreement and ending on the first anniversary of such date (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or 

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G-III Apparel Group Ltd.  512 Seventh Avenue New York, New York 10018  P.212.403.0500 • F.212.403.0551
​
1
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indirectly, any Shares or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Shares, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Shares, in cash or otherwise. The foregoing sentence shall not apply to the net settlement of Shares to pay taxes related to the issuance of Shares. The restrictions contained in the first sentence of this paragraph shall no longer apply if a Change in Control (as such term is defined in the Plan) occurs or upon your death or disability.  You also agree and consent to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of the Shares unless such transfer is in compliance with the foregoing provisions or occurs after the end of the restriction period.
This Letter Agreement may be executed by the parties hereto in one or more counterparts, each of which shall be deemed an original and all of which when taken together shall constitute one and the same agreement.  Any signature delivered by a party by facsimile transmission, or in “PDF” format circulated by electronic means, shall be deemed to be an original signature hereto.
Except as modified herein, all terms and provisions of the Agreement continue in full force and effect. If the foregoing accurately sets forth our agreement, please execute this letter and return it to the undersigned. 
Very truly yours,
​
	​

	​

	​

	​
	G-III APPAREL GROUP, LTD.

	​
	​
	​

		By:
	/s/   Neal S. Nackman

	​
	Name:
	Neal S. Nackman

	​
	Title:
	Chief Financial Officer

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​
​
​
Accepted and agreed to:
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	/s/ Sammy Aaron

	Sammy Aaron

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G-III Apparel Group Ltd.  512 Seventh Avenue New York, New York 10018  P.212.403.0500 • F.212.403.0551
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