Travelzoo Watch

from 8-K 15 pages U.S. Small Business Administration Note Sba Loan # 58099771-09 Sba Loan Name Travelzoo Date {{*Dte_es_:signer1:date:format(date,april 24, 2020 “MMMM Dd, Yyyy”)}} Date $3,121,605.00 Loan Amount Date 1.00% Interest Rate Date Borrower Travelzoo N/a Operating Company Hsbc Bank USA, National Association Lender 1. Promise to Pay: In Return for the Loan, Borrower Promises to Pay to the Order of Lender the Amount of $3,121,605.00 Interest on the Unpaid Principal Balance, and All Other Amounts Required by This Note. 2. Definitions: “Loan” Means the Loan Evidenced by This Note. “Loan Documents” Means the Documents Related to This Loan Signed by Borrower. “Sba” Means the Small Business Administration, an Agency of the United States of America. Sba Form 147 (06/03/02) Version 4.1 Page 1/6

from 10-K 4 pages Notes: Orders Are Invoiced on the First Day of the Campaign. Standard Terms: Net 30 Days (With Approved Credit)