other instances the compensation was higher due to the executive's responsibilities, performance, experience and tenure. The Committee also compared the mix of cash and stock compensation of similarly situated executives to confirm that the mix awarded to the Company’s executive officers was and continues to be reasonable.
The Committee did not engage an outside consulting firm to provide advice on the Company’s 2021 executive compensation. However, the Committee did engage an outside consulting firm, Compensia, to provide advice on the compensation of the Global Chief Executive Officer for the period beginning January 1, 2022.
Components of Executive Compensation
The Committee has structured an executive compensation program comprised mainly of base salary and equity.equity, with a performance-based bonus provided to the Global Chief Executive Officer only. The mix of these components depends on the executive officer’s role, performance, tenure and experience.
Base Salary
The Committee considered three types of potential base salary modifications for the named executive officers in 2021:2022: (1) “merit increases” based upon each named executive's individual performance; and/or (2) “market adjustments” based upon the salary range for similarly situated executives; and/or (3) “geographic adjustments” based on the physical location of the executive.
In determining merit increases, the Committee considered the specific responsibilities of the executive and the executive's overall performance and tenure with the Company. In addition, the Committee also considered an evaluation of each named executive officer provided by the then-current Global Head of Human Resources in making the decision regarding merit increases.
The Committee determined any market adjustments based on the Committee's comparison of the executive's compensation with statistical information on average compensation for similarly situated executives that is publicly available.provided by Compensia. The Committee also considered the key market factors impacting the Company and its overall performance especially inperformance. The Committee also reviewed the contextexecutive’s base salary as part of the COVID-19 pandemic and its impact on the travel industry specifically.overall package of compensation, meaning they considered granting additional equity to compensate for a lower base salary so that overall compensation would be comparable to market.
Because of the ongoing pandemic situation, employees of the Company have continued to be remote. Accordingly, the situations of any employees, including executive officers, who wished to move to other states or countries were reviewed and approved on a case-by-case basis, including any corresponding geographic adjustments to salary and compensation. Additionally, asAs a global company, we have the ability to hire executives in various countries. As such, the base salary for such executives are reviewed to ensure alignment with the pay practices of the respective countries where they are physically located. As none of the executives moved locations in 2022, this factor was not as important as in previous years.
Note, Mr. Wayne Lee, who served as the Company’s Chief Financial Officer from September 2022 to March 2023, was a consultant and so was compensated at an hourly rate of $240, with minimum required hours per week of 24 hour and maximum of 40 hours, unless otherwise approved. Mr. Lee’s hourly rate was considered in the context of a reasonable base salary for a Chief Financial Officer to ensure the amount would be reasonable and align with the market.
Incentive Bonus Pay
Pursuant to the terms of Ms. Su'sMr. Holger Bartel’s employment agreement, dated February 16, 2011, effective May 2, 2011,September 28, 2015, as amended Julyeffective January 1, 2019, Ms. Su2022, Mr. Bartel was eligible to receive a quarterlyan annual performance bonus and discretionary bonus during 2020 andfor 2022 at the beginning of 2021. However, on July 16, 2021, pursuant2023, in an amount of up to a resolution of$150,000 tied to three (3) strategic goals to be determined by the Compensation Committee Ms. Su’s outstanding bonus plan was terminated and in exchange, Ms. Su’s base salary was increased from $280,000 to $320,000.
The quarterly performance bonus was calculated based upon worldwide revenue and operating income and audience targets for Q1 and Q2 2021. The revenue bonus was calculated based upon achievementat the beginning of the target resulting in a potential and maximum bonus of $12,500. The operating income bonus was calculated based upon achievement of the target resulting in a potential and maximum bonus of $12,500. The audience bonus was calculated based upon achievement of certain audience targets resulting in a potential and maximum bonus of $12,500. The total maximum performance bonus per quarter for the revenue, operating income and audience components combined was $37,500 for Q1 and Q2 2021. The discretionary bonus was determined in the discretion of Ms. Su’s manager. In evaluating Ms. Su’s individual performance during 2021, management andeach year. For 2022, the Committee considered factors such as Ms. Su’s leadership role in areas of corporate governance, business ethics,determined that the goals would be: (1) hiring, retaining and financial management. Ms. Su received the revenue bonus for Q1 and Q2 2021 and the operating income bonus for Q2 2021. Ms. Su also receivedtraining a discretionary bonuses of $12,500 for Q2 2021. Ms. Su’s bonus plan was then terminated as of July 16, 2021.
Pursuant to the terms of the employment agreement of the Company’s former Chief Financial Officer Ms. Huiban, dated March 26, 2021, effective April 1, 2021, Ms. Huiban was eligible to receive a quarterlypermanent General Manager, U.S.; (2) achieving greater than 5%