Document:

Second Amendment to the Series 2009-3 Supplement

 Exhibit 10.7 

SECOND AMENDMENT TO THE SERIES 2009-3 SUPPLEMENT 

This SECOND AMENDMENT TO THE SERIES 2009-3 SUPPLEMENT (this “Amendment”), dated as of March 29, 2010, amends the
Series 2009-3 Supplement (as amended, modified or supplemented from time to time in accordance with its terms, the “Series 2009-3 Supplement”), dated as of November 5, 2009, among AVIS BUDGET RENTAL CAR FUNDING (AESOP) LLC, a
special purpose limited liability company established under the laws of Delaware (“ABRCF”), AVIS BUDGET CAR RENTAL, LLC, a limited liability company established under the laws of Delaware, as administrator (the
“Administrator”), DEUTSCHE BANK AG, NEW YORK BRANCH, as administrative agent (the “Administrative Agent”), the several commercial paper conduits listed on Schedule I thereto (each a “CP Conduit
Purchaser”), the several banks set forth opposite the name of each CP Conduit Purchaser on Schedule I thereto (each an “APA Bank” with respect to such CP Conduit Purchaser), the several agent banks set forth opposite the
name of each CP Conduit Purchaser on Schedule I thereto (each a “Funding Agent” with respect to such CP Conduit Purchaser), THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (in such
capacity, the “Trustee”) and as agent for the benefit of the Series 2009-3 Noteholders (in such capacity, the “Series 2009-3 Agent”), to the Second Amended and Restated Base Indenture, dated as of June 3, 2004,
between ABRCF and the Trustee (as amended, modified or supplemented from time to time, exclusive of Supplements creating a new Series of Notes, the “Base Indenture”). All capitalized terms used herein and not otherwise defined
herein shall have the respective meanings provided therefor in the Definitions List attached as Schedule I to the Base Indenture (as amended through the date hereof) or the Series 2009-3 Supplement, as applicable. 

W I T N E S S E T H: 

WHEREAS, pursuant to Section 12.2(ii)(e) of the Base Indenture, any Supplement thereto may be amended to modify an Amortization
Event set forth in such Supplement with the consent of ABRCF, the Trustee and each Noteholder affected by such amendment; 

WHEREAS, pursuant to Section 11.11 of the Series 2009-3 Supplement such Supplement may be amended in accordance with the terms of
the Base Indenture; 
 WHEREAS, the parties desire to amend the Series 2009-3 Supplement to modify the Amortization Event set
forth in clause (n) of Article IV thereof, to modify certain defined terms used in clause (m) of Article IV thereof and to add certain other related definitions set forth in Article I thereof; and 

WHEREAS, ABRCF has requested the Trustee, the Series 2009-3 Agent, the Administrator, the Administrative Agent and the Series 2009-3
Noteholders to, and, upon the effectiveness of this Amendment, ABRCF, the Trustee, the Series 2009-3 Agent, the Administrator, the Administrative Agent and each Series 2009-3 Noteholder have agreed to, make the amendments described above as set
forth herein; 

 NOW, THEREFORE, it is agreed: 

1. Amendment to Article I(b). Article I(b) of the Series 2009-3 Supplement is hereby amended as follows: 

(a) by deleting the definition of “Consolidated EBITDA” in its entirety; 

(b) by adding the following new definition thereto in the appropriate alphabetical order: 

““Consolidated Interest Coverage Ratio” has the meaning set forth in the Credit Agreement.”

 and; 

(c) by amending and restating in its entirety the definition of “Credit Agreement” as follows: 

““Credit Agreement” means the Credit Agreement, dated as of April 19, 2006, among Avis Budget
Holdings, LLC, as Borrower, ABCR, as Borrower, the subsidiary borrowers referred to therein, the several lenders referred to therein, JPMorgan Chase Bank, N.A., as Administrative Agent, Deutsche Bank Securities Inc., as Syndication Agent, each of
Bank of America, N.A., Credit Agricole Corporate & Investment Bank New York Branch (formerly known as Calyon New York Branch) and Citicorp USA, Inc., as Documentation Agents, and Wachovia Bank, National Association, as Co-Documentation
Agent, as amended by the First Amendment thereto dated as of December 23, 2008 and the Second Amendment thereto dated as of March 10, 2010, but without giving effect to any further amendment unless such amendment has been approved in
writing by the Requisite Noteholders.” 
 2. Amendment to Article IV. Clause (n) of Article IV of the Series
2009-3 Supplement is hereby amended and restated in its entirety as follows: 
 “(n)(i) the Consolidated
Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of ABCR ending with any fiscal quarter set forth below (commencing with the fiscal quarter ending June 30, 2010) shall exceed the ratio set forth below opposite
such fiscal quarter: 
  

			
	 Fiscal Quarter ending
	 	 Consolidated

Leverage Ratio

	 June 30, 2010
	 	6.25 to 1.00
	 September 30, 2010
	 	5.75 to 1.00
	 December 31, 2010
	 	5.50 to 1.00
	 March 31, 2011
	 	5.50 to 1.00
	 June 30, 2011
	 	5.25 to 1.00
	 September 30, 2011
	 	5.00 to 1.00
	 December 31, 2011
	 	4.75 to 1.00
	 March 31, 2012
	 	4.75 to 1.00
	 June 30, 2012
	 	4.75 to 1.00
	 September 30, 2012
	 	4.50 to 1.00
	 December 31, 2012
	 	4.50 to 1.00
	 March 31, 2013
	 	4.50 to 1.00
	 June 30, 2013
	 	4.50 to 1.00
	 September 30, 2013
	 	4.25 to 1.00
	 December 31, 2013
	 	4.25 to 1.00
	 March 31, 2014
	 	4.25 to 1.00

  

 2 

 or (ii) the Consolidated Interest Coverage Ratio for any period of four
consecutive fiscal quarters of ABCR ending with any fiscal quarter set forth below (commencing with the fiscal quarter ending June 30, 2010), shall be less than the ratio set forth below opposite such fiscal quarter: 

 

			
	 Fiscal Quarter ending
	 	 Consolidated

Interest Coverage Ratio

	 June 30, 2010
	 	1.30 to 1.00
	 September 30, 2010
	 	1.30 to 1.00
	 December 31, 2010
	 	1.35 to 1.00
	 March 31, 2011
	 	1.40 to 1.00
	 June 30, 2011
	 	1.45 to 1.00
	 September 30, 2011
	 	1.55 to 1.00
	 December 31, 2011
	 	1.60 to 1.00
	 March 31, 2012
	 	1.60 to 1.00
	 June 30, 2012
	 	1.65 to 1.00
	 September 30, 2012
	 	1.70 to 1.00
	 December 31, 2012
	 	1.70 to 1.00
	 March 31, 2013
	 	1.70 to 1.00
	 June 30, 2013
	 	1.70 to 1.00
	 September 30, 2013
	 	1.75 to 1.00
	 December 31, 2013
	 	1.75 to 1.00
	 March 31, 2014
	 	1.75 to 1.00

 3.
Direction. By their signatures hereto, each of the undersigned (excluding The Bank of New York Mellon Trust Company, N.A., in its capacity as Trustee and Series 2009-3 Agent) hereby authorize and direct the Trustee and Series 2009-3 Agent to
execute this Amendment and take any and all further action necessary or appropriate to give effect to the transaction contemplated hereby. 

4. Waiver. Each Series 2009-3 Noteholder, by its execution hereof, hereby waives, solely with respect to this Amendment, the
requirement under Section 11.11 of the Series 2009-3 Supplement that Standard & Poor’s confirm that this Amendment will not result in a withdrawal or downgrade of the rating of the Commercial Paper issued by any CP Conduit
Purchaser whose Commercial Paper is rated by Standard & Poor’s on the Series 2009-3 Second Amendment Effective Date. 
  

 3 

 5. This Amendment is limited as specified and, except as expressly stated herein, shall not
constitute a modification, acceptance or waiver of any other provision of the Series 2009-3 Supplement. 
 6. This Amendment
shall become effective on the date (the “Series 2009-3 Second Amendment Effective Date”) that is the later of (a) the date hereof or (b) the first date on which each of the following have occurred: (i) each of ABRCF,
the Administrator, the Administrative Agent and each Series 2009-3 Noteholder shall have executed and delivered this Amendment to the Trustee, and the Trustee shall have executed this Amendment, (ii) the Rating Agency Consent Condition shall
have been satisfied with respect to this Amendment, (iii) all certificates and opinions of counsel required under the Base Indenture or by the Series 2009-3 Noteholders shall have been delivered to the Trustee and the Series 2009-3 Noteholders,
as applicable, and (iv) the Second Amendment, dated as of March 10, 2010, to the Credit Agreement, dated as of April 19, 2006 and as amended to date, among Avis Budget Holdings, LLC, as borrower, ABCR, as borrower, the subsidiary
borrowers referred to therein, the several lenders referred to therein, JPMorgan Chase Bank, N.A., as administrative agent, Deutsche Bank Securities Inc., as syndication agent, each of Bank of America, N.A., Credit Agricole Corporate &
Investment Bank New York Branch (formerly known as Calyon New York Branch) and Citicorp USA, Inc., as documentation agents, and Wachovia Bank, National Association, as co-documentation agent, shall have been executed and delivered by each party
thereto and all conditions precedent to the effectiveness thereof shall have been satisfied or waived. 
 7. From and after the
Series 2009-3 Second Amendment Effective Date, all references to the Series 2009-3 Supplement shall be deemed to be references to the Series 2009-3 Supplement as amended hereby. 

8. This Amendment may be executed in separate counterparts by the parties hereto, each of which when so executed and delivered shall be
an original but all of which shall together constitute one and the same instrument. 
 9. THIS AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

[Remainder of page intentionally left blank.] 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective duly authorized officers as of the date above first written. 
  

			
	 AVIS BUDGET RENTAL CAR FUNDING
(AESOP) LLC, as Issuer

		
	By:	 	 /s/ Rochelle Tarlowe

		 	Name: Rochelle Tarlowe
		 	Title: Vice President and Treasurer

			
	 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., as Trustee
and Series 2009-3 Agent

		
	By:	 	 /s/ Sally R. Tokich

		 	Name: Sally R. Tokich
		 	Title: Senior Associate

			
	 DEUTSCHE BANK AG, NEW YORK BRANCH,
as Administrative Agent

		
	By:	 	 /s/ Ozan Kaya

		 	Name: Ozan Kaya
		 	Title: Vice President
		
	By:	 	 /s/ Jay Steiner

		 	Name: Jay Steiner
		 	Title: Managing Director

			
	AGREED, ACKNOWLEDGED AND CONSENTED:
	
	 GEMINI SECURITIZATION CORP., LLC,
as a CP Conduit Purchaser under the Series
2009-3
Supplement

		
	By:	 	 /s/ Frank B. Bilotta

		 	Name: Frank B. Bilotta
		 	Title: President
	
	 DEUTSCHE BANK AG, NEW YORK BRANCH,
as a Funding Agent and an APA Bank under the Series 2009-3
Supplement

		
	By:	 	 /s/ Robert Sheldon

		 	Name: Robert Sheldon
		 	Title: Managing Director
		
	By:	 	 /s/ Matt Bissonette

		 	Name: Matt Bissonette
		 	Title: Director

			
	 AVIS BUDGET CAR RENTAL, LLC,
as Administrator

		
	By:	 	 /s/ Rochelle Tarlowe

		 	Name: Rochelle Tarlowe
		 	Title: Vice President and TreasurerExhibit 10.1

 Exhibit 10.1 

 

 

 January 26, 2010 

Ronald P. Vargo 
 10160 Gaywood Road 

Dallas, Texas 75229 
 Dear Ron: 

On behalf of ICF International Inc. (ICF), I am pleased to extend to you an offer of employment with ICF in our Fairfax, Virginia office as of
March 1, 2010, reporting directly to Sudhakar Kesavan, Chief Executive Officer of ICF. In April, 2010 you will appointed by the Board of Directors, the Executive Vice President, Chief Financial Officer (EVP, CFO) of ICF. Sudhakar and the senior
staff are eager to work with you. We believe this offer provides you and ICF with a unique opportunity to spur the growth of the company. 

Your compensation will consist of an annual base salary, participation in ICF’s long term equity and annual cash incentive programs, and
participation in various ICF welfare and pension benefit plans and programs. In addition, during your initial year of employment, you will receive certain “sign-on” equity and cash compensation. Such compensation components are described
below. 
 Annual Base Salary: Your base salary will be paid at a bi-weekly rate of $16,346.16, which equates to an annual base
salary of $425,000. You will be eligible to be considered for salary increases available to senior staff in March 2011. 
 Sign-On Equity
Grant: 
 (a) Options. You will be granted nonqualified options with an aggregate fair market
value of $260,000 on the grant date under the ICF International, Inc. 2006 Long-Term Equity Incentive Plan (the “2006 Plan”) on the
3rd business day following the public disclosure of
ICF’s financial results for the fourth quarter of 2009; provided that such
3rd business day occurs on or after your employment
commencement date (March 1, 2010) and provided further that if such
3rd business day does not so occur, such options will be
granted to you on the 3rd Monday that is a business day
and that follows the public disclosure of ICF’s financial results for the fourth quarter of 2009. You will be granted additional nonqualified options with an aggregate fair market value of $260,000 on the grant day under the 2006 Plan on the 3
rd business day following the public disclosure of
ICF’s financial results for the first quarter of 2010. 
 These option grants of ICF stock are valued under the
Black-Scholes method. Each option will vest over 3 years, with 33-1/3% vesting occurring each year on the anniversary of the applicable date of grant, and will be subject to the terms of a written agreement pursuant to the provisions of the 2006
Plan. 
 (b) Restricted Stock Units. You will be granted restricted stock units (“RSUs”) with a value of
$280,000 under the 2006 Plan on the 3rd business day following the public disclosure of ICF’s 
  

 

 

 
financial results for the fourth quarter of 2009; provided that such
3rd business day occurs on or after your employment
commencement date (March 1, 2010) and provided further that if such
3rd business day does not so occur, such RSUs will be
granted to you on the 3rd Monday that is a business day
and that follows the public disclosure of ICF’s financial results for the fourth quarter of 2009. An additional number of RSUs with a value of $280,000 will be granted to you under the 2006 Plan on the
3rd business day following the public disclosure of
ICF’s financial results for the first quarter of 2010. These RSUs will vest over 4 years from the applicable grant dates, with 25% vesting occurring each year on the anniversary date of the applicable date of grant. 

Sign-On Cash: You will receive $50,000 of a $100,000 sign-on bonus in your first ICF paycheck and $50,000 in the first June 2010 paycheck.

 Annual Cash Bonus Opportunity: You are eligible for an individual non-plan bonus in 2010 (distribution in 2011). Such
bonus for your first year of employment is guaranteed to be a minimum of $297,500 but may be increased if ICF and you meet certain prescribed goals. Shortly after your employment commencement date, the Compensation Committee of the Board of
Directors (Compensation Committee) will provide you with your targeted performance goals for 2010. Notwithstanding achievement of such goals, you must be performing at an acceptable level and be employed in a benefits-eligible position at the time
the bonus is distributed in March (no later than March 15) in order to receive such bonus. 
 2010 Targeted Annual Equity
Opportunity: You will be eligible to participate in ICF’s Long-Term Incentive Plan (LTIP) in 2010; provided your employment commencement date is on or before March 1, 2010. In 2010 you will be eligible to receive 90% of your base
salary in an equity grant. Each year in March/April, the Compensation Committee determines awards for LTIP participants. For the past several years, grants under the 2006 Plan have been composed of a combination of options and RSUs. The vesting
period for each type of award is also determined by the Compensation Committee and typically is a 3 to 5 year progressive vesting schedule. For 2010, awards are expected to be composed of 50% options and 50% RSUs. The options are expected to have a
3-year vesting schedule (33-1/3% each year) and the RSUs are expected to have a 4-year vesting schedule (25% each year). 

Benefits: You will be eligible to participate in the standard executive pension and welfare benefit plans sponsored by ICF, including
health insurance, dental insurance, disability insurance, life insurance, sick leave, a non-qualified deferred compensation plan and a tax-qualified retirement plan with a 401(k) feature. 

Relocation: The offer also includes financial assistance for your relocation. You are eligible for a maximum of $80,000 based on actual
incurred expenses supported by receipts. To initiate the relocation, you must sign the enclosed Relocation Repayment Agreement. Your signed relocation document must be returned to me at ICF before the relocation process can begin. 

ICF would use Primacy Relocation Service for the relocation activity. If you accept our offer, a Relocation Coordinator at Primacy Relocation will
contact you to discuss your relocation needs and the initiation process. Certain relocation expenses, such as relocation of household goods, are non-taxable to you. Other relocation costs that ICF reimburses are considered taxable income
and thus are subject to tax withholding; therefore, ICF will deduct taxes in accordance with government requirements. ICF does not gross up reimbursement amounts to cover tax withholdings. 

In compliance with Section 409A of the Internal Revenue Code of 1986, as amended (Section 409A), notwithstanding any other provision of the
Relocation Repayment Agreement or ICF’s temporary housing and travel expense reimbursement arrangements in effect from time to time: 
  

	 	i)	The amount of your expenses eligible for reimbursement and the provision of in-kind benefits to you during any calendar year shall not affect the amount of expenses
eligible for reimbursement or the provision of in-kind benefits in any other calendar year; 

  

 

 

	 	ii)	The reimbursement of an eligible expense shall be made on or before December 31 of the calendar year following the calendar year in which the expense was incurred;

  

	 	iii)	Reimbursement or right to an in-kind benefit shall not be subject to liquidation or exchange for another benefit; and 

 

	 	iv)	Each reimbursement payment or provision of in-kind benefit shall be one of a series of separate payments (and each shall be construed as a separate identified payment)
for purposes of Section 409A. 

 Temporary Housing and Travel Expenses: ICF will pay up to $42,000 for a
furnished apartment near our corporate headquarters in Fairfax, Virginia, during the first 12 months of your employment. Additionally, ICF will pay up to $6,000 to cover roundtrip airfare for you or your spouse from/to Washington, D.C./Northern
Virginia to/from Dallas, Texas, or St. John, Virgin Islands during the first 12 months of your employment. 
 Officers’
Leave: You will participate in the Officers’ Discretionary Leave Program. This program enables you to use your own discretion as to the amount of paid time off you take from work. You are eligible to take paid time off immediately upon
hire. Use of discretionary leave is guided by client needs, project demands, and the overall effect of your absence on the business. Typically, officers take four weeks of leave during a calendar year. 

Severance/Benefit Protection Provisions: Please see the attached agreement which contains the provisions for severance in case of
involuntary termination prior to or during the 12-month period following a change of control, and which is hereby incorporated into and made a part of the terms of this letter agreement. 

Retirement: Notwithstanding the provisions set forth above relating to the provisions of the 2006 Plan or subsequent plans (future plans)
and the LTIP, in the event that you voluntarily separate from service (as defined for purposes of Section 409A) for retirement reasons on or after March 1, 2013, any equity awards made to you under the 2006 Plan or future plans and the
LTIP which are unvested on such separation from service date shall continue to vest according to the provisions of each applicable award agreement; provided, however, that, unless the Board of Directors otherwise agrees in advance, in the event you
thereafter become employed, directly or indirectly, in a senior executive position involving a substantial time commitment [and total compensation with a value in excess of $175,000] by another employer that is not more than 50% beneficially owned
by you and members of your immediate family during any period in which any of such equity awards are unvested, such vesting shall cease and any remaining unvested awards shall be forfeited. 

Contingencies: Our offer is contingent upon review of any non-compete, non-solicitation, confidentiality or similar agreements under which
you are obligated and your submission of the ICF application for employment. Your employment is also contingent upon the favorable outcome of a pre-employment check of your references and a background check, based upon ICF’s established
standards, and your return of the attached documents: (1) Treatment of Documents from Prior Employment, (2) Code of Ethics Acknowledgement Form, and (3) Confidentiality, Intellectual Property, Non-Solicitation and Arbitration
Agreement. The background check will be conducted on our behalf by Verified Credentials, an independent background screening company. To initiate the process, please complete the online application at www.myvci.com/icfinternational within
48 hours of accepting this offer. Results are generally delivered within 3-4 business days, and you will be informed of your employment status at that time.
  

 

 

 In accordance with the Immigration Reform and Control Act of 1986, you must submit proof of your identity
and eligibility to work in the United States and complete the Employment Eligibility Verification (I-9) Form. Please refer to the memorandum that will be e-mailed to you for acceptable forms of documentation. 

On your first day of employment, you will attend orientation at ICF’s headquarters at 9300 Lee Highway, Fairfax, Virginia 22031. Please arrive
at the main lobby by 8:30 a.m. Included in orientation is the issuance of your ICF identification badge. If driving, please park in the area designated for visitors.

Please return the documents, along with your signed acceptance of this offer, to me via fax at (703) 934-3120 or via email at cmendenhall@icfi.com.
Please note that we will also need the original signed documents; however, you may bring them with you on your first day of employment. We must receive your written acceptance and the signed agreements by January 28, 2010 or the offer will no
longer be valid. 
 We are enthusiastic about the prospect of having you join the ICF team and believe ICF will offer you challenges that will
be professionally rewarding. 
 Sincerely, 

Candice D. Mendenhall 
 Senior Vice President,
Human Resources 
 Attachments 

Please note that this letter supersedes all prior written or oral offers, agreements, and understandings between you and ICF. Your employment with ICF
will be at-will, meaning, either you or ICF may terminate the employment relationship at any time for any reason. Salary and benefits are subject to change and do not continue after termination of employment, except as provided specifically
(i) in this Agreement or the attached Severance Benefit/Protection Agreement, or (ii) in certain benefit plans at your expense. 
  

									
	 Accepted:
	 	         /s/ Ronald P. Vargo
	 	Date:	 	         January 28, 2010
	 	
		 	        Ronald P. Vargo

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