Document:

Form of Award Agreement

EXHIBIT
10.2
CENDANT
CORPORATION

2004

PERFORMANCE
METRIC

LONG TERM
INCENTIVE PLAN

AWARD
AGREEMENT

Award
Agreement (this "Agreement"), dated as of April 26, 2005, by and between Cendant
Corporation, a Delaware corporation (the "Company"), and the grantee indicated
on Exhibit A attached hereto (the "Grantee") pursuant to the terms and
conditions of the Cendant Corporation Amended and Restated 2004 Performance
Metric Long Term Incentive Plan (the “Incentive Plan”) and the Cendant
Corporation equity award plan indicated on Exhibit A attached hereto (the equity
award plan applicable to the Award will be either the 1997 Stock Option Plan or
the 1999 Broad-Based Employee Stock Option Plan, referred to herein as the
"Stock Plan," and collectively with the Incentive Plan, the
“Plans”).

WHEREAS,
the Compensation Committee of the Company has the authority under and pursuant
to the Plans to grant awards to eligible key management personnel of the Company
and its subsidiaries; and

WHEREAS,
the Compensation Committee of the Company desires to grant an Award to the
Grantee subject to the terms and conditions of the Plans and this
Agreement.

In
consideration of the provisions contained in this Agreement, the Company and the
Grantee agree as follows:

1. The
Plans. The
Award granted to the Grantee hereunder is pursuant to the Plans. A copy of the
Incentive Plan and a prospectus for the Stock Plan are attached hereto and the
terms of such Plans are hereby incorporated in this Agreement. Terms used in
this Agreement which are not defined in this Agreement shall have the meanings
used or defined in the applicable Plan. 

2. Award.
Concurrently with the execution of this Agreement, subject to the terms and
conditions set forth in the Plans and this Agreement, the Company hereby grants
the Award indicated on Exhibit A attached hereto (the “Award”) to the
Grantee.

Upon the
vesting of the Award, as described in Section 3 below, the Company shall deliver
for each Performance-Vesting Restricted Stock Unit that becomes vested, one
share of Cendant Stock; provided,
however, that
the Grantee shall remain required to remit to the Company such amount that the
Company determines is necessary to meet all required minimum withholding
taxes.

3. Schedule
of Lapse of Restrictions. Subject
to Paragraph 4 below, the Performance-Vesting Restricted Stock Units granted
hereunder shall vest in the manner 

 

 

set forth
on Exhibit A attached hereto, subject to the attainment of Performance Goals (as
defined in the Incentive Plan) set forth on Exhibit A attached hereto. Upon (i)
a “Change-of-Control Transaction” or (ii) the Grantee’s termination of
employment by reason of “Disability,” each as defined in the Incentive Plan, the
Award shall become immediately and fully vested, subject to any terms and
conditions set forth in the Incentive Plan and imposed by the
Committee.

4.
 Termination
of Employment.
Notwithstanding any other provision of the Plans to the contrary, upon the
termination of the Grantee's employment with the Company and its subsidiaries
for any reason whatsoever (other than Disability), the Award, to the extent not
yet vested, shall immediately and automatically terminate; provided,
however, that
the Committee may, in its sole and absolute discretion, accelerate the vesting
of the Award, upon termination of employment or otherwise, for any reason or no
reason, but shall have no obligation to do so.

5. No
Assignment. This
Agreement may not be assigned by the Grantee by operation of law or otherwise.

6. No
Rights to Continued Employment; Loss of Office. Neither
this Agreement nor the Award shall be construed as giving the Grantee any right
to continue in the employ of the Company or any of its subsidiaries, or shall
interfere in any way with the right of the Company to terminate such employment.
Notwithstanding any other provision of the Plans, the Award, this Agreement or
any other agreement (written or oral) to the contrary, for purposes of the Plans
and the Award, a termination of employment shall be deemed to have occurred on
the date upon which the Grantee ceases to perform active employment duties for
the Company following the provision of any notification of termination or
resignation from employment, and without regard to any period of notice of
termination of employment (whether expressed or implied) or any period of
severance or salary continuation. Notwithstanding any other provision of the
Plans, the Award, this Agreement or any other agreement (written or oral) to the
contrary, the Grantee shall not be entitled (and by accepting an Award, thereby
irrevocably waives any such entitlement), by way of compensation for loss of
office or otherwise, to any sum or other benefit to compensate the Grantee for
the loss of any rights under the Plans as a result of the termination or
expiration of an Award in connection with any termination of employment. No
amounts earned pursuant to the Plans or any Award shall be deemed to be eligible
compensation in respect of any other plan of Cendant Corporation or any of its
subsidiaries.

7. Governing
Law. This
Agreement and the legal relations between the parties shall be governed by and
construed in accordance with the internal laws of the State of Delaware, without
effect to the conflicts of laws principles thereof.

8. Tax
Obligations. As a
condition to the granting of the Award and the vesting thereof, the Grantee
agrees to remit to the Company or any of its applicable subsidiaries such sum as
may be necessary to discharge the Company's 

 

 

or such
subsidiary's obligations with respect to any tax, assessment or other
governmental charge imposed on property or income received by the Grantee
pursuant to this Agreement and the Award. Accordingly, the Grantee agrees to
remit to the Company or an applicable subsidiary any and all required minimum
withholding taxes. Such payment shall be made to the Company or any applicable
subsidiary of the Company in a form that is reasonably acceptable to the
Company, as the Company may determine in its sole discretion.

9. Notices.
Any
notice required or permitted under this Agreement shall be deemed given when
delivered personally, or when deposited in a United States Post Office, postage
prepaid, addressed, as appropriate, to the Grantee at the last address specified
in Grantee's employment records, or such other address as the Grantee may
designate in writing to the Company, or the Company, Attention: General Counsel,
or such other address as the Company may designate in writing to the
Grantee.

10. Failure
to Enforce Not a Waiver. The
failure of the Company to enforce at any time any provision of this Agreement
shall in no way be construed to be a waiver of such provision or of any other
provision hereof.

11. Amendments.
This
Agreement may be amended or modified at any time by an instrument in writing
signed by the parties hereto.

12. Authority. The
Compensation Committee of the Board of Directors of Cendant Corporation shall
have full authority to interpret and construe the terms of the Plans and this
Agreement. The determination of the Committee as to any such matter of
interpretation or construction shall be final, binding and conclusive on all
parties.

13. Rights
as a Stockholder. The
Grantee shall have no rights as a stockholder of the Company with respect to any
shares of common stock of Cendant Corporation underlying or relating to any
Award until the issuance of a stock certificate to the Grantee in respect of
such Award.

IN
WITNESS WHEREOF, this Agreement is effective as of the date first above
written.

 

 

	 	 CENDANT CORPORATION
	 	
       

       

      By:/s/
      Henry R. Silverman 

       

      Henry R. Silverman

      Chairman and Chief Executive
Officer

 

 

EXHIBIT A

STATEMENT
OF AWARD

THIS
AWARD IS IN THE FORM OF PERFORMANCE VESTING RESTRICTED STOCK UNITS

Subject
to the terms and conditions of the Cendant Corporation Amended and Restated 2004
Performance Metric Long Term Incentive Plan and the applicable Cendant Stock
Option Plan (collectively, the “Plan”), you have been granted an award in the
form of Restricted Stock Units. Your Restricted Stock Units will vest only in
accordance with the following performance-based vesting schedule, your
continuous employment with Cendant through the applicable dates of vesting, and
the terms of the Plan and your Award Agreement. 

Please
review the spelling of your name and address. If any of this information is
incorrect, please immediately contact the Cendant Stock Plan Administration
Department at (973) 496-7700.

 

Granted
To: 

 

Social
Security #: 

 

Award
Date: April 26,
2005

Cendant
Equity Plan: 

Target
Units:  

Exceed
Target Units:         _____

Total
Units Awarded:  

	
       

      Tranche
	
       

      Target
      Units, 

      %
      of Total Units Awarded
	
       

      Exceed
      Target Units, 

      %
      of Total Units Awarded
	
       

      Cumulative
      Total Units Awarded, 

      %
      of Total Units Awarded
	
       

      Vesting
      Date

	 	 	 	 	 
	
      One
	
      12.5%
	
      0
	
      12.5%
	
      April
      27, 2006

	
      Two
	
      12.5%
	
      0
	
      25.0%
	
      April
      27, 2007

	
      Three
	
      12.5%
	
      0
	
      37.5%
	
      April
      27, 2008

	
          Four
	
      12.5%
	
      50.0%
	
      100.0%
	
      April
      27, 2009

	
      Total
	
      50.0%
	
      50.0%
	
      100.0%
	 

	
      Performance
      Goals:
	
      Vesting
      will be conditioned on the Company’s attainment of performance goals,
      stated in terms of TUG. TUG is defined in the Incentive Plan.
    

Vestings
and Forfeiture Rules: 

 

	 
      (I)(A)  	
       If
      Cendant attains a TUG rate of 11.400% or greater in respect of fiscal year
      2005, then 100% of the
      Tranche One Units will vest; or 

 

 

 

	(B)
       	
       If
      Cendant attains a TUG rate of 7.800% in respect of fiscal year 2005, then
      50% of the Tranche One Units will vest. 

       

	 
      (C)  	
      If
      Cendant attains a TUG rate of 6.000% in respect of fiscal year 2005, then
      25% of the Tranche One Units will vest. No Tranche One Units will vest if
      TUG over such period is less than 6.000%.

       

	 
      (D)  	
      If
      and to the extent vested in accordance with (A), (B) or (C) above, such
      Tranche One Units will vest on April 27, 2006, but only if you have
      remained continuously employed with Cendant through such
date.

       

	
      (E)
       
 	
      
      Any
      Tranche One Units which do not vest in April, 2006 in accordance with the
      foregoing shall no longer be Tranche One Units, will thereafter be deemed
      Tranche Two Units, and may vest (or not vest) in accordance with clause
      (2) below.

 

 
	
      (2) (A)  
 	
      
      If
      Cendant attains a cumulative TUG rate of 24.100% or greater in respect of
      the period covering fiscal
      years 2005 and 2006, then 100% of the cumulative Tranche Two Units will
      vest; or

       

	(B)  	
      If
      Cendant attains a cumulative TUG rate of 16.338% in respect of the period
      covering fiscal years 2005 and 2006, then 50% of the cumulative Tranche
      Two Units will vest. 

       

	(C)  	
      If
      Cendant attains a cumulative TUG rate of 12.457% in respect of the period
      covering fiscal years 2005 and 2006, then 25% of the cumulative Tranche
      Two Units will vest. No Tranche Two Units will vest if cumulative TUG over
      such period is less than 12.457%.

       

	
      
      (D)
       
 
 	
      
      If and to the extent vested in accordance with (A), (B) or
      (C) above, all such cumulative Tranche Three Units will vest on April 27,
      2008, but only if you have remained continuously employed with Cendant
      through such date.

	
      
      (E)
       
 
 	
      
      Any Tranche Three Units which do not vest in April, 2008 in
      accordance with the foregoing shall no longer be Tranche Three Units,
      shall thereafter be deemed Tranche Four Units, and shall vest (or not
      vest) in accordance with clause (4)
below.

	
      
      (3) (A)  

 	
      
      If Cendant attains a cumulative TUG rate of 38.247% or
      greater in respect of the period covering fiscal
      years 2005, 2006 and 2007, then 100% of the cumulative Tranche Three Units
      will vest; or

       

	(B)  	
      If
      Cendant attains a cumulative TUG rate of 25.692% in respect of the period
      covering fiscal years 2005, 2006 and 2007, then 50% of the cumulative
      Tranche Three Units will vest. 

       

	(C)  	
      If
      Cendant attains a cumulative TUG rate of 19.415% in respect of the period
      covering fiscal years 2005, 2006 and 2007, then 25% of the cumulative
      Tranche Three Units will vest. No Tranche Three Units will vest if
      cumulative TUG over such period is less than 19.415%.

       

	
      
      
      (D)
       
 

 	
      
      
      If
      and to the extent vested in accordance with (A), (B) or (C) above, all
      such cumulative Tranche Three Units will vest on April 27, 2008, but only
      if you have remained continuously employed with Cendant through such
      date.

	
      
      
      
      (E) 
      
 
 

 	
      
      
      
      Any
      Tranche Three Units which do not vest in April, 2008 in accordance with
      the foregoing shall no longer be Tranche Three Units, shall thereafter be
      deemed Tranche Four Units, and shall vest (or not vest) in accordance with
      clause (4)
below.

	
      
      (4) (A)  

 	
      
      If
      Cendant attains a cumulative TUG rate of 87.389% or greater in respect of
      the period covering fiscal years 2005, 2006, 2007 and 2008, then 100% of
      the Total Units Awarded (to the extent not already vested) will vest;
      or

       

	(B)  	
      If
      Cendant attains a cumulative TUG rate of 54.007% in respect of the period
      covering fiscal years 2005, 2006, 2007 and 2008, then 50% of the Total
      Units Awarded (less the number of units previously vested) will
      vest.

       

	(C)  	
      If
      Cendant attains a cumulative TUG rate of 26.918% in respect of the period
      covering fiscal years 2005, 2006, 2007 and 2008, then 25% of the Total
      Target Units Awarded (less the number of units previously vested) will
      vest. No Tranche Four Units will vest if cumulative TUG over such period
      is less than 26.918%.

       

 

 

	(D)  	
      If
      and to the extent vested in accordance with (A), (B) or (C) above, all
      such cumulative Tranche Four Units will vest on April 27, 2009, but only
      if you have remained continuously employed with Cendant through such date.
      

       

	(E)  	
      Any
      Tranche Four Units which do not vest in April, 2009 in accordance with the
      foregoing will automatically terminate and become
    forfeited.

 

	(5)  	
      Any
      Units which do not vest in accordance with (1) through (4) above on or
      before April 27, 2009 will automatically terminate as of such date,
      without any action taken by Cendant and without notice to you. In
      accordance with the terms of the Incentive Plan, all outstanding Units
      will automatically terminate upon your termination of employment with
      Cendant for any reason, other than your Disability (as defined in the
      Incentive Plan). 

	(6)  	
      In
      computing the vesting percentages described in clauses (1) through (4)
      above, interim levels of attained cumulative TUG performance will result
      in interim levels of vesting percentage. Accordingly, in the event of a
      cumulative TUG percentage below the 100% vesting level, and above 25%
      vesting level, the percentage of applicable Units which will vest will be
      determined by interpolating between the two most relevant levels of TUG
      performance, on a straight-line basis. TUG results will be rounded to the
      closest one-thousandth of one percent. The number of Units which vest in
      accordance with the foregoing will be rounded to the nearest whole
      number.

	(7)  	
      All
      performance results described above will be subject to the certification
      and approval of the Compensation Committee. All decisions of the
      Compensation Committee regarding attainment of performance goals and the
      extent of vesting (or no vesting) in respect of all Awards shall be final
      and binding on all parties, including Cendant and all
      Participants.

RETAIN
THIS NOTIFICATION AND YOUR AWARD AGREEMENT

WITH YOUR
IMPORTANT DOCUMENTS AS A RECORD OF THIS AWARD.Amended and Restated 1999 Non-Employee Directors Deferred Compensation Plan

EXHIBIT 10.3

CENDANT
CORPORATION

1999
NON-EMPLOYEE DIRECTORS

DEFERRED
COMPENSATION PLAN

AMENDED
AND RESTATED AS OF JANUARY 22, 2005

	1.  	
      Purpose.
      The purpose of the Cendant Corporation 1999 Non-Employee Directors
      Deferred Compensation Plan (the "Plan") is to align the interests of
      non-employee directors of Cendant Corporation (“Cendant”) with the
      interests of Cendant stockholders by requiring and/or permitting such
      directors to defer certain of their fees received for providing services
      to Cendant in the form of Cendant stock
equivalents.

	2.  	
      Eligibility.
      Directors of Cendant who are not also employees of Cendant (“Directors”)
      are (i) with respect to elective deferrals, eligible to participate in the
      Plan (subject to their irrevocable election to defer receipt of eligible
      compensation) and (ii) with respect to required deferrals, required to
      participate in the Plan.

	3.  	
      Administration.
      The Plan will be administered by the Compensation Committee of the Board
      of Directors of Cendant, or such other committee of the Board of Directors
      designated by the Board of Directors from time to time (the
      “Committee”).

	4.  	
      Deferral
      of Compensation.
      Subject to such rules, regulations and procedures that Cendant may
      establish from time to time, and subject to the execution by a Director of
      a valid deferral election, Directors may elect to defer all, but not less
      than all, of their annual retainer fees, as well as such other fees and
      payments determined by the Board of Directors or the Committee to be
      either mandatory or eligible for deferral from time to time (collectively,
      “Fees”) into the Plan. All Fees deferred into the Plan will be converted
      into a number of Cendant Share Units. The number of Cendant Share Units
      allocated to a Director's account will equal the amount of Fees deferred
      into the Plan as of any given date (an “Allocation Date”), divided by the
      fair market value of Cendant common stock, par value $0.01 per share
      (“Cendant Stock”) as of the Allocation Date. For purposes of the Plan,
      fair market value shall equal the closing price per share of Cendant Stock
      as of the applicable Allocation Date, or such other reasonable formula
      determined by the Committee. An Allocation Date will occur on each date
      upon which any Director would otherwise become entitled to receive all or
      any portion of any Fee, or as otherwise determined by the Committee. Each
      Cendant Share Unit will be the equivalent of one share of Cendant
      Stock.

	5.  	
      Election.
      With respect to elective deferrals, in order to participate in the Plan, a
      Director must complete a deferral election in such form, and at such time,
      as determined by Cendant in its sole discretion, but in accordance with
      IRS regulations applicable to the deferral of income. Once an election is
      made, it may not be revoked; provided,
      however,
      that a Director may, no later than sixty (60) days prior to the beginning
      of any calendar year, revoke an election to the extent applicable to such
      

 

 

		
      calendar
      year. No deferral election form is required with respect to Fees which are
      required to be deferred into the Plan.

 

	6.  	
      Dividends.
      Additional Cendant Share Units will be credited to a Director’s account in
      respect of cash dividends and/or special dividends and distributions, if
      any, on Cendant Stock, based on the number of Cendant Share Units credited
      to such Director’s account as of the record date for such dividend or
      distribution. Such additional units shall be credited on the next
      Allocation Date following the payment date for such dividend or
      distribution. The number of Cendant Share Units to be so credited shall be
      equal to the quotient obtained by dividing (A) the product of (i) the
      number of Cendant Share Units credited to such account on the dividend or
      distribution record date and (ii) the dividend (or distribution value as
      determined by the Committee in its sole discretion) per share of Cendant
      Stock, by (B) the closing price of a share of Cendant Stock as of such
      dividend payment date or distribution date.

	7.  	
      Adjustments.
      If at any time the number of shares of Cendant Stock is increased or
      decreased as the result of any stock dividend or distribution, stock
      split, combination or reclassification of shares or any similar
      transaction, the number of Cendant Share Units in a Director’s account
      will be equitably adjusted, as determined by the Committee in its sole
      discretion, to the extent necessary to preserve, but not increase, the
      value of each Director’s account.

	8.  	
      Vesting.
      Each Director will be fully and immediately vested in his or her account
      under the Plan.

	9.  	
      Distribution
      of Deferred Compensation.
      Each Director (or his or her beneficiary) will receive a distribution of
      his or her account (including units deferred prior to the date of any
      amendment to the Plan), in the form of shares of Cendant Stock, on the
      date which is seven months immediately following the date upon which such
      Director is no longer a member of Cendant’s Board of Directors for any
      reason. Distributions shall not occur prior to or following such date
      under any circumstances. The number of shares of Cendant Stock payable to
      a Director upon distribution will equal the number of Cendant Share Units
      held in such Director’s account as of the date of such
      distribution.

	10.  	
      Authorized
      Shares.
      Subject to the approval of the stockholders of the Cendant, a total of
      500,000 shares of Cendant Stock shall be authorized and available to be
      issued under the Plan. In the absence of such approval, a total of 80,000
      shares of Cendant Stock shall be authorized and available to be issued
      under the Plan.

	11.  	
      Successors
      in Interest.
      The obligations of Cendant under the Plan shall be binding upon any
      successor or successors of Cendant, whether by merger, consolidation, sale
      of assets or otherwise, and for this purpose reference herein to Cendant
      shall be deemed to include any such successor or successors. The right of
      Directors or that of any other person, to the payment of deferred
      compensation or other benefits under this Plan may not be assigned,
      transferred, pledged or encumbered except by will or by the laws of
      descent and distribution.

 

 

	  	
      this
      Plan may not be assigned, transferred, pledged or encumbered except by
      will or by the laws of descent and
distribution.

 

	12. 	
      Miscellaneous. A
      Director shall have only the interest of an unsecured general creditor of
      Cendant in respect of Cendant Share Units allocated to his or her account.
      All amounts deferred under the Plan shall remain the sole property of
      Cendant, subject to the claims of its general creditors and available for
      Cendant’s use until actually distributed to the Director. With respect to
      amounts deferred under the Plan, the obligation of Cendant hereunder is
      purely contractual and shall not be funded or secured in any way. The
      Committee shall have the authority to adopt rules and regulations for
      carrying out the Plan and to interpret, construe and implement the
      provisions thereof. The distribution of deferred amounts under the Plan to
      Directors shall be subject to applicable withholding
      taxes.

 

	13. 	
      Governing
      Laws.
      This Plan shall be construed and enforced in accordance with, and governed
      by, the laws of the State of New
Jersey.

	14. 	
      Termination
      and Amendment of the Plan.
      The Board of Directors of Cendant may terminate this Plan at any time. The
      Board of Directors of Cendant may, without the consent of any Director or
      beneficiary, amend the Plan at any time and from time to time;
      provided,
      however,
      that no such amendment shall adversely affect the rights of any such
      Director or beneficiary with respect to amounts previously deferred under
      the Plan (as determined by the Committee in its sole
      discretion).

 

	15. 	
      Interpretation.
      Cendant intends that transactions under this Plan will be exempt under
      amended Rule 16b-3 promulgated under Section 16 of the Securities Exchange
      Act of 1934, as amended, unless otherwise determined by
      Cendant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]