Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 
 AMENDMENT TO

 THIRD AMENDED AND RESTATED COOPERATION AGREEMENT 

This Amendment to the Third Amended and Restated Cooperation Agreement, dated as of August 12, 2020 (this “Amendment”), is by
and among Avis Budget Group, Inc. (the “Company”) and the entities set forth on Schedule A hereto (together with their Affiliates, “SRS”). 

WHEREAS, the Company and SRS have previously entered into that certain Third Amended and Restated Cooperation Agreement, dated as of
February 23, 2020 (the “Agreement”), with respect to certain matters relating to the Board of Directors of the Company (the “Board”) and certain other matters, as provided therein; and 

WHEREAS, the Agreement entitles SRS to designate three persons to serve as members of the Board consisting of nine total members following the
required appointment of certain additional directors; and 
 WHEREAS, pursuant to the Agreement, SRS designated Brian Choi, Jagdeep Pahwa
and Karthik Sarma to serve as members of the Board, and the Board recommended the election of each of them at the 2020 annual meeting of stockholders of the Company, and each of them was subsequently elected at such annual meeting; and 

WHEREAS, the Company plans to announce that it is appointing Mr. Choi as the Chief Financial Officer of the Company and, in connection
therewith, Mr. Choi will resign from the Board; and 
 WHEREAS, the parties, upon mutual agreement, may appoint additional directors
from time to time in order to achieve and maintain their goals of diversity in background, experience, gender and ethnicity of board members. 

NOW, THEREFORE, pursuant to Section 24 of the Agreement, and in consideration of the covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and SRS wish to amend the Agreement on the terms set forth herein, and agree as follows effective as of
August 21, 2020: 
 1.    Amendments to the Agreement. 

(a)    Clause (i) of Section 1(a) of the Agreement is amended by deleting
the phrase “(collectively, the “Applicable Directors”)” and inserting a new sentence at the end of Section 1(a) as follows: 

“For purposes of this Agreement, “Applicable Directors” shall mean (i) from the date of the Agreement through the
Amendment Date, Brian Choi, Jagdeep Pahwa and Karthik Sarma, and (ii) following the Amendment Date, Jagdeep Pahwa and Karthik Sarma.” 

 (b)    The first sentence of
Section 1(e) of the Agreement is amended and restated in its entirety as follows: 
 “During the Standstill
Period, SRS shall be entitled to designate two (2) persons to serve as members of the Board.” 

(c)    The first sentence of Section 1(f) of the Agreement is amended and
restated in its entirety as follows: 
 “During the Standstill Period, (i) SRS shall be entitled to appoint one (1) Applicable
Director to the Corporate Governance Committee of the Board, (ii) SRS shall be entitled to appoint one (1) Applicable Director to the Compensation Committee of the Board, which Applicable Director shall serve as Chair of the Compensation
Committee of the Board, (iii) the size of each of the Corporate Governance Committee and the Compensation Committees shall be not less than two (2) nor more than three (3) members, all of whom shall qualify as “independent”
of the Company pursuant to the applicable stock exchange listing requirements (unless the Board (including, solely in the case of an Applicable Director joining such committee, a majority of the directors who are not former or current employees of,
or advisors or consultants to, SRS or an Affiliate of SRS) approves the appointment to such committee of a director who does not qualify as “independent” of the Company in accordance with an applicable exception thereunder) and
(iv) SRS shall be entitled to designate one Applicable Director to serve as Vice Chairman of the Board.” 

(d)    The penultimate sentence of Section 1(f) of the Agreement is amended and
restated in its entirety as follows: 
 “As of the Amendment Date, SRS has presently designated Mr. Sarma to serve on the Corporate
Governance Committee and SRS shall designate an Applicable Director to serve on, and be Chair of, the Compensation Committee.” 

(e)    The second sentence of Section 1(h) of the Agreement is amended and
restated in its entirety as follows: 
 “During the period commencing with the Amendment Date through the expiration or termination of
the Standstill Period, the Board and all applicable committees of the Board shall take all necessary actions (including with respect to nominations for election at the Applicable Meetings) so that the size of the Board is no more than six
(6) directors.” 
 (f)    Section 1(j) of the Agreement is amended and restated in its
entirety as follows: “[RESERVED]”. 
 (g)    Section 1(k) of the Agreement is amended
and restated in its entirety as follows: “[RESERVED]” 
 (h)    The reference to
“Section 5(c)” in Section 2 of the Agreement is replaced with a reference to “Section 5(b)”. 

  
 2 

 (i)    The first sentence of
Section 5 of the Agreement is amended and restated in its entirety as follows: 
 “If at any time following
the execution and delivery of this Agreement, SRS’s aggregate Beneficial Ownership of Voting Securities is less than (a) the greater of (x) 5,576,738 and (y) 7.5% of the issued and outstanding Voting Securities publicly disclosed as of
such date, the resignation letter provided by one Applicable Director (or any Replacement thereof) shall become effective or (b) the greater of (x) 3,717,826 and (y) 5% of the issued and outstanding Voting Securities publicly disclosed as of
such date, the resignation letter provided by the final Applicable Director (or any Replacement thereof), shall become effective (each of the percentages in clauses (a) and (b), a “Minimum Ownership Level”);
provided, that in the case of clauses (a) and (b), SRS shall promptly notify the Company of which Applicable Director (as applicable) will resign in each instance and, failing such notice, the Corporate Governance Committee
of the Board shall determine which Applicable Director (as applicable) will resign.” 

(j)    Section 15 of the Agreement is amended by adding a new clause (j) at the end thereof to read as
follows: 
 “(j) “Amendment Date” shall mean the date of effectiveness of the Amendment to the Agreement, which is
August 21, 2020. 
 2.    Defined Terms. All capitalized terms used but not specifically defined herein
shall have the same meanings given such terms in the Agreement unless the context clearly indicates or dictates a contrary meaning. 

3.    Ratification of Agreement. Except as set forth herein, the Agreement shall remain unmodified and in full
force and effect. 
 4.    Counterparts. This Amendment may be executed in two or more counterparts, which
together shall constitute a single agreement. 
 5.    Governing Law. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware without reference to the conflict of laws principles thereof. 

[Signature Page Follows] 

  
 3 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment, or caused the
same to be executed by its duly authorized representative as of the date first above written. 
  

			
	AVIS BUDGET GROUP, INC.
		
	By:	 	 /s/ Jean M. Sera

	Name:	 	Jean M. Sera
	Title:	 	Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary

 [Signature Page to Amendment to Third Amended and Restated Cooperation Agreement] 

 
			
	SRS INVESTMENT MANAGEMENT, LLC
		
	By:	 	 /s/ David B. Zales

	Name:	 	David B. Zales
	Title:	 	General Counsel
	
	SRS PARTNERS MASTER FUND LP
		
	By:	 	SRS Investment Management, LLC, its
		 	investment manager
		
	By:	 	 /s/ David B. Zales

	Name:	 	David B. Zales
	Title:	 	General Counsel
	
	SRS SPECIAL OPPORTUNITIES MASTER
II, LP
		
	By:	 	SRS Investment Management, LLC, its
		 	investment manager
		
	By:	 	 /s/ David B. Zales

	Name:	 	David B. Zales
	Title:	 	General Counsel
	
	SRS LONG OPPORTUNITIES MASTER
FUND, LP
		
	By:	 	SRS Investment Management, LLC, its
		 	investment manager
		
	By:	 	 /s/ David B. Zales

	Name:	 	David B. Zales
	Title:	 	General Counsel

 [Signature Page to Amendment to Third Amended and Restated Cooperation Agreement] 

 SCHEDULE A 

SRS Investment Management, LLC 
 SRS Partners Master Fund LP

 SRS Special Opportunities Master II, LP 
 SRS Long
Opportunities Master Fund, LPEX-10.2

 Exhibit 10.2 
  

 
 August 10, 2020 
 Brian
Choi 
 Dear Brian, 
 We are pleased to confirm our offer of
employment with Avis Budget Group, Inc. (“Avis Budget” or “the Company”), as Executive Vice President and Chief Financial Officer, effective August 24, 2020. This position will report directly to Joseph Ferraro, President
and Chief Executive Officer, and will be based in the Company’s headquarters in Parsippany, NJ. Your base salary will be $19,230.78 paid on a bi-weekly basis, which equates to an annualized salary of
$500,000. 
 You will be eligible to participate in our annual incentive program. Your target under the program will be 100% of your base salary and will be
prorated, if applicable, for actual days employed. Actual payouts will be determined by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) based upon the terms of the program. The Company
retains the right in its sole discretion to amend, modify, suspend or rescind the program at any time and for any reason. 
 You will receive a time-based
restricted stock unit sign-on award of $3,000,000, upon approval by the Board, with an anticipated grant date of August 31, 2020. The restricted stock units will vest 1/3rd per year on each of the first
three anniversaries of the grant date, subject to your continued employment through the vesting dates. You will be eligible to participate in the Company’s Long Term Incentive Plan (“LTIP”) program, with an annual target award value
in 2021 of $1,500,000. Equity awards under the Company’s LTIP program are determined by the Compensation Committee and in its sole discretion. The equity awards described in this paragraph will be subject to the terms and conditions of the Avis
Budget Group, Inc. Amended and Restated Equity and Incentive Plan and the applicable award agreements, which include restricted covenants (including non-compete,
non-solicit and confidentiality provisions). 
 Brian, we are excited that you will be joining our Company. If there
is anything further I can do to assist you, please do not hesitate to contact me at 973-496-3710. 

Best Regards, 
 Ned Linnen 

Chief Human Resources Officer 
 Avis Budget Group 

Understood and accepted: 
  

					
	/s/ Brian Choi	 	August 12, 2020	  	
	Brian Choi	 	Date	  	

 Enclosures 

cc:        J. Sera / K. Richards / Employee File 

  

			
	

	  	 
		  	Avis Budget Group, Inc. 6 Sylvan Way Parsippany, New Jersey 07054

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