Document:

Exhibit
10.2

 

AMENDED AND EXTENDED

EMPLOYMENT AGREEMENT

 

This Amended and Extended Employment Agreement dated
as of April 1, 2003 is hereby made by and between Cendant Corporation, a
Delaware corporation (“Cendant”) and Kevin M. Sheehan (the “Executive”).

 

WHEREAS, Cendant desires to continue to employ the
Executive as a full-time employee of Cendant and the Executive desires to
continue to serve Cendant in such capacity.

 

NOW THEREFORE, in consideration of the foregoing and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

 

SECTION I

EMPLOYMENT

 

Cendant agrees to
employ the Executive and the Executive agrees to be employed by Cendant for the
Period of Employment as provided in Section III below and upon the terms and
conditions provided in this Agreement.

 

SECTION II

POSITION AND
RESPONSIBILITIES

 

During the Period
of Employment, the Executive will serve as a full-time employee of Cendant and
will report directly to, and serve at the discretion of, the Chief Executive
Officer of Cendant Corporation (the “CEO”). The Executive will, during the Period
of Employment, serve Cendant in the capacity of Chairman and Chief Executive
Officer of Cendant’s Vehicle Services Division.  The Executive will, during the Period of Employment, devote
substantially all of his time and attention during normal business hours to the
performance of services for Cendant, or as otherwise reasonably directed by the
CEO from time to time. The Executive’s primary office location for performing
services hereunder will be Cendant’s corporate headquarters in New York, New
York, except for normal and reasonable business travel in connection with his
duties hereunder.  Executive understands
that he may be required to perform his duties from the Company’s northern New
Jersey office several days per week.

 

 

SECTION III

PERIOD OF EMPLOYMENT

 

The period of the Executive’s employment under this
Agreement will begin on June 1, 2003 and end on May 30, 2006, subject to
earlier termination as provided herein (the “Period of Employment”); provided,
however, that the Period of Employment will be automatically extended
for an additional one year on June 1, 2004, and on each anniversary of such
date thereafter, unless written notice of non-extension is provided by either
party to the other party at least 30 days prior to any such anniversary.

 

SECTION IV

COMPENSATION AND BENEFITS

 

A.            Compensation.

 

For services
rendered by the Executive pursuant to this Agreement during the Period of
Employment, Cendant will pay the Executive base salary for the Period of
Employment at an annual rate equal to seven hundred sixty two thousand and five
hundred dollars ($762,500.00) (the “Base Salary”).  The Executive will be eligible to receive annual increases in
Base Salary in accordance with Cendant’s customary procedures regarding the
salaries of senior officers with due consideration given to the published
Consumer Price Index applicable to the New York/New Jersey greater metropolitan
area.

 

B.            Annual Incentive
Awards.

 

The Executive will
be eligible for discretionary annual incentive compensation awards; provided,
that the Executive will be eligible to receive an annual bonus for each fiscal
year of Cendant during the Period of Employment based upon a target bonus equal
to 100% of Base Salary, subject to Cendant’s attainment of applicable annual
performance goals (“Annual Performance Goals”) established and certified by the
Compensation Committee of the Board (the “Committee”).  Subject to the discretion of the Committee,
such annual incentive compensation award in respect of any fiscal year during
the Period of Employment may be paid at above target in the event that either
Cendant and/or the Vehicles Services Division, as the case may be,  materially outperforms its Annual Performance
Goals in such fiscal year.  The parties
acknowledge that it is currently contemplated that such Annual Performance
Goals will be stated in terms of “earnings before interest, depreciation and
taxes” of the Vehicle Services Division, however such targets may relate to
such other financial and business criteria of Cendant or any of its
subsidiaries or business units as determined by the Committee in its sole
discretion (each such annual bonus, an

 

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“Incentive Compensation
Award”). Notwithstanding the foregoing, subject to the Executive’s continuing
employment with Cendant through the date of payment and subject to the
applicable 2003 Annual Performance Goals being attained at no less than 100% of
target, and subject to such other terms and conditions determined by the
Committee, the Executive’s Incentive Compensation Award in respect of fiscal
year 2003 will include an incremental payment equal to $73,000.

 

C.            Employee Benefits.

 

During the Period
of Employment, Cendant will provide the Executive with employee benefits
generally offered to all eligible full-time employees of Cendant, and with
perquisites generally offered to all eligible senior officers of Cendant,
subject to the terms of the applicable employee benefit plans or policies of
Cendant.

 

D.            Expenses.

 

During the Period
of Employment, Cendant will reimburse the Executive for reasonable business
expenses incurred and timely submitted in accordance with any applicable policy
of Cendant.

 

E.             Signing Bonus.

 

Cendant will pay
the Executive a signing bonus equal to $73,000 as soon as practicable following
the execution of this Agreement and the commencement of the Period of
Employment.

 

SECTION V

DISABILITY

 

If the Executive becomes Disabled, as defined below,
during the Period of Employment, the Period of Employment may be terminated at
the option of the Executive upon notice of resignation to Cendant, or at the
option of Cendant upon notice of termination to the Executive.  Cendant’s obligation to make payments to the
Executive under this Agreement will cease as of such date of termination,
except for earned but unpaid Base Salary and any earned but unpaid Incentive Compensation
Awards.  In addition, upon such event,
each option to purchase shares of Cendant common stock granted to the Executive
either (i) on or after April 1, 2003 or (ii) on March 1, 2001, shall become
fully vested and exercisable and shall remain exercisable until the first to
occur of the third anniversary of such termination of employment or the
original expiration date of such option. 
For purposes of this Agreement, “Disabled” means the Executive’s
inability to perform his duties hereunder as a result of serious physical or
mental illness or injury for a period of no less than 90

 

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days, together with a
determination by an independent medical authority that (i) the Executive is
currently unable to perform such duties and (ii) in all reasonable likelihood
such disability will continue for a period in excess of an additional 90
days.  Such medical authority shall be
mutually and reasonably agreed upon by Cendant and the Executive and such
opinion shall be binding on Cendant and the Executive.

 

SECTION VI

DEATH

 

In the event of the death of the Executive during the
Period of Employment, the Period of Employment will end and Cendant’s
obligation to make payments under this Agreement will cease as of the date of
death, except for earned but unpaid Base Salary and any earned but unpaid
Incentive Compensation Awards, and except for a pro rata Incentive Compensation
Award for the year in which the death occurs, which will be paid to the
Executive’s surviving spouse, estate or personal representative, as
applicable.  In addition, upon such
event, each option to purchase shares of Cendant common stock granted to the
Executive either (i) on or after April 1, 2003 or (ii) on March 1, 2001, shall
become fully vested and exercisable and shall remain exercisable until the
first to occur of the third anniversary of such termination of employment or
the original expiration date of such option.

 

SECTION VII

EFFECT OF TERMINATION OF
EMPLOYMENT

 

A.            Without
Cause Termination and Constructive Discharge. If the Executive’s employment
is terminated during the Period of Employment by Cendant due to a Without Cause
Termination or by the Executive due to a Constructive Discharge (each as
defined below), Cendant will pay the Executive (or his surviving spouse, estate
or personal representative, as applicable) upon such Without Cause Termination
or Constructive Discharge (i) a lump sum amount equal to the Executive’s then
current Base Salary plus then targeted Incentive Compensation Award, multiplied
by 300% and (ii) any and all Base Salary earned but unpaid through the date of
such termination.  In addition, upon
such event (y) each option to purchase shares of Cendant common stock granted
to the Executive either on or after April 1, 2003, or on March 1, 2001, shall
become fully vested and exercisable and shall remain exercisable until the
first to occur of the third anniversary of such termination of employment or
the original expiration date of such option and (z) each option to purchase
shares of Cendant common stock granted to the Executive after March 1, 2001
(specifically excluding the option granted on March 1, 2001) and prior to April
1, 2003 shall become fully vested and exercisable and shall remain exercisable
until the first to occur of the second anniversary of such termination of
employment or the

 

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original expiration date
of such option.  Except as provided in
this paragraph, Cendant will have no further obligations to the Executive
hereunder.

 

B.            Termination
for Cause; Resignation.  If the
Executive’s employment terminates due to a Termination for Cause or a
Resignation, Base Salary and any Incentive Compensation Awards earned but
unpaid as of the date of such termination will be paid to the Executive in a
lump sum.  Except as provided in this
paragraph, Cendant will have no further obligations to the Executive hereunder.

 

C.            For
purposes of this Agreement, the following terms have the following meanings:

 

i.              “Termination for Cause” means (i)
the Executive’s willful failure to substantially perform his duties as an
employee of Cendant or any of its subsidiaries (other than any such failure
resulting from incapacity due to physical or mental illness), (ii) any act of
fraud, misappropriation, dishonesty, embezzlement or similar conduct against
Cendant or any of its subsidiaries, (iii) the Executive’s conviction of a
felony or any crime involving moral turpitude (which conviction, due to the passage
of time or otherwise, is not subject to further appeal) or (iv) the Executive’s
gross negligence in the performance of his duties hereunder.

 

ii.             “Constructive Discharge” means any
material failure of Cendant to fulfill its obligations under this Agreement (including
without limitation any reduction of the Base Salary, as the same may be
increased during the Period of Employment, or other material element of
compensation). The Executive will provide Cendant a written notice which
describes the circumstances being relied on for such termination with respect
to this Agreement within thirty (30) days after the event giving rise to the
notice.  Cendant will have thirty (30)
days after receipt of such notice to remedy the situation prior to the
termination for Constructive Discharge.

 

iii.            “Without Cause Termination” or
“Terminated Without Cause” means termination of the Executive’s employment by
Cendant other than due to death, Disability, or Termination for Cause.

 

iv.            “Resignation” means a termination of
the Executive’s employment by the Executive, other than in connection with a
Constructive Discharge.

 

D.            Conditions
to Payment and Acceleration.  All
payments and benefits due to the Executive under this Section VII shall be made
as soon as practicable; provided, however, that such payments and
benefits shall be subject to, and contingent upon, the execution by the
Executive (or his beneficiary or estate) of a release of claims against Cendant
and its affiliates in such form determined by Cendant

 

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in its sole
discretion.  The payments due to the
Executive under this Section VII shall be in lieu of any other severance
benefits otherwise payable to the Executive under any severance plan of Cendant
or its affiliates.

 

SECTION VIII

OTHER DUTIES OF THE
EXECUTIVE

DURING AND AFTER THE PERIOD
OF EMPLOYMENT

 

A.            The
Executive will, with reasonable notice during or after the Period of
Employment, furnish information as may be in his possession and fully cooperate
with Cendant and its affiliates as may be reasonably requested in connection with
any claims or legal action in which Cendant or any of its affiliates is or may
become a party, and Cendant shall reimburse the Executive for any expenses incurred
by the Executive in connection therewith.

 

B.            The
Executive recognizes and acknowledges that all information pertaining to this
Agreement or to the affairs; business; results of operations; accounting
methods, practices and procedures; members; acquisition candidates; financial
condition; clients; customers or other relationships of Cendant or any of its
affiliates (“Information”) is confidential and is a unique and valuable asset
of Cendant or any of its affiliates. 
Access to and knowledge of certain of the Information is essential to
the performance of the Executive’s duties under this Agreement.  The Executive will not during the Period of
Employment or thereafter, except to the extent reasonably necessary in
performance of his duties under this Agreement, give to any person, firm,
association, corporation, or governmental agency any Information, except as may
be required by law.  The Executive will
not make use of the Information for his own purposes or for the benefit of any
person or organization other than Cendant or any of its affiliates.  The Executive will also use his best efforts
to prevent the disclosure of this Information by others.  All records, memoranda, etc. relating to the
business of Cendant or its affiliates, whether made by the Executive or
otherwise coming into his possession, are confidential and will remain the
property of Cendant or its affiliates.

 

C.            i.              During the Period of Employment
and for a two (2) year period thereafter (the “Restricted Period”),
irrespective of the cause, manner or time of any termination, the Executive
will not use his status with Cendant or any of its affiliates to obtain loans,
goods or services from another organization on terms that would not be
available to him in the absence of his relationship to Cendant or any of its
affiliates.

 

ii.             During the Restricted Period, the
Executive will not make any statements or perform any acts intended to or which
may have the effect of advancing the

 

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interest of any existing
or prospective competitors of Cendant or any of its affiliates or in any way
injuring the interests of Cendant or any of its affiliates.  During the Restricted Period, the Executive,
without prior express written approval by the Board, will not engage in, or
directly or indirectly (whether for compensation or otherwise) own or hold
proprietary interest in, manage, operate, or control, or join or participate in
the ownership, management, operation or control of, or furnish any capital to
or be connected in any manner with, any party which competes in any way or
manner with the business of Cendant or any of its affiliates, as such business
or businesses may be conducted from time to time, either as a general or
limited partner, proprietor, common or preferred shareholder, officer,
director, agent, employee, consultant, trustee, affiliate, or otherwise.  The Executive acknowledges that Cendant’s
and its affiliates’ businesses are conducted nationally and internationally and
agrees that the provisions in the foregoing sentence will operate throughout
the United States and the world.

 

iii.            During the Restricted Period, the
Executive, without express prior written approval from the Board, will not
solicit any members or the then-current clients of Cendant or any of its
affiliates for any existing business of Cendant or any of its affiliates or discuss
with any employee of Cendant or any of its affiliates information or operation
of any business intended to compete with Cendant or any of its affiliates.

 

iv.            During the Restricted Period, the
Executive will not interfere with the employees or affairs of Cendant or any of
its affiliates or solicit or induce any person who is an employee of Cendant or
any of its affiliates to terminate any relationship such person may have with
Cendant or any of its affiliates, nor will the Executive during such period directly
or indirectly engage, employ or compensate, or cause or permit any person with
which the Executive may be affiliated, to engage, employ or compensate, any employee
of Cendant or any of its affiliates. 
The Executive hereby represents and warrants that the Executive has not
entered into any agreement, understanding or arrangement with any employee of
Cendant or any of its affiliates pertaining to any business in which the
Executive has participated or plans to participate, or to the employment, engagement
or compensation of any such employee.

 

v.             For the purposes of this Agreement,
proprietary interest means legal or equitable ownership, whether through stock
holding or otherwise, of an equity interest in a business, firm or entity or
ownership of more than 5% of any class of equity interest in a publicly-held
company and the term “affiliate” means all subsidiaries and licensees of the
applicable entity.

 

D.            The
Executive hereby acknowledges that damages at law may be an insufficient remedy
to Cendant if the Executive violates the terms of this Agreement and that
Cendant will be entitled, upon making the requisite showing, to

 

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preliminary and/or
permanent injunctive relief in any court of competent jurisdiction to restrain
the breach of or otherwise to specifically enforce any of the covenants
contained in this Section VIII without the necessity of showing any actual
damage or that monetary damages would not provide an adequate remedy.  Such right to an injunction will be in
addition to, and not in limitation of, any other rights or remedies Cendant may
have.  Without limiting the generality
of the foregoing, neither party will oppose any motion the other party may make
for any expedited discovery or hearing in connection with any alleged breach of
this Section VIII.

 

E.             The
period of time during which the provisions of this Section VIII will be in
effect will be extended by the length of time during which the Executive is in
breach of the terms hereof as determined by any court of competent jurisdiction
on Cendant’s application for injunctive relief.

 

F.             The
Executive agrees that the restrictions contained in this Section VIII are an
essential element of the compensation the Executive is granted hereunder and
but for the Executive’s agreement to comply with such restrictions, Cendant
would not have entered into this Agreement.

 

SECTION IX

WITHHOLDING TAXES

 

The Executive acknowledges and agrees that Cendant may
directly or indirectly withhold from any payments under this Agreement all
federal, state, city or other taxes that will be required pursuant to any law
or governmental regulation.

 

SECTION X

EFFECT OF PRIOR
AGREEMENTS

 

This Agreement will supersede and replace each prior
employment or consultant agreement between Cendant (and/or its affiliates),
including without limitation the Employment Agreement dated March 1, 2001
between Cendant and the Executive (other than any representations of the
parties set forth therein), and any such agreement shall be deemed superseded,
terminated and of no further force or effect.

 

SECTION XI

CONSOLIDATION, MERGER OR
SALE OF ASSETS

 

Nothing in this Agreement will preclude Cendant from
consolidating or merging into or with, or transferring all or substantially all
of its assets to, another corporation which assumes this Agreement and all
obligations and undertakings of

 

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Cendant hereunder.  Upon such a consolidation, merger or sale of
assets the term “Cendant” will mean the other corporation and this Agreement
will continue in full force and effect.

 

SECTION XII

MODIFICATION

 

This Agreement may not be modified or amended except
in writing signed by the parties.  No
term or condition of this Agreement will be deemed to have been waived except
in writing by the party charged with waiver. 
A waiver will operate only as to the specific term or condition waived
and will not constitute a waiver for the future or act on anything other than
that which is specifically waived.

 

SECTION XIII

REPRESENTATIONS

 

Cendant represents and warrants that this Agreement
has been authorized by all necessary corporate action of Cendant and is a valid
and binding agreement of Cendant enforceable against it in accordance with its
terms.

 

SECTION XIV

INDEMNIFICATION AND
MITIGATION

 

Cendant will indemnify the Executive to the fullest
extent permitted under the Certificate of Incorporation and By-Laws of Cendant.
The Executive will not be required to mitigate the amount of any payment
provided for hereunder by seeking other employment or otherwise, nor will the
amount of any such payment be reduced by any compensation earned by the
Executive as the result of employment by another employer after the date the
Executive’s employment hereunder terminates.

 

SECTION XV

GOVERNING LAW

 

This Agreement has been executed and delivered in the
State of New York and its validity, interpretation, performance and enforcement
will be governed by the internal laws of that state.

 

SECTION XVI

ARBITRATION

 

A.            Any
controversy, dispute or claim arising out of or relating to this Agreement or
the breach hereof which cannot be settled by mutual agreement (other than with
respect to the matters covered by Section VIII for which Cendant

 

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may, but will not be
required to, seek injunctive relief) will be finally settled by binding
arbitration in accordance with the Federal Arbitration Act (or if not
applicable, the applicable state arbitration law) as follows:  Any party who is aggrieved will deliver a
notice to the other party setting forth the specific points in dispute.  Any points remaining in dispute twenty (20)
days after the giving of such notice may be submitted to arbitration in New
York, New York, to the American Arbitration Association, before a single
arbitrator appointed in accordance with the arbitration rules of the American
Arbitration Association, modified only as herein expressly provided.  After the aforesaid twenty (20) days, either
party, upon ten (10) days notice to the other, may so submit the points in
dispute to arbitration.  The arbitrator
may enter a default decision against any party who fails to participate in the
arbitration proceedings.

 

B.            The
decision of the arbitrator on the points in dispute will be final, unappealable
and binding, and judgment on the award may be entered in any court having
jurisdiction thereof.

 

C.            Except
as otherwise provided in this Agreement, the arbitrator will be authorized to
apportion its fees and expenses and the reasonable attorneys’ fees and expenses
of any such party as the arbitrator deems appropriate.  In the absence of any such apportionment,
the fees and expenses of the arbitrator will be borne equally by each party,
and each party will bear the fees and expenses of its own attorney.

 

D.            The
parties agree that this Section XVI has been included to rapidly and
inexpensively resolve any disputes between them with respect to this Agreement,
and that this Section XVI will be grounds for dismissal of any court action
commenced by either party with respect to this Agreement, other than
post-arbitration actions seeking to enforce an arbitration award.  In the event that any court determines that
this arbitration procedure is not binding, or otherwise allows any litigation
regarding a dispute, claim, or controversy covered by this Agreement to
proceed, the parties hereto hereby waive any and all right to a trial by jury
in or with respect to such litigation.

 

E.             The
parties will keep confidential, and will not disclose to any person, except as
may be required by law, the existence of any controversy hereunder, the
referral of any such controversy to arbitration or the status or resolution
thereof.

 

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SECTION XVII

SURVIVAL

 

Sections VII, VIII, IX, X, XIV, XV and XVI will
continue in full force in accordance with their respective terms
notwithstanding any termination of the Period of Employment.

 

SECTION XVIII

SEPARABILITY

 

All provisions of this Agreement are intended to be
severable.  In the event any provision
or restriction contained herein is held to be invalid or unenforceable in any
respect, in whole or in part, such finding will in no way affect the validity
or enforceability of any other provision of this Agreement.  The parties hereto further agree that any
such invalid or unenforceable provision will be deemed modified so that it will
be enforced to the greatest extent permissible under law, and to the extent
that any court of competent jurisdiction determines any restriction herein to
be unreasonable in any respect, such court may limit this Agreement to render
it reasonable in the light of the circumstances in which it was entered into
and specifically enforce this Agreement as limited.

 

IN WITNESS WHEREOF, the undersigned have executed this
Agreement as of the date first above written.

 

 

	
   

  	
  CENDANT CORPORATION

  
	
   

  	
   

  
	
   

  	
  /s/ Terence P. Conley

  
	
   

  	
  By:

  	
  Terence P. Conley

  
	
   

  	
  Title:

  	
  Executive Vice President,

  
	
   

  	
   

  	
  Human Resources

  
	
   

  	
   

  
	
   

  	
  KEVIN M. SHEEHAN

  
	
   

  	
   

  
	
   

  	
  /s/ Kevin M. Sheehan

  

 

11Exhibit 10.3

 

AMENDED AND
RESTATED

EMPLOYMENT
AGREEMENT

 

This Amended and Restated Employment Agreement (the
“Agreement”) dated as of April 1, 2003 is hereby made by and between Cendant
Corporation, a Delaware corporation (“Cendant”) and Scott E. Forbes (the
“Executive”).

 

WHEREAS, Cendant desires to employ the Executive as
Senior Executive Vice President and Group Managing Director of Cendant Europe,
Middle East and Africa (“Cendant EMEA”), and the Executive desires to serve
Cendant in such capacity.

 

NOW THEREFORE, in consideration of the foregoing and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

 

SECTION
I

EMPLOYMENT

 

Cendant agrees to employ the Executive and the Executive
agrees to be employed by Cendant for the Period of Employment as provided in
Section III below and upon the terms and conditions provided in this Agreement.
The Executive has previously relocated his primary residence to London, U.K.

 

SECTION II

POSITION AND RESPONSIBILITIES

 

A.            During
the Period of Employment, as defined below, the Executive will serve as Senior
Executive Vice President and Group Managing Director, Cendant EMEA (the “EMEA
Position”) and, subject to the direction of a Vice Chairman of Cendant or other
executive officer of Cendant designated by the Chief Executive Officer of
Cendant from time to time (the “Supervising Officer”) from time to time will
perform such duties and exercise such supervision with regard to the business
of Cendant as are associated with such position, as well as such additional
duties as may be prescribed from time to time by the Supervising Officer. The
Executive will, during the Period of Employment, devote substantially all of
his time and attention during normal business hours to the performance of
services for Cendant. The Executive will maintain a primary office, and conduct
his business, in London, U.K. The parties hereby acknowledge that the
Executive’s duties and responsibilities will include, without limitation,
managing the Cendant EMEA headquarters in London, U.K. and managing
substantially all of Cendant’s EMEA businesses. Notwithstanding the foregoing,
the parties hereto acknowledge and agree that to the extent contemplated
herein, the Executive may be reassigned to the Alternative Position (as defined
below), and upon such event, this Agreement (and the Period of Employment)
will, after giving effect to any changes associated with such change of
position, remain in full force and effect.

 

1

 

B.            The Executive agrees that
at any time during the Period of Employment, he may be reassigned by the
Supervising Officer to the Alternative Position, but only in the event that
either (i) the Alternative Position is reasonably acceptable to the Executive
or (ii) each of (a) the Executive may perform substantially all of his duties
in any of London, Parsippany, New Jersey or New York, New York (or, in the case
of Parsippany or New York, any location within 15 miles thereof) and (b)
Cendant reasonably determines that the Alternative Position is a suitable
position for the Executive (after giving due consideration to his skills and
abilities); provided, however, that in no event will any
Alternative Position be proposed to the Executive unless such position provides
overall compensation (including bonus opportunity), employee benefits and
perquisites which, in the aggregate, are no less favorable to the Executive
than provided to him hereunder.

 

C.            Cendant agrees that at
any time during the Period of Employment, the Executive may provide notice to
the Supervising Officer requesting that he relinquish the Europe Position and
be reassigned to a substitute position (the “Substitute Position”). Cendant
will give due consideration to such request and will use reasonable efforts to
identify a Substitute Position reasonably suitable for the Executive as
determined by Cendant in its sole and reasonable discretion.  If Cendant is unable to offer the Executive
a Substitute Position within 180 days of its receipt of such notice, the
Executive may either (i) withdraw his request for reassignment to the
Substitute Position and maintain the Europe Position or (ii) terminate this
Agreement as a Constructive Discharge (as defined below). If Cendant offers the
Executive a Substitute Position within 180 days of its receipt of such notice,
the Executive may either (i) accept the Substitute Position or (ii) reject the
Substitute Position. If the Executive accepts the Substitute Position, this
Agreement (and the Period of Employment) shall continue in full force and
effect. If the Executive rejects the Substitute Position, this Agreement will
be determined terminated as a Resignation (as defined below); provided,
however, that any rejection of the Substitute Position will instead be
deemed a Constructive Discharge in the event that the Substitute Position would
require the Executive to perform substantially all of his duties in any
location other than Parsippany, New Jersey or New York, New York (or, in each
case, any location within 15 miles thereof).

 

SECTION III 

PERIOD OF EMPLOYMENT

 

The period of the Executive’s employment under this
Agreement (the “Period of Employment”) will end on March 31, 2006, subject to
extension or termination as provided in this Agreement.

 

SECTION IV

COMPENSATION AND BENEFITS

 

A.            Compensation.
For all services rendered by the Executive pursuant to this Agreement during
the Period of Employment, including services as an executive, officer, director
or committee member of Cendant or any subsidiary of Cendant, the Executive will
be compensated as follows:

 

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(i)                                     Base Salary

 

During the Period of Employment, Cendant will pay the
Executive a fixed base salary (“Base Salary”) of not less than U.S. $525,000
per annum and thereafter the Executive will be eligible to receive annual
increases as the Board deems appropriate, in accordance with Cendant’s
customary procedures regarding the salaries of senior officers. Base Salary will
be payable according to the customary payroll practices of Cendant but in no
event less frequently than once each month.

 

(ii)                                  Annual Incentive Awards

 

The Executive will be eligible for discretionary annual
incentive compensation awards; provided that the Executive will be
eligible to receive an annual bonus for each fiscal year of Cendant during the
Period of Employment based upon a target bonus equal to 100% of Base Salary
(each such bonus, an “Incentive Compensation Award”).

 

(iii)                               Long-Term Incentive
Awards

 

The Executive will be eligible for discretionary stock
option or other incentive or equity-based awards on such appropriate terms and
conditions as determined by the Cendant Compensation Committee in its sole
discretion.

 

(iv)                              Cost-of-Living Allowance

 

Cendant will pay the Executive (A) a cost-of-living
allowance (the “Cost-of-Living Allowance”) of not less than U.K. £50,000 per
annum and (B) an additional special allowance (the “Special Allowance” and,
together with the Cost-of-Living Allowance, the “Allowances”) of not less than
U.K. £75,000 per annum (which may be increased from time to time in Cendant’s
sole discretion), in each case in respect of each calendar year (or a pro rata
payment for any partial calendar year) during which he remains in the EMEA
Position and resides in the U.K. The Allowances will be paid in accordance with
the customary payroll practices of Cendant but in no event less frequently than
once each month, and such amounts shall be paid by a U.K. subsidiary of Cendant
into a local U.K. account as directed by the Executive.

 

(v)                                 Additional Benefits

 

The Executive will be entitled to participate in all
other compensation or employee benefit plans or programs and receive all
benefits and perquisites for which salaried employees of Cendant generally are
eligible under any plan or program now or later established by Cendant on the
same basis as similarly situated senior executives of Cendant with comparable
duties and responsibilities. The Executive will participate to the extent
permissible under the terms and provisions of such plans or programs, in
accordance with program provisions.

 

3

 

(vi)                              Expatriate Benefits

 

Cendant will reimburse the Executive for (i) reasonable
professional costs incurred in connection with the preparation of his personal
income tax returns and (ii) the Tax Equalization.  The Tax Equalization will mean a cash payment payable in respect
of each full or partial calendar year during the Period of Employment and
during which the Executive is residing outside of the United States, which
payment is intended to reimburse the Executive for the economic effect of any
incremental taxes incurred in connection with his residing outside of the
United States.  The Tax Equalization
will be calculated and paid as described in the applicable Cendant policy,
which policy will include tax equalization benefits for personal investment
income.  Cendant acknowledges that, if
and to the extent subject to foreign taxation, the Tax Equalization will apply
to any income received by the Executive in connection with his personal
investment income and compensation earned in connection with the exercise of
Cendant stock options or other Cendant equity or equity-based awards.  Cendant will also pay any costs and expenses
associated with determining each annual payment in respect of the Tax
Equalization.

 

In
addition, the Executive will remain a participant in Cendant’s U.S. Expatriate
Officer Relocation Policy, and will be entitled to benefits set forth
thereunder, except to the extent that any benefits thereunder would be
duplicative by virtue of any similar or comparable rights or benefits under
this Agreement, or are otherwise not available by virtue of any provision in
this Agreement.

 

In addition, the Executive is entitled to the benefits
set forth on Annex A hereto.

 

SECTION V

BUSINESS EXPENSES

 

Cendant will reimburse the Executive for all reasonable
travel and other expenses incurred by the Executive in connection with the
performance of his duties and obligations under this Agreement. The Executive
will comply with such limitations and reporting requirements with respect to
expenses as may be established by Cendant from time to time.

 

SECTION VI

DISABILITY

 

If the Executive becomes Disabled, as defined below,
during the Period of Employment, the Period of Employment may be terminated at
the option of the Executive upon notice of resignation to Cendant or at the
option of Cendant upon notice of termination to the Executive. “Disabled” means
a determination by an independent competent medical authority that the
Executive is unable to perform his duties under this Agreement and in all
reasonable medical likelihood such inability will continue for a period in
excess of one hundred and eighty (180) days. Unless otherwise agreed by the
Executive and Cendant, the independent medical authority

 

4

 

will be selected by the Executive and Cendant each
selecting a board-certified licensed physician and the two physicians selected
designating an independent medical authority, whose determination that the
Executive is Disabled will be binding upon Cendant and the Executive. In such
event, until the Executive reaches the age of sixty-five (65) (or such earlier
date on which he is no longer Disabled), Cendant will continue to pay the
Executive sixty percent (60%) of his Base Salary as in effect at the time of
the termination, offset by the amount of any disability payments the Executive
may receive under any long-term disability insurance maintained by
Cendant.  Earned but unpaid Base Salary
and earned but unpaid Incentive Compensation Awards will be paid in a lump sum
at the time of such termination. No Incentive Compensation Award will be deemed
earned within the meaning of this Agreement until the Executive is informed in
writing as to the amount of such compensation the Executive is to be awarded as
to a particular period. If applicable, Cendant will reimburse the Executive for
the relocation of his family and their personal belongings back to the United
States, and will provide such other financial assistance related to such
relocation to the extent provided in the applicable U.S. Expatriate Officer
Relocation Policy (the “Policy”) as well as any other reverse relocation
benefits described in Section VIII.A. below.

 

SECTION VII

DEATH

 

In the event of the death of the Executive during the
Period of Employment, the Period of employment will end and Cendant’s
obligation to make payments under this Agreement will cease as of the date of
death, except for earned but unpaid Base Salary and any earned but unpaid
Incentive Compensation Awards, which will be paid to the Executive’s surviving
spouse, estate or personal representative, as applicable, in a lump sum within
sixty (60) days after the date of the Executive’s death. The Executive’s
designated “beneficiary will be entitled to receive the proceeds of any life or
other insurance or other death benefit programs provided in this Agreement. If
applicable, Cendant will reimburse the Executive’s estate for the relocation of
his family and their personal belongings back to the United States, and will
provide such other financial assistance related to such relocation to the
extent provided in the Policy as well as any other reverse relocation benefits
described in Section VIII.A.

 

SECTION VIII

EFFECT OF TERMINATION OF
EMPLOYMENT

 

A.            Without
Cause Termination and Constructive Discharge. If the Executive’s employment
terminates due to either a Without Cause Termination or a Constructive
Discharge, as defined below, Cendant will pay the Executive (or his surviving
spouse, estate or personal representative, as applicable) upon such Without
Cause Termination or Constructive Discharge (i) a lump sum amount equal to two
hundred and ninety-nine percent (299%) of the sum of Base Salary in effect at
the time of such termination and the target Incentive Compensation Award for
the year in which such termination occurs (which target Incentive Compensation
Award shall in no event be greater than 100% of Base Salary for purposes of
this severance

 

5

 

calculation) and (ii) any
and all earned but unpaid Base Salary and earned but unpaid Incentive
Compensation Awards. If the Executive is residing in the U.K. at such time and
requests a relocation to the United States, Cendant will reimburse the
Executive for moving his family and their personal belongings back to the
United States, and will provide such other financial assistance related to such
move to the extent provided in the Policy (as well as costs incurred in
connection with the storage of the Executive’s personal belongings for up to 12
months, to the extent not covered under the Policy) so long as such move occurs
within 12 months of such termination or, in lieu thereof, at the election of
the Executive (which election will be made by the Executive within 12 months of
such date of termination), the Company shall pay the Executive an aggregate
payment of U.S. $100,000.  In addition,
any medical and dental insurance benefits provided to similarly situated
employees of Cendant EMEA from time to time will be provided to the Executive
for a period of two years at the expense of Cendant (except for expenses
related to the employee portion of premium payments, co-payments, deductibles
and similar charges).  In addition, any
outstanding stock options held by the Executive as of the date of termination
which were granted following March 1, 1999 and which would have otherwise
vested during the two year period immediately following such date (assuming the
Executive remained employed with Cendant during such period) will become vested
and exercisable as of such date of termination, and will remain exercisable
until the first to occur of the third anniversary of such date of termination
and the original expiration date of such option.

 

B.            Termination
for Cause: Resignation. If the Executive’s employment terminates due to a
Termination for Cause or a Resignation, Base Salary and any Incentive
Compensation Awards earned but unpaid as of the date of such termination will
be paid to the Executive in a lump sum within sixty (60) days of such
termination. If the Executive is residing in the U.K. at such time and requests
a relocation to the United States, Cendant will reimburse the Executive for
moving his family and their personal belongings back to the United States, and
will provide such other financial assistance related to such move to the extent
provided in the Policy, so long as such move occurs within 12 months of such
termination. Any outstanding stock options held by the Executive as of the date
of termination will be treated in accordance with their terms. Except as
provided in this paragraph, Cendant will have no further obligations to the
Executive hereunder.

 

C.            For
the purposes of this Agreement, the following terms have the following
meanings:

 

(i)            “Termination
for Cause” means termination of the Executive’s employment by Cendant upon a
good faith determination by the Chief Executive Officer of Cendant, by written
notice to the Executive specifying the event relied upon for such termination,
due to the Executive’s willful misconduct with respect to his duties under this
Agreement (including but not limited to conviction for a felony or perpetration
of a common law fraud) which is not cured (if such is capable of being cured)
within thirty (30) days after written notice thereof to the Executive.

 

(ii)           “Constructive
Discharge” means (i) any material failure of Cendant to

 

6

 

fulfill its obligations
under this Agreement (including without limitation any reduction of the Base
Salary, as the same may be increased during the Period of Employment, or other
aspect of compensation) or (ii) if, during any period while the Executive’s
primary residence and primary business office is located in the London, U.K.
metropolitan area, and either (A) the EMEA Headquarters is relocated to any
location outside of London, U.K. or (B) a Disposition (as defined below)
occurs. The Executive will provide Cendant a written notice which describes the
circumstances being relied on for the termination with respect to this
Agreement within thirty (30) days after the event giving rise to the notice.
Cendant will have thirty (30) days after receipt of such notice to remedy the
situation prior to the termination for Constructive Discharge. For purposes of
this Agreement a “Disposition” has occurred if during any period of time during
which the Executive is employed as Group Managing Director of Cendant EMEA,
there is consummated a transaction (or a series of transactions over a period
of no more than one year) involving the divestiture by Cendant of all or a
portion of Cendant EMEA and, as a direct result of such transaction, the
aggregate revenues for Cendant EMEA are decreased by 50% (which decrease shall
be measured by comparing the net revenues for Cendant EMEA over the four fiscal
calendar quarters of Cendant ending immediately prior to such transaction,
against the aggregate revenues for Cendant EMEA over the same period after
excluding any portion of such revenues attributable to the portions of Cendant
EMEA which are no longer owned by, or attributable to, Cendant) and such
decrease is solely and directly attributable to such transaction(s).

 

(iii)          “Without
Cause Termination” or “Terminated Without Cause” means termination of the
Executive’s employment by Cendant other than due to death, disability, or
Termination for Cause.

 

(iv)          “Resignation”
means a termination of the Executive’s employment by the Executive, other than
in connection with a Constructive Discharge.

 

SECTION IX

OTHER DUTIES OF THE EXECUTIVE

DURING AND AFTER THE
PERIOD OF EMPLOYMENT

 

A.            The
Executive will, with reasonable notice during or after the Period of
Employment, furnish information as may be in his possession and fully cooperate
with Cendant and its affiliates as may be requested in connection with any
claims or legal action in which Cendant or any of its affiliates is or may
become a party.

 

B.            The
Executive recognizes and acknowledges that all information pertaining to this
Agreement or to the affairs; business; results of operations; accounting
methods, practices and procedures; members; acquisition candidates; financial
condition; clients; customers or other relationships of Cendant or any of its
affiliates (“Information”) is confidential and is a unique and valuable asset
of Cendant or any of its affiliates. Access to and knowledge of certain of the
Information is essential to the performance of the Executive’s duties under
this Agreement. The Executive will not during the Period of Employment or
thereafter except to the extent reasonably necessary in performance of his
duties under this Agreement, give to any

 

7

 

person, firm,
association, corporation, or governmental agency any Information, except as may
be required by law. The Executive will not make use of the Information for his
own purposes or for the benefit of any person or organization other than
Cendant or any of its affiliates. The Executive will also use his best efforts
to prevent the disclosure of this Information by others. All records,
memoranda, etc. relating to the business of Cendant or its affiliates, whether
made by the Executive or otherwise coming into his possession, are confidential
and will remain the property of Cendant or its affiliates.

 

C.            (i)            During the Period of Employment and
for a three (3) year period thereafter (the “Restricted Period”), irrespective
of the cause, manner or time of any termination, the Executive will not use his
status with Cendant or any of its affiliates to obtain loans, goods or services
from another organization on terms that would not be available to him in the
absence of his relationship to Cendant or any of its affiliates.

 

(ii)           During
the Restricted Period, the Executive will not make any statements or perform
any acts intended to or which may have the effect of advancing the interest of
any existing or prospective competitors of Cendant or any of its affiliates or
in any way injuring the interests of Cendant or any of its affiliates.  During the Restricted Period, the Executive,
without prior express written approval by the Board, will not engage in;
directly or indirectly (whether for compensation or otherwise) own or hold
proprietary interest in, manage, operate, control, or join or participate in
the ownership, management, operation or control of, or furnish any capital to
or be connected in any manner with, any party which competes in any way or
manner with the business of Cendant or any of its affiliates, as such business
or businesses may be conducted from time to time, either as a general or
limited partner, proprietor, common or preferred shareholder, officer,
director, agent, employee, consultant, trustee, affiliate, or otherwise. The
Executive acknowledges that Cendant’s and its affiliates’ businesses are
conducted nationally and internationally and agrees that the provisions in the
foregoing sentence will operate throughout the United States and the world.

 

(iii)          During
the Restricted Period, the Executive, without express prior written approval
from the Board, will not solicit any members or the then-current clients of
Cendant or any of its affiliates for any existing business of Cendant or any of
its affiliates or discuss with any employee of Cendant or any of its affiliates
information or operation of any business intended to compete with Cendant or
any of its affiliates.

 

(iv)          During
the Restricted Period, the Executive will not meddle with the employees or
affairs of Cendant or any of its affiliates or solicit or induce any person who
is an employee of Cendant or any of its affiliates to terminate any
relationship such person may have with Cendant or any of its affiliates, nor
will the Executive during such period directly or indirectly engage, employ or
compensate, or cause or permit any person with which the Executive may be
affiliated, to engage, employ or compensate, any employee of Cendant or any of
its affiliates.  The Executive hereby
represents and warrants that the Executive has not entered into any agreement,

 

8

 

understanding or
arrangement with any employee of Cendant or any of its affiliates pertaining to
any business in which the Executive has participated or plans to participate,
or to the employment, engagement or compensation of any such employee.

 

(v)           For the purposes of this Agreement, proprietary interest means legal
or equitable ownership, whether through stock holding or otherwise, of an
equity interest in a business, firm or entity or ownership of more than 5% of
any class of equity interest in a publicly-held company and the term
“affiliate” will include without limitation all subsidiaries and licensees of
Cendant.

 

D.            The
Executive hereby acknowledges that damages at law may be an insufficient remedy
to Cendant if the Executive violates the terms of this Agreement and that
Cendant will be entitled, upon making the requisite showing, to preliminary
and/or permanent injunctive relief in any court of competent jurisdiction to
restrain the breach of or otherwise to specifically enforce any of the
covenants contained in this Section IX without the necessity of showing any
actual damage or that monetary damages would not provide an adequate remedy.
Such right to an injunction will be in addition to, and not in limitation of,
any other rights or remedies Cendant may have. Without limiting the generality
of the foregoing, neither party will oppose any motion the other party may make
for any expedited discovery or hearing in connection with any alleged breach of
this Section IX.

 

E.             The period of time
during which the provisions of this Section IX will be in effect will be
extended by the length of time during which the Executive is in breach of the
terms hereof as determined by any court of competent jurisdiction on Cendant’s
application for injunctive relief.

 

F.             The Executive agrees
that he restrictions contained in this Section IX are an essential element of
the compensation the Executive is granted hereunder and but for the Executive’s
agreement to comply with such restrictions, Cendant would not have entered into
this Agreement.

 

SECTION X 

INDEMNIFICATION; LITIGATION

 

A.            Cendant
will indemnify the Executive (including during the Restricted Period) to the
fullest extent permitted by the laws of the state of Cendant’s incorporation in
effect at that time, or the certificate of incorporation and by-laws of
Cendant, whichever affords the greater protection to the Executive. The
Executive will be entitled to any insurance policies Cendant may elect to
maintain generally for the benefit of its officers and directors against all
costs, charges and expenses incurred in connection with any action, suit or
proceeding to which he may be made a party by reason of being an officer of
Cendant.

 

B.            In
the event of any litigation or other proceeding between Cendant and the
Executive with respect to the subject matter of this Agreement, Cendant will
reimburse the Executive for all costs and expenses related to the litigation or

 

9

 

proceedings, including
attorney’s fees and expenses, providing that the litigation or proceeding
results in either settlement requiring Cendant to make a payment to the
Executive or judgment in favor of the Executive.

 

SECTION XI

MITIGATION

 

The Executive will not be required to mitigate the
amount of any payment provided for hereunder by seeking other employment or
otherwise, nor will the amount of any such payment be reduced by any
compensation earned by the Executive as the result of employment by another
employer after the date the Executive’s employment hereunder terminates.

 

SECTION XII

WITHHOLDNG
TAXES

 

Cendant may directly or indirectly withhold from any
payments under this Agreement all federal, state, city or other taxes that will
be required pursuant to any law or governmental regulation.

 

SECTION XIII

EFFECT OF PRIOR AGREEMENTS

 

This Agreement will supersede any prior employment
agreement between Cendant and the Executive hereof (including without
limitation the Employment Agreement between Cendant and the Executive dated
March 1, 1999), and any such prior employment agreement will be deemed
terminated without any remaining obligations of either party thereunder. This
Agreement will not affect or operate to reduce any benefit or compensation
inuring to the Executive of a kind elsewhere provided and not expressly
provided in this Agreement.

 

SECTION XIV 

CONSOLIDATION, MERGER OR SALE OF ASSETS

 

Nothing in this Agreement will preclude Cendant from
consolidating or merging into or with, or transferring all or substantially all
of its assets to, another corporation which assumes this Agreement and all
obligations and undertakings of Cendant hereunder. Upon such a consolidation, merger
or sale of assets the term “Cendant” will mean the other corporation and this
Agreement will continue in full force and effect.

 

SECTION XV 

MODIFICATION

 

This Agreement may not be modified or amended except in
writing signed by the

 

10

 

parties. No term or condition of this Agreement will be
deemed to have been waived except in writing by the party charged with waiver.
A waiver will operate only as to the specific term or condition waived and will
not constitute a waiver for the future or act on anything other than that which
is specifically waived.

 

SECTION XVI 

GOVERNING LAW

 

This Agreement has been executed and delivered in the
State of New York and its validity, interpretation, performance and enforcement
will be governed by the internal laws of that state.

 

SECTION XVII 

ARBITRATION

 

A.            Any
controversy, dispute or claim arising out of or relating to this Agreement or
the breach hereof which cannot be settled by mutual agreement (other than with
respect to the matters covered by Section IX for which Cendant may, but will
not be required to, seek injunctive relief) will be finally settled by binding
arbitration in accordance with the Federal Arbitration Act (or if not
applicable, the applicable state arbitration law) as follows: Any party who is
aggrieved will deliver a notice to the other party setting forth the specific
points in dispute. Any points remaining in dispute twenty (20) days after the
giving of such notice may be submitted to arbitration in New York, New York, to
the American Arbitration Association, before a single arbitrator appointed in
accordance with the arbitration rules of the American Arbitration Association,
modified only as herein expressly provided. 
After the aforesaid twenty (20) days, either party, upon ten (10) days
notice to the other, may so submit the points in dispute to arbitration. The
arbitrator may enter a default decision against any party who fails to
participate in the arbitration proceedings.

 

B.            The
decision of the arbitrator on the points in dispute will be final, unappealable
and binding, and judgment on the award may be entered in any court having
jurisdiction thereof.

 

C.            Except
as otherwise provided in this Agreement, the arbitrator will be authorized to
apportion its fees and expenses and the reasonable attorneys’ fees and expenses
of any such party as the arbitrator deems appropriate. In the absence of any
such apportionment, the fees and expenses of the arbitrator will be borne
equally by each party, and each party will bear the fees and expenses of its
own attorney.

 

D.            The
parties agree that this Section XVII has been included to rapidly and
inexpensively resolve any disputes between them with respect to this Agreement,
and that this Section XVII will be grounds for dismissal of any court action
commenced by either party with respect to this Agreement, other than
post-arbitration actions seeking to enforce an arbitration award. In the event
that any court determines that this arbitration procedure is not binding, or
otherwise allows any litigation regarding a dispute, claim, or controversy
covered by this.  Agreement to proceed,
the

 

11

 

parties hereto hereby
waive any and all right to a trial by jury in or with respect to such
litigation.

 

E.             The
parties will keep confidential, and will not disclose to any person, except as
may be required by law, the existence of any controversy hereunder, the
referral of any such controversy to arbitration or the status or resolution
thereof.

 

SECTION XVIII 

SURVIVAL

 

Sections VIII, IX, X, XI, XII and XVII will continue in
full force in accordance with their respective terms notwithstanding any
termination of the Period of Employment.

 

SECTION XX 

SEPARABILITY

 

All provisions of this Agreement are intended to be severable. In the
event any provision or restriction contained herein is held to be invalid or
unenforceable in any respect, in whole or in part, such finding will in no way
affect the validity or enforceability of any other provision of this Agreement.
The parties hereto further agree that any such invalid or unenforceable
provision will be deemed modified so that it will be enforced to the greatest
extent permissible under law, and to the extent that any court of competent
jurisdiction determines any restriction herein to be unreasonable in any
respect, such court may limit this Agreement to render it reasonable in the
light of the circumstances in which it was entered into and specifically
enforce this Agreement as limited.

 

*****

 

12

 

IN WITNESS WHEREOF, the undersigned have executed this
Agreement as of the date first above written.

 

 

	
   

  	
  CENDANT CORPORATION

  
	
   

  	
   

  
	
   

  	
   /s/ Terry Conley

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Terry Conley

  
	
   

  	
  Title:

  	
  Executive Vice President, Human

  Resources

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   /s/ Scott E. Forbes

  
	
   

  	
   

  
	
   

  	
  SCOTT E. FORBES

  
					

 

13

 

Scott E. Forbes

Amended and Restated Employment Agreement  

Annex A

 

1.               So
long as the Executive remains in the EMEA Position, Cendant will provide the
Executive with two (2) NCP Parking Cards.

 

2.               So
long as the Executive remains in the EMEA Position, Cendant will provide the
Executive unlimited travel between the New York Metropolitan Area and the
London Metropolitan Area; provided that he is eligible for and uses the
IATAN fare basis when possible; and for four (4) business class round trips
(per year) covering the same locations for Executive, his spouse and daughter
if he is not eligible for IATAN benefits; further provided that such
travel does not unduly interfere with the Executive’s job
responsibilities.  In addition, Cendant
will provide the Executive’s spouse and daughter with four (4) business class
round trips (per year) to Florida or New York Metropolitan area.

 

3.               So
long as the Executive remains in the EMEA Position, Cendant will reimburse the
Executive for the cost of leasing an automobile for his personal and business
use (which automobile will be a current model year Range Rover or equivalent
vehicle) and will reimburse the Executive for the cost of basic operation,
maintenance and repair for such automobile; provided, however,
that Cendant may alternatively provide the Executive with an automobile
pursuant to any officer car program of Cendant or Avis.

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