Document:

F. Robert Salerno Employment Agreement

    Exhibit
      10.1

    
 

    EMPLOYMENT
      AGREEMENT

    

    Cendant
      Corporation and F. Robert Salerno (the "Executive") are parties to that certain
      Employment Agreement effective as of August 1, 2003 (the “Prior
      Agreement”).

    

    WHEREAS,
      Cendant Corporation (which has been
      renamed
      Avis
      Budget Group, Inc. (the
      “Company”) and the Executive agree to amend, restate and extend the Prior
      Agreement as set forth herein (this “Agreement”); and

    

    WHEREAS,
      the Company desires to employ the Executive as a full-time employee of the
      Company and the Executive desires to serve the Company 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

    EFFECTIVENESS

    

    This
      Agreement shall become effective as of May 31, 2006
      (the
“Effective Date”). Upon the Effective Date, (i) the Prior Agreement shall
      terminate and be of no further force or effect and (ii) this Agreement shall
      become effective. 

    

    SECTION
      II

    EMPLOYMENT;
      POSITION AND RESPONSIBILITIES

    

    The
      Company agrees to employ the Executive, and the Executive agrees to be employed
      by the Company, for the Period of Employment as provided in Section III below
      and upon the terms and conditions provided in this Agreement. During the Period
      of Employment, the Executive shall serve as the President and Chief Operating
      Officer of the Company. During the Period of Employment, the Executive shall
      report to, and be subject to the direction of the Chief Executive Officer of
      the
      Company (the "Supervising Officer"). The Executive shall perform such duties
      and
      exercise such supervision with regard to the business of the Company as are
      associated with his position, as well as such additional duties as may be
      prescribed from time to time by the Supervising Officer. The Executive shall,
      during the Period of Employment, devote substantially all of his time and
      attention during normal business hours to the performance of services for the
      Company. The Executive shall maintain a primary office and conduct his business
      in Parsippany, New Jersey (the “Business Office”), except for normal and
      reasonable business travel in connection with his duties hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      addition, effective upon the Effective Date, the Executive shall serve as a
      member of the Company's Board of Directors (the "Board"); provided,
      however,
      that
      the Executive’s continued service as a member of the Board shall at all times
      remain subject to any and all nomination and election procedures in accordance
      with the Company’s by-laws. 

    

    SECTION
      III

    PERIOD
      OF EMPLOYMENT

    

    The
      period of the Executive's employment under this Agreement (the "Period of
      Employment") shall begin on the Effective Date and shall end on the third
      anniversary of the Effective Date (the “Term”), subject to earlier termination
      as provided in this Agreement. Effective upon the expiration of the Term,
      Executive’s employment hereunder shall be deemed to be automatically extended
      thereafter, upon the same terms and conditions, for an additional period of
      one
      year (the “Additional
      Term”)
      commencing upon the expiration of the Term unless either party shall have given
      written notice to the other, at least six (6) months prior to the expiration
      of
      the Term (or, if applicable, the Additional Term) of its intention not to extend
      the Period of Employment Period hereunder; provided
      that any
      such notice of non-extension delivered by the Company to Executive shall be
      deemed to constitute a Constructive Discharge (as defined below) of the
      Executive. 

     

    SECTION
      IV

    COMPENSATION
      AND BENEFITS

    

    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 the Company or any subsidiary or affiliate of the Company, the
      Executive shall be compensated as follows:

    

    (a) Base
      Salary

     

    The
      Company shall initially pay the Executive a fixed base salary ("Base Salary")
      of
      not less than seven hundred thousand dollars ($700,000), per annum, and
      thereafter the Executive shall be eligible to receive annual increases as the
      Board deems appropriate, in accordance with the Company’s customary procedures
      regarding salaries of senior officers. Base Salary shall be payable according
      to
      the customary payroll practices of the Company, but in no event less frequently
      than once each month.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Annual
      Incentive Awards

    

    The
      Executive shall be eligible to earn a target Annual Bonus for each fiscal year
      of the Company ending during the Employment Period (each, an "Annual Bonus")
      equal to 100% of the Executive’s Base Salary for such fiscal year, if the
      Company achieves the target performance goals established by the Compensation
      Committee (the "Committee") for such fiscal year The Committee may establish
      such metrics whereby the Executive may earn an Annual Bonus in excess of the
      target Annual Bonus or an Annual Bonus less than the target Annual Bonus.

    

    Any
      Annual Bonus that becomes payable to the Executive pursuant to this Section
      shall be paid to the Executive as soon as reasonably practicable following
      receipt by the Board of the audited consolidated financial statements of the
      Company for the relevant fiscal year, but in no event later than two and a
      half
      (2 1⁄2) months following the end of the applicable fiscal year in which such
      Annual Bonus was earned. The Executive shall be entitled to receive any Annual
      Bonus that becomes payable in a lump sum cash payment, or, at his election,
      in
      any form that the Board generally makes available to the Company’s executive
      management team; provided that any such election is made by the Executive in
      compliance with Section 409A of the Internal Revenue Code of 1986, as amended
      (the "Code") and the regulations promulgated thereunder.

    

    (c) Long-Term
      Incentive Awards

    

    The
      parties hereby acknowledge that (i) the Executive has been awarded a long-term
      incentive equity award with a grant date value equal to three million dollars
      ($3,000,000) (the "Initial Grant") and (ii) the Initial Grant shall be subject
      to such terms and conditions, including relating to vesting conditions, as
      determined by the Committee (but subject to accelerated vesting in accordance
      with Section VIII below). During the Employment Period, the Executive shall
      be
      eligible for long term incentive awards as determined by the Committee in its
      discretion. 

    

    (d) Additional
      Benefits

    

    The
      Executive shall be entitled to participate in all other compensation and
      employee benefit plans or programs and receive all benefits and perquisites
      for
      which salaried employees of the Company generally are eligible under any plan
      or
      program now in effect, or later established by the Company, on a basis no less
      favorable than as provided to any other similarly situated executive of the
      Company. The Executive shall participate to the extent permissible under the
      terms and provisions of such plans or programs, and in accordance with the
      terms
      of such plans and program.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      V

    BUSINESS
      EXPENSES

    

    The
      Company shall 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 shall comply with
      such limitations and reporting requirements with respect to expenses as may
      be
      established by the Company from time to time and shall promptly provide all
      appropriate and requested documentation in connection with such expenses.
      Further, the Executive will receive access to Company aircraft or alternative
      air transportation, subject to applicable Company policies.

    

    SECTION
      VI

    DEATH
      AND DISABILITY

    

     The
      Period of Employment shall end upon the Executive's death. 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 the Company, or at the option of the Company upon notice of
      termination to the Executive. For purposes of this Agreement, "Disability"
      shall
      have the meaning set forth in Section 409A ("Code Section 409A") of the Internal
      Revenue Code of 1986, as amended, and the rules and regulations promulgated
      thereunder. The Company's obligation to make payments to the Executive under
      this Agreement shall cease as of such date of termination, except for Base
      Salary and any Annual Bonus earned but unpaid as of the date of such
      termination, and, in such event (a) each of the Executive’s then outstanding
      options to purchase shares of Cendant Corporation common stock (including
      options to purchase shares of Realogy common stock and Wyndham Worldwide
      Corporation common stock (and their successors) resulting from the adjustment
      to
      Cendant Corporation options in connection with the Company’s distributions of
      all of the shares of common stock of Realogy Corporation and Wyndham Worldwide
      Corporation (the "Adjusted Options")) shall become immediately and fully vested
      and exercisable (to the extent not already vested) and, shall remain exercisable
      during the extended post-termination exercise period set forth in the Prior
      Agreement, (b) subject to the proviso set forth below, each option to purchase
      shares of the Company common stock or stock appreciation right granted on or
      after July 28th
      2006,
      (excluding any Adjusted Option to acquire the Company common stock) shall become
      immediately and fully vested and exercisable (to the extent not already vested)
      and, notwithstanding any term or provision relating to such option to the
      contrary, shall remain exercisable until the first to occur of the third
      (3rd
      )
      anniversary of the Executive’s termination of employment and the original
      expiration date of such option or stock appreciation rights, and (c) subject
      to
      the proviso set forth below, all other long-term equity awards then outstanding
      shall become immediately vested; provided that,
      for
      purposes of the preceding sentence, with respect to any 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    awards
      that vest pursuant to performance criteria measured over a multi-year period,
      with no interim vesting dates, such awards will instead be viewed as awards
      which vest in equal pro rata installments on each respective anniversary of
      the
      grant date, and accordingly, upon such termination event, such award will become
      vested with respect to shares which would otherwise vested prior to such
      termination date and within one year following such termination date;
provided,
      however,
      that
      the vesting of such awards shall not occur unless and until the Company
      determines that all applicable performance goals have been attained (and the
      Executive will receive such vesting at the same time, and on the same basis,
      as
      other executive officers who are subject to the same performance goals). Upon
      the Executive's termination due to death or Disability, the Executive and each
      person who is his covered dependent at such time under the Company sponsored
      health and dental plan shall remain eligible to continue to participate in
      such
      plans (as they may be modified from time to time with respect to all senior
      executive officers), or such other plans subsequently made available to senior
      executive officers of the Company or any successor Company until the
      2nd
      anniversary of such termination of employment (such benefits, the "Continuation
      of Health Benefits"). The executive does retain the right to participate in
      the
      Avis, Inc. Retiree Health Care Plan per the 1992 Avis Board of Director’s
      resolution.

    

    SECTION
      VII

    EFFECT
      OF TERMINATION OF EMPLOYMENT

    

    (a) Without
      Cause Termination and Constructive Discharge.
      If the
      Executive's employment terminates during the Period of Employment due to (i)
      a
      Without Cause Termination, (ii) a Constructive Discharge (each as defined below)
      or (iii) the Company providing the Executive notification under Section III
      of
      this Agreement that it is not extending the Agreement for an Additional Term:
      (i) the Company shall pay the Executive (or his surviving spouse, estate or
      personal representative, as applicable), in accordance with paragraph (d) below,
      an amount equal to 299% multiplied by the sum of (A) the Executive’s then
      current Base Salary, plus (B) the Executive’s then current target Annual Bonus;
      (ii) each of the Executive’s then outstanding Adjusted Options shall become
      immediately and fully vested and exercisable (to the extent not already vested)
      and in accordance with the terms and conditions applicable to such options
      set
      forth in the Prior Agreement and shall remain exercisable for the extended
      post-termination exercise period set forth in the Prior Agreement, (iii) subject
      to proviso set forth in clause (iv) below, each option to purchase shares of
      the
      Company common stock or stock appreciation right granted on or after the July
      28th
      2006
      (excluding any Adjusted Option to acquire the Company common stock) shall become
      immediately and fully vested and exercisable (to the extent not already vested)
      and, notwithstanding any term or provision thereof to the contrary, shall remain
      exercisable until the first to occur of the third (3rd
      )
      anniversary of the Executive’s termination of employment and the original
      expiration date of such option or stock appreciation right, and (iv) all other
      long-term equity awards 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (including,
      without limitation, the restricted stock units) shall become immediately vested;
      provided that,
      for
      purposes of the preceding sentence, with respect to any awards that vest
      pursuant to performance criteria measured over a multi-year period, with no
      interim vesting dates, such awards will instead be viewed as awards which vest
      in equal pro rata installments on each respective anniversary of the grant
      date,
      and accordingly, upon such termination event, such award will become vested
      with
      respect to shares which would otherwise vested prior to such termination date
      and within one year following such termination date; provided,
      however,
      that
      the vesting of such awards shall not occur unless and until the Company
      determines that all applicable performance goals have been attained (and the
      Executive will receive such vesting at the same time, and on the same basis,
      as
      other executive officers who are subject to the same performance goals). Upon
      such termination, the Executive shall also be entitled to the Continuation
      of
      Health Benefits and also be entitled to the Avis, Inc. Retiree Health Care
      Plan
      per the 1992 Avis Board of Director’s resolution.

    

    (b) Termination
      for Cause; Resignation.
      If the
      Executive's employment terminates due to a Termination for Cause or a
      Resignation, Base Salary and any Annual Bonus earned but unpaid as of the date
      of such termination shall be paid to the Executive in accordance with paragraph
      (d) below. Outstanding stock options and other equity awards held by the
      Executive as of the date of termination shall be treated in accordance with
      their terms. Except as provided in this paragraph, the Company shall 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 (a) the Executive’s willful failure to substantially perform
      his duties as an employee of the Company or any subsidiary (other than any
      such
      failure resulting from incapacity due to physical or mental illness), (b) any
      act of fraud, misappropriation, dishonesty, embezzlement or similar conduct
      against the Company or any subsidiary, (c) 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), (d) the
      Executive’s gross negligence in the performance of his duties or (e) the
      Executive purposefully or negligently makes (or has been found to have made)
      a
      false certification to the Company pertaining to its financial
      statements.

    

    ii. "Constructive
      Discharge" means (a) any material failure of the Company 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 element of compensation) or any material diminution to the Executive’s
      duties and responsibilities relating to service as an executive officer,
      including if the
      Executive was immediately prior to a Corporate Transaction an 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    executive
      officer of a public company, the Executive ceasing to be an executive officer
      of
      a public company, (b) the Business Office is relocated to any location which
      is
      more than 30 miles from the city limits of Parsippany, New Jersey, (c) after
      the
      occurrence of a Corporate Transaction, the Executive's failure to become the
      Chief Executive Officer of the Company, or if the Company is then a subsidiary,
      the Chief Executive Officer of the ultimate parent of the Company or (d) the
      Executive is not nominated to be a member of the Board. The Executive shall
      provide the Company a written notice of his intention to resign within 60 days
      after the Executive knows or has reason to know of the occurrence of any such
      event which notice describes the circumstances being relied on for the
      termination with respect to this Agreement. With respect to clauses (a) and
      (b)
      of this paragraph, the Company shall have ten (10) days after receipt of such
      notice to remedy the event prior to the termination for Constructive Discharge
      and, upon the timely remedy of such event, such event shall no longer constitute
      a basis for Constructive Discharge. 

    

    iii. "Without
      Cause Termination" or “Terminated Without Cause” means termination of the
      Executive's employment by the Company 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.

    

    v. “Corporate
      Transaction” means either:

    

    (a)
      any
      "person," as such term is used in Sections 13(d) and 14(d) of the Securities
      and
      Exchange Act, as amended (the “Exchange Act”) (other than (A) the Company, (B)
      any trustee or other fiduciary holding securities under an employee benefit
      plan
      of the Company, and (C) any corporation owned, directly or indirectly, by the
      stockholders of the Company in substantially the same proportions as their
      ownership of Company common stock), is or becomes the "beneficial owner" (as
      defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
      securities of the Company representing 50% or more of the combined voting power
      of the Company's then outstanding voting securities (excluding any person who
      becomes such a beneficial owner in connection with a transaction immediately
      following which the individuals who comprise the Board immediately prior thereto
      constitute at least a majority of the Board of the entity surviving such
      transaction or, if the Company or the entity surviving the transaction is then
      a
      subsidiary, the ultimate parent thereof); or

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)
      the
      following individuals cease for any reason to constitute a majority of the
      number of directors then serving: individuals who, on the Effective Date,
      constitute the Board and any new director (other than a director whose initial
      assumption of office is in connection with an actual or threatened election
      contest, including but not limited to a consent solicitation, relating to the
      election of directors of the Company) whose appointment or election by the
      Board
      or nomination for election by the Company's stockholders was approved or
      recommended by a vote of at least one-half (1/2) of the directors then still
      in
      office who either were directors on the Effective Date or whose appointment,
      election or nomination for election was previously so approved or
      recommended.

     

    (d) Conditions
      to Payment and Acceleration.
      All
      payments due to the Executive under this Section VII shall be made as soon
      as
      practicable, but in no event earlier than the date permitted under Section
      409A
      of the Code, to the extent such payment is subject to Section 409A of the Code;
      provided,
      however,
      that
      such payments shall be subject to, and contingent upon, the execution by the
      Executive (or his beneficiary or estate) of a release of claims against the
      Company and its affiliates in such reasonable form determined by the Company
      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 the Company or its
      affiliates.

    

    SECTION
      VIII

    OTHER
      DUTIES OF THE EXECUTIVE

    DURING
      AND AFTER THE PERIOD OF EMPLOYMENT

    

    (a) The
      Executive shall, with reasonable notice during or after the Period of
      Employment, furnish information as may be in his possession and fully cooperate
      with the Company and its affiliates as may be requested in connection with
      any
      claims or legal action in which the Company or any of its affiliates is or
      may
      become a party. After the Period of Employment, the Executive shall cooperate
      as
      reasonably requested with the Company and its affiliates in connection with
      any
      claims or legal actions in which the Company or any of its affiliates is or
      may
      become a party. The Company agrees to reimburse the Executive for any reasonable
      out-of-pocket expenses incurred by Executive by reason of such cooperation,
      including any loss of salary, and the Company shall make reasonable efforts
      to
      minimize interruption of the Executive’s life in connection with his cooperation
      in such matters as provided for in this paragraph.

    

    (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 the Company
      or
      any of its affiliates ("Information") is confidential and is a unique and
      valuable asset of the Company 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 shall 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 shall not make use of the Information for
      his
      own purposes or for the benefit of any person or organization other than the
      Company or any of its affiliates. The Executive shall also use his best efforts
      to prevent the disclosure of this Information by others. All records, memoranda,
      etc. relating to the business of the Company or its affiliates, whether made
      by
      the Executive or otherwise coming into his possession, are confidential and
      shall remain the property of the Company or its affiliates.

    

    (c) (i) During
      the Period of Employment and for a two (2) year period following any termination
      of employment (the "Restricted Period"), the Executive shall not use his status
      with the Company 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 the Company or any of its
      affiliates.

    

    (ii) During
      the Restricted Period, the Executive shall not make any statements or perform
      any acts intended to have the effect of advancing the interest of any existing
      competitors (or any entity the Executive knows to be a prospective competitor)
      of the Company or any of its affiliates or in any way injuring the interests
      of
      the Company or any of its affiliates. During the Restricted Period, the
      Executive, without prior express written approval by the Board, shall 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 the Company 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 the Company's and its affiliates'
      businesses are conducted nationally and internationally and agrees that the
      provisions in the foregoing sentence shall operate throughout the United States
      and those countries in the world where the Company then conducts business or
      has
      a plan to conduct business.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

    

    (iv) During
      the Restricted Period, the Executive shall not interfere with the employees
      or
      affairs of the Company or any of its affiliates or solicit or induce any person
      who is an employee of the Company or any of its affiliates to terminate any
      relationship such person may have with the Company or any of its affiliates,
      nor
      shall 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 the Company 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 the Company 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" shall include
      without limitation all subsidiaries and licensees of the Company.

    

    (d) The
      Executive hereby acknowledges that damages at law may be an insufficient remedy
      to the Company if the Executive violates the terms of this Agreement and that
      the Company shall 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 VIII without the necessity of showing any actual
      damage or that monetary damages would not provide an adequate remedy. Such
      right
      to an injunction shall be in addition to, and not in limitation of, any other
      rights or remedies the Company may have. Without limiting the generality of
      the
      foregoing, neither party shall 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 shall be in
      effect shall 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 the Company'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, the Company
      would not have entered into this Agreement.

     

    SECTION
      IX

    INDEMNIFICATION

    

    The
      Company shall indemnify the Executive to the fullest extent permitted by the
      laws of the state of the Company's incorporation in effect at that time, or
      the
      certificate of incorporation and by-laws of the Company, whichever affords
      the
      greater protection to the Executive (including payment of expenses in advance
      of
      final disposition of a proceeding).

    

    SECTION
      X

    CERTAIN
      TAXES

    

    Anything
      in this Agreement or in any other plan, program or agreement to the contrary
      notwithstanding and except as set forth below, in the event that (i) the
      Executive becomes entitled to any benefits or payments under Section VII hereof
      and (ii) it shall be determined that any payment or distribution by the Company
      to or for the benefit of the Executive (whether paid or payable or distributed
      or distributable pursuant to the terms of this Agreement or otherwise, but
      determined without regard to any additional payments required under this Section
      X) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of
      the Internal Revenue Code of 1986, as amended, or any interest or penalties
      are
      incurred by the Executive with respect to such excise tax (such excise tax,
      together with any such interest and penalties, hereinafter collectively referred
      to as the “Excise Tax”), then the Executive shall be entitled to receive an
      additional payment (a “Gross-Up Payment”) in an amount such that after payment
      by the Executive of all taxes (including any interest or penalties imposed
      with
      respect to such taxes), including, without limitation, any income taxes (and
      any
      interest and penalties imposed with respect thereto) and Excise Tax imposed
      upon
      the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment
      equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing
      provisions of this Section X, if it shall be determined that the Executive
      is
      entitled to a Gross-Up Payment, but that the Payments do not exceed 110% of
      the
      greatest amount (the “Reduced Amount”) that could be paid to the Executive such
      that the receipt of Payments would not give rise to any Excise Tax, then no
      Gross-Up Payment shall be made to the Executive and the Payments, in the
      aggregate, shall be reduced to the Reduced Amount, provided, however, that
      the
      payments or benefits to be eliminated in effecting such reduction shall be
      agreed upon between the Company and the Executive. All determinations required
      to be made under this Section X, including whether and when a Gross-Up Payment
      is required and the amount of such Gross-Up Payment and the assumptions to
      be
      utilized in arriving at 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    such
      determination, shall be made by Deloitte & Touche LLP or such other
      certified public accounting firm as may be designated by the
      Company.

    

    SECTION
      XI

    MITIGATION

    

    The
      Executive shall not be required to mitigate the amount of any payment provided
      for hereunder by seeking other employment or otherwise, nor shall 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

    WITHHOLDING
      TAXES

    

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

    

    SECTION
      XIII

    EFFECT
      OF PRIOR AGREEMENTS

    

    This
      Agreement shall supersede any prior agreements between the Company and the
      Executive (including but not limited to the Prior Agreement) hereof, and any
      such prior agreement shall be deemed terminated without any remaining
      obligations of either party thereunder.

    

    SECTION
      XIV

    CONSOLIDATION,
      MERGER OR SALE OF ASSETS

    

    Nothing
      in this Agreement shall preclude the Company 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
      the Company hereunder. If (i)
      there
      is a merger, consolidation or other business combination involving the Company,
      or (ii) all or substantially all of the voting stock of the Company is held
      by
      another public company, the term "the Company" shall mean the successor to
      the
      Company’s business or assets referred to in (i) above or such public company
      referred to in (ii) above, and this Agreement shall continue in full force
      and
      effect. Notwithstanding the foregoing, the Company shall require any successor
      thereto, by agreement in form and substance reasonably satisfactory to the
      Executive to expressly assume and agree to perform this Agreement in the same
      manner and to the same extent that the Company would be required to

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    perform
      it if no such succession had taken place. Failure of the Company to obtain
      such
      agreement prior to the effectiveness of any such succession shall be a breach
      of
      the Agreement and shall entitle the Executive to compensation from the Company
      in the same amount and on the same terms as Executive would be entitled
      hereunder if the Company had terminated Executive’s employment Without Cause as
      described herein, except that for purposes of implementing the foregoing, the
      date on which any such succession becomes effective shall be deemed the date
      of
      termination.

    

    SECTION
      XV

    MODIFICATION

    

    This
      Agreement may not be modified or amended except in writing signed by the
      parties. No term or condition of this Agreement shall be deemed to have been
      waived except in writing by the party charged with waiver. A waiver shall
      operate only as to the specific term or condition waived and shall 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 Jersey and its
      validity, interpretation, performance and enforcement shall 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 VIII for which the Company may, but
      shall not be required to, seek injunctive relief) shall 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 shall 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 shall 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 shall 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 shall be borne
      equally by each party, and each party shall 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 shall 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 shall keep confidential, and shall 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 XIII shall continue in full force in accordance with
      their respective terms notwithstanding any termination of the Period of
      Employment.

    

    SECTION
      XIX

    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 shall 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 shall
      be
      deemed modified so that it shall 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
      Effective Date.

    

    
      	 	 	 	 	 	
              AVIS
                BUDGET GROUP, INC.

            

    

     

     

     

    
      /s/
        Mark Servodidio              

                                  By: 
Mark
        Servodidio

    

                                Title: 
      Executive Vice President, Human Resources

     

     

                            F.
      ROBERT SALERNO

     

    

    /s/
      F.
      Robert SalernoDavid B. Wyshner Employment Agreement

    Exhibit
      10.2

      EMPLOYMENT
        AGREEMENT

      

      WHEREAS,
        Avis Budget Group, Inc. (the “Company”) and David B. Wyshner (the "Executive")
        desire to enter into an agreement on the terms as set forth herein (this
        “Agreement”); and

      

      WHEREAS,
        the Company desires to employ the Executive as a full-time employee of the
        Company and the Executive desires to serve the Company 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

      EFFECTIVENESS

      

      This
        Agreement shall become effective as of August 31, 2006 (the “Effective
        Date”).

      

      SECTION
        II

      EMPLOYMENT;
        POSITION AND RESPONSIBILITIES

      

      The
        Company agrees to employ the Executive, and the Executive agrees to be employed
        by the Company, for the Period of Employment as provided in Section III below
        and upon the terms and conditions provided in this Agreement. During the
        Period
        of Employment, the Executive shall serve as the Executive Vice President
        and
        Chief Financial Officer of the Company. During the Period of Employment,
        the
        Executive shall report to, and be subject to the direction of, the Chief
        Executive Officer of the Company (the "Supervising Officer"). The Executive
        shall perform such duties and exercise such supervision with regard to the
        business of the Company as are associated with his position, as well as such
        additional duties as may be prescribed from time to time by the Supervising
        Officer. The Executive shall, during the Period of Employment, devote
        substantially all of his time and attention during normal business hours
        to the
        performance of services for the Company. The Executive shall maintain a primary
        office and conduct his business in Parsippany, New Jersey (the “Business
        Office”), except for normal and reasonable business travel in connection with
        his duties hereunder.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

       

      SECTION
        III

      PERIOD
        OF EMPLOYMENT

      

      The
        period of the Executive's employment under this Agreement (the "Period of
        Employment") shall begin on the Effective Date and shall end on the third
        anniversary of the Effective Date (the “Term”), subject to earlier termination
        as provided in this Agreement. Effective upon the expiration of the Term,
        Executive’s employment hereunder shall be deemed to be automatically extended
        thereafter, upon the same terms and conditions, for additional periods of
        one
        year (the “Additional
        Term”)
        commencing upon the expiration of the Term unless either party shall have
        given
        written notice to the other, at least six (6) months prior to the expiration
        of
        the Term (or, if applicable, the Additional Term) of its intention not to
        extend
        the Period of Employment Period hereunder; provided
        that any
        such notice of non-extension delivered by the Company to Executive shall
        be
        deemed to constitute a Constructive Discharge (as defined below) of the
        Executive. 

       

      SECTION
        IV

      COMPENSATION
        AND BENEFITS

      

      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 the Company or any subsidiary or affiliate of the Company, the
        Executive shall be compensated as follows:

      

      (a) Base
        Salary

       

      The
        Company shall initially pay the Executive a fixed base salary ("Base Salary")
        of
        not less than five hundred twenty-five thousand ($525,000), per annum, and
        thereafter the Executive shall be eligible to receive annual increases as
        the
        Company deems appropriate, in accordance with the Company’s customary procedures
        regarding salaries of senior officers. Base Salary shall be payable according
        to
        the customary payroll practices of the Company, but in no event less frequently
        than once each month.

      

      (b) Annual
        Incentive Awards

      

      The
        Executive shall be eligible to earn a target Annual Bonus for each fiscal
        year
        of the Company ending during the Employment Period (each, an "Annual Bonus")
        equal to 100% of the Executive’s Base Salary for such fiscal year, if the
        Company achieves the target performance goals established by the Compensation
        Committee (the "Committee") for such fiscal year. The Committee may establish
        such metrics whereby the Executive may earn an Annual Bonus in excess of
        the
        target Annual Bonus or an Annual Bonus less than the target Annual Bonus.
        

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Any
        Annual Bonus that becomes payable to the Executive pursuant to this Section
        shall be paid to the Executive as soon as reasonably practicable following
        receipt by the Board of the audited consolidated financial statements of
        the
        Company for the relevant fiscal year, but in no event later than two and
        a half
        (2 1⁄2) months following the end of the applicable fiscal year in which such
        Annual Bonus was earned. The Executive shall be entitled to receive any Annual
        Bonus that becomes payable in a lump sum cash payment, or, at his election,
        in
        any form that the Board generally makes available to the Company’s executive
        management team; provided that any such election is made by the Executive
        in
        compliance with Section 409A of the Internal Revenue Code of 1986, as amended
        (the "Code") and the regulations promulgated thereunder.

      

      (c) Long-Term
        Incentive Awards

      

      The
        parties hereby acknowledge that (i) the Executive has been awarded a long-term
        incentive equity award with a grant date value equal to two million dollars
        ($2,000,000) (the
        "Initial Grant") and (ii) the Initial Grant shall be subject to such terms
        and
        conditions, including relating to vesting conditions, as determined by the
        Committee (but subject to accelerated vesting in accordance with Section
        VIII
        below). During the Employment Period, the Executive shall be eligible for
        long
        term incentive awards as determined by the Committee in its discretion.

      

      (d) Additional
        Benefits

      

      The
        Executive shall be entitled to participate in all other compensation and
        employee benefit plans or programs and receive all benefits and perquisites
        for
        which salaried employees of the Company generally are eligible under any
        plan or
        program now in effect, or later established by the Company, on a basis no
        less
        favorable than as provided to any other similarly situated executive of the
        Company. The Executive shall participate to the extent permissible under
        the
        terms and provisions of such plans or programs, and in accordance with the
        terms
        of such plans and programs.

       

      SECTION
        V

      BUSINESS
        EXPENSES

      

      The
        Company shall 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 shall comply with
        such limitations and reporting requirements with respect to expenses as may
        be
        established by the Company from time to time and shall promptly provide all
        appropriate and requested documentation in connection with such expenses.
        Further, 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      the
        Executive will receive access to Company aircraft or alternative air
        transportation, subject to applicable Company policies.

      

      SECTION
        VI

      DEATH
        AND DISABILITY

      

       The
        Period of Employment shall end upon the Executive's death. 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 the Company, or at the option of the Company upon notice of
        termination to the Executive. For purposes of this Agreement, "Disability"
        shall
        have the meaning set forth in Section 409A ("Code Section 409A") of the Internal
        Revenue Code of 1986, as amended, and the rules and regulations promulgated
        thereunder. The Company's obligation to make payments to the Executive under
        this Agreement shall cease as of such date of termination, except for Base
        Salary and any Annual Bonus earned but unpaid as of the date of such
        termination, and, in such event (a) each of the Executive’s then outstanding
        options to purchase shares of Cendant Corporation common stock (including
        options to purchase shares of Realogy common stock and Wyndham Worldwide
        Corporation common stock (and
        their successors)
        resulting from the adjustment to Cendant Corporation options in connection
        with
        the Company’s distributions of all of the shares of common stock of Realogy
        Corporation and Wyndham Worldwide Corporation) (the "Adjusted Options") shall
        become immediately and fully vested and exercisable (to the extent not already
        vested) and, shall remain exercisable during the extended post-termination
        exercise period set forth in the agreements evidencing the terms and conditions
        of such awards, (b) subject to the proviso set forth below, each option to
        purchase shares of the Company common stock or stock appreciation right granted
        on or after July 28, 2006, (excluding any Adjusted Option to acquire the
        Company
        common stock) shall become immediately and fully vested and exercisable (to
        the
        extent not already vested) and, notwithstanding any term or provision relating
        to such option to the contrary, shall remain exercisable until the first
        to
        occur of the third (3rd
        )
        anniversary of the Executive’s termination of employment and the original
        expiration date of such option or stock appreciation rights, and (c) subject
        to
        the proviso set forth below, all other long-term equity awards then outstanding
        shall become immediately vested; provided that,
        for
        purposes of the preceding sentence, with respect to any awards that vest
        pursuant to performance criteria measured over a multi-year period, with
        no
        interim vesting dates, such awards will instead be viewed as awards which
        vest
        in equal pro rata installments on each respective anniversary of the grant
        date,
        and accordingly, upon such termination event, such award will become vested
        with
        respect to shares which would otherwise have vested prior to such termination
        date and within one year following such termination date; provided,
        however,
        that
        the vesting of such awards i.e.,
        that did not vest pursuant to the operation of the prior provison
        shall
        not occur unless and until the Company determines that all applicable
        performance goals have 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      been
        attained (and the Executive will receive such vesting at the same time, and
        on
        the same basis, as other executive officers who are subject to the same
        performance goals). Upon the Executive's termination due to death or Disability,
        the Executive and each person who is his covered dependent at such time under
        the Company sponsored health and dental plan shall remain eligible to continue
        to participate in such plans (as they may be modified from time to time with
        respect to all senior executive officers), or such other plans subsequently
        made
        available to senior executive officers of the Company or any successor Company
        until the 2nd
        anniversary of such termination of employment (such benefits, the "Continuation
        of Health Benefits").

      

      SECTION
        VII

      EFFECT
        OF TERMINATION OF EMPLOYMENT

      

      (a) Without
        Cause Termination and Constructive Discharge.
        If the
        Executive's employment terminates during the Period of Employment due to
        (i) a
        Without Cause Termination, (ii) a Constructive Discharge (each as defined
        below)
        or (iii) the Company providing the Executive notification under Section III
        of
        this Agreement that it is not extending the Agreement for an Additional Term:
        (i) the Company shall pay the Executive (or his surviving spouse, estate
        or
        personal representative, as applicable), in accordance with paragraph (d)
        below,
        an amount equal to 299% multiplied by the sum of (A) the Executive’s then
        current Base Salary, plus (B) the Executive’s then current target Annual Bonus;
        (ii) each of the Executive’s then outstanding Adjusted Options shall become
        immediately and fully vested and exercisable (to the extent not already vested)
        and in accordance with the terms and conditions applicable to such options
        set
        forth in the agreements evidencing the terms and conditions of such awards,
        and
        shall remain exercisable for the extended post-termination exercise period
        set
        forth in the agreements evidencing the terms and conditions of such awards;
        (iii)
        each
        option to purchase shares of the Company common stock or stock appreciation
        right granted on or after the July 28, 2006
        (excluding any Adjusted Option to acquire the Company common stock) shall
        become
        immediately and fully vested and exercisable (to the extent not already vested)
        and, notwithstanding any term or provision thereof to the contrary, shall
        remain
        exercisable until the first to occur of the third (3rd
        )
        anniversary of the Executive’s termination of employment and the original
        expiration date of such option or stock appreciation right, and (iv) all
        other
        long-term equity awards (including, without limitation, restricted stock
        units,
        but excluding the award of performance based restricted stock units granted
        to
        the Executive on August 1, 2006, which award shall be governed by the terms
        and
        conditions evidencing such award) shall become immediately vested. Upon such
        termination, the Executive shall also be entitled to the Continuation of
        Health
        Benefits.

      

      (b) Termination
        for Cause; Resignation.
        If the
        Executive's employment terminates due to a Termination for Cause or a
        Resignation, Base Salary and any 

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Annual
        Bonus earned but unpaid as of the date of such termination shall be paid
        to the
        Executive in accordance with paragraph (d) below. Outstanding stock options
        and
        other equity awards held by the Executive as of the date of termination shall
        be
        treated in accordance with their terms. Except as provided in this paragraph,
        the Company shall 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 (a) the Executive’s willful failure to substantially perform
        his duties as an employee of the Company or any subsidiary (other than any
        such
        failure resulting from incapacity due to physical or mental illness), (b)
        any
        act of fraud, misappropriation, dishonesty, embezzlement or similar conduct
        against the Company or any subsidiary, (c) 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), (d) the
        Executive’s gross negligence in the performance of his duties or (e) the
        Executive purposefully or negligently makes (or has been found to have made)
        a
        false certification to the Company pertaining to its financial
        statements.

          

       ii. "Constructive
        Discharge" means (a) any material failure of the Company 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 element of compensation) or any material diminution to the Executive’s
        duties and responsibilities relating to service as an executive officer,
        including the
        Executive ceasing to be an executive officer of a public company, (b) the
        Business Office is relocated to any location which is more than 30 miles
        from
        the city limits of Parsippany, New Jersey, or (c) during the Period of
        Employment, the Executive is not the
        most
        senior financial officer of the Company
        or (d)
        the occurance of a Corporate Transaction as defined below.
        The
        Executive shall provide the Company a written notice of his intention to
        resign
        within 60 days after the Executive knows or has reason to know of the occurrence
        of any such event which notice describes the circumstances being relied on
        for
        the termination with respect to this Agreement. With respect to clauses (a)
        and
        (b) of this paragraph, the Company shall have ten (10) days after receipt
        of
        such notice to remedy the event prior to the termination for Constructive
        Discharge and, upon the timely remedy of such event, such event shall no
        longer
        constitute a basis for Constructive Discharge. 

       

      iii. "Without
        Cause Termination" or “Terminated Without Cause” means termination of the
        Executive's employment by the Company 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.

      

      v. “Corporate
        Transaction” means either:

      

      (a)
        any
        "person," as such term is used in Sections 13(d) and 14(d) of the Securities
        and
        Exchange Act, as amended (the “Exchange Act”) (other than (A) the Company, (B)
        any trustee or other fiduciary holding securities under an employee benefit
        plan
        of the Company, and (C) any corporation owned, directly or indirectly, by
        the
        stockholders of the Company in substantially the same proportions as their
        ownership of Company common stock), is or becomes the "beneficial owner"
        (as
        defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
        securities of the Company representing 50% or more of the combined voting
        power
        of the Company's then outstanding voting securities (excluding any person
        who
        becomes such a beneficial owner in connection with a transaction immediately
        following which the individuals who comprise the Board immediately prior
        thereto
        constitute at least a majority of the Board of the entity surviving such
        transaction or, if the Company or the entity surviving the transaction is
        then a
        subsidiary, the ultimate parent thereof); or

       

      (b)
        the
        following individuals cease for any reason to constitute a majority of the
        number of directors then serving: individuals who, on the Effective Date,
        constitute the Board and any new director (other than a director whose initial
        assumption of office is in connection with an actual or threatened election
        contest, including but not limited to a consent solicitation, relating to
        the
        election of directors of the Company) whose appointment or election by the
        Board
        or nomination for election by the Company's stockholders was approved or
        recommended by a vote of at least one-half (1/2) of the directors then still
        in
        office who either were directors on the Effective Date or whose appointment,
        election or nomination for election was previously so approved or
        recommended.

       

      (d) Conditions
        to Payment and Acceleration.
        All
        payments due to the Executive under this Section VII shall be made as soon
        as
        practicable, but in no event earlier than the date permitted under Section
        409A
        of the Code, to the extent such payment is subject to Section 409A of the
        Code;
provided,
        however,
        that
        such payments shall be subject to, and contingent upon, the execution by
        the
        Executive (or his beneficiary or estate) of a release of claims against the
        Company and its affiliates in such reasonable form determined by the Company
        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 the Company or its affiliates.

      

      SECTION
        VIII

      OTHER
        DUTIES OF THE EXECUTIVE

      DURING
        AND AFTER THE PERIOD OF EMPLOYMENT

      

      (a) The
        Executive shall, with reasonable notice during or after the Period of
        Employment, furnish information as may be in his possession and fully cooperate
        with the Company and its affiliates as may be requested in connection with
        any
        claims or legal action in which the Company or any of its affiliates is or
        may
        become a party. After the Period of Employment, the Executive shall cooperate
        as
        reasonably requested with the Company and its affiliates in connection with
        any
        claims or legal actions in which the Company or any of its affiliates is
        or may
        become a party. The Company agrees to reimburse the Executive for any reasonable
        out-of-pocket expenses incurred by Executive by reason of such cooperation,
        including any loss of salary, and the Company shall make reasonable efforts
        to
        minimize interruption of the Executive’s life in connection with his cooperation
        in such matters as provided for in this paragraph.

      

      (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 the Company or any
        of
        its affiliates ("Information") is confidential and is a unique and valuable
        asset of the Company 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 shall 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 shall not make use of the Information for
        his
        own purposes or for the benefit of any person or organization other than
        the
        Company or any of its affiliates. The Executive shall also use his best efforts
        to prevent the disclosure of this Information by others. All records, memoranda,
        etc. relating to the business of the Company or its affiliates, whether made
        by
        the Executive or otherwise coming into his possession, are confidential and
        shall remain the property of the Company or its affiliates.

      

      (c) (i) During
        the Period of Employment and for a two (2) year period following any termination
        of employment (the "Restricted Period"), the Executive shall not use his
        status
        with the Company 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 the Company or any of its
        affiliates.

      

      (ii) During
        the Restricted Period, the Executive shall not make any statements or perform
        any acts intended to have the effect of advancing the interest of any existing
        competitors (or any entity the Executive knows to be a prospective competitor)
        of the Company or any of its affiliates or in any way injuring the interests
        of
        the Company or any of its affiliates. During the Restricted Period, the
        Executive, without prior express written approval by the Board, shall 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 the Company 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 the Company's and its affiliates'
        businesses are conducted nationally and internationally and agrees that the
        provisions in the foregoing sentence shall operate throughout the United
        States
        and those countries in the world where the Company then conducts business
        or has
        a plan to conduct business.

      

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

      

      (iv) During
        the Restricted Period, the Executive shall not interfere with the employees
        or
        affairs of the Company or any of its affiliates or solicit or induce any
        person
        who is an employee of the Company or any of its affiliates to terminate any
        relationship such person may have with the Company or any of its affiliates,
        nor
        shall 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 the Company
        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 the Company 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" shall include
        without limitation all subsidiaries and licensees of the Company.

      

      (d) The
        Executive hereby acknowledges that damages at law may be an insufficient
        remedy
        to the Company if the Executive violates the terms of this Agreement and
        that
        the Company shall 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 VIII without the necessity of showing any actual
        damage or that monetary damages would not provide an adequate remedy. Such
        right
        to an injunction shall be in addition to, and not in limitation of, any other
        rights or remedies the Company may have. Without limiting the generality
        of the
        foregoing, neither party shall 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 shall be
        in
        effect shall 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 the Company'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, the Company
        would not have entered into this Agreement.

      

      SECTION
        IX

      INDEMNIFICATION

      

      The
        Company shall indemnify the Executive to the fullest extent permitted by
        the
        laws of the state of the Company's incorporation in effect at that time,
        or the
        certificate of incorporation and by-laws of the Company, whichever affords
        the
        greater protection to the Executive (including payment of expenses in advance
        of
        final disposition of a proceeding).

      

      SECTION
        X

      CERTAIN
        TAXES

      

      Anything
        in this Agreement or in any other plan, program or agreement to the contrary
        notwithstanding and except as set forth below, in the event that (i) the
        Executive becomes entitled to any benefits or payments under Section VII
        hereof
        and 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (ii)
        it
        shall be determined that any payment or distribution by the Company to or
        for
        the benefit of the Executive (whether paid or payable or distributed or
        distributable pursuant to the terms of this Agreement or otherwise, but
        determined without regard to any additional payments required under this
        Section
        X) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of
        the Internal Revenue Code of 1986, as amended, or any interest or penalties
        are
        incurred by the Executive with respect to such excise tax (such excise tax,
        together with any such interest and penalties, hereinafter collectively referred
        to as the “Excise Tax”), then the Executive shall be entitled to receive an
        additional payment (a “Gross-Up Payment”) in an amount such that after payment
        by the Executive of all taxes (including any interest or penalties imposed
        with
        respect to such taxes), including, without limitation, any income taxes (and
        any
        interest and penalties imposed with respect thereto) and Excise Tax imposed
        upon
        the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment
        equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing
        provisions of this Section X, if it shall be determined that the Executive
        is
        entitled to a Gross-Up Payment, but that the Payments do not exceed 110%
        of the
        greatest amount (the “Reduced Amount”) that could be paid to the Executive such
        that the receipt of Payments would not give rise to any Excise Tax, then
        no
        Gross-Up Payment shall be made to the Executive and the Payments, in the
        aggregate, shall be reduced to the Reduced Amount, provided, however, that
        the
        payments or benefits to be eliminated in effecting such reduction shall be
        agreed upon between the Company and the Executive. All determinations required
        to be made under this Section X, including whether and when a Gross-Up Payment
        is required and the amount of such Gross-Up Payment and the assumptions to
        be
        utilized in arriving at such determination, shall be made by Deloitte &
Touche LLP or such other certified public accounting firm as may be designated
        by the Company.

      

      SECTION
        XI

      MITIGATION

      

      The
        Executive shall not be required to mitigate the amount of any payment provided
        for hereunder by seeking other employment or otherwise, nor shall 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

      WITHHOLDING
        TAXES

      

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

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
        XIII

      EFFECT
        OF PRIOR AGREEMENTS

      

      This
        Agreement shall supersede any prior agreements between the Company and the
        Executive hereof, and any such prior agreement shall be deemed terminated
        without any remaining obligations of either party thereunder, provided that
        this
        sentence shall not be interpreted to terminate the Executive's existing
        participation in various stock-based compensation programs.

      

      SECTION
        XIV

      CONSOLIDATION,
        MERGER OR SALE OF ASSETS

      

      Nothing
        in this Agreement shall preclude the Company 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
        the Company hereunder. If (i)
        there
        is a merger, consolidation or other business combination involving the Company,
        or (ii) all or substantially all of the voting stock of the Company is held
        by
        another public company, the term "the Company" shall mean the successor to
        the
        Company’s business or assets referred to in (i) above or such public company
        referred to in (ii) above, and this Agreement shall continue in full force
        and
        effect. Notwithstanding the foregoing, the Company shall require any successor
        thereto, by agreement in form and substance reasonably satisfactory to the
        Executive to expressly assume and agree to perform this Agreement in the
        same
        manner and to the same extent that the Company would be required to perform
        it
        if no such succession had taken place. Failure of the Company to obtain such
        agreement prior to the effectiveness of any such succession shall be a breach
        of
        the Agreement and shall entitle the Executive to compensation from the Company
        in the same amount and on the same terms as Executive would be entitled
        hereunder if the Company had terminated Executive’s employment Without Cause as
        described herein, except that for purposes of implementing the foregoing,
        the
        date on which any such succession becomes effective shall be deemed the date
        of
        termination.

      

      SECTION
        XV

      MODIFICATION

      

      This
        Agreement may not be modified or amended except in writing signed by the
        parties. No term or condition of this Agreement shall be deemed to have been
        waived except in writing by the party charged with waiver. A waiver shall
        operate only as to the specific term or condition waived and shall 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 Jersey and
        its
        validity, interpretation, performance and enforcement shall 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 VIII for which the Company may,
        but
        shall not be required to, seek injunctive relief) shall 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 shall 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 shall 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 shall 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 shall be borne
        equally by each party, and each party shall 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 shall 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 shall keep confidential, and shall 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 XIII shall continue in full force in accordance
        with
        their respective terms notwithstanding any termination of the Period of
        Employment.

      

      SECTION
        XIX

      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 shall 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 shall
        be
        deemed modified so that it shall 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
        Effective Date.

       

      
        
          	 	 	 	 	 	
                  AVIS
                    BUDGET GROUP, INC.

                

        

         

         

         

        
          /s/Mark
            Servodidio              

                                      By: 
Mark
            Servodidio

        

                                    Title: 
          Executive Vice President, Human Resources

         

         

         

                                DAVID
          B. WYSHNER

         

      

      

      /s/ David
        B. Wyshner

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