Document:

<PAGE>   1
                                                                     EXHIBIT 4.3

                                SECOND AMENDMENT

                  SECOND AMENDMENT, dated as of March 29, 2001 (this
"AMENDMENT"), to the Amended and Restated Credit Agreement, dated as of June 30,
2000 (as heretofore amended, supplemented or otherwise modified, the "CREDIT
AGREEMENT"), among ANC RENTAL CORPORATION, a Delaware corporation (the
"BORROWER"), the several Lenders from time to time parties thereto, LEHMAN
BROTHERS INC., as advisor, lead arranger and book manager, and LEHMAN COMMERCIAL
PAPER INC., as syndication agent and as administrative agent (in such capacity,
the "ADMINISTRATIVE AGENT").

                              W I T N E S S E T H:
                               - - - - - - - - - -

                  WHEREAS, the Borrower has requested that the Lenders amend
certain provisions of the Credit Agreement; and

                  WHEREAS, the Lenders have agreed to amend the Credit
Agreement, but only upon the terms and subject to the conditions set forth
below;

                  NOW, THEREFORE, in consideration of the premises and mutual
agreements contained herein, and for other valuable consideration, the receipt
of which is hereby acknowledged, the Borrower, the Lenders and the Agents hereby
agree as follows:

                  1. DEFINITIONS. All terms defined in the Credit Agreement
shall have such defined meanings when used herein unless otherwise defined
herein.

                  2. AMENDMENT OF SECTION 1.1 (DEFINED TERMS). Section 1.1 of
the Credit Agreement is hereby amended by:

                  (a) deleting the definition of "Interim Facility Loan
Documentation" in its entirety; and

                  (b) inserting the following defined terms in their appropriate
alphabetical order:

                           ""CASH COLLATERAL AGREEMENT": the Collateral and
                  Control Agreement, to be executed by the Borrower on or after
                  the Second Amendment Effective Date in favor of the Interim
                  Facility Administrative Agent or the Collateral Trustee, for
                  the benefit of the lenders and/or the holders under the
                  Interim Loan Facility, pursuant to which a cash collateral
                  account shall be established into which the Borrower shall
                  deposit all of the net proceeds of the Real Estate
                  Transactions, to the extent that such proceeds are not
                  required to be applied to prepay the Loans pursuant to Section
                  2.8(a), as the same may after the execution and delivery
                  thereof be amended, supplemented or otherwise modified from
                  time to time in accordance with Section 6.9. The Cash
                  Collateral Agreement shall provide that, upon the request of
                  the Borrower at any time when (x) no Default or Event of
                  Default under, and as defined in, the Interim Facility Loan
                  Agreement shall have occurred and be continuing and (y) the
                  representations and warranties contained in the Interim
                  Facility Loan Agreement are true and correct, funds held in
                  the Real Estate Cash Collateral Account will be released to
                  the Borrower for use as general working capital of the
                  Borrower and its Subsidiaries at the Borrower's discretion
                  without requiring the Borrower to first borrow hereunder.

<PAGE>   2

                           "COLLATERAL TRUSTEE": the collateral trustee to be
                  designated by the lenders under the Interim Loan Facility and
                  Liberty.

                           "INTERIM FACILITY ADMINISTRATIVE AGENT": the
                  Administrative Agent under, and as defined in, the Interim
                  Facility Loan Agreement.

                           "INTERIM FACILITY LOAN DOCUMENTATION": the Interim
                  Facility Loan Agreement and the Interim Loan Facility
                  Collateral Documents, together with all instruments and other
                  agreements entered into by the Borrower and certain of its
                  Subsidiaries in connection therewith, as the same may be
                  amended, supplemented or otherwise modified from time to time
                  in accordance with Section 6.9.

                           "INTERIM LOAN FACILITY AMENDMENT": the amendment to
                  the Interim Facility Loan Agreement, to be executed on or
                  after the Second Amendment Effective Date by the lenders party
                  thereto and the Borrower, pursuant to which the Transactions
                  shall be consummated.

                           "INTERIM LOAN FACILITY COLLATERAL DOCUMENTS": the
                  collective reference to (a) the collateral agreement, to be
                  executed on or after the Second Amendment Effective Date by
                  the Borrower in favor of the Collateral Trustee, for the
                  benefit of the lenders and/or holders under the Interim Loan
                  Facility and Liberty, as the same may after the execution and
                  delivery thereof be amended, supplemented or otherwise
                  modified from time to time in accordance with Section 6.9, (b)
                  the Cash Collateral Agreement and (c) the trust agreement, to
                  be executed on or after the Second Amendment Effective Date by
                  the Borrower, the Subsidiary Guarantors and the Collateral
                  Trustee, for the benefit of the lenders and/or holders under
                  the Interim Loan Facility and Liberty, as the same may after
                  the execution and delivery thereof be amended, supplemented or
                  otherwise modified from time to time in accordance with
                  Section 6.9.

                           "LIBERTY": Liberty Mutual Insurance Company, in its
                  capacity as the provider of surety bonds and similar
                  undertakings for the account of the Borrower and its
                  Subsidiaries.

                           "REAL ESTATE CASH COLLATERAL ACCOUNT": the cash
                  collateral account established pursuant to the Cash Collateral
                  Agreement.

                           "REAL ESTATE TRANSACTIONS": the sale or the sale and
                  leaseback of the real property of the Borrower and its
                  Subsidiaries listed on Schedule 1.1(d).

                           "SECOND AMENDMENT EFFECTIVE DATE": the effective date
                  of the Second Amendment, dated as of March 29, 2001, to this
                  Agreement.

                           "TRANSACTIONS": the transactions pursuant to which,
                  among other things, (a) the Borrower shall deposit into the
                  Real Estate Cash Collateral Account the Net Proceeds (as
                  defined in the Interim Facility Loan Agreement) of the Real
                  Estate Transactions, less any prepayments required pursuant to

                                       2
<PAGE>   3

                  Section 2.8(a), and the amount of such cash collateral shall
                  be released to the Borrower pursuant to the conditions and
                  procedures set forth in the Cash Collateral Agreement, (b) the
                  Borrower and the Subsidiary Guarantors shall grant Liens on
                  (i) substantially all of their respective assets (except as
                  set forth in clauses (ii), (iii) and (iv) below) in favor of
                  the Collateral Trustee, for the benefit of the lenders and/or
                  holders under the Interim Loan Facility and Liberty, pursuant
                  to the Interim Loan Facility Collateral Documents, which Liens
                  shall be subordinate to the Liens created pursuant to the
                  Security Documents and the Borrowing Base Credit Facility
                  Documentation, (ii) all of the limited partnership interests
                  in, and all of the equity interests in the general partner of,
                  each of Alamo Financing LP, National Car Rental Financing LP
                  and Car Temps Funding, LP and all of the capital stock of ARG
                  Funding Corporation in favor of the Collateral Trustee, for
                  the benefit of the lenders and/or holders under the Interim
                  Loan Facility and Liberty, pursuant to the Interim Loan
                  Facility Collateral Documents, (iii) all motor vehicles held
                  under finance leases by Alamo Rent-A-Car LLC, National Car
                  Rental System, Inc. and Spirit Rent-A-Car, Inc., pursuant to
                  the Interim Loan Facility Collateral Documents and (iv) the
                  Real Estate Cash Collateral Account, and the proceeds
                  contained therein, in favor of the Interim Facility
                  Administrative Agent or the Collateral Trustee, for the
                  benefit of the lenders and/or holders under the Interim Loan
                  Facility, pursuant to the Cash Collateral Agreement and (c)
                  the Loan Parties shall enter into an amended and restated
                  Intercreditor Agreement, to be executed by the Loan Parties,
                  the Administrative Agent, the administrative agent under the
                  Borrowing Base Credit Agreement and the Collateral Trustee, in
                  form and substance reasonably satisfactory to all such
                  parties, to set forth the relative priorities of Liens of the
                  parties thereto, all of the foregoing in accordance with the
                  Transaction Documents.

                           "TRANSACTION DOCUMENTS": the collective reference to
                  the Interim Loan Facility Amendment, the Interim Loan Facility
                  Collateral Documents and the amended and restated
                  Intercreditor Agreement.".

                  3. AMENDMENT OF SECTION 5.1 (FINANCIAL STATEMENTS). Section
5.1 of the Credit Agreement is hereby amended by adding immediately after "90
days" in paragraph (a) thereof the following: "(or, in the case of the 2000
fiscal year of the Borrower, 120 days)".

                  4. AMENDMENT OF SECTION 6.3 (LIMITATION ON LIENS). Section 6.3
of the Credit Agreement is hereby amended by (a) deleting the word "and" at the
end of paragraph (o) thereof, (b) deleting the period at the end of paragraph
(p) thereof and substituting therefor ";and" and (c) adding at the end of such
Section the following new paragraph (q):

                           "(q) (i) Liens in favor of the Collateral Trustee,
                  for the benefit of the lenders and/or holders under the
                  Interim Loan Facility and Liberty, created pursuant to the
                  Interim Facility Collateral Documents on all of the limited
                  partnership interests in, and all of the equity interests in
                  the general partner of, each of Alamo Financing LP, National
                  Car Rental Financing LP and Car Temps Funding, LP and all of
                  the capital stock of ARG Funding Corporation, (ii) Liens in
                  favor of the Collateral Trustee, for the benefit of the
                  lenders and/or holders under the Interim Loan Facility and
                  Liberty, created pursuant to the Interim Facility Collateral
                  Documents on all motor vehicles held under finance leases by

                                       3
<PAGE>   4

                  Alamo Rent-A-Car LLC, National Car Rental System, Inc. and
                  Spirit Rent-A-Car, Inc., (iii) Liens in favor of the Interim
                  Facility Administrative Agent or the Collateral Trustee, for
                  the benefit of the lenders and/or holders under the Interim
                  Loan Facility, on the Real Estate Cash Collateral Account, and
                  the proceeds contained therein, pursuant to the Cash
                  Collateral Agreement and (iv) Liens (other than the Liens
                  described in the foregoing clauses (i), (ii) and (iii)) in
                  favor of the Collateral Trustee, for the benefit of the
                  lenders and/or holders under the Interim Loan Facility and
                  Liberty created pursuant to the Interim Facility Collateral
                  Documents, PROVIDED that such Liens described in this clause
                  (iv) (x) are junior to the Liens created under the Security
                  Documents and the Borrowing Base Credit Facility Documentation
                  and (y) shall not be permitted unless and until the
                  Administrative Agent shall have received an amendment and
                  restatement of the Intercreditor Agreement, in form and
                  substance satisfactory to the Administrative Agent.".

                  5. AMENDMENT OF SECTION 6.5 (LIMITATION ON DISPOSITION OF
PROPERTY). Section 6.5 of the Credit Agreement is hereby amended by (a) deleting
the word "and" at the end of paragraph (m) thereof, (b) deleting the period at
the end of paragraph (n) thereof and substituting therefor "; and" and (c)
adding at the end of such Section the following new paragraph (o):

                           "(o) the Real Estate Transactions.".

                  6. AMENDMENT OF SECTION 6.8 (LIMITATION ON INVESTMENTS).
Section 6.8 of the Credit Agreement is hereby amended by (a) deleting the word
"and" at the end of paragraph (p) thereof, (b) deleting the period at the end of
paragraph (q) thereof and substituting therefor a semicolon and (c) adding at
the end of such Section the following new paragraphs (r) and (s):

                           "(r) Investments made by the Borrower or any of its
                  Subsidiaries of the proceeds in the Real Estate Cash
                  Collateral Account; and

                           (s) Investments in respect of Guarantee Obligations
                  by the Borrower of the leases contemplated by the Real Estate
                  Transactions.".

                  7. AMENDMENT OF SECTION 6.9 (LIMITATION ON OPTIONAL PAYMENTS
AND MODIFICATIONS OF DEBT INSTRUMENTS, ETC.). Section 6.9 of the Credit
Agreement is hereby amended by:

                  (a) deleting the word "and" at the end of subclause (ii) in
clause (a) thereof and substituting therefor a semicolon;

                  (b) adding immediately after "used to make any such
prepayment" at the end of subclause (iii) in clause (a) thereof the following:

                            "; and (iv) the transactions contemplated by the
                 Interim Loan Facility Amendment"; and

                                       4
<PAGE>   5

                  (c) adding immediately after "payment of a consent fee" at the
end of subclause (ii) in clause (b) thereof the following:

                           ", and other than the amendments, modification,
                  waivers and other changes contemplated by the Interim Loan
                  Facility Amendment".

                  8. AMENDMENT OF SECTION 6.13 (LIMITATION ON NEGATIVE PLEDGE
CLAUSES). Section 6.13 of the Credit Agreement is hereby amended by (a) deleting
the word "and" at the end of clause (e) thereof and substituting in lieu thereof
a comma, and (b) adding at the end of such Section immediately before the period
the following:

                           "and (g) the documents governing the Guarantee
                  Obligations of the Borrower and its Subsidiaries in favor of
                  Liberty".

                  9. AMENDMENT TO SECTION 7(e) (CROSS-DEFAULTS). SECTION 7(e) OF
THE CREDIT AGREEMENT IS HEREBY AMENDED BY ADDING THE FOLLOWING PROVISO AT THE
END THEREOF:

         "; and, PROVIDED, FURTHER, that a default, event or condition described
         in clause (iii) of this paragraph (e) shall not at any time constitute
         an Event of Default to the extent such default, event or condition
         arises out of the Borrower's failure to deliver audited financial
         statements or file a Form 10-K in respect of the Borrower's 2000 fiscal
         year prior to April 30, 2001, as may be required under any such
         instrument or agreement".

                  10. ADDITION OF SCHEDULE 1.1(D) (REAL ESTATE TRANSACTIONS).
The Credit Agreement is hereby amended by adding a new Schedule 1.1(d) to the
Credit Agreement in the form attached hereto as Annex A.

                  11. AMENDMENT TO THE INTERCREDITOR AGREEMENT. The
Administrative Agent is hereby instructed by the Lenders to execute and deliver
an amended and restated Intercreditor Agreement to reflect the Transactions. It
is understood that such amended and restated Intercreditor Agreement shall
provide, in substance, that the rights, remedies and interests of the Collateral
Trustee and the beneficiaries for which the Collateral Trustee acts, in respect
of the Collateral in which both the Administrative Agent and the Collateral
Trustee hold a security interest, shall be equivalent (but subject to) the
rights, remedies and interests in such Collateral of the Administrative Agent
and the Lenders.

                  12. REPRESENTATIONS; NO DEFAULT. On and as of the date hereof,
and after giving effect to this Amendment, (a) the Borrower certifies that no
Default or Event of Default has occurred or is continuing, and (b) the Borrower
confirms, reaffirms and restates that the representations and warranties set
forth in Section 3 of the Credit Agreement and in the other Loan Documents are
true and correct in all material respects, PROVIDED that the references to the
Credit Agreement therein shall be deemed to be references to this Amendment and
to the Credit Agreement as amended by this Amendment.

                  13. CONDITIONS TO EFFECTIVENESS. This Amendment shall become
effective on and as of the date that:

                  (a) the Administrative Agent shall have received counterparts
of this Amendment, duly executed and delivered by a duly authorized officer of
the Borrower;

                                       5
<PAGE>   6

                  (b) the Administrative Agent shall have received executed
Lender Consent Letters, substantially in the form of Exhibit A hereto, from
Lenders whose consent is required pursuant to Section 9.1 of the Credit
Agreement;

                  (c) the Administrative Agent shall have received, for the
benefit of the Lenders, an amendment fee in an amount previously agreed upon
between the Administrative Agent and the Borrower;

                  (d) the Administrative Agent shall have received an executed
Acknowledgment and Consent, in the form set forth at the end of this Amendment,
from each Loan Party other than the Borrower; and

                  (e) the Administrative Agent shall have received an executed
certificate of an officer of the Borrower in form satisfactory to the
Administrative Agent as to (i) the accuracy of the representations and
warranties set forth in Section 3 of the Credit Agreement and in the other Loan
Documents, (ii) the absence of any Default or Event of Default after giving
effect to this Amendment, and (iii) such other customary matters as the
Administrative Agent may reasonably request.

                  14. LIMITED CONSENT AND AMENDMENT. Except as expressly amended
herein, the Credit Agreement shall continue to be, and shall remain, in full
force and effect. This Amendment shall not be deemed to be a waiver of, or
consent to, or a modification or amendment of, any other term or condition of
the Credit Agreement or any other Loan Document or to prejudice any other right
or rights which the Lenders may now have or may have in the future under or in
connection with the Credit Agreement or any of the instruments or agreements
referred to therein, as the same may be amended from time to time.

                  15. COUNTERPARTS. This Amendment may be executed by one or
more of the parties hereto in any number of separate counterparts (which may
include counterparts delivered by facsimile transmission) and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

                  16. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                                       6
<PAGE>   7

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

                                      ANC RENTAL CORPORATION

                                      By: /s/ Howard D. Schwartz
                                          --------------------------------------
                                          Name:  Howard D. Schwartz
                                          Title: Senior Vice President, General
                                                 Counsel and Secretary

                                      LEHMAN COMMERCIAL PAPER INC.,
                                       as Administrative Agent

                                      By: /s/ G. Andrew Keith
                                          -------------------------------------
                                            Name:  G. Andrew Keith
                                            Title: Authorized Signatory

                                       7
<PAGE>   8

                           ACKNOWLEDGMENT AND CONSENT

                  Each of the undersigned parties to the Guarantee and
Collateral Agreement, dated as of June 30, 2000 and as amended, supplemented or
otherwise modified from time to time, made by the undersigned in favor of Lehman
Commercial Paper Inc., as Administrative Agent, for the benefit of the Secured
Parties, hereby (a) consents to the transactions contemplated by the foregoing
Amendment to the Credit Agreement and (b) acknowledges and agrees that the
guarantees and grants of security interests contained in the Guarantee and
Collateral Agreement and in the other Security Documents are, and shall remain,
in full force and effect after giving effect to such Amendment and all prior
modifications to the Credit Agreement.

                            ALAMO RENT-A-CAR (CANADA), INC.
                            LIABILITY MANAGEMENT COMPANIES HOLDING, INC.
                            NATIONAL CAR RENTAL LICENSING, INC.
                            NATIONAL CAR RENTAL SYSTEM, INC.
                            REPUBLIC GUY SALMON PARTNER, INC.
                            REPUBLIC INDUSTRIES AUTOMOTIVE
                            RENTAL GROUP (BELGIUM) INC.
                            SPIRIT RENT-A-CAR, INC.

                            By: /s/ Leland F. Wilson
                                ----------------------------------------------
                                Name:  Leland F. Wilson
                                Title: Vice President and Treasurer

                            ALAMO RENT-A-CAR MANAGEMENT, LP
                                 By:  ARC-GP, Inc., its general partner
                            ANC COLLECTOR CORPORATION
                            ANC FINANCIAL, LP
                                 By:  ANC Financial GP Corporation, its general
                            partner
                            ARC-GP, INC.
                            ARC-TM, INC.
                            NCR AFFILIATE SERVICER, INC.
                            NCRAS MANAGEMENT, LP
                                 By:  NCRAS-GP, Inc., its general partner
                            NCRAS-GP, INC.
                            SRAC MANAGEMENT, LP
                                 By:  SRAC-GP, Inc., its general partner
                            SRAC-GP, INC.
                            SRAC-TM, INC.

                            By: /s/ Leland F. Wilson
                                ----------------------------------------------
                                Name:  Leland F. Wilson
                                Title: Vice President and Treasurer

                                       8
<PAGE>   9

                           ALAMO RENT-A-CAR, LLC

                           By: /s/ Kathleen W. Hyle
                               --------------------------------------
                               Name:  Kathleen W. Hyle
                               Title: Senior Vice President and
                                      Treasurer

                           ANC FINANCIAL CORPORATION

                           By: /s/ Leland F. Wilson
                               ---------------------------------------
                               Name:  Leland F. Wilson
                               Title: Vice President and Treasurer

                           ANC FINANCIAL PROPERTIES, LLC

                           By: /s/ Leland F. Wilson
                               ---------------------------------------
                               Name:  Leland F. Wilson
                               Title: Vice President and Treasurer

                           ANC INFORMATION TECHNOLOGY HOLDING, INC.

                           By: /s/ Howard D. Schwartz
                               ---------------------------------------
                               Name:  Howard D. Schwartz
                               Title: Senior Vice President and
                                      Secretary

                           ANC INFORMATION TECHNOLOGY, INC.

                           By: /s/ Howard D. Schwartz
                               ---------------------------------------
                               Name:  Howard D. Schwartz
                               Title: Senior Vice President and
                                      Secretary

                           ANC INFORMATION TECHNOLOGY, L.P.
                           By:  ANC INFORMATION TECHNOLOGY, INC., its
                                general partner

                           By: /s/ Howard D. Schwartz
                               ---------------------------------------
                               Name:  Howard D. Schwartz
                               Title: Senior Vice President and
                                      Secretary

                           ANC IT COLLECTOR CORPORATION

                           By: /s/ Howard D. Schwartz
                               ---------------------------------------
                               Name:  Howard D. Schwartz
                               Title: Senior Vice President and
                                      Secretary

                                       9
<PAGE>   10

                           ARC-TM PROPERTIES, LLC

                           By: /s/ Leland F. Wilson
                               ---------------------------------------
                               Name:  Leland F. Wilson
                               Title: Vice President and Treasurer

                           NCR AFFILIATE SERVICER PROPERTIES, LLC

                           By: /s/ Leland F. Wilson
                               ---------------------------------------
                               Name:  Leland F. Wilson
                               Title: Vice President and Treasurer

                                       10
<PAGE>   11

                                                                       EXHIBIT A

                              LENDER CONSENT LETTER

                             ANC RENTAL CORPORATION
                      AMENDED AND RESTATED CREDIT AGREEMENT
                            DATED AS OF JUNE 30, 2000

To:           Lehman Commercial Paper Inc.
              3 World Financial Center
              New York, New York  10285

Ladies and Gentlemen:

                  Reference is made to the Amended and Restated Credit
Agreement, dated as of June 30, 2000 (the "CREDIT AGREEMENT"), among ANC RENTAL
CORPORATION, a Delaware corporation (the "BORROWER"), the Lenders parties
thereto, LEHMAN COMMERCIAL PAPER INC., as Syndication Agent and as
Administrative Agent, and others. Unless otherwise defined herein, capitalized
terms used herein and defined in the Credit Agreement are used herein as therein
defined.

                  The Borrower has requested that the Lenders consent to amend
the Credit Agreement on the terms described in the Amendment to which a form of
this Lender Consent Letter is attached as Exhibit A (the "AMENDMENT").

                  Pursuant to Section 9.1 of the Credit Agreement, the
undersigned Lender hereby consents to the execution by the Agents of the
Amendment.

                                         Very truly yours,

                                         ------------------------------------
                                         (NAME OF LENDER)

                                         By:
                                            ---------------------------------
                                            Name:
                                            Title:

Dated as of ____________ __, 2001<PAGE>   1
                                                                    Exhibit 10.1

                             ANC RENTAL CORPORATION

                     KEY EMPLOYEE SEVERANCE PROTECTION PLAN

         WHEREAS, the Compensation Committee of the Board of Directors of the
Company recognizes that the possibility of a Change in Control exists and that
the threat or the occurrence of a Change in Control can result in significant
distraction of its key employees because of the uncertainties inherent in such a
situation; and

         WHEREAS, the Compensation Committee of the Board of Directors of the
Company has determined that it is essential and in the best interest of the
Company and its stockholders to retain the services of certain of its key
employees in the event of a threat of a Change in Control and to ensure their
continued dedication and efforts in such event without undue concern for their
personal financial and employment security.

         NOW, THEREFORE, in order to fulfill the above purposes, the following
plan has been developed and is hereby adopted.

                                    ARTICLE I

                                   DEFINITIONS

         As used herein, the following words and phrases shall have the
following respective meanings unless the context clearly indicates otherwise.

         1.1 AFFILIATE. With respect to any person or entity, any entity,
directly or indirectly, controlled by, controlling or under common control with
such person or entity.

         1.2 BASE SALARY. The amount a Participant is entitled to receive as
wages or salary on an annualized basis, calculated immediately prior to a Change
in Control or, if greater, at any time thereafter.

         1.3 BOARD. The Board of Directors of the Company.

         1.4 CAUSE. A termination for Cause is a termination evidenced by a
resolution adopted in good faith by two-thirds (2/3) of the Board that the
Participant (i) willfully and continually failed to substantially perform his
duties with the Employer (other than a failure resulting from the Participant's
incapacity due to physical or mental illness), which failure continued for a
period of at least thirty (30) days after a written notice of demand for
substantial performance was delivered to the Participant specifying the manner
in which the Participant failed to substantially perform, or (ii) willfully
engaged in conduct which is demonstrably and materially injurious to the
Employer or any of its Affiliates, monetarily or otherwise; PROVIDED, HOWEVER,
that no termination of the

<PAGE>   2

Participant's employment shall be for Cause as set forth in clause (ii) above
until (x) there shall have been delivered to the Participant by the Board a copy
of a written notice that the Participant was guilty of the conduct set forth in
clause (ii) above and specifying the particulars thereof in detail, and (y) the
Participant shall have been provided an opportunity to be heard by the Board
(with the assistance of the Participant's counsel if the Participant so
desires). No act, nor failure to act, on the Participant's part shall be
considered "willful" unless he has acted, or failed to act, with an absence of
good faith and without a reasonable belief that his action or failure to act was
in the best interest of the Employer and its Affiliates. Notwithstanding
anything contained in this Plan to the contrary, no failure to perform by the
Participant after Notice of Termination is given by the Participant shall
constitute Cause.

         1.5 CHANGE IN CONTROL. The occurrence during the term of the Agreement
of any of the following events:

         (a) An acquisition of any voting securities of the Company (the "Voting
Securities") by any "Person" (as the term person is used for purposes of Section
13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act")), immediately after which such Person has "Beneficial Ownership" (within
the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty
percent (50%) of the combined voting power of the Company's then outstanding
Voting Securities; PROVIDED, HOWEVER, that in determining whether a Change in
Control has occurred, Voting Securities which are acquired in a "Non-Control
Acquisition" (as hereinafter defined) shall not constitute an acquisition which
would cause a Change in Control. A "Non-Control Acquisition" shall mean an
acquisition by (i) an employee benefit plan (or a trust forming a part thereof)
maintained by (A) the Company or (B) any corporation or other Person a majority
of the voting power, voting equity securities or equity interest of which is
owned, directly or indirectly, by the Company (for purposes of this definition,
a "Subsidiary"), (ii) the Company or its Subsidiaries, or (iii) any Person in
connection with a "Non-Control Transaction" (as hereinafter defined);

         (b) The individuals who, as of the Effective Date, are members of the
Board (the "Incumbent Board"), cease for any reason to constitute at least
two-thirds of the members of the Board; PROVIDED, HOWEVER, that if the election,
or nomination for election by the Company's common stockholders, of any new
director was approved by a vote of at least two-thirds of the Incumbent Board,
such new director shall, for purposes of this Plan, be considered a member of
the Incumbent Board; PROVIDED FURTHER, HOWEVER, that no individual shall be
considered a member of the Incumbent Board if such individual initially assumed
office as a result of an actual or threatened "Election Contest" (as described
in Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened
solicitation of proxies or consents by or on behalf of a

                                     - 2 -
<PAGE>   3

Person other than the Board (a "Proxy Contest") including by reason of any
agreement intended to avoid or settle any Election Contest or Proxy Contest; or

         (c) Consummation of:

                  (1)      A merger, consolidation or reorganization involving
                           the Company, unless such merger, consolidation or
                           reorganization is a "Non-Control Transaction." A
                           "Non-Control Transaction" shall mean a merger,
                           consolidation or reorganization of the Company where:

                           (A)      the stockholders of the Company, immediately
                                    before such merger, consolidation or
                                    reorganization, own directly or indirectly
                                    immediately following such merger,
                                    consolidation or reorganization, at least
                                    fifty percent (50%) of the combined voting
                                    power of the outstanding voting securities
                                    of the corporation resulting from such
                                    merger or consolidation or reorganization
                                    (the "Surviving Corporation") in
                                    substantially the same proportion as their
                                    ownership of the Voting Securities
                                    immediately before such merger,
                                    consolidation or reorganization,

                           (B)      the individuals who were members of the
                                    Incumbent Board immediately prior to the
                                    execution of the agreement providing for
                                    such merger, consolidation or reorganization
                                    constitute at least two-thirds of the
                                    members of the board of directors of the
                                    Surviving Corporation, or a corporation
                                    beneficially directly or indirectly owning a
                                    majority of the Voting Securities of the
                                    Surviving Corporation, and

                           (C)      no Person other than (i) the Company, (ii)
                                    any Subsidiary, or (iii) any employee
                                    benefit plan (or any trust forming a part
                                    thereof) maintained by the Company, the
                                    Surviving Corporation, or any Subsidiary has
                                    Beneficial Ownership of fifty percent (50%)
                                    or more of the combined voting power of the
                                    Surviving Corporation's then outstanding
                                    voting securities.

                  (2)      A complete liquidation or dissolution of the Company;

                  (3)      The sale or other disposition of all or substantially
                           all of the assets of the Company to any Person (other
                           than a transfer or disposition to a Subsidiary); or

                                     - 3 -
<PAGE>   4

                  (4)      The sale or other disposition (other than a transfer
                           or disposition to a Subsidiary) of any of the
                           National, Alamo, International or Alamo Local Market
                           divisions (each a "Major Division") to any Person, by
                           means of a sale of all or substantially all of the
                           assets or a sale of stock, but in the case of a sale
                           of the International or Alamo Local Market division,
                           only with respect to Participants who provided
                           significant services primarily to that division
                           within the one-year period immediately preceding the
                           Change in Control.

         Notwithstanding the foregoing, a Change in Control shall not be deemed
to occur solely because any Person (the "Subject Person") acquired Beneficial
Ownership of more than the permitted amount of the then outstanding Voting
Securities as a result of the acquisition of Voting Securities by the Company
which, by reducing the number of Voting Securities then outstanding, increases
the proportional number of shares Beneficially Owned by the Subject Persons;
PROVIDED that if a Change in Control would occur (but for the operation of this
sentence) as a result of the acquisition of Voting Securities by the Company,
and after such share acquisition by the Company, the Subject Person becomes the
Beneficial Owner of any additional Voting Securities which increase the
percentage of the then outstanding Voting Securities Beneficially Owned by the
Subject Person, then a Change in Control shall occur.

         Notwithstanding anything to the contrary contained herein, if the
employment of a Participant is terminated (i) at the request of a third party
who has indicated an intention or taken steps reasonably calculated to effect a
Change in Control and who effectuates a Change in Control or (ii) otherwise in
connection with, or in anticipation of, a Change in Control which actually
occurs, then for purposes of this Plan the date of a Change in Control with
respect to that Participant shall be deemed to be the date immediately prior to
the date of the Participant's termination.

         1.6 COMPANY. ANC Rental Corporation, a Delaware corporation, or any
successor thereto by reason of assumption of the Company's obligations under
this Plan, either by operation of law or express agreement.

         1.7 EFFECTIVE DATE. The date this Key Employee Severance Protection
Plan is approved by the Compensation Committee of the Board.

         1.8 EMPLOYER. As applicable to any Participant, the Company or a
subsidiary of the Company and/or in the case of an employee of a Major Division,
the Major Division, in each case, that employs the Participant (or, in each
case, any successor thereto by operation of law or otherwise).

                                     - 4 -
<PAGE>   5

         1.9 KEY EMPLOYEE. Each employee of the Company or a subsidiary of the
Company who is listed on Schedule A as of the Effective Date.

         1.10 GOOD REASON. The occurrence of any of the following events or
conditions:

                  (a) for Participants in Classification A only, failure to
elect or reelect or otherwise maintain the Participant in the office of (1) the
Company, (2) a subsidiary thereof and/or (3) a Major Division (or, in each case,
any successor thereto by operation of law or otherwise), as the case may be,
which the Participant held immediately prior to a Change in Control, or a
substantially equivalent office;

                  (b) (1) a significant adverse change in the nature or scope of
the authorities, powers, functions, responsibilities or duties attached to the
position with the Company, a subsidiary thereof or, in the case of a purchase of
a Major Division, a Major Division, in each case, which the Participant held
immediately prior to the Change in Control, (2) a reduction in the Participant's
annual base salary; or (3) the termination of the Participant's rights to the
employee benefits listed on Schedule B or a material reduction in the scope or
value thereof (unless, in the case of the purchase of a Major Division,
substantially equivalent benefits are provided), any of which is not remedied by
the Company or a subsidiary or division thereof within 10 calendar days after
receipt by the Company or a subsidiary or division thereof of written notice
from the Participant of such change, reduction or termination, as the case may
be;

                  (c) requiring the Participant (without the consent of the
Participant) to be based at any place outside a fifty (50) mile radius of his
place of employment prior to the Change in Control, except for reasonably
required travel on business which is not materially greater than such travel
requirements prior to the Change in Control; or

                  (d) any material breach by the Company of any provision of
this Plan which is not remedied by the Company within 10 calendar days after
receipt by the Company of written notice from the Participant of such breach.

         Any event described in Section 1.10 (a), (b), (c) or (d) which occurs
prior to a Change in Control but which the Executive reasonably demonstrates (1)
was at the request of a third party who has indicated an intention or taken
steps reasonably calculated to effect a Change in Control or (2) otherwise arose
in connection with, or in anticipation of, a Change in Control, shall constitute
Good Reason for purposes of this Plan notwithstanding that it occurred prior to
a Change in Control.

         1.11 NOTICE OF TERMINATION. "Notice of Termination" shall mean a notice
which indicates the specific provisions in this Plan relied upon as the basis
for any termination of employment and shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the
Participant's employment under the

                                     - 5 -
<PAGE>   6

provision so indicated. No purported termination of employment shall be
effective without a Notice of Termination.

         1.12 OPERATING UNIT. Any subsidiary, division or other operating unit
of the Company or any of its subsidiaries.

         1.13 PARTICIPANT. (i) A Key Employee who meets the eligibility
requirements of Article II and (ii) such other employees of the Company and its
subsidiaries who after the Effective Date are designated as Participants in this
Plan by the Company's Chief Executive Officer or by the Compensation Committee
of the Board and who meet the eligibility requirements of Article II.

         1.14 PERMANENT DISABILITY. A Participant shall be deemed to have become
permanently disabled for purposes of this Plan if the Chief Executive Officer of
the Company (or in the case of the Chief Executive Officer, the Compensation
Committee of the Board), or, subsequent to a sale of a Major Division, the Chief
Executive Officer thereof, finds, upon the basis of medical evidence
satisfactory to him (or it), that the Participant is totally disabled, whether
due to physical or mental condition, so as to be prevented from engaging in
further employment by the Employer and that such disability will be permanent
and continuous during the remainder of his life; PROVIDED that no Participant
shall be deemed to have become permanently disabled unless prior to the
foregoing determination, the Participant has been determined to qualify for
long-term disability benefits under an applicable long-term disability benefit
plan of the Employer.

         1.15 SEVERANCE BENEFIT. The benefit payable to certain Participants in
accordance with Article III.

         1.16 TERMINATION DATE. The date of the termination of a Participant's
employment with the Employer as determined in accordance with Article IV.

                                   ARTICLE II

                                   ELIGIBILITY

         2.1 PARTICIPATION. Each Key Employee shall automatically be entitled to
be a Participant in the Plan as of the Effective Date. Each other employee
designated in writing as a Participant in the Plan pursuant to Section 1.13
hereof shall be entitled to be a Participant in the Plan on the date of such
designation.

         2.2 DURATION OF PARTICIPATION. An employee shall cease to be a
Participant in the Plan if his employment is terminated under circumstances
where he is not entitled to a Severance Benefit under the terms of this Plan. A
Participant entitled to payment of a

                                     - 6 -
<PAGE>   7

Severance Benefit shall, subject to Article VII, remain a Participant in the
Plan until the full amount of the Severance Benefit has been paid to him.

                                   ARTICLE III

                               SEVERANCE BENEFITS

         3.1 RIGHT TO SEVERANCE BENEFIT.

                  (a) Subject to Article VII, a Participant shall be entitled to
receive from the Company a Severance Benefit in the amount provided in Section
3.2 if (i) a Change in Control has occurred and (ii) within two years thereafter
for Participants in Classification A, or within one year thereafter for
Participants in Classification B or Classification C, the Participant's
employment with the Employer terminates for any reason, except that
notwithstanding the foregoing provisions of this Section 3.1(a), no benefits
under this Plan will be payable should the Participant's termination of
employment be (A) for Cause, (B) by reason of Permanent Disability, (C)
initiated by the Participant for other than Good Reason, (D) by reason of the
Participant's death or (E) an Excluded Termination (as defined in Section
3.1(b)).

                  (b) If, following a Change in Control, a Participant's
employment with the Employer terminates in connection with the subsequent sale,
divestiture or other disposition of the stock or assets of any Operating Unit
(or part thereof) (a "Transaction"), such termination shall not be a termination
of employment of the Participant for purposes of the Plan, and (notwithstanding
the rights provided to the Participant by Section 3.1(a)) the Participant shall
not be entitled to a Severance Benefit as a result of such termination of
employment if (i) the Participant is offered continued employment, or continues
in employment, with the divested Operating Unit (or part thereof) or the
purchaser of the stock or assets of the Operating Unit (or part thereof), as the
case may be, or one of their respective Affiliates (the "Post-Transaction
Employer") on terms and conditions that would not constitute Good Reason and
(ii) the Company (or in the case of a Change in Control under Section 1.5(c)(4),
the purchaser of the Major Division) obtains an agreement from the acquiror of
the stock or assets of the divested Operating Unit (or part thereof),
enforceable by the Participant, to provide or cause the Post-Transaction
Employer to provide severance pay and benefits, if the Participant accepts the
offered employment or continues in employment with the Post-Transaction Employer
or its Affiliates following the Transaction, (A) at least equal to the Severance
Benefit and (B) payable upon a termination of the Participant's employment with
the Post-Transaction Employer and its Affiliates within the period described in
Section 3.1(a) (or such part of it as is then remaining) for any reason other
than Cause, Permanent Disability, the Participant's death or a termination by
the Participant without Good

                                     - 7 -
<PAGE>   8

Reason. For purposes of this Section 3.1(b), the terms Cause, Good Reason and
Permanent Disability shall have the meaning ascribed to them in Sections 1.4,
1.10 and 1.14 respectively, but the term Employer as it is used in those
Sections shall be deemed to refer to the entity employing the Participant after
the Transaction, and the terms Board, Chief Executive Officer and Compensation
Committee as used in those Sections shall be deemed to refer to the individuals
or bodies serving those functions for such employer or, if applicable, the
ultimate parent corporation of such employer.

                  A termination of employment described in this Section 3.1(b),
including (i) and (ii), is herein referred to as an "Excluded Termination." In
the circumstances described in this Section 3.1(b), the Participant shall not be
entitled to receive any Severance Benefit under this Plan whether or not the
Participant accepts the offered employment or continues in employment.

         3.2 AMOUNT OF SEVERANCE BENEFIT. If a Participant's employment is
terminated in circumstances entitling him to a Severance Benefit as provided in
Section 3.1, such Participant shall be entitled to (i) all amounts earned or
accrued by the Participant through the Termination Date but not paid to the
Participant as of the Termination Date, including but not limited to amounts
earned under bonus plans for completed fiscal years and (ii) the following
benefits:

                  (a) the Company shall pay to the Participant, as severance pay
and in lieu of any further salary or bonus for periods subsequent to the
Termination Date (as specified in Section 4.2), for so long as the Participant
is in compliance with the provisions of Article VII, in pro rata installments
throughout the Continuation Period, an amount in cash equal to two (2) times in
the case of a Participant in Classification A, one (1) times in the case of a
Participant in Classification B, or one-half (1/2) times in the case of a
Participant in Classification C, the Participant's Base Salary;

                  (b) for a period of twenty-four (24) months in the case of a
Participant in Classification A, twelve (12) months in the case of a Participant
in Classification B, or six (6) months in the case of a Participant in
Classification C subsequent to the Participant's Termination Date (the
"Continuation Period"), for so long as the Participant is in compliance with the
provisions of Article VII, the Company shall at its expense continue on behalf
of the Participant and his dependents and beneficiaries, the benefits listed on
Schedule B to this Plan which were being provided to the Participant as of the
Termination Date; PROVIDED, HOWEVER, that the benefits provided in this Section
3.2(b) shall be no less favorable to the Participant, in terms of amounts and
deductibles and costs to him, than the coverage provided the Participant under
the plans providing such benefits immediately prior to the Change in Control.
The obligation under this Section 3.2(b) with respect to the foregoing benefits
shall be limited if the Participant obtains any such benefits pursuant to a
subsequent employer's benefit plans, in which case the Company

                                     - 8 -
<PAGE>   9

may reduce or eliminate the coverage and benefits it is required to provide the
Participant hereunder as long as the aggregate coverages and benefits of the
combined benefit plans are no less favorable to the Participant than the
coverages and benefits required to be provided hereunder. The Company also shall
pay a lump sum equal to the amount of any additional income tax payable by the
Participant and attributable to the benefits provided under this Section 3.2(b)
at the time such tax is imposed upon the Participant;

                  (c) during the Continuation Period, for so long as the
Participant is in compliance with the provisions of Article VII, the Company
will provide the Participant with a car in the same manner one was provided
immediately prior to the Change in Control;

                  (d) whether or not a Participant's employment is terminated,
as provided in the first clause of this Section 3.2, on the date of the Change
in Control, all stock options and other equity awards granted prior to the
Change in Control to the Participant (or options or awards substituted therefor)
pursuant to the ANC Rental Corporation Stock Option Plan, or any successor or
similar plan, shall be vested. In the event, in connection with a Change in
Control, an option granted under the ANC Rental Corporation 2000 Stock Option
Plan remains outstanding or is substituted or assumed, the option shall remain
exercisable during the Continuation Period; it being understood that if a
Participant does not become entitled to a Severance Benefit as provided in
Section 3.1, any such option shall remain exercisable during the applicable
period referred to in Section 3.1(a), after which it will terminate.

                  (e) for so long as the Participant is in compliance with the
provisions of Article VII, the Company shall reimburse the Participant for
reasonable expenses incurred for outplacement counseling (i) which are
pre-approved by the Company, (ii) which do not exceed 20% of the Participant's
Base Salary, and (iii) which are incurred by the Participant within twelve (12)
months following such termination for Participants in Classification A or B, or
within six (6) months following such termination for Participants in
Classification C.

The Participant shall not be required to mitigate the amount of any payment
provided for in this Plan by seeking other employment or otherwise and no such
payment shall be offset or reduced by the amount of any compensation or benefits
(other than as provided in Section 3.2(b)) provided to the Participant in
connection with any subsequent employment. However, benefits payable under this
Plan to a non-U.S. employee will be reduced by the amount of any
governmentally-mandated benefits payable to such employee.

                                     - 9 -
<PAGE>   10

                                   ARTICLE IV

                            TERMINATION OF EMPLOYMENT

         4.1 WRITTEN NOTICE REQUIRED. Any purported termination of employment,
either by the Employer or by the Participant, shall be communicated by written
Notice of Termination from one to the other.

         4.2 TERMINATION DATE. In the case of the Participant's death, the
Participant's Termination Date shall be his date of death. In all other cases,
the Participant's Termination Date shall be the date specified in the Notice of
Termination subject to the following:

                  (a) If the Participant's employment is terminated by the
Employer for Cause or due to Permanent Disability, the date specified in the
Notice of Termination shall be at least thirty (30) days from the date the
Notice of Termination is given to the Participant; PROVIDED that in the case of
Permanent Disability the Participant shall not have returned to the full-time
performance of his duties during such period of thirty (30) days; and

                  (b) If the Participant terminates his employment for Good
Reason, the date specified in the Notice of Termination shall not be more than
thirty (30) days from the date the Notice of Termination is given to the
Employer.

                                    ARTICLE V

                       ADDITIONAL PAYMENTS BY THE COMPANY

         5.1. EXCISE TAX LIMITATION.

                  (a) Notwithstanding anything contained in this Plan to the
contrary, to the extent that the payments and benefits provided under this Plan
and benefits provided to, or for the benefit of, the Participant under any other
Company plan or agreement (or plans or agreements of a purchaser of a Major
Division) (such payments or benefits are collectively referred to as the
"Payments") would be subject to the excise tax (the "Excise Tax") imposed under
Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), the
Payments shall be reduced (but not below zero) if and to the extent necessary so
that no Payment to be made or benefit to be provided to the Participant shall be
subject to the Excise Tax (such reduced amount is hereinafter referred to as the
"Limited Payment Amount"). Unless the Participant shall have given prior written
notice to the Company specifying a different order in which to effectuate the
foregoing, the Company shall reduce or eliminate the Payments by first

                                     - 10 -
<PAGE>   11

reducing or eliminating the portion of the Payments which are not payable in
cash and then reducing or eliminating cash payments, in each case in reverse
order beginning with payments or benefits which are to be paid the farthest in
time from the Determination (as hereinafter defined). Any notice given by the
Participant pursuant to the preceding sentence shall take precedence over the
provisions of any other plan, arrangement or agreement governing the
Participant's rights and entitlements to any benefits or compensation.

                  (b) The determination of whether the Payments shall be reduced
to the Limited Payment Amount pursuant to this Plan and the amount of such
Limited Payment Amount shall be made, at the Company's expense, by an accounting
firm selected by the Company which is one of the five largest accounting firms
in the United States (the "Accounting Firm"). The Accounting Firm shall provide
its determination (the "Determination"), together with detailed supporting
calculations and documentation, to the Company and the Participant within ten
(10) days of the Termination Date, if applicable, or such other time as
requested by the Company or by the Participant (provided the Participant
reasonably believes that any of the Payments may be subject to the Excise Tax)
and, if the Accounting Firm determines that no Excise Tax is payable by the
Participant with respect to the Payments, it shall furnish the Participant with
an opinion reasonably acceptable to the Participant that no Excise Tax will be
imposed with respect to any such Payments. The Determination shall be binding,
final and conclusive upon the Company and the Participant.

                                   ARTICLE VI

                              SUCCESSORS TO COMPANY

         6.1 SUCCESSORS. This Plan shall bind any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company, in the same
manner and to the same extent that the Company would be obligated under this
Plan if no succession had taken place. In the case of any transaction in which a
successor would not by the foregoing provision or by operation of law be bound
by this Plan, the Company shall require such successor expressly and
unconditionally to assume and agree to perform the obligations of the Company
and each Employer under this Plan, in the same manner and to the same extent
that the Company and each Employer would be required to perform if no such
succession had taken place. If the successor does not become so bound by the
terms of this Plan, the Company shall not be relieved of its obligations
thereunder.

         6.2 PURCHASE OF A MAJOR DIVISION. If, in connection with the sale of a
Major Division, the purchaser (or any of its affiliates) of the Major Division
agrees to assume the liabilities and obligations under this Plan, contingent and
otherwise, to a Participant,

                                     - 11 -
<PAGE>   12

then such Participant may seek benefits related to those assumed liabilities and
obligations only from the purchaser (and any of its affiliates) and the Company
and its affiliates will have no continuing liabilities or obligations with
respect to such Participant.

                                   ARTICLE VII

                        CONDITIONS TO RECEIVING BENEFITS

         7.1 COVENANTS. A Participant's entitlement to the Severance Benefit
provided above is conditioned upon the Participant's compliance with the
following provisions.

         (a) COVENANT NOT TO COMPETE. The Participant shall not, during the
Continuation Period, within the United States or any foreign jurisdiction in
which the Company has done or plans to do business, provide services as an
employee, director, consultant or independent contractor for, or establish an
ownership interest in, any entity which is engaged in any aspect of the car
rental business, including without limitation the daily or insurance-replacement
car rental business, regardless of whether such entity also engages in other
lines of business. The Participant's ownership of less than five percent of a
publicly-traded corporation will not be deemed to be a violation of this
provision.

         (b) NON-SOLICITATION. The Participant shall not, during the
Continuation Period, directly or indirectly as employee, owner, consultant,
officer, director, advisor or partner, (i) solicit for employment, consulting
arrangement or similar arrangement any employee of the Company or any of its
subsidiaries or affiliates (or the purchaser of a Major Division or any of its
subsidiaries or affiliates) or hire any employee of the Company or any of its
subsidiaries or affiliates (or the purchaser of a Major Division or any of its
subsidiaries or affiliates) or (ii) solicit any client, or any prospective
client with whom Participant became acquainted in the course of the
Participant's employment with the Company, for any purpose.

         (c) CONFIDENTIALITY. The Participant shall not, during the Continuation
Period and thereafter, without the prior written consent of the Company or as
otherwise may be required by laws or legal process, disclose to any person not
employed by the Company, or use in connection with engaging in competition with
the Company, any confidential or proprietary information of the Company. For
purposes of this Plan, the term "confidential or proprietary information" will
include all information of any nature and in any form that is owned by the
Company and that is not publicly available. Confidential or proprietary
information will include, without limitation, the Company's financial matters,
customers, employees, industry contracts, strategic business plans, product
development (or other proprietary product data), marketing plans, and all other
secrets and all other information of a confidential or proprietary nature.

                                     - 12 -
<PAGE>   13

         7.2 RELEASE. A Participant's entitlement to the Severance Benefit is
conditioned upon the Participant executing and delivering on the Termination
Date a Release and Agreement (the "Release") in the form provided in Annex A and
not revoking the Release as provided therein.

                                  ARTICLE VIII

                    DURATION, AMENDMENT AND PLAN TERMINATION

         8.1 DURATION. This Plan shall continue in effect until terminated in
accordance with Section 8.2. If a Change in Control occurs, this Plan shall
continue in full force and effect, and shall not terminate or expire until after
all Participants who have become entitled to a Severance Benefit hereunder shall
have received such payments in full.

         8.2 AMENDMENT AND TERMINATION. From the period beginning on the
Effective Date and ending on the second anniversary thereof, the Plan may not be
amended or modified in a manner that adversely affects the benefits or
protections provided hereunder to any Participant. Following the second
anniversary of the Effective Date and prior to a Change in Control, the Plan may
be amended or modified in any respect, and may be terminated, by resolution
adopted by the Board. From and after the occurrence of a Change in Control, the
Plan may not be amended or modified in any manner that would in any way
adversely affect the benefits or protections provided hereunder to any
individual who is a Participant in the Plan on the date the Change in Control
occurs.

         8.3 FORM OF AMENDMENT. The form of any amendment or termination of the
Plan in accordance with Section 8.2 hereof shall be a written instrument signed
by a duly authorized officer or officers of the Company, certifying that the
amendment or termination has been approved by the Board (or, in the case of the
schedules to the Plan, by the Company's Chief Executive Officer or the
Compensation Committee of the Board).

         8.4 SCHEDULES. The schedules to the Plan constitute part of the Plan,
and, without limiting the generality of other provisions of the Plan, the
amendment or modification thereof shall comply with Section 8.2 hereof (except
that such amendment or modification shall be by action of the Company's Chief
Executive Officer or the Compensation Committee of the Board, rather than by the
Board).

                                     - 13 -
<PAGE>   14

                                   ARTICLE IX

                                  MISCELLANEOUS

         9.1 LEGAL FEES AND EXPENSES; INDEMNIFICATION.

         (a) The Company shall pay all legal fees and related expenses
(including the costs of experts, evidence and counsel) reasonably and in good
faith incurred by a Participant as they become due as a result of the
Participant seeking to obtain or enforce any right or benefit provided by this
Plan upon or following his termination of employment.

         (b) The Company agrees to fully indemnify each Participant to the
fullest extent permitted by law and by the Company's certificate of
incorporation and by-laws for any liability the Participant may incur by reason
of his employment with the Company and his activities as an officer or director
of the Company and its Affiliates.

         9.2 EMPLOYMENT STATUS. This Plan does not constitute a contract of
employment or impose on any Employer any obligation to retain the Participant as
an employee, to retain the status of a Participant's employment as an executive
(if applicable), or to change any employment policies of any Employer.

         9.3 VALIDITY AND SEVERABILITY. The invalidity or unenforceability of
any provision of the Plan shall not affect the validity or enforceability of any
other provision of the Plan, which shall remain in full force and effect, and
any prohibition or unenforceability in any jurisdiction, shall not invalidate or
render unenforceable such provision in any other jurisdiction.

         9.4 SETTLEMENT OF CLAIMS. The Company's obligation to make the payments
provided for in this Plan and otherwise to perform its obligations hereunder
shall not be affected by any circumstances, including, without limitation, any
set-off, counterclaim, defense, recoupment, or other right which the Company may
have against a Participant or others.

         9.5 GOVERNING LAW. The validity, interpretation, construction and
performance of the Plan shall in all respects be governed by the laws of the
State of Florida, except to the extent preempted by ERISA.

         9.6 CHOICE OF FORUM. A Participant shall be entitled to enforce the
provisions of this Plan in any federal court located in the State of Florida, in
addition to any other appropriate forum.

                                     - 14 -
<PAGE>   15
         IN WITNESS WHEREOF, ANC Rental Corporation has caused these presents to
be executed by its duly authorized officer on the 19th day of April, 2001.

                                         ANC RENTAL CORPORATION

                                         By: /s/ Michael S. Egan
                                             -----------------------------------

                                     - 15 -
<PAGE>   16

                   Schedule A -- List of Certain Participants

Classification A                Classification B               Classification C
----------------                ----------------               ----------------

                           Schedule B - List of Plans

Health Plan (Medical, Dental and Vision)

Basic Employer Life Plan

Long-Term Disability Plan

                                     Annex A

                                     Release

                                     - 16 -

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