Document:

Avis Budget Group, Inc. Non-Employee Directors Deferred Compensation Plan

 Exhibit 10.16 
 AVIS BUDGET GROUP, INC. 
 NON-EMPLOYEE DIRECTORS DEFERRED COMPENSATION PLAN 
 (FORMERLY KNOWN AS CENDANT CORPORATION 
 1999 NON-EMPLOYEE DIRECTORS 
 DEFERRED COMPENSATION PLAN, 
 AMENDED AND RESTATED AS OF JANUARY 22, 2005 
 AS FURTHER AMENDED NOVEMBER, 18
2005) 
 AMENDED AND RESTATED AS OF JANUARY 1, 2007 
 1. Purpose. The purpose of the Avis Budget Group, Inc. Non-Employee Directors Deferred Compensation Plan (the “Plan”) is to align the interests of non-employee directors of Avis Budget Group,
Inc. (“Avis”) (formerly Cendant Corporation) with the interests of Avis stockholders by requiring and/or permitting such directors to defer certain of their fees received for providing services to Avis in the form of Avis stock
equivalents. 
 2. Eligibility. Directors of Avis who are not also employees of Avis (“Directors”) are (i) with
respect to elective deferrals, eligible to participate in the Plan (subject to their irrevocable election to defer receipt of eligible compensation) and (ii) with respect to required deferrals, required to participate in the Plan. 

3. Administration. The Plan will be administered by the Compensation Committee of the Board of Directors of Avis, or such other
committee of the Board of Directors designated by the Board of Directors from time to time (the “Committee”). 
 4. (a)
Deferral of Compensation. Subject to such rules, regulations and procedures that Avis may establish from time to time, and subject to the execution by a Director of a valid deferral election, Directors may elect to defer all, but not
less than all, of their annual retainer fees, as well as such other fees and payments determined by the Board of Directors or the Committee to be either mandatory or eligible for deferral from time to time (collectively, “Fees”) into the
Plan. All Fees deferred into the Plan will be converted into a number of Avis Share Units. The number of Avis Share Units allocated to a Director’s account will be equal to the amount of Fees deferred into the Plans as of any given date (an
“Allocation Date”), divided by the fair market value of Avis common stock, par value $0.01 per share (“Avis Stock”) as of the Allocation Date. For purposes of the Plan, fair market value shall equal the closing price per share of
Avis Stock as of the applicable Allocation Date, or such other reasonable formula determined by the Committee. An Allocation Date will occur on each date upon which any Director would otherwise become entitled to receive all or any portion of any
Fee, or as otherwise determined by the Committee. Each Avis Share Unit will be the equivalent of one share of Avis Stock. 
 (b)
Conversion and Distribution of Cash Balances. Pursuant to the rules and procedures prescribed by the Committee or its delegate, a Director may elect either (1) to have any cash credited to the Director’s account in connection
with the separation of Avis’s predecessor (Cendant Corporation) into three independent public companies or the subsequent privatization of Realogy Corporation, converted into Avis Share Units; provided that, once a Director converts cash into
Avis Share Units the Director may not subsequently convert such Avis Share Units back into cash or (2) to have such cash distributed to the Director on the date designated in a properly executed election form provided by Avis for the purpose of
making such election; provided, that any election under this clause (2) shall be implemented in a manner intended to avoid the imposition of taxes under Section 409A of the Internal Revenue Code. 
 5. Election. With respect to elective deferrals, in order to participate in the Plan, a Director must complete a deferral election in such
form, and at such time, as determined by Avis in its sole discretion, but in accordance with IRS regulations applicable to the deferral of income. Once an election is made, it may not be revoked; provided, however, that a Director may
no later than sixty (60) days prior to the beginning of any calendar year, revoke an election to the extent applicable to such calendar year. No deferral election form is required with respect to Fees which are required to be deferred into the
Plan. 

 6. Dividends. Additional Avis Share Units will be credited to a Director’s account in
respect of cash dividends and/or special dividends and distributions, if any, on Avis Stock, based on the number of Avis Share Units credited to such Director’s account as of the record date for such dividend or distribution. Such additional
units shall be credited on the next Allocation Date following the payment date for such dividend or distribution. The number of Avis Share Units to be so credited shall be equal to the quotient obtained by dividing (A) the product of
(i) the number of Avis Share Units credited to such account on the dividend or distribution record date and (ii) the dividend (or distribution value as determined by the Committee in its sole discretion) per share of Avis Stock, by
(B) the closing price of a share of Avis Stock as of such dividend payment date or distribution date. 
 7. Adjustments.
If at any time the number of shares of Avis Stock is increased or decreased as the result of any stock dividend or distribution, stock split, combination or reclassification of shares or any similar transaction, the number of Avis Share Units in a
Director’s account will be equitably adjusted, as determined by the Committee in its sole discretion, to the extent necessary to preserve, but not increase, the value of each Director’s account. In connection with the separation of
Avis’s predecessor (Cendant Corporation) into three independent public companies, a Director’s account was credited with a number of common stock units of Wyndham Worldwide Corporation and Realogy Corporation to preserve, but not increase,
the value of each Director’s account. Each such common stock unit represents the equivalent of one share of Wyndham Worldwide Corporation stock or Realogy Corporation stock, respectively. 
 8. Vesting. Each Director will be fully and immediately vested in his or her account under the Plan. 
 9. Distribution of Deferred Compensation. Except as provided in Section 3(b) hereof or in the last sentence of this Section 9,
each Director (or his or her beneficiary) will receive a distribution of his or her account (including units deferred prior to the date of any amendment to the Plan), in the form of shares of Avis Stock or Wyndham Corporation stock, as the case may
be, on the date which is seven months immediately following the date upon which such Director is no longer a member of Avis’s Board of Directors for any reason. Distributions shall not occur prior to or following such date under any
circumstances. The number of shares of Avis Stock payable to a Director upon distribution will equal the number of Avis Share Units held in such Director’s account as of the date of such distribution. The number of shares of Wyndham Worldwide
Corporation Stock payable to a Director upon distribution will equal the number of Wyndham Worldwide Corporation common stock units held in such Director’s account as of the date of such distribution. Notwithstanding the above, the Committee
may, in its sole discretion, provide a Director with an election to receive a cash distribution equal in value to the Wyndham Worldwide Corporation stock which would otherwise be distributable. 
 10. Authorized Shares. A total of 500,000 shares of Avis Stock shall be authorized and available to be issued directly under the Plan as
previously approved by the stockholders of Avis. Additional shares of Avis Stock shall be issued under the Avis Budget Group, Inc. 2007 Equity and Incentive Plan and subject to the limitations therein. 
 11. Successors in Interest. The obligations of Avis under the Plan shall be binding upon any successor or successors of Avis, whether by
merger, consolidation, sale of assets or otherwise, and for this purpose references herein to Avis shall be deemed to include any such successor or successors. The right of Directors or that of any other person, to the payment of deferred
compensation or other benefits under this Plan may not be assigned, transferred, pledged or encumbered except by will or by the laws of descent and distribution. 
 12. Miscellaneous. A Director shall have only the interest of an unsecured general creditor of Avis in respect of all amounts allocated to his or her account. All amounts deferred under the Plan shall
remain the sole property of Avis, subject to the claims of its general creditors and available for Avis’s use until actually distributed to the Director. With respect to amounts deferred under the Plan, the obligation of Avis hereunder is
purely contractual and shall not be funded or secured in any way. The Committee shall have the authority to adopt rules and regulations for carrying out the Plan and to interpret, construe or implement the provisions thereof. The distribution of
deferred amounts under the Plan to Directors shall be subject to applicable withholding taxes. 
 13. Governing Laws. This Plan
shall be construed and enforced in accordance with, and governed by, the laws of the State of New Jersey. 

 14. Termination and Amendment of the Plan. The Board of Directors of Avis may terminate
this Plan at any time provided that distributions shall not be accelerated or further deferred except in accordance with the provisions of Internal Revenue Code Section 409A. The Board of Directors of Avis may, without the consent of any
Director or beneficiary, amend the Plan at any time and from time to time; provided, however, that no such amendment shall adversely affect the rights of any such Director or beneficiary with respect to amounts previously deferred
under the Plan (as determined by the Committee in its sole discretion). 
 15. Interpretation. Avis intends that transactions
under this Plan will be exempt under amended Rule 16b-3 promulgated under Section 16 of the Securities Exchange Act of 1934, as amended, unless otherwise determined by Avis.Avis Budget Group, Inc. Deferred Compensation Plan

 Exhibit 10.17 
 AVIS BUDGET GROUP, INC. 
 DEFERRED COMPENSATION PLAN 
 Amended and Restated as of November 1, 2008 

 AVIS BUDGET GROUP, INC. 
 DEFERRED COMPENSATION PLAN 
 Table of Contents 
  

			
	 ARTICLE I – SPONSORSHIP AND PURPOSE OF PLAN
	  	2
		
	 ARTICLE II – DEFINITIONS
	  	3
		
	 ARTICLE III – PARTICIPATION
	  	5
		
	 ARTICLE IV– ELECTIVE AND MATCHING DEFERRALS
	  	6
		
	 ARTICLE V – ACCOUNTS
	  	7
		
	 ARTICLE VI – PAYMENTS
	  	8
		
	 ARTICLE VII – BENEFICIARY DESIGNATION
	  	10
		
	 ARTICLE VIII– PLAN ADMINISTRATION
	  	11
		
	 ARTICLE IX – AMENDMENT AND TERMINATION
	  	12
		
	 ARTICLE X – MISCELLANEOUS
	  	13
		
	 ARTICLE XI – FUNDING
	  	15

 ARTICLE I – SPONSORSHIP AND PURPOSE OF PLAN 
  

	1.1	Sponsorship 

 Avis Budget Group, Inc. (the
“Company”) a corporation organized under the laws of the State of Delaware, sponsors the Avis Budget Group, Inc. Deferred Compensation Plan (the “Plan”), a non-qualified deferred compensation plan for the benefit of Participants
and Beneficiaries (as defined herein). This Plan shall generally be effective October 31, 1999; however, the Plan will be effective as to each individual upon becoming a Participant. 
 Effective as of January 1, 2008, the Plan was amended and restated to comply with the provisions of Section 409A of the Code and the regulations
thereunder, and to conform with certain other administrative or operational procedures. 
 Effective as of November 1, 2008, the Plan was
further amended to merge the Avis Rent A Car System, LLC Deferred Compensation Plan (referred to as the “Old ARAC Plan”) into this Plan and to conform with certain other administrative or operational procedures. Except where specifically
noted, the provisions of this document will apply to both the Plan and the Old ARAC Plan. 
  

	1.2	Purpose of Plan 

 The Plan is intended to be
an unfunded plan maintained primarily for the purpose of enabling certain employees to defer receipt of designated percentages or amounts of their Compensation and to provide a means for certain other deferrals of Compensation. 
  

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 ARTICLE II – DEFINITIONS 
 Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly required by the context: 
  

	2.1	Account means, for each Participant, the account established for his or her benefit under Section 5.1. 

  

	2.2	Beneficiary means the person(s) or entity designated by the Participant in accordance with the provisions of Article VII to receive benefits under the Plan as a result
of a Participant’s death. 

  

	2.2	Board means the Board of Directors of the Company. 

  

	2.3	Change of Control means the date on which: 

 (a) any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power
of the stock of the Company; 
 (b) any one person, or more than one person acting as a group, acquires (or has acquired during the
twelve-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30% or more of the total voting power of the stock of the Company; 
 (c) a majority of members of the Company’s Board of Directors is replaced during any twelve-month period by directors whose appointment or election
is not endorsed by a majority of the members of the Company’s Board of Directors before the date of the appointment or election; or 
 (d) any one person, or more than one person acting as a group, acquires (or has acquired during the twelve-month periods ending on the date of the most recent acquisition by such person or persons) assets from the corporation that have at
total gross fair market value equal to more than 40% of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions. 
  

	2.4	Code means the Internal Revenue Code of 1986, as amended from time to time. Reference to any section or subsection of the Code includes reference to any comparable or
succeeding provisions of any legislation which amends, supplements or replaces such section or subsection. 

  

	2.5	Committee means a Committee of one or more persons appointed by the Board to administer the Plan. In the absence of such appointment, or if, due to resignation or
other cause, no appointed members remain, the Board shall be the Committee. 

  

	2.6	Compensation means a Participant’s annual base salary, annual bonus and commissions received from the Employer as compensation for services.

  

	2.7	 Disabled or Disability means the inability of a Participant to engage in any substantial, gainful activity by reason of any medically determinable
physical or mental impairment 

  

 Page 3 

	 	 
which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, and the
permanence and degree of which shall be supported by medical evidence satisfactory to the Committee. 

  

	2.8	Election Form means the participation election form as approved and prescribed by the Committee. 

  

	2.9	Elective Deferral means the portion of Compensation which is deferred by a Participant under Section 4.1. 

  

	2.10	Eligible Employee means each employee of the Employer who is determined by the Employer in its sole discretion to be eligible to participate in the Plan.

  

	2.11	Employer means the Company, any successor to all or a major portion of the Company’s assets or business which assumes the obligations of the Company, and each
other entity that is affiliated with the Company which adopts the Plan with the consent of the Company, provided that the Company shall have the sole power to amend the Plan. 

  

	2.12	ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time. Reference to any section or subsection of ERISA includes reference to
any comparable or succeeding provisions of any legislation which amends, supplements or replaces such section or subsection. 

  

	2.13	Matching Deferral means a deferral provided at the Employer’s discretion for a Participant’s benefit as described in Section 4.3.

  

	2.14	Participant means any individual who participates in the Plan in accordance with Article III. 

  

	2.15	Plan means this Avis Budget Group, Inc. Deferred Compensation Plan, as amended from time to time. Effective November 1, 2008, this term shall be interpreted to
include the Old ARAC Plan. 

  

	 2.16
	 Plan Year means the twelve consecutive month period ending each December 31st. 

  

	2.17	Termination of Employment means a Participant’s separation from the service of the Employer by reason of resignation, discharge, or retirement. Separation from
service as a result of a transfer to an affiliate or subsidiary of the Employer does not constitute Termination of Employment. 

  

	2.18	Trust means the trust established by the Company that identifies the Plan as a plan with respect to which assets are to be held by the Trustee.

  

	2.19	Trustee means the trustee or trustees under the Trust. 

  

	2.20	Unforeseen Emergency means a severe financial hardship arising from illness or accident of the Participant, Participant’s spouse or dependents; casualty loss; or
other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. 

  

 Page 4 

 ARTICLE III – PARTICIPATION 
  

	3.1	Commencement of Participation 

 Any Eligible
Employee who elects to defer part of his or her Compensation in accordance with Section 4.1 shall become a Participant in the Plan as of the date such deferrals commence in accordance with Section 4.1. Participants under the Old ARAC Plan
are automatically deemed Participants of the Plan as of November 1, 2008. 
  

	3.2	Continued Participation 

 A Participant in
the Plan shall continue to be a Participant so long as any amount remains credited to his or her Account. Notwithstanding the foregoing, Participation in respect of any calendar year is not a guarantee of participation in respect of any future
calendar year. 
  

 Page 5 

 ARTICLE IV – ELECTIVE AND MATCHING DEFERRALS 
  

	4.1	Elective Deferrals 

 Any individual who
becomes an Eligible Employee at the time he or she is hired by an Employer may, by completing an Election Form and filing it with the Committee within 30 days following the date on which the Committee gives such individual written notice that the
individual is an Eligible Employee, elect to defer a percentage or dollar amount of one or more payments of Compensation, on such terms as the Committee may permit, which are earned by and payable to the Participant after the date on which the
individual files the Election Form. Such election will be effective only for the Plan Year in which it is filed. 
 Any other Eligible
Employee may elect to defer a percentage or dollar amount of one or more payments of Compensation, on such terms as the Committee may permit by completing an Election Form prior to the first day of such succeeding Plan Year. Such election shall be
effective only for the Plan Year succeeding the Plan Year in which the election is made. 
  

	4.2	Elective Deferral Limitations 

 No dollar
limitation exists on the total amount of Compensation that may be deferred under the Plan. However, each component of Compensation is subject to a separate deferral percentage limitation. For each Plan Year, a Participant may not defer more than:

  

	 	•	 	 80% of annual base salary; 

  

	 	•	 	 98% of annual bonus; and 

  

	 	•	 	 80% of commissions. 

  

	4.3	Matching Deferrals 

 The Employer has the
sole discretion to credit Matching Deferrals in the Accounts of any or all Eligible Employees in any amount it feels appropriate. However, in no event will such Matching Deferral exceed 6% of such Eligible Employee’s Compensation for any Plan
Year. 
  

	4.4	Vesting 

 A Participant shall be immediately
vested in, and shall have a nonforfeitable right to, all Elective Deferrals, Matching Deferrals, and all income and gain attributable thereto, credited to his or her Account; provided, however, that the existence of such right shall not be deemed to
vest in any Participant any right, title or interest in or to any specific assets of the Employer. 
  

 Page 6 

 ARTICLE V – ACCOUNTS 
  

	5.1	Accounts 

 The Committee shall establish an
Account for each Participant reflecting Elective Deferrals and Matching Deferrals made for the Participant’s benefit together with any adjustments for income, gain or loss and any payments from the Account. The Committee may cause the Trustee
to maintain and invest separate asset accounts corresponding to each Participant’s Account. The Committee shall establish sub-accounts for each Participant that has more than one election in effect under Section 6.1 and such other
sub-accounts as are necessary for the proper administration of the Plan, including a sub-account for amounts deferred (and any subsequent earnings related thereto) under the Old ARAC Plan. The Committee shall periodically, but no less frequently
than annually, provide the Participant with a statement of his or her Account reflecting the income, gains and losses (realized and unrealized), amounts of deferrals, and distributions of such Account since the prior statement. 
  

	5.2	Investments 

 The assets of the Trust shall
be invested in such investments as the Trustee shall determine. The Trustee may (but is not required to) consider the Employer’s or a Participant’s investment preferences when investing the assets attributable to a Participant’s
Account. 
  

 Page 7 

 ARTICLE VI – PAYMENTS 
  

	6.1	Election as to Time and Form of Payment 

 A
Participant shall elect (on the Election Form used to elect to defer Compensation under Section 4.1) the date at which his or her Account will commence to be paid in cash. The Participant may elect distribution to occur on a specified date or
on the date that is six months after Termination of Employment. The Participant shall also elect thereon for payments to be paid in either: 
  

	 	a.	a single lump-sum payment; or 

  

	 	b.	a series of installments paid over a period elected by the Participant of up to 10 years, the amount of each installment to equal the balance of his or her Account immediately prior
to the installment divided by the number of installments remaining to be paid. The Participant shall elect whether such installments are made annually, semiannually, quarterly or monthly. 

 Such distribution election detailing the time and form of payment will need to be made on an annual basis with respect to each year’s deferral and
will only be effective for Elective Deferrals and Matching Contributions made for the Plan Year beginning after the date of the election. If an election under this Section is not made timely or is deemed invalid by the Committee, the default time of
distribution for such deferral will be six months after Termination of Employment and the default form of payment will be a single-lump sum payment. Except as provided in Sections 6.2, 6.3 or 6.4, payment of a Participant’s Account shall be
made in accordance with the Participant’s elections under this Section 6.1. 
 In accordance with Section 409A of the Code and
the regulations thereunder, prior to December 31, 2008, each Participant shall have the opportunity to revoke their current election on file and make a new distribution election which will apply to their Account balance determined by excluding
amounts attributable to the Old ARAC Plan. Each Participant shall also have the opportunity to revoke their current election on file and make a new distribution election which will apply only to amounts attributable to the Old ARAC Plan. Amounts
previously scheduled to be distributed in the 2008 calendar year can not be modified and are not eligible for this special unifying election. Furthermore, amounts previously scheduled to be paid after the 2008 calendar year can not be modified to be
paid during the 2008 calendar year, but can be modified to be paid in any calendar year after 2008. The Committee, in its sole discretion, shall establish procedures to implement this special election process consistent with the requirements of
Section 409A of the Code and the regulations thereunder. 
 Notwithstanding the above, upon a Participant’s Termination of
Employment, in the event such Participant’s Account balance is less than $25,000, such Account balance shall be distributed on the date that is six months following such Termination of Employment in the form of a single lump-sum payment.

  

	6.2	Change of Control 

 Notwithstanding
Section 6.1, as soon as possible following a Change of Control, each Participant shall be paid his or her entire Account balance in a single lump sum. 
  

 Page 8 

	6.3	Disability 

 Notwithstanding
Section 6.1, if a Participant becomes Disabled prior to the complete distribution of his or her Account, the balance of the Account shall be paid as soon as practicable to the Participant, in the form elected by the Participant pursuant to
Section 6.1. 
  

	6.4	Death 

 Notwithstanding Section 6.1, if
a Participant dies prior to the complete distribution of his or her Account, the balance of the Account shall be paid as soon as practicable to the Participant’s designated Beneficiary or Beneficiaries, elected by the Participant pursuant to
Section 7. 
  

	6.5	Unforeseen Emergency 

 A Participant may
request distribution of amounts previously deferred under the Old ARAC Plan (and any subsequent earnings related thereto) upon an Unforeseen Emergency. Such distribution is limited to amounts reasonably necessary to meet the emergency and pay any
anticipated tax on the distribution. The Committee retains the right to make a final determination if a Participant’s need meets the definition of Unforeseen Emergency and all decisions are final. 
  

	6.6	Taxes  

 All federal, state or local taxes
that the Committee determines are required to be withheld from any payments made pursuant to this Article VI shall be withheld. 
  

 Page 9 

 ARTICLE VII – BENEFICIARY DESIGNATION 
  

	7.1	Designation 

 Upon enrollment in the Plan,
each Participant shall file with the Committee a written designation of one or more persons as the Beneficiary who shall be entitled to receive the amount, if any, payable under the Plan upon the Participant’s death. A Participant may, from
time to time, revoke or change his or her Beneficiary designation without the consent of any prior Beneficiary by filing a new such designation with the Committee on a form designated by the Committee for such purpose. The most recent such
designation received by the Committee shall be controlling and shall be effective upon receipt and acceptance by the Committee; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the
Committee prior to the Participant’s death. 
  

	7.2	Failure to Designate Beneficiary 

 If no such
Beneficiary designation is in effect at the time of a Participant’s death, or if no designated Beneficiary survives the Participant, or if such designation conflicts with law, the Participant’s estate shall be deemed to have been
designated as the Beneficiary and shall receive the payment of the amount, if any, payable under the Plan upon the Participant’s death. If the Committee is in doubt as to the right of any person to receive such amount, the Committee may retain
such amount, without liability for any interest thereon, until the rights thereto are determined, or the Committee may pay such amount into any court of appropriate jurisdiction and such payment shall be a complete discharge of the obligations of
the Employer under the Plan. 
  

	7.3	Payment to Representatives 

 If the Committee
determines that a Participant or Beneficiary is legally incapable of giving valid receipt and discharge for the payment due from this Plan, such amounts shall be paid to a duly appointed and acting guardian, if any. If no such guardian is appointed
and acting, the Committee may retain such amount, without liability for any interest thereon, until the rights thereto are determined, or the Committee may pay such amount into any court of appropriate jurisdiction on behalf of the Participant or
Beneficiary and such payment shall be a complete discharge of the obligations of the Employer under the Plan. 
  

 Page 10 

 ARTICLE VIII – PLAN ADMINISTRATION 
  

	8.1	Powers and Duties of the Committee 

 The
Committee shall have absolute discretion with respect to the operation, interpretation and administration of the Plan. The Committee’s powers and duties shall include, but not be limited to: 
  

	 	a)	Establishing Accounts for Participants; 

  

	 	b)	Determining eligibility for, and amount of, distributions from the Plan; 

  

	 	c)	Adopting, interpreting, altering, amending or revoking rules and regulations necessary to administer the Plan; 

  

	 	d)	Delegating ministerial duties and employing outside professionals as may be required; and 

  

	 	e)	Entering into agreements or taking such other actions on behalf of the Employer as are necessary to implement the Plan. 

 Participants are not prohibited from serving as members of the Committee. If an individual is both a Participant and a member of the Committee, such
individual is prohibited from making any decision with respect to his or her own participation in, or individual benefits under, the Plan. Any action of the Committee may be taken by a vote or written consent of the majority of the Committee members
entitled to act. Any Committee member shall be entitled to represent the Committee, including the signing of any certificate or other written direction, with regard to any action approved by the Committee. 
  

	8.2	Information  

 To enable the Committee to
perform its functions, the Employer shall supply full and timely information to the Committee on all matters relating to the compensation of Participants, their employment, retirement, death, termination of employment, and such other pertinent facts
as the Committee may require. 
  

	8.3	Claims Procedure 

 In the event a claim by a
Participant relating to the amount of any distribution is denied, such person will be given written notice by the Committee of such denial, which shall set forth the reason for denial. The Participant may, within sixty (60) days after receiving
the notice, request a review of such denial by filing notice in writing with the Committee. The Committee, in its discretion, may request a meeting with the Participant to clarify any matters it deems pertinent. The Committee will render a written
decision within sixty (60) days after receipt of such request, stating the reason for its decision. If the Committee is unable to respond within sixty (60) days, an additional sixty (60) days may be taken by the Committee to respond.
The Participant will be notified if the additional time is necessary by the end of the initial sixty (60) day period. The determination of the Committee as to any disputed questions or issues arising under the Plan and all interpretations,
determinations and decisions of the Committee with respect to any claim hereunder shall be final, conclusive and binding upon all persons. 
  

 Page 11 

 ARTICLE IX – AMENDMENT AND TERMINATION 
  

	9.1	Amendments  

 Except as expressly provided in
Section 9.3 hereof, the Company, in its sole discretion, by action of its Board or other governing body charged with the management of the Company, or its designee, may amend the Plan, in whole or in part, at any time. 
  

	9.2	Termination  

 This Plan is strictly a
voluntary undertaking on the part of the Employer and shall not be deemed to constitute a contract between the Employer and any Eligible Employee (or any other employee) or a consideration for, or an inducement or condition of employment for, the
performance of the services by any Eligible Employee (or other employee). The Company reserves the right to terminate the Plan at any time, subject to Section 9.3, by an instrument in writing which has been executed on the Company’s behalf
by its duly authorized officer. Upon termination, the Company may elect to (a) continue to maintain the Plan to pay benefits hereunder as they become due as if the Plan had not terminated or (b) pay to Participants (or their beneficiaries)
the balance of their Accounts no sooner than twelve months and no later then 24 months after the Plan termination is effective. 
 For
purposes of the preceding sentence, in the event the Company chooses to implement clause (b), such termination and liquidation of the Plan shall be subject to the following limitations: 
  

	 	(1)	The termination and liquidation may not occur proximate to a downturn in the financial health of the Company or the Employer; 

  

	 	(2)	The Employer must terminate and liquidate all other plans, programs and arrangements it sponsors that would be aggregated with the Plan under Treasury Regulation 1.409A-1(c) if any
Participant had deferred compensation under such plans, programs and arrangements; and 

  

	 	(3)	The Employer may not adopt a new plan that would be aggregated with the Plan under Treasury Regulation 1.409A-1(c) if any Participant had participated in such plan for a period of
three years following the date the termination and liquidation become irrevocable. 

  

	9.3	Protection of Benefit 

 No amendment or
termination of this Plan shall reduce the rights of any Participant with respect to amounts allocated to a Participant’s Account prior to the date of such amendment or termination without the Participant’s express written consent.

  

 Page 12 

 ARTICLE X – MISCELLANEOUS 
  

	10.1	Tax Withholding 

 The Employer shall have the
right to deduct an amount sufficient in the opinion of the Employer to satisfy all federal, state and other governmental tax withholding requirements relating to any distribution from the Plan. 
  

	10.2	Offset to Benefits 

 Amounts payable to the
Participant under the Plan may be offset by any reasonable monetary claims the Employer has against the Participant. 
  

	10.3	Inalienability 

 Except as provided in
Section 10.2 hereof, a Participant’s right to payments under this Plan are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant.
In no event shall the Employer make any payment under this Plan to any person or entity other than the Participant or Beneficiary, unless required by law. 
  

	10.4	Employment 

 The adoption and maintenance of
this Plan does not constitute a contract between the Employer and any Participant and is not consideration for the employment of any person. Nothing contained herein gives any Participant the right to be retained in the employ of the Employer or
derogates from the right of the Employer to discharge any Participant at any time and for any reason without regard to the effect of such discharge upon his or her rights as a Participant in the Plan. 
  

	10.5	Indemnity of Committee 

 The Employer
indemnifies and holds harmless the Committee and its designees from and against any and all losses resulting from any liability to which the Committee may be subjected by reason of any act or conduct (except willful misconduct or gross negligence)
in its official capacity in the administration of this Plan, including all costs and expenses reasonably incurred in its defense, in case the Employer fails to provide such defense. 
  

	10.6	Liability 

 No member of the Board, the
Committee, or management of the Employer shall be liable to any person for any action taken under the Plan. 
  

 Page 13 

	10.7	Rules of Construction 

  

	 	(a)	Governing Law. The construction and operation of this Plan are governed by the laws of the State of Delaware, except to the extent superseded by federal
law. 

  

	 	(b)	Headings. The headings of Articles, Sections and Subsections are for reference only and are not to be utilized in construing the Plan.

  

	 	(c)	Gender. Unless clearly inappropriate, all pronouns of whatever gender refer indifferently to persons or objects of any gender. 

 

	 	(d)	Singular and Plural. Unless clearly inappropriate, singular terms refer also to the plural number and vice versa. 

  

	 	(e)	Severability. If any provision of this Plan is held illegal or invalid for any reason, the remaining provisions are to remain in full force and effect
and to be reformed, construed and enforced in accordance with the purposes of the Plan as if the illegal or invalid provision did not exist. 

  

 Page 14 

 ARTICLE XI – FUNDING 
  

	11.1	Unfunded Plan 

 This Plan is intended to be
unfunded for tax purposes and all distributions hereunder shall be made out of the general assets of the Employer. No Participant or Beneficiary shall have any right, title, interest, or claim in or to any assets of the Employer other than as an
unsecured creditor. The Plan constitutes only an unsecured commitment by the Employer to pay benefits to the extent, and subject to the limitations, provided for herein. Although, this Plan constitutes an “employee benefit plan” within the
meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”), it is intended to cover only a select group of management or highly compensated employees pursuant to Sections 201, 301 and 401 of ERISA.

  

	11.2	Trust 

 Notwithstanding the foregoing, the
Employer has the discretion to contribute to an irrevocable grantor trust amounts allocated to a Participant’s Account. The assets of such Trust shall be available to the creditors of the Employer in the event of bankruptcy or insolvency. To
the extent of the Trust assets, amounts due under the Plan shall be payable first from such Trust to Participants before any claim is made against the Employer. The Committee may provide direction to the Trustee or custodian on behalf of the
Employer as it deems necessary to provide for the proper distribution of benefits from the Trust. 
  

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 IN WITNESS WHEREOF, and as evidence of the
adoption of this Plan by the Company, it has caused the same to be signed by its officers thereunto duly authorized, and its corporate seal to be affixed thereto, this 21st day of November, 2008. 
  

					
	ATTEST	 	AVIS BUDGET GROUP, INC.
			
	  
	 	By:	 	  

	[Corporate Seal]	 	Name:	 	Karen C. Sclafani
		 	Title:	 	Executive Vice President, General Counsel and
Assistant Secretary

  

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