Document:

Agreement between Cendant Corporation and Henry R. Silverman

 Exhibit 10.3 
 June 26, 2006 
 Mr. Henry R. Silverman 
 Chairman and Chief Executive Officer 
 Cendant Corporation 
 9 West 57th Street, 37th Floor

 New York, New York, 10019 
 Dear Mr. Silverman: 
 Reference is made to (1) the Amended and Extended Employment Agreement, dated
as of July 1, 2002, as thereafter amended from time to time (as so amended, the “Employment Agreement”), by and between Cendant Corporation (the “Company”) and you and (2) the plan, approved by the Company’s Board
of Directors (the “Board”), to separate the Company into four independent companies—one each for the Company’s Real Estate Services business (“Realogy Corporation” or “Realogy”), Hospitality Services and
Timeshare Resorts businesses (“Wyndham Worldwide Corporation” or “Wyndham”), Travel Distribution Services business (“Travelport”) and Vehicle Rental business (which will be operated by the Company), as such plan has
been, and in the future may be, amended by the Board (such plan, the “Transaction”). Capitalized terms not defined herein shall have the meanings ascribed to such terms in the Employment Agreement. 
 The purpose of this letter is to evidence the Company’s agreement with you regarding the effect of the Transaction on our respective rights and
obligations under the Employment Agreement, and to set forth certain additional understandings between you and the Company, as follows: 
 1.
The Company hereby agrees that simultaneously with the consummation of the distribution of both Realogy common stock and Wyndham common stock by way of a pro rata dividend to the Company’s stockholders (if both such distributions occur
together) or simultaneously with the consummation of the Wyndham spin-off to the extent it follows the Realogy spin-off (the “Spin-Off Date”), it shall pay to you, in full satisfaction of the Company’s obligations under
Section 6(a)(v)(C) of the Employment Agreement, a lump sum payment of $28,369,407 (subject to applicable withholding taxes), as the result of the occurrence as of the Spin-Off Date of a Good Reason event under your Employment Agreement and your
termination of employment as a result thereunder. 

 2. You hereby agree that, if requested by the Board, from and after the Spin-Off Date, you will serve, at
the pleasure of the Board, as the Chief Executive Officer and Chairman of the Company until the earlier of (a) date on which all of Realogy, Wyndham and Travelport cease to be wholly-owned by the Company or (b) December 31, 2006 (such
period, the “Post Spin-Off Period”). During the Post Spin-Off Period, you will not be entitled to any compensation or benefits from the Company (other than benefits described in Sections 4(b) and (d) of the Employment Agreement). The
Company acknowledges that you have entered into an employment agreement with Realogy (the “Realogy Employment Agreement”) and that, during the Post Spin-Off Period, you will be serving as Chairman and Chief Executive Officer of Realogy.
Nothing herein shall be construed so as to materially interfere with the performance of your duties of Realogy. 
 3. The Company and you
hereby agree to the following, in complete settlement of our respective rights and obligations with respect to the matters described in the First Amendment, dated July 28, 2003, to the Employment Agreement (the “First Amendment”):
(a) provided that the Company shall have made an aggregate premium payment of the amount necessary to fully fund the New Policies (as defined in the First Amendment) and shall have provided you with satisfactory proof of the same, you shall
cause the Trusts (as defined in the First Amendment) to make the Purchase Election contemplated by Section 6 of the First Amendment, such Purchase Election to be exercised in January, 2007, and in connection with such Purchase Election the
Company shall make a payment to you in January, 2007, immediately prior to the time at which the Trust exercises the Purchase Election, in an amount equal to the Exercise Price (as defined in the First Amendment) and (b) within two business
days following purchase of the New Policies by the Trusts, the Company shall make a lump sum cash payment to you in an amount equal to $18,700,000, in full satisfaction of the Company’s obligation to make Cash Bonus Payments pursuant to
Section 7A of (and Exhibit C to) the First Amendment. Amounts payable hereunder shall be subject to applicable withholding taxes. The provisions of Section 6(c) of the Employment Agreement shall apply to the obligations of the Company with
respect to the Exercise Price and pursuant to clause (b) of this Paragraph 3 and shall include the obligation of the Company to assign and transfer into the trust arrangement provided for thereunder the New Policies referred to in clause
(a) above (provided that any such obligations funded thereunder shall be paid to you on the dates provided herein). 
 4. You hereby
acknowledge and agree that (a) upon the consummation of the Realogy spin-off, the Company shall cease to have any further obligations to you under Sections 6(a)(v)(A) and 6(a)(vi) and (b) upon the Company making the payments described in
paragraphs 1 and 3 hereof (or in the case of any payments hereunder subject to Section 6(c) of the Employment Agreement, the payment to you of such amounts), the Company shall cease to have any further payment obligations to you under the
Employment Agreement and the Employment Agreement shall be of no further force and effect, except that from and after the date of this Agreement, (i) you shall retain your rights under Sections 4(d), 4(i), 7, 9, 11(c) and 11(e) of the
Employment Agreement, (ii) the provisions of Sections 8(b) and 8(d) of the Employment Agreement shall continue to 
  

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 apply, with references therein to the “Company” being deemed to include Wyndham and Travelport, it being the
intent that this clause (ii) shall inure to the benefit of Wyndham and Travelport, (iii) the provisions of Sections 8(a) and 8(c) of the Employment Agreement shall continue to apply during the Restricted Period, with references therein to
the Company also being deemed to include Travelport and Wyndham, it being the intent that this clause (iii) shall inure to the benefit of Wyndham and Travelport and (iv) the provisions of Sections 11(a), 12 and 13 of the Employment
Agreement shall continue to apply. For purposes of clause (iii) above, the Restricted Period shall end on the date that Realogy ceases providing you with the post-separation benefits contemplated by the Realogy Employment Agreement. 

This letter is intended to constitute an amendment to the Employment Agreement which, subject to the provisions hereof, shall otherwise remain in full force and
effect. In order to evidence your agreement to the foregoing, please sign and return the enclosed copy of this document, which shall constitute a binding agreement between the Company and you. 
  

			
	CENDANT CORPORATION
		
	By:	 	 /s/ Terry Conley

		 	Terry Conley
		 	Chairman, Compensation Committee

  

	
	Accepted and Agreed to as
	of the date first above written:
	
	 /s/ Henry R. Silverman

	Henry R. Silverman

  

 3Employment Agreement between Henry R. Silverman and Realogy Corporation

 Exhibit 10.4 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (“Agreement”) is dated as of the
“Effective Date” (as hereinafter defined), by and between Realogy Corporation, a Delaware corporation (the “Company”), and Henry R. Silverman (the “Executive”). 
 WHEREAS, Cendant Corporation, a Delaware corporation (“Cendant”), and the Executive are parties to an Amended and Extended Employment Agreement
dated July 1, 2002, as thereafter amended from time to time (the “Cendant Agreement”). 
 WHEREAS, Cendant’s Board of
Directors has approved the distribution of common stock of the Company by way of a pro rata dividend to Cendant stockholders (the “Transaction”). 
 WHEREAS, the Company desires to employ the Executive, and the Executive desires to serve the Company, in accordance with the terms and conditions of this Agreement. 
 NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereby agree as follows: 
 SECTION I 
 EFFECTIVENESS 
 This Agreement shall become effective as of the date on which the Transaction is
consummated (the “Effective Date”). 
 SECTION II 
 POSITION AND RESPONSIBILITIES 
 The Company agrees to employ the Executive, and the Executive agrees
to be employed by the Company, upon the terms and conditions provided in this Agreement. The Executive shall serve as Chief Executive Officer of the Company from the Effective Date through December 31, 2007, or such earlier date on which the
Executive ceases to be employed for any reason or the Company terminates his employment for any reason (the “Period of Employment”). During the Period of Employment, the Executive shall also serve as Chairman of the Board of Directors and
following the Period of Employment shall thereafter serve as non-executive Chairman of the Board of Directors of the Company (the “Board”); provided, that (x) the 

 Executive’s continued service as a member of the Board shall at all times remain subject to any and all nomination
and election procedures in accordance with the Company’s by-laws and (y) following the Period of Employment, the Executive shall have no obligation to continue to serve as non-executive Chairman. During the Period of Employment, the
Company shall nominate the Executive for re-election to the Board. During the Period of Employment, the Executive shall report to, and be subject to the direction of, the Board. The parties hereby agree and acknowledge that it shall not be a
violation of this Section II for the Executive to continue to serve as the Chief Executive Officer and Chairman of the Board of Directors of Cendant, but in no event beyond December 31, 2006. During the Period of Employment, the Company shall
provide the Executive with a primary office (staffed and furnished in a manner comparable to that provided to other senior executives of the Company) from which he shall execute his responsibilities in New York, New York (the “Business
Office”), except for normal and reasonable business travel in connection with his duties hereunder. 
 SECTION III 
 COMPENSATION AND BENEFITS 
 (a)
Compensation 
 For all services rendered by the Executive pursuant to this Agreement during the Period of Employment, including
services as an executive officer, director or committee member of the Company or any subsidiary or affiliate of the Company, the Company shall pay the Executive a fixed base salary (“Base Salary”) of $1 per annum. During the Period of
Employment, the Executive shall not be eligible for any other compensation, including but not limited to any annual or long term incentive compensation awards, nor shall he be entitled to any fees for his services as Chairman of the Board. Following
the Period of Employment, the Executive shall be eligible to receive director fees and other compensation in accordance with the policies of the Company applicable to non-employee directors. 
 (b) Benefits 
 During the Period of
Employment, the Executive shall be entitled to receive from the Company all of the same executive benefits and perquisites as the Executive received from Cendant immediately prior to the Effective Date. During the period in which Executive provides
services to the Company as a consultant or non-employee director following the Period of Employment, the Company shall provide to the Executive office space convenient to the Executive’s primary residence, as of the end of the Period of
Employment, and suitable in respect of the services which 
  

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 the Executive provides to the Company hereunder, along with suitable clerical support, and appropriate security when
traveling on Company business. The Company shall reimburse the Executive for all properly documented business expenses incurred for services rendered on behalf on the Company, whether during the Period of Employment or thereafter. The Company shall
also provide the Executive with the registration rights and related assistance set forth in Section 4(i) of the Cendant Agreement but as applicable to the common stock and options of the Company owned by the Executive. 
 (c) Certain Post-Separation Benefits and Obligations 
 (i) Upon (a) the Executive ceasing to be employed by the Company as of December 31, 2007 or (b) a termination of the Executive’s employment prior to December 31, 2007, by the Company without
“Cause” (as defined in the Cendant Agreement) or by the Executive for “Good Reason” (as defined in Exhibit A) (a termination referred to in (a) or (b) being referred to as a “Qualifying Termination”), then
from and after the Qualifying Termination (the “Termination Date”), the Company shall provide to the Executive and/or his dependants compensation and benefits which are identical to the compensation and benefits described in
Section 6(a)(vi) of the Cendant Agreement (the “Realogy Separation Benefits”); provided, that if the Executive dies prior to the third anniversary of the Termination Date, the Executive’s dependents shall be entitled, through
such third anniversary, to benefits which are identical to the “Health and Welfare Coverage” (as defined in the Cendant Agreement). 
 (ii) If the Period of Employment terminates due to the Executive’s death, the Executive’s dependents shall be entitled, for the remainder of their lives, to benefits which are identical to the Health and Welfare Coverage.

 (iii) If the Period of Employment terminates due to the Executive’s Disability (as defined in the Cendant Agreement), the Executive
and/or his dependents shall be entitled, in accordance with Section 6(a)(ii) of the Cendant Agreement, to benefits which are identical to the Health and Welfare Coverage (the “Realogy Disability Benefits”). 
 (iv) For purposes of this Section III(c): (i) references in the Cendant Agreement to the “Company” shall be deemed to be references to
Realogy Corporation; (ii) the Executive shall become a consultant and not an employee for purposes of Section 6(a)(vi)(A)(II) of the Cendant Agreement; (iii) the Company’s obligation to provide the Realogy Separation Benefits or
the Realogy Disability Benefits, and the Executive’s obligations with respect thereto, as the case may be, shall in all other 
  

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 respects be subject to identical terms and conditions to those set forth in Section 6(a)(vi) of the Cendant
Agreement and (iv) the provisions of Section 6(c) of the Cendant Agreement shall continue to apply, except that references therein to the provisions relating to termination of Executive’s employment shall be deemed references to a
Qualifying Termination. 
 (d) Restrictive Covenants 
 The provisions of Sections 8 of the Cendant Agreement shall continue to apply to the Executive (the “Restrictive Covenants”), with references therein to the “Company” being deemed references to the
Realogy Corporation, it being understood that the Restricted Period shall end on the date that the Company ceases providing the Executive with the Realogy Separation Benefits or the Realogy Disability Benefits, as the case may be. 
 (e) Additional Payments 
 The
provisions of Section 7 of the Cendant Agreement (“Section 7”) shall apply with respect to any payments that might otherwise be due the Executive hereunder, whether during or following the Period of Employment, and for purposes of
determining the obligations of the Company with respect to such payments, the provisions of Section 7 shall be applied with references to Company replacing references to Cendant as necessary. 
 SECTION IV 
 MODIFICATION 
 This Agreement may not be modified or amended except in writing signed by the parties. No term or condition of this Agreement shall be deemed to have
been waived except in writing by the party charged with waiver. A waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver for the future or act on anything other than that which is specifically waived.

 SECTION V 
 GOVERNING LAW;
ARBITRATION 
 This Agreement has been executed and delivered in the State of New York and its validity, interpretation, performance and
enforcement shall be governed by the internal laws of that state. Any controversy, dispute or claim arising out of or relating to this Agreement or the breach hereof which cannot be settled by mutual 
  

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 agreement (other than with respect to violations of the Restrictive Covenants for which the Company may, but shall not be
required to, seek injunctive relief) shall be finally settled by binding arbitration in accordance with the Federal Arbitration Act (or if not applicable, the applicable state arbitration law) as follows: Any party who is aggrieved shall deliver a
notice to the other party setting forth the specific points in dispute. Any points remaining in dispute twenty (20) days after the giving of such notice may be submitted to arbitration in New York, New York, to the American Arbitration
Association, before a single arbitrator appointed in accordance with the arbitration rules of the American Arbitration Association, modified only as herein expressly provided. After the aforesaid twenty (20) days, either party, upon ten
(10) days notice to the other, may so submit the points in dispute to arbitration. The arbitrator may enter a default decision against any party who fails to participate in the arbitration proceedings. The decision of the arbitrator on the
points in dispute shall be final, unappealable and binding, and judgment on the award may be entered in any court having jurisdiction thereof. The expenses of the arbitration shall be borne by the Company and the Company shall bear its own legal
fees and expenses and pay, at least monthly, all of the Executive’s reasonable legal fees and expenses incurred in connection with such arbitration regardless of the outcome, except that the Executive shall have to reimburse the Company for his
reasonable legal fees and expenses if the arbitrator finds that the Executive brought an action in bad faith. The parties agree that this Section V has been included to rapidly and inexpensively resolve any disputes between them with respect to this
Agreement, and that this Section V shall be grounds for dismissal of any court action commenced by either party with respect to this Agreement, other than post-arbitration actions seeking to enforce an arbitration award. In the event that any court
determines that this arbitration procedure is not binding, or otherwise allows any litigation regarding a dispute, claim, or controversy covered by this Agreement to proceed, the parties hereto hereby waive any and all right to a trial by jury in or
with respect to such litigation. The parties shall keep confidential, and shall not disclose to any person, except as may be required by law, the existence of any controversy hereunder, the referral of any such controversy to arbitration or the
status or resolution thereof. 
 SECTION VI 
 SURVIVAL; SEPARABILITY; SECTION 409A 
 Sections III (c) through V shall continue in full force
in accordance with their respective terms notwithstanding any termination of the Period of Employment. All provisions of this Agreement are intended to be severable. In the event any provision or restriction contained herein is held to be invalid or
unenforceable in any respect, in whole or in part, such finding shall in no way affect the validity or enforceability of any other provision of this Agreement. The parties hereto 
  

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 further agree that any such invalid or unenforceable provision shall be deemed modified so that it shall be enforced to
the greatest extent permissible under law, and to the extent that any court of competent jurisdiction determines any restriction herein to be unreasonable in any respect, such court may limit this Agreement to render it reasonable in the light of
the circumstances in which it was entered into and specifically enforce this Agreement as limited. 
 The parties hereby recognize that it
may be necessary to amend this Agreement in order to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). The parties hereby agree that they shall work together in good faith
and shall amend this Agreement in a timely manner as may be necessary to comply with Section 409A, maintaining, to the maximum extent practicable, the original intent and economic benefit to the Executive of the applicable provisions hereof.

 SECTION VII 
 INDEMNIFICATION

 The Company shall maintain directors’ and officers’ liability insurance coverage for the Executive and shall indemnify the
Executive in accordance with Company policy regarding indemnification of its most senior level executives and at a level substantially equivalent to the indemnification provided to the Executive under the Cendant Agreement. 
 SECTION VIII 
 SUCCESSORS AND ASSIGNS

 This Agreement shall be binding upon the Company’s successors and assigns. For all purposes under this Agreement, the term
“Company” shall include any successor to the Company’s business and/or assets, which becomes bound by this Agreement. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all the business and/or assets of the Company, by agreement in form and substance satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place. 
  

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

  

			
	REALOGY CORPORATION
		
		 	/s/ C. Patteson Cardwell, IV.
	 By:
	 	C. Patteson Cardwell, IV
	 Title:
	 	 Executive Vice President
     and
General Counsel

		
		 	/s/ Henry R. Silverman
		 	Henry R. Silverman

  

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 Exhibit A 
 “Good Reason” shall mean: 
 a. the failure to elect and continue the Executive as Chairman of the Board or to nominate the Executive for
re-election as a member of the Board; 
 b. the assignment to the Executive of duties, authorities, responsibilities and reporting requirements inconsistent
with his position, or if the scope of any of the Executive’s material duties or responsibilities as Chief Executive Officer of the Company is reduced or expanded to a significant degree without the Executive’s prior consent, except for any
reduction in duties and responsibilities due to Executive’s illness or disability and except in the event the Board shall determine that the Executive shall no longer serve the Company in the capacity of Chief Executive Officer but permits the
Executive to continue to serve the Company in the capacity of Chairman of the Board of Directors; 
 c. a reduction in or a substantial delay in the payment
of the Executive’s benefits from those required to be provided in accordance with the provisions of this Agreement; 
 d. a requirement by the Company
or the Board, without the Executive’s prior written consent, that the Executive be based in another location that is more than a 20-mile radius from the Executive’s New York, New York offices as provided for under Section II, other than on
travel reasonably required to carry out the Executive’s obligations under this Agreement; 
 e. the failure of the Company to indemnify the Executive
(including the prompt advancement of expenses), or to maintain directors’ and officers’ liability insurance coverage for the Executive, in accordance with the provisions of Section VII; 
 f. the Company’s purported termination of the Executive’s employment for Cause other than in accordance with the requirements of this Agreement; 
 g. the occurrence of a “Change of Control”; 
 h. the delivery to
the Board of a written notice from the Executive stating that the Executive is unable to deliver a Covered Certification because either (I) the Company and/or its representatives have failed to cooperate or otherwise have prevented the
Executive from completing such review as he deems necessary to deliver 
  

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 a Covered Certification or (II) the Company and/or its representatives have failed to address the Executive’s
reasonable concerns regarding the adequacy and completeness of the periodic reports or other documentation, or regarding the Company’s disclosure or reporting procedures, as to which the Covered Certification relates, PROVIDED THAT in any such
case the Board fails to cure to the Executive’s satisfaction any of the matters addressed in subclauses (I) or (II) in a timely manner prior to when the Covered Certification would otherwise have been required to be filed; 
 i. the failure of any successor company to the Company to assume this Agreement in accordance with Section VIII; and 
 j. any other breach by the Company of any provision of this Agreement. 
 For
purposes of the foregoing, (i) “Change of Control” shall have the meaning set forth in Section 6(a)(iv) of the Cendant Agreement and (ii) no certification by the Executive, as may be required by any governmental authority,
of any periodic reports or other documentation filed by the Company under any applicable law, rule or regulation shall provide any basis for any alleged “Cause” hereunder so long as the Executive reasonably relied on the Company’s
disclosure and reporting procedures in connection with Executive’s review of the periodic reports or other documentation underlying his certification and the Executive believed that his certification was accurate at the time made (such
certification shall be referred to as a “Covered Certification”). 
  

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