Document:

exhibit10231.htm

    
      
        	
                 
      

              	
                Exhibit
      10.231

              

      

      

      

      
        	
                 
      

              	
                RESTRICTED
      STOCK UNITS GRANT AGREEMENT

              

      

      

      THIS
RESTRICTED STOCK UNITS GRANT AGREEMENT (this "Agreement") is dated
the _____ day of _____________, 20__, between Dollar Thrifty Automotive Group,
Inc., a Delaware corporation ("Company"), and ____________________ (the
"Non-Employee Director").

      

      RECITALS:

      

      A.           The
Company's Second Amended and Restated Long-Term Incentive Plan and Director
Equity Plan (as amended and restated effective December 9, 2008), and originally
adopted by the Company's shareholders on May 20, 2005, as amended (the "Plan") provides for
the grant of Restricted Stock Units of the Company to certain eligible employees
and directors of the Company or its Subsidiaries pursuant to the terms of the
Plan and this Agreement.

      

      NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereby agree as follows:

      

      
        	
                 
      

              	
                1.

              	
                Defined
      Terms.  Defined terms used in this Agreement shall have
      the same meaning as those terms defined and used in the Plan, unless
      otherwise indicated in this
Agreement.

              

      

      

      
        	
                 
      

              	
                2.

              	
                Grant
      of Restricted Stock Units,  The Company grants ________
      Restricted Stock Units to the Non-Employee Director on _______________,
      20____ subject to the restrictions set forth herein. Unless otherwise
      provided herein, the Restricted Stock Units shall vest on the Vesting Date
      (as defined below).

              

      

      

      3.      Payment and
Vesting.

      

      
        	
                 
      

              	
                (a)

              	
                Vesting.  Provided
      the Non-Employee Director remains in the continuous service of the Company
      through ____________, 20___ (the "Vesting Date"),
      the Restricted Stock Units covered by this Agreement, will become vested,
      non-forfeitable and payable on such date. Payment of the Restricted Stock
      Units shall be made in the form of Common Shares no later than two and one
      half months following the last day of the year in which the Vesting Date
      occurs.

              

      

      

      
        	
                 
      

              	
                (b)

              	
                Separation from
      Service Other than in Connection With a Change in
      Control.

              

      

      Notwithstanding
the provisions of Section 3(a), upon the separation from service of the
Non-Employee Director on the Board for any reason prior to the Vesting Date,
other than in connection with a Change in Control, the Restricted Stock Units
awarded hereby shall become vested, non-forfeitable and payable on a prorated
basis (rounded up to the nearest whole Restricted Stock Unit) based on the
number of days that the Non-Employee Director served on the Board from
_____________, 20___, through the date of such separation. Payment of the
Restricted Stock Units shall be made in the form of Common Shares no later than
two and one half months following the date of the separation from
service.

      
        
          1

           

        

         

      

      
        	
                 
      

              	
                (c)

              	
                Separation From
      Service in Connection With a Change in
      Control.  Notwithstanding the provisions of Section 3(a),
      upon separation from service for any reason in connection with a Change in
      Control prior to the Vesting Date, all Restricted Stock Units granted
      pursuant to this Agreement shall become immediately vested,
      non-forfeitable and payable. Payment of the Restricted Stock Units shall
      be made in the form of Common Shares no later than two and one half months
      following the date of the separation from
  service.

              

      

      

      
        	
                4.

              	
                Assignability.  Neither
      this grant nor the Restricted Stock Units that may be awarded hereunder
      shall be assignable, except as permitted in accordance with Section 11 of
      the Plan.

              

      

      

      
        	
                5.

              	
                Securities
      Laws Requirements.  This grant has not been registered
      under the Securities Act of 1933, as amended, or any applicable state
      securities laws and no transfer or assignment of this grant may be made in
      the absence of an effective registration statement under such laws or the
      availability of an exemption from the registration provisions thereof in
      respect of such transfer or
assignment.

              

      

      

      
        	
                6.

              	
                Integrated
      Agreement.  This Agreement shall consist of its terms and
      those terms of the Plan which are relevant to this Agreement and both
      shall be read together.

              

      

      

      
        	
                7.

              	
                Weekends,
      Holidays.  If the last or appointed day for the taking of
      any action required or the expiration of any right granted herein shall be
      a Sunday, or a Saturday or shall be a legal holiday or a day on which
      banking institutions in Tulsa, Oklahoma, are authorized or required by law
      to remain closed, then such action may be taken or right may be exercised
      on the next succeeding day which is not a Sunday, a Saturday or a legal
      holiday and not a day on which banking institutions in Tulsa, Oklahoma,
      are authorized or required by law to remain
  closed.

              

      

      

      
        	
                8.

              	
                Amendments.  Any
      amendment to the Plan will be deemed to be an amendment to this Agreement
      to the extent that the amendment is applicable hereto; provided,
      however, that no amendment will adversely affect the rights of the
      Non-Employee Director under this Agreement without the Non-Employee
      Director's consent.

              

      

      

      
        	
                9.

              	
                Severability.  In
      the event that one or more of the provisions of this Agreement is
      invalidated for any reason by a court of competent jurisdiction, any
      provision so invalidated will be deemed to be separable from the other
      provisions hereof, and the remaining provisions hereof will continue to be
      valid and fully enforceable.

              

      

      

      
        	
                10.

              	
                Compliance
      with Section 409A of the Code.  This Agreement is
      intended to comply with Section 409A of the Code and the grant hereunder
      and the terms of this Agreement shall be administered in a manner that is
      intended to comply with Section 409A of the Code and shall be construed
      and interpreted, to the extent permitted by law, in accordance with such
      intent. It is not intended that this grant be subject to Section 409A of
      the Code.  To the extent that the grant is subject to Section
      409A of the Code, it shall be granted and issued in a manner that will
      comply with Section 409A of the Code, including any Guidance. Any
      provision of this Agreement that would cause the grant or issuance to fail
      to satisfy Section 409A of the Code shall have no force and effect until
      amended to comply with Code Section 409A (which amendment may be
      retroactive to the extent permitted by the
  Guidance).

              

      

       

      
        
          2

           

        

         

      

      
        	
                11.

              	
                Compliance
      with Law.  Notwithstanding
      any other provision of this Agreement, the Company will not be obligated
      to issue any Common Shares in payment of any vested Restricted Stock Unit
      pursuant to this Agreement if the issuance thereof would result in a
      violation of any laws.  The Company will make reasonable efforts
      to comply with all applicable federal and state securities
      laws.

              

      

      

      
        	
                12.

              	
                Governing
      Law.  This Agreement shall be governed by and construed
      in accordance with the laws of the State of
  Delaware.

              

      

      

      IN
WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of
the day and year above written.

      

      
        	
                Attest:

                 

                 

                 

              	 
      	
                DOLLAR
      THRIFTY AUTOMOTIVE GROUP, INC.

              
	 
      	 
      	
                By:

              	 
      
	 
      	 
      	 
      	 
      
	
                Secretary

              	 
      	 
      	
                President
      and Chief Executive Officer

              

      

      

      

      

      
        	 
      	 
      
	 
      	
                Name:

              	 
      
	 
      	
                Non-Employee
      Director

              

      

       

      
        
          3exhibit10232.htm

    Exhibit
10.232

    Dollar Thrifty Automotive
Group, Inc

    2010 Executive Incentive
Compensation Plan

    

    

    Purpose

    

    This 2010
Executive Incentive Compensation Plan (the “2010 Plan”) is
designed to motivate and reward executives for goal and objective achievement
and for contributing to the overall performance of Dollar Thrifty Automotive
Group, Inc. and its subsidiaries (“DTG” or,
collectively, the “Company”) for the
year 2010.

    

    Plan
Participants

    

    Participation
in the 2010 Plan is limited to executive personnel in pay grades 40 and above
(“Participants”).

    

    Target
Award

    

    The
Target Award is a percentage of Participant’s base pay as of the date the bonus
is earned.

    

    Plan
Provisions

    

    
      	
              1.

            	
              An
      incentive compensation award (the “Award”) will be
      based on DTG’s earnings before interest, taxes, depreciation and
      amortization (“EBITDA”) plus
      or minus any adjustment made and approved by the Human Resources and
      Compensation Committee of the Board of Directors of DTG (the “HRCC”) in its
      sole discretion.

            

    

    

    
      	
               
      

            	
              ·

            	
              Awards
      will only be considered if DTG’s  2010
      EBITDA  exceeds  DTG’s 2009
  EBITDA.

            

    

    

    
      	
               
      

            	
              ·

            	
              Awards
      will be allocated to Participants based on the Participant’s specified
      Target Award level and cannot exceed 150% of the Target
    Award.

            

    

    

    
      	
               
      

            	
              ·

            	
              The
      threshold for this Plan is equal to the 2009 final
      EBITDA.   Awards earned under the Plan must be funded by
      EBITDA in excess of the minimum EBITDA threshold.  The target
      EBITDA growth is 10%.

            

    

    

    
      	
              2.

            	
              Awards,
      if any, will be paid subsequent to the confirmation of the 2010 financial
      results of DTG.  The HRCC reserves the right to determine the
      appropriateness of Awards under the 2010 Plan after review of business
      conditions and the Company’s continued viability after the close of the
      2010 fiscal period.  Awards may not be approved to be paid if it
      is determined by the HRCC that the business is not stable and/or not
      properly positioned for success in
2011.

            

    

    

    
      	
              3.

            	
              Participants
      must be employed by the Company on the Award payment date to be eligible
      for an Award.

            

    

     

    
      
        1

         

      

       

    

    
      	
              4.

            	
              Employees
      who are hired or promoted into an eligible pay grade during 2010 may be
      considered for participation in the 2010 Plan on a prorated basis based on
      the number of days worked during the year
2010.

            

    

    

    
      	
              5.

            	
              Any
      special circumstances or exceptions not addressed in this 2010 Plan will
      be resolved by the President and Chief Executive Officer of DTG, in his
      sole discretion but subject to approval of the HRCC. The HRCC further
      reserves the right to determine eligibility under the 2010 Plan and to
      interpret and construe the terms of the 2010 Plan.  The 2010
      Plan may be amended, suspended or terminated by the
  HRCC.

            

    

    

    
      	
              6.

            	
              If
      a Participant in the 2010 Plan, during his or her employment with the
      Company or within six (6) months following the payment of the Award,
      engages in any Detrimental Activity (defined below), and the Board of
      Directors of DTG (or any committee as delegated by the Board) (the
      “Board”) shall so find, the Participant shall return to the Company all or
      so much of the Award (as determined by the Board) made to the Participant
      under the 2010 Plan.  To the extent the amount of the Award is
      not fully paid and returned to the Company, the Company may set off the
      amount payable to it against any amounts that may be owing from time to
      time to the Participant, whether as wages, deferred compensation or
      vacation pay or in the form of any other
  benefit.

            

    

    

    As used
herein, “Detrimental
Activity” means:

    

    
      	
               
      

            	
              (i)

            	
              Engaging
      in any activity, as an employee, principal, agent, or consultant for
      another entity that competes with the Company in any service, system, or
      business activity for which the Participant has had any direct
      responsibility during the last two years of his or her employment with the
      Company, in any territory in which the Company manufactures, sells, markets,
      services, or
      installs such product, service, or system, or engages in such business
      activity.

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Soliciting
      any employee of the Company to terminate his or her employment with the
      Company.

            

    

    

    
      	
               
      

            	
              (iii)

            	
              The
      disclosure to anyone outside the Company, or the use in other than the
      Company’s business, without prior written authorization from the Company,
      of any confidential, proprietary or trade secret information or material
      relating to the business of the Company, acquired by the Participant
      during his or her employment with the Company or while acting as a
      consultant for the Company
thereafter.

            

    

     

    
      
        2

         

      

       

    

    
      	
               
      

            	
              (iv)

            	
              The
      failure or refusal to disclose promptly and to assign to the Company upon
      request all right, title and interest in any invention or idea, patentable
      or not, made or conceived by the Participant during employment by the
      Company, relating in any manner to the actual or anticipated business,
      research or development work of the Company or the failure or refusal to
      do anything reasonably necessary to enable the Company to secure a patent
      where appropriate in the United States and in other
    countries.

            

    

    

    
      	
               
      

            	
              (v)

            	
              Activity
      that results in Termination for Cause. “Termination for Cause” shall mean
      a termination:

            

    

    

    
      	
               
      

            	
              (a)

            	
              due
      to the Participant’s willful and continuous gross neglect of his or her
      duties for which he or she is employed,
or

            

    

    

    
      	
               
      

            	
              (b)

            	
              due
      to an act of dishonesty on the part of the Participant constituting a
      felony resulting or intended to result, directly or indirectly, in his or
      her gain for personal enrichment at the expense of the
      Company.

            

    

    

    
      	
               
      

            	
              (vi)

            	
              Any
      other conduct or act determined to be injurious, detrimental or
      prejudicial to any significant interest of the Company unless the
      Participant acted in good faith and in a manner he or she reasonably
      believed to be in or not opposed to the best interests of the
      Company.

            

    

    

    
      	
               
      

            	
              (vii)

            	
              Conduct
      by a Participant, including errors, omissions or fraud, that caused or
      partially caused the need for the restatement of any financial statements
      or financial results of the
Company.

            

    

    

    7.           Miscellaneous.

    

    
      	
               
      

            	
              ·

            	
              No Continued
      Employment.  Nothing in this Plan is intended to be or
      shall be construed as a promise of continued employment or employment for
      any specified period.

            

    

    

    
      	
               
      

            	
              ·

            	
              Agreement and
      Governing Law.  The Plan shall be governed by and
      construed in accordance with the laws of the State of Oklahoma without
      reference to principles of conflicts of laws.  Any dispute,
      claim or cause of action related to this Plan shall be commenced in the
      applicable state or federal courts located in Tulsa County,
      Oklahoma.

            

    

    

    
      	
               
      

            	
              ·

            	
              Descriptive
      Headings.  Descriptive headings are for convenience only
      and shall not control or affect the meaning or construction of any
      provisions of the Plan.

            

    

     

    
      
        3

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