SEC Contract Filing

Filing Date: 2017-05-03

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d392846dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION COPY </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED
AND RESTATED COOPERATION AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amended and Restated Cooperation Agreement, dated as of May&nbsp;3, 2017 (this
&#147;<U>Agreement</U>&#148;), is by and among Avis Budget Group, Inc. (the &#147;<U>Company</U>&#148;) and the entities set forth on <U>Schedule A</U> hereto (together with their Affiliates, &#147;<U>SRS</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, as of the date hereof, SRS Beneficially Owns 8,500,000 shares of common stock of the Company, par value $0.01 per share (the
&#147;<U>Common Stock</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and SRS have previously entered into a Cooperation Agreement, dated
January&nbsp;25, 2016 (the &#147;<U>Original Agreemen</U>t&#148;), with respect to certain matters relating to the Board of Directors of the Company (the &#147;<U>Board</U>&#148;) and certain other matters, as provided therein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and SRS wish to amend and restate the Original Agreement on the terms set forth herein; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company&#146;s slate of nominees for election as directors of the Company at the Company&#146;s 2017 annual meeting of
stockholders (the &#147;<U>2017 Annual Meeting</U>&#148;) includes Brian Choi (the &#147;<U>SRS Director</U>&#148;) and Sanoke Viswanathan (the &#147;<U>Outside Director</U>&#148; and, together with the SRS Director, the &#147;<U>Applicable
Directors</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the covenants and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Board
Representation</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Company will continue to recommend that the Company&#146;s stockholders vote in favor of the election of the
Applicable Directors at the 2017 Annual Meeting and will support the Applicable Directors for election in a similar manner as the Company&#146;s other nominees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) At all times while serving as a member of the Board (and as a condition to such service), the Applicable Directors shall (i)&nbsp;comply
with all policies, codes and guidelines applicable to Board members (subject to <U>Section 8(b)</U>), (ii) not serve as a director or officer of any Competitor and (iii)&nbsp;otherwise qualify as &#147;independent&#148; of the Company pursuant to
the applicable stock exchange listing requirements ((i) through (iii), the &#147;<U>Director Criteria</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Applicable
Directors shall be entitled to resign from the Board at any time in their discretion. Should any of the Applicable Directors resign from the Board or become unable to serve on the Board due to death, disability or other reasons prior to the
expiration of the Standstill Period, SRS will have the right to recommend for appointment to the Board a replacement director (a &#147;<U>Replacement</U>&#148;); provided, that (i)&nbsp;in the case of any Replacement of the SRS Director, such
Replacement shall meet the Director Criteria and (ii)&nbsp;in the case of any Replacement of the Outside Director, such Replacement shall meet the Director Criteria and the Outside Director Criteria. &#147;<U>Outside Director Criteria</U>&#148;
shall mean, with respect to any Person, that such Person (A)&nbsp;must not be a former employee or a current employee, advisor, consultant or </P>

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Affiliate of SRS and (B)&nbsp;must have the relevant financial and business experience to be a director of the Company. The appointment of a Replacement will be subject to a customary due
diligence process by the Board (including the review of a completed D&amp;O questionnaire (in the Company&#146;s standard form), interviews with members of the Board, a customary background check and completion by the Replacement of the following
documents required of all <FONT STYLE="white-space:nowrap">non-executive</FONT> directors on the Board: the Certification for the Procedures and Guidelines Governing Securities Trades by Company Personnel and the Majority Voting Conditional
Resignation Letter. The Company will use its reasonable best efforts to complete its approval process as promptly as practicable. The Company shall appoint a Replacement to the Board if (and only if) it f