Avis 2006 Annual Report Download - page 124
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 |
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Mr. Mark J. Servodidio
Page Two
November 20, 2006
In addition, a lump sum would be paid in cash for the ratable portion of your stock-based awards which would have been expensed in
accordance with their original vesting schedule by the one-year anniversary of your termination of employment.
“Termination for Cause” shall mean: (i) your willful failure to substantially perform your duties as an employee of the Company or any
subsidiary (other than any such failure resulting from your incapacity due to physical or mental illness); (ii) any act of fraud, misappropriation,
dishonesty, embezzlement or similar conduct against the Company or any subsidiary; or (iii) conviction of a felony or any crime involving
moral turpitude (which conviction, due to the passage of time or otherwise, is not subject to further appeal).
The by-laws of the Company provide that officers will be indemnified for their authorized actions on behalf of our Company to the fullest
extent permitted under applicable law.
This severance pay as set forth in this letter is in lieu of and supersedes any other severance benefits otherwise payable to you under any other
agreement or severance plan of ABCR or its affiliates.
Regards,
/s/ Ronald L. Nelson
Ronald L. Nelson
Chairman & Chief Executive Officer
Understood and accepted:
/s/ Mark J. Servodidio
Mark J. Servodidio
Date: December 20, 2006