Avis 2007 Annual Report Download - page 38

Table of Contents
Issuer Purchases of Equity Securities
None.
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shares subject to outstanding options, the exercise price of outstanding options and the number and type of shares remaining to be made
subject to options under this plan may be adjusted or substituted for, as the Compensation Committee or Board may determine. The terms
and conditions of options granted under this plan are to be determined by the Compensation Committee, provided that the exercise price of
an option may not be less than the fair market value of the shares covered thereby on the date of grant. Each option granted under this plan
will become immediately exercisable upon a “change-of-control transaction” (as defined in the plan). Unless otherwise determined by the
Compensation Committee, following termination of employment, options granted under this plan generally will remain exercisable, to the
extent exercisable at the time of termination, for one year (two years, in the case of retirement, death or disability).
1997 Employee Stock Plan
. This plan provides for the grant of awards of stock options, stock appreciation rights (payable in cash or shares
or a combination thereof) and restricted stock to our employees and affiliates. Shares issued pursuant to awards granted under this plan
may be authorized and unissued shares or treasury shares. In the event of any change in corporate capitalization, any reorganization of our
company or a similar event, shares subject to outstanding awards, the exercise price of outstanding options and the number and type of
shares remaining to be made subject to awards under this plan may be adjusted or substituted for, as the Compensation Committee or
Board may determine. The terms and conditions of awards granted under this plan are to be determined by the Compensation Committee,
provided that the exercise price of an option may not be less than the fair market value of the shares covered thereby on the date of grant.
Under this plan, stock appreciation rights may be granted only in tandem with an option, and will be cancelled to the extent the related
option is exercised or cancelled. The vesting of restricted stock awards granted under this plan may be subject to the attainment of
predetermined performance goals. Unless otherwise determined by the Compensation Committee, following termination of employment,
options and stock appreciation rights granted under this plan generally will remain exercisable, to the extent exercisable at the time of
termination, for one year (two years, in the case of retirement, death or disability). Unless otherwise determined by the Compensation
Committee, following termination of employment for any reason, shares that are subject to restrictions under a restricted stock award will
be immediately forfeited.