Avis 2008 Annual Report Download - page 151

(b) Payment of the Exercise Price for the Option Shares to be purchased on the exercise of the Option shall be made by (i) cash
(ii) certified or bank cashier’s check payable to the order of the Company, (iii) unless otherwise determined by the Committee at the
time of exercise, in the form of Shares already owned by the Optionee which have a Fair Market Value on the date of surrender equal
to the aggregate Exercise Price of the Shares as to which such Option shall be exercised, (iv) unless otherwise determined by the
Committee at the time of exercise, authorization for the Company, or a third-party broker designated by the Company, to withhold a
number of shares otherwise payable pursuant to the exercise of an Option having a Fair Market Value less than or equal to the
aggregate Exercise Price, (iv) any other form of consideration approved by the Committee and permitted by applicable law or (v) any
combination of the foregoing.
(c)
As a condition of delivery of the Option Shares, the Company shall have the right to require the Optionee to remit to the Company in
cash an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto. The Optionee may
satisfy the foregoing requirement by electing to have the Company withhold from delivery Shares or by delivering already owned
unrestricted Shares, in each case, having a value equal to the minimum amount of tax required to be withheld. Such shares shall be
valued at their Fair Market Value on the date as of which the amount of tax to be withheld is determined.
6.
Expiration Date:
(a) General . Subject to earlier termination upon the occurrence of certain events related to the termination of the Optionee’s
employment as set forth in this Agreement, the Options granted hereunder shall expire on the tenth (10th) anniversary of the Date of
Grant, unless earlier exercised (such ten
-
year period, the
“
Option Term
”
).
(b)
Death or Disability
. Except as otherwise provided in any individual agreement between the Optionee and the Company, if the
Optionee experiences a termination of employment by reason of the Optionee’s total and permanent disability (as defined in any
individual agreement between the Optionee and the Company or, if no such agreement is in effect, as determined by the Committee
in its good faith discretion) or death, the unvested portion of the Option Shares shall vest and the Optionee shall be permitted to
exercise the Option Shares for six months following such termination of employment (but in no event beyond the expiration of the
Option Term). Option Shares that remain unexercised at the expiration of such exercise period shall terminate at such time.
(c)
Cause
. If the Company terminates the Optionee
’
s employment for Cause, the unexercised portion of the Option Shares, whether
vested or unvested, shall terminate immediately and the Optionee shall have no right thereafter to exercise any part of the Option
Shares.
(d) Other . Except as otherwise provided in any individual agreement between the Optionee and the Company, if the Optionee
experiences a termination of employment for any reason not otherwise set forth above, the unvested portion of the Option Shares
shall terminate immediately. Any Option Shares that were vested on the date of such termination of employment shall remain
exercisable for six months following such termination of employment (but in no event beyond the expiration of the Option Term).
Option Shares that remain unexercised at the expiration of such exercise period shall terminate at such time.