Avis 2008 Annual Report Download - page 163

which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months,
and the permanence and degree of which shall be supported by medical evidence satisfactory to the Committee.
2.8
Election Form
means the participation election form as approved and prescribed by the Committee.
2.9
Elective Deferral
means the portion of Compensation which is deferred by a Participant under Section 4.1.
2.10
Eligible Employee
means each employee of the Employer who is determined by the Employer in its sole discretion to be eligible to
participate in the Plan.
2.11
Employer
means the Company, any successor to all or a major portion of the Company
’
s assets or business which assumes the
obligations of the Company, and each other entity that is affiliated with the Company which adopts the Plan with the consent of the
Company, provided that the Company shall have the sole power to amend the Plan.
2.12
ERISA
means the Employee Retirement Income Security Act of 1974, as amended from time to time. Reference to any section or
subsection of ERISA includes reference to any comparable or succeeding provisions of any legislation which amends, supplements or
replaces such section or subsection.
2.13
Matching Deferral
means a deferral provided at the Employer
’
s discretion for a Participant
’
s benefit as described in Section 4.3.
2.14
Participant
means any individual who participates in the Plan in accordance with Article III.
2.15
Plan
means this Avis Budget Group, Inc. Deferred Compensation Plan, as amended from time to time. Effective November 1, 2008, this
term shall be interpreted to include the Old ARAC Plan.
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2.16 Plan Year means the twelve consecutive month period ending each December 31
st
.
2.17
Termination of Employment
means a Participant’s separation from the service of the Employer by reason of resignation, discharge, or
retirement. Separation from service as a result of a transfer to an affiliate or subsidiary of the Employer does not constitute Termination
of Employment.
2.18
Trust
means the trust established by the Company that identifies the Plan as a plan with respect to which assets are to be held by the
Trustee.
2.19
Trustee
means the trustee or trustees under the Trust.
2.20
Unforeseen Emergency
means a severe financial hardship arising from illness or accident of the Participant, Participant’s spouse or
dependents; casualty loss; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control
of the Participant.