Avis 2009 Annual Report Download - page 153

Exhibit 10.8
[ ]
[ ]
Avis Budget Group
6 Sylvan Way
Parsippany, NJ 07054
Dear [ ]:
We are pleased to confirm your continued employment with Avis Budget Car Rental, LLC, (“ABCR” or the “Company”), a subsidiary of Avis
Budget Group, as [ ]. To comply with the requirements of Section 409A of the Internal Revenue Code and the regulations thereunder
(“Section 409A”), the Company is hereby amending and restating this letter agreement as set forth herein.
Your salary will continue to be paid on a bi-weekly basis at its current rate. You will be eligible to receive a target bonus equal to the percentage
of your regular base salary during the performance period that is no less than your current target bonus percentage, subject to the Company
achieving performance goals as described in the Management Incentive Plan for ABG Senior Executive Leadership and you remaining
employed with the Company through the payment date. The bonus distribution is typically in the first quarter of the next year.
Per ABCR’s standard policy, this letter is not intended, nor should it be considered, to be an employment contract for a definite or indefinite
period of time. As you know, employment with ABCR is at will, and either you or ABCR may terminate your employment at any time, with or
without cause.
If, however, your employment with ABCR is terminated by ABCR other than: (i) “for cause” (as defined below); (ii) in connection with your
disability which prevents you or is reasonably expected to prevent you from performing services for ABCR for a period of 12 months (your
“disability”); or (iii) death, you will receive (1) a lump-sum severance payment within 15 days following the Release Date (as defined below)
equal to [ ] of the sum of your base salary plus your target incentive (bonus) and (2) perquisites to include continued access to company
car usage, financial planning and health coverage (Company-subsidized COBRA) for a period of [ ] months. For purposes of this agreement
‘company subsidized COBRA’ shall mean that the Company shall subsidize the total cost of COBRA coverage such that the contributions
required of you for health plan participation during the [ ] month period shall be substantially equal to the contributions required of active
employed executives of ABG. All other programs and perquisites would be governed by their respective plan documents; provided , however ,
that the provision of such severance pay is subject to, and contingent upon, your executing within forty-five days following your termination of
employment and failing to revoke a separation agreement with ABCR (the date on which the release is no longer revocable, the “Release Date”
),
in such form determined by ABCR, which requires you, in part, to release all actual and purported claims against ABCR and its affiliates and
which also requires you to agree to: (i) protect and not disclose all confidential and proprietary information of ABCR; (ii) not compete, directly
or indirectly, against ABCR for a period of no longer than one year after your employment separation or for a period of time and within a
geographic scope determined by ABCR to be reasonable to protect ABCR’s business interests; and (iii) not solicit any ABCR employees,
consultants, agents or customers during and for one year after your employment separation.
In addition, if you experience an involuntary termination of employment from ABCR other than “for cause,” and other than as a result of your
“
disability
”
or death, you will receive a lump sum cash payment