Dollar Rent A Car 2011 Annual Report Download - page 149
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Upon such resignation on the Effective Date:
(a) Vested Retirement Benefits. Executive shall be entitled to receive any then-vested retirement benefits under the tax-qualified plans
of the Company and under the nonqualified deferred compensation plans in accordance with their terms including, in the case of the nonqualified
deferred compensation plans, subject to any applicable six-month delay in payment required under Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”).
(b) Continuing Health Care Benefits. Executive’s resignation on the Effective Date is a “qualifying event” as such term is defined under the
Consolidated Omnibus Budget Reconciliation Act (“COBRA”). During the period from the Effective Date and continuing for eighteen (18) months
thereafter, instead of Executive paying full COBRA premiums during such period, the Company shall pay the amount of any COBRA premiums in
excess of the amount that was deducted from Executive’s bi-weekly salary payment prior to the Effective Date to maintain group health care benefits,
and Executive shall only pay an amount equal to that amount which was deducted from Executive’s bi-weekly salary payment prior to the Effective
Date to maintain group health care benefits (the “ Co-Payment”). The Co-Payment will be billed to Executive by the Company’s third party COBRA
service provider. In order to maintain the group health care benefits pursuant to the preceding sentence, Executive must elect COBRA benefits and
must timely pay the Co-Payment amount.
(c) Personal Time. The Company will pay Executive personal time off (“ PTO”) pay in an amount equal to 50% of Executive’s awarded but
unused hours, less (i) applicable federal, state and local taxes and assessments required to be withheld by the Company and (ii) any PTO used by
Executive after the date hereof and prior to the Effective Date. The PTO pay will be paid in accordance with the Company’s policy and applicable
state law following the Effective Date or earlier separation date as applicable.
(d) Option Grants and Performance Share Credits . The following provisions shall govern shares of common stock granted to Executive under
the agreements specified below:
(i) The Stock Option Grant Agreement for 12,054 shares dated January 31, 2008.
(ii) The Stock Option Grant Agreement for 125,000 shares dated October 13, 2008.
(iii) The Stock Option Grant Agreement for 150,000 shares dated May 14, 2009.
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