DATED: 22 FEBRUARY 2019 1. AVIS BUDGET SERVICES LIMITED Avis Budget House Park Road Bracknell RG12 2EW the “Company”andPatrick Kenneth Rankin the “Executive” SERVICE AGREEMENTAvis Budget Group, Inc. • February 20th, 2020 • Services-auto rental & leasing (no drivers)
August 15, 2019 Mr. Patrick Kenneth Rankin Dear Keith: Reference is made to your agreement dated February 22, 2019 (the “Agreement”) pursuant to which you are employed by Avis Budget Services Ltd (“ABSL” or the “Company”), a subsidiary of Avis Budget...Avis Budget Group, Inc. • February 20th, 2020 • Services-auto rental & leasing (no drivers)
This letter is to confirm that if your employment is terminated by the Company 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 the Company for a period of 12 months (your "Disability"); or (iii) your death, you will receive a lump-sum severance payment within 15 days following the Release Date (as defined below) equal to 200% of the sum of: (1) your base salary plus (2) your target annual incentive under the Company’s discretionary management bonus scheme plus (3) your annual car and financial planning allowance. All other programs and benefits would cease on the date of termination of your employment.
