Amended and Restated Letter Agreement, dated February 15, 2019, between Martyn Smith and Avis Budget Group, Inc

Reference is made to the existing letter agreement between Avis Budget Group, Inc. (the “Company”) and yourself dated June 6, 2017 (the “Existing Agreement”), which terminated the contract of employment between Avis Budget Services Limited and yourself dated 25^th January 2017 (the “Former Contract”). This letter agreement amends and restates the Existing Agreement in its entirety, but does not modify the termination of the Former Contract in any respect.

Effective as of June 9, 2017, you were appointed as interim Chief Financial Officer of the Company (“Interim CFO”), reporting to the Chief Executive Officer of the Company.

As Interim CFO, you currently (i) have responsibility for the financial affairs of the Company, (ii) exercise supervisory responsibility for the performance of the duties of the Company’s Treasurer, Controller and Chief Accounting Officer, and (iii) have such other duties as may be prescribed by the Board of Directors of the Company (the “Board”), the Chairman of the Board or the Chief Executive Officer (collectively, the “Interim CFO Duties”).

For a period of six months following the effective date of the appointment by the Company of its next permanent Chief Financial Officer (the “CFO Appointment Date”), you agree to provide services to the Company in connection with transition-related matters and advise on special projects, including without limitation within the International Region (the “Transition and Advisory Services”). The Interim CFO Duties and the Transition and Advisory Services are collectively referred to herein as the “Assignment.”

For the avoidance of doubt, all duties described in this section will be in addition to your duties and responsibilities as non-executive director of the China JV, as long as applicable, and an employer-nominated trustee and director of Avis Pension Trustees Limited.

The initial term of the Assignment commenced May 22, 2017 and will terminate upon the CFO Appointment Date (the “Initial Term”). Following expiration of the Initial Term, the Assignment will continue for an additional six months (this six month period being the “Extended Term”).

You will be expected to perform the Interim CFO Duties primarily at the Company’s world headquarters located in Parsippany, New Jersey. You will continue to be expected to travel to both China, so long as applicable, and the UK in order to perform your duties, as necessary.

The Transition and Advisory Services are expected to be performed primarily from the U.K., with travel to the U.S. as may be requested by the Company’s Chief Executive Officer.

So long as you continue to hold the position of Interim CFO, you will:

Any taxes associated with the above relocation assistance will be reimbursed consistent with the Company’s standard policies.

Either the Company or you may terminate the Assignment and the Initial Term or Extended Term at any time. If the Company terminates other than for cause (as defined below), the Company shall pay any amount of the Transition and Advisory Fees that have not yet been paid upon termination so long as the release condition described above has been satisfied. At the end of the Initial Term, the Company will pay your reasonable repatriation expenses to the U.K. to the extent that you are still located in the United States. You will not be entitled to any repatriation expenses or any remaining Transition and Advisory Fees that have not yet been paid in the event that the Company terminates your employment for cause or in the event that you elect to resign.

The intent of the parties is that payments and benefits under this agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder (“Section 409A”) and, accordingly, to the maximum extent permitted, this agreement shall be interpreted and administered to be in compliance therewith. Each amount to be paid or benefit to be provided under this agreement shall be construed as a separate identified payment for purposes of Section 409A and any payments described in this Agreement that are due within the “short term deferral period” as defined in Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise. Except as specifically permitted by Section 409A or as otherwise specifically set forth in this Agreement, the benefits and reimbursements provided to you under this agreement and any compensation or benefit plan, program or arrangement of the Company or any of its subsidiaries during any calendar year shall not affect the benefits and reimbursements to be provided to you under the relevant section of this agreement or any such plan, program or arrangement in any other calendar year, and the right to such benefits and reimbursements cannot be liquidated or exchanged for any other benefit and shall be provided in accordance with Treas. Reg. Section 1.409A-3(i)(1)(iv) or any successor thereto. Further, in the case of reimbursement payments, reimbursement payments shall be made to you as soon as practicable following the date that the applicable expense is incurred, but in no event later than the last day of the calendar year following the calendar year in which the underlying expense is incurred.

So long as the Assignment and the Initial Term or the Extended Term have not been terminated by the Company for cause or voluntarily terminated by you, Avis Budget Services Limited agrees to enter into a new agreement with you substantially on the terms of the Former Contract as currently set forth on the date hereof following the expiration of the Term.

For purposes of this letter, “cause” shall mean: (i) your willful failure to substantially perform your duties as an employee of the Company or any subsidiary (other than any such failure resulting for your incapacity due to physical or mental illness); (ii) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct against the Company or any

subsidiary; or (iii) conviction of a felony or any crime involving moral turpitude (which conviction, due to the passage of time or otherwise, is not subject to further appeal).

This agreement is subject to and shall be interpreted in accordance with the laws of the State of New Jersey.