Amendment to Avis Budget Group, Inc. 1997 Stock Option Plan Allowing Family Transfers
Avis Budget Group, Inc. amended its 1997 Stock Option Plan to allow the Compensation Committee to permit stock option awards to be transferred to family members for estate planning purposes, provided no value is exchanged. Such transfers require a written agreement approved by the Committee and signed by both the original holder and the recipient. Further transfers are only allowed by will, inheritance, or to another family member as approved by the Committee.
Exhibit 10.10(d)
AMENDMENT TO CERTAIN STOCK PLANS
Pursuant to action taken by the Compensation Committee of the Board of Directors of Avis Budget Group, Inc. in December 2011, the following amendment was approved in respect of the following plan:
1997 Stock Option Plan
Notwithstanding any other provision of this plan to the contrary, the Compensation Committee of the Board of Director’s of Avis Budget Group, Inc. (the “Avis Budget Committee”) may, in its sole discretion, permit any award granted under this plan to be transferred to a “family member” (within the meaning of Section A.1(a)(5) of the general instructions of Form S-8) for estate planning purposes and for no value, provided that such transfer shall only be valid upon execution of a written instrument in form and substance acceptable to the Avis Budget Committee in its sole discretion evidencing such transfer and the transferee’s acceptance thereof signed by the grantee and the transferee, and provided, further, that such award may not be subsequently transferred other than by will or by the laws of descent and distribution or to another “family member” (as permitted by the Avis Budget Committee in its sole discretion) in accordance with the terms of this plan and the applicable award agreement.
