Amendment to Amended and Restated Letter Agreement between Martyn Smith and Avis Budget Group, Inc., dated September 11, 2019
EX-10.3 3 martynsmithamendment.htm EXHIBIT 10.3 Exhibit
September 11, 2019
61 Esmond Road
Reference is made to the letter agreement among Avis Budget Group, Inc. (the “Company”) and Avis Budget Services Limited, and yourself dated February 15, 2019 (the “Letter Agreement”).
Unless otherwise changed herein, all terms and provisions of the Letter Agreement, including the definitions used therein, shall remain in full force and effect. The parties to the Letter Agreement agree to amend the Letter Agreement as follows:
the last sentence of the “Duration” section shall be amended to read as follows: “Following expiration of the Initial Term, the Assignment will continue until January 31, 2020 (the period from the expiration of the Initial Term until January 31, 2020 being the “Extended Term”);
the first sentence of the section entitled “Fees Associated with Transition and Advisory Services” shall be amended to add the following language at the end of such sentence: “provided, however, that from September 19, 2019 through the end of the Extended Term, such base salary shall be reduced by 50%”; and
the second sentence of the “Termination” section shall be amended to include the following language at the end of such sentence: “provided, however, that if at any time following September 19, 2019 the Company terminates the Assignment or the Extended Term for any reason or no reason, the Company shall not be required to pay any amount that has not been earned under the first sentence of the section entitled “Fees Associated with Transition and Advisory Services.”
This letter may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
/s/ Edward P. Linnen
Edward P. Linnen
Chief Human Resources Officer
Avis Budget Group, Inc.
AGREED AND ACKNOWLEDGED:
/s/ Martyn Smith
Date: September 11, 2019
AVIS BUDGET SERVICES LIMITED
/s/ Paul Ford
Date: September 16, 2019