Vice President International Employment Agreement

EMPLOYMENT AGREEMENT



AGREEMENT made this 28th day of September, 1987, by and between Avis, Inc. ("Avis"), a Delaware corporation with its principal office at 900 Old Country Road, Garden City, New York 11530, and Michael P. Collins, residing at



(hereinafter called the "Executive").





W I T N E S S E T H:



WHEREAS, Avis desires to employ and secure the services o(pound) the Executive upon the terms and conditions specified herein; and



WHEREAS, the Executive desires to be employed by Avis upon the terms and conditions specified herein:



NOW, THEREFORE, in consideration of such employment, the timely performance of the obligations herein set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:



I. Employment Duties and Term



A. Avis hereby employs the Executive as Vice President - International of Avis. The Executive hereby accepts such employment and agrees to discharge the responsibilities of said office, or any other executive office as determined by the President and Chief Executive Officer of Avis, faithfully and to the best of his ability and perform such duties and services of an executive, administrative and managerial nature as shall be specified and designated from time to time by the President and Chief Executive Officer of Avis, in connection with the business and activities of Avis. Avis agrees only to impose such duties and services as are reasonable and consistent with good and ethical business practices.



B. The Executive's employment shall be for a period of one (1) year, commencing on September 21, 1987 ("Commencement Date"), and ending on the first anniversa-











ry of the day preceding the Commencement Date (the "Term of the Agreement"). It shall renew automatically from year to year thereafter, unless notice, in the manner herein required, is given by either Executive to Avis or Avis to Executive at least sixty (60) days before the end of the term that such employment shall cease as of the end of such term (the "Extended Employment Period"). Avis and Executive further agree, however, that Avis may elect to terminate this agreement without just cause at any time upon the giving of thirty days written notice to Executive, but that in such event Executive shall be entitled to the compensation and benefits provided for in Paragraph F of Article II hereof.



C. The Executive agrees that during the Term of the Agreement and the Extended Employment Period, if applicable, he will devote substantially all his time and effort to the performance of his duties hereunder and will not engage in any other employment activities for any direct or indirect remuneration without the prior written consent of the Company. This restriction shall not apply to the making investments in real estate, oil and gas or other ventures (where Executive is not required to actively participate in the management thereof) or in stocks, bonds or commodities for his own account or that of his family, so long as such activities do not interfere with Executive's duties hereunder.



II. Compensation and Termination



Avis agrees to pay to the Executive and the Executive agrees to accept the following amounts and benefits as compensation for his services hereunder and for the performance of other duties assigned to him by the President and Chief Executive Officer of Avis:



A. Commencing September 21, 1987, Avis shall pay the Executive a base salary at the rate of one hundred thousand dollars ($100,000.00) per annum, payable in equal biweekly installments. This base salary may be increased from time to time.



B. Avis shall pay the Executive an annual bonus within sixty (60) days of the close of Avis' fiscal year under the Corporate Management Incentive Plan (the "Plan"), as it presently exists or is subsequently modified, at his present percentage of "Standard Incentive,"











during the Term of the Agreement or any Extended Employment Period. The percentage of "Standard Incentive" may be increased or decreased from time to time by order of the Board of Directors. For purposes of this agreement, "Standard Incentive" shall be defined as 70% of maximum incentive. Whenever the amount of bonus to which the Executive is entitled is to be determined by reference to Executive's participation in the Plan for less than an entire Plan year, the amount of bonus to be paid to Executive under the Plan shall be a percentage of the bonus that he would have received had he worked for Avis for the entire Plan year, which percentage shall be calculated as the part of that Plan year that he did work bears to the entire Plan year ("Pro Rated Share").



C. If, during the Term of the Agreement or the Extended Employment Period, the Executive shall be unable to perform his duties hereunder because of illness or other incapacity, and the period of such illness or other incapacity shall total in excess of six (6) consecutive months, Avis shall thereafter have the right, on not less than th ...