<SEC-DOCUMENT>0000914121-20-000713.txt : 20200224
<SEC-HEADER>0000914121-20-000713.hdr.sgml : 20200224
<ACCEPTANCE-DATETIME>20200224091323
ACCESSION NUMBER:		0000914121-20-000713
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20200224
DATE AS OF CHANGE:		20200224
GROUP MEMBERS:		KARTHIK R. SARMA

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVIS BUDGET GROUP, INC.
		CENTRAL INDEX KEY:			0000723612
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
		IRS NUMBER:				060918165
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-34719
		FILM NUMBER:		20642228

	BUSINESS ADDRESS:	
		STREET 1:		6 SYLVAN WAY
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054
		BUSINESS PHONE:		973-496-4700

	MAIL ADDRESS:	
		STREET 1:		6 SYLVAN WAY
		CITY:			PARSIPPANY
		STATE:			NJ
		ZIP:			07054

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CENDANT CORP
		DATE OF NAME CHANGE:	19971218

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CUC INTERNATIONAL INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMP U CARD INTERNATIONAL INC
		DATE OF NAME CHANGE:	19870914

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SRS Investment Management, LLC
		CENTRAL INDEX KEY:			0001503174
		IRS NUMBER:				208182628
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		1 BRYANT PARK
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-520-7907

	MAIL ADDRESS:	
		STREET 1:		1 BRYANT PARK
		STREET 2:		39TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>sr54741546-sc13da10_alt.htm
<DESCRIPTION>SCHEDULE 13D/A (AMENDMENT NO. 10)
<TEXT>
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      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"></div>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 14pt; font-weight: bold;">SCHEDULE 13D/A</div>
    <div style="text-align: center; font-weight: bold;">(Amendment No. 10)*</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Under the Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div style="border-bottom: 0.5pt solid black;">
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">AVIS BUDGET GROUP, INC.</div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;">(Name of Issuer)</div>
    <div style="border-bottom: 0.5pt solid black;">
      <div style="text-align: center;">Common Stock, par value $0.01 per share</div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;">(Title of Class of Securities)</div>
    <div style="border-bottom: 0.5pt solid black;">
      <div style="text-align: center;">053774105</div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;">(CUSIP Number)</div>
    <div style="text-align: center; font-weight: bold;">David Zales<br>
      SRS Investment Management, LLC<br>
      One Bryant Park<br>
      39th Floor<br>
      New York, New York 10036<br>
      (212) 520-7900</div>
    <div style="border-bottom: 0.5pt solid black;">
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">With a copy to:<br>
        <br>
        <br>
        Stephen Fraidin<br>
        Richard M. Brand<br>
        Braden McCurrach<br>
        Cadwalader, Wickersham &amp; Taft LLP<br>
        200 Liberty Street<br>
        New York, New York 10281<br>
        (212) 504-6000</div>
    </div>
    <div style="text-align: center;">(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)</div>
    <div><br>
    </div>
    <div style="border-bottom: 0.5pt solid black;">
      <div style="text-align: center; font-weight: bold;">February 23, 2020</div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt;">(Date of Event which Requires Filing of this Statement)</div>
    <div style="margin-bottom: 6pt;">If the filing person has previously filed a statement on Schedule&#160;13G to report the acquisition that is the subject of this Schedule&#160;13D, and is filing this schedule because of Rule&#160;13d-1(e), Rule&#160;13d-1(f) or
      Rule&#160;13d-1(g), check the following box.&#160; &#9744;</div>
    <div style="margin-bottom: 6pt;">
      <div><br>
      </div>
      <a name="Check3"></a></div>
    <div>
      <hr noshade="noshade" align="left" style="height: 1pt; width: 20%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;"></div>
    <div style="margin-bottom: 6pt;">* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which
      would alter disclosures provided in a prior cover page.</div>
    <div style="margin-bottom: 6pt;">The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section&#160;18 of the Securities Exchange Act of 1934 (&#8220;<u>Act</u>&#8221;) or otherwise subject to the liabilities
      of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>
    <div><br>
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                  <td style="width: 33.33%;">
                    <div style="font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">CUSIP NO. 053774105</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center; font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">SCHEDULE 13D/A</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right; font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">Page&#160;<font id="DSPFPageNumber">2</font> of 5 Pages</font></div>
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                    <div>&#160;</div>
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    <div style="margin-top: 18pt;"><font style="font-weight: bold;">&#160;</font></div>
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            <div style="text-align: center; font-weight: bold;">1</div>
          </td>
          <td colspan="4" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>NAME OF REPORTING PERSON</div>
            <div style="margin-left: 17.3pt;">SRS INVESTMENT MANAGEMENT, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">2</div>
          </td>
          <td colspan="3" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
            <div>&#160;</div>
          </td>
          <td style="width: 9.51%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right;"><font style="font-family: Arial,Helvetica,sans-serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#9744; &#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="Check1"></a></font></div>
            <div style="text-align: right;"><font style="font-family: Arial,Helvetica,sans-serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#9744; &#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="Check2"></a></font></div>
          </td>
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            <div style="text-align: center; font-weight: bold;">3</div>
          </td>
          <td colspan="4" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>SEC USE ONLY</div>
            <div>&#160;</div>
          </td>
        </tr>
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          <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">4</div>
          </td>
          <td colspan="4" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            <div style="margin-left: 17.3pt;">AF</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">5</div>
          </td>
          <td colspan="3" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS&#160;2(d) OR 2(e)</div>
          </td>
          <td style="width: 9.51%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; text-indent: 0.35pt; margin-left: 5.5pt; font-family: Arial,Helvetica,sans-serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#9744;&#160;&#160; <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">6</div>
          </td>
          <td colspan="4" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            <div style="margin-left: 17.3pt;">Delaware, United States</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" rowspan="4" style="vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">NUMBER OF<br>
              SHARES<br>
              BENEFICIALLY<br>
              OWNED BY<br>
              EACH<br>
              REPORTING<br>
              PERSON<br>
              WITH</div>
          </td>
          <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">7</div>
          </td>
          <td colspan="2" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>SOLE VOTING POWER</div>
            <div style="margin-left: 17.3pt;">-0-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">8</div>
          </td>
          <td colspan="2" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>SHARED VOTING POWER</div>
            <div style="margin-left: 17.3pt;">16,189,300 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">9</div>
          </td>
          <td colspan="2" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>SOLE DISPOSITIVE POWER</div>
            <div style="margin-left: 17.3pt;">-0-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">10</div>
          </td>
          <td colspan="2" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>SHARED DISPOSITIVE POWER</div>
            <div style="margin-left: 17.3pt;">16,189,300 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">11</div>
          </td>
          <td colspan="4" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            <div style="margin-left: 17.3pt;">16,189,300 shares of Common Stock</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">12</div>
          </td>
          <td colspan="3" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
          </td>
          <td style="width: 9.51%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
            <div style="text-align: right; margin-left: 5.95pt; font-family: Arial,Helvetica,sans-serif;">&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#9744;&#160;&#160; <br>
            </div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="3" border="0" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfa0ddc3cf2a74baa8829318aef2a1c20">

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          <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px none; vertical-align: middle; width: 10%;">
            <div style="text-align: center; font-weight: bold;">13</div>
          </td>
          <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px none; vertical-align: top; width: 90%;">
            <div>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            <div style="margin-left: 17.3pt;">21.8% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">14</div>
          </td>
          <td style="width: 90%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div>TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            <div style="margin-left: 17.3pt;">IA, OO</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <br>
    <br>
    <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
    <div style="text-indent: -9pt; margin-left: 9pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup> Calculated based on 74,356,513 shares of outstanding common stock, par value $0.01, of the Issuer outstanding as of February 14, 2020, as reported in the Issuer&#8217;s Form 10-K for the year
      ended December 31, 2019.</div>
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                  <td style="width: 33.33%;">
                    <div style="font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">CUSIP NO. 053774105</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center; font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">SCHEDULE 13D/A</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right; font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">Page&#160;<font id="DSPFPageNumber">3</font> of 5 Pages</font></div>
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                    <div>&#160;</div>
                  </td>
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              <div style="text-align: center; font-weight: bold;">1</div>
            </td>
            <td colspan="4" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>NAME OF REPORTING PERSON</div>
              <div style="margin-left: 17.3pt;">
                <div>KARTHIK R. SARMA</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">2</div>
            </td>
            <td colspan="3" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)</div>
              <div>&#160;</div>
            </td>
            <td style="width: 9.51%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right;"><font style="font-family: Arial,Helvetica,sans-serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#9744; &#160; </div>
              <div style="text-align: right;"><font style="font-family: Arial,Helvetica,sans-serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#9744; &#160; </div>
            </td>
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            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">3</div>
            </td>
            <td colspan="4" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>SEC USE ONLY</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">4</div>
            </td>
            <td colspan="4" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
              <div style="margin-left: 17.3pt;">AF</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">5</div>
            </td>
            <td colspan="3" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS&#160;2(d) OR 2(e)</div>
            </td>
            <td style="width: 9.51%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; text-indent: 0.35pt; margin-left: 5.5pt; font-family: Arial,Helvetica,sans-serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#9744;&#160;&#160; <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">6</div>
            </td>
            <td colspan="4" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>
                <div>CITIZENSHIP OR PLACE OF ORGANIZATION<br>
                  &#160;&#160;&#160;&#160; India<br>
                </div>
              </div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="4" style="vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center;">NUMBER OF<br>
                SHARES<br>
                BENEFICIALLY<br>
                OWNED BY<br>
                EACH<br>
                REPORTING<br>
                PERSON<br>
                WITH</div>
            </td>
            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">7</div>
            </td>
            <td colspan="2" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>SOLE VOTING POWER</div>
              <div style="margin-left: 17.3pt;">-0-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">8</div>
            </td>
            <td colspan="2" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>SHARED VOTING POWER</div>
              <div style="margin-left: 17.3pt;">16,189,300 shares of Common Stock</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">9</div>
            </td>
            <td colspan="2" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>SOLE DISPOSITIVE POWER</div>
              <div style="margin-left: 17.3pt;">-0-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">10</div>
            </td>
            <td colspan="2" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>SHARED DISPOSITIVE POWER</div>
              <div style="margin-left: 17.3pt;">16,189,300 shares of Common Stock</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">11</div>
            </td>
            <td colspan="4" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
              <div style="margin-left: 17.3pt;">16,189,300 shares of Common Stock</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">12</div>
            </td>
            <td colspan="3" style="vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
            </td>
            <td style="width: 9.51%; vertical-align: top; border-left: #000000 1px solid; border-right: #000000 1px solid; border-top: #000000 1px solid; border-bottom: #000000 1px solid;">
              <div style="text-align: right; margin-left: 5.95pt; font-family: Arial,Helvetica,sans-serif;">&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#9744;&#160;&#160; <br>
              </div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="3" border="0" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px none; vertical-align: middle; width: 10%;">
              <div style="text-align: center; font-weight: bold;">13</div>
            </td>
            <td style="border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px none; vertical-align: top; width: 90%;">
              <div>PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
              <div style="margin-left: 17.3pt;">21.8% <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup></div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: middle; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="text-align: center; font-weight: bold;">14</div>
            </td>
            <td style="width: 90%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div>TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
              <div>&#160;&#160;&#160;&#160;&#160; IN<br>
              </div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
    <div style="text-indent: -9pt; margin-left: 9pt; font-size: 12pt;"><font style="font-size: 10pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup> </font><font style="font-size: 10pt;">Calculated based on 74,356,513 shares of outstanding common stock, par value $0.01, of the Issuer
        outstanding as of February 14, 2020, as reported in the Issuer&#8217;s Form 10-K for the year ended December 31, 2019.</font></div>
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                <tr>
                  <td style="width: 33.33%;">
                    <div style="font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">CUSIP NO. 053774105</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center; font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">SCHEDULE 13D/A</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right; font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">Page&#160;<font id="DSPFPageNumber">4</font> of 5 Pages</font></div>
                  </td>
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                <tr>
                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
    <div style="margin-top: 12pt; text-indent: 30pt;">This Amendment No.&#160;10 to Schedule 13D (this &#8220;<u>Amendment No. 10</u>&#8221;) relates to the Schedule&#160;13D filed with the Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;) on January&#160;25, 2016 (the &#8220;<u>Initial





        13D</u>&#8221; and, as amended and supplemented through the date of this Amendment No.&#160;10, collectively, the &#8220;<u>Schedule 13D</u>&#8221;) by the Reporting Persons, relating to the common stock, par value $0.01 per share (the &#8220;<u>Common Stock</u>&#8221;), of Avis
      Budget Group, Inc., a Delaware corporation (the &#8220;<u>Issuer</u>&#8221;). Capitalized terms used herein and not otherwise defined in this Amendment No.&#160;10 have the meanings set forth in the Initial&#160;13D.</div>
    <div style="margin-top: 12pt; text-indent: 30pt;">This Amendment No.&#160;10 amends Items&#160;4, 6 and 7 as set forth below:</div>
    <div style="margin-top: 12pt; text-indent: 40pt;">
      <div style="font-family: Arial,Helvetica,sans-serif;">
        <div style="margin-top: 12pt;">
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

                <tr>
                  <td style="width: 72pt; vertical-align: top; align: right; font-weight: bold;">Item 4.</td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-weight: bold;">
                      <div style="font-weight: bold;">PURPOSE OF TRANSACTION<br>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
  </div>
  <div> <br>
  </div>
  <div style="text-indent: 30pt;">
    <div>Item&#160;4 of the Schedule 13D is hereby amended and supplemented by the addition of the following: </div>
    <div style="margin-top: 12pt;">On February 23, 2020, the SRS Parties entered into a Third Amended and Restated Cooperation Agreement with the Issuer (the &#8220;<u>Third Amended Cooperation Agreement</u>&#8221;), whereby the parties agreed, among other things,
      that (i) during the Standstill Period (as defined below), the SRS Parties will be entitled to appoint three directors (the &#8220;SRS Directors&#8221;) to the board of directors of the Issuer (the &#8220;<u>Board</u>&#8221;), (ii) the Issuer will include each of Brian Choi,
      Jagdeep Pahwa and Karthik Sarma, who shall serve initially as the SRS Directors, and Bernardo Hees, Lynn Krominga, Glenn Lurie and Carl Sparks in its slate of nominees for election as directors at the Issuer&#8217;s next annual meeting of stockholders (the
      &#8220;<u>2020 Annual Meeting</u>&#8221;) and the Issuer will include the SRS Directors in its slate of nominees for election as directors at any meeting of stockholders during the Standstill Period at which directors are to be elected; (ii) effective following
      the 2020 Annual Meeting, the Board will take all necessary actions so that the size of the Board is no more than nine (9) directors; (iii) during the Standstill Period, SRS will be entitled to appoint the Vice Chairman of the Board and Mr. Pahwa will
      be the initial appointee as Vice Chairman; (iv) during the Standstill Period, SRS will be entitled to appoint one person to serve as a member of the Corporate Governance Committee and one person to serve as a Chair of the Compensation Committee and
      Mr. Choi will be the initial appointee to serve in both such roles; (v) upon the selection by the Board of the Chief Executive Officer, the Board will appoint the CEO to the Board; (vi) the Board will appoint, no later than ninety (90) days after the
      2020 Annual Meeting, upon the recommendation of the Corporate Governance Committee of the Board, an additional independent director; (vii) the SRS Parties will abide by certain standstill provisions during the Standstill Period; and (viii) the SRS
      Parties will vote all voting securities of the Issuer owned by the SRS Parties in favor of the Issuer&#8217;s nominees and other ordinary course proposals at any stockholder meeting during the Standstill Period, subject to certain exceptions and, in the
      event that the SRS Parties acquire more than 25% of the outstanding voting securities of the Issuer, the SRS Parties will vote such shares in excess of 25% of the outstanding voting securities in the same proportion in which all other voting
      securities are voted. For purposes of the Third Amended Cooperation Agreement, the Standstill Period means the period from the date of the Third Amended Cooperation Agreement until the earlier of (i) December 31, 2021, (ii) the date on which the SRS
      Parties&#8217; beneficial ownership is less than the greater of (x) 3,717,826 and (y) 5% of the outstanding voting securities of the Issuer and (iii) the date that is sixty (60) calendar days prior to the advance notice deadline for the Issuer&#8217;s 2022
      annual meeting of stockholders.</div>
    <div style="margin-top: 12pt;">The foregoing summary of the Third Amended Cooperation Agreement is qualified in its entirety by reference to the full text of the Third Amended Cooperation Agreement, which is attached hereto as Exhibit 99.6 and
      incorporated by reference herein.</div>
    <div style="font-family: Arial,Helvetica,sans-serif;">
      <div style="margin-top: 12pt;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: Arial,Helvetica,sans-serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable">

              <tr>
                <td style="width: 72pt; vertical-align: top; font-weight: bold;">Item 6.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">
                    <div style="font-weight: bold;">CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER</div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
    </div>
    <div style="font-family: Arial,Helvetica,sans-serif;"><br>
    </div>
    <div style="font-family: Arial,Helvetica,sans-serif;">Item 6 of the Schedule 13D is hereby amended and supplemented by the addition of the following:</div>
    <div style="font-family: Arial,Helvetica,sans-serif;"> <br>
    </div>
    <div style="font-family: Arial,Helvetica,sans-serif;">On February 23, 2020, the Issuer and the SRS Parties entered into the Third Amended Cooperation Agreement, the terms of which are described in Item 4 of the Schedule 13D. The Third Amended
      Cooperation Agreement is attached hereto as Exhibit 99.6 and incorporated by reference herein.</div>
    <div style="margin-top: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial,Helvetica,sans-serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="ze9dd4e5c79f14e3384d8a254fef11762">

            <tr>
              <td style="width: 72pt; vertical-align: top; font-weight: bold;">Item 7.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;">EXHIBITS</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-top: 12pt;">Item 7 of the Schedule 13D is hereby amended and supplemented by the addition of the following:</div>
    <div style="margin-top: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial,Helvetica,sans-serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z7682f4fdf2fd4d0eb6aa2086da6bc038">

            <tr>
              <td style="width: 72pt; vertical-align: top; font-weight: bold;"><u>Exhibit</u></td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-weight: bold;"><u>Description</u></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-top: 12pt;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: Arial,Helvetica,sans-serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);" class="DSPFListTable" id="z6fdd7bd24abe471db37de565f51f30e8">

            <tr>
              <td style="width: 36pt; vertical-align: top;">99.6</td>
              <td style="width: auto; vertical-align: top;">
                <div>Third Amended and Restated Cooperation Agreement, dated February 23, 2020.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-top: 12pt;">
      <div>
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            <tr>
              <td style="width: 36pt; vertical-align: top;">99.7</td>
              <td style="width: auto; vertical-align: top;">
                <div>Joint Filing Agreement, dated February 24, 2020.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="margin-top: 12pt;"><br>
    </div>
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                <tr>
                  <td style="width: 33.33%;">
                    <div style="font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">CUSIP NO. 053774105</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: center; font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">SCHEDULE 13D/A</font></div>
                  </td>
                  <td style="width: 33.33%;">
                    <div style="text-align: right; font-weight: bold;"><font style="font-family: Arial,Helvetica,sans-serif;">Page&#160;<font id="DSPFPageNumber">5</font> of 5 Pages</font></div>
                  </td>
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                  <td style="width: 33.33%;">
                    <div>&#160;</div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
    <div style="text-align: center; margin-top: 12pt; font-weight: bold;">SIGNATURES</div>
    <div style="margin-top: 12pt;">After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.</div>
    <div style="margin-top: 12pt;">
      <div style="margin-bottom: 12pt; color: rgb(0, 0, 0); font-family: Arial,Helvetica,sans-serif;">
        <div style="margin-top: 12pt;">
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              <tr>
                <td valign="top" style="width: 50%;" rowspan="1">Date:&#160; February 24, 2020 <br>
                </td>
                <td valign="top" style="width: 38%;" colspan="2" rowspan="1">&#160;</td>
                <td valign="top" style="width: 12%;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="top" style="width: 50%;" rowspan="1">&#160;</td>
                <td valign="top" style="width: 38%;" colspan="2" rowspan="1">&#160;</td>
                <td valign="top" style="width: 12%;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="top" style="width: 50%;">&#160;</td>
                <td valign="top" style="width: 38%; font-weight: bold;" colspan="2">SRS INVESTMENT MANAGEMENT, LLC</td>
                <td valign="top" style="width: 12%;">&#160;</td>
              </tr>
              <tr>
                <td valign="top" style="width: 50%;">&#160;</td>
                <td valign="top" style="width: 3%;">&#160;</td>
                <td valign="top" style="width: 35%;">&#160;</td>
                <td valign="top" style="width: 12%;">&#160;</td>
              </tr>
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                <td valign="top" align="left" style="width: 50%; padding-bottom: 2px;">
                  <div align="left" style="margin-right: 0pt;"><br>
                  </div>
                </td>
                <td valign="top" style="width: 3%; padding-bottom: 2px;">
                  <div align="left" style="margin-right: 0pt;">By: </div>
                </td>
                <td valign="top" nowrap="nowrap" align="left" style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">/s/ David B. Zales <br>
                </td>
                <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
                <td valign="top" style="width: 50%;">&#160;</td>
                <td valign="top" style="width: 3%;">&#160;</td>
                <td valign="bottom" nowrap="nowrap" align="left" style="width: 35%;">Name:&#160; David B. Zales<br>
                </td>
                <td valign="top" style="width: 12%;">&#160;</td>
              </tr>
              <tr>
                <td valign="top" style="width: 50%;">&#160;</td>
                <td valign="top" style="width: 3%;">&#160;</td>
                <td valign="top" style="width: 35%;">Title:&#160;&#160;&#160; General Counsel</td>
                <td valign="top" style="width: 12%;">&#160;</td>
              </tr>
              <tr>
                <td valign="top" style="width: 50%;">&#160;</td>
                <td valign="top" style="width: 3%;">&#160;</td>
                <td valign="top" style="width: 35%;">&#160;</td>
                <td valign="top" style="width: 12%;">&#160;</td>
              </tr>

          </table>
        </div>
      </div>
      <div style="margin-bottom: 12pt; color: rgb(0, 0, 0); font-family: Arial,Helvetica,sans-serif;">
        <div style="margin-top: 12pt;">
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: separate; font-family: Arial,Helvetica,sans-serif; font-size: 10pt;">

              <tr>
                <td valign="top" style="width: 50%;">&#160;</td>
                <td valign="top" style="width: 38%; font-weight: bold;" colspan="2">KARTHIK R. SARMA</td>
                <td valign="top" style="width: 12%;">&#160;</td>
              </tr>
              <tr>
                <td valign="top" style="width: 50%; padding-bottom: 2px;">&#160;</td>
                <td valign="top" style="width: 3%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">/s/ Karthik R. Sarma<br>
                </td>
                <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
              </tr>
              <tr>
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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>2
<FILENAME>sr54741546_ex99-6.htm
<DESCRIPTION>THIRD A&R COOPERATION AGREEMENT
<TEXT>
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    <div style="margin: 0px; font-family: Arial,Helvetica,'sans-serif'; font-weight: bold; text-align: right;"> EXHIBIT 99.6</div>
    <div style="margin: 0px 0px 0px; font-family: Arial, Helvetica, 'sans-serif'; font-size: 12pt; font-weight: bold; text-align: right;"> <font style="font-size: 10pt;"><br>
      </font> </div>
    <div style="text-align: right; margin-bottom: 12pt; font-style: italic; font-weight: bold;">&#160;</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">THIRD AMENDED AND RESTATED COOPERATION AGREEMENT</div>
    <div style="text-align: justify; margin-bottom: 12pt; text-indent: 40pt;">This Third Amended and Restated Cooperation Agreement, dated as of February 23, 2020 (this &#8220;<a name="z_9kR3WTr24447AJ5tsgpqs8"></a><u>Agreement</u>&#8221;), is by and among Avis Budget
      Group, Inc. (the &#8220;<a name="z_9kR3WTr24447HSFwynmB"></a><u>Company</u>&#8221;) and the entities set forth on <u>Schedule A</u> hereto (together with their <a name="z_9kMHG5YVt3DE6ACK6imtukw1"></a>Affiliates, &#8220;<u>SRS</u>&#8221;).</div>
    <div style="text-align: justify; margin-bottom: 12pt; text-indent: 40pt;">WHEREAS, as of the date hereof, <a name="z_9kR3WTr26646Ce89u7qrkpnonr3HvoKHWUUTUVW"></a>SRS Beneficially Owns 16,189,300 shares of common stock of the Company, par value $0.01
      per share (the &#8220;<u>Common Stock</u>&#8221;);</div>
    <div style="text-align: justify; margin-bottom: 12pt; text-indent: 40pt;">WHEREAS, the Company and SRS have previously entered into that certain <a name="z_9kR3WTr266459KBmoogheptYU2I127sRXGI9C9C"></a>Second Amended and Restated Cooperation Agreement,
      dated as of April 16, 2018 (the &#8220;<u>Prior Agreement</u>&#8221;), with respect to certain matters relating to the Board of Directors of the Company (the &#8220;<a name="z_9kR3WTr24447DNEkos"></a><u>Board</u>&#8221;) and certain other matters, as provided therein;</div>
    <div style="text-align: justify; margin-bottom: 12pt; text-indent: 40pt;">WHEREAS, pursuant to the Prior Agreement, the Board recomme<a name="z_9kR3WTr26649AZHjywnZY2H0st08qx"></a>nded the election of Brian Choi and Jagdeep Pahwa at the 2019 annual
      meeting of stockholders of the Company, and each of them was subsequently elected at such annual meeting;</div>
    <div style="text-align: justify; margin-bottom: 12pt; text-indent: 40pt;">WHEREAS, on February 7, 2020, the Board appointed&#160;Bernardo Hees to serve as a director of the Company and as Chairman of the Board and Chair of the Executive Committee; and</div>
    <div style="text-align: justify; margin-bottom: 12pt; text-indent: 40pt;">WHEREAS, the Company and SRS wish to amend and restate the Prior Agreement on the terms set forth herein.</div>
    <div style="text-align: justify; margin-bottom: 12pt; text-indent: 40pt;">NOW, THEREFORE, in consideration of the covenants and <a name="z_9kMHG5YVt46669CL7vuirsuA"></a>agreements contained herein, and for other good and valuable consideration, the
      receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:</div>
    <div style="margin-bottom: 12pt; text-indent: 40pt;">1.&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <a name="z_Ref429649711"></a><u>Board Representation</u>.</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref32100504"></a><font style="color: rgb(0, 0, 0);">As of the date of this Agreement, the Board has</font> duly resolved to (i) nominate each of Brian Choi, Jagdeep Pahwa and Karthik Sarma (collectively, the &#8220;<u>Applicable Directors</u>&#8221;) for election to the Board at the Company&#8217;s
        next annual meeting of stockholders (including any adjournments or postponements thereof, the &#8220;<u>2020 Annual Meeting</u>&#8221;), (ii) appoint, effective as of the date of this Agreement, Jagdeep Pahwa as Vice Chairman and (iii) appoint, effective as of
        the date of this Agreement, Brian Choi as Chair of the Compensation Committee to the Board<font style="color: rgb(0, 0, 0);">.</font></font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><font style="color: rgb(0, 0, 0);">The Company&#8217;s
          slate of nominees for election as directors of the Company at the 2020 Annual Meeting shall comprise (i) </font>the Applicable Directors <font style="color: rgb(0, 0, 0);">and (ii) the following other nominees: Bernardo Hees, Lynn Krominga,
          Glenn Lurie and Carl Sparks (collectively, the &#8220;</font><font style="color: rgb(0, 0, 0);"><u>Named Company Directors</u></font><font style="color: rgb(0, 0, 0);">&#8221;).&#160; The Company will recommend that the Company&#8217;s stockholders vote in favor of the
          election of the Applicable Directors and the Named Company Directors at the 2020 Annual Meeting and will support the Applicable Directors for election in substantially the same manner as the Named Company Directors.</font></font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(c)</font>&#160;&#160; &#160; &#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;">The Company&#8217;s slate of nominees for election as
        directors of the Company at each meeting of stockholders of the Company held during the <a name="z_9kMHG5YVt3DE6BLkcrmqwD4x1gU3862"></a>Standstill Period at which directors are to be elected (the &#8220;<u>Applicable Meetings</u>&#8221;) shall include each of
        the Applicable Directors.&#160; The</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;">Company shall recommend that the Company&#8217;s stockholders vote in favor of the election of each of the Applicable Directors at each of the Applicable Meetings and shall support the Applicable
      Directors for election at each of the Applicable Meetings in substantially the same manner as the Company&#8217;s other nominees.</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref441258819"></a>At all times while
        serving as a member of the Board (and as a condition to such service), the Applicable Directors shall (i) comply with all policies, codes and guidelines applicable to Board members (subject to <u>Section&#160;9</u>), copies of which are either publicly
        available or have been provided to SRS or their counsel, (ii)&#160;not serve as a director or officer of any Competitor and (iii)&#160;otherwise qualify as &#8220;independent&#8221; of the Company pursuant to the applicable stock exchange listing requirements ((i)
        through (iii), the &#8220;<u>Applicable Director Criteria</u>&#8221;).&#160; The Company acknowledges that Mr. Pahwa does not satisfy clause (iii) of the definition of Applicable Director Criteria and agrees that such non-satisfaction (to the extent previously
        disclosed to the Board in Mr. Pahwa&#8217;s director and officer questionnaire submitted in connection with the 2020 Annual Meeting) shall not preclude Mr. Pahwa from serving as an Applicable Director under this Agreement.<a name="z_Ref429649717"></a></font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;">During the Standstill Period, SRS shall be
        entitled to designate three (3) persons to serve as members of the Board.&#160; Such persons shall serve as the Applicable Directors in accordance with this Agreement and may, but are not required to be, former or current employees of SRS or an
        affiliate of SRS.&#160; SRS shall be entitled to change its designation of the persons serving as the Applicable Directors from time to time and at any time during the Standstill Period.&#160; The Applicable Directors shall be entitled to resign from the
        Board at any time in their discretion.&#160; Should any of the Applicable Directors resign from the Board, become unable to serve on the Board due to death, disability or other reasons or otherwise cease to serve on the Board for any reason (including
        as the result of SRS changing its designation of an Applicable Director) prior to the expiration of the <a name="z_9kMHG5YVt3DE6AFfcrmqwD4x1gU3862"></a>Standstill Period, SRS will have the right to recommend for appointment to the Board a
        replacement director (a &#8220;<u>Replacement</u>&#8221;); <u>provided</u>, that any Replacement of an Applicable Director shall meet the Applicable Director Criteria.&#160; The appointment of a Replacement will be subject to a <font style="color: rgb(0, 0, 0);">customary








          due diligence process by the Board (including the review of a completed D&amp;O questionnaire (in the Company&#8217;s standard form), interviews with members of the Board and a customary background check) and completion by </font>the Replacement of
        the following documents required of all non-executive directors on the Board: the Certification for the Procedures and Guidelines Governing Securities Trades by Company Personnel and the Majority Voting Conditional Resignation Letter.&#160; The Company
        will use its reasonable best efforts to complete its approval process as promptly as practicable.&#160; The Company shall appoint the Replacement to the Board unless (i) the Board, in good faith, upon the advice of outside legal counsel, determines that
        appointing the proposed director would be inconsistent with its fiduciary duties under applicable law or (ii) the Replacement fails to satisfy the Applicable Director Criteria.&#160; For the avoidance of doubt, SRS will be entitled to continue to
        recommend different persons which meet the foregoing criteria until a Replacement is appointed.&#160; Except as otherwise specified in this Agreement, if a Replacement is appointed, all references in this Agreement to the term &#8220;Applicable Director&#8221; will
        include such Replacement.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 40pt;"><font style="color: rgb(0, 0, 0);">(f)</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <font style="color: rgb(0, 0, 0);"><a name="z_Ref33282436"></a>During the Standstill Period, (i) SRS shall be entitled to appoint one (1)
        Applicable Director to the Corporate Governance Committee of the Board, (ii) SRS shall be entitled to appoint</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="text-align: justify; margin-bottom: 12pt;">one (1) Applicable Director to the Compensation Committee of the Board, which Applicable Director shall serve as Chair of the Compensation Committee of the Board, (iii) the size of each of the
      Corporate Governance Committee and the Compensation Committees shall be set at three (3) members, all of whom shall qualify as &#8220;independent&#8221; of the Company pursuant to the applicable stock exchange listing requirements (unless the Board (including,
      solely in the case of an Applicable Director joining such committee, a majority of the directors who are not former or current employees of, or advisors or consultants to, SRS or an Affiliate of SRS) approves the appointment to such committee of a
      director who does not qualify as &#8220;independent&#8221; of the Company in accordance with an applicable exception thereunder) and (iv) SRS shall be entitled to designate one Applicable Director to serve as Vice Chairman of the Board; provided that, the Board
      shall not be required to reduce the size of each of the Corporate Governance Committee and the Compensation Committees to three (3) members pursuant to clause (iii) of this <u>Section 1(f)</u> until thirty (30) days following the date hereof.&#160; SRS
      shall be entitled to change its appointments and designations pursuant to this <u>Section 1(f)</u> from time to time and at any time during the Standstill Period.&#160; If SRS elects to change the Vice Chairman or the committee positions on which an
      Applicable Director serves, SRS shall provide written notice furnishing the name of the Person being replaced, the name of the Person to be appointed, and setting forth the positions in which the new appointee will serve. The Company shall promptly
      appoint the Applicable Director to the designated positions so long as, in the case of any committee appointments, such Applicable Director satisfies the applicable stock exchange listing requirements for serving on such committee.&#160; SRS has presently
      designated Mr. Choi to serve on the Corporate Governance Committee and to serve on, and be Chair of, the Compensation Committee.&#160; SRS has presently designated Mr. Pahwa to serve as Vice Chairman of the Board.</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;">Promptly after the execution and delivery of
        this Agreement (or, in the case of any Replacement, immediately prior to such Person&#8217;s appointment to the Board), each of the Applicable Directors shall deliver (and any Replacement shall deliver, as applicable) to the Company an irrevocable
        resignation letter pursuant to which such Person shall resign from the Board and all applicable committees thereof, subject to the Board&#8217;s acceptance of such resignation (which may be accepted or rejected in its sole discretion), in the event of
        any of the following:</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 80pt;"><font style="font-family: Arial,Helvetica,sans-serif;">&#160; (i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: Arial,Helvetica,sans-serif;">SRS fails to maintain the <a name="z_9kMHG5YVt3DE6CEWLtuu78diEx2H8z8mWDE5"></a><a name="z_9kMHG5YVt3DE6AGaLtuu78diEx2H8z8mWDE5T"></a>Minimum Ownership Levels as set forth in <u>Section 5</u> hereof<font style="color: rgb(0, 0, 0);">, in which case the resignation letter
          provided by such Applicable Director shall become effective</font>;</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 80pt;"><font style="font-family: Arial,Helvetica,sans-serif;">&#160; (ii)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">a judicial
        determination that such Applicable Director has materially breached any of the terms of this Agreement, in which case the resignation letter provided by such Applicable Director shall become effective; or</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 80pt;"><font style="font-family: Arial,Helvetica,sans-serif;">&#160; (iii)</font>&#160;&#160;&#160;&#160; &#160; &#160;&#160; &#160; <font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">a judicial
        determination that SRS has materially breached any of the terms of this Agreement, in which case the resignation letters provided by all of the Applicable Directors shall become effective.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">(h)</font> &#160; &#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);"><a name="z_Ref506246413"></a>Each of Leonard Coleman, Mary Choksi, Jeff Fox, Robert Salerno, Francis Shammo, and Sanoke Viswanathan shall not be nominated for reelection at the 2020 Annual Meeting. During the period commencing with the conclusion of
        the 2020 Annual Meeting through the expiration or termination of the Standstill Period, the Board and all applicable committees of</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;">the Board shall take all necessary actions (including with respect to nominations for election at the Applicable Meetings) so that the size of the Board is no more than nine (9) directors.</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(i)</font>&#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref33008290"></a>Following the
        conclusion of the 2020 Annual Meeting, unless the Board determines otherwise, all determinations regarding, and actions with respect to, SRS and this Agreement (including any amendment to or waiver under this Agreement) shall be made by either (i)
        the Board (excluding all directors who are current or former employees of, or advisors or consultants to, SRS or an Affiliate of SRS) or (ii) a committee of the Board comprised solely of directors who are independent under the standards of the
        Nasdaq Stock Exchange and are not current or former employees of<font style="color: rgb(0, 0, 0);">, or advisors or consultants to, </font>SRS or an Affiliate of SRS.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(j)</font>&#160;&#160;&#160;&#160; &#160; &#160; &#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref33282443"></a><font style="color: rgb(0, 0, 0);">Upon the selection by the Board of a Chief Executive Officer on a non-interim basis, the Company will appoint the Chief Executive Officer to the Board; provided that if such Chief Executive Officer is already a
          director of the Company, the Board shall, no later than ninety (90) days after such selection of a Chief Executive Officer, appoint an additional director who is (i)&#160;independent under the standards of the Nasdaq Stock Exchange and (ii)&#160;not a
          former or current employee of, or advisor or consultant to, SRS or an Affiliate of SRS.&#160; The appointment of such director </font>will be subject to the execution by such director of the following documents required of all non-executive directors
        on the Board: (i) the Certification for the Procedures and Guidelines Governing Securities Trades by Company Personnel, (ii) the Majority Voting Conditional Resignation Letter and (iii) a D&amp;O questionnaire (in the Company&#8217;s standard form).&#160; For
        the avoidance of doubt, the additional director appointed pursuant to this <u>Section 1(j)</u> shall be in addition to the Additional Director (as defined below) appointed pursuant to <u>Section 1(k)</u>.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(k)&#160;</font> &#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref33274865"></a><font style="color: rgb(0, 0, 0);">No later than ninety (90) days after the 2020 Annual Meeting, the Board will appoint an additional director who is (i)&#160;independent under the standards of the Nasdaq Stock Exchange and (ii)&#160;not a former or current employee of, or
          advisor or consultant to, SRS or an Affiliate of SRS (the &#8220;</font><font style="color: rgb(0, 0, 0);"><u>Additional Director</u></font><font style="color: rgb(0, 0, 0);">&#8221;).&#160; </font>The appointment of the Additional Director will be subject to
        the execution by the Additional Director of the following documents required of all non-executive directors on the Board: (i) the Certification for the Procedures and Guidelines Governing Securities Trades by Company Personnel, (ii) the Majority
        Voting Conditional Resignation Letter and (iii) a D&amp;O questionnaire (in the Company&#8217;s standard form).</font></div>
    <div style="text-align: justify; font-family: Arial,Helvetica,sans-serif; text-indent: 40pt;">(l)&#160; &#160;&#160; &#160;&#160; &#160; SRS agrees that the Applicable Directors shall recuse themselves from the portion of any Board or committee or subcommittee meeting at which the
      Board or any such committee or subcommittee is evaluating and/or taking action with respect to (i) the exercise of any of the Company&#8217;s rights or enforcement of any of the obligations under this Agreement, (ii) any proposed or pending (x)
      Extraordinary Transaction between the Company or any of its subsidiaries and SRS or its Affiliates, (y) other material transaction between the Company or any of its subsidiaries and SRS or any of its Affiliates from which SRS or an Affiliate of SRS
      receives or otherwise derives a material benefit (other than a benefit to which SRS or any of its Affiliates would be entitled in its capacity as a shareholder of the Company and in which all shareholders of the Company participate pro rata) or (z)
      material transaction between the Company or any of its subsidiaries and another entity in which SRS has representation on the board of directors (or equivalent governing body), or has beneficial ownership of 10% or more, of such entity or such
      entity&#8217;s direct or indirect parent company, or (iii) any public stockholder proposal or public proposal to nominate any Person for election to the Board made by SRS or its Affiliates (the matters described in clauses (i)-(iii) of</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center; text-indent: 40pt;" id="DSPFPageNumberArea"><font style="font-family: Arial,Helvetica,'sans-serif'; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
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    <div style="text-align: justify; margin-bottom: 12pt;">this <u>Section 1(l)</u> referred to as &#8220;<u>Recusal Matters</u>&#8221;). SRS agrees that the Applicable Directors shall not have access to documents or other information relating to Recusal Matters.</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);"><u>Withdrawal of Nomination
          Notice</u>. SRS hereby irrevocably withdraws the Nomination Notice with immediate effect and, if requested by the Company, agrees to notify the SEC of such withdrawal on the date hereof. SRS shall, and shall cause its Representatives to,
        immediately cease all solicitation efforts in connection with the 2020 Annual Meeting. SRS shall not, and shall cause its Representatives not to, file with the SEC, or mail or otherwise deliver to the Company&#8217;s stockholders, any preliminary or
        definitive proxy statement or proxy card in respect of the 2020 Annual Meeting.&#160;</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref427057164"></a><a name="z_Ref441258775"></a><a name="z_Ref471058050"></a><u>Standstill Provisions</u>.<a name="z_Ref427056984"></a>&#160; During the period commencing with the execution and delivery of this Agreement and ending on the earliest to occur of (i)&#160;December
        31, 2021, (ii)&#160;the date on which SRS&#8217;s Beneficial Ownership ceases to satisfy the Minimum Ownership Level set forth in <u>Section 5(c)</u> hereof and (iii)&#160;the date that is sixty (60) calendar days prior to the Advance Notice Deadline (the &#8220;<a name="z_9kR3WTr1BC48DdapkouB2vzeS1640"></a><a name="z_9kR3WTr1BC49JiapkouB2vzeS1640"></a><u>Standstill Period</u>&#8221;), SRS shall not, directly or indirectly, in any manner, take any of the following actions (unless specifically permitted to do so
        in writing in advance by the Board):</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref506246220"></a><a name="z_Ref33292616"></a><a name="z_Ref427056675"></a>acquire, offer to acquire, or cause to be acquired any ownership or other interest in any Voting Securities or any Synthetic Position such that SRS would collectively have Beneficial Ownership
        of more than the greater of (x) 18,589,128 and (y) 25% of the outstanding Voting Securities (the &#8220;<u>Independent Ownership Limit</u>&#8221;) immediately following the consummation of such transaction; <font style="color: rgb(0, 0, 0);"><u>provided</u></font><font style="color: rgb(0, 0, 0);">, that for the avoidance of doubt, nothing contained in this Agreement shall in any way limit the ability of SRS to acquire, offer to acquire or cause to be acquired any ownership or other interest in any Synthetic
          Position that (i) is not required or permitted to be settled, in whole or in part, in Voting Securities and (ii) does not grant SRS a right, option or obligation to own, acquire or control or direct the voting of any Voting Securities upon
          Exercise;</font></font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref33282501"></a>solicit proxies or
        written consents of stockholders or conduct any other type of referendum (binding or non-binding) with respect to, or from the holders of, Voting Securities, or become a &#8220;participant&#8221; (as such term is defined in Instruction 3 to Item 4 of Schedule
        14A promulgated under the Securities Exchange Act of 1934, as amended (the &#8220;<u>Exchange Act</u>&#8221;), in or assist, advise, knowingly encourage or knowingly influence any Third Party in any &#8220;solicitation&#8221; of any proxy, consent or other authority (as
        such terms are defined under the Exchange Act) to vote any Voting Securities (other than such advice, encouragement or influence that is consistent with the Board&#8217;s recommendation in connection with such matter);</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;">other than through open market or block trade
        brokered sale transactions where (i)&#160;the identity of the purchaser is unknown to SRS, or (ii)&#160;SRS does not directly or indirectly select or influence the selection of the purchaser, sell, offer or agree to sell any Voting Securities of the Company
        to any Third Party that, to the knowledge of SRS after due inquiry, (x)&#160;has aggregate Beneficial Ownership (together with its <a name="z_9kMJI5YVt3DE6ACK6imtukw1"></a>Affiliates and <a name="z_9kMHG5YVt3DE6AHPJ85qlkw1"></a>Associates) of more
        than 4.9%&#160;of the issued and outstanding Common Stock or (y)&#160;would result in such Third Party having aggregate Beneficial Ownership (together with its <a name="z_9kMKJ5YVt3DE6ACK6imtukw1"></a>Affiliates and <a name="z_9kMIH5YVt3DE6AHPJ85qlkw1"></a>Associates)








        of more than 4.9%&#160;of the issued and outstanding Common Stock;<a name="z_Ref418283280"></a></font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref506246679"></a>effect or seek to
        effect, offer or propose to effect, cause or participate in, or in any way assist, facilitate or encourage any other Person to effect or seek, offer or propose to effect or participate in, any tender or exchange offer, merger, consolidation,
        acquisition, scheme, arrangement, business combination, recapitalization, reorganization, sale or acquisition of all or a substantial portion of the Company&#8217;s assets, liquidation, dissolution or other extraordinary transaction involving the Company
        or any of its subsidiaries or any of their respective securities (each, an &#8220;<u>Extraordinary Transaction</u>&#8221;); <u>provided</u> that nothing in this <u>paragraph (d)</u> shall preclude or prohibit SRS (or its <a name="z_9kMLK5YVt3DE6ACK6imtukw1"></a>Affiliates)








        from (i) tendering into a tender or exchange offer; (ii) making a proposal providing for a <a name="z_9kMHG5YVt3DE6AISAfmtluwLP7DIE9pq41K8tDK"></a>Change of Control Transaction (as defined below) involving the acquisition of all of the outstanding
        Common Stock of the Company (a &#8220;<u>Wholeco Transaction</u>&#8221;) directly to the Board or a committee thereof and making filings in connection with such proposal and related discussions or negotiations under Section 13(d) of the Exchange Act and
        related regulations; <u>provided</u>, that SRS has provided notice of its intention to make such filing (together with a reasonable description of the material items to be disclosed in such filing and, if available, a draft thereof) to the Company
        as soon in advance as reasonably practicable; (iii) in the event the Board is no longer engaging in good faith negotiations relating to, or rejects an offer made by SRS (whether binding or non-binding), in each case, in accordance with <u>clause
          (ii)</u> above, making such offer directly to stockholders of the Company after providing notice of its intent to do so as soon in advance as reasonably practicable; or (iv) after providing written notice to the Company (which may be given not
        more than once during any twelve (12) month period; <u>provided</u> that an additional notice may be given during any twelve (12) month period if the Company enters into a confidentiality agreement with a Third Party with respect to a potential
        Wholeco Transaction), for a period of no more than seventy-five (75) days after such notice, engaging in discussions with other Persons (other than a Competitor) about the possibility of partnering in the making of an offer for a Wholeco
        Transaction under <u>clause (ii)</u> or, to the extent applicable, <u>clause (iii)</u> above and making an offer (whether binding or non-binding) contemplated by such clauses in partnership with any Person (other than a Competitor) as long as
        such offer to the Board under <u>clause (ii)</u> above is first made on or prior to the end of such 75-day period; <u>provided</u>, that (x) nothing in <u>clauses (ii)-(iv)</u> above shall be deemed to permit SRS to disclose any confidential
        information of the Company to any Person without the prior written consent of the Company, (y) <u>Sections 2(d)</u>, <u>(f)</u>, <u>(g)</u>, <u>(h)</u> and <u>(k)</u> shall not prevent actions (and the other subsections of <u>Section&#160;2</u>
        shall not be deemed to prohibit actions taken by SRS that otherwise would be prohibited by <u>Sections 2(d)</u>, <u>(f)</u>, <u>(g)</u>, <u>(h)</u> and <u>(k)</u> had they applied) to the extent such actions are taken in connection with
        discussions and offers made in compliance with <u>clause (iii)</u> or <u>(iv)</u> above (provided, that for the avoidance of doubt, <u>Section&#160;2(a)</u> shall continue to prohibit the acquisition of Voting Securities except as results solely from
        being deemed a &#8220;group&#8221; with another Person as a result of such discussions or offers or from consummating a Wholeco Transaction that otherwise complies with this <u>Section&#160;2(d)</u>), and (z) exploratory discussions by SRS in response to an
        unsolicited initiation by another Person of discussions with SRS with respect to partnering in the making of an offer for a Wholeco Transaction shall not be deemed to contravene the restrictions set forth in this <u>Section&#160;2(d)</u>, provided that
        thereafter engaging in substantive discussions about the material terms of the partnership and Wholeco Transaction shall either require the consent of the Board or the giving of the notice contemplated by <u>clause (iv)</u> above;</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(e)</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref33002663"></a>(i)&#160; call or seek
        the Company or any other Person to call any meeting of stockholders, including by written consent, (ii) seek representation on, or nominate any candidate to the Board</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">(except as expressly provided by this Agreement), (iii) nominate any candidate to the <a name="z_9kMHG5YVt46669FPGmqu"></a>board of directors of any Competitor unless such candidate is independent
      from SRS and SRS takes all appropriate acts to prevent such <a name="z_9kMHG5YVt46669GiRnyuTLuEM"></a>third party from providing any competitively sensitive information to SRS, (iv) seek the removal of any member of the Board or (v) make any
      proposal at any annual or special meeting of the Company&#8217;s stockholders; <font style="font-family: Arial,Helvetica,sans-serif;"><u>provided</u></font>, that, the foregoing clauses (ii) and (iv) of this <font style="font-family: Arial,Helvetica,sans-serif;"><u>Section 2(e)</u></font> shall not prevent the Applicable Directors from (x) discussing such matters at any Board or Board committee meeting or discussing such matters with other members of the Board at any time and
      (y) introducing qualified director candidates to the Board or the Corporate Governance Committee;</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(f)</font>&#160;&#160;&#160;&#160; &#160;&#160; &#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref506247654"></a>take any public
        action in support of or make any public proposal or request that constitutes or relates to: (i) advising, controlling, changing or influencing the Board or management of the Company, including any plans or proposals to change the number or term of
        directors or to fill any vacancies on the Board, (ii) any material change in the capitalization, stock repurchase programs and practices, capital allocation programs and practices or dividend policy of the Company, (iii) any other material change
        in the Company&#8217;s management, business or corporate structure, (iv) seeking to have the Company waive or make amendments or modifications to the Company&#8217;s certificate of incorporation or bylaws, or other actions that may impede or facilitate the
        acquisition of control of the Company by any Person, (v) causing a class of securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any securities exchange or (vi) causing a class of securities of the Company to
        become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act;</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref506247662"></a>make any public
        disclosure, announcement or statement regarding any intent, purpose, plan or proposal with respect to the Board, the Company, its management, policies or affairs, any of its securities or assets or this Agreement that is inconsistent with the
        provisions of this Agreement;</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref427056857"></a>except as is
        reasonably acceptable to the Company, form or join in a partnership, limited partnership, syndicate or other group, including a &#8220;group&#8221; as defined under Section 13(d) of the Exchange Act (a &#8220;<a name="z_9kR3WTr244479OM157"></a><u>Group</u>&#8221;), with
        respect to the Voting Securities (for the avoidance of doubt, excluding any group composed solely of SRS and its <a name="z_9kMML5YVt3DE6ACK6imtukw1"></a>Affiliates or as contemplated by <font style="color: rgb(0, 0, 0);"><u>Section 2(d)</u></font><font style="color: rgb(0, 0, 0);"> herein</font>);</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(i)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; <font style="font-family: Arial,Helvetica,sans-serif;">make any request for stockholder list
        materials or other books and records of the Company under Section 220 of the Delaware General Corporation Law (the &#8220;<u>DGCL</u>&#8221;) or otherwise;</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(j)</font>&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;">institute, solicit or join, as a party, any
        litigation, arbitration or other proceeding (including any <a name="z_9kMHG5YVt46669HT8ty3wv474"></a>derivative action) against the Company or any of its future, current or former directors or officers or employees (<u>provided</u>, that nothing
        shall prevent SRS from bringing litigation to enforce the provisions of this Agreement, seeking a declaratory judgment with respect to compliance with the terms of this Agreement or being a party to a class action instituted by a Third Party
        without the assistance or encouragement of SRS);</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(k)</font>&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref506247683"></a>except as is
        reasonably acceptable to the Company or as contemplated by <font style="color: rgb(0, 0, 0);"><u>Section 2(d)</u></font><font style="color: rgb(0, 0, 0);"> herein</font>, enter into any discussions, negotiations, <a name="z_9kMIH5YVt46669CL7vuirsuA"></a>agreements, or understandings with any Third</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">Party with respect to any of the foregoing, or assist, advise, knowingly encourage or knowingly influence any Third Party to take any action or make any statement with respect to any of the
      foregoing, or otherwise take or cause any action or make any statement inconsistent with any of the foregoing; or</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: Arial,Helvetica,sans-serif;">(i) contest the validity of, or (ii) publicly
        request any waiver of, the obligations set forth in this <u>Section</u><a name="z_Ref427057071"></a><u>&#160;2</u>; <u>provided</u>, that <u>clause (i)</u> shall not be deemed to prevent SRS from defending any claim by the Company that SRS has
        breached this <u>Section&#160;2</u>.</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><a name="z_Ref471057506"></a>Notwithstanding anything in this Agreement to the contrary, the foregoing provisions of this <u>Section 2</u> shall not be deemed to (x) prohibit SRS or its directors,
      officers, partners, employees, members or agents (acting in such capacity) from communicating privately with the Company&#8217;s directors or officers so long as such communications are not intended to, and would not reasonably be expected to, require any
      public disclosure (including under Section 13(d) of the Exchange Act and related regulations) of such communications (except to the extent permitted by <u>Section&#160;2(d)</u>) or (y) restrict any Applicable Director in the <a name="z_9kMHG5YVt46669IVSzutl2z"></a>exercise of his fiduciary duties to the Company and all of its stockholders.&#160; Notwithstanding anything to the contrary in this Agreement, <u>Sections&#160;2(d)</u>, <u>(f)</u>, <u>(g)</u>, <u>(h)</u> and <u>(k)</u>
      shall be of no further force and effect (and the other subsections of <u>Section&#160;2</u> shall not be deemed to prohibit actions taken by SRS that otherwise would be prohibited by <u>Sections 2(d)</u>, <u>(f)</u>, <u>(g)</u>, <u>(h)</u> and <u>(k)</u>
      had they been in effect to the extent such actions are taken in pursuit of a Change of Control Transaction; <u>provided</u>, that for the avoidance of doubt, <u>Section&#160;2(a)</u> shall continue to fully apply in accordance with its terms except for
      offers (but not acquisitions of Voting Securities) relating to a Change of Control Transaction) in the event that (i) the Company shall enter into a definitive <a name="z_9kMJI5YVt46669CL7vuirsuA"></a>agreement providing for (A) a merger,
      consolidation, business combination or similar transaction immediately following which the stockholders of the Company immediately prior to the consummation of such transaction (other than stockholders of the Company who have entered into, or who are
      members of a Group any member of which has entered into, a definitive <a name="z_9kMKJ5YVt46669CL7vuirsuA"></a>agreement with the Company in respect of a transaction of the type described in this <u>clause (A)</u>) will hold less than 80% of the
      total combined voting power of the Company or any successor holding <a name="z_9kMHG5YVt46669JUHy0poD"></a>company, (B) a tender or exchange offer for 20% or more of the Voting Securities of the Company, (C) a sale of 20% or more of the consolidated
      assets of the Company and its subsidiaries (including equity securities of subsidiaries) in a single transaction or series of related transactions (other than in the ordinary course of business), or (D) a sale of 20% or more of the Voting Securities
      outstanding immediately prior to such sale in a single transaction or series of related transactions (each of (A), (B), (C) and (D) constituting a &#8220;<a name="z_9kR3WTr1BC48GQ8dkrjsuJN5BGC7no2zI6rBIEK"></a><u>Change of Control Transaction</u>&#8221;), (ii)
      the Company formally or publicly commences a process contemplating a Change of Control Transaction and (x) does not provide SRS an opportunity to participate in such a process on the same terms as Third Parties, or (y) includes conditions to
      participation that are designed to prevent SRS from participating in such a process on the same terms as Third Parties or (iii) a Third Party shall commence a tender offer or exchange offer or otherwise make a bona fide public offer to acquire the
      Company, all or substantially all of the assets of the Company, or 50% or more of the Voting Securities of the Company, in each case, not resulting from a violation of this <u>Section&#160;2</u>.</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">3.</font>&#160;&#160; &#160;&#160; &#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><u>Stockholder Rights Plan</u>.&#160;&#160; The Rights
        Agreement, dated as of January 27, 2020, between the Company and Computershare Inc. (the &#8220;<u>Rights Agreement</u>&#8221;) shall stay in place until</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">such time as it is redeemed or expires pursuant to its terms (the "<u>Rights Agreement Expiration Date</u>").&#160; From the Rights Agreement Expiration Date until five&#160;(5) business days before the
      expiration of the Standstill Period, the Company agrees not to adopt or enter into any stockholder rights plan or similar <a name="z_9kMLK5YVt46669CL7vuirsuA"></a>agreement that would cause the rights thereunder to be &#8220;triggered&#8221; by (or would
      otherwise cause SRS to be materially and disproportionately adversely affected as compared to other stockholders of the Company as a result of) any action to be taken by SRS that would otherwise be permitted by <u>Section&#160;2</u> (except in response
      to SRS delivering a notice of its intent to make an offer directly to stockholders of the Company pursuant to <u>Sections&#160;2(d)(iii)</u> or <u>2(d)(iv)</u> with respect to which the Company shall be permitted to adopt or enter such a plan or
      agreement; <u>provided</u> that thereafter SRS shall not be restricted from (i) in connection with such offer taking actions that would otherwise be prohibited by <u>Sections 2(b)</u>, <u>(d)</u>, <u>(e)</u>, <u>(f)</u>, <u>(g)</u>, <u>(h)</u>
      and <u>(k)</u> had they applied and (ii) acquiring, offering to acquire, or causing to be acquired any ownership or other interest in any Voting Securities or any Synthetic Position such that SRS would collectively have Beneficial Ownership of no
      more than the Independent Ownership Limit immediately following the consummation of such transaction).</div>
    <div style="margin-bottom: 12pt; text-indent: 40pt;">4.&#160;&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160; <u>Voting Commitments</u>.</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;">SRS agrees that it will cause all <a name="z_9kR3WTr266469eY3ytsYRizF478u5dK34x20104"></a>Voting Securities Beneficially Owned by SRS as of the record date for any meeting of stockholders of the Company occurring during the Standstill Period (including, for the avoidance of doubt,
        Beneficial Ownership of any Voting Securities acquired after the date of this Agreement) to be present for quorum purposes and voted at such meetings (i) in favor of the Company&#8217;s nominees, (ii) against the election of any directors that have not
        been nominated by the Company, (iii) in accordance with the Board&#8217;s recommendation with respect to auditor ratification proposals and (iv) in accordance with the Board&#8217;s recommendation with respect to any other proposal presented at such meeting, <u>provided</u>&#160;<u>however</u>,
        that in the case of this <u>clause (iv)</u>, SRS shall be permitted to vote in its sole discretion (subject to any limitations attached to <a name="z_9kMHG5YVt3DE6CFPSxfwBpgB610fcyyCO"></a>Excess Voting Rights pursuant to <u>Section&#160;4(b)</u>)
        with respect to any proposal (A) related to an Extraordinary Transaction, (B) which has received an &#8220;against&#8221; recommendation from <a name="z_9kR3WTr26646ASK18z0DE3z5srkbq16x8D3xC1j"></a>Institutional Shareholder Services, (C) related to the
        implementation of takeover defenses or adversely affecting the rights of stockholders, or (D)&#160;related to new or amended incentive compensation plans.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref506286033"></a><a name="z_Ref510977670"></a><a name="z_Ref32766535"></a>In the event SRS obtains (as a result of buybacks or repurchases by or on behalf of the Company, purchases by SRS, or otherwise) the right to <a name="z_9kMHG5YVt4666BKVSzutl2z"></a>exercise
        voting rights attached to Voting Securities in excess of 25% of the outstanding Voting Securities (the &#8220;<a name="z_9kR3WTr1BC4ADNQvdu9ne94zydawwAM"></a><u>Excess Voting Rights</u>&#8221;), and for so long as SRS continues to (i) have the right to
        exercise such Excess Voting Rights and (ii) Beneficially Own more than 25% of the outstanding Voting Securities, SRS shall (A) on each and every matter that is submitted to the stockholders of the Company for their vote and with respect to which
        the Excess Voting Rights may be voted by SRS, <a name="z_9kMJI5YVt4666BKVSzutl2z"></a>exercise such Excess Voting Rights in the same proportion in which all other Voting Securities voted on such matter are voted (without taking into consideration,
        in determining such proportions, (x) any Voting Securities that are not voted or with respect to which a &#8220;non-vote&#8221; or abstention is exercised or registered and (y) any Voting Securities that are voted by SRS on such matter), and (B) take
        reasonable steps to cooperate with the Company in order to exercise such Excess Voting Rights in the manner contemplated by this <u>Section&#160;4(b)</u>.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">5.</font> &#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref506238423"></a><u>Minimum
          Ownership</u>.&#160; If at any time following the execution and delivery of this Agreement, SRS&#8217;s aggregate Beneficial Ownership of Voting Securities is less than (a) the greater of (x) 7,435,651 and (y) 10% of the issued and outstanding Voting
        Securities publicly disclosed as of such date, the resignation letter provided by one Applicable Director (or any Replacement thereof) shall become effective, (b) the greater of (x) 5,576,738 and (y) 7.5% of the issued and outstanding Voting
        Securities publicly disclosed as of such date, the resignation letter provided by one Applicable Director (or any Replacement thereof) shall become effective or (c) the greater of (x) 3,717,826 and (y) 5% of the issued and outstanding Voting
        Securities publicly disclosed as of such date, the resignation letter provided by the final Applicable Director (or any Replacement thereof), shall become effective (each of the percentages in <u>clauses (a)</u>, <u>(b)</u> and <u>(c)</u>, a &#8220;<a name="z_9kR3WTr1BC4ACUJrss56bgCv0F6x6kUBC3"></a><u>Minimum Ownership Level</u>&#8221;); <u>provided</u>, that in the case of <u>clauses (a)</u> through <u>(c)</u>, SRS shall promptly notify the Company of which Applicable Director (as applicable)
        will resign in each instance and, failing such notice, the Corporate Governance Committee of the Board shall determine which Applicable Director (as applicable) will resign.&#160; Following the effectiveness of an Applicable Director&#8217;s resignation
        letter pursuant to this <u>Section 5</u>,&#160;SRS shall no longer be entitled to recommend for appointment to the Board any Replacement for such Applicable Director and (ii)&#160;the Company shall not be obligated to nominate such Applicable Director or
        any Replacement thereof (as applicable) for election to the Board at any meeting of stockholders at which directors are to be elected occurring after such time.&#160; SRS shall promptly (and in any event within five (5) business days) inform the Company
        in writing if at any time SRS has failed to maintain any Minimum Ownership Level.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">6.</font>&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref441164380"></a><u>Non-Disparagement</u>.
        <a name="z_Ref427057097"></a> Until the expiration of the Standstill Period, SRS and the Company agree not to (and will cause any Persons acting on their behalf not to) make, or cause to be made (whether directly or indirectly), any public
        statement or any public announcement (including in any document filed with or furnished to the <a name="z_9kMHG5YVt3DE6AJjxi"></a>SEC or through the media), or any statement made by a senior officer or director of SRS or the Company to any
        stockholder or investor of the other party or any analyst, in each case which constitutes an <font style="font-style: italic;">ad hominem</font> attack on, or otherwise disparages, the other party&#8217;s past, present or future directors, officers,
        partners, principals or employees; <u>provided</u>, that from and after the time at which <u>Sections 2(d)</u>, <u>(f)</u>, <u>(g)</u>, <u>(h)</u> and <u>(k)</u> of this Agreement are no longer in full force and effect (including, for the
        avoidance of doubt, such time at which SRS provides notice pursuant to <u>Sections 2(d)(iii)</u>-<u>(iv)</u> in connection with the relevant offer), nothing herein shall limit SRS from making any statement or announcement regarding any breach of
        fiduciary duty by the Company or any of its officers or directors to the extent such statement or announcement is made in pursuit of a Change of Control Transaction; <u>provided</u>, <u>further</u>, that the Company shall also be permitted to
        make its own statement or announcement or comment on any statement or announcement made by SRS.&#160; Nothing in this <u>Section&#160;6</u> shall be deemed to prevent either the Company or SRS from complying with its respective disclosure obligations under
        applicable law, legal process, subpoena, law, the rules of any stock exchange, or legal requirement or as part of a response to a request for information from any governmental authority with jurisdiction over the party from whom information is
        sought.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: Arial,Helvetica,sans-serif;"><u>Public Announcements</u>.&#160; The Company shall
        announce this Agreement by means of a press release in the form attached hereto as <u>Exhibit A</u> (the &#8220;<u>Press Release</u>&#8221;).&#160; Neither the Company nor SRS shall make or cause to be made any public announcement or statement with respect to the
        subject of this Agreement that is contrary to the statements made in the Press Release,</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">except as required by law or the rules of any stock exchange or with the prior written consent of the other party.&#160; The Company acknowledges that SRS may file this Agreement as an exhibit to its
      Schedule 13D.&#160; The Company shall be given a reasonable opportunity to review and comment on any Schedule 13D filing made by SRS with respect to this Agreement, and SRS shall give reasonable consideration to the comments of the Company.&#160; SRS
      acknowledges and agrees that the Company may file this Agreement and file or furnish the Press Release with the <a name="z_9kMIH5YVt3DE6AJjxi"></a>SEC as exhibits to a Current Report on Form 8-K and other filings with the <a name="z_9kMJI5YVt3DE6AJjxi"></a>SEC.</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref511175451"></a><u>Confidentiality</u>.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;">Each Applicable Director shall be required to
        comply with the Company&#8217;s <a name="z_9kR3WTr26646DPFneqsGQE3zw2HcTB1999"></a>Code of Business Conduct and <a name="z_9kR3WTr26646ESMwmit"></a>Ethics for Directors applicable to the other members of the Board, including provisions relating to the
        confidentiality, disclosure and use of (including trading or influencing the actions of any Person based on) any non-public information entrusted to or obtained by such director by reason of his or her position as a director of the Company (&#8220;<u>Confidential








          Information</u>&#8221;).</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref441164403"></a>Notwithstanding the
        foregoing, each of the Applicable Directors (or any Replacement thereof that is an Affiliate of SRS) may, if he wishes to do so, provide Confidential Information to <a name="z_9kMHG5YVt4666ABbAB3P91zFAwyErkG5wAPGDJ6"></a>SRS&#8217;s investment
        professionals (&#8220;<a name="z_9kR3WTr244489Z891N7zxD8uwCpiE3u8NEBH43M"></a><a name="z_9kR3WTr1BC48Cc891N7zxD8uwCpiE3u8NEBH43M"></a><u>SRS Investment Professionals</u>&#8221;), solely to the extent such SRS Investment Professionals need to know such
        information in connection with SRS&#8217;s investment in the Company; <u>provided</u>, however, that SRS (i) shall inform each SRS Investment Professional of the confidential nature of the Confidential Information, (ii)&#160;shall cause each SRS Investment
        Professional not to disclose any Confidential Information to any Person other than SRS Investment Professionals in compliance with this <u>Section&#160;8(b)</u> and (iii)&#160;shall cause each SRS Investment Professional not to use any Confidential
        Information other than in connection with SRS&#8217;s investment in the Company.&#160; SRS shall be responsible for the breach of this <u>Section&#160;8(b)</u> by any of its directors, officers, employees, agents or other representatives (collectively, its &#8220;<u>Representatives</u>&#8221;).</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;">Notwithstanding anything in
        this Agreement to the contrary, in the event that the SRS or any of its Representatives is required in connection with a legal, judiciary, regulatory or administrative investigation or proceeding, by interrogatories, subpoena, civil investigative
        demand or similar legally mandatory process (excluding any such requirement arising out of any action or proceeding initiated by SRS or its Representatives, including for the avoidance of doubt any requirement to make a filing with the SEC or under
        any securities laws or regulations)&#160; (each, a &#8220;<u>Legal Requirement</u>&#8221;), to disclose Confidential Information, it is agreed that SRS or such Representative will, to the extent legally permissible, provide the Company with prompt written notice of
        such event so that the Company may seek a protective order or other appropriate remedy, at its expense, or waive compliance with the applicable provisions of this Agreement and, if applicable, the Company&#8217;s Code of Business Conduct and Ethics for
        Directors by SRS or such Representative.&#160; In the event that (x) such protective order or other remedy is not obtained and disclosure of Confidential Information is therefore required (and such requirement does not arise from a breach of this
        Agreement by SRS) or (y) the Company consents in writing to having the Confidential Information produced or disclosed pursuant to such Legal Requirement<font style="color: rgb(0, 0, 0);">, SRS or such Representative, as the case may be, (i) may,
          without liability hereunder, furnish that portion (and only that portion) of the Confidential Information that SRS or such Representative&#8217;s legal counsel advises is legally required to be disclosed and (ii) will use reasonable efforts, at the
          Company&#8217;s</font></font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <br>
    <div style="text-align: justify; margin-bottom: 12pt;">expense, to obtain reasonable assurance that confidential treatment is accorded to any Confidential Information so furnished.&#160; In no event will SRS or its Representatives oppose any action by the
      Company to obtain a protective order or other relief to prevent the disclosure of the Confidential Information or to obtain reliable assurance that confidential treatment will be afforded to the Confidential Information.</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">Any confidentiality
        obligations under this <u>Section 8</u> shall expire 24 months after the date on which no Applicable Director (or any Replacement thereof that is an Affiliate of SRS) serves as a director of the Company; <u>provided</u>, that SRS shall maintain
        in accordance with the confidentiality obligations set forth herein any Confidential Information constituting trade secrets for such longer time as such information constitutes a trade secret of the Company as defined under 18 U.S.C. &#167; 1839(3); and
        <u>provided</u>, <u>further</u>, that this <u>Section 8</u> is not intended to be, and shall not be interpreted as, a contractual restriction on any trading activities of SRS taken in SRS's own judgment.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref33282428"></a><u>Securities Laws</u>.&#160;








        SRS acknowledges that it is aware, and will advise each SRS Investment Professional who receives Confidential Information pursuant to <u>Section&#160;8(b)</u>, that United States securities laws prohibit any Person who has received material, non-public
        information from purchasing or selling securities on the basis of such information or from communicating such information to any other Person under circumstances in which it is reasonably foreseeable that such Person may trade securities on the
        basis of such information.&#160; SRS agrees that neither it nor its investment professionals will use or communicate any Confidential Information in violation of such laws.&#160; SRS maintains customary policies and procedures designed to prevent
        unauthorized disclosure and use of material, non-public information.&#160; As long as the Applicable Directors (or any Replacement thereof that is an Affiliate of SRS) are on the Board, SRS shall not purchase or sell, directly or indirectly, any
        securities of the Company during any blackout periods applicable to all directors under the Company&#8217;s insider trading policy; <u>provided</u>, <u>however</u>, that nothing herein shall prohibit SRS or Mr. Sarma (solely in his capacity as an
        advisor, director, general partner or manager of SRS or any affiliated fund) from purchasing or selling any securities of the Company pursuant to a 10b5-1 trading plan that complies with Rule 10b5-1 under the Exchange Act and that is not adopted
        during any such blackout period.&#160; The Company agrees to notify SRS of the opening and closing of any such blackout periods. The restrictions contained in the Company&#8217;s policies and procedures applicable to the Applicable Directors (in their
        capacity as such) on pledging or making purchases on margin of, or entering into derivative or hedging arrangements (including options) with respect to, securities of the Company, which transactions are otherwise in compliance with applicable law
        and this Agreement, shall not be deemed to apply to SRS or Mr. Sarma (solely in his capacity as an advisor, director, general partner or manager of SRS or any affiliated fund).</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><u>Representations and Warranties of All Parties</u>.&#160;








        Each of the parties represents and warrants to the other party that: (a) such party has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder, (b) this Agreement has been duly and validly
        authorized, executed and delivered by it and is a valid and binding obligation of such party, enforceable against such party in accordance with its terms (subject to applicable bankruptcy and similar laws relating to creditors&#8217; rights and to
        general equity principles), and (c)&#160;this Agreement will not result in a violation of any terms or conditions of any <a name="z_9kMML5YVt46669CL7vuirsuA"></a>agreements to which</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">such Person is a party or by which such party may otherwise be bound or of any law, rule, license, regulation, judgment, order or decree governing or affecting such party.</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><u>Representations, Warranties and Agreements of
          SRS</u>.&#160; SRS represents and warrants that: (a) as of the date of this Agreement, SRS collectively <a name="z_9kR3WTr26646FQ4nohmklko0EslHE"></a>Beneficially Owns and SRS is entitled to vote, in each case, an aggregate of 16,189,300 shares of
        Common Stock, (b) as of the date of this Agreement, SRS has a Synthetic Position (other than the shares of <a name="z_9kR3WTr26646GSFwvy0fg9tqQFyzsxvwvzBP3wS"></a>Common Stock Beneficially Owned as set forth in <u>clause (a)</u> above) equivalent
        to 8,810,700 shares of Common Stock, (c) SRS has not provided or agreed to provide, and will not provide, any compensation in cash or otherwise to any Applicable Director in connection with such Applicable Director&#8217;s nomination and appointment to,
        or service on, the Board (other than any Applicable Director&#8217;s regular compensation as an employee of SRS, as applicable, and not otherwise relating to such Applicable Director&#8217;s candidacy or service as a director of the Company) and (d) neither
        SRS nor any of its Affiliates has any agreements relating to the Company with any member of the Board or the Company&#8217;s management (other than the Applicable Directors) or with any Third Party or its representatives (other than other than customary,
        ordinary course agreements between or among SRS and its Affiliate and its and its Affiliates&#8217; limited partners and agreements entered into with advisors and nominees in connection with SRS&#8217;s solicitation of proxies for the 2020 Annual Meeting).</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref33002527"></a><u>Extraordinary
          Transactions</u>. For so long as (i) SRS or an Affiliate of SRS has Beneficial Ownership of 5% or more of the issued and outstanding Voting Securities or (ii) a director of the Company that was appointed or designated by SRS or an Affiliate of
        SRS continues to serve on the Board, any Extraordinary Transaction between the Company or its subsidiaries and SRS or its Affiliates shall be (x) negotiated with and approved by a special committee of the Board comprised solely of directors who
        qualify as &#8220;independent&#8221; of the Company pursuant to the applicable stock exchange listing requirements and who are not former or current employees of, or advisors or consultants to, SRS or an Affiliate of SRS, and (y) subject to approval by a
        majority of the disinterested stockholders of the Company (which, for the avoidance of doubt, shall exclude SRS or an Affiliate of SRS).</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><u>Ownership Limit Excess</u>.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><font style="color: rgb(0, 0, 0);">In connection with entering into the Prior Agreement, the Board approved the transactions which resulted in SRS becoming an &#8220;interested stockholder&#8221; for purposes of Section 203 of the DGCL and, therefore, the restrictions contained in
          Section 203 of the DGCL do not apply to SRS as a matter of law.&#160; If SRS acquires any ownership or other interest in any Voting Securities or any Synthetic Position such that SRS would collectively have Beneficial Ownership of more than the
          Independent Ownership Limit (an &#8220;</font><font style="color: rgb(0, 0, 0);"><u>Ownership Limit Excess Acquisition</u></font><font style="color: rgb(0, 0, 0);">&#8221;), then, unless the Board otherwise approves such Ownership Limit Excess Acquisition
          prior to such acquisition by resolution that includes the approval of a majority of the directors </font>who are not Applicable Directors (or their Replacements)<font style="color: rgb(0, 0, 0);"> from and after that date (the &#8220;</font><font style="color: rgb(0, 0, 0);"><u>Ownership Limit Excess Date</u></font><font style="color: rgb(0, 0, 0);">&#8221;), SRS agrees that the provisions of Section 203 of the DGCL shall be deemed to apply as a matter of contract to any &#8220;business combination&#8221;
          (as defined in Section 203 of the DGCL) between the Company and SRS as provided in </font><font style="color: rgb(0, 0, 0);"><u>Section 13(b)</u></font><font style="color: rgb(0, 0, 0);"> hereof.</font></font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
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    </div>
    <br>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);"><a name="z_Ref33002574"></a>SRS agrees that if SRS makes an Ownership Limit Excess Acquisition, then, from and after the Ownership Limit Excess Date (x) the restrictions under Section 203 of the DGCL applicable to a &#8220;business combination&#8221; with an
        &#8220;interested stockholder&#8221; shall apply to any such business combination between the Company and SRS as a matter of contract pursuant to this Agreement and (y) SRS will not engage in any &#8220;business combination&#8221; with the Company for a period of four (4)
        years following the Ownership Limit Excess Date, unless:</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 80pt;"><font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">&#160; (i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><font style="color: rgb(0, 0, 0);">prior to the Ownership Limit Excess Date, the Board approved, including approval by a majority of the directors </font>who are not Applicable Directors (or their Replacements)<font style="color: rgb(0, 0, 0);">, either the
          &#8220;business combination&#8221; or the Ownership Limit Excess Acquisition;</font></font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 80pt;"><font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">&#160; (ii)</font>&#160;&#160; &#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">upon








        consummation of a Ownership Limit Excess Acquisition, SRS owned at least 85% of the voting power of the Voting Securities outstanding at the time the transaction commenced, excluding for purposes of determining the Voting Securities outstanding
        (but not the outstanding Voting Securities owned by SRS) those shares owned (x) by Persons who are directors and also officers of the Company and (y) employee stock plans in which employee participants do not have the right to determine
        confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer;</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 80pt;"><font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">&#160; (iii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><font style="color: rgb(0, 0, 0);">at or subsequent to such time the &#8220;business combination&#8221; is approved by the Board, including approval by a majority of the directors </font>who are not Applicable Directors (or their Replacements)<font style="color: rgb(0, 0, 0);">,
          and authorized at an annual or special meeting of stockholders (and not by written consent) by the affirmative vote of at least 66 2/3% of the voting power of the outstanding Voting Securities which is not owned by SRS; or</font></font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 80pt;"><font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">&#160; (iv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">unless








        any of the exceptions in Section 203(b) (3), (4), (5) (6) or (7) of the DGCL would apply if the Ownership Limit Excess Acquisition had caused SRS to become an &#8220;interested stockholder&#8221; for purposes of Section 203 of the DGCL (with references to
        &#8220;15%&#8221; in Section 203 of the DGCL being deemed to be replaced with &#8220;Independent Ownership Limit&#8221;).</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><u>Certain Actions</u>.&#160; Neither the Board nor
        any committee thereof, on the one hand, or SRS or any Affiliate thereof, on the other hand, shall take any action that would be reasonably likely to materially interfere with the purposes of this Agreement.&#160; Except as required by applicable law or
        stock exchange rules or listing standards, the Company shall not alter, amend or adopt any Company policies or procedures or amend its bylaws, corporate governance guidelines or other organizational documents in a manner that would be reasonably
        likely to materially interfere with the purpose of this Agreement.&#160; In the event the Company determines to hold the 2022 Annual Meeting (as defined below) more than twenty-five (25) days before or twenty-five (25) days after the one-year
        anniversary of the 2021 annual meeting of stockholders, the Company will provide notice to SRS of the Advance Notice Deadline no less than seventy-five (75) days prior to the Advance Notice Deadline.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><u>Certain Defined Terms</u>.&#160; For purposes of
        this Agreement:</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif; color: rgb(0, 0, 0);">&#8220;<u>Advance








          Notice Deadline</u>&#8221; means the advance notice deadline as determined pursuant to the Company&#8217;s bylaws, as then in effect, for stockholders to nominate candidates for</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <br>
    <div style="text-align: justify; margin-bottom: 12pt;">the annual meeting of stockholders following the 2021 annual meeting of stockholders (the &#8220;<font style="font-family: Arial,Helvetica,sans-serif;"><u>2022 Annual Meeting</u></font>&#8221;).</div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;">The terms &#8220;<a name="z_9kR3WTr1BC48AI4gkrsiuz"></a><a name="z_9kR3WTr1BC4ABH4gkrsiuz"></a><u>Affiliate</u>&#8221; and &#8220;<a name="z_9kR3WTr1BC48FNH63ojiuz"></a><u>Associate</u>&#8221; shall have the respective meanings set forth in Rule 12b-2 promulgated by the United States Securities and Exchange Commission
        (the &#8220;<a name="z_9kR3WTr1BC48Hhvg"></a><u>SEC</u>&#8221;) under the Exchange Act.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;">&#8220;<u>Beneficial Ownership</u>&#8221; means having the
        right or ability to vote, cause to be voted or control or direct the voting of, any Voting Securities (in each case whether directly or indirectly, including pursuant to any <a name="z_9kMNM5YVt46669CL7vuirsuA"></a>agreement, arrangement or
        understanding, whether or not in writing); <u>provided</u>, that a Person shall be deemed to have &#8220;Beneficial Ownership&#8221; of any Voting Securities that such Person has a right, option or obligation to own, acquire or control or direct the voting of
        upon conversion, exercise, expiration, settlement or similar event (an &#8220;<a name="z_9kR3WTr24447GTQxsrj0x"></a><a name="z_9kR3WTr24449ITQxsrj0x"></a><u>Exercise</u>&#8221;) under or pursuant to (i) any Derivative (whether such Derivative is subject to
        Exercise immediately or only after the passage of time or upon the satisfaction of one or more conditions) and (ii) any Synthetic Position that is required or permitted to be settled, in whole or in part, in Voting Securities.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;">&#8220;<a name="z_9kR3WTr24447BMFwyrw1298"></a><u>Competitor</u>&#8221;
        means China Auto Rental (CAR Inc.), eHi Car Services Limited, Enterprise Holdings, Inc., Europcar Groupe SA, Hertz Global Holdings Inc., <a name="z_9kR3WTr266478ZP1Djz"></a>Sixt SE and any of their respective Affiliates.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><font style="color: rgb(0, 0, 0);">&#8220;</font><font style="color: rgb(0, 0, 0);"><u>Nomination Notice</u></font><font style="color: rgb(0, 0, 0);">&#8221; means the letter, dated February 21, 2020, delivered by SRS to the Company, giving notice to the Company of SRS&#8217;s intent to nominate certain
          individuals to stand for election to the Board at the 2020 Annual Meeting.</font></font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(f)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;">&#8220;<a name="z_9kR3WTr24447CaIr640"></a><u>Person</u>&#8221;
        shall mean any individual, corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability <a name="z_9kMIH5YVt46669JUHy0poD"></a>company, joint venture, estate, trust, association, organization or
        other entity of any kind or nature.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;">&#8220;<u>Synthetic Position</u>&#8221; shall mean any
        option, warrant, convertible security, stock appreciation right, or other security, contract right or derivative position or similar right (including any &#8220;swap&#8221; transaction with respect to any security, other than a broad based market basket or
        index) (each of the foregoing, a &#8220;<a name="z_9kR3WTr24447FR6rw1ut252"></a><u>Derivative</u>&#8221;), whether or not presently exercisable, that has an <a name="z_9kMIH5YVt46669IVSzutl2z"></a>exercise or conversion privilege or a settlement payment or
        mechanism at a price related to the value of Voting Securities or a value determined in whole or in part with reference to, or derived in whole or in part from, the value of Voting Securities and that increases in value as the market price or value
        of Voting Securities increases or that provides an opportunity, directly or indirectly, to profit or share in any profit derived from any increase in the value of Voting Securities, in each case regardless of whether (i) it conveys any voting
        rights in such Voting Securities to any Person, (ii) it is required to be or capable of being settled, in whole or in part, in Voting Securities or (iii) any Person (including the holder of such Synthetic Position) may have entered into other
        transactions that hedge its economic effect.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: Arial,Helvetica,sans-serif;">&#8220;<a name="z_9kR3WTr24447EgPlwsRJsCK"></a><u>Third








          Party</u>&#8221; shall mean any Person other than the Company, SRS and their respective Affiliates and representatives.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center; text-indent: 40pt;" id="DSPFPageNumberArea"><font style="font-family: Arial,Helvetica,'sans-serif'; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <br>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: Arial,Helvetica,sans-serif;">&#8220;<u>Voting Securities</u>&#8221; shall mean the
        Common Stock and any other securities of the Company entitled to vote in the election of directors.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><u>Governing Law; Jurisdiction</u>.&#160; This
        Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without reference to the conflict of laws principles thereof.&#160; Each of the parties hereto irrevocably agrees that any legal action or
        proceeding with respect to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party
        hereto or its successors or assigns, shall be brought and determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept
        jurisdiction over a particular matter, any federal court within the State of Delaware).&#160; Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and
        unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts.&#160; Each of the parties hereto hereby irrevocably waives, and
        agrees not to assert in any action or proceeding with respect to this Agreement, (a) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (b) any claim that it or its property is exempt or immune
        from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the
        fullest extent permitted by applicable legal requirements, any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement,
        or the subject matter hereof, may not be enforced in or by such courts.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">17.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><u>No Waiver</u>.&#160; Any waiver by any party of a
        breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement.&#160; The failure of a party to insist upon strict adherence
        to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">18.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><u>Entire Agreement</u>.&#160; This Agreement
        contains the entire understanding of the parties with respect to the subject matter hereof and may be amended only by an <a name="z_9kMON5YVt46669CL7vuirsuA"></a>agreement in writing executed by the parties hereto.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">19.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><a name="z_Ref506241861"></a><u>Notices</u>.&#160;
        All notices, consents, requests, instructions, approvals and other communications <u>provided</u> for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, if (a) given by email, when
        such email is sent to the email address set forth below during normal business hours and the appropriate confirmation is received or (b) if given by any other means, when actually received during normal business hours at the address specified in
        this subsection:</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; margin-left: 80pt;">if to the Company:</div>
    <div style="text-align: justify; margin-bottom: 12pt; margin-left: 120pt;">Avis Budget Group, Inc.<br>
      6 Sylvan Way<br>
      Parsippany, New Jersey 07054<br>
      Attention:&#160;&#160;&#160;&#160; Jean Sera<br>
      Email:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Jean.Sera@avisbudget.com</div>
    <div style="text-align: justify; margin-bottom: 12pt; margin-left: 80pt;">with a copy (which shall not constitute notice) to:</div>
    <div style="text-align: justify; margin-bottom: 12pt; margin-left: 120pt;">Skadden, Arps, Slate, Meagher &amp; Flom LLP<br>
      One Manhattan West<br>
      New York, NY 10001<br>
      Attention:&#160;&#160;&#160;&#160; Stephen F. Arcano<br>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; Richard J. Grossman<br>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; Neil P. Stronski<br>
      Email:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;stephen.arcano@skadden.com<br>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; richard.grossman@skadden.com<br>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160;&#160; &#160; neil.stronski@skadden.com</div>
    <div style="text-align: justify; margin-bottom: 12pt; margin-left: 80pt;">if to SRS:</div>
    <div style="text-align: justify; margin-bottom: 12pt; margin-left: 120pt;">SRS Investment Management, LLC<br>
      1 Bryant Park, 39th Floor<br>
      New York, NY 10036<br>
      Attention:&#160;&#160;&#160;&#160; David Zales<br>
      Email:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;david.zales@srsfund.com</div>
    <div style="text-align: justify; margin-bottom: 12pt; margin-left: 80pt;">with a copy (which shall not constitute notice) to:</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt; margin-left: 120pt;">Cadwalader, Wickersham &amp; Taft LLP<br>
      200 Liberty St.<br>
      New York, New York 10281<br>
      Attention:&#160;&#160;&#160;&#160; Stephen Fraidin<br>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; Richard Brand<br>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; Braden McCurrach<br>
      Email:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;stephen.fraidin@cwt.com<br>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; richard.brand@cwt.com<br>
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160;&#160;&#160; &#160;&#160; braden.mccurrach@cwt.com</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">20.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><u>Severability</u>.&#160; If any provision of this
        Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality or
        enforceability of any other provision of this Agreement.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">21.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><u>Counterparts</u>.&#160; This Agreement may be
        executed in two or more counterparts, which together shall constitute a single <a name="z_9kMPO5YVt46669CL7vuirsuA"></a>agreement.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">22.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><u>Successors and Assigns</u>.&#160; This Agreement
        shall not be assignable by any of the parties to this Agreement.&#160; This Agreement, however, shall be binding on successors of the parties hereto.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">23.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><u>No Third Party Beneficiaries</u>.&#160; This
        Agreement is solely for the benefit of the parties hereto and is not enforceable by any other Persons.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">24.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: Arial,Helvetica,sans-serif;"><u>Amendments</u>.&#160; This Agreement may only be
        amended pursuant to a written <a name="z_9kMHzG6ZWu5777ADM8wvjstvB"></a>agreement executed by SRS and the Company, subject to <u>Section 1(i)</u>.</font></div>
    <div style="margin-bottom: 12pt; text-align: justify; text-indent: 40pt;"><font style="font-family: Arial,Helvetica,sans-serif;">25.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial,Helvetica,sans-serif;"><u>Interpretation and Construction</u>.&#160; Each of
        the parties hereto acknowledges that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of said independent counsel.&#160;
        Each party and its counsel cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of
        all of the parties and may not be construed against any party by reason of its drafting or preparation.&#160; Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party
        that drafted or prepared it is of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Agreement shall be decided without regards to events of drafting or preparation.&#160; The
        section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.&#160; The term &#8220;including&#8221; shall be deemed to mean &#8220;including without limitation&#8221; in all
        instances.&#160; Any share numbers set forth in this Agreement shall be adjusted as necessary for any stock splits, stock dividends, reverse stock splits, recapitalizations or similar events (other than stock buybacks or repurchases).</font></div>
    <div style="text-align: center; margin-bottom: 12pt;">[<font style="font-style: italic;">Signature Pages Follow</font>]</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: Arial, Helvetica, 'sans-serif'; color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; text-indent: 40pt;">IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement, or caused the same to be executed by its duly authorized representative as of the date first above
      written.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">
      <table cellspacing="0" cellpadding="0" id="zdd6f23ef712a42edb7188cb11b6785df" style="font-family: Arial, Helvetica, sans-serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 43.27%; vertical-align: top;">&#160;</td>
            <td style="width: 6.73%; vertical-align: top;">&#160;</td>
            <td style="width: 42.31%; vertical-align: top;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 43.27%; vertical-align: top;">&#160;</td>
            <td style="width: 6.73%; vertical-align: top;">&#160;</td>
            <td style="width: 42.31%; vertical-align: top;">&#160;</td>
            <td style="width: 7.69%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 43.27%; vertical-align: top;">&#160;</td>
            <td style="width: 49.04%; vertical-align: top;" colspan="2">
              <div style="text-align: justify;">AVIS BUDGET GROUP, INC.</div>
            </td>
            <td style="width: 7.69%; vertical-align: top;">&#160;</td>
          </tr>
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            <td style="width: 43.27%; vertical-align: top;">&#160;</td>
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            <td style="width: 42.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 42.31%; vertical-align: top;">
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            <td style="width: 42.31%; vertical-align: top;">&#160;</td>
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            <td style="width: 6.73%; vertical-align: top;">&#160;</td>
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            <td style="width: 42.31%; vertical-align: top;">
              <div style="text-align: justify;">SRS Investment Management, LLC, its investment manager</div>
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            <td style="width: 7.69%; vertical-align: top;">&#160;</td>
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      <div style="text-indent: 36pt; margin-bottom: 12pt;"> </div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">
      <div style="text-indent: 36pt; margin-bottom: 12pt;"> </div>
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        <div style="font-size: 12pt; text-align: center;">[<font style="font-style: italic;">Signature Page to Third Amended and Restated Cooperation Agreement</font>]</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">SCHEDULE A</div>
    <div style="text-align: justify; margin-bottom: 12pt;">SRS Investment Management, LLC</div>
    <div style="text-align: justify; margin-bottom: 12pt;">SRS Partners Master Fund LP</div>
    <div style="text-align: justify; margin-bottom: 12pt;">SRS Special Opportunities Master II, LP</div>
    <div style="text-align: justify; margin-bottom: 12pt;">SRS Long Opportunities Master Fund, LP</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">EXHIBIT A</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Press Release</div>
    <br>
    <div style="text-align: center; font-weight: bold;">Avis Budget Group Enters into New Cooperation Agreement with SRS Investment Management</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic;">Board will Ultimately be Comprised of Nine Directors, Including Three SRS Representatives</div>
    <div><br>
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    <div><font style="font-weight: bold;">PARSIPPANY, N.J., </font>February 24, 2020 &#8211; Avis Budget Group, Inc. (NASDAQ: CAR) (the &#8220;Company&#8221;) today announced that it has entered into a new cooperation agreement with SRS Investment Management, LLC ("SRS"),
      the Company's largest shareholder.</div>
    <div><br>
    </div>
    <div>The terms of the new approximately two-year cooperation agreement include the appointment of Jagdeep Pahwa, a current Board member and President of SRS, as Vice Chairman of the Board. The Company&#8217;s slate for election at the 2020 Annual Meeting of
      Shareholders will include the addition of Karthik Sarma, Managing Partner of SRS, and current Board members Bernardo Hees, Mr. Pahwa, Carl Sparks, Glenn Lurie, Brian Choi and Lynn Krominga.</div>
    <div><br>
    </div>
    <div>Six current directors are not standing for re-election at the 2020 Annual Meeting temporarily reducing the size of the Board to seven directors. The Board will identify an additional independent director within 90 days of the 2020 Annual Meeting,
      and once a permanent Chief Executive Officer is named, he or she will also join the Board, resulting in a nine person Board.</div>
    <div><br>
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    <div>Bernardo Hees, Chairman of the Board, said, "SRS has been a valuable long-term partner to Avis.&#160; We are pleased to have reached a new cooperation agreement with them that we believe is in the best interests of the Company and our shareholders. I
      look forward to working closely with Jagdeep to drive shareholder value and position Avis Budget Group for long-term performance. On behalf of the Board, I would like to thank our retiring directors for their many contributions to Avis Budget Group.&#8221;</div>
    <div><br>
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    <div>&#8220;I am excited for this phase that Avis is entering with a reconstituted Board that is fully aligned with the interests of all stakeholders.&#160; The Board is well-equipped to oversee the Company&#8217;s pursuit of excellence and focus on delivering strong,
      sustainable results,&#8221; stated Mr. Sarma.</div>
    <div><br>
    </div>
    <div>The complete agreement between Avis Budget Group and SRS will be included in a Form 8-K to be filed with the Securities and Exchange Commission.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Forward-Looking Statements</div>
    <div>Certain statements in this press release constitute &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other
      factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by,
      followed by or that otherwise include the words &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;projects,&#8221; &#8220;estimates,&#8221; &#8220;plans,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;may&#8221; and &#8220;could&#8221; or similar words or expressions are generally forward-looking in nature
      and not historical facts. Any statements that refer to outlook, expectations or other characterizations of future events, circumstances or results, including all statements related to the operation or effects of the new cooperation agreement, are
      also forward-looking statements. Important risks, assumptions and other important factors that could cause future results to differ materially from those expressed in the forward-looking statements are specified in Avis Budget Group&#8217;s most recent
      Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q under headings such as &#8220;Forward-Looking Statements&#8221;, &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; and in other
      filings and furnishings made by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the
      occurrence of unanticipated events.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Important Additional Information and Where to Find It</div>
    <div style="background-color: #FFFFFF;">
      <div><font style="color: #000000;">The Company, its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Company&#8217;s 2020 Annual Meeting.&#160;
          The Company plans to file a proxy statement with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) in connection with the solicitation of proxies for the 2020 Annual Meeting (the &#8220;2020 Proxy Statement&#8221;), together with a WHITE proxy card.
          STOCKHOLDERS ARE URGED TO READ THE 2020 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
          WILL CONTAIN IMPORTANT INFORMATION.&#160; Additional information regarding the identity of these potential participants</font>, none of whom owns in excess of 1 percent of the Company&#8217;s outstanding shares of common stock, other than Mr. Choi and Mr.
        Pahwa, who are affiliated with SRS, which beneficially owns approximately 21.9% of the Company&#8217;s outstanding shares,<font style="color: #000000;"> and their direct or indirect interests, by security holdings or otherwise, will be set forth in the
          2020 Proxy Statement and other materials to be filed with the SEC in connection with the 2020 Annual Meeting.&#160; Information relating to the foregoing can also be found in the Company&#8217;s definitive proxy statement for its 2019 Annual Meeting of
          Shareholders (the &#8220;2019 Proxy Statement&#8221;), filed with the SEC on March 26, 2019. To the extent holdings of the Company&#8217;s securities by such potential participants have changed since the amounts printed in the 2019 Proxy Statement, such changes
          have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.</font></div>
      <div><font style="color: #000000;"> <br>
        </font></div>
      <div>
        <div><font style="color: #000000;">Stockholders will be able to obtain, free of charge, copies of the 2020 Proxy Statement, any amendments or supplements thereto and any other documents (including the WHITE proxy card) when filed by the Company
            with the SEC in connection with the 2020 Annual Meeting at the SEC&#8217;s website (</font>sec.gov<font style="color: #000000;">) or at the Company&#8217;s website (</font>avisbudgetgroup.com<font style="color: #000000;">).</font></div>
      </div>
    </div>
    <br>
    <div style="font-weight: bold;">About Avis Budget Group</div>
    <div>Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have more than 11,000 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which
      is the world's leading car sharing network with more than one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the
      world. Avis Budget Group has approximately 30,000 employees and is headquartered in Parsippany, N.J. More information is available at avisbudgetgroup.com.</div>
    <div> <br>
    </div>
    <div>
      <div style="font-style: italic;">Media Contact:</div>
      <div>Sard Verbinnen &amp; Co.</div>
      <div>David Millar/Tori Goodell</div>
      <div>212-687-8080</div>
    </div>
    <div><br>
    </div>
    <br>
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<DOCUMENT>
<TYPE>EX-99.7
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<FILENAME>sr54741546_ex99-7.htm
<DESCRIPTION>JOINT FILING AGREEMENT, DATED FEBRUARY 24, 2020.
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    <div style="text-align: right; margin-bottom: 12pt; color: rgb(0, 0, 0); font-weight: bold;">EXHIBIT 99.7</div>
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    <div style="text-align: center; margin-bottom: 12pt; color: rgb(0, 0, 0); font-weight: bold;">JOINT FILING AGREEMENT<br>
      PURSUANT TO RULE 13d-1(k)</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000;">
      <div style="text-indent: 36pt; margin-bottom: 12pt; color: rgb(0, 0, 0);">The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this
        statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments,
        and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it
        knows or has reason to believe that such information is inaccurate.</div>
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              <td valign="top" style="width: 50%;" rowspan="1">DATE:&#160; February 24, 2020 <br>
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              <td valign="top" style="width: 50%;" rowspan="1">&#160;</td>
              <td valign="top" style="width: 38%;" colspan="2" rowspan="1">&#160;</td>
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              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 38%; font-weight: bold;" colspan="2">SRS INVESTMENT MANAGEMENT, LLC</td>
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              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 3%;">&#160;</td>
              <td valign="top" style="width: 35%;">&#160;</td>
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                <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">By: </div>
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              <td style="border-bottom: 2px solid #000000; vertical-align: top; white-space: nowrap; width: 35%; text-align: left;">/s/ David B. Zales <br>
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              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 3%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" align="left" style="width: 35%;">Name:&#160; David B. Zales<br>
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              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 3%;">&#160;</td>
              <td valign="top" style="width: 35%;">Title:&#160;&#160;&#160; General Counsel</td>
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              <td valign="top" style="width: 50%;">&#160;</td>
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              <td valign="top" style="width: 38%; font-weight: bold;" colspan="2">KARTHIK R. SARMA</td>
              <td valign="top" style="width: 12%;">&#160;</td>
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              <td valign="top" style="width: 50%; padding-bottom: 2px;">&#160;</td>
              <td valign="top" style="width: 3%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">/s/ Karthik R. Sarma&#160; <br>
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              <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
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              <td valign="top" style="width: 50%;" rowspan="1">&#160;</td>
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              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 3%;">&#160;</td>
              <td valign="bottom" nowrap="nowrap" align="left" style="width: 35%;"><br>
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