CENDANT CORP
EXHIBIT 10.3
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.3</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDED AND
RESTATED</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EMPLOYMENT
AGREEMENT</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Amended and Restated Employment Agreement (the
&#147;Agreement&#148;) dated as of April 1, 2003 is hereby made by and between Cendant
Corporation, a Delaware corporation (&#147;Cendant&#148;) and Scott E. Forbes (the
&#147;Executive&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Cendant desires to employ the Executive as
Senior Executive Vice President and Group Managing Director of Cendant Europe,
Middle East and Africa (&#147;Cendant EMEA&#148;), and the Executive desires to serve
Cendant in such capacity.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW THEREFORE, in consideration of the foregoing and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
I</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EMPLOYMENT</font></u></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cendant agrees to employ the Executive and the Executive
agrees to be employed by Cendant for the Period of Employment as provided in
Section III below and upon the terms and conditions provided in this Agreement.
The Executive has previously relocated his primary residence to London, U.K.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION II</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">POSITION AND RESPONSIBILITIES</font></u></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During
the Period of Employment, as defined below, the Executive will serve as Senior
Executive Vice President and Group Managing Director, Cendant EMEA (the &#147;EMEA
Position&#148;) and, subject to the direction of a Vice Chairman of Cendant or other
executive officer of Cendant designated by the Chief Executive Officer of
Cendant from time to time (the &#147;Supervising Officer&#148;) from time to time will
perform such duties and exercise such supervision with regard to the business
of Cendant as are associated with such position, as well as such additional
duties as may be prescribed from time to time by the Supervising Officer. The
Executive will, during the Period of Employment, devote substantially all of
his time and attention during normal business hours to the performance of
services for Cendant. The Executive will maintain a primary office, and conduct
his business, in London, U.K. The parties hereby acknowledge that the
Executive&#146;s duties and responsibilities will include, without limitation,
managing the Cendant EMEA headquarters in London, U.K. and managing
substantially all of Cendant&#146;s EMEA businesses. Notwithstanding the foregoing,
the parties hereto acknowledge and agree that to the extent contemplated
herein, the Executive may be reassigned to the Alternative Position (as defined
below), and upon such event, this Agreement (and the Period of Employment)
will, after giving effect to any changes associated with such change of
position, remain in full force and effect.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>


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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Executive agrees that
at any time during the Period of Employment, he may be reassigned by the
Supervising Officer to the Alternative Position, but only in the event that
either (i) the Alternative Position is reasonably acceptable to the Executive
or (ii) each of (a) the Executive may perform substantially all of his duties
in any of London, Parsippany, New Jersey or New York, New York (or, in the case
of Parsippany or New York, any location within 15 miles thereof) and (b)
Cendant reasonably determines that the Alternative Position is a suitable
position for the Executive (after giving due consideration to his skills and
abilities); <u>provided</u>, <u>however</u>, that in no event will any
Alternative Position be proposed to the Executive unless such position provides
overall compensation (including bonus opportunity), employee benefits and
perquisites which, in the aggregate, are no less favorable to the Executive
than provided to him hereunder.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cendant agrees that at
any time during the Period of Employment, the Executive may provide notice to
the Supervising Officer requesting that he relinquish the Europe Position and
be reassigned to a substitute position (the &#147;Substitute Position&#148;). Cendant
will give due consideration to such request and will use reasonable efforts to
identify a Substitute Position reasonably suitable for the Executive as
determined by Cendant in its sole and reasonable discretion.&#160; If Cendant is unable to offer the Executive
a Substitute Position within 180 days of its receipt of such notice, the
Executive may either (i) withdraw his request for reassignment to the
Substitute Position and maintain the Europe Position or (ii) terminate this
Agreement as a Constructive Discharge (as defined below). If Cendant offers the
Executive a Substitute Position within 180 days of its receipt of such notice,
the Executive may either (i) accept the Substitute Position or (ii) reject the
Substitute Position. If the Executive accepts the Substitute Position, this
Agreement (and the Period of Employment) shall continue in full force and
effect. If the Executive rejects the Substitute Position, this Agreement will
be determined terminated as a Resignation (as defined below); <u>provided,
however,</u> that any rejection of the Substitute Position will instead be
deemed a Constructive Discharge in the event that the Substitute Position would
require the Executive to perform substantially all of his duties in any
location other than Parsippany, New Jersey or New York, New York (or, in each
case, any location within 15 miles thereof).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION III <br>
<u>PERIOD OF EMPLOYMENT</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The period of the Executive&#146;s employment under this
Agreement (the &#147;Period of Employment&#148;) will end on March 31, 2006, subject to
extension or termination as provided in this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION IV</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMPENSATION AND BENEFITS</font></u></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compensation</u>.
For all services rendered by the Executive pursuant to this Agreement during
the Period of Employment, including services as an executive, officer, director
or committee member of Cendant or any subsidiary of Cendant, the Executive will
be compensated as follows:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Base Salary</u></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the Period of Employment, Cendant will pay the
Executive a fixed base salary (&#147;Base Salary&#148;) of not less than U.S. $525,000
per annum and thereafter the Executive will be eligible to receive annual
increases as the Board deems appropriate, in accordance with Cendant&#146;s
customary procedures regarding the salaries of senior officers. Base Salary will
be payable according to the customary payroll practices of Cendant but in no
event less frequently than once each month.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Annual Incentive Awards</u></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Executive will be eligible for discretionary annual
incentive compensation awards; <u>provided</u> that the Executive will be
eligible to receive an annual bonus for each fiscal year of Cendant during the
Period of Employment based upon a target bonus equal to 100% of Base Salary
(each such bonus, an &#147;Incentive Compensation Award&#148;).</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Long-Term Incentive
Awards</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Executive will be eligible for discretionary stock
option or other incentive or equity-based awards on such appropriate terms and
conditions as determined by the Cendant Compensation Committee in its sole
discretion.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Cost-of-Living Allowance</u></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cendant will pay the Executive (A) a cost-of-living
allowance (the &#147;Cost-of-Living Allowance&#148;) of not less than U.K. &#163;50,000 per
annum and (B) an additional special allowance (the &#147;Special Allowance&#148; and,
together with the Cost-of-Living Allowance, the &#147;Allowances&#148;) of not less than
U.K. &#163;75,000 per annum (which may be increased from time to time in Cendant&#146;s
sole discretion), in each case in respect of each calendar year (or a pro rata
payment for any partial calendar year) during which he remains in the EMEA
Position and resides in the U.K. The Allowances will be paid in accordance with
the customary payroll practices of Cendant but in no event less frequently than
once each month, and such amounts shall be paid by a U.K. subsidiary of Cendant
into a local U.K. account as directed by the Executive.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Additional Benefits</u></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Executive will be entitled to participate in all
other compensation or employee benefit plans or programs and receive all
benefits and perquisites for which salaried employees of Cendant generally are
eligible under any plan or program now or later established by Cendant on the
same basis as similarly situated senior executives of Cendant with comparable
duties and responsibilities. The Executive will participate to the extent
permissible under the terms and provisions of such plans or programs, in
accordance with program provisions.</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Expatriate Benefits</u></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cendant will reimburse the Executive for (i) reasonable
professional costs incurred in connection with the preparation of his personal
income tax returns and (ii) the Tax Equalization.&#160; The Tax Equalization will mean a cash payment payable in respect
of each full or partial calendar year during the Period of Employment and
during which the Executive is residing outside of the United States, which
payment is intended to reimburse the Executive for the economic effect of any
incremental taxes incurred in connection with his residing outside of the
United States.&#160; The Tax Equalization
will be calculated and paid as described in the applicable Cendant policy,
which policy will include tax equalization benefits for personal investment
income.&#160; Cendant acknowledges that, if
and to the extent subject to foreign taxation, the Tax Equalization will apply
to any income received by the Executive in connection with his personal
investment income and compensation earned in connection with the exercise of
Cendant stock options or other Cendant equity or equity-based awards.&#160; Cendant will also pay any costs and expenses
associated with determining each annual payment in respect of the Tax
Equalization.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition, the Executive will remain a participant in Cendant&#146;s U.S. Expatriate
Officer Relocation Policy, and will be entitled to benefits set forth
thereunder, except to the extent that any benefits thereunder would be
duplicative by virtue of any similar or comparable rights or benefits under
this Agreement, or are otherwise not available by virtue of any provision in
this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Executive is entitled to the benefits
set forth on Annex A hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION V</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">BUSINESS EXPENSES</font></u></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cendant will reimburse the Executive for all reasonable
travel and other expenses incurred by the Executive in connection with the
performance of his duties and obligations under this Agreement. The Executive
will comply with such limitations and reporting requirements with respect to
expenses as may be established by Cendant from time to time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION VI</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">DISABILITY</font></u></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Executive becomes Disabled, as defined below,
during the Period of Employment, the Period of Employment may be terminated at
the option of the Executive upon notice of resignation to Cendant or at the
option of Cendant upon notice of termination to the Executive. &#147;Disabled&#148; means
a determination by an independent competent medical authority that the
Executive is unable to perform his duties under this Agreement and in all
reasonable medical likelihood such inability will continue for a period in
excess of one hundred and eighty (180) days. Unless otherwise agreed by the
Executive and Cendant, the independent medical authority</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


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</font></div>

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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">will be selected by the Executive and Cendant each
selecting a board-certified licensed physician and the two physicians selected
designating an independent medical authority, whose determination that the
Executive is Disabled will be binding upon Cendant and the Executive. In such
event, until the Executive reaches the age of sixty-five (65) (or such earlier
date on which he is no longer Disabled), Cendant will continue to pay the
Executive sixty percent (60%) of his Base Salary as in effect at the time of
the termination, offset by the amount of any disability payments the Executive
may receive under any long-term disability insurance maintained by
Cendant.&#160; Earned but unpaid Base Salary
and earned but unpaid Incentive Compensation Awards will be paid in a lump sum
at the time of such termination. No Incentive Compensation Award will be deemed
earned within the meaning of this Agreement until the Executive is informed in
writing as to the amount of such compensation the Executive is to be awarded as
to a particular period. If applicable, Cendant will reimburse the Executive for
the relocation of his family and their personal belongings back to the United
States, and will provide such other financial assistance related to such
relocation to the extent provided in the applicable U.S. Expatriate Officer
Relocation Policy (the &#147;Policy&#148;) as well as any other reverse relocation
benefits described in Section VIII.A. below.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION VII</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEATH</font></u></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of the death of the Executive during the
Period of Employment, the Period of employment will end and Cendant&#146;s
obligation to make payments under this Agreement will cease as of the date of
death, except for earned but unpaid Base Salary and any earned but unpaid
Incentive Compensation Awards, which will be paid to the Executive&#146;s surviving
spouse, estate or personal representative, as applicable, in a lump sum within
sixty (60) days after the date of the Executive&#146;s death. The Executive&#146;s
designated &#147;beneficiary will be entitled to receive the proceeds of any life or
other insurance or other death benefit programs provided in this Agreement. If
applicable, Cendant will reimburse the Executive&#146;s estate for the relocation of
his family and their personal belongings back to the United States, and will
provide such other financial assistance related to such relocation to the
extent provided in the Policy as well as any other reverse relocation benefits
described in Section VIII.A.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION VIII</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EFFECT OF TERMINATION OF
EMPLOYMENT</font></u></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Without
Cause Termination and Constructive Discharge.</u> If the Executive&#146;s employment
terminates due to either a Without Cause Termination or a Constructive
Discharge, as defined below, Cendant will pay the Executive (or his surviving
spouse, estate or personal representative, as applicable) upon such Without
Cause Termination or Constructive Discharge (i) a lump sum amount equal to two
hundred and ninety-nine percent (299%) of the sum of Base Salary in effect at
the time of such termination and the target Incentive Compensation Award for
the year in which such termination occurs (which target Incentive Compensation
Award shall in no event be greater than 100% of Base Salary for purposes of
this severance</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2110385",CP="CENDANT CORPORATION",DN="3",CHK=965220,FOLIO='5',FILE="DISK014:[03NYC8.03NYC4668.EDGAR]EX10-3_4668.CHC",USER="ARUSS",CD='May  6 11:42 2003' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">calculation) and (ii) any
and all earned but unpaid Base Salary and earned but unpaid Incentive
Compensation Awards. If the Executive is residing in the U.K. at such time and
requests a relocation to the United States, Cendant will reimburse the
Executive for moving his family and their personal belongings back to the
United States, and will provide such other financial assistance related to such
move to the extent provided in the Policy (as well as costs incurred in
connection with the storage of the Executive&#146;s personal belongings for up to 12
months, to the extent not covered under the Policy) so long as such move occurs
within 12 months of such termination or, in lieu thereof, at the election of
the Executive (which election will be made by the Executive within 12 months of
such date of termination), the Company shall pay the Executive an aggregate
payment of U.S. $100,000.&#160; In addition,
any medical and dental insurance benefits provided to similarly situated
employees of Cendant EMEA from time to time will be provided to the Executive
for a period of two years at the expense of Cendant (except for expenses
related to the employee portion of premium payments, co-payments, deductibles
and similar charges).&#160; In addition, any
outstanding stock options held by the Executive as of the date of termination
which were granted following March 1, 1999 and which would have otherwise
vested during the two year period immediately following such date (assuming the
Executive remained employed with Cendant during such period) will become vested
and exercisable as of such date of termination, and will remain exercisable
until the first to occur of the third anniversary of such date of termination
and the original expiration date of such option.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Termination
for Cause: Resignation.</u> If the Executive&#146;s employment terminates due to a
Termination for Cause or a Resignation, Base Salary and any Incentive
Compensation Awards earned but unpaid as of the date of such termination will
be paid to the Executive in a lump sum within sixty (60) days of such
termination. If the Executive is residing in the U.K. at such time and requests
a relocation to the United States, Cendant will reimburse the Executive for
moving his family and their personal belongings back to the United States, and
will provide such other financial assistance related to such move to the extent
provided in the Policy, so long as such move occurs within 12 months of such
termination. Any outstanding stock options held by the Executive as of the date
of termination will be treated in accordance with their terms. Except as
provided in this paragraph, Cendant will have no further obligations to the
Executive hereunder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For
the purposes of this Agreement, the following terms have the following
meanings:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Termination
for Cause&#148; means termination of the Executive&#146;s employment by Cendant upon a
good faith determination by the Chief Executive Officer of Cendant, by written
notice to the Executive specifying the event relied upon for such termination,
due to the Executive&#146;s willful misconduct with respect to his duties under this
Agreement (including but not limited to conviction for a felony or perpetration
of a common law fraud) which is not cured (if such is capable of being cured)
within thirty (30) days after written notice thereof to the Executive.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Constructive
Discharge&#148; means (i) any material failure of Cendant to</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2110385",CP="CENDANT CORPORATION",DN="3",CHK=296517,FOLIO='6',FILE="DISK014:[03NYC8.03NYC4668.EDGAR]EX10-3_4668.CHC",USER="ARUSS",CD='May  6 11:42 2003' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">fulfill its obligations
under this Agreement (including without limitation any reduction of the Base
Salary, as the same may be increased during the Period of Employment, or other
aspect of compensation) or (ii) if, during any period while the Executive&#146;s
primary residence and primary business office is located in the London, U.K.
metropolitan area, and either (A) the EMEA Headquarters is relocated to any
location outside of London, U.K. or (B) a Disposition (as defined below)
occurs. The Executive will provide Cendant a written notice which describes the
circumstances being relied on for the termination with respect to this
Agreement within thirty (30) days after the event giving rise to the notice.
Cendant will have thirty (30) days after receipt of such notice to remedy the
situation prior to the termination for Constructive Discharge. For purposes of
this Agreement a &#147;Disposition&#148; has occurred if during any period of time during
which the Executive is employed as Group Managing Director of Cendant EMEA,
there is consummated a transaction (or a series of transactions over a period
of no more than one year) involving the divestiture by Cendant of all or a
portion of Cendant EMEA and, as a direct result of such transaction, the
aggregate revenues for Cendant EMEA are decreased by 50% (which decrease shall
be measured by comparing the net revenues for Cendant EMEA over the four fiscal
calendar quarters of Cendant ending immediately prior to such transaction,
against the aggregate revenues for Cendant EMEA over the same period after
excluding any portion of such revenues attributable to the portions of Cendant
EMEA which are no longer owned by, or attributable to, Cendant) and such
decrease is solely and directly attributable to&nbsp;such transaction(s).</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Without
Cause Termination&#148; or &#147;Terminated Without Cause&#148; means termination of the
Executive&#146;s employment by Cendant other than due to death, disability, or
Termination for Cause.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#147;Resignation&#148;
means a termination of the Executive&#146;s employment by the Executive, other than
in connection with a Constructive Discharge.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION IX</font></h4>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OTHER DUTIES OF THE EXECUTIVE</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">DURING AND AFTER THE
PERIOD OF EMPLOYMENT</font></u></h2>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Executive will, with reasonable notice during or after the Period of
Employment, furnish information as may be in his possession and fully cooperate
with Cendant and its affiliates as may be requested in connection with any
claims or legal action in which Cendant or any of its affiliates is or may
become a party.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Executive recognizes and acknowledges that all information pertaining to this
Agreement or to the affairs; business; results of operations; accounting
methods, practices and procedures; members; acquisition candidates; financial
condition; clients; customers or other relationships of Cendant or any of its
affiliates (&#147;Information&#148;) is confidential and is a unique and valuable asset
of Cendant or any of its affiliates. Access to and knowledge of certain of the
Information is essential to the performance of the Executive&#146;s duties under
this Agreement. The Executive will not during the Period of Employment or
thereafter except to the extent reasonably necessary in performance of his
duties under this Agreement, give to any</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2110385",CP="CENDANT CORPORATION",DN="3",CHK=1021520,FOLIO='7',FILE="DISK014:[03NYC8.03NYC4668.EDGAR]EX10-3_4668.CHC",USER="ARUSS",CD='May  6 11:42 2003' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">person, firm,
association, corporation, or governmental agency any Information, except as may
be required by law. The Executive will not make use of the Information for his
own purposes or for the benefit of any person or organization other than
Cendant or any of its affiliates. The Executive will also use his best efforts
to prevent the disclosure of this Information by others. All records,
memoranda, etc. relating to the business of Cendant or its affiliates, whether
made by the Executive or otherwise coming into his possession, are confidential
and will remain the property of Cendant or its affiliates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During the Period of Employment and
for a three (3) year period thereafter (the &#147;Restricted Period&#148;), irrespective
of the cause, manner or time of any termination, the Executive will not use his
status with Cendant or any of its affiliates to obtain loans, goods or services
from another organization on terms that would not be available to him in the
absence of his relationship to Cendant or any of its affiliates.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During
the Restricted Period, the Executive will not make any statements or perform
any acts intended to or which may have the effect of advancing the interest of
any existing or prospective competitors of Cendant or any of its affiliates or
in any way injuring the interests of Cendant or any of its affiliates.&#160; During the Restricted Period, the Executive,
without prior express written approval by the Board, will not engage in;
directly or indirectly (whether for compensation or otherwise) own or hold
proprietary interest in, manage, operate, control, or join or participate in
the ownership, management, operation or control of, or furnish any capital to
or be connected in any manner with, any party which competes in any way or
manner with the business of Cendant or any of its affiliates, as such business
or businesses may be conducted from time to time, either as a general or
limited partner, proprietor, common or preferred shareholder, officer,
director, agent, employee, consultant, trustee, affiliate, or otherwise. The
Executive acknowledges that Cendant&#146;s and its affiliates&#146; businesses are
conducted nationally and internationally and agrees that the provisions in the
foregoing sentence will operate throughout the United States and the world.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During
the Restricted Period, the Executive, without express prior written approval
from the Board, will not solicit any members or the then-current clients of
Cendant or any of its affiliates for any existing business of Cendant or any of
its affiliates or discuss with any employee of Cendant or any of its affiliates
information or operation of any business intended to compete with Cendant or
any of its affiliates.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During
the Restricted Period, the Executive will not meddle with the employees or
affairs of Cendant or any of its affiliates or solicit or induce any person who
is an employee of Cendant or any of its affiliates to terminate any
relationship such person may have with Cendant or any of its affiliates, nor
will the Executive during such period directly or indirectly engage, employ or
compensate, or cause or permit any person with which the Executive may be
affiliated, to engage, employ or compensate, any employee of Cendant or any of
its affiliates.&#160; The Executive hereby
represents and warrants that the Executive has not entered into any agreement,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2110385",CP="CENDANT CORPORATION",DN="3",CHK=746189,FOLIO='8',FILE="DISK014:[03NYC8.03NYC4668.EDGAR]EX10-3_4668.CHC",USER="ARUSS",CD='May  6 11:42 2003' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">understanding or
arrangement with any employee of Cendant or any of its affiliates pertaining to
any business in which the Executive has participated or plans to participate,
or to the employment, engagement or compensation of any such employee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For the purposes of this Agreement, proprietary interest means legal
or equitable ownership, whether through stock holding or otherwise, of an
equity interest in a business, firm or entity or ownership of more than 5% of
any class of equity interest in a publicly-held company and the term
&#147;affiliate&#148; will include without limitation all subsidiaries and licensees of
Cendant.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Executive hereby acknowledges that damages at law may be an insufficient remedy
to Cendant if the Executive violates the terms of this Agreement and that
Cendant will be entitled, upon making the requisite showing, to preliminary
and/or permanent injunctive relief in any court of competent jurisdiction to
restrain the breach of or otherwise to specifically enforce any of the
covenants contained in this Section IX without the necessity of showing any
actual damage or that monetary damages would not provide an adequate remedy.
Such right to an injunction will be in addition to, and not in limitation of,
any other rights or remedies Cendant may have. Without limiting the generality
of the foregoing, neither party will oppose any motion the other party may make
for any expedited discovery or hearing in connection with any alleged breach of
this Section IX.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The period of time
during which the provisions of this Section IX will be in effect will be
extended by the length of time during which the Executive is in breach of the
terms hereof as determined by any court of competent jurisdiction on Cendant&#146;s
application for injunctive relief.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Executive agrees
that he restrictions contained in this Section IX are an essential element of
the compensation the Executive is granted hereunder and but for the Executive&#146;s
agreement to comply with such restrictions, Cendant would not have entered into
this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION X <br>
<u>INDEMNIFICATION; LITIGATION</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cendant
will indemnify the Executive (including during the Restricted Period) to the
fullest extent permitted by the laws of the state of Cendant&#146;s incorporation in
effect at that time, or the certificate of incorporation and by-laws of
Cendant, whichever affords the greater protection to the Executive. The
Executive will be entitled to any insurance policies Cendant may elect to
maintain generally for the benefit of its officers and directors against all
costs, charges and expenses incurred in connection with any action, suit or
proceeding to which he may be made a party by reason of being an officer of
Cendant.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
the event of any litigation or other proceeding between Cendant and the
Executive with respect to the subject matter of this Agreement, Cendant will
reimburse the Executive for all costs and expenses related to the litigation or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2110385",CP="CENDANT CORPORATION",DN="3",CHK=506370,FOLIO='9',FILE="DISK014:[03NYC8.03NYC4668.EDGAR]EX10-3_4668.CHC",USER="ARUSS",CD='May  6 11:42 2003' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">proceedings, including
attorney&#146;s fees and expenses, providing that the litigation or proceeding
results in either settlement requiring Cendant to make a payment to the
Executive or judgment in favor of the Executive.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION XI</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">MITIGATION</font></u></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Executive will not be required to mitigate the
amount of any payment provided for hereunder by seeking other employment or
otherwise, nor will the amount of any such payment be reduced by any
compensation earned by the Executive as the result of employment by another
employer after the date the Executive&#146;s employment hereunder terminates.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION XII</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-decoration:underline;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITHHOLDNG
TAXES</font></u></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cendant may directly or indirectly withhold from any
payments under this Agreement all federal, state, city or other taxes that will
be required pursuant to any law or governmental regulation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION XIII</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EFFECT OF PRIOR AGREEMENTS</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement will supersede any prior employment
agreement between Cendant and the Executive hereof (including without
limitation the Employment Agreement between Cendant and the Executive dated
March 1, 1999), and any such prior employment agreement will be deemed
terminated without any remaining obligations of either party thereunder. This
Agreement will not affect or operate to reduce any benefit or compensation
inuring to the Executive of a kind elsewhere provided and not expressly
provided in this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION XIV <br>
<u>CONSOLIDATION, MERGER OR SALE OF ASSETS</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nothing in this Agreement will preclude Cendant from
consolidating or merging into or with, or transferring all or substantially all
of its assets to, another corporation which assumes this Agreement and all
obligations and undertakings of Cendant hereunder. Upon such a consolidation, merger
or sale of assets the term &#147;Cendant&#148; will mean the other corporation and this
Agreement will continue in full force and effect.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION XV <br>
<u>MODIFICATION</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may not be modified or amended except in
writing signed by the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=10,EFW="2110385",CP="CENDANT CORPORATION",DN="3",CHK=1011740,FOLIO='10',FILE="DISK014:[03NYC8.03NYC4668.EDGAR]EX10-3_4668.CHC",USER="ARUSS",CD='May  6 11:42 2003' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">parties. No term or condition of this Agreement will be
deemed to have been waived except in writing by the party charged with waiver.
A waiver will operate only as to the specific term or condition waived and will
not constitute a waiver for the future or act on anything other than that which
is specifically waived.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION XVI <br>
<u>GOVERNING LAW</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement has been executed and delivered in the
State of New York and its validity, interpretation, performance and enforcement
will be governed by the internal laws of that state.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION XVII <br>
<u>ARBITRATION</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any
controversy, dispute or claim arising out of or relating to this Agreement or
the breach hereof which cannot be settled by mutual agreement (other than with
respect to the matters covered by Section IX for which Cendant may, but will
not be required to, seek injunctive relief) will be finally settled by binding
arbitration in accordance with the Federal Arbitration Act (or if not
applicable, the applicable state arbitration law) as follows: Any party who is
aggrieved will deliver a notice to the other party setting forth the specific
points in dispute. Any points remaining in dispute twenty (20) days after the
giving of such notice may be submitted to arbitration in New York, New York, to
the American Arbitration Association, before a single arbitrator appointed in
accordance with the arbitration rules of the American Arbitration Association,
modified only as herein expressly provided.&#160;
After the aforesaid twenty (20) days, either party, upon ten (10) days
notice to the other, may so submit the points in dispute to arbitration. The
arbitrator may enter a default decision against any party who fails to
participate in the arbitration proceedings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
decision of the arbitrator on the points in dispute will be final, unappealable
and binding, and judgment on the award may be entered in any court having
jurisdiction thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except
as otherwise provided in this Agreement, the arbitrator will be authorized to
apportion its fees and expenses and the reasonable attorneys&#146; fees and expenses
of any such party as the arbitrator deems appropriate. In the absence of any
such apportionment, the fees and expenses of the arbitrator will be borne
equally by each party, and each party will bear the fees and expenses of its
own attorney.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
parties agree that this Section XVII has been included to rapidly and
inexpensively resolve any disputes between them with respect to this Agreement,
and that this Section XVII will be grounds for dismissal of any court action
commenced by either party with respect to this Agreement, other than
post-arbitration actions seeking to enforce an arbitration award. In the event
that any court determines that this arbitration procedure is not binding, or
otherwise allows any litigation regarding a dispute, claim, or controversy
covered by this.&#160; Agreement to proceed,
the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=11,EFW="2110385",CP="CENDANT CORPORATION",DN="3",CHK=86179,FOLIO='11',FILE="DISK014:[03NYC8.03NYC4668.EDGAR]EX10-3_4668.CHC",USER="ARUSS",CD='May  6 11:42 2003' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">parties hereto hereby
waive any and all right to a trial by jury in or with respect to such
litigation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
parties will keep confidential, and will not disclose to any person, except as
may be required by law, the existence of any controversy hereunder, the
referral of any such controversy to arbitration or the status or resolution
thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION XVIII <br>
<u>SURVIVAL</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sections VIII, IX, X, XI, XII and XVII will continue in
full force in accordance with their respective terms notwithstanding any
termination of the Period of Employment.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION XX <br>
<u>SEPARABILITY</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All provisions of this Agreement are intended to be severable. In the
event any provision or restriction contained herein is held to be invalid or
unenforceable in any respect, in whole or in part, such finding will in no way
affect the validity or enforceability of any other provision of this Agreement.
The parties hereto further agree that any such invalid or unenforceable
provision will be deemed modified so that it will be enforced to the greatest
extent permissible under law, and to the extent that any court of competent
jurisdiction determines any restriction herein to be unreasonable in any
respect, such court may limit this Agreement to render it reasonable in the
light of the circumstances in which it was entered into and specifically
enforce this Agreement as limited.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*****</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=12,EFW="2110385",CP="CENDANT CORPORATION",DN="3",CHK=66266,FOLIO='12',FILE="DISK014:[03NYC8.03NYC4668.EDGAR]EX10-3_4668.CHC",USER="ARUSS",CD='May  6 11:42 2003' -->
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the undersigned have executed this
Agreement as of the date first above written.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CENDANT CORPORATION</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.44%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ Terry Conley</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:4.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="27%" colspan="2" valign="top" style="border:none;border-top:solid windowtext .5pt;padding:0in 0in 0in 0in;width:27.54%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:28.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Terry Conley</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:5.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President, Human<br>
  Resources</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.44%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:32.44%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:32.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ Scott E. Forbes</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.56%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCOTT E. FORBES</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scott E. Forbes</font></u><br>
<u>Amended and Restated Employment Agreement</u>  <br>
<u>Annex A</u></p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>So
long as the Executive remains in the EMEA Position, Cendant will provide the
Executive with two (2) NCP Parking Cards.</p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-indent:-17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>So
long as the Executive remains in the EMEA Position, Cendant will provide the
Executive unlimited travel between the New York Metropolitan Area and the
London Metropolitan Area; <u>provided</u> that he is eligible for and uses the
IATAN fare basis when possible; and for four (4) business class round trips
(per year) covering the same locations for Executive, his spouse and daughter
if he is not eligible for IATAN benefits; <u>further provided</u> that such
travel does not unduly interfere with the Executive&#146;s job
responsibilities.&#160; In addition, Cendant
will provide the Executive&#146;s spouse and daughter with four (4) business class
round trips (per year) to Florida or New York Metropolitan area.</p>

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<p style="font-size:10.0pt;margin:0in 0in .0001pt 17.85pt;text-indent:-17.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>So
long as the Executive remains in the EMEA Position, Cendant will reimburse the
Executive for the cost of leasing an automobile for his personal and business
use (which automobile will be a current model year Range Rover or equivalent
vehicle) and will reimburse the Executive for the cost of basic operation,
maintenance and repair for such automobile; <u>provided</u>, <u>however</u>,
that Cendant may alternatively provide the Executive with an automobile
pursuant to any officer car program of Cendant or Avis.</p>

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