Cendant Awards. The Executive holds previously granted Cendant stock options and Cendant restricted stock units, all of which will be subject to that certain Exchange Offer, dated as of April 22, 2004, on the same terms and conditions as applicable to other active employees of JTAX.
Cendant Awards. The Executive holds previously granted Cendant stock options and Cendant restricted stock units, all of which will be subject to that certain Exchange Offer, dated as of February 1, 2005, on the same terms and conditions as applicable to other active employees of WEX. Upon the Executive’s election to accept such Exchange Offer, he hereby agrees that such acceptance shall also be deemed a waiver of all of his rights (including his rights to acceleration of vesting and/or extension of exercise period) relating to any “Subsidiary Change of Control” provisions set forth in any outstanding Cendant stock option or Cendant restricted stock unit award granted prior to the Transaction.
Cendant Awards. The Executive holds previously granted Cendant stock options and Cendant restricted stock units, all of which will be equitably adjusted as determined by the Compensation Committee of the Cendant Board of Directors in its sole discretion, and accordingly all or any portion of such awards may be converted in equivalent awards relating to PHH common stock and may be assumed by, and become liabilities of, PHH. Any such equitable adjustment and conversion will be on the same terms and conditions applicable to other active employees of PHH. The Executive, Cendant, and PHH each hereby waive any and all of their respective rights (including the Executive’s right to acceleration of vesting and/or extension of exercise period) relating to any “Subsidiary Change of Control” provisions set forth in any outstanding Cendant stock option or Cendant restricted stock unit award granted prior to the Transaction.
