Avis Budget Group Inc. extended its contract with Chairman and CEO Ronald Nelson for an additional five years and granted him greater management authority and stock holdings, according to an 8-K filing with the Securities and Exchange Commission.
Under the new agreement, Nelson will continue to receive his $1 million base salary and a bonus of 150 percent if performance goals are met. Nelson also received 800,000 shares of company stock to be vested in five annual tranches.
Effective June 30, Nelson will assume the offices of president and chief operating officer for a two-year period.
According to the SEC filing, if Nelson is terminated “without cause” he will receive 299 percent of his base salary plus other incentives.