On January 25, 2016, SRS Investment Management, LLC, along with the Funds, entered into a cooperation agreement with the Avis Budget Group, Inc whereby the parties agreed, among other things, and subject to certain conditions, that: (i) the Company will increase the size of the Board to twelve directors and appoint Brian Choi, a senior employee of the SRS Investment Management, LLC, to the Board no later than two business days following the execution and delivery of the Cooperation Agreement; (ii) the Company will increase the size of its Board and appoint a reasonably acceptable additional independent director recommended by the SRS Parties; (iii) the Company will include the previously appointed New Directors in its slate of nominees for election as directors at the 2016 annual meeting of stockholders and on certain committees of the Board; (iv) the SRS Parties will abide by certain standstill provisions during the Standstill Period; and (v) the SRS Parties will vote their shares of Common Stock in favor of the Company's nominees and other ordinary course proposals at the 2016 Annual Meeting.