Does the Budget FDD summarize the key provisions of the Fourth Amended and Restated Cooperation Agreement?

According to Budget's 2025 Franchise Disclosure Document, Item 21 includes a list of financial statements. Among these is a reference to the "Fourth Amended and Restated Cooperation Agreement, dated as of December 23, 2022, by and among Avis Budget Group, Inc., SRS Investment Management, LLC and certain of its affiliates."

However, the FDD does not provide a summary of the key provisions within this agreement. Instead, it is "Incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated December 27, 2022." This means that the full agreement is available as an exhibit to a separate report filed by Avis Budget Group, Inc.

For a prospective Budget franchisee, this means that while the existence of the Fourth Amended and Restated Cooperation Agreement is disclosed, the FDD itself does not contain a summary of its terms. To understand the agreement's implications, a franchisee would need to review the referenced exhibit or seek clarification from Budget regarding its potential impact on their franchise operations.