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EXHIBIT 4.8
EIGHTH AMENDMENT OF
BUDGET GROUP, INC. SAVINGSPLUS PLAN
(As Amended and Restated Effective January 1, 1993)
WHEREAS, Budget Group, Inc. (the "Corporation") maintains the Budget
Group, Inc. SavingsPlus Plan (the "Plan"); and
WHEREAS, the Plan has been amended from time to time, and further
amendment of the Plan now is considered desirable;
NOW, THEREFORE, by virtue and in exercise of the powers reserved to the
Corporation by resolution of its Board of Directors, the Plan is hereby amended
in the following respects:
1. By substituting the following for the definition of "Eligible
Employee" in Article II, effective January 1, 2000:
"Eligible Employee" means any Employee of the Company
(or any Affiliated Company which adopts the Plan under Section
16.1) who has completed a continuous period of employment of
90 days except (a) any Employee who is a member of a
collective bargaining unit and who is covered by a collective
bargaining agreement which does not specifically provide for
coverage under the Plan, and (b) any Leased Employee. In the
case of an Employee who is employed by a company on the date
of its acquisition (including acquisition of substantially all
the assets of such company) by or merger into the Company or
an Affiliated Company which has adopted the Plan, except to
the extent that the Committee provides otherwise, such
Employee's continuous period of employment with such acquired
company immediately prior to the date of acquisition or merger
shall be considered as a continuous period of employment for
purposes of this definition as of the date of such
acquisition."
2. By substituting the following for Section 8.2(b), effective
January 1, 1998:
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"(b) In no event will amounts be distributed to a
Participant prior to his 65th birthday without his written
consent if the value of his vested Account exceeds $5,000."
3. By substituting the following for Section 8.5(b), effective
January 1, 1999:
"(b) Notwithstanding anything to the contrary
contained in the Plan, with respect to a Participant who
attains age 70 1/2 on or after January 1, 2001, distributions
of such Participant's benefits must commence by April 1 of the
calendar year following the later of (i) the calendar year in
which the Participant attains age 70 1/2, or (ii) the calendar
year in which the Participant retires, in accordance with the
minimum distribution requirements of Code Section 401(a)(9).
Notwithstanding the foregoing sentence, for any Participant
who is a 5% owner of the Company, the distribution of benefits
must commence by April 1 of the calendar year following the
calendar year in which the Participant attains age 70 1/2. A
Participant who is not a 5% owner and who attained age 70 1/2
before 2001 may elect to stop receiving distributions from the
Plan until April 1 of the calendar year following the calendar
year in which the Participant retires. The Committee will
establish rules and procedures governing Participants'
elections hereunder."
IN WITNESS WHEREOF, the Corporation has caused this amendment to be
executed by its duly authorized officer this 8th day of March , 2000.
BUDGET GROUP, INC.
By: /s/ Robert L. Aprati
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Its: Executive Vice President,
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General Counsel & Secretary
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