This excerpt taken from the WYN 8-K filed Jul 19, 2006.
Non-Employee Directors Deferred Compensation Plan
We intend to adopt a deferred compensation plan for the benefit of our non-employee directors which will facilitate the deferral of all or a portion of certain fees they receive from us for service on our Board. See Board of Directors Compensation. In connection with our separation, we expect that the deferred compensation obligations of Wyndham Worldwide non-employee directors under Cendants deferred compensation plan will become our obligations under our deferred compensation plan. We also expect to enter into an arrangement whereby we and each of the other separated companies, other than Avis Budget Group, Inc. and other than Travelport (if it is sold), will guarantee each others obligations (including Avis Budget Group, Inc.s, but not Travelports if it is sold) under the applicable companys respective non-employee director deferred compensation plans for amounts deferred in respect of 2005 and earlier years.