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  Cendant Corporation Form 8-K dated October 23, 2005
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  align=center><FONT
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  STATES</STRONG></FONT></DIV>
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  align=justify>&nbsp;</DIV>
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  AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
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  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>WASHINGTON,
  D.C. 20549</STRONG></FONT></DIV>
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  align=justify>&nbsp;</DIV>
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  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</FONT></DIV>
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  align=left><BR></DIV>
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  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 15pt; FONT-FAMILY: Times New Roman"><STRONG>Form
  8-K</STRONG></FONT></DIV>
  <DIV
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  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
  REPORT </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
  to Section 13 or 15(d) of the</FONT></DIV>
  <DIV
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  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
  Exchange Act of 1934 </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</FONT></DIV>
  <DIV
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  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
  report (Date of earliest event reported) <U>October 26, 2005 (October 24,
  2005)</U></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 25pt; FONT-FAMILY: Times New Roman">Cendant
  Corporation</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
  name of Registrant as specified in Charter)</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=middle width="24%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
        or Other Jurisdiction</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
        Incorporation)</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9
        West 57</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><SUP>th</SUP></FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Street</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
        York, NY</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
        of principal</FONT></DIV>
        <DIV
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        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">executive
        office)</FONT></DIV></TD>
      <TD vAlign=top align=middle width="24%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1-10308</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
        File No.)</FONT></DIV></TD>
      <TD vAlign=top align=middle width="22%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">06-0918165</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
        Employer</FONT></DIV>
        <DIV
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        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
        Number)</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10019</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
        Code)</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
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  align=center><FONT
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  telephone number, including area code (212) 413-1800</FONT></DIV>
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  Name or Former Address, if Changed Since Last Report)</FONT></DIV>
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  align=justify>&nbsp;</DIV>
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  align=left><FONT
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  appropriate box below if the Form 8-K filing is intended to simultaneously
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  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#9633; Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR
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  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
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  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
  <DIV></DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=HDR>&nbsp;</DIV></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
  1.01&nbsp;&nbsp; &nbsp;Entry into a Material Definitive
  Agreement</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
  October 24, 2005, Cendant Corporation (the "Company") announced that its Board
  of Directors has approved a plan to separate the Company into four
  companies--one for each of the Company's real estate, travel network,
  hospitality and vehicle rental businesses. In order to encourage the retention
  of key employees through the completion of the proposed separation, the Board of
  Directors of the Company, upon recommendation of the Company's Compensation
  Committee, approved a retention program pursuant to which restricted stock units
  ("RSUs") (including cash-based dividend equivalents relating to these units) and
  stock options granted during the period from 2003 to date, to the Company's
  employees, including the "named executive officers" (but not including the
  Company's Chairman and Chief Executive Officer, who was not granted any such
  awards during this period), will vest as follows, provided the employee remains
  in employment through the applicable vesting date: </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
    <TR style="LINE-HEIGHT: 1.25" vAlign=top>
      <TD style="WIDTH: 18pt" align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&nbsp;&nbsp;</FONT></TD>
      <TD>
        <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">upon
        completion of the proposed separation, 50% of all outstanding RSUs and
        stock options which had not previously vested will become vested, and
        </FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV>
  <TABLE id=list cellSpacing=0 cellPadding=0 width="100%">
    <TR style="LINE-HEIGHT: 1.25" vAlign=top>
      <TD style="WIDTH: 18pt" align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&nbsp;&nbsp;</FONT></TD>
      <TD>
        <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        remaining unvested RSUs and stock options will become vested at the
        earlier of six months following completion of the proposed separation and
        December 31, 2006 (in each case, subject to acceleration if a
        participant's employment is terminated under certain circumstances).
        </FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
  this program, those RSUs and stock options that vest based upon the attainment
  of performance goals will vest based on the assumption that performance goals
  have been met at 100% of target; accelerated vesting will not apply to the
  "above-target" portion of performance-based awards (which will be cancelled upon
  completion of the proposed separation).</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
  October 24, 2005, (1) an aggregate of 23.7 million unvested RSUs were
  outstanding, of which 10.2 million&nbsp;were performance-based RSUs relating to
  "target performance, " 11.3 million were performance-based RSUs relating to
  "above-target" performance which will be cancelled, and 2.2 million were
  non-performance-based RSUs; and (2) an aggregate of 3.5 million unvested stock
  options were outstanding of which 0.8 million were performance-based options
  relating to target performance, 0.9 million&nbsp;were performance-based options
  relating to "above-target" performance which will be cancelled, and 1.8 million
  were non-performance-based options. </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A portion
  of the currently unvested equity awards described above will vest in accordance
  with their existing terms prior to completion of the proposed
  separation.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>&nbsp;</STRONG></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Although
  no action has been taken by our Compensation Committee, it is expected that all
  employee stock options, including options held by our current Chief Executive
  Officer, each other executive officer and each director, will be adjusted to
  reflect the transaction in an equitable manner, resulting in all options being
  treated equivalently to the treatment of shares of our common stock held by our
  stockholders at the time of separation. The result will be that each holder of
  Corporation options will receive options in each of the four new companies, but
  in a manner whereby the aggregate&nbsp;intrinsic value of the four new options
  following the transaction will equal the intrinsic value of the Corporation
  stock option prior to the transaction. No executive officer or director will
  receive different or preferential treatment with respect to the equitable
  adjustment of his or her outstanding options. Accordingly, options outstanding
  as a percentage of diluted shares outstanding for each of the four new companies
  resulting from the equitable adjustment of options outstanding on the date of
  separation will not be greater than the percentage applicable to the Corporation
  prior to the transaction.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No
  determinations have been made regarding new equity awards that may be granted to
  employees of the new companies, and no such determinations are expected to be
  made until it becomes necessary and appropriate to address employee retention
  and incentive issues. Neither the Corporation nor the four new companies will
  grant any new awards relating to the common stock of the four new companies to
  our current Chief Executive Officer in connection with the
  transaction.</FONT><FONT id=TAB2
  style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT></DIV>
  <DIV></DIV></FONT></DIV><BR>
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  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURE</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
  to the requirements of the Securities Exchange Act of 1934, the registrant has
  duly caused this report to be signed on its behalf by the undersigned hereunto
  duly authorized.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="27%">&nbsp;</TD>
      <TD vAlign=top align=left width="5%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
      width="48%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CENDANT
        CORPORATION</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
        /s/ Eric J. Bock</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=left width="27%">&nbsp;</TD>
      <TD vAlign=top align=left width="5%">&nbsp;</TD>
      <TD vAlign=top align=left width="48%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Eric
        J. Bock</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
        Vice President, Law</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
        Corporate Secretary</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
  October 26, 2005</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -36pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV></DIV></DIV></BODY></HTML>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "cendantcorporation8k.htm", "description": "CENDANT CORPORATION FORM 8-K DATED OCTOBER 23, 2005", "secsgml_size_bytes": 25540}]
metadata_filer: {"company-data": {"conformed-name": "CENDANT CORP", "cik": "0000723612", "assigned-sic": "6531", "irs-number": "060918165", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10308", "film-number": "051158042"}, "business-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "2124131800"}, "mail-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019"}, "former-company": [{"former-conformed-name": "CUC INTERNATIONAL INC /DE/", "date-changed": "19920703"}, {"former-conformed-name": "COMP U CARD INTERNATIONAL INC", "date-changed": "19870914"}]}
text: Cendant Corporation Form 8-K dated October 23, 2005
  UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  WASHINGTON,
  D.C. 20549
  ____________
  Form
  8-K
  CURRENT
  REPORT
  Pursuant
  to Section 13 or 15(d) of the
  Securities
  Exchange Act of 1934
  ____________
  Date of
  report (Date of earliest event reported)
  October 26, 2005 (October 24,
  2005)
  Cendant
  Corporation
  (Exact
  name of Registrant as specified in Charter)
  Delaware
  (State
        or Other Jurisdiction
  of
        Incorporation)
  9
        West 57
  th
  Street
  New
        York, NY
  (Address
        of principal
  executive
        office)
  1-10308
  (Commission
        File No.)
  06-0918165
  (I.R.S.
        Employer
  Identification
        Number)
  10019
  (Zip
        Code)
  Registrant's
  telephone number, including area code (212) 413-1800
  (Former
  Name or Former Address, if Changed Since Last Report)
  Check the
  appropriate box below if the Form 8-K filing is intended to simultaneously
  satisfy the filing obligation of the registrant under any of the following
  provisions:
  □ Written
  communications pursuant to Rule 425 under the Securities Act (17 CFR
  230.425)
  □
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
  240.14a-12)
  □
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
  (17 CFR 240.14d-2(b))
  □
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
  (17 CFR 240.13e-4(c))
  Item
  1.01    Entry into a Material Definitive
  Agreement
  On
  October 24, 2005, Cendant Corporation (the "Company") announced that its Board
  of Directors has approved a plan to separate the Company into four
  companies--one for each of the Company's real estate, travel network,
  hospitality and vehicle rental businesses. In order to encourage the retention
  of key employees through the completion of the proposed separation, the Board of
  Directors of the Company, upon recommendation of the Company's Compensation
  Committee, approved a retention program pursuant to which restricted stock units
  ("RSUs") (including cash-based dividend equivalents relating to these units) and
  stock options granted during the period from 2003 to date, to the Company's
  employees, including the "named executive officers" (but not including the
  Company's Chairman and Chief Executive Officer, who was not granted any such
  awards during this period), will vest as follows, provided the employee remains
  in employment through the applicable vesting date:
  ·
  upon
        completion of the proposed separation, 50% of all outstanding RSUs and
        stock options which had not previously vested will become vested, and
  ·
  the
        remaining unvested RSUs and stock options will become vested at the
        earlier of six months following completion of the proposed separation and
        December 31, 2006 (in each case, subject to acceleration if a
        participant's employment is terminated under certain circumstances).
  Under
  this program, those RSUs and stock options that vest based upon the attainment
  of performance goals will vest based on the assumption that performance goals
  have been met at 100% of target; accelerated vesting will not apply to the
  "above-target" portion of performance-based awards (which will be cancelled upon
  completion of the proposed separation).
  As of
  October 24, 2005, (1) an aggregate of 23.7 million unvested RSUs were
  outstanding, of which 10.2 million were performance-based RSUs relating to
  "target performance, " 11.3 million were performance-based RSUs relating to
  "above-target" performance which will be cancelled, and 2.2 million were
  non-performance-based RSUs; and (2) an aggregate of 3.5 million unvested stock
  options were outstanding of which 0.8 million were performance-based options
  relating to target performance, 0.9 million were performance-based options
  relating to "above-target" performance which will be cancelled, and 1.8 million
  were non-performance-based options.
  A portion
  of the currently unvested equity awards described above will vest in accordance
  with their existing terms prior to completion of the proposed
  separation.
  Although
  no action has been taken by our Compensation Committee, it is expected that all
  employee stock options, including options held by our current Chief Executive
  Officer, each other executive officer and each director, will be adjusted to
  reflect the transaction in an equitable manner, resulting in all options being
  treated equivalently to the treatment of shares of our common stock held by our
  stockholders at the time of separation. The result will be that each holder of
  Corporation options will receive options in each of the four new companies, but
  in a manner whereby the aggregate intrinsic value of the four new options
  following the transaction will equal the intrinsic value of the Corporation
  stock option prior to the transaction. No executive officer or director will
  receive different or preferential treatment with respect to the equitable
  adjustment of his or her outstanding options. Accordingly, options outstanding
  as a percentage of diluted shares outstanding for each of the four new companies
  resulting from the equitable adjustment of options outstanding on the date of
  separation will not be greater than the percentage applicable to the Corporation
  prior to the transaction.
  No
  determinations have been made regarding new equity awards that may be granted to
  employees of the new companies, and no such determinations are expected to be
  made until it becomes necessary and appropriate to address employee retention
  and incentive issues. Neither the Corporation nor the four new companies will
  grant any new awards relating to the common stock of the four new companies to
  our current Chief Executive Officer in connection with the
  transaction.
  SIGNATURE
  Pursuant
  to the requirements of the Securities Exchange Act of 1934, the registrant has
  duly caused this report to be signed on its behalf by the undersigned hereunto
  duly authorized.
  CENDANT
        CORPORATION
  By:
        /s/ Eric J. Bock
  Eric
        J. Bock
  Executive
        Vice President, Law
  and
        Corporate Secretary
  Date:
  October 26, 2005