Delaware
Delaware
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001-33139
001-07541
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20-3530539
13-1938568
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(State of Incorporation)
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(Commission File Number)
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(I.R.S Employer Identification No.)
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999 Vanderbilt Beach Road, 3rd Floor
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Naples, Florida 34108
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999 Vanderbilt Beach Road, 3rd Floor
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Naples, Florida 34108
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(Address of principal executive offices, including zip code)
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(239) 552-5800
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(239) 552-5800
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(Registrant’s telephone number, including area code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Accrued Obligations and Vested Benefits: All accrued but unpaid obligations through September 15, 2014 (the “Separation Date”), including salary, reimbursement of business expenses and payment for earned but unused vacation days. Mr. Frissora will also receive payments under the Companies’ plans (including equity plans) in which Mr. Frissora is vested as of the Separation Date (in accordance with the terms of such plans).
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Cash Payment: Cash payments in the aggregate amount of $10,496,835, which is equal to two and a half times the sum of Mr. Frissora’s base salary plus his annual bonus for 2013.
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2014 Pro Rata Bonus: Eligibility for 68% of the 2014 bonus to which Mr. Frissora otherwise would have been entitled (determined based on the Companies’ actual performance in respect of 2014 and Mr. Frissora’s individual performance modifier deemed achieved at target), payable in accordance with the bonus plan.
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Options: All of Mr. Frissora’s outstanding options that are vested as of the Separation Date will be exercisable through the 90th day following the date on which the Companies have filed all required reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 (including, for the avoidance of doubt, amendment #2 to its annual report on Form 10-K for the year ended December 31, 2013).
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Continued Benefits: Car privileges and reimbursement of certain medical and health care coverage costs for a period of twenty-four months from the Separation Date. Mr. Frissora will also be eligible following the Separation Date to participate in the Companies’ post-retirement assigned car benefit plan pursuant to the terms of such plan.
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Miscellaneous: Continued rights to indemnification and insurance, as well as excise tax protection, in accordance with the terms of the Employment Agreement.
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Exhibit
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Description
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10.1
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Separation Agreement and General Release, dated as of September 15, 2014, by and between Mark Frissora, Hertz Global Holdings, Inc. and The Hertz Corporation
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HERTZ GLOBAL HOLDINGS, INC.
THE HERTZ CORPORATION
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(Registrant)
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By:
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/s/ J. Jeffrey Zimmerman | |
Name: J. Jeffrey Zimmerman | |||
Title: Executive Vice President, General Counsel & Secretary | |||
Exhibit
No.
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Description
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10.1
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Separation Agreement and General Release, dated as of September 15, 2014, by and between Mark Frissora, Hertz Global Holdings, Inc. and The Hertz Corporation
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