Hertz 2014 Annual Report Download - page 237

Table of Contents

 
As the result of our regular, cyclical review of salaries, the annual base salaries for our NEOs were established for 2014 as set forth below. The
2014 increases for NEOs who were employed throughout 2013 ranged from 0% to approximately 3%, and averaged approximately 1%.
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
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
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
Mr. Tague(1)
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1,450,000
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N/A
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Offering a competitive salary in connection with Mr. Tague’s appointment as Chief Executive
Officer of our Company in November 2014
Mr. Kennedy
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660,000
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660,000
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Offering a competitive salary in connection with Mr. Kennedy’s appointment as Chief
Financial Officer in December 2013
Mr. MacDonald(1)
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1,100,000
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N/A
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Offering a competitive salary in connection with Mr. MacDonald’s appointment as Chief
Executive Officer of HERC in June 2014(2)
Mr. Taride(3)
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637,897
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624,166
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The overall performance of our Rent‑A‑Car International business unit in 2013
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Mr. Taride’s performance in managing our worldwide expansion of our new and existing
brands
Mr. Stuart
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505,000
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495,000
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Mr. Stuart’s performance in managing and expanding our marketing efforts for all of our
brands
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Mr. Stuart’s role in preserving and expanding our relationships with key customers
Mr. Broome
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394,500
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383,000
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Mr. Broome’s performance in managing our corporate communications strategies and
stockholder outreach
Mr. Frissora
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1,450,000
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1,450,000
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Mr. Frissora’s performance in managing our Company’s operations in 2013
Mr. Sider
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660,000
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660,000
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The overall performance and growth of our Rent‑A‑Car Americas business unit in 2013
Mr. Zimmerman
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536,000
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520,000
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Mr. Zimmerman’s leadership in expanding and managing our legal department in 2013
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Mr. Zimmerman’s performance in handling special legal projects related to our Company
and HERC
(1) The base salaries actually paid to paid to Messrs. Tague and MacDonald were pro-rated to their respective start dates of November 21, 2014 and June 21, 2014.
(2) Mr. MacDonald served as Chief Executive Officer of HERC from June 2014 through May 2015.
(3) For Mr. Taride, these amounts have been converted to U.S. dollars from pounds sterling at the 12‑month average rate of 1.64739.

Our NEOs’ compensation includes an annual cash bonus computed pursuant to the terms of the Executive Incentive Compensation Plan (“EICP”),
which will be described in the next section. In order that bonus payments qualify as deductible under Section 162(m) of the Internal Revenue Code
(the “Code”), the actual payments are made through the Hertz Global Holdings, Inc. Senior Executive Bonus Plan (“Senior Executive Bonus Plan”),
which was approved by Hertz Holdings’ stockholders at its 2010 annual meeting. Payments under the Senior Executive Bonus Plan are intended
to qualify as performance‑based compensation under Section 162(m) of the Code. Under the terms of the Senior Executive Bonus Plan, the
maximum amount of a payment (1) to our CEO is limited to 1% of our EBITDA, as defined in   below, for a performance
period and (2) to our other participants is limited to 0.5% of our EBITDA for a performance period. If our EBITDA is greater than $0, our NEOs will
become eligible for an award under the EICP, the subplan under which our Compensation Committee exercises its discretion to reduce the size of
the awards payable under the Senior Executive Bonus Plan. Although our Compensation Committee exercises discretion to reduce annual
incentives under the Senior Executive Bonus Plan, it may not increase the payments.
As will be described below, different cash bonus arrangements applied to Messrs. Tague and MacDonald because they were hired in 2014 after the
performance period was well under way. See “ for descriptions of
their arrangements.
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Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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