Hertz 2014 Annual Report Download - page 268

Table of Contents

 

Messrs. Stuart and Broome (who separated from our Company in 2015) participated in the SERP II in 2014. The SERP II is described above under
“Pension Benefits.” Under the SERP II, in connection with a change in control, if any of these executives’ employment is terminated other than for
cause or a voluntary resignation, then the executive will become immediately vested in the entire benefit accumulated under the SERP II even if
he or she has not attained age 55 at the time of termination.

As described at “Compensation Discussion and Analysis-Other Compensation Elements-Retirement Benefits,” we also maintain a post ‑retirement
assigned car benefit plan under which we provide certain executives who, at the time of retirement, are at least 58 years old and have been an
employee of the Company for at least 20 years, with a car from our fleet and insurance on the car for the participant’s benefit. In the event of a
termination following a change in control as described in “Change in Control Agreements”, Mr. Taride will be entitled to the retiree car benefit as set
forth above.

The following tables outline the value of payments and benefits that each NEO, other than Messrs. Frissora, Sider and Zimmerman, who were
awarded severance payments as set forth under “        
 above, would receive under the various termination scenarios described above based on if (i) the termination occurred
on December 31, 2014, (ii) all stock awards were paid out at $24.94, the closing price of Hertz Holdings’ common stock on December 31, 2014,
(iii) for the applicable change in control, the termination occurred following the change in control (“double trigger”), (iv) no replacement awards were
granted by our Compensation Committee and (v) the Compensation Committee took no further actions for any given award except as set forth
under the applicable plan. In addition, the value of pension benefits that are reported under the 2014 Pension Benefits table and the participant's
401(k) Plan amounts are excluded from the below tables, except to the extent that there are any enhancements as a result of the applicable
termination event.

























Severance payment

—

—


—

—


9,062,500

Bonus

—

108,750 (1)

—

108,750 (1)

108,750

Excise tax gross up

—

—


—

—


N/A

Outplacement

—

—


—

—


25,000

Life Insurance Payment

—

—


—

1,450,000 (2)

—

Payment for Awarded PSUs

—

—


—

—


—

Payment for Awarded Options

—

79,040 (3)

—

79,040 (3)

2,190,000

Total

—

187,790


—

1,637,790


11,386,250

(1) Reported as actual bonus paid for 2014.
(2) Life insurance payment only payable upon death.
(3) Represents the incremental vesting value of outstanding awards which vest in the event of the specified termination event.
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Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
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