UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) |
Name of Each Exchange on which Registered | ||||
| Hertz Global Holdings, Inc. | ||||||
| The Hertz Corporation | None | None | None |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective May 16, 2020, Kathryn V. Marinello resigned from her position as President and Chief Executive Officer of Hertz Global
Holdings, Inc. (“HGH”) and The Hertz Corporation (“Hertz”) (collectively, the “Company”)
and from any office at any affiliated entity of the Company and resigned as a member of the Company’s Board of Directors
(the “Board”). If requested by the Company, Ms. Marinello has agreed to provide consulting and transition services
to the Company upon mutual agreement of the terms and conditions.
On May 16, 2020, the Board appointed Paul E. Stone, the Company’s Executive Vice President and Chief Retail Operations Officer North America, to serve as President and Chief Executive Officer of the Company and as a Director on the Board.
Mr. Stone, 50, has served as Executive Vice President and Chief Retail Operations Officer North America of the Company since March 2018. Prior to that, Mr. Stone most recently served as the Chief Retail Officer at Cabela’s Inc., an outdoor outfitter retail company, from November 2015 to December 2017. Prior to joining Cabela’s Inc., Mr. Stone spent 28 years growing his career with Sam’s Club, a retail warehouse subsidiary of Walmart Inc., a multinational retail corporation, most-recently as Senior Vice President - West Division from 2007 to 2015, where he led operations upwards of 200 locations with more than 30,000 employees.
Pursuant to his appointment, effective May 16, 2020, the Company entered into an Amended and Restated Offer Letter, Confidentiality and Non-Competition Agreement with Mr. Stone (the “Amended Offer Letter”). This Amended Offer Letter amends and replaces in its entirety Mr. Stone’s Offer Letter with Hertz, dated February 27, 2018, and his Confidentiality and Non-Competition Agreement with the Company, dated February 28, 2018, which was incorporated by reference into his original Offer Letter.
Under the terms of the Amended Offer Letter, Mr. Stone or the Company may terminate the employment relationship at any time, for any reason. Mr. Stone is entitled to receive an annual base salary of $1,000,000. Additionally, Mr. Stone will (i) be eligible to receive a key employee retention bonus; (ii) continue to participate in the Company’s Severance Plan for Senior Executives; (iii) continue to receive a Company-provided vehicle for personal and professional use; (iv) continue to be eligible for four (4) weeks of vacation per the terms and conditions of the Company’s vacation policy; and (v) be eligible to participate in the employee benefit plans and arrangements generally offered to other U.S. senior executives of the Company.
The Amended Offer Letter provides for restrictions on (i) competing with the Company while employed and for a period of eighteen (18) months following a termination of employment for any reason; (ii) soliciting employees and customers or prospective customers of the Company while employed and for a period of eighteen (18) months following a termination of employment for any reason; (iii) disclosing confidential information while employed and perpetually thereafter; and (iv) disparaging the Company while employed and perpetually thereafter.
The foregoing description of the Amended Offer Letter does not purport to be complete and is subject to, and qualified in its entirety by reference to, the complete text of the Amended Offer Letter, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
The selection of Mr. Stone to serve as President and Chief Executive Officer was not pursuant to any arrangement or understanding with respect to any other person. There are no family relationships between Mr. Stone and any director or executive officer of the Company, and there are no transactions between Mr. Stone and the Company that would be required to be reported under Item 404(a) of Regulation S-K.
ITEM 7.01 REGULATION FD DISCLOSURE.
On May 18, 2020, the Company issued a press release announcing the resignation of Ms. Marinello and the appointment of Mr. Stone as President and Chief Executive Officer and as a Director on the Board. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information contained in Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
ITEM 9.01 EXHIBITS.
(d) Exhibits
| Exhibit Number | Title |
| 10.1 | Amendment to Offer Letter between Paul E. Stone and The Hertz Corporation |
| 99.1 | Press release, dated May 18, 2020 |
| 101.1 | Pursuant to Rule 406 of Regulation S-T, the cover page to this Current Report on Form 8-K is formatted in Inline XBRL |
| 104.1 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101.1) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
HERTZ GLOBAL HOLDINGS, INC. THE HERTZ CORPORATION | ||
| (each, a Registrant) | ||
| By: | /s/ JAMERE JACKSON | |
| Name: | Jamere Jackson | |
| Title: | Executive Vice President and Chief Financial Officer | |
Date: May 18, 2020
Exhibit 10.1
AMENDED AND RESTATED OFFER LETTER, CONFIDENTIALITY AND NON-COMPETITION AGREEMENT
This Amended and Restated Offer Letter, Confidentiality and Non-Competition Agreement (this “Agreement”) made as of May 16, 2020 (the “Effective Date”), is between Hertz Global Holdings, Inc., a Delaware corporation (the “Company”), and Paul Stone (“Executive”).
RECITALS
WHEREAS, Executive has previously entered into an offer letter with The Hertz Corporation (“Hertz”), dated February 27, 2018 (the “Prior Offer Letter”) to employ Executive as Executive Vice President and Chief Retail Operations Officer, North America;
WHEREAS, Executive has previously entered into the Employee Confidentiality and Non-Competition Agreement with Hertz and the Company (collectively, the “Companies”), dated February 28, 2018 (the “Prior Restrictive Covenant Agreement”), which is incorporated by reference into the Prior Offer Letter;
WHEREAS, the Company and Executive desire to replace and supersede the Prior Offer Letter and Prior Restrictive Covenant Agreement in their entirety by entering into this Agreement setting forth the terms of Executive’s employment with the Company and its subsidiaries and affiliates from and after the Effective Date;
NOW, THEREFORE, in consideration of the foregoing, the premises and mutual covenants contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Company and Executive agree as follows:
| 1. | RELATIONSHIP: AT WILL EMPLOYMENT |
The Company hereby agrees to employ Executive as Chief Executive Officer and President of the Companies. Executive specifically acknowledges that his employment with the Company is and will be “at will” and that, consequently, either Executive or the Company may terminate the employer-employee relationship at any time, for any reason or for no reason at all, subject to the continuing obligations of Executive as set forth in Section 5 of this Agreement.
| 2. | DUTIES |
As of the Effective Date, Executive shall serve as Chief Executive Officer and President of the Companies, and will, honestly and to the best of his ability perform the duties of Chief Executive Officer. Executive’s duties and authority shall consist of and include all duties, responsibilities and authority customarily performed and held by individuals serving in such position. From and after the Effective Date, the Boards of Directors of the Companies shall take such actions as are necessary to nominate and appoint Executive as a Director on the Boards of Directors of each of the Companies (the “Boards”) to serve as a Director until his successor shall be duly qualified and elected. Upon the termination of Executive’s employment for any reason (unless otherwise agreed in writing between Executive and the Company), Executive shall be deemed to have resigned, without any further action on Executive’s part, from any and all officer and director positions that Executive, immediately prior to such termination, (i) held with the Companies or any of their affiliates, or (ii) held with any other entities at the direction of the Companies or any of their affiliates. Executive shall report solely and directly to the Boards.
| 3. | COMPENSATION AND BENEFITS |
(a) As of the Effective Date, Executive’s annual base salary shall be $1,000,000.00, paid in accordance with the Company’s normal payroll practices. In addition, Executive shall be eligible to participate in the Company Pre-Paid Key Executive Retention and Incentive Program, if any. In the event of a Qualifying Termination (as defined in the Senior Executive Severance Plan, the “Severance Plan”)), Executive will continue to be eligible to receive severance in accordance with the terms and conditions of the Severance Plan, as may be amended from time to time. Payment of any such severance shall be contingent upon the execution of a general release including customary non-competition, non-disclosure and non-disparagement provisions.
(b) Executive shall continue to be eligible to receive a company-provided vehicle for his personal and professional use. The Company retains the right and sole discretion to amend, modify or rescind such policy at any time and for any reason. Executive will continue to be eligible for four weeks’ vacation per the terms and conditions of The Hertz Corporation vacation policy. Executive shall, subject to and in accordance with the terms and conditions of the applicable plan documents and all applicable laws, be eligible to participate in the employee benefit plans and arrangements the Company makes available from time to time to its U.S. senior executives generally, as such plans may be amended from time to time.
(c) Payments under this Agreement are subject to all applicable withholding taxes.
| 4. | LOCATION |
Executive’s role is based out of the Company’s Estero, Florida headquarters. As a condition to Executive’s employment as Chief Executive Officer and President, he represents and acknowledges that for the duration of his employment as Chief Executive Officer and President of the Companies, he shall maintain his principal place of residence within thirty (30) miles of the Company’s world headquarters in Estero, Florida.
| 5. | CONFIDENTIALITY; RESTRICTIVE COVENANTS |
(a) Executive recognizes and acknowledges that the business of the Company is highly competitive and that during the course of his relationship with the Company he will have access to significant proprietary and confidential information belonging to the Company. Executive therefore covenants and agrees, for the duration of this Agreement and at all times following its termination, he will not use or disclose (other than in furtherance of Company’s business interests during the term of this Agreement and as authorized by the Company) any confidential proprietary information of the Company, including, but not limited to, customer and supplier lists, customer or prospect information, pricing information, business plans, business development plans or other strategic plans or information, sales and marketing information, patents, patent rights, inventions, trademark or trade name rights, copyrights and other intellectual property rights, techniques, know-how and trade secret information, plans or information regarding the Company’s future products and services and other business and financial information of or relating to the Company or its customers. Executive shall retain all such information in trust for the sole benefit of the Company. Executive agrees that the Company has expended considerable time, effort and expense in assembling and maintaining such information and that such information constitutes both (i) trade secret and/or confidential and proprietary information of the Company and (ii) part of the Company’s goodwill.
(b) During the term of this Agreement and Executive’s employment by the Company, and for a period of eighteen (18) months after the termination of Executive’s employment with the Company, whether said termination was voluntary or involuntary (the “Restricted Period”), Executive shall not, without the prior written consent of the Company, directly or indirectly, whether as a principal, agent, officer, director, partner, employee, consultant, independent contractor or in any other capacity whatsoever, alone or in association with any other person, carry on, or be engaged, concerned or take part in, or render services or assistance to, or own, share in the earnings of, or invest in the stocks, bonds or other securities of any business, firm, corporation, entity, institution or any other person that (i) is directly or indirectly in competition with the Companies, (ii) that is, seeks to become or, during the Restricted Period becomes, a creditor, equityholder, or creditor committee member of, or lender or financial advisor to, the Companies, or (iii) during the Restricted Period obtains, an interest in the Companies. An individual or entity will be presumed to be in competition with the Companies if the individual or entity markets, sells, produces, renders or distributes the same or similar types or kinds of products and/or services as those marketed, sold, produced, rendered or distributed or which were in research and development by the Companies at any point during the term of this Agreement. The foregoing restriction will not preclude Executive from owning up to 1% of the stock of a publicly traded company or from engaging in competitive business activities which do not otherwise violate the terms and conditions of subsection (a) or subsection (c) of this Agreement.
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(c) During the Restricted Period, Executive shall not, as a principal, proprietor, director, officer, partner, shareholder, employee, member, manager, consultant, agent, independent contractor or otherwise, for himself or on behalf of any other person or entity other than the Companies, directly or indirectly:
(i) Solicit or attempt to solicit any competitive business as described above from any customer or prospective customer of the Companies whom Executive came to know, came to service, or came to learn the identity of during course of the Employee’s relationship with the Company;
(ii) Solicit or induce or attempt to solicit or induce any person who is employed by the Companies to leave the Companies; or
(iii) Aid, assist or counsel any other person, firm, corporation, entity or the like to take any of the actions set forth in Section 3(c)(i) or (ii).
(d) All written materials, records and documents made by Executive or coming into Executive’s possession during the term of this Agreement concerning the business or affairs of the Companies, together with all intellectual and industrial property rights attached thereto, shall be the sole property of the Companies; and, upon termination of Executive’s employment and/or this Agreement or at the request of the Company at any time, Executive shall promptly deliver all such materials and information in his possession or control to the Company. Upon a termination of employment for any reason, Executive shall promptly deliver to the Company all non-personal documents and data of any nature and in whatever medium pertaining to Executive’s employment with the Companies, or any of their subsidiaries or affiliates, or any other property of the Companies or any of their subsidiaries or affiliates (including, without limitation, any electronic equipment) and he shall not take with him any such property, documents or data, in any form or media, of any description or any reproduction thereof, or any documents containing or pertaining to confidential and proprietary information.
(e) In view of the services which Executive will perform for the Companies, which services are special, unique and extraordinary in character and which will place Executive in a position of confidence and trust with customers of the Companies and will provide Executive with access to confidential and proprietary financial information, trade secrets, “know-how” and other confidential and proprietary information of the Company, Executive expressly acknowledges that the restrictive covenants set forth in this Section 5 are reasonable and necessary to protect and maintain the proprietary and other legitimate business interests of the Companies and that the enforcement of such restrictive covenants will not prevent Executive from earning a livelihood or impose any undue burden on Executive or his family. Executive further acknowledges that the remedy at law for any breach or threatened breach of this Section 5 by him, if such breach or threatened breach is held by the Court to exist, will be inadequate and, accordingly, that the Companies shall, in addition to all other available remedies, be entitled to injunctive relief without being required to post bond or other security and without having to prove the inadequacy of the remedies available at law. In addition, in the event a Court determines that there has been a breach or threatened breach or repudiation of Section 5 of this Agreement by Executive, Executive agrees that, in addition to injunctive relief and monetary damages, the Companies shall be entitled to recover from Executive its reasonable attorneys’ fees and costs in obtaining any restraining order, preliminary or permanent injunction or any monetary judgment against Executive.
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(f) If any portion of the provisions of this Section 5 is held to be unenforceable for any reason, including but not limited to the duration of such provision, the territory being covered thereby or the type of conduct restricted therein, the parties agree that the Court is authorized and directed to modify the duration, geographic area and/or other terms of such provisions to the maximum benefit of the Companies as permitted by law, and, as so modified, said provision shall then be enforceable.
(g) The period of time during which the provisions of this Section 5 shall apply shall be extended by the length of time during which Executive is deemed to be in breach of any of the terms of this Section 5.
(h) Executive agrees not to make negative comments or otherwise disparage the Companies or its affiliates or their respective officers, directors, other employees at the level of manager or above, or stockholders holding more than 5% of the Company’s outstanding common stock (or affiliates or principals of such stockholders) in any manner reasonably likely to be harmful to them or their business, business reputation or personal reputation. Notwithstanding the foregoing, nothing contained in this Section 5(h) shall prohibit Executive from (i) disclosing truthful information in pursuing or responding to valid claims if legally required (whether by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) or (ii) exercising any legally protected whistleblower rights (including pursuant to Rule 21F under the Securities Exchange Act of 1934).
| 6. | WAIVER OF JURY TRIAL |
Executive expressly waives a trial by jury and agrees not to plead or defend on grounds of adequate remedy at law or any element thereof in an action by the Company against Executive for injunctive relief or for specific performance of any obligation set forth in this Agreement.
| 7. | MISCELLANEOUS |
(a) Governing Law, Forum Selection and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida without giving effect to conflict of laws principals thereof. Executive and the Company hereby agree that any action initiated by or on behalf of either party seeking to interpret or enforce the terms of this Agreement shall only be brought in either the Circuit Court of the Twentieth Judicial Circuit, Lee County, Florida or the United States District Court for the Middle District of Florida. The parties consent to the exclusive jurisdiction and venue of said Courts and waive any challenge to personal jurisdiction. The terms of this Agreement may be enforced by the Company or its successors or assigns.
(b) Severability. If any provision of this Agreement is held invalid or unenforceable, the remainder shall nevertheless remain in full force and effect. If any provision is invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances.
(c) Entire Agreement. This Agreement represents the entire understanding of the parties with respect to the subject matter hereof and supersedes and replaces in its entirety all prior agreements and understandings oral or written between the parties hereto with respect to the subject matter hereof, including, without limitation, the Prior Offer Letter and Prior Restrictive Covenant Agreement. No other representations, promises, agreements or understandings regarding the subject matter hereof shall be of any force or-effect unless in writing, executed by the party to be bound, and dated subsequent to the date hereof.
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(d) Amendment. This Agreement may not be cancelled, changed, modified or amended orally, and no cancellation, change, modification or amendment hereof shall be effective or binding unless in written instrument signed by the Company and Executive. A provision of this Agreement may be waived only by written instrument signed by the party against whom or which enforcement of such waiver is sought.
(e) Headings. The headings contained in this Agreement are for reference purposes only, and shall not affect the meaning or interpretation of this Agreement.
(f) Notice. All notices, requests, demands or other communications to the Company and/or Executive under or relating to this Agreement shall be in writing to the address listed on the first page of this Agreement or Executive’s address of record with Company, respectively. Notice shall be duly given if in writing and delivered by hand or mailed by first class, registered mail, return-receipt requested, with postage and registry fees pre-paid
(g) No Prior Non-Compete or Employment Agreement. Executive represents and warrants that he is not presently subject to any non-compete, restrictive covenant or like agreement that will preclude him from employment with the Company or in any away limit him in performing any obligations under this Agreement. Executive agrees and acknowledges that if he is subject to any such non-compete, restrictive covenant or other agreement, the Company will have no obligation to perform its duties under this Agreement or to continue employment. Further, Executive acknowledges and represents that as of the Effective Date, Executive has not committed any act that would reasonably give rise to a termination of employment for cause.
(h) Interpretation and Construction. The parties agree that this Agreement shall be construed in favor of providing all reasonable protection to the legitimate business interests of the Company. The parties further agree that, in interpreting and enforcing this Agreement, the court shall not employ any rule of contract construction that requires the court to construe narrowly against the drafter of the Agreement and shall consider the Agreement as if each party participated equally in its preparation.
(i) Survival. Executive’s obligations as set forth in Section 5 represent independent covenants by which Executive is and shall remain bound notwithstanding any breach or claim of breach by the Company, and shall survive the termination or expiration of this Agreement.
(j) Acknowledgments. Executive acknowledges that he has read this Agreement, that he was given sufficient time and opportunity to review it and to consult an attorney regarding its terms and conditions, and that the Company has recommended to Executive that he consult an attorney prior to execution of this Agreement. Executive further acknowledges that, pursuant to Section 1, this Agreement does not alter Executive’s status as an employee-at-will or in any way limit the Company’s right to terminate the employment relationship at any time. Executive further acknowledges and agrees that the restrictions on competition set forth in this Agreement are reasonable and necessary for the protection of the Company and that agreement to and fulfillment of same are a material condition of employment or, as applicable, continued employment, with the Company. Executive agrees that should a court issue injunctive relief to enforce any term of this Agreement, or if a court (or jury) determine that Executive has breached any provision of this Agreement, Executive will reimburse the Company for all attorney’s fees and costs incurred in enforcing the terms of the Agreement, and Executive will also be liable for any other damages or relief permitted by law.
[Remainder of page intentionally left blank]
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IN WITNESS HEREOF, the parties have executed this Agreement as of the date first written above.
| HERTZ GLOBAL HOLDINGS, INC. | ||||
| By: | /s/ M. David Galainena | |||
| Name: | M. David Galainena | |||
| Title: | Executive Vice President, General Counsel and Secretary | |||
PAUL STONE | ||||
| By: | /s/ Paul Stone |
|||
| Name: | Paul Stone | |||
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Exhibit 99.1
Hertz Global Holdings, Inc. Announces Leadership Transition
Paul Stone Named President and CEO and a Member of the Board
Kathryn V. Marinello Resigns as President and CEO and as a Member of the Board
ESTERO, Fla., May 18, 2020 /PRNewswire/ -- Hertz Global Holdings, Inc., (NYSE: HTZ) today announced that its Board of Directors has named Paul Stone President and Chief Executive Officer, effective immediately. Stone, most recently Hertz’s Executive Vice President and Chief Retail Operations Officer, North America, also has been elected to the Hertz Board of Directors. Stone succeeds Kathryn V. Marinello, who plans to continue with the Company in a consulting position for up to one year to support a smooth transition.
“After an ongoing succession planning process, the Board elected Paul to lead Hertz’s next chapter,” said Henry R. Keizer, Hertz’s Chairman. “Paul brings a customer-centered approach to growing the business that is driven by process excellence and employee engagement. Having successfully run our largest business segment for the last two years, Paul helped strengthen our brands by elevating service standards across the North American car rental operations.” Keizer continued, “We also want to thank Kathy for her contributions as an exceptional business leader. Since joining the company in January 2017, she oversaw a successful operational turnaround, transformed Hertz’s culture, and built a best-in-class leadership team. The Board wishes her all the best.”
“The hardest part about stepping down is leaving the amazing employees that have earned my respect over the last three-and-a-half years. It was an honor to serve them,” said Marinello. “I am confident that under Paul’s leadership, Hertz will prosper long into the future.”
“It is a tremendous honor to have the opportunity to lead Hertz,” Stone said. “I thank Kathy and look forward to working with my colleagues to do what Hertz people do best – anticipate where transportation, mobility and technology are going and innovate to best serve our customers, stakeholders and communities.”
Stone, 50, began his 28-year career with Sam's Club/ Walmart as a store manager and was quickly elevated through the ranks to Western US divisional senior vice president. He led operations for upwards of 200 locations with more than 30,000 employees. Prior to Hertz, he served as senior vice president and chief retail officer at Cabela's, one of the leading outdoor outfitter retail companies. Over the course of his career, he has delivered strategy, service, people development and full-scale retail operations leadership. Stone joined Hertz in March 2018 to lead the Company’s North American car rental operations, which encompassed approximately 4,500 locations and 27,000 employees. He simplified operations, re-energized and developed talent, and elevated service standards, resulting in Hertz winning the JD Power award for the first time in 16 years. In addition to car rental, the scope of his responsibilities included Hertz’s Transportation Network Companies and Car Sales businesses.
About Hertz
Hertz, one of the most recognized brands in the world and currently ranked #1 in Customer Satisfaction by J.D. Power, has a long-standing legacy of providing a fast and easy experience designed to make every journey special. It starts with top-rated vehicles to fit every traveler's needs, delivered with a caring touch and personalized services including its award-winning Hertz Gold Plus Rewards loyalty program, Ultimate Choice, Hertz Fast Lane powered by CLEAR, Mobile Wi-Fi, and more. Beyond car rental, Hertz is one of the top 10 sellers of pre-owned vehicles in the U.S. with more than 80 Hertz Car Sales retail locations nationwide. Wherever and whenever you need to go, at Hertz, we're here to get you there. To learn more or reserve a vehicle, visit Hertz.com.
Hertz pioneered the car rental industry more than 100 years ago and today is owned by Hertz Global Holdings, Inc. which includes Dollar and Thrifty vehicle rental brands and fleet management leader Donlen Corporation.
For more media information:
Hertz Media Relations
mediarelations@hertz.com