Cho Sunghwan - Jun 30, 2021 Form 4 Insider Report for HERTZ GLOBAL HOLDINGS, INC (HTZ)

Role
Director
Signature
Matthew Potalivo, By Power of Attorney on behalf of SungHwan Cho
Stock symbol
HTZ
Transactions as of
Jun 30, 2021
Transactions value $
$0
Form type
4
Date filed
7/2/2021, 04:19 PM
Next filing
Feb 17, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction HTZ Common Stock Disposed to Issuer $0 -10.2K -100% $0.00* 0 Jun 30, 2021 Direct F1, F2
transaction HTZ New Common Stock Award $0 +921 $0.00 921 Jun 30, 2021 Direct F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction HTZ Warrant (right to buy) Award $0 +6.57K $0.00 6.57K Jun 30, 2021 New Common Stock 0 $13.80 Direct F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Cho Sunghwan is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 On May 22, 2020, Hertz Global Holdings, Inc. (the "Issuer") and certain of its U.S. subsidiaries, (collectively, with the Issuer, the "Debtors"), filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") seeking relief under the provisions of Chapter 11 of Title 11 of the United States Bankruptcy Code. On June 10, 2021, the Bankruptcy Court entered an order confirming the Debtors' Second Modified Third Amended Joint Chapter 11 Plan of Reorganization (as amended, modified or supplemented from time to time, the "Plan"), and on June 30, 2021 (the "Effective Date"), the Plan became effective pursuant to its terms and the Debtors emerged from bankruptcy.
F2 On the Effective Date, all of the Company's previously outstanding shares of common stock ("Old Common Stock"), including options, warrants, rights, restricted stock units or other securities or agreements to acquire such common stock, were cancelled and extinguished pursuant to the Plan.
F3 Pursuant to the terms of the Plan, on the Effective Date all holders of the Old Common Stock received, in the aggregate, (i) $1.53 per share; and (ii) their pro rata share of common stock ("New Common Stock") representing 3% of the shares of the reorganized Company (subject to dilution for warrants and a new management incentive plan).
F4 Pursuant to the terms of the Plan, on the Effective Date, certain holders, including the Reporting Person, received a distribution of 30-year warrants for 18% of the shares of New Common Stock of the reorganized Company (subject to dilution by the issuance of shares pursuant to a new management incentive plan) with an exercise price based on a total equity value of $6.5 billion.
F5 The 30-year warrants expire on June 30, 2051. For technical reasons, this Form 4 displays a date of June 30, 2050, which should be read as June 30, 2051.

Remarks:

The Reporting Person resigned as a director of the Issuer effective June 30, 2021. As a result, the Reporting Person is no longer subject to Section 16 in connection with transactions in the securities of the Company and therefore will no longer report any such transactions on Form 4 and Form 5.