4//SEC Filing
Perry Opal 4
Accession 0001657853-21-000039
CIK 0001657853other
Filed
Jul 1, 8:00 PM ET
Accepted
Jul 2, 3:47 PM ET
Size
332.1 KB
Accession
0001657853-21-000039
Insider Transaction Report
Form 4
Perry Opal
EVP Chief Information Officer
Transactions
- Award
Warrant (right to buy)
2021-06-30+1,464→ 1,464 totalExercise: $13.80From: 2021-06-30Exp: 2050-06-30→ New Common Stock (1,464 underlying) - Disposition to Issuer
Employee Stock Option (Right to Buy)
2021-06-30−7,060→ 0 totalExercise: $15.20Exp: 2025-10-01→ Common Stock (7,060 underlying) - Disposition to Issuer
Common Stock
2021-06-30−45,301→ 0 total - Award
New Common Stock
2021-06-30+205→ 205 total
Footnotes (8)
- [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]Includes 2,269 vested shares of Old Common Stock and 43,032 shares consisting of unvested restricted stock units and unvested performance stock units.
- [F4]Pursuant to the terms of the Plan, on the Effective Date all holders of vested 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).
- [F5]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.
- [F6]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.
- [F7]The Employee Stock Options vest at the rate of 25% per year on each anniversary of the grant date over 4 years following the grant date and will expire on the 7 year anniversary of the grant date.
- [F8]All Stock Options were adjusted from 6,568 to 7,060 pursuant to the Rights Offering because none had vested as of the Rights Offering. 1,765 Stock Options vested on October 1, 2019.
Issuer
HERTZ GLOBAL HOLDINGS, INC
CIK 0001657853
Entity typeother
Related Parties
1- filerCIK 0001750125
Filing Metadata
- Form type
- 4
- Filed
- Jul 1, 8:00 PM ET
- Accepted
- Jul 2, 3:47 PM ET
- Size
- 332.1 KB