Document:

Exhibit 10.29.1

 

AMENDMENT NO. 1 TO INDEMNIFICATION AGREEMENT

 

THIS AMENDMENT NO. 1 TO INDEMNIFICATION AGREEMENT
(this “Amendment”) is made effective as
of                 
by and between Hertz Global Holdings, Inc., a Delaware corporation (the “Company”),
and
                 
(“Indemnitee”).

 

WITNESSETH:

 

WHEREAS, the Company and
Indemnitee are a party to an Indemnity Agreement, dated as of
                       
(the “Agreement”), providing for the indemnification of Indemnitee by the
Company;

 

WHEREAS, in accordance with Section 8(c) of
the Agreement, the parties hereto wish to amend the Agreement; and

 

NOW THEREFORE, in
consideration of the premises and covenants contained in the Agreement and
herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

1.                                       Section 3(d) of
the Agreement is hereby amended and restated to read in its entirety as
follows:

 

“(d)         Other Rights to
Indemnification.  The
indemnification and advancement of expenses (including attorneys’ fees) and
costs provided by this Agreement shall not be deemed exclusive of any other
rights to which Indemnitee may now or in the future be entitled the Company’s
certificate of incorporation or bylaws, any agreement, any vote of stockholders or
directors, the DGCL, any other applicable law or any liability insurance
policy; provided that (i) to the extent that Indemnitee is entitled
to be indemnified by the Company and by any shareholder of the Company or any
affiliate (other than the Company and its subsidiaries) of any such shareholder
or any insurer under a policy procured by any such shareholder or affiliate,
the obligations of the Company hereunder shall be primary and the obligations
of such shareholder, affiliate or insurer secondary, and (ii) the Company
shall not be entitled to contribution or indemnification from or subrogation
against such shareholder, affiliate or insurer.”

 

2.                                       Section 3(f) of
the Agreement is hereby amended and restated to read in its entirety as
follows:

 

“(f)          Subrogation.  Except as set forth
in Section 3(d)(ii) of this Agreement, in the event of payment under
this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee, who shall execute such

 

 

documents and do such acts
as the Company may reasonably request to secure such rights and to enable
the Company effectively to bring suit to enforce such rights.”

 

3.                                       Confirmation of
the Agreement.  Except as
set forth in this Amendment, the Agreement is hereby ratified and confirmed and
shall continue in full force and effect. 
On and after the date of this Amendment, each reference in the Agreement
to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import,
and each reference to the Agreement in any other agreements, documents or
instruments shall mean and be a reference to the Agreement as amended by this
Amendment.

 

4.                                       Governing Law.  This Amendment shall be governed by and
construed in accordance with the internal laws of the State of Delaware,
without regard to any conflict of laws provisions that would require the
application of the Law of any other jurisdiction.

 

5.                                       Counterparts.  This Amendment may be
executed in one or more counterparts, each of which shall for all purposes be
deemed to be an original but all of which together shall constitute one and the
same instrument.

 

2

 

IN WITNESS
WHEREOF, the parties hereto have executed this Amendment on the day and year
first above written.

 

	
   

  	
  HERTZ GLOBAL HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  INDEMNITEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Signature of Indemnitee)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Print Name of Indemnitee)Exhibit 10.44

 

	
  MARK P. FRISSORA

  	
  HERTZ GLOBAL HOLDINGS, INC.

  
	
  CHAIRMAN OF THE BOARD

  	
  225 BRAE BOULEVARD, PARK RIDGE, NJ 07656-0713

  
	
  CHIEF EXECUTIVE OFFICER

  	
  PHONE:

  	
  (201) 307-2800

  
	
   

  	
  FAX:

  	
  (201) 307-2603

  
	
   

  	
  E-MAIL: mfrissora@hertz.com

  
	
   

  	
   

  
	
   

  	
  December 18, 2008

  

 

Mr. Joseph R. Nothwang

c/o The Hertz Corporation

225 Brae Boulevard

Park Ridge, NJ 07656

 

Dear
Joe:

 

This
letter acknowledges the discussions we have recently been having regarding your
plans to retire from Hertz.  As we have
discussed, we view your continued employment over the next year as one of the
keys to Hertz’s success in the current challenging economic environment.  You have expressed your willingness to remain
with Hertz through December 31, 2009, subject to the terms and conditions
of this letter.

 

1.                                      Continued
Employment through December 31, 2009. 
Subject to the terms and conditions of this letter, you have agreed to
remain employed with Hertz in your current role of Executive Vice President and
President, Vehicle Rental and Leasing, The Americas and Pacific through December 31,
2009, at which time you plan to retire.

 

2.                                      Payment
in Lieu of Severance.  As you know, Hertz
and you previously agreed that, if you resigned from the company on or before June 21,
2009 because you determined that certain of your job responsibilities had been
adversely affected by certain management changes, you would be entitled to
receive the severance pay and benefits under the Change in Control Agreement,
dated as of February 1, 2008, entered into by you and Hertz Global Holdings, Inc.
(the “CIC Agreement”).  In consideration
of your agreement to remain with Hertz through December 31, 2009, Hertz
will pay you $3,837,708, which represents the cash severance pay to which you
would have been entitled under the CIC Agreement determined as if your
employment had terminated on December 31, 2008.  This payment will be made to you in a lump
sum on the first payroll date occurring on or after January 1, 2009.

 

3.                                      Supplemental
Retirement Benefits.  You currently
participate in Hertz’s tax-qualified retirement plan (the “Retirement Plan”) as
well as its Supplemental Retirement and Savings Plan (the “SRSP”) and
Supplemental Executive Retirement Plan (“SERP II”).  We have agreed to the following with respect
to your accrued benefits under these plans:

 

(a)           The portion of your accrued benefit
under the SRSP which is grandfathered under Section 409A of the Code, will
be paid to you in a lump sum within five days of the date that you execute this
letter.  The amount of this payment is
$3,921,858.

 

 

(b)           The remaining portion of your accrued
benefit under the SRSP, which is not grandfathered, as well as your accrued
benefit under SERP II will be paid to you in a lump sum on the first payroll
date occurring on or after January 1, 2009.  The aggregate of these two payments is
$5,283,745.  This amount also includes
the enhancement to your SERP II accrued benefit under Section 4(iv)(C) of
the CIC Agreement.  Your accrued benefit
under these plans will be determined as if you had retired and received a lump
sum payment on December 31, 2008.

 

(c)           You will cease to accrue benefits
under the SRSP and SERP II as of December 31, 2008.  However, you will continue to participate in
the Retirement Plan while you are a Hertz employee, and your accrued benefit
under the Retirement Plan will be paid to you when you retire in accordance
with the generally applicable terms and conditions of the Retirement Plan.

 

4.                                      Extended
Option Exercise Period and Accelerated Vesting. 
So long as you remain actively employed through December 31, 2009,
(or, if earlier, the date of your termination of employment by reason of your
death or permanent disability), the post-retirement exercise period applicable
to your Hertz Global Holdings, Inc. stock options will be one year.  Additionally, any stock options that would
vest in accordance with the terms of any such option awards during 2010, shall
be accelerated and shall vest as of December 31, 2009, (or, if earlier,
the date of your termination of employment by reason of your death or permanent
disability), and in the case of such accelerated stock option awards, the post
retirement exercise period shall be one year.

 

5.                                      Other
Benefits.  It is the Company’s
intention that any and all benefits to which you may be entitled pursuant to
the CIC Agreement and letter agreement dated February 1, 2008, and which
have not been accelerated by the terms of this letter agreement, shall be paid
or maintained for your benefit as the case may be in accordance with the terms
of the CIC Agreement and letter agreement dated February 1, 2008 following
your retirement.

 

6.                                      Excise
Tax Gross-Up Payment.  We do not expect
that the indemnification for golden parachute excise taxes set forth in Section 5
of the CIC Agreement will apply to you. 
However, Hertz acknowledges its continuing obligation to you under Section 5
of the CIC Agreement.

 

7.                                      Release.  You will execute the release of claims
attached to the CIC Agreement on December 31, 2009.

 

8.                                      Terms
and Conditions of Employment.  During the
period commencing on the date of this letter and ending on December 31,
2009, you will continue to participate in the senior executive plans, programs
and arrangements of Hertz and its affiliates, with the following exceptions: (1) you
will not be granted any equity compensation during 2009; (2) because the
payment pursuant to paragraph 2 above includes a target bonus amount, you will
not receive a bonus in respect of Hertz’s 2008 fiscal year; (3) as noted
in paragraph 3 above, you will cease to accrue benefits in the SRSP and SERP II
as of December 31, 2008; and (4) in no event will a termination of
your employment prior to December 31, 2009 (whether by you or by Hertz)
entitle you to severance pay.  For the
avoidance of doubt, I confirm that you will participate in any and all bonus
compensation plan established for the members of the senior management team in
2009 and will be entitled to receive payment of the bonus amounts due under the
terms of any

 

2

 

such plan or plans at the
time when such payments are made by the Company to the senior management team
but in no event later than March 31, 2010. 
In response to your request for clarification of your 2009 compensation
in the event of an involuntary termination of your employment, I confirm the
Company’s intention to pay your full base salary and the full amount due under
all bonus compensation plans established for the members of the senior
management team in accordance with the plan provision and on the basis of
service through your planned retirement on December 31, 2009.

 

Joe,
we are delighted that you have decided to remain with the company and look
forward to working with you in 2009.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  /s/ Mark P. Frissora

  
	
   

  	
   

  
	
   

  	
  Mark P. Frissora

  
	
   

  	
  Chairman of the Board

  
	
   

  	
  Chief Executive Officer

  

 

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