Document:

Exhibit
4.10

 

HERTZ GLOBAL
HOLDINGS, INC.

AMENDED AND RESTATED

STOCKHOLDERS AGREEMENT

Dated as of November 20, 2006

 

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE I

  	
   

  	
  [RESERVED]

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
  GOVERNANCE AND MANAGEMENT OF THE COMPANY

  	
   

  	
  1

  
	
  2.1

  	
   

  	
  Board of Directors/Committees.

  	
   

  	
  1

  
	
  2.2

  	
   

  	
  Director Fees and Expenses.

  	
   

  	
  5

  
	
  2.3

  	
   

  	
  Approvals.

  	
   

  	
  5

  
	
  2.4

  	
   

  	
  Certain Actions/Voting Proxy.

  	
   

  	
  5

  
	
  2.5

  	
   

  	
  Chief Executive Officer/Management

  	
   

  	
  6

  
	
  2.6

  	
   

  	
  Termination of Rights

  	
   

  	
  7

  
	
  2.7

  	
   

  	
  Non-Competition

  	
   

  	
  8

  
	
  2.8

  	
   

  	
  Information/Access.

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
  TRANSFERS/CERTAIN COVENANTS

  	
   

  	
  11

  
	
  3.1

  	
   

  	
  Transfer Restrictions.

  	
   

  	
  11

  
	
  3.2

  	
   

  	
  [Reserved]

  	
   

  	
  12

  
	
  3.3

  	
   

  	
  Tag-Along Rights.

  	
   

  	
  13

  
	
  3.4

  	
   

  	
  Drag Along Right.

  	
   

  	
  15

  
	
  3.5

  	
   

  	
  [Reserved].

  	
   

  	
  17

  
	
  3.6

  	
   

  	
  Legend.

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
  [RESERVED]

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
  DEFINITIONS

  	
   

  	
  18

  
	
  5.1

  	
   

  	
  Certain Definitions.

  	
   

  	
  18

  
	
  5.2

  	
   

  	
  Terms Generally

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  	
  MISCELLANEOUS

  	
   

  	
  26

  
	
  6.1

  	
   

  	
  Termination

  	
   

  	
  26

  
	
  6.2

  	
   

  	
  Publicity.

  	
   

  	
  26

  
	
  6.3

  	
   

  	
  Confidentiality

  	
   

  	
  26

  
	
  6.4

  	
   

  	
  Compliance.

  	
   

  	
  27

  
	
  6.5

  	
   

  	
  Restrictions on Other Agreements; Conflicts.

  	
   

  	
  27

  
	
  6.6

  	
   

  	
  Further Assurances

  	
   

  	
  27

  
	
  6.7

  	
   

  	
  No Recourse; No Stockholder Duties.

  	
   

  	
  28

  
	
  6.8

  	
   

  	
  Amendment; Waivers, etc

  	
   

  	
  28

  
	
  6.9

  	
   

  	
  Assignment

  	
   

  	
  29

  
	
  6.10

  	
   

  	
  Binding Effect

  	
   

  	
  29

  
	
  6.11

  	
   

  	
  No Third Party Beneficiaries

  	
   

  	
  29

  
	
  6.12

  	
   

  	
  Notices

  	
   

  	
  29

  
	
  6.13

  	
   

  	
  Severability

  	
   

  	
  31

  
	
  6.14

  	
   

  	
  Headings

  	
   

  	
  31

  
	
  6.15

  	
   

  	
  Entire Agreement

  	
   

  	
  31

  
	
  6.16

  	
   

  	
  Governing Law

  	
   

  	
  31

  

 

 i
 

 

	
  6.17

  	
   

  	
  Consent to Jurisdiction

  	
   

  	
  32

  
	
  6.18

  	
   

  	
  Waiver of Jury Trial

  	
   

  	
  32

  
	
  6.19

  	
   

  	
  Enforcement

  	
   

  	
  32

  
	
  6.20

  	
   

  	
  Certain Relationships

  	
   

  	
  32

  
	
  6.21

  	
   

  	
  Counterparts; Facsimile Signatures

  	
   

  	
  33

  

 

 ii

AMENDED AND RESTATED STOCKHOLDERS AGREEMENT, dated as
of November 20, 2006, among (i) HERTZ GLOBAL HOLDINGS, INC., a Delaware
corporation (the “Company”), (ii) each Stockholder listed in the
signature pages hereof, and (iii) any other Stockholder that may become
a party to this Agreement after the date and pursuant to the terms hereof.  Capitalized terms used herein without
definition shall have the meanings set forth in Section 5.1.

W  I
T  N  E  S  S  E  T  H:

WHEREAS, on December 21, 2005, the Company acquired from
Ford Holdings LLC, indirectly, all of the outstanding shares of capital stock
of The Hertz Corporation (“Hertz”);

WHEREAS, in connection with the acquisition of Hertz,
the Company entered into a Stockholders Agreement, dated as of December 21,
2005, with its stockholders as of that date (the “Original Agreement”);

WHEREAS, the Company is proposing to consummate an
IPO; and

WHEREAS the Stockholders and the Company desire to
amend and restate the Original Agreement as provided herein to set forth their
respective rights and obligations following the IPO.

NOW, THEREFORE, in consideration of the mutual
agreements contained herein, the parties hereto hereby agree as follows:

ARTICLE I

[RESERVED]

ARTICLE II

GOVERNANCE AND MANAGEMENT OF THE COMPANY

2.1           Board of Directors/Committees.

(a)           Board
Nominees.

(i)            Prior to
a Controlled Company Event. 
Subject to Section 2.6, and prior to a Controlled Company Event, the
Stockholders and the Company shall take all Necessary Action to cause the board
of directors of the Company (the “Board”) to be comprised of up to
fifteen directors:

(A)          three of whom shall be
designated by CD&R (such persons, the “CD&R Nominees”);

(B)           one of whom shall be
designated by Carlyle and one of whom shall be designated by CEP II U.S.
Investment, L.P. (such persons, the “Carlyle Nominees”);

(C)           two of whom shall be
designated by Merrill (such persons, the “Merrill Nominees”, and
collectively with the CD&R Nominees and the Carlyle Nominees, the “Investor
Nominees”);

(D)          three of whom shall be
Independent Directors, with each Principal Investor having the right to
designate one such Independent Director and each such Independent Director
being subject to Unanimous Investor Approval;

(E)           unless otherwise agreed
by Majority Approval, one of whom shall be the Chief Executive Officer (the
identity of which shall be subject to Section 2.5) (the “CEO Nominee”),
it being understood and agreed that such approval is hereby given for Mr. Mark
Frissora to be a member of the Board while he is the Chief Executive Officer of
the Company;

(F)           unless otherwise agreed
by Majority Approval, one of whom shall be Mr. Craig Koch, until such time as
Mr. Mark Frissora succeeds Mr. Craig Koch as Chairman of the Board; and

(G)           up to three of whom
shall be additional Independent Directors designated by Unanimous Investor
Approval.

(ii)           Following
a Controlled Company Event. 
If, following a Controlled Company Event and after giving effect to
Section 2.6, the membership of the Board as designated in accordance with
Section 2.1(a)(i) would not comply with the requirements of Applicable Law
(after giving effect to applicable transition periods, if any), (A) the
number of CD&R Nominees, Carlyle Nominees and Merrill Nominees shall each
be reduced by one (but in no event reduced to less than one except as provided
in Section 2.6), (B) each Principal Investor shall cause one of its
Investor Nominees to resign, and (C) the directors remaining in office
shall elect Independent Directors to fill each of the vacancies created by such
resignations.  If, after giving effect to
the foregoing, the membership of the Board would still not comply with the
requirements of Applicable Law (after giving effect to applicable transition
periods, if any), the Company and the Stockholders will take all Necessary
Action to cause the Company to comply with Applicable Law with respect to the
composition of the Board (which may include the election of additional
Independent Directors as members of the Board and Committees, either as a
result of an increase in the membership of the Board or the pro rata reduction
in the number of Investor Nominees and their resignation from the Board or
Committees, or both).

 2
 

(b)           Chairman
of the Board.  The Chairman of the
Board shall be one of the CD&R Nominees, as selected by the CD&R
Nominees, provided that if CD&R approves of the appointment of the
CEO Nominee as the Chairman of the Board, (i) such CEO Nominee, rather
than a CD&R Nominee, shall serve as Chairman of the Board, and (ii)
during the term of the CEO Nominee’s service as Chairman of the Board, one of
the CD&R Nominees, as selected by the CD&R Nominees, shall serve as
lead director responsible for chairing meetings (or portions thereof) of the
Board during which no management employees of the Company are present.

(c)           Classified
Board.  The certificate of
incorporation and the by-laws of the Company shall provide that the directors
of the Company, subject to any rights of the holders of shares of any class or
series of preferred stock of the Company, shall be classified with respect to
the time for which they severally hold office into three classes, as nearly
equal in number as possible.  One class’s
(“Class I”) term will expire at the first annual meeting of the
stockholders following the date hereof, another class’s (“Class II”)
term will expire at the second annual meeting of the stockholders following the
date hereof and another class’s (“Class III”) term will expire at the
third annual meeting of stockholders following the date hereof; provided
that the term of each director shall continue until the election and
qualification of a successor and be subject to such director’s earlier death,
resignation or removal.  Thereafter, at
each annual meeting of stockholders of the Corporation, subject to any rights
of the holders of shares of any class or series of preferred stock of the
Company, the successors of the directors whose term expires at that meeting
shall be elected to hold office for a term expiring at the annual meeting of
stockholders held in the third year following the year of their election.  The Investor Nominees shall be allocated
among the three classes of the Board as follows:  (i) one CD&R Nominee shall be
allocated to each of Class I, Class II and Class III; and (ii) one
Carlyle Nominee and one Merrill Nominee shall be allocated to each of Class I
and Class III; provided that if the number of Investor Nominees is
reduced pursuant to Section 2.1(a)(ii) or Section 2.6, upon the resignation of
an affected Investor Nominee from a class of the Board, the right to designate
successor Investor Nominees to such class shall expire.

(d)           Committees.  The by-laws of the Company shall provide for
an executive and governance committee, a compensation committee, an audit
committee and such other committees as the Board may determine (collectively,
the “Committees”); provided that, following a Control Company
Event, the executive and governance committee shall be renamed the executive
committee and the Committees shall include a nominating and governance
committee.  Subject to Section 2.6,
the executive and governance committee shall consist of the Chairman of the
Board, a CD&R Nominee (if the CD&R Nominee is not the Chairman of the
Board), a Carlyle Nominee, a Merrill Nominee and, if the Chief Executive Officer
is not the Chairman of the Board and is a member of the Board, the Chief
Executive Officer.  The CD&R Nominee
that is a member of the executive and governance committee shall serve as its
chairman.  Each Committee shall consist
of at 

 3
 

least three
directors and, subject to Section 2.6, each Principal Investor shall have
the right to designate one member thereof from among the Investor Nominees and
Independent Directors; provided that (i) the membership of each
Committee shall meet the requirements of Applicable Law (after giving effect to
applicable transition periods, if any), and (ii) each Committee shall
have such additional members as the Board may determine, which determination,
if made after a Controlled Company Event, shall be made on the recommendation
of the nominating and governance committee. 
Each Committee shall have such powers and responsibilities as the Board
may from time to time authorize.

(e)           Removal
and Replacement of Directors.  If a
vacancy is created on the Board or a Committee as a result of the death,
disability, retirement, resignation or removal of any Investor Nominee, then
the Stockholder that designated such Investor Nominee shall have the right to
designate such person’s replacement, subject to the final sentence of Section
2.1(c).

(f)            Board
Observers.  If and for so long as any
Stockholder that is a Principal Investor or is otherwise a member of a
Principal Investor Group is, together with the other members of its Principal
Investor Group and such Principal Investor Group’s Permitted Transferees, the
holder of an aggregate amount of Shares that have an aggregate Fair Market
Value in excess of $50 million, each such Stockholder shall be entitled to
appoint one person as an observer (a “Board Observer”) to the
Board.  Any Board Observer shall be
entitled to attend meetings of such Board and to receive all information
provided to the members of such Board (including without limitation, minutes of
previous meetings of such Board); provided, that the Company reserves
the right to withhold any information and to exclude such Board Observer from
any meeting or portion thereof if access to such information or attendance at
such meeting would adversely affect the attorney-client privilege between the
Company and its counsel or result in a conflict of interest, or if such
Stockholder or its Board Observer is affiliated in any manner with a
Competitor.  For the avoidance of doubt,
no Board Observer shall have voting rights or fiduciary obligations to the
Company or the Stockholders but each shall be bound by the same confidentiality
obligations as the members of the applicable Board.  The Company, the Principal Investors and any
Permitted Transferees thereof agree to take commercially reasonable efforts,
either directly through the Company or indirectly through one of its
Subsidiaries (as applicable), to cause Hertz to permit each Stockholder who has
the right to designate a director to the Board pursuant to Section 2.1(a)
or appoint a Board Observer pursuant to this Section 2.1(f) to appoint one
person as an observer to the board of directors of Hertz.

(g)           Information
Sharing.  Each Stockholders
acknowledges and agrees that the Investor Nominees may share confidential,
non-public information about the Company and its Subsidiaries with the
Principal Investors and their Representatives, subject to the confidentiality
restrictions set forth in Section 6.3.

 4
 

2.2           Director Fees and Expenses.

(a)           Fees.  The Company shall pay to the directors such
fees as may be determined by the Board, subject to Majority Approval.  No director who is also an employee of the
Company or any Company Subsidiary shall be paid any fee for serving as a
director or member of any Committee.

(b)           Expenses.  The Company will cause each non-employee
director serving on the Board, any Committees or any Company Subsidiary board
to be reimbursed for all reasonable out-of-pocket costs and expenses incurred
by him or her in connection with such service, including reasonable travel,
lodging and meal expenses.

2.3           Approvals.

(a)           General.  Except as required by Applicable Law, all
actions requiring the approval of the Board shall be approved by a majority of
the directors present at any duly convened Board meeting or by unanimous
written consent of the directors without a meeting, in each case in accordance
with the provisions of the Delaware General Corporation Law and the by-laws of
the Company.

(b)           Quorum/Notice.  A quorum for meetings of the Board shall
consist of a majority of the total authorized membership of the Board; provided
that, prior to a Controlled Company Event, such majority includes at least one
Investor Nominee of each of the Principal Investors entitled to designate an
Investor Nominee.  If a quorum is not
achieved at any duly called meeting, such meeting may be postponed to a time no
earlier than 48 hours after written notice of such postponement has been given
to the directors, and, at any such postponed meeting, a quorum shall consist of
a majority of the total authorized membership of the Board; provided
that, prior to a Controlled Company Event, such majority must include at least
one Investor Nominee of at least two Principal Investors.  Meetings of the Board may be called by the
Chairman of the Board or by any other director at any time; provided
that at least 48 hours’ written notice of such meeting has been provided to the
directors or notice thereof has been waived by each director.

2.4           Certain Actions/Voting Proxy.

(a)           Each
Stockholder shall take all Necessary Action to cause the election, removal and
replacement of directors, members of Committees and the Chief Executive Officer
in the manner contemplated in, and otherwise give the fullest effect possible
to, the provisions of Sections 2.1 and, subject to Section 2.5(b), 2.5(a)
(including supporting the nomination and designation of such officers and
directors as are set forth in Sections 2.1 and 2.5 and the recommendation of
such directors by the nominating and governance committee to the Board for
inclusion in the slate of nominees recommended by the Board to the stockholders
of the Company for election as directors).

 5
 

(b)           Each
Stockholder, in connection with any vote or action by written consent of the
stockholders of the Company relating to any matter (including with respect to
election of directors, any Transfer of Equity Securities or amendment of the
Company’s certificate of incorporation) requiring consent as specified in
Section 3.1 or any other provision of this Agreement, shall vote all of
its Voting Securities:  (i)
against (and not act by written consent to approve) such matter if such matter
has not received such required consent, (ii) for (or act by written
consent to approve) any matter that has received such required consent and
which has been submitted to the stockholders of the Company for approval, and (iii)
otherwise take or cause to be taken, all other reasonable actions, at the
expense of the Company, required, to the extent permitted by Applicable Law, to
prevent the taking of any action by the Company that has not received such
required consent, or to approve the taking of any such action that has received
such required consent.

(c)           Each
Stockholder (other than the Committing Investors) (i) that is a
Permitted Transferee, an Affiliate Co-investor or a Co-investment Vehicle
hereby irrevocably grants to and appoints the Principal Investor which is an
Affiliate of such Stockholder and (ii) that is not a Person described in
clause (i) hereby irrevocably grants to and appoints the Principal Investors
collectively (to act by unanimous consent) such Stockholder’s proxy and
attorney-in-fact (with full power of substitution), for and in the name, place
and stead of such Stockholder, to vote or act by written consent with respect
to such Stockholder’s Voting Securities, and to grant a consent, proxy or
approval in respect of such Voting Securities, in the event that such
Stockholder fails at any time to vote or act by written consent with respect to
any of its Voting Securities in the manner agreed by such Stockholder in this
Agreement, in each case in accordance with such Stockholder’s agreements
contained in this Section 2.4 and any other provision of this Agreement.  Each Stockholder (other than the Principal
Investors) hereby affirms that the irrevocable proxy set forth in this Section 2.4(c)
will be valid for the term of this Agreement and is given to secure the
performance of the obligations of such Stockholder under this Agreement.  Each such Stockholder hereby further affirms
that each proxy hereby granted shall be irrevocable and shall be deemed coupled
with an interest and shall extend for the term of this Agreement, or, if
earlier, until the last date permitted by Applicable Law.  For the avoidance of doubt, except as
expressly contemplated by this Section 2.4, none of the Stockholders has
granted a proxy to any Person to exercise the rights of any such Stockholder
under this Agreement.

2.5           Chief Executive Officer/Management.  (a)  In
each case, subject to Section 2.5(b), (i) the Chief Executive Officer
shall be appointed by the Board, subject to Majority Approval and the approval
of CD&R, (ii) the Chief Executive Officer may be removed with or
without cause by either (x) the Board with Majority Approval or (y)
CD&R, upon 72 hours’ written notice to the Principal Investors, after
consultation with the Board, (iii) upon the removal of the Chief Executive
Officer, a CD&R Nominee shall lead the search for a new Chief Executive
Officer, which search shall be commenced 

 6
 

within six months of such removal, and shall consult with the Board
throughout such process and (iv) during any period in which there is no
Chief Executive Officer duly appointed in accordance with this
Section 2.5, a CD&R Nominee serving as Chairman of the Board may
assume the role of Chief Executive Officer until such time as a Chief Executive
Officer is so appointed; provided in such event, until such appointment,
there shall be no CEO Nominee on the Board.

(b)           Following a Controlled Company Event, (i)
each Principal Investor shall cause each of its Investor Nominees to take or
omit to take action consistent with giving effect to the provisions of Section
2.5(a), subject to compliance with such Investor Nominee’s fiduciary duties as
a director of the Company and under other Applicable Law, as such compliance is
determined in the good faith judgment of such Investor Nominee, and (ii)
neither the Company nor any other Stockholder shall be obligated to take or
omit to take any other action (including any other Necessary Action) to give
effect to the provisions of Section 2.5(a), and no Stockholder shall have any
liability or obligation as a result of any of its Investor Nominees’ exercise
of its judgment in good faith as provided in clause (i).

2.6           Termination of Rights.  Notwithstanding Section 2.1(a) or
Section 2.5, if, at any time, any Principal Investor, together with
members of its Principal Investor Group and its other Qualified Co-investment
Transferees, shall cease to own a number of Shares equal to at least:

(i)            50% of the Shares
owned by such Principal Investor and members of its Principal Investor Group
and its other Qualified Co-investment Transferees on the Closing Date (its “Original
Shares”), except as otherwise requested by a majority of the Investor
Nominees of the other Principal Investors, (A) the number of directors
such Principal Investor shall have the right to nominate pursuant to
Section 2.1(a) shall be reduced by one, (B) such Principal Investor
shall cause one of its Investor Nominees to resign, and (C) except as
otherwise provided in Section 2.1(a)(ii),the directors remaining in office shall
decrease the size of the Board to eliminate such vacancy; and

(ii)           25% of its Original
Shares, (A) such Principal Investor shall cease to have the right to
designate any directors pursuant to Sections 2.1(a) and 2.1(b) (including,
in the case of CD&R, the right to designate the Chairman of the Board) or
any right to designate members of Committees pursuant to Section 2.1(d)
(including, in the case of CD&R, the right to designate the chair of the
executive and governance committee), (B) the consent of such Principal
Investor or its Investor Nominees shall no longer be required (if applicable)
to authorize, effect or validate the matters specified in Section 2.5, (C)
such Principal Investor shall cause its Investor Nominees and Committee
designees to resign, and (D) except as otherwise consented to by the
other Principal Investors entitled to designate a director, and except as
otherwise provided in Section

 7
 

2.1(a)(ii), the directors remaining in office
shall decrease the size of the Board to eliminate such vacancy.

2.7           Non-Competition.  For so long as a Principal Investor or any
member of its Principal Investor Group (x) has the right to designate a
director pursuant to Section 2.1(a), (y) actually designates a
board observer as permitted pursuant to Section 2.1(f) or (z)
elects to continue to receive any Information from the Company or its
Subsidiaries pursuant to Section 2.8, such Principal Investor, its Affiliates,
its Affiliate Co-investors and its Co-investment Vehicles shall not directly or
indirectly through one or more Affiliates own, manage, operate, control or
participate in the ownership, management, operation or control of any
Competitor; provided that nothing in this Section 2.7 shall prohibit any
Principal Investor, its Controlled Affiliates, Affiliate Co-investors or
Co-investment Vehicles from acquiring or owning, directly or indirectly:

(a)           up
to 5% of the aggregate voting securities of any Competitor (i) that is a
publicly traded Person or (ii) that is not a publicly traded Person; provided
that neither the Principal Investor, nor any of its Controlled Affiliates,
Affiliate Co-investors or Co-investment Vehicles, directly or indirectly
through one or more Affiliates, designates a member of the board of directors
(or similar body) of such Competitor or its Affiliates or is granted any other
governance rights with respect to such Competitor or its Affiliates (other than
customary governance rights granted in connection with the ownership of debt
securities);

(b)           any
non-convertible debt securities of any Competitor;

(c)           any
securities of any Competitor as defined in clause (b) of the definition of
Competitor, so long as such Person’s rental activities are limited in all
material respects to equipment manufactured or assembled by such Person or its Affiliates;

(d)           any
securities of any Competitor, so long as (i) such Person’s annual
revenue derived from rental operations that qualify such Person as a Competitor
are limited to no more than 25% of total annual revenue of such Person on a
consolidated basis and (ii) such rental operations of such Person are
divested within 12 months of being acquired; or

(e)           any
securities of any Person that is a Competitor, substantially all of whose
operations are conducted outside of North America and Europe; provided
that prior to any Principal Investor or its Controlled Affiliates, Affiliate
Co-investors or Co-investment Vehicles acquiring or owning such securities,
such potential purchaser shall have given written notice to the Company, in
reasonable detail, of the opportunity to acquire such securities and of such
potential purchaser’s good faith interest in pursuing the opportunity, and the
Company shall not have, within 10 Business Days of receipt of such notice,
notified such potential purchaser of its good faith interest in pursuing such
opportunity on behalf of itself or one or more of the Company’s
Subsidiaries.  If such a 

 8
 

notice of
interest has been timely delivered, the Board shall give written notice to the
potential purchaser if the Company subsequently determines not to continue to
pursue such opportunity, in which case the foregoing proviso shall cease to
apply with respect to such opportunity.

Nothing in this Section
2.7 shall prohibit Merrill Lynch Global Partners, Inc. (“MLGP”) or its
Affiliates from engaging in trading, asset management (including proprietary
trading and hedge fund and similar activities), financial advisory, lending or
other applicable financial services activities in its ordinary course of
business so long as no confidential information relating to the Company, any of
the Company’s Subsidiaries or the acquisition of Hertz is used in the course of
such activity.

2.8           Information/Access.

(a)           Information.  The Company shall provide each Stockholder or
its designated representative with:

(i)            as soon as available,
and in any event within 45 days after the end of each fiscal quarter of the
Company for the first three fiscal quarters of a fiscal year, the consolidated
balance sheet of the Company and its Subsidiaries as at the end of such quarter
and the consolidated statements of income, cash flows and changes in
stockholders’ equity for such quarter and the portion of the fiscal year then
ended of the Company and its Subsidiaries;

(ii)           as soon as available,
and in any event within 90 days after the end of each fiscal year of the
Company, the consolidated balance sheet of the Company and its Subsidiaries as
at the end of each such fiscal year and the consolidated statements of income,
cash flows and changes in stockholders’ equity for such year of the Company and
its Subsidiaries, accompanied by the report of independent certified public
accountants of recognized national standing; and

(iii)          to the extent the
Company or any of its Subsidiaries is required by Applicable Law or pursuant to
the terms of any outstanding indebtedness of the Company to prepare such
reports, any annual reports, quarterly reports and other periodic reports
(without exhibits) pursuant to Section 13 or 15(d) of the Exchange Act,
actually prepared by the Company or such Subsidiary as soon as available.

(b)           Access.  The Company shall, and shall cause its
Subsidiaries, officers, directors and employees to, (i) afford the
officers, employees, auditors and other agents of each Stockholder that is a
member of a Principal Investor Group, for so long as such Stockholder is,
together with the other members of its Principal Investor Group and such
Principal Investor Group’s Permitted Transferees, the holder of an aggregate
amount of 

 9
 

Shares that
have an aggregate Fair Market Value in excess of $50 million, during normal
business hours and upon reasonable notice reasonable access at all reasonable
times to its officers, employees, auditors, properties, offices, plants and
other facilities and to all books and records, and (ii) afford such
Stockholder the opportunity to consult with its officers from time to time
regarding the Company’s and its Subsidiaries’ affairs, finances and accounts as
each such Stockholder may reasonably request upon reasonable notice.

(c)           Additional
Information.  Each of the
Stockholders agrees that, from the date of this Agreement and for so long as it
shall own any Equity Securities, it will furnish the Company such necessary
information and reasonable assistance as the Company may reasonably request in
connection with the (i) consummation of the transactions contemplated by
this Agreement and the Registration Rights Agreement and (ii) the
preparation and filing of any reports, filings, applications, consents or
authorizations with any Regulatory Entity under any Applicable Law.  Each Stockholder proposing to make a Transfer
pursuant to Article III and the Company shall provide the other with any
information reasonably requested in order for each of them to determine whether
the proposed Transfer would be a Prohibited Transaction.

(d)           Corporate
Opportunities.  Except as otherwise
provided in the second sentence of this Section 2.8(d), (i) no
Stockholder and no stockholder, member, manager, partner or Affiliate of any
Stockholder or their respective officers, directors, employees or agents (any
of the foregoing, a “Stockholder Group Member”) shall have any duty to
communicate or present an investment or business opportunity or prospective
economic advantage to the Company or any of its Subsidiaries in which the Company
or one of its Subsidiaries may, but for the provisions of this
Section 2.8(d), have an interest or expectancy (“Corporate Opportunity”),
and (ii) subject to Section 2.7, no Stockholder nor any Stockholder
Group Member (even if also an officer or director of the Company) will be
deemed to have breached any fiduciary or other duty or obligation to the
Company by reason of the fact that any such Person pursues or acquires a
Corporate Opportunity for itself or its Affiliates or directs, sells, assigns
or transfers such Corporate Opportunity to another Person or does not
communicate information regarding such Corporate Opportunity to the
Company.  The Company, on behalf of
itself and its Subsidiaries, renounces any interest in a Corporate Opportunity
and any expectancy that a Corporate Opportunity will be offered to the Company;
provided that the Company does not renounce any interest or expectancy
it may have in any Corporate Opportunity that is offered to an officer of the
Company whether or not such individual is also a director or officer of a
Stockholder, if such opportunity is expressly offered to such Person in his or
her capacity as an officer of the Company and the Stockholders recognize that
the Company reserves such rights.

 10
 

ARTICLE III

TRANSFERS/CERTAIN COVENANTS

3.1           Transfer
Restrictions.

(a)           No Stockholder may Transfer any of its
Equity Securities except as follows:

(i)            Any Stockholder may
Transfer all or any portion of its Equity Securities to any Permitted
Transferee of such Stockholder, provided that Equity Securities
Transferred by a Principal Investor (without Unanimous Investor Approval) to
any Permitted Transferee pursuant to this Section 3.1(a)(i), other than
Transfers to a Specified Affiliate or in connection with a Mandatory
Distribution, shall not constitute more than 45% of such Principal Investor’s pro rata share of the Equity Securities of the Company as of
the Closing, provided, further, that any Principal Investor may Transfer
all or any portion of any Equity Securities acquired after the Closing Date to
any Permitted Transferee of such Principal Investor without limitation.

(ii)           [Reserved].

(iii)          Any Stockholder may
Transfer all or any portion of its Equity Securities as a Tag-Along Participant
pursuant to Section 3.3 or as a Selling Stockholder pursuant to
Section 3.4.

(iv)          Any Stockholder may
Transfer all or any portion of its Equity Securities at any time in connection
with a (x) Demand Registration (as defined in the Registration Rights
Agreement) or (y) a Shelf Underwritten Offering (as defined in the
Registration Rights Agreement) following delivery of a Take-Down Notice (as
defined in the Registration Rights Agreement), which Demand Registration or
Take-Down Notice has been approved pursuant to clause (v) below, or (z)
a Piggyback Registration (as defined in the Registration Rights Agreement), in
each case as provided in, and subject to, the Registration Rights Agreement.

(v)           Any Stockholder may
Transfer all or any portion of its Equity Securities at any time, subject to
compliance with Section 3.3 and Section 3.4, provided that,
until the earlier of (x) the second anniversary of the consummation of
the IPO and (y) the Principal Investors ceasing to own (in the
aggregate) at least 25% of the Voting Securities of the Company, such Transfer
shall also be subject to receipt of Majority Approval (which, for the avoidance
of doubt, shall be required for any request for a Demand Registration or the
delivery of any Take-Down Notice pursuant to the Registration Rights
Agreement).

 11
 

(b)           Notwithstanding
anything to the contrary in this Agreement, no Stockholder shall Transfer any
Equity Securities (whether or not the proposed Transferee is a Permitted
Transferee or such Transfer would otherwise be permitted by Section 3.1(a)) (i)
to any Competitor or (ii) if any such Transfer would constitute a
Prohibited Transaction, unless, in any such case, such Transfer has received
Unanimous Investor Approval in writing.

(c)           Any
Permitted Transferee that acquires Equity Securities shall, as a condition precedent
to the Transfer of such Equity Securities to such Transferee, (i) become
a party to this Agreement by completing and executing a signature page hereto
(including the address of such party), (ii) execute all such other
agreements or documents as may reasonably be requested by the Company (which
may include such representations and warranties made by the Permitted
Transferee to the Company as shall be reasonably requested by the Company; it
being understood that any representations and warranties made by the original
parties to this Agreement pursuant to subscription agreements, other than those
solely related to a primary investment in the Company, shall be deemed
reasonable), and (iii) deliver such signature page and, if applicable, other
agreements and documents to the Company at its address specified in Section
6.12.  Such Permitted Transferee shall,
upon its satisfaction of such conditions and acquisition of Equity Securities,
be a Stockholder for all purposes of this Agreement.

(d)           Any
Transfer or attempted Transfer of Equity Securities in violation of any
provision of this Agreement shall be void.

(e)           Each
Stockholder that is classified for U.S. Federal income tax purposes as a
partnership agrees that it shall not, unless otherwise agreed in writing by
each of the Principal Investors, for so long as it owns more than 3% of the
outstanding Equity Securities, permit a Person to become the beneficial owner
of an interest as a member of such Stockholder for U. S. Federal income tax
purposes if, to its knowledge after due inquiry, such Person is a natural
person.  For these purposes, any entity
that is classified as a disregarded entity or any Grantor Trust for U.S.
Federal income tax purposes shall be disregarded, but a Person that owns an
interest as a member of an entity that is classified as a partnership for such
purposes (an upper-tier partnership), which upper-tier partnership owns an
interest as a member of a second entity that is classified as a partnership for
such purposes (a lower-tier partnership), shall not be considered the
beneficial owner of an interest as a member of such lower-tier partnership as a
result of such Person’s owning an interest as a member of such upper-tier
partnership.

(f)            Prior
to the eighth anniversary of the Closing Date, without Unanimous Investor
Approval no Stockholder shall distribute any of its Equity Securities in kind
to any of its direct or indirect equityholders that is not an Affiliate of such
Stockholder other than in connection with a Mandatory Distribution.

3.2           [Reserved]

 12
 

3.3           Tag-Along Rights.

(a)           In
the event of a proposed Transfer of Shares by a Stockholder (a “Transferring
Stockholder”) other than (x) to a Permitted Transferee or (y)
in connection with a Public Offering (including a shelf takedown) in accordance
with the Registration Rights Agreement (with respect to which each
Stockholder’s right to participate in such Public Offering will be governed by
the terms thereof), each Stockholder (other than the Transferring Stockholder)
shall have the right to participate on the same terms and conditions and for
the same per Share consideration as the Transferring Stockholder in the
Transfer in the manner set forth in this Section 3.3.  Prior to any such Transfer, the Transferring
Stockholder shall deliver to the Company prompt written notice (the “Transfer
Notice”), which the Company will forward to the Stockholders (other than
the Transferring Stockholder, the “Tag-Along Participants”) within 5
days of receipt thereof, which notice shall state (i) the name of the
proposed Transferee, (ii) the number of Shares proposed to be
Transferred (the “Transferred Securities”) and the percentage (the “Tag
Percentage”) that such number of Shares constitute of the total number of
Shares owned by such Transferring Stockholder, (iii) the proposed
purchase price therefore, including a description of any non-cash consideration
sufficiently detailed to permit the determination of the Fair Market Value
thereof, and (iv) the other material terms and conditions of the
proposed Transfer, including the proposed Transfer date (which date may not be
less than 35 days after delivery to the Tag-Along Participants of the Transfer
Notice).  Such notice shall be
accompanied by a written offer from the proposed Transferee to purchase the
Transferred Securities, which offer may be conditioned upon the consummation of
the sale by the Transferring Stockholder, or the most recent drafts of the
purchase and sale documentation between the Transferring Stockholder and the
Transferee which shall make provision for the participation of the Tag-Along
Participants in such sale consistent with this Section 3.3.

(b)           Each
Tag-Along Participant may elect to participate in the proposed Transfer to the
proposed Transferee identified in the Transfer Notice by giving written notice
to the Company and to the Transferring Stockholder within the 15 day period
after the delivery of the Transfer Notice to such Tag-Along Participant, which
notice shall state that such Tag-Along Participant elects to exercise its
rights of tag-along under this Section 3.3 and shall state the maximum
number of shares sought to be Transferred (which number may not exceed the
product of (i) all such Shares owned by such Tag-Along Participant plus
the number of Shares owned by any Affiliate Tag-Along Assignor of such
Tag-Along Participant, multiplied by (ii) the Tag Percentage).  As used in this Agreement, the term “Affiliate
Tag-Along Assignor” with respect to any Stockholder shall mean an Affiliate
of such Stockholder or, in the case of any member of a Principal Investor
Group, any other member of such Principal Investor Group that, in each case,
shall have waived, by means of written notice to the Company and the
Transferring Stockholder, its tag-along rights pursuant to this
Section 3.3 with respect to the applicable Transfer in favor of such
Stockholder.  Each Tag-Along Participant
shall be deemed to 

 13
 

have waived
its right of tag-along with respect to the Transferred Securities hereunder if
it fails to give notice within the prescribed time period.  The proposed Transferee of Transferred
Securities will not be obligated to purchase a number of Shares exceeding that
set forth in the Transfer Notice, and in the event such Transferee elects to
purchase less than all of the additional Shares sought to be Transferred by the
Tag-Along Participants, the number of Shares to be Transferred by the
Transferring Stockholder and each such Tag-Along Participant shall be reduced
so that each such Stockholder is entitled to sell its Pro Rata Portion of the number
of Shares the proposed Transferee elects to purchase (which in no event may be
less than the number of Transferred Securities set forth in the Transfer
Notice).

(c)           Each
Tag-Along Participant, if it is exercising its tag-along rights hereunder,
shall deliver to the Transferring Stockholder at the closing of the Transfer of
the Transferring Stockholder’s Transferred Securities to the Transferee
certificates representing the Transferred Securities to be Transferred by such
holder, duly endorsed for transfer or accompanied by stock powers duly
executed, in either case executed in blank or in favor of the applicable
purchaser against payment of the aggregate purchase price therefor by wire
transfer of immediately available funds. 
Each Stockholder participating in a sale pursuant to this
Section 3.3 shall receive consideration in the same form and per share
amount after deduction of such Stockholder’s proportionate share of the related
expenses.  Each Stockholder participating
in a sale pursuant to this Section 3.3 shall agree to make or agree to the same
customary representations, covenants, indemnities and agreements as the
Transferring Stockholder so long as they are made severally and not jointly and
the liabilities thereunder are borne on a pro rata basis
based on the consideration to be received by each Stockholder; provided,
that any general indemnity given by the Transferring Stockholder, applicable to
liabilities not specific to the Transferring Stockholder, to the Transferee in
connection with such sale shall be apportioned among the Stockholders
participating in a sale pursuant to this Section 3.3 according to the
consideration received by each such Stockholder and shall not exceed such
Stockholder’s net proceeds from the sale; provided, further, that
any representation relating specifically to a Stockholder and/or its ownership
of the Equity Securities to be Transferred shall be made only by that
Stockholder.  The fees and expenses
incurred in connection with a sale under this Section 3.3 and for the benefit
of all Stockholders (it being understood that costs incurred by or on behalf of
a Stockholder for his, her or its sole benefit will not be considered to be for
the benefit of all Stockholders), to the extent not paid or reimbursed by the
Company or the Transferee or acquiring Person, shall be shared by all the
Stockholders on a pro rata basis, based on the
consideration received by each Stockholder in respect of its Equity Securities
to be Transferred; provided that no Stockholder shall be obligated to
make any out-of-pocket expenditure prior to the consummation of the transaction
consummated pursuant to this Section 3.3 (excluding de
minimis expenditures).  The proposed Transfer date may be extended
beyond the date described in the Transfer Notice to the extent necessary to
obtain required approvals of 

 14
 

Regulatory
Entities and other required approvals and the Company and the Stockholders
shall use their respective commercially reasonable efforts to obtain such
approvals.

(d)           If
the Transferring Stockholder sells or otherwise Transfers to the Transferee any
of its Shares in breach of this Section 3.3, then each Tag-Along
Participant shall have the right to sell to each Transferring Stockholder, and
each Transferring Stockholder undertakes to purchase from each Tag-Along
Participant, the number of Shares that such Tag-Along Participant would have
had the right to sell to the Transferee pursuant to this Section 3.3, for
a per Share amount and form of consideration and upon the terms and conditions
on which the Transferee bought such Shares from the Transferring Stockholder,
but without any indemnity being granted by any Tag-Along Participant to the
Transferring Stockholder; provided that nothing contained in this
Section 3.3(d) shall preclude any Stockholder from seeking alternative
remedies against any such Transferring Stockholder as a result of its breach of
this Section 3.3.

3.4           Drag Along Right.

(a)           If
one or more members of the Principal Investor Groups propose to Transfer all of
their Equity Securities, representing more than 50% of the Voting Securities of
the Company, and, for so long as such a Transfer requires any approval
hereunder, such Transfer has been so approved, then if requested by the
Stockholder(s) Transferring such Equity Securities (the “Section 3.4
Transferring Stockholder(s)”), each other Stockholder (each, a “Selling
Stockholder”) shall be required to sell all of the Equity Securities held
by it of the same type as any of the Equity Securities to be Transferred (or
then convertible into any such type).

(b)           The
consideration to be received by a Selling Stockholder shall be the same form
and amount of consideration per share to be received by the Section 3.4
Transferring Stockholder(s), and the terms and conditions of such sale shall be
the same as those upon which the Section 3.4 Transferring Stockholder(s)
sells its Equity Securities.   In
connection with the transaction contemplated by Section 3.4(a) (the “Drag
Transaction”), each Selling Stockholder will agree to make or agree to the
same customary representations, covenants, indemnities and agreements as the
Section 3.4 Transferring Stockholder(s) so long as they are made severally
and not jointly and the liabilities thereunder are borne on a pro rata basis based on the consideration to be received by
each Stockholder; provided, that (i) any general indemnity given
by the Section 3.4 Transferring Stockholder(s), applicable to liabilities
not specific to the Section 3.4 Transferring Stockholder(s), to the
purchaser in connection with such sale shall be apportioned among the Selling
Stockholders according to the consideration received by each Selling
Stockholder and shall not exceed such Selling Stockholder’s net proceeds from
the sale, (ii) that any representation relating specifically to a
Selling Stockholder and/or its Equity Securities shall be made only by that
Selling Stockholder, and (iii) in no event shall any Stockholder be
obligated to agree to any non-competition covenant or other similar agreement
as a condition of participating in such Transfer.

 15
 

(c)           The
fees and expenses incurred in connection with a sale under this
Section 3.4 and for the benefit of all Stockholders (it being understood
that costs incurred by or on behalf of a Stockholder for his, her or its sole
benefit will not be considered to be for the benefit of all Stockholders), to
the extent not paid or reimbursed by the Company or the Transferee or acquiring
Person, shall be shared by all the Stockholders on a pro rata
basis, based on the consideration received by each Stockholder in respect of
its Equity Securities; provided that no Stockholder shall be obligated
to make any out-of-pocket expenditure prior to the consummation of the
transaction consummated pursuant to this Section 3.4 (excluding de  minimis
expenditures).

(d)           The
Section 3.4 Transferring Stockholder(s) shall provide written notice (the
“Drag Along Notice”) to each other Selling Stockholder of any proposed
Drag Transaction as soon as practicable following its exercise of the rights
provided in Section 3.4(a).  The
Drag Along Notice shall set forth the consideration to be paid by the purchaser
for the securities, the identity of the purchaser and the material terms of the
Drag Transaction.

(e)           If
any holders of Equity Securities of any class are given an option as to the
form and amount of consideration to be received in the Drag Transaction, all
holders of Equity Securities of such class must be given the same option.

(f)            Any
Selling Stockholder whose assets (“Plan Assets”) constitute assets of
one or more employee benefit plans and are subject to Part IV of Title I of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
shall not be obligated to sell to any Person to whom the sale of any Equity
Securities would constitute a non-exempt “prohibited transaction” within the
meaning of ERISA or the Code, provided, however, that if so requested by
the Section 3.4 Transferring Stockholder(s): (i) such Selling
Stockholder shall have taken commercially reasonable efforts to (x)
structure its sale of Equity Securities so as not to constitute a non-exempt
“prohibited transaction” or (y) obtain a ruling from the Department of
Labor to the effect that such sale (as originally proposed or as restructured
pursuant to clause (i)(x)) does not constitute a non-exempt “prohibited
transaction” and (ii) such Selling Stockholder shall have delivered an
opinion of counsel (which opinion and counsel are reasonably satisfactory to
the Section 3.4 Transferring Stockholder(s)) to the effect that such sale
(as originally proposed or as restructured pursuant to clause (i)(x)) would
constitute a non-exempt “prohibited transaction.”

(g)           Upon
the consummation of the Drag Transaction and delivery by any Selling
Stockholder of the duly endorsed certificate or certificates representing the
Equity Securities held by such Selling Stockholder to be sold together with a
stock power duly executed in blank, the acquiring Person shall remit directly
to such Selling Stockholder, by wire transfer of immediately available funds, the
consideration for the securities sold pursuant thereto.

 16
 

3.5           [Reserved].

3.6           Legend.

(a)           All
certificates representing the Equity Securities held by each Stockholder shall
bear a legend substantially in the following form:

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A STOCKHOLDERS AGREEMENT (A COPY
OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY).  NO TRANSFER, SALE, ASSIGNMENT, PLEDGE,
HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH
STOCKHOLDERS AGREEMENT AND (A) PURSUANT TO A REGISTRATION STATEMENT EFFECTIVE
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) PURSUANT TO AN EXEMPTION
FROM REGISTRATION THEREUNDER.  THE HOLDER
OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY
ALL OF THE PROVISIONS OF SUCH STOCKHOLDERS AGREEMENT.”

(b)           Upon
the permitted sale of any Equity Securities pursuant to (i) an effective
registration statement under the Securities Act or pursuant to Rule 144 or (ii) another
exemption from registration under the Securities Act or upon the termination of
this Agreement, the certificates representing such Equity Securities shall be
replaced, at the expense of the Company, with certificates or instruments not
bearing the legends required by this Section 3.6; provided that the
Company may condition such replacement of certificates under clause (ii) upon
the receipt of an opinion of securities counsel reasonably satisfactory to the
Company.

 17
 

ARTICLE IV

[RESERVED]

ARTICLE V

DEFINITIONS

5.1           Certain Definitions.

“Affiliate” means, with respect to any Person,
(i) any Person directly or indirectly Controlling, Controlled by or
under common Control with such Person, (ii) any Person directly or indirectly
owning or Controlling 10% or more of any class of outstanding voting securities
of such Person or (iii) any officer, director, general partner or
trustee of any such Person described in clause (i) or (ii) (it being understood
and agreed that for purposes of this Agreement (x) each of CMC-Hertz
Partners and ML Hertz Co-Investor shall be deemed an Affiliate of Merrill and a
member of Merrill’s Principal Investor Group but not Carlyle’s or CD&R’s
Principal Investor Group, and (y) CDR CCMG Co-Investor shall be deemed
an Affiliate of CD&R and a member of CD&R’s Principal Investor Group
but not Carlyle’s or Merrill’s Principal Investor Group).

“Affiliate Co-investor” means an entity not
formed primarily for the purpose of making the commitments of a Principal
Investor at Closing which is an Affiliate of a Principal Investor, any internal
co-investment entity for partners, employees, advisors and other
designees of any Principal Investor or its Affiliates, an alternative
investment vehicle that is an Affiliate of a Principal Investor or a direct or
indirect wholly-owned Subsidiary of any of the foregoing.

“Affiliate Tag-Along Assignor” has the meaning
set forth in Section 3.3(b).

“Agreement” means this Stockholders Agreement,
as amended from time to time in accordance with Section 6.8.

“Applicable Law” means all applicable
provisions of (i) constitutions, treaties, statutes, laws (including the
common law), rules, regulations, ordinances, codes or orders of any Regulatory
Entity, (ii) any consents or approvals of any Regulatory Entity and (iii)
any orders, decisions, injunctions, judgments, awards, decrees of or agreements
with any Regulatory Entity.

“Board” has the meaning set forth in
Section 2.1(a)(i).

“Board Observer” has the meaning set forth in
Section 2.1(f).

“Business Day” means a day other than a
Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required to close.

“Carlyle” means Carlyle Partners IV, L.P.

“Carlyle Nominees” has the meaning set forth in
Section 2.1(a)(i)(B).

“CD&R” means Clayton, Dubilier & Rice
Fund VII, L.P.

“CDR CCMG Co-Investor” means CDR CCMG
Co-Investor L.P.  For purposes of clarity
CDR CCMG Co-Investor shall be deemed an Affiliate and Co-investment Vehicle of
CD&R but not Carlyle or Merrill.

 18
 

“CD&R Nominees” has the meaning set forth
in Section 2.1(a)(i)(A).

“CEO Nominee” has the meaning set forth in
Section 2.1(a)(i)(E).

“Chief Executive Officer” means the chief
executive officer of the Company.

“Class I,” “Class II” and “Class III”
have the meanings set forth in Section 2.1(c).

“Closing” means the closing of the acquisition
of Hertz by the Company.

“Closing Date” means the date of the Closing.

“CMC-Hertz Partners” means CMC-Hertz Partners,
L.P. and any other investment vehicle formed in accordance with the limited
partnership agreement of CMC-Hertz Partners, L.P.  For purposes of clarity CMC-Hertz Partners
shall be deemed an Affiliate and Co-investment Vehicle of Merrill but not
Carlyle or CD&R.

“Code” means the U.S. Internal Revenue Code of
1986, as amended.

“Co-investment Vehicle” means any entity (i)
formed for the purpose of, or used exclusively or primarily for, permitting
other Persons to co-invest with a Principal Investor in the Company and (ii)
Controlled by, or under common Control with, such Principal Investor.

“Committees” has the meaning set forth in
Section 2.1(d).

“Committing Investors” means the Principal
Investors and Merrill Lynch Ventures L.P. 2001.

“Common Stock” means the common stock, par
value $0.01 per share, of the Company and any securities issued in respect
thereof, or in substitution therefor, in connection with any stock split,
dividend or combination, or any reclassification, recapitalization, merger,
consolidation, exchange or other similar reorganization.

“Company” has the meaning set forth in the
Preamble.

“Competitor” means a Person, or another Person
that controls or is controlled by a Person engaged in: (a) the
short-term car and light truck (including sport utility vehicles and, solely
with respect to any Person that has operations in Europe, light commercial
vehicles in such European operations of a type rented by Hertz or its
Subsidiaries as of the date of determination) rental industry and who had total
revenue in such business in excess of $50 million for its most recently
completed fiscal year or (b) for so long as HERC (and any Subsidiaries
thereof) is a business unit of the Company, the renting of construction,
industrial and materials handling equipment used for similar purposes as the
equipment rented by HERC (and any Subsidiaries thereof) to its customers as of
the date 

 19
 

of determination and who
had total revenue in such business in excess of $50 million for its most
recently completed fiscal year.

“Control” means the power to direct the affairs
of a Person by reason of ownership of voting securities, by contract or
otherwise.

“Controlled Affiliate” means, with respect to
any Person, any Person directly or indirectly Controlled by such Person; provided
that the limited partners and non-managing members of any Person that is an
investment fund shall in no event be deemed Controlled Affiliates of such fund.

“Controlled Company Event” means the first date
on which the Company ceases to qualify as a “controlled company” as defined
from time to time under the New York Stock Exchange’s corporate governance
listing standards.

“Corporate Opportunity” has the meaning set
forth in Section 2.8(d).

“Drag Along Notice” has the meaning set forth
in Section 3.4(d).

“Drag Transaction” has the meaning set forth in
Section 3.4(b).

“Equity Securities” means any and all shares of
Common Stock of the Company, securities of the Company convertible into, or
exchangeable or exercisable for, such shares, and options, warrants or other
rights to acquire such shares.

“ERISA” has the meaning set forth in Section
3.4(f).

“Exchange Act” means the Securities Exchange
Act of 1934, as amended from time to time, and the rules and regulations
promulgated thereunder.

“Fair Market Value” means with respect to any
non-cash consideration, the fair market value of such non-cash consideration as
determined in good faith by the Board.

“Grantor Trust” means the portion of a trust
where it is specified in Sections 672-679 of the Code that the grantor of such
trust or another person shall be treated as the owner of such portion of such
trust.

“Group” has the meaning assigned to such term
in Section 13(d)(3) of the Exchange Act.

“Hertz” has the meaning set forth in the
Recitals.

“Independent Director” means an “independent
director” as such term is defined from time to time in the New York Stock
Exchange’s corporate governance listing standards.

 20

“Information” means all information, whether
written or oral or in electronic or other form and whether prepared by the
Company, its advisers or otherwise, (i) about the Company or any of its
Subsidiaries that is or has been furnished to any Stockholder or any of its
Representatives by or on behalf of the Company or any of its Subsidiaries, or
any of their respective Representatives, (ii) supplied by the Company,
Ford Holdings, LLC, Hertz or the other Stockholders in connection with the
acquisition of Hertz, and (iii) all written or electronically stored
documentation prepared by such Stockholder or its Representatives based on or
reflecting, in whole or in part, any such information; provided that the
term “Information” does not include any information that (x) is or
becomes generally available to the public through no action or omission by any
Stockholder or its Representatives or (y) is or becomes available to
such Stockholder on a nonconfidential basis from a source, other than the
Company or any of its subsidiaries, or any of their respective Representatives,
that to the best of such Stockholder’s knowledge, after reasonable inquiry, is
not prohibited from disclosing such portions to such Stockholder by a
contractual, legal or fiduciary obligation.

“Investor Nominees” has the meaning set forth
in Section 2.1(a)(i)(C).

“IPO” means the initial Public Offering of the
Company.

“Majority Approval” means the prior approval of
a majority of the Investor Nominees then in office in writing or at a duly
called meeting of the Board.

“Mandatory Distribution” means with respect to
a Stockholder, any liquidation of, or distribution with respect to an equity
interest in, such Stockholder (including but not limited to any distribution by
a Stockholder to one or more of its limited partners) that is (i)
required by Applicable Law, (ii) made solely to any limited partner of
the Stockholder that is withdrawing from such Stockholder in connection with a
Regulatory Problem or (iii) required under the organizational documents
or governing agreements of such Stockholder, provided that any general
partner, managing member, board of directors or similar governing body of such
Stockholder (including in connection with any determination such Person has
made that resulted in such requirement under such documents or agreement), and
its equityholders, have taken all reasonable efforts to avoid such required
liquidation or distribution.

“Merrill” means ML Global Private Equity Fund,
L.P.

“Merrill Nominees” has the meaning set forth in
Section 2.1(a)(i)(C).

“MLGP” has the meaning set forth in Section
2.7.

“ML Hertz Co-Investor” means ML Hertz
Co-Investor, L.P. and any other investment vehicle formed in accordance with
the limited partnership agreement of ML Hertz Co-Investor, L.P.  For purposes of clarity ML 

 21
 

Hertz Co-Investor, L.P.
shall be deemed an Affiliate and Co-investment Vehicle of Merrill but not
Carlyle or CD&R.

“Necessary Action” means, with respect to a
specified result, all actions (to the extent permitted by Applicable Law) necessary
to cause such result, including (i) voting or providing written consent
or proxy with respect to Voting Securities, (ii) calling and attending
meetings in person or by proxy for purposes of obtaining a quorum and causing
the adoption of stockholders’ resolutions and amendments to the Company’s
certificate of incorporation or by-laws, (iii) causing members of the
Board (to the extent such members were nominated or designated by the Person
obligated to undertake the Necessary Action, and subject to any fiduciary
duties that such members may have as directors of the Company) to act in a
certain manner or causing them to be removed in the event they do not act in
such a manner, (iv) executing agreements and instruments and (v)
making, or causing to be made, with Regulatory Entities all filings,
registrations or similar actions that are required to achieve such result.

“Original Agreement” has the meaning set forth
in the Recitals.

“Original Shares” has the meaning set forth in
Section 2.6 (i).

“Permitted Transferee” means as to any
Stockholder: (i) the owners of such Stockholder in connection with a
Mandatory Distribution or, subject to Unanimous Investor Approval on or prior
to the eighth anniversary of the Closing, any other liquidation of, or a
distribution with respect to an equity interest in, such Stockholder (including
but not limited to any distribution by a Stockholder to its limited partners);
or (ii) an Affiliate (other than any “portfolio company” described
below) or any Co-investment Vehicle of such Stockholder; provided, that
in no event shall (x) any “portfolio company” (as such term is
customarily used among institutional investors) of any Stockholder or any
entity Controlled by any portfolio company of any Stockholder or (y) any
Competitor constitute a “Permitted Transferee”. 
Any Stockholder shall also be a Permitted Transferee of the Permitted
Transferees of itself.

“Person” means any individual, corporation,
limited liability company, limited or general partnership, joint venture,
association, joint-stock company, trust, unincorporated organization,
government or any agency or political subdivisions thereof or any Group
comprised of two or more of the foregoing.

“Plan Assets” has the meaning set forth in
Section 3.4(f).

“Principal Investor Group” means, with respect
to any Principal Investor, such Principal Investor and its Affiliates,
Affiliate Co-Investors and Co-investment Vehicles.

“Principal Investors” means Carlyle, CD&R
and Merrill.

 22
 

“Prohibited Transaction” means (i) any
Transfer of Equity Securities to a natural person or an organization described
in the second sentence of Section 542(a)(2) of the Code, (ii) any
Transfer of Equity Securities to a Person classified, for U.S. Federal income
tax purposes, as a partnership, that, following such Transfer, would own more
than 3% of the outstanding Equity Securities, unless the transferor of such
Equity Securities first obtains a written representation from the proposed
Transferee for the benefit of the other Stockholders and the Company that, to
the knowledge of such proposed Transferee after due inquiry, no natural person
is the beneficial owner of an interest as a member of such proposed Transferee
for U.S. Federal income tax purposes and (iii) any Transfer of Equity
Securities to a Person that (w) violates applicable securities laws or
the Hart-Scott-Rodino Antitrust Improvements Act of 1976 or would cause the
Company to be in violation of any Applicable Law, (x) would result in
the assets of the Company constituting Plan Assets, (y) would, to the
knowledge of the transferor of such Equity Securities after due inquiry, result
in the Company’s meeting the stock ownership requirement of Section 542(a)(2)
of the Code or (z) would cause the Company to be Controlled by or under
common Control with an “investment company” for purposes of the Investment
Company Act of 1940, as amended.  For
purposes of clauses (i) and (ii) of the immediately preceding sentence, any
entity that is classified as a disregarded entity or any Grantor Trust for U.S.
Federal income tax purposes shall be disregarded, but a Person that owns an
interest as a member of an entity that is classified as a partnership for such
purposes (an upper-tier partnership), which upper-tier partnership owns an
interest as a member of a second entity that is classified as a partnership for
such purposes (a lower-tier partnership), shall not be considered the
beneficial owner of an interest as a member of such lower-tier partnership as a
result of such Person’s owning an interest as a member of such upper-tier
partnership.

“Pro Rata Portion” means, with respect to the
Transferring Stockholder or any Tag-Along Participant, with respect to any
proposed Transfer, on the applicable Transfer date, the number of Shares equal
to the product of (i) the total number of Shares to be Transferred to
the proposed Transferee and (ii) the fraction determined by dividing (A)
the total number of Shares owned by such Transferring Stockholder or Tag-Along
Participant (as applicable) as of such date plus the number of Shares owned by
all Affiliate Tag-Along Assignors of such Person by (B) the total number
of Shares owned by the Transferring Stockholder and all Tag-Along Participants
and their respective Affiliate Tag-Along Assignors as of such date.

“Public Offering” means an offering of Common
Stock pursuant to a registration statement filed in accordance with the
Securities Act.

“Qualified Co-investment Transferee” means any
of (A) an Affiliate Co-investor, (B) a Co-investment Vehicle or (C)
subject to the written consent of each of the other Principal Investors, such
consent not to be unreasonably withheld or delayed, another reputable
institutional investor.

 23
 

“Registration Rights Agreement” means the
registration rights agreement, dated as of December 21, 2005 among the Company
and the Stockholders, as amended as of the date hereof.

“Regulatory Entity” means any federal, state,
local or foreign court, legislative, executive or regulatory authority or
agency, including (without limitation) any exchange upon which equity
securities of the Company are listed.

“Regulatory Problem” shall mean (i) a
reasonable likelihood that all or any part of a Stockholder’s assets would be
deemed to be “plan assets” for purposes of ERISA or (ii) a change in the
statute or regulation that authorizes or governs the investment by an
equityholder of a Stockholder in such Stockholder that makes investing in the
Stockholder illegal for such equityholder.

“Representatives” means with respect to any
Person, any of such Person’s, or its Affiliates’, directors, officers,
employees, general partners, Affiliates, direct or indirect shareholders,
members or limited partners, attorneys, accountants, financial and other
advisers, and other agents and representatives, including in the case of any
Principal Investor any person nominated to the Board or a Committee by such
Principal Investor.

“Rule 144” means Rule 144 under the Securities
Act (or any successor rule).

“Section 3.4 Transferring Stockholder” has the
meaning set forth in Section 3.4(a).

“Securities Act” means the Securities Act of
1933, as amended from time to time, and the rules and regulations promulgated
thereunder.

“Selling Stockholder” has the meaning set forth
in Section 3.4(a).

“Shares” means issued and outstanding shares of
Common Stock.

“Specified Affiliate” means, with respect to
any Person, any other Person that (i) was not formed for the purpose of
effecting a Transfer of Equity Securities hereunder and (ii) is directly
or indirectly controlling, controlled by or under common control with such
Person, provided that solely for purposes of this definition, “control”
shall mean the beneficial ownership, directly or indirectly, of a majority of
the pecuniary interests in the equity securities of such Person (determined in
accordance with Rule 16a-1 under the Exchange Act) and a majority of the voting
securities of such Person (determined in accordance with Rule 13d-3 under the
Exchange Act).

“Stockholder Group Member” has the meaning set
forth in Section 2.8(d).

“Stockholders” means (i) the Stockholders
of the Company that are parties to this Agreement and (ii) any other
holder of any Equity Securities that becomes a party to this 

 24
 

Agreement after the date
and pursuant to the terms hereof; provided that any Person shall cease
to be a Stockholder if it no longer is the holder of any Equity Securities.

“Subsidiary” means each Person in which a
Person owns or controls, directly or indirectly, capital stock or other equity
interests representing more than 50% of the outstanding capital stock or other
equity interests.

“Tag-Along Participants” has the meaning set
forth in Section 3.3(a).

“Tag Percentage” has the meaning set forth in
Section 3.3(a).

“Transfer” means, directly or indirectly, to
sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of,
either voluntarily or involuntarily, or to enter into any contract, option or
other arrangement or understanding with respect to the sale, transfer,
assignment, pledge, encumbrance, hypothecation or similar disposition of, any
shares of Equity Securities owned by a Person or any interest (including but
not limited to a beneficial interest) in any shares of Equity Securities owned
by a Person.

“Transferee” means any Person to whom any
Stockholder or any Transferee thereof Transfers Equity Securities of the
Company in accordance with the terms hereof.

“Transfer Notice” has the meaning set forth in
Section 3.3(a).

“Transferred Securities” has the meaning set
forth in Section 3.3(a).

“Transferring Stockholder” has the meaning set
forth in Section 3.3(a).

“Unanimous Investor Approval” means, subject to
Section 2.6, the prior approval of all Investor Nominees, or if under
consideration at a duly called meeting of the Board, all Investor Nominees
present at such meeting, provided that includes at least one Investor Nominee
of each of the Principal Investors.

“Voting Securities” means, at any time, shares
of any class of Equity Securities of the Company, which are then entitled to
vote generally in the election of directors.

5.2           Terms
Generally.  The words “hereby”,
“herein”, “hereof”, “hereunder” and words of similar import refer to this
Agreement as a whole (including the Exhibits and Annexes hereto) and not merely
to the specific section, paragraph or clause in which such word appears.  All references herein to Articles, Sections,
Exhibits and Annexes and Schedules shall be deemed references to Articles and
Sections of, and Exhibits and Annexes to, this Agreement unless the context
shall otherwise require.  The words
“include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”.  The
definitions given for terms in this Article V and elsewhere in this Agreement
shall apply equally to both the singular and plural forms of the terms
defined.  Whenever the context may
require, any pronoun shall include the corresponding 

 25
 

masculine, feminine and neuter forms. 
References herein to any agreement or letter shall be deemed references
to such agreement or letter as it may be amended, restated or otherwise revised
from time to time.

ARTICLE VI

MISCELLANEOUS

6.1           Termination.  Subject to the early termination of any
provision as a result of an amendment to this Agreement agreed to by the
Company and the Stockholders as provided under Section 6.8:

(a)           the provisions of
Article II shall, with respect to each Stockholder, terminate as provided in
Section 2.6;

(b)           the provisions of
Section 3.4 shall terminate upon the Principal Investors ceasing to own at
least 50% of the Voting Securities of the Company

(c)           the provisions of
Article III (other than Section 3.4) shall terminate upon the Principal
Investors ceasing to own (in the aggregate) at least 5% of the Voting
Securities of the Company; and

(d)           all other provisions
of this Agreement shall survive its termination.

Nothing in this Agreement
shall relieve any party from any liability for the breach of any obligations
set forth in this Agreement.

6.2           Publicity.  Unless otherwise required by Applicable Law,
no Stockholder (other than the Principal Investors, provided that the
Principal Investors have previously coordinated) may issue any press release
concerning the Company or its Subsidiaries without the prior consent of each of
the Principal Investors.

6.3           Confidentiality.  Each party hereto agrees to, and shall cause
its Representatives to, keep confidential and not divulge any Information, and
to use, and cause its Representatives to use, such Information only in
connection with the operation of the Company and its Subsidiaries; provided
that nothing herein shall prevent any party hereto from disclosing such
Information (a) upon the order of any court or administrative agency, (b)
upon the request or demand of any regulatory agency or authority having
jurisdiction over such party, (c) to the extent compelled by legal process
or required or requested pursuant to subpoena, interrogatories or other
discovery requests, (d) to the extent necessary in connection with the
exercise of any remedy hereunder, (e) to other Stockholders, (f)
to such party’s Representatives that in the reasonable judgment of such party
need to know such Information or (g) to any potential Qualified Co-Investment
Transferee or Permitted Transferee in connection with a proposed Transfer of
Equity Securities from such Stockholder as long as such transferee agrees to be
bound by the 

 26
 

provisions of this Section 6.3 as if a Stockholder, provided  further  that, in the case of clause (a), (b) or
(c), such party shall notify the other parties hereto of the proposed
disclosure as far in advance of such disclosure as practicable and use
reasonable efforts to ensure that any Information so disclosed is accorded
confidential treatment, when and if available.

6.4           Compliance.

(a)           The Stockholders
shall not approve the retention by the Company or any of its Subsidiaries of,
and shall cause the Company and its Subsidiaries not to retain, the independent
accountants of any Principal Investor (or of any Principal Investor’s ultimate
parent entity) for non-audit services without the prior written consent of such
Principal Investor.  If required by the
Sarbanes-Oxley Act of 2002, as amended, so as not to impair the independence of
the auditor of any Principal Investor, the Stockholders shall cause the Company
and its Subsidiaries to discontinue and restrict certain relationships (as set
forth in such Act) between the Company and its Subsidiaries and the auditor of
such Principal Investor.

(b)           The Stockholders
shall cooperate in good faith to procure that the Company take such necessary
action and exercise all necessary powers so that the Company and its
Subsidiaries are compliant with the provisions of the Sarbanes-Oxley Act of
2002, as amended, and all other applicable securities laws and listing exchange
requirements.

6.5           Restrictions
on Other Agreements; Conflicts.

(a)           Following the date
hereof, no Stockholder shall enter into or agree to be bound by any stockholder
agreements or arrangements of any kind with any Person with respect to any
Equity Securities except the Registration Rights Agreement or agreements with
respect to any sale or other transfer of Equity Securities permitted hereby or
other matters as expressly permitted hereunder. 
A Principal Investor may enter into any stockholder agreement or
arrangements with a member of its Principal Investor Group.

(b)           Each of the parties
covenants and agrees to vote their Voting Securities and to take any other
action reasonably requested by the Company or any Stockholder to amend the
Company’s by-laws or certificate of incorporation so as to avoid any conflict
with the provisions hereof.

6.6           Further
Assurances.  Each party hereto shall
do and perform or cause to be done and performed all such further acts and
things, and shall execute and deliver all such further agreements,
certificates, instruments and documents, as any other party hereto reasonably
may request in order to carry out the provisions of this Agreement and the
consummation of the transactions contemplated hereby.

 27
 

6.7           No
Recourse; No Stockholder Duties.

(a)           Notwithstanding
anything to the contrary in this Agreement, the Company and each Stockholder
agrees and acknowledges that no recourse under this Agreement or any documents
or instruments delivered in connection with this Agreement, shall be had
against any current or future director, officer, employee, general or limited
partner or member of any Stockholder or of any Affiliate or assignee thereof,
whether by the enforcement of any assessment or by any legal or equitable
proceeding, or by virtue of any statute, regulation or other Applicable Law, it
being expressly agreed and acknowledged that no personal liability whatsoever
shall attach to, be imposed on or otherwise be incurred by any current or
future officer, agent or employee of any Stockholder or any current or future
member of any Stockholder or any current or future director, officer, employee,
partner or member of any Stockholder or of any Affiliate or assignee thereof,
as such for any obligation of any Stockholder under this Agreement or any
documents or instruments delivered in connection with this Agreement for any
claim based on, in respect of or by reason of such obligations or their
creation.

(b)           The Stockholders
agree, notwithstanding anything to the contrary in any other agreement or at
law or in equity, that when any Stockholder takes any action under this
Agreement to give or withhold its consent, or when any Principal Investor takes
any action under this Agreement to give or withhold its consent, such
Stockholder or Principal Investor, as applicable, shall have no duty (fiduciary
or other) to consider the interests of the Company or the other Stockholders or
Principal Investors and may act exclusively in its own interest and shall have
no duty to act in good faith; provided that the foregoing shall in no
way affect the obligations of the parties hereto to comply with the provisions
of this Agreement.

6.8           Amendment;
Waivers, etc.  This Agreement may be
amended, and the Company may take any action herein prohibited, or omit to
perform any act herein required to be performed by it, only if any such amendment,
action or omission to act, has been approved by Stockholders holding in excess
of 50% of the then-outstanding Voting Securities held by all of the
Stockholders in the aggregate and such amendment, action or omission to act has
received Unanimous Investor Approval, provided that this Agreement may
not be amended in a manner adversely affecting the rights or obligations of any
Stockholder which does not adversely affect the rights or obligations of all
similarly situated Stockholders in the same manner without the consent of such
Stockholder.  The failure of any party to
enforce any of the provisions of this Agreement shall in no way be construed as
a waiver of such provisions and shall not affect the right of such party
thereafter to enforce each and every provision of this Agreement in accordance
with its terms.  Any Stockholder may
waive (in writing) the benefit of any provision of this Agreement with respect
to itself for any purpose.  Any such
waiver shall constitute a waiver only with respect to the specific matter
described in such writing and 

 28
 

shall in no way impair the rights of the Stockholder granting such
waiver in any other respect or at any other time.

6.9           Assignment.  Neither this Agreement nor any right or
obligation arising under this Agreement may be assigned by any party without
the prior written consent of the other parties, provided that any Principal
Investor may assign all or a portion of its rights (but not its obligations)
hereunder to any member of its Principal Investor Group that is or becomes a
Stockholder.

6.10         Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective heirs, successors and permitted assigns; provided that the
Company shall have no right to enforce Section 3.1(b)(ii)(solely with respect
to clause (i) of the definition of Prohibited Transaction) or Section 3.1(e).

6.11         No
Third Party Beneficiaries.  Nothing
in this Agreement shall confer any rights upon any Person other than the
parties hereto and each such party’s respective heirs, successors and permitted
assigns.

6.12         Notices.  All notices, requests, demands, waivers and
other communications required or permitted to be given under this Agreement
shall be in writing and shall be deemed to have been duly given if (a)
delivered personally, (b) mailed, certified or registered mail with
postage prepaid, (c) sent by reputable overnight courier or (d)
sent by fax (provided a confirmation copy is sent by one of the other methods
set forth above), as follows (or to such other address as the party entitled to
notice shall hereafter designate in accordance with the terms hereof):

If to the Company, to it
at:

	
   

  	
  Hertz Global Holdings, Inc.

  
	
   

  	
  c/o The Hertz
  Corporation

  
	
   

  	
  225 Brae
  Boulevard

  
	
   

  	
  Park Ridge, New
  Jersey 07656

  
	
   

  	
  Attention:
  General Counsel

  
	
   

  	
  Facsimile: (201)
  594-3122

  

with a copy to (which
shall not constitute notice) each of the Principal Investors and their counsel
at the address listed below:

If to CD&R, to it at:

	
   

  	
  Clayton, Dubilier & Rice
  Fund VII, L.P.

  
	
   

  	
  1403 Foulk Road,
  Suite 106

  
	
   

  	
  Wilmington,
  Delaware 19803

  
	
   

  	
  Attention:
  Mr. David H. Wasserman

  

 29
 

 

	
  

  	
  Facsimile: (302)
  427-7398

  

 

with a copy to
(which shall not constitute notice):

	
   

  	
  Clayton, Dubilier &
  Rice, Inc.

  
	
   

  	
  375 Park Avenue

  
	
   

  	
  18th Floor

  
	
   

  	
  New York, New
  York 10152

  
	
   

  	
  Attention:
  Mr. David H. Wasserman

  
	
   

  	
  Facsimile: (212)
  893-7061

  

 

with a copy to (which
shall not constitute notice):

	
   

  	
  Debevoise & Plimpton LLP

  
	
   

  	
  919 Third Avenue

  
	
   

  	
  New York, New
  York 10022

  
	
   

  	
  Attention:
  Franci J. Blassberg, Esq.

  
	
   

  	
  Facsimile: (212)
  909-6836

  

 

If to Carlyle, to it at:

	
   

  	
  Carlyle Partners IV, L.P.

  
	
   

  	
  c/o The Carlyle
  Group

  
	
   

  	
  1001 Pennsylvania
  Avenue, NW

  
	
   

  	
  Suite 220 South

  
	
   

  	
  Washington DC
  20004-2505

  
	
   

  	
  Attention:
  Mr. Gregory S. Ledford

  
	
   

  	
  Facsimile: (202)
  347-1818

  

 

with a copy to (which
shall not constitute notice):

	
   

  	
  Latham & Watkins LLP

  
	
   

  	
  555 Eleventh
  Street, NW

  
	
   

  	
  Suite 1000

  
	
   

  	
  Washington, DC
  20004-1304

  
	
   

  	
  Attention:
  Daniel T. Lennon, Esq. &

  
	
   

  	
   

  	
  David S.
  Dantzic, Esq.

  
	
   

  	
  Facsimile: (202)
  637-2201

  

 

If to Merrill, to
it at:

	
   

  	
  ML Global Private Equity
  Fund, L.P.

  
	
   

  	
  c/o Merrill
  Lynch Global Private Equity

  
	
   

  	
  4 World
  Financial Center, 23rd Floor

  

 30
 

 

	
  

  	
  New York, NY
  10080

  
	
   

  	
  Attention:
  Mr. George A. Bitar &

  
	
   

  	
   

  	
  Mr. Robert F.
  End

  
	
   

  	
  Facsimile: (212)
  449-1119

  

 

with a copy to
(which shall not constitute notice):

	
   

  	
  Wachtell Lipton, Rosen &
  Katz

  
	
   

  	
  51 West 52nd
  Street

  
	
   

  	
  New York, New
  York 10019

  
	
   

  	
  Attention:
  Andrew R. Brownstein, Esq. &

  
	
   

  	
   

  	
  Gavin D.
  Solotar, Esq.

  
	
   

  	
  Facsimile: (212)
  403-2000

  

 

If to any other
Stockholder, to its address set forth on the signature page of such Stockholder
to this Agreement with a copy (which shall not constitute notice) to any party
so indicated thereon.  All such notices,
requests, demands, waivers and other communications shall be deemed to have
been received (w) if by personal delivery, on the day delivered, (x)
if by certified or registered mail, on the fifth Business Day after the mailing
thereof, (y) if by overnight courier, on the day delivered, or (z)
if by fax, on the day delivered.

6.13         Severability.  Any term or provision of this Agreement which
is invalid, illegal or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without rendering invalid, illegal or unenforceable the
remaining terms and provisions of this Agreement or affecting the validity,
illegality or enforceability of any of the terms or provisions of this
Agreement in any other jurisdiction.  If
any provision of this Agreement is so broad as to be unenforceable, the
provision shall be interpreted to be only so broad as is enforceable.  Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the Parties
shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the Parties as closely as possible in a mutually acceptable manner in
order that the transactions contemplated herein are consummated as originally
contemplated to the fullest extent possible.

6.14         Headings.  The headings contained in this Agreement are
for purposes of convenience only and shall not affect the meaning or
interpretation of this Agreement.

6.15         Entire Agreement.  This Agreement constitutes the entire
agreement and supersedes all prior agreements and understandings, both written
and oral, among the parties with respect to the subject matter hereof.

6.16         Governing Law.  This Agreement will be governed by and
construed in accordance with the laws of the State of New York (regardless of
the laws that might 

 31
 

otherwise govern under applicable principles or rules of conflicts of
law to the extent such principles or rules are not mandatorily applicable by
statute and would require the application of the laws of another jurisdiction).

6.17         Consent
to Jurisdiction.  Each party
irrevocably submits to the exclusive jurisdiction of (a) the Supreme
Court of the State of New York, New York County, and (b) the United
States District Court for the Southern District of New York, for the purposes
of any suit, action or other proceeding arising out of this Agreement or any
transaction contemplated hereby (and agrees not to commence any such suit,
action or other proceeding except in such courts).  Each party further agrees that service of any
process, summons, notice or document by U.S. registered mail to such party’s
respective address set forth or referred to in Section 6.12 shall be
effective service of process for any such suit, action or other
proceeding.  Each party irrevocably and
unconditionally waives any objection to the laying of venue of any such suit,
action or other proceeding in (i) the Supreme Court of the State of New
York, New York County, and (ii) the United States District Court for the
Southern District of New York, that any such suit, action or other proceeding
brought in any such court has been brought in an inconvenient forum.

6.18         Waiver
of Jury Trial.  Each party hereby
waives, to the fullest extent permitted by Applicable Law, any right it may
have to a trial by jury in respect of any suit, action or other proceeding
arising out of this Agreement or any transaction contemplated hereby.  Each party (a) certifies and
acknowledges that no representative, agent or attorney of any other party has
represented, expressly or otherwise, that such other party would not, in the
event of litigation, seek to enforce the foregoing waiver, and (b)
acknowledges that it understands and has considered the implications of this
waiver and makes this waiver voluntarily, and that it and the other parties
have been induced to enter into the Agreement by, among other things, the
mutual waivers and certifications in this Section 6.18.

6.19         Enforcement.  Each party hereto acknowledges that money
damages would not be an adequate remedy in the event that any of the covenants
or agreements in this Agreement are not performed in accordance with its terms,
and it is therefore agreed that in addition to and without limiting any other
remedy or right it may have, the non-breaching party will have the right to an
injunction, temporary restraining order or other equitable relief in any court
of competent jurisdiction enjoining any such breach and enforcing specifically
the terms and provisions hereof.  In the
event that the Company or one or more Principal Investors shall file suit to
enforce the covenants contained in this Agreement (or obtain any other remedy
in respect of any breach thereof), the prevailing party in the suit shall be
entitled to recover, in addition to all other damages to which it may be
entitled, the costs incurred by such party in conducting the suit, including,
without limitation, reasonable attorney’s fees and expenses.

6.20         Certain
Relationships.  Except as otherwise
specifically provided herein, including pursuant to Section 2.7, nothing in
this Agreement shall be construed as 

 32
 

precluding Merrill Lynch, Pierce, Fenner & Smith Incorporated or
any of Merrill’s other Affiliates from having acted or acting in the future as
a financial advisor, corporate broker, underwriter or in any other capacity for
the Company (or any of its Affiliates or beneficial owners) or for any other
Person, for separate consideration as may be set forth in a separate engagement
letter or other agreement among the relevant parties.  Furthermore, nothing in this Agreement shall
be construed as obliging Merrill Lynch, Pierce, Fenner & Smith Incorporated
or any of Merrill’s other Affiliates to act on behalf of, or perform any
services for, the Company, or any of its subsidiaries, Affiliates or beneficial
owners, for any purpose whatsoever (whether specifically set forth herein or
otherwise) without the negotiation of a separate engagement letter or other
written agreement with respect to such actions or services among the relevant
parties.

6.21         Counterparts;
Facsimile Signatures.  This Agreement
may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall constitute one instrument.  This Agreement may be executed by facsimile
signature(s).

 33
 

IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement by their authorized representatives as of the date first above
written.

	
  

  	
   

  	
  HERTZ GLOBAL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Paul J.
  Siracusa

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Paul J. Siracusa

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Executive Vice President and

  
	
   

  	
   

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CLAYTON, DUBILIER & RICE FUND VII, L.P.

  
	
   

  	
   

  	
  By: CD&R Associates VII, Ltd., its general
  partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Theresa A.
  Gore

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Theresa A. Gore

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CDR CCMG
  CO-INVESTOR L.P.

  
	
   

  	
   

  	
  By: CDR CCMG
  Co-Investor GP Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Theresa A.
  Gore

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Theresa A. Gore

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Director

  	
   

  
										

 

 

	
  Notice Address:

  CDR CCMG Co-Investor L.P.

  c/o M&C Corporate Services Limited

  P.O. Box 309GT

  Ugland House

  South Church Street

  George Town, Grand Cayman

  Cayman Islands, British West Indies

  Facsimile: (345) 949-8080

  	
  with a copy to (which shall not
  constitute notice):

  Clayton, Dubilier &
  Rice, Inc.

  375 Park Avenue

  18th Floor

  New York, New York  10152

  Attention:  Mr. David H. Wasserman

  Facsimile:  (212) 893-7061

   

  with a copy to (which shall not
  constitute notice):

  Debevoise & Plimpton
  LLP

  919 Third Avenue

  New York, New York 10022

  Attention:  Franci J. Blassberg, Esq.

  Facsimile:  (212) 909-6836

  

 

 34
 

 

CD&R Parallel Fund VII, L.P.

By: CD&R Parallel Fund Associates VII, Ltd.,

the General Partner

	
  

  	
  By:

  	
  /s/ Theresa A.
  Gore

  	
   

  
	
   

  	
   

  	
  Name: Theresa A.
  Gore

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 

	
  Notice Address

  CD&R
  Parallel Fund VII, L.P.

  1403
  Foulk Road, Suite 106

  Wilmington,
  Delaware 19803

  Attention:  Mr. David H. Wasserman

  Facsimile: (302) 427-7398

  	
  with a copy to (which shall not constitute notice):

  Clayton,
  Dubilier & Rice, Inc.

  375
  Park Avenue

  18th
  Floor

  New
  York, New York  10152

  Attention:
   Mr. David H. Wasserman

  Facsimile:  (212) 893-7061

   

  with a copy to (which shall not constitute notice):

  Debevoise
  & Plimpton LLP

  919
  Third Avenue

  New
  York, New York 10022

  Attention:  Franci J. Blassberg, Esq.

  Facsimile:  (212) 909-6836

  

 

 35
 

 

	
  

  	
   

  	
  CARLYLE PARTNERS IV, L.P.

  
	
   

  	
   

  	
  By: TC Group IV,
  L.P., its general partner

  
	
   

  	
   

  	
   

  	
  By: TC Group IV, L.L.C., its general partner

  
	
   

  	
   

  	
   

  	
  By: TC Group, L.L.C., its sole member

  
	
   

  	
   

  	
   

  	
  By: TCG Holdings, L.L.C., its managing

  
	
   

  	
   

  	
   

  	
  member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ John F.
  Harris

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: John F. Harris

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Managing Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CP IV
  COINVESTMENT, L.P.

  
	
   

  	
   

  	
  By: TC Group IV,
  L.P., its general partner

  
	
   

  	
   

  	
   

  	
  By: TC Group IV, L.L.C., its general partner

  
	
   

  	
   

  	
   

  	
  By: TC Group, L.L.C., its sole member

  
	
   

  	
   

  	
   

  	
  By: TCG Holdings, L.L.C., its managing

  
	
   

  	
   

  	
   

  	
  member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ John F.
  Harris

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: John F. Harris

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Managing Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Notice Address

  	
   

  	
   

  	
  with a copy to (which shall not
  constitute notice):

  
	
  CP IV Coinvestment, L.P.

  	
   

  	
   

  	
  Latham & Watkins LLP

  
	
  c/o The Carlyle Group

  	
   

  	
   

  	
  555 Eleventh Street, NW

  
	
  1001 Pennsylvania Avenue,
  NW

  	
   

  	
   

  	
  Suite 1000

  
	
  Suite 220 South

  	
   

  	
   

  	
  Washington, DC  20004-1304

  
	
  Washington DC  20004-2505

  	
   

  	
   

  	
  Attention:

  	
  Daniel T. Lennon, Esq.

  
	
  Attention:  Mr. Gregory S. Ledford

  	
   

  	
   

  	
   

  	
  David S. Dantzic, Esq.

  
	
  Facsimile: 
  (202) 347-1818

  	
   

  	
   

  	
  Facsimile:

  	
  (202) 637-2201

  
															

 

 36
 

 

	
  

  	
   

  	
  CEP II U.S. INVESTMENTS,
  L.P.

  
	
   

  	
   

  	
  By: CEP II GP,
  L.P., its general partner

  
	
   

  	
   

  	
   

  	
  By: Carlyle Investment GP Corp., its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ John F.
  Harris

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name: John F. Harris

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Notice Address

  	
   

  	
   

  	
   

  	
  with a copy to (which shall not
  constitute notice):

  
	
  CEP II U.S. Investments, L.P.

  	
   

  	
   

  	
   

  	
  Latham & Watkins LLP

  
	
  c/o The Carlyle Group

  	
   

  	
   

  	
   

  	
  555 Eleventh Street, NW

  
	
  1001 Pennsylvania Avenue, NW

  	
   

  	
   

  	
   

  	
  Suite 1000

  
	
  Suite 220 South

  	
   

  	
   

  	
   

  	
  Washington, DC  20004-1304

  
	
  Washington DC  20004-2505

  	
   

  	
   

  	
   

  	
  Attention: Daniel T.
  Lennon, Esq.

  
	
  Attention:  Mr. Gregory S.
  Ledford

  	
   

  	
   

  	
   

  	
   

  	
  David S. Dantzic, Esq.

  
	
  Facsimile:  (202) 347-1818

  	
   

  	
   

  	
   

  	
  Facsimile:  (202) 637-2201

  
								

 

 

	
  

  	
   

  	
  CEP II PARTICIPATIONS S.à.r.l SICAR

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ John F.
  Harris

  	
   

  
	
   

  	
   

  	
   

  	
  Name:  John F. Harris

  	
   

  
	
   

  	
   

  	
   

  	
  Title:  Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Christopher
  Finn

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Christopher Finn

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Notice Address

  	
   

  	
   

  	
  with a copy to (which shall not
  constitute notice):

  
	
  CEP II Participations S.à.r.l SICAR

  	
   

  	
   

  	
  Latham & Watkins LLP

  
	
  c/o The Carlyle Group

  	
   

  	
   

  	
  555 Eleventh Street, NW

  
	
  1001 Pennsylvania Avenue, NW

  	
   

  	
   

  	
  Suite 1000

  
	
  Suite 220 South

  	
   

  	
   

  	
  Washington, DC  20004-1304

  
	
  Washington DC  20004-2505

  	
   

  	
   

  	
  Attention: Daniel T.
  Lennon, Esq.

  
	
  Attention:  Mr. Gregory S.
  Ledford

  	
   

  	
   

  	
   

  	
  David S. Dantzic, Esq.

  
	
  Facsimile:  (202) 347-1818

  	
   

  	
   

  	
  Facsimile:  (202) 637-2201

  
							

 

 37
 

 

	
  

  	
  ML GLOBAL PRIVATE EQUITY FUND, L.P.

  
	
   

  	
  By: MLGPE LTD, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
        /s/ George A.
  Bitar

  	
   

  
	
   

  	
   

  	
   

  	
  Name: George A. Bitar

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Managing Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MERRILL LYNCH
  VENTURES L.P. 2001

  
	
   

  	
  By: Merrill
  Lynch Ventures, LLC, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
        /s/ George A.
  Bitar

  	
   

  
	
   

  	
   

  	
   

  	
  Name: George A. Bitar

  
	
   

  	
   

  	
   

  	
  Title: Executive Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Notice Address

  	
   

  	
   

  	
  with a copy to (which shall not
  constitute notice):

  
	
  Merrill Lynch Ventures L.P. 2001

  	
   

  	
   

  	
  Wachtell Lipton, Rosen
  & Katz

  
	
  c/o Merrill Lynch Global Private Equity

  	
   

  	
   

  	
  51 West 52nd Street

  
	
  4 World Financial Center, 23rd Floor

  	
   

  	
   

  	
  New York, New York 10019

  
	
  New York, NY 10080

  	
   

  	
   

  	
  Attention:  Andrew R. Brownstein, Esq. & Gavin D.

  
	
  Attention:  Mr. George A. Bitar
  &

  	
   

  	
   

  	
  Solotar, Esq.

  
	
  Mr. Robert F. End

  	
   

  	
   

  	
  Facsimile:  (212) 403-2000

  
	
  Facsimile:  (212) 449-1119

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ML HERTZ CO-INVESTOR, L.P.

  
	
   

  	
  By:

  	
  ML Hertz Co-Investor GP, L.L.C., its general

  
	
   

  	
  partner

  
	
   

  	
   

  	
  By:

  	
  ML Global Private Equity Fund, L.P., as sole member

  
	
   

  	
   

  	
   

  	
  By:  MLGPE
  LTD, its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
        /s/ George A.
  Bitar

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:  George
  A. Bitar

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title: 
  Managing Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Notice Address

  	
   

  	
   

  	
  with a copy to (which shall not
  constitute notice):

  
	
  ML Hertz Co-Investor, L.P.

  	
   

  	
   

  	
  Wachtell, Lipton, Rosen
  & Katz

  
	
  c/o Merrill Lynch Global Private Equity

  	
   

  	
   

  	
  51 W. 52nd Street

  
	
  4 World Financial Center, 23rd Floor

  	
   

  	
   

  	
  New York, NY 10019

  
	
  New York, NY 10080

  	
   

  	
   

  	
  Attention:  Andrew R. Brownstein, Esq. & Gavin D.

  
	
  Attention:  Mr. George A. Bitar
  & Mr. Robert F. End

  	
   

  	
   

  	
  Solotar, Esq.

  
	
  Facsimile:  (212) 449-1119

  	
   

  	
   

  	
  Facsimile:  (212) 403-2000

  
								

 

 38
 

 

	
  

  	
  CMC-HERTZ PARTNERS, L.P.

  
	
   

  	
  By: CMC-Hertz General Partner, L.L.C., its general
  partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Daniel A.
  D’Aniello

  	
   

  
	
   

  	
   

  	
   

  	
  Name:  Daniel A. D’Aniello

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Managing Director

  	
   

  

 

 

	
  Notice Address

  CMC Hertz Partners, L.P.

  c/o Carlyle-Hertz GP, L.P

  c/o The Carlyle Group

  1001 Pennsylvania Avenue,
  N.W.

  Suite 220 South

  Washington, D.C. 20004

  Attention:  Mr. Gregory S. Ledford

  Facsimile:  (202) 347-1818

   

  With a copy to (which shall not
  constitute notice):

  Latham & Watkins LLP

  555 Eleventh Street, NW

  Suite 1000

  Washington, DC  20004-1304

  Attention:  Daniel T. Lennon, Esq.

   David S. Dantzic, Esq.

  Facsimile:  (202) 637-2201

  	
  With a copy to (which shall not
  constitute notice):

  Merrill Lynch Global
  Private Equity

  4 World Financial Center,
  23rd Floor

  New York, NY 10080

  Attention:  Mr. George A. Bitar & Mr. Robert F. End

  Facsimile:  (212) 449-1119

   

  With a copy to (which shall not
  constitute notice):

  Wachtell, Lipton, Rosen
  & Katz

  51 W. 52nd Street

  New York, NY 10019

  Attention:  Andrew R. Brownstein, Esq. & Gavin D.

  Solotar, Esq.

  Facsimile:  (212) 403-2000

   

  With a copy to (which shall not
  constitute notice):

  CD&R Associates VII,
  L.P.

  c/o M&C Corporate
  Services Limited

  P.O. Box 309GT

  Ugland House

  South Church Street

  George Town, Grand Cayman

  Cayman Islands, British West Indies

  Facsimile: (345) 949-8080

   

  With a copy to (which shall not
  constitute notice):

  Clayton, Dubilier &
  Rice, Inc.

  375 Park Avenue

  18th Floor

  New York, New York  10152

  Attention:  Mr. David H. Wasserman

  Facsimile:  (212) 893-7061

   

  With a copy to (which shall not
  constitute notice):

  Debevoise & Plimpton
  LLP

  919 Third Avenue

  New York, New York 10022

  Attention:  Franci J. Blassberg, Esq.

  Facsimile:  (212) 909-6836

  

 

 39Exhibit 4.12

This AMENDMENT NO. 1, dated as of November 20, 2006 (this
“Amendment”), to the Registration Rights Agreement, dated as of December
21, 2005 (as it may be amended from time to time, the “Registration Rights
Agreement”), by and among Hertz Global Holdings, Inc. (formerly named CCMG
Holdings, Inc.), a Delaware corporation (“Hertz Holdings”), and the
stockholders of Hertz Holdings listed on the signature pages hereto (collectively,
the “RRA Parties”), is entered into by and among the RRA Parties in
accordance with Section 12(c) of the Registration Rights Agreement.  Capitalized terms used but not defined herein
shall have the meanings given to such terms in, and all references to Articles
and Sections herein are references to Articles and Sections of, the
Registration Rights Agreement.

The parties hereby agree as follows:

1.                                       Amendment
to Section 1(b).  Section 1(b) is
hereby amended to increase the number of Demand Registrations (other than
Short-Form Registrations permitted pursuant to Section 1(c)) that each
Principal Investor is entitled to initiate by deleting the words “no more than two
Demand Registrations” that appear at the beginning of the first sentence of
Section 1(b) and replacing them with the words “no more than three Demand
Registrations”.

2.                                       New
Section 12(o).  A new Section 12(o)
is hereby added to the Registration Rights Agreement, following Section 12(n),
as follows:

“12(o) Stockholders Agreement.  This Agreement is subject to Section 3.1 of
the Stockholders Agreement”.

3.                                       Counterparts.  This Amendment may be executed simultaneously
in two or more counterparts, any one of which need not contain the signatures
of more than one party, but all such counterparts taken together will
constitute one and the same Amendment.

4.                                       Governing
Law.  This Amendment will be governed
by and construed in accordance with the laws of the State of New York
(regardless of the laws that might otherwise govern under applicable principles
or rules of conflicts of law to the extent such principles or rules are not
mandatorily applicable by statute and would require the application of the laws
of another jurisdiction).

5.                                       Continuing
Effect of Registration Rights Agreement. 
Except as amended hereby, the Registration Rights Agreement is hereby
confirmed and ratified and shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have duly executed this
Amendment by their authorized representatives as of the date first above
written.

	
   

  	
  HERTZ GLOBAL HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul J.
  Siracusa

  	
   

  
	
   

  	
   

  	
  Name: Paul J. Siracusa

  
	
   

  	
   

  	
  Title: Executive
  Vice President and

  Chief Financial Officer

  

 2
 

 

	
  

  	
  CLAYTON, DUBILIER & RICE
  FUND VII, L.P.

  
	
   

  	
  By: 

  	
  CD&R
  Associates VII, Ltd., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  Theresa A. Gore

  	
   

  
	
   

  	
   

  	
  Name: Theresa A. Gore

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CDR CCMG
  CO-INVESTOR L.P.

  
	
   

  	
  By: 

  	
  CDR CCMG
  Co-Investor GP Limited, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  Theresa A. Gore

  	
   

  
	
   

  	
   

  	
  Name: Theresa A. Gore

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CD&R
  PARALLEL FUND VII, L.P.

  
	
   

  	
  By: 

  	
  CD&R
  Parallel Fund Associates VII, Ltd., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  Theresa A. Gore

  	
   

  
	
   

  	
   

  	
  Name: Theresa A. Gore

  
	
   

  	
   

  	
  Title: Vice President

  

 3
 

 

	
  

  	
  CARLYLE PARTNERS
  IV, L.P.

  
	
   

  	
  By: 

  	
  TC Group IV,
  L.P., its general partner

  
	
   

  	
   

  	
  By: 

  	
  TC Group IV, L.L.C., its general partner

  
	
   

  	
   

  	
   

  	
  By: 

  	
  TC Group, L.L.C., its sole member

  
	
   

  	
   

  	
   

  	
   

  	
  By: 

  	
  TCG Holdings, L.L.C., its managing member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  John F. Harris

  	
   

  
	
   

  	
   

  	
  Name: John F. Harris

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CP IV
  COINVESTMENT, L.P.

  
	
   

  	
  By: 

  	
  TC Group IV,
  L.P., its general partner

  
	
   

  	
   

  	
  By: 

  	
  TC Group IV, L.L.C., its general partner

  
	
   

  	
   

  	
   

  	
  By: 

  	
  TC Group, L.L.C., its sole member

  
	
   

  	
   

  	
   

  	
   

  	
  By: 

  	
  TCG Holdings, L.L.C., its managing member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  John F. Harris

  	
   

  
	
   

  	
   

  	
  Name: John F. Harris

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CEP II U.S.
  INVESTMENTS, L.P.

  
	
   

  	
  By: 

  	
  CEP II GP, L.P.,
  its general partner

  
	
   

  	
   

  	
  By: Carlyle Investment GP Corp., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  John F. Harris

  	
   

  
	
   

  	
   

  	
  Name: John F. Harris

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CEP II
  PARTICIPATIONS S.à.r.l SICAR

  
	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  John F. Harris

  	
   

  
	
   

  	
   

  	
  Name: John F. Harris

  
	
   

  	
   

  	
  Title: Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  Christopher Finn

  	
   

  
	
   

  	
   

  	
  Name: Christopher Finn

  
	
   

  	
   

  	
  Title: Manager

  
									

 

 4
 

 

	
  

  	
  ML GLOBAL
  PRIVATE EQUITY FUND, L.P.

  
	
   

  	
  By: 

  	
  MLGPE LTD, its
  general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  George A. Bitar

  	
   

  
	
   

  	
   

  	
  Name: George A. Bitar

  
	
   

  	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MERRILL LYNCH
  VENTURES L.P. 2001

  
	
   

  	
  By: 

  	
  Merrill Lynch
  Ventures, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  George A. Bitar

  	
   

  
	
   

  	
   

  	
  Name: George A. Bitar

  
	
   

  	
   

  	
  Title: Executive Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ML HERTZ
  CO-INVESTOR, L.P.

  
	
   

  	
  By: 

  	
  ML Hertz
  Co-Investor GP, L.L.C., its general partner

  
	
   

  	
   

  	
  By: 

  	
  ML Global Private Equity Fund, L.P., as sole member

  
	
   

  	
   

  	
   

  	
  By: 

  	
  MLGPE LTD, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  George A. Bitar

  	
   

  
	
   

  	
   

  	
  Name: George A. Bitar

  
	
   

  	
   

  	
  Title: Managing Director

  
						

 

 5
 

 

	
  

  	
  CMC-HERTZ
  PARTNERS, L.P.

  
	
   

  	
  By: 

  	
  CMC-Hertz
  General Partner, L.L.C., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
          /s/
  Daniel A. D’Aniello

  	
   

  
	
   

  	
   

  	
  Name: Daniel A. D’Aniello

  
	
   

  	
   

  	
  Title: Managing Director

  

 

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]