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EXHIBIT 10.23
EXECUTION VERSION

THE SYMBOL "[*]" DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i) NOT MATERIAL AND (ii) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

Confidential Severance Agreement And General Release of Claims

The parties to this Confidential Severance Agreement and General Release of Claims (“Agreement”) are Angela I. Brav (“Executive”) and Executive’s family, beneficiaries, and anyone acting on Executive’s behalf, each in their capacity as such, on the one hand, and The Hertz Corporation, including its parent, subsidiaries, affiliates, and any successor to its business and/or assets, (“Hertz”), on the other hand.
In consideration of the mutual promises, covenants, and agreements in this Agreement, which Executive and Hertz agree constitute good and valuable consideration, the parties stipulate and mutually agree as follows:
1.    Separation from Employment: Executive’s employment with Hertz ended or will end on April 30, 2022 (the “Separation Date”). The parties agree that, except as otherwise provided or referenced in this Agreement or the settlement agreement of 2022 entered into between The Hertz Corporation and Executive (“U.K. Settlement Agreement”), neither Executive nor Hertz shall have any further rights, obligations, or duties under any other agreement or arrangement relating to severance payments and benefits due to Executive, as of or after the date of this Agreement.
2.    Resignations: Effective as of the Separation Date, Executive resigns from all director,

officer, board, or other positions Executive holds on behalf of or in Executive’s capacity as an employee of Hertz. Executive agrees to sign all appropriate documentation, if any, prepared by Hertz to facilitate these resignations, provided that Executive understands and agrees that such resignations are self-effectuating and are effective on the Separation Date.
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3.    Accrued Obligations: Without regard for this Agreement, Executive is entitled to receive the following accrued obligations: (a) payment of all base salary earned or accrued but not yet paid through the Separation Date; and (b) reimbursement for any and all business expenses incurred prior to the Separation Date, subject to the terms of Hertz’s expense reimbursement policy.
4.    Emergence Equity Award: The parties acknowledge and agree that, without regard for this Agreement, Executive’s separation is a “Termination without Cause” within the meaning of the Restricted Stock Unit Agreement (“RSU Agreement”) and Employee Stock Option Agreement (“ESO Agreement”) entered into by Executive on November 16, 2021, such that the provisions of Section 2(b)(ii) of the RSU Agreement – Vesting of Restricted Stock Units; Termination Without Cause; Death or Disability - and the provisions of Section 2(b) of the ESO Agreement – Vesting and Exercisability; Termination without Cause; Death or Disability – shall apply.
5.    Severance Benefits: Provided Executive signs and does not timely revoke this Agreement and materially complies with the terms of this Agreement, and provided Executive has signed the U.K. Settlement Agreement and materially complies with its terms, Hertz shall provide Executive with severance payments and benefits, as follows:
(a)    Hertz will pay Executive One Million Nine Hundred and Fifty Thousand Dollars and Zero Cents ($1,950,000.00) payable in equal installments over eighteen (18) months on Hertz’s regular payroll cycles, beginning with the first payroll cycle ending after the Effective Date. Hertz retains the right to deduct from one or more of such payments any monies owed by Executive to any Released Party.
(b)    Hertz will pay Executive Seventy-Five Thousand Dollars and Zero Cents ($75,000.00), in a single lump sum payment to be paid within fifteen (15) business days following the Effective Date, comprising payment for Executive’s monthly rental cost on her 
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UK apartment through December 2022, and payment to defray costs associated with her relocation.
(c)    Hertz will pay Twenty-Five Thousand Dollars and Zero Cents ($25,000.00) for
executive level outplacement services directly to the provider of Executive’s choice, constituting payment for outplacement services provided for under the 2021 Severance Plan and to be reported as income to Executive on Form 1099.
(d)    Executive will be considered a participant in the 2022 Executive Incentive Compensation Plan: Corporate - Global (the “Bonus Plan”), at the level of one hundred per cent (100%) of the base salary in effect for Executive on the Separation Date and on the same terms and conditions applicable to other individuals at the Executive Vice President level, or its functional equivalent. Executive will be entitled to receive payment under the Bonus Plan, pro-rated for Executive’s 2022 service based upon the Separation Date, on the same basis such bonuses are paid to other individuals at the Executive Vice President level, or its functional equivalent. Such Bonus Plan payment, if any, will be paid to Executive not later than March 15, 2023.
(e)    Medical, health, accident insurance, and other similar healthcare arrangements for the benefit of Executive and Executive’s dependents who received such coverage as of the Separation Date, if any, shall continue under Hertz’s US-based Custom Benefit Plan, at the same level and same cost to Executive in effect under the International Benefits Program as of the Separation Date, for eighteen (18) months following the Separation Date or until Executive becomes eligible to receive benefits at a comparable level from a subsequent employer (“New Coverage”). Executive acknowledges and agrees that Executive’s right to such coverage is contingent on Executive’s agreement to inform Hertz if Executive becomes eligible for New Coverage before Hertz’s obligations under this Section of this Agreement expire. If Executive becomes eligible for New Coverage and fails to timely inform Hertz, Hertz will be entitled to recover from Executive all premiums and 
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claims costs paid on Executive’s behalf for coverage after Executive became eligible for New Coverage.
6.    Within fifteen (15) days of your execution of this Agreement, Hertz shall pay by wire
directly to Outten & Golden LLP, Fifty-Five Thousand Dollars and Zero Cents ($55,000.00) for legal fees actually incurred by you in connection with the review and negotiation of this Agreement. Outten & Golden LLP shall provide Hertz with a Form W-9 for this payment, and Hertz shall provide both Outten & Golden LLP and Executive with a Form 1099.
7.    Claims Released: Executive, on Executive’s own behalf and on behalf of Executive’s

family, heirs, executors, administrators, and assigns, and all other persons claiming by or through Executive, each in their capacity as such, does release Hertz, its current and former divisions, parent companies, subsidiaries, and affiliated companies, including but in no way limited to Hertz Europe Limited, and their successors and assigns; their current and former officers, directors, shareholders, agents and employees; the current and former employee benefit and retirement plans sponsored or maintained by Hertz, as well as any fiduciary, trustee, and administrator of such plans each in their capacity as such, (collectively the “Released Parties”), from any and all claims, demands, judgments, causes of action, damages, expenses, costs, attorneys’ fees, and liabilities that can be lawfully released and discharged, including but not limited to claims for severance pay or other benefits arising under the 2021 Hertz Global Holdings, Inc. Severance Plan for Senior Executives (the “2021 Severance Plan”, a predecessor plan (including the Amended and Restated Hertz Global Holdings, Inc. Severance Plan for Senior Executives dated as of May 22, 2020) or any other severance policy or plan sponsored by Hertz (collectively, the “Severance Plans”). Executive understands that the claims released herein include but are not limited to all employment-related rights and claims and those relating to Executive’s separation from employment, known or unknown, at common law or under any statute, rule, regulation, order, or law, whether federal, state, or local, or on any grounds whatsoever, including 
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without limitation, any and all claims for additional severance pay, vacation pay, bonus or other compensation; any and all claims of discrimination or harassment based on race, color, national origin, ancestry, religion, marital status, veteran status, sex, sexual orientation, gender, gender identity, disability, handicap, age, or other unlawful discrimination; any claims arising under Title VII of the Civil Rights Act of 1964, as amended; the Federal Civil Rights Act; the Rehabilitation Act of 1973; the Age Discrimination in Employment Act of 1967, as amended; the Older Worker’s Benefit Protection Act; the Employee Retirement and Income Security Act of 1974; the Americans with Disabilities Act of 1990, as amended; the Family and Medical Leave Act of 1993, as amended; the Genetic Information Nondiscrimination Act of 2008; the Civil Rights Act of 1866 and 1991, as amended; the National Labor Relations Act, as amended; the Equal Pay Act of 1963; the California Fair Employment and Housing Act; the California Unruh Civil Rights Act; and the Florida Civil Rights Act; or arising under any other state, federal, local, or common law, with respect to any event, matter, claim, damage, or injury arising out of Executive’s employment relationship with Hertz, and/or the termination of such employment relationship, and/or with respect to any other claim, matter, or event arising at any time prior to the execution of this Agreement. Executive covenants and agrees not to at any time file a suit or claim of any kind against any of the Released Parties concerning any of the claims released herein. Executive acknowledges that this release of claims extends to all claims of every nature and kind that may be lawfully released, whether known or unknown, suspected, or unsuspected, presently existing or resulting from or attributable to any act or omission of a Released Party occurring before Executive signed this Agreement. Likewise, and in consideration of Executive’s execution of this Agreement, which Hertz acknowledges is adequate consideration, Hertz hereby irrevocably and unconditionally waives, releases, and forever discharges and covenants not to sue Executive, from any and all claims, liabilities and causes of action of any kind which Hertz ever had, now has or hereafter may have against Executive by reason 
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of any matter, cause or thing whatsoever occurring on or at any time prior to the date hereof of which Hertz had knowledge as of the date hereof, including, but not limited to, all claims arising out of or from or regarding or pertaining to any transaction, dealing, conduct, act or omission, or any other matters or things relating to the employment relationship and/or the termination of the employment relationship.
8.    Rights/Claims Not Released and Additional Employee Protections: Notwithstanding

anything to the contrary herein, this Agreement does not effect a release of, or preclude the assertion of (a) rights or claims that arise after Executive signs this Agreement, including the right to enforce this Agreement; (b) rights or claims that cannot be released as a matter of law, including claims for benefits under workers’ compensation or unemployment compensation laws (the application for which shall not be contested by Hertz); (c) rights or claims under the Consolidated Omnibus Budget Reconciliation Act (COBRA) and/or the American Reinvestment and Recovery Act; (d) claims for breach of this Agreement; (e) any rights or claims under the U.K. Settlement Agreement; (f) any rights or claims for accrued, vested benefits under any employee benefit, stock, savings, insurance, or pension plan of Hertz; or (g) any rights or claims to indemnification, contribution, advancement or defense as provided by, and in accordance with the terms of the Company by-laws, articles of incorporation, liability insurance coverage, indemnification agreement, or applicable law.
For the avoidance of doubt, the foregoing exclusions from the release provisions of this Agreement do not constitute an admission with respect to any claims, including with respect to the validity or enforceability thereof, and shall not affect any objections or defenses Hertz may assert with respect to any claims, or to the payment of any claims. This Agreement is also not a settlement of any workplace injury claim that Executive may have under workers’ compensation laws.
Nothing in any part of this Agreement limits Executive’s right to file a charge with a governmental agency, provide testimony or other information to an agency, or take part in 
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any agency investigation. Nor does any part of this Agreement limit Executive’s right to testify regarding sexual harassment or criminal conduct, whether in court pursuant to subpoena or a court order or before a state legislature at the legislature’s written request. However, Executive is waiving all rights to recover money or other relief for claims released herein in connection with such an investigation or charge filed by Executive or any other individual, or by the Equal Employment Opportunity Commission or any other federal, state, or local agency. Despite the above, this Agreement does not limit Executive’s right to receive money properly awarded by the U.S. Securities &Exchange Commission as a reward for providing information to that agency.
9.  Time to Consult Counsel, Consider and Revoke Release:  Executive acknowledges and agrees that Hertz has advised Executive (i) that this Agreement may not be signed or otherwise accepted by her prior to May 1, 2022 and that if she signs or purports to accept before that date, this Agreement will be null and void and have no force or effect; (ii) to read this Agreement and carefully consider all of its terms before signing it; (iii) to consult with an attorney of Executive’s choice before signing it; (iv) that Executive has twenty-one (21) calendar days in which to consider this Agreement before signing, although Executive may accept and sign at any time within those twenty-one (21) days, provided she does so on or after May 1, 2022; and (v) that Executive has the un-waivable right to revoke this Agreement within seven (7) calendar days after signing (the “Revocation Period”), by emailing a written revocation to Eric Leef at [*] before the expiration of the Revocation Period; and (v) that this Agreement will become effective on the day following the expiration of the Revocation Period, and only if Executive has not timely revoked it.
10.    Warranties and Representations: Executive warrants and represents as follows:

(a)    Executive has not filed or otherwise pursued any charges, complaints, lawsuits, or claims of any nature against any of the Released Parties arising out of or relating to events occurring prior to and through the date of this Agreement with respect to any 
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matter covered by this Agreement, and Executive has no knowledge of any fact or circumstance that Executive would reasonably expect to result in any claim against any of the Released Parties in respect of any of the foregoing.
(b)    That through the Separation Date Executive has not: (i) engaged in any conduct that constitutes willful gross neglect or willful gross misconduct with respect to Executive’s employment duties with Hertz which has resulted or will result in material economic harm to Hertz; (ii) knowingly violated the Hertz Standards of Business Conduct or any similar policy; (iii) facilitated or engaged in, and has no knowledge of, any financial or accounting improprieties or irregularities of Hertz; or (iv) knowingly made any incorrect or false statements in any certifications Executive made relating to filings of Hertz required under applicable securities laws or management representation letters, and has no knowledge of any incorrect or false statements in any Hertz filings required under applicable securities laws; in either of the case of clause (iii) or (iv) of this Section of this Agreement, except with respect to any information that has been provided through the Separation Date by a third-party auditor in an oral or written report to both Executive and the Board of Directors (or any committee thereof). Executive further acknowledges and agrees that Hertz is entering into this Agreement in reliance on the representations contained in this Section of this Agreement which representations constitute terms of this Agreement.
(c)    That Executive has carefully read this Agreement and that Executive fully understands its terms and is entering into this Agreement voluntarily. Executive also warrants and represents that Executive has received valuable consideration in exchange for signing this Agreement that Executive would not otherwise be entitled to receive. Executive further warrants and represents having fully and properly reported all hours worked, having been fully and properly paid all wages and benefits Executive should have been paid, having received all required breaks in accordance with state and federal laws, and having been reimbursed for any expenses incurred in Executive’s employment, through the last regular 
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pay day before signing this Agreement. Executive warrants and represents that Executive has no work-related injury or illness at the time of signing this Agreement for which Executive has not already filed a claim.
11.  Confidential Information:    For purposes of this Agreement, “Confidential Information” shall mean any trade secret or other non-public information concerning the financial data, strategic business plans, product development (or other proprietary product data), customer lists, marketing plans and other non-public, proprietary and confidential information of Hertz or its affiliates, that, in any case, is not otherwise available to the public (other than by Executive’s breach of the terms hereof) or known to persons in the industry generally, was not in Executive’s possession or known to Executive prior to Executive’s employment with Hertz, and is not among Executive’s contacts, whether in paper or electronic form (e.g., rolodex, Outlook contacts, etc.). Executive acknowledges and agrees that Executive shall not at any time, without the prior written consent of Hertz, use, divulge, disclose, or make accessible to any other person, firm, partnership, corporation, or other entity any Confidential Information pertaining to the business of Hertz or any of its affiliates, except when required to do so by a court of competent jurisdiction, by any governmental agency having supervisory authority over the business of Hertz, or by any administrative body or legislative body (including a committee thereof) with jurisdiction to order Executive to divulge, disclose, or make accessible such information, or save as permitted by the UK Settlement Agreement. If a court or arbitrator of competent jurisdiction finds that Executive has materially breached this Section of this Agreement, Executive will repay the severance benefits to Hertz in full and will be subject to such other monetary damages as Hertz may be able to prove at trial.
12.    Non-Disparagement: Executive agrees not to do, say, or publish anything, directly or

indirectly, whether verbal or in writing, that disparages Hertz or any officer, director, employee or greater than ten percent (10%) shareholder (or beneficial owner) of Hertz, or 
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otherwise reflects negatively on Hertz’s reputation or that of any other Released Party, or to assist, encourage, discuss, cooperate, incite, or otherwise confer with or aid any others in doing so, except as required by law or save as permitted by the UK Settlement Agreement. Likewise, Hertz, through its senior management, shall not do, say or publish anything, directly or indirectly, that disparages Executive, Executive’s goodwill or otherwise reflects negatively on Executive’s reputation. The parties specifically agree not to post or communicate anything over the internet or on any social media (Facebook, Twitter, etc.) that would violate this Section of this Agreement. Any inquiries by third parties for employment references or otherwise concerning Executive’s employment with Hertz must be directed to Eric Leef, Chief Human Resources Officer, or his actual or functionally equivalent successor. If Mr. Leef is contacted by third parties concerning Executive’s employment, he shall provide a response that is limited to the sum and substance of the information contained in Exhibit A attached to this Agreement. If asked by any third parties about Executive’s departure from Hertz, Executive may respond that Executive resigned from employment with Hertz. If specifically asked whether Executive resigned from employment with Hertz, Hertz and Mr. Leef shall confirm that Executive resigned. Nothing in this Section of this Agreement shall prevent the lawful filing or prosecution of any claim against Hertz in any judicial, arbitration, governmental, or other appropriate forum for adjudication of disputes, any response or disclosure by Executive compelled by legal process or required by applicable law or any bona-fide exercise by Executive of any shareholder rights Executive may otherwise have.
13.    Non-Compete:Executive expressly agrees that for eighteen (18) months following

Executive’s execution of this Agreement, Executive shall not directly or indirectly become associated, as an owner, partner, shareholder (other than as a holder of not in excess of five percent (5%) of the outstanding voting shares of any publicly traded company), director, officer, manager, employee, agent, consultant, or otherwise, with any car, van, or truck rental 
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company, or comparable company, including but not limited to Avis Budget Group, Enterprise Rent-a-Car, Sixt rent a car, Advantage Rent a Car, Edge Auto Rental, Courier Car Rental, and any of their respective affiliates; with a Transportation Network Company, including but not limited to Uber Technologies, Inc. and Lyft, Inc.; or with any other company that competes with the business, or for the customer base, of Hertz; each of which is defined herein to be a “Competitive Business.” This Section of this Agreement shall not be deemed to restrict association with any enterprise that conducts unrelated business or that has material operations outside of the geographic area that encompasses Hertz’s customer base (or where Hertz had plans at the Separation Date to enter) for so long as Executive’s role, whether direct or indirect (e.g., supervisory), is solely with respect to such unrelated business or other geographic area (as the case may be).
14.    Non-Solicitation: Executive will not for eighteen (18) months after the Separation Date

directly or indirectly, alone or in aid of or through others, employ or seek to employ, or solicit, divert, or otherwise induce, or attempt to do so, or cause others to do so with a view to engage or employ, any person who is or was a managerial-level employee of a Released Party as of the Separation Date, or at any time during the 12-month period preceding the Separation Date, to terminate or modify their employment relationship with Hertz or to have such individual(s) perform any services for or on behalf of any other company, individual, or other entity.
15.    Reasonableness and Modification: Executive acknowledges that the restrictions contained in the “Non-Compete” and “Non-Solicitation” provisions of this Agreement are reasonable and necessary to protect the legitimate interests of the Released Parties, and that any violation of any such restriction will result in irreparable injury to the applicable Released Party. Executive represents and agrees that Executive’s experience and capabilities are such that the restrictions contained in the “Non-Compete” and “Non-Solicitation” provisions of this 
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Agreement will not prevent Executive from obtaining employment or otherwise earning a living at the same general level of economic benefit as is currently the case.
The parties agree that if any portion of the provision of the “Non-Compete” and “Non- Solicitation” provisions of this Agreement is held to be unenforceable for any reason, including but not limited to the duration of such provision, the territory being covered thereby, or the type of conduct restricted therein, a Court is authorized and directed to modify the duration, geographic area, and/or other terms of such provision to the maximum benefit of Hertz as permitted by law, and, as so modified, said provision shall then be enforceable. The period of time during which the “Non-Compete” and “Non-Solicitation” provisions of this Agreement shall apply shall be extended by the length of time during which Executive is deemed to be in breach of any such term.
16.    Equitable Relief: Executive further agrees that in the event Executive breaches the “Non- Compete” or “Non-Solicitation” provisions of this Agreement, Hertz shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual damages or posting any bond, and that a Court or Arbitrator may also order an equitable accounting of all earnings, profits, and other benefits arising from any violation of the “Non-Compete” or “Non- Solicitation” provisions of this Agreement, which rights shall be cumulative and in addition to any other rights or remedies to which Hertz may be entitled.
17.    Fiduciary Duties: Executive will retain fiduciary responsibilities to Hertz to the extent

provided by law. In addition, Executive agrees to continue to abide by applicable provisions of the principles and guidelines set forth in the Hertz Standards of Business Conduct, the terms of which are incorporated herein, including but not limited to the restrictions on insider trading and use of Company assets and information contained therein.
18.    Return of Company Property: All notes, reports, sketches, plans, books, keys, computers, hard copy or computer files, computer diskettes, flash drives, or other electronic storage devices, unpublished memoranda or other documents or property, including any 
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company vehicles, which were  created,  developed,  generated,  or  held  or  controlled  by  Executive  during  Executive’s employment and which concern or are related to Hertz’s business, whether or not containing or relating to confidential information, are the property of Hertz and will be returned to Hertz within thirty (30) calendar days of the Separation Date. Notwithstanding anything to the contrary in this Agreement, Executive may retain Executive’s contact lists, whether in electronic or paper form (e.g. rolodex, Outlook contacts and calendar, etc.) and copies of documents related to Executive’s compensation and benefits
19.    Cooperation: Executive agrees to reasonably cooperate with Hertz in the defense or

prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of Hertz which relate to events or occurrences that occurred while Executive was employed by Hertz and about which Executive has knowledge as a result of Executive’s employment with Hertz, including, but not limited to, any litigation and/or claims that were filed and/or asserted while Executive was employed by Hertz. Executive’s reasonable cooperation in connection with such claims or actions shall include, but not be limited to, being available for telephone conferences with outside counsel and/or Hertz personnel, being available for interviews, depositions, and/or to act as a witness on behalf of Hertz, if requested, and at the request of Hertz responding to any inquiries about the particular matter. Executive will also reasonably cooperate with Hertz in connection with any investigation or review by any federal, state, or local regulatory authority relating to events or occurrences that transpired while Executive was employed by Hertz. Hertz’s requests pursuant to this Section shall take into consideration Executive’s personal and business commitments and the amount of notice provided to Executive. Hertz shall promptly reimburse Executive for any and all reasonable out-of-pocket expenses Executive may incur in connection with such cooperation (including reasonable attorneys’ fees if a conflict arises between Executive and Hertz).
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Nothing in this Section of this Agreement shall prevent any communications by Executive with any governmental agencies without notice to Hertz, as contemplated by the Section of this Agreement with the heading “Rights/Claims Not Released and Additional Employee Protections,” above.
20.    Tax Matters; Internal Revenue Code Section 409A:

All payments and benefits provided under or referenced in the terms of this Agreement shall be subject to tax withholdings required by applicable law and other standard payroll deductions.
The payments made pursuant to this Agreement are intended to be exempt from or are in compliance with Section 409A of the Internal Revenue Code of 1986, as amended, and its accompanying regulations (“Section 409A”). This Agreement shall be implemented and construed in a manner to give effect to the foregoing. If any provision of this Agreement (or of any award of compensation due to Executive under this Agreement) would cause Executive to incur any additional tax or interest under Section 409A of the Code or any regulations or Treasury guidance promulgated thereunder, Hertz shall modify this Agreement to make it compliant with Section 409A and maintain the value of the payments and benefits under this Agreement, provided that in no event shall Hertz or any of its affiliates or any other Released Party (i) be liable for or have any obligation to indemnify or otherwise hold Executive harmless from any taxes, interest, or penalties, or liability for any damages related to Section 409A or (ii) be required to increase the amount of any payment made pursuant to this Agreement.
It is the parties’ understanding and intent that the payments made pursuant to this Agreement are not subject to taxation under UK law. In the event they are deemed by HMRC to be taxable, they shall be subject to tax equalization to the same extent and under the same terms and conditions as employment-related income earned by Executive during her employment. Executive shall be entitled to use the services of BDO to assist in the filing 
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of her US and UK tax returns for so long as Executive’s US or UK taxes continue to be impacted as a result of her prior employment with Hertz, including by payments made pursuant to this Agreement.
21. Confidential Agreement:  Where it is not contrary to state and local law, the existence of this Agreement, its terms, and any severance amount paid under it, including the timing of any such payment, are confidential and may not be disclosed by Executive, except that Executive may disclose such information to members of Executive’s immediate family, tax advisors, and attorneys, as permitted by the UK Settlement Agreement and as required by applicable law. Executive will take all reasonable steps necessary to ensure that confidentiality is maintained by any of the individuals or entities referenced above. Executive will give written notice to Hertz if Executive is requested or required pursuant to court order, judicial process, or by any regulatory authority, to reveal any information relating to the terms and conditions of this Agreement prior to providing the information.
22.    Severability: The various provisions of this Agreement and parts thereof are severable.

Executive specifically agree that if any single clause or clauses or portion thereof, other than those set forth in the Section of this Agreement with the heading “Claims Released,” shall be found invalid, illegal, or unenforceable by any court of competent jurisdiction, only that part will be severed from this Agreement and the remaining provisions shall continue in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to Executive or Hertz.
23.    Entire Agreement: Executive acknowledges and agrees that no promise, inducement, or
agreement has been made to or with Executive except as set forth herein. This Agreement and the U.K. Settlement Agreement contain the entire agreement between the parties, and Executive understands that the terms of this Agreement and the U.K. Settlement Agreement are contractual and not a mere recital.  Executive further acknowledges and agrees that the benefits provided   to Executive under this Agreement and the U.K. Settlement Agreement are 
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the entire severance benefit to which Executive is entitled, and that this Agreement and the U.K. Settlement Agreement supersede any and all prior agreements between the parties concerning Executive’s severance eligibility, be they oral or in writing, including, but not limited to, the Severance Plans, and may not be changed, modified, or rescinded except in writing, signed by both parties, and any attempt at oral modification of them Agreement shall be void and of no force or effect.
24.    Savings Clause: Executive understands and agrees that should any provision of

this Agreement be declared or be determined by any court to be illegal or invalid, the validity of the remaining parts, terms, or provisions shall not be affected thereby, and said invalid part, term, or provision shall be deemed not a part of this Agreement, except as provided for otherwise in the Section of this Agreement with the heading “Reasonableness and Modification.”
25.    Waiver of Jury Trial: EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT. Each party certifies and acknowledges that (i) 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, (ii) each such party understands and has considered the implications of this waiver, (iii) each such party makes this waiver voluntarily, and (iv) each such party has been induced to enter into this agreement by, among other things, the mutual waivers and certifications in this Agreement.
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26.    Applicable Law: This Agreement is subject to and shall be construed in accordance with Florida law without regard to any conflict of law principles. Executive and Hertz irrevocably and unconditionally (i) agree that any suit, action, or other legal proceeding arising out of this Agreement, including without limitation any action commenced by Hertz for preliminary and permanent injunctive relief or other equitable relief, shall be brought in the United States District Court whose jurisdiction includes Lee County, Florida, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Florida, (ii) consent to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding, and (iii) waive any objection which Executive may have to the laying of venue of any such suit, action or proceeding in any such court.

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WITH MY SIGNATURE, I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS AGREEMENT AND UNDERSTAND ALL OF ITS TERMS, INCLUDING THE FULL AND FINAL RELEASE OF CLAIMS SET FORTH ABOVE.

I HAVE ENTERED INTO THIS AGREEMENT VOLUNTARILY; I HAVE NOT RELIED UPON ANY REPRESENTATION OR STATEMENT WRITTEN OR ORAL, NOT SET FORTH IN THIS AGREEMENT; I HAVE BEEN GIVEN THE OPPORTUNITY TO HAVE THIS AGREEMENT REVIEWED BY MY ATTORNEY AND HERTZ ADVISED ME TO DO SO.

I HAVE BEEN GIVEN AT LEAST 21 CALENDAR DAYS TO CONSIDER THIS AGREEMENT AND INFORMED THAT I HAVE 7 CALENDAR DAYS AFTER SIGNING THIS AGREEMENT TO REVOKE IT BY DELIVERING, AS SET FORTH ABOVE, WRITTEN NOTIFICATION OF MY REVOCATION.

/s/ Angela Brav                        6/10/2022
ANGELA I. BRAV                        DATE

/s/Eric Leef                            6/14/2022
THE HERTZ CORPORATION                DATE

By:  Eric Leef    

Its:   EVP and CHRO    

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Exhibit A

Response of Eric Leef or actual or functionally equivalent successor to external inquiries regarding Executive’s employment with Hertz

Sum and Substance of Message

•AB’s career with Hertz began in November 2019 and ended in April 2022.

•Throughout her tenure, AB served as President-Hertz International.

•In her role, AB successfully led the Company’s substantial international network of approximately 6,000 corporate and franchise rental locations, both on-airport and off-airport locations, in 110 countries and regions.

•The COVID-19 pandemic began just weeks after AB joined Hertz, and she led Hertz International with a remote team through the severe business challenges the pandemic presented.

•Hertz’s US and Canadian businesses entered bankruptcy under Chapter 11 in May 2020.

•AB led a successful financial and business restructuring effort for Hertz International that brought about significant cost savings in 2020, and her contributions led Hertz International to avoid bankruptcy.

•In 2021, the last full year of AB’s tenure, Hertz International’s total revenues increased by $113M.

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PRIVATE & CONFIDENTIAL

WITHOUT PREJUDICE & SUBJECT TO CONTRACT

SETTLEMENT AGREEMENT

Between

THE HERTZ CORPORATION

And

ANGELA BRAV

PAGE 1

SETTLEMENT AGREEMENT

This Agreement is dated the 10th day of June 2022 and is made between:

(1)    The Hertz Corporation of 8501 Williams Road, Estero, Florida 33928, United States of America (the “Employer”); and
(2)    Angela Brav of [*] (the “Executive”).
WHEREAS

(A)    The Executive was advised on 5 April 2022 that her role was likely to become redundant in the future and wishes to leave the employment of the Employer at an earlier date.
(B)    The Executive and the Employer have agreed terms on which she will leave the employment of the Employer on 30 April 2022 by mutual agreement.
(C)    The Executive and the Employer have entered into this Agreement to record and implement the terms on which they have agreed to settle any claims which the Executive has or may have in connection with her employment or its termination, against the Employer or any Affiliated Company or their officers or employees whether or not those claims are, or could be, in the contemplation of the parties at the time of signing this Agreement, and including, in particular, the contractual and statutory claims referenced in this Agreement save for those claims excluded by clause 8.2 below.
(D)    The Employer is entering this Agreement for itself and as agent for itself, its Affiliated Companies and its and their relevant officers and employees (former and present) and is duly authorised to do so.
IT IS AGREED as follows:

1    Definitions

In this Agreement:

1.1    “Affiliated Company” means a ‘subsidiary’ and/ or ‘holding company’ of the Employer, as defined in section 1159 of the Companies Act 2006, and a subsidiary of any holding company of the Employer;
1.2    “Hertz Severance Plan” means the 2021 Hertz Global Holdings, Inc. Severance Plan for Senior Executives, excluding any amendments after the date of this Agreement;
1.3    “Independent Adviser” means Helen Sherborne of Keystone Law;
1.4    “Termination Date” means 30 April 2022.

PAGE 2

1.5    “U.S. Settlement Agreement” means the Confidential Severance Agreement and General Release of Claims agreement entered into between The Hertz Corporation and the Executive dated June 10, 2022.
1.6    The headings in this Agreement are inserted for convenience only and shall not affect its construction.
1.7    A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made under it.
1.8    The schedules to this Agreement form part of (and are incorporated into) this Agreement.
2    Termination of employment

2.1    Subject to the following provisions of this Agreement, the Executive’s employment with the Employer terminated on the Termination Date by way of mutual agreement.
3    Severance Payment and Benefits

3.1    The Employer will, without admission of liability and in full and final settlement of any claims or rights of action pursuant to clause 8.1 (save for those claims excluded by clause 8.2 below) , pay to the Executive:
3.1.1    a total payment of £30,000, (“Severance Payment”) subject to clauses 3.1.2 and 3.1.2 which is inclusive of:
a.    the remainder of the Executive's statutory notice period (the "PILON"), and;
b.    the statutory redundancy payment of £1,713 (calculated on the basis of £571 x 3, being the multiplier based on the Executive’s age of 59 and length of U.K. qualifying service of 2 years) that she would have been entitled to had her employment been terminated on the grounds of redundancy.
3.1.2    The Severance Payment will be paid less any required deductions for income tax and National Insurance contributions. In this regard, the parties believe that:
a.    Part of the Severance Payment will be taxable as post- employment notice pay within the meaning of the Income Tax (Earnings and Pensions) Act 2003; and

b.    The balance of the Severance Payment will be tax free insofar as its tax treatment in the U.K. is concerned (the Employer gives no 
PAGE 3

warranty as to the tax treatment of the Severance Payment in the U.S.).
3.1.3    In the event that the Employer is obliged to pay in the U.K. or the
U.S. any additional tax or employee national insurance contributions / social security (“Charges”) on the part of the Severance Payment that does not constitute the PILON, the Executive shall repay to the Employer a sum equivalent to the Charges within 14 days of the Employer’s written demand, provided that before issuing such a demand the Employer shall have notified the Executive of its receipt of a requirement to pay such Charges and shall have given the Executive a reasonable opportunity to make representations to the relevant tax authority.
3.2    As part of this settlement the Employer will also:

3.2.1    Continue to tax equalize all employment-related income earned whilst the Executive was on international assignment to the UK up to the Termination Date, including in respect of the taxable treatment of payments to the Executive under this Agreement made after the Termination Date.
3.2.2    Continue to provide the Executive access to BDO to assist in the filing of tax returns in the UK, at the Employer’s expense, until such time as the UK tax liabilities of the Executive have been satisfied including assistance in the event of any enquiries by HMRC;
3.2.3    Permit the Executive to retain the Employer’s iPhone (the “Device”) currently in her possession, subject to that Device first being wiped of any confidential information and any software licensed to the Company or an Affiliated Company. The Employee is responsible for arranging transfer of the mobile telephone number for the iPhone to her ownership with effect from the Termination Date and she undertakes and agrees to be responsible for all charges and expenses associated with the Device with effect from the day immediately following the Termination Date. No warranty is given by the Employer as to the condition of the Device;
3.2.4    Provide one round-trip Business class flight each for the Executive
and her husband to prepare her household goods to be returned to the United states (if this is not part of any International Assignment Policy or if there is no such policy or comparable policy); and
3.2.5    Pay her reasonable pre-approved moving expenses (if this is not part of any International Assignment Policy or if there is no such policy) with 
PAGE 4

the Employers’ provider subject to these being agreed in advance with the Employer.
3.3    Payment of the Severance Payment is subject to and strictly conditional upon the Executive’s continuing compliance with her material obligations under this Agreement and her continuing compliance with her material obligations under the terms of the Hertz Severance Plan and the continuing material accuracy of the warranties at clause 6.
3.4    The Severance Payment shall be paid via payroll into the bank account into which the Executive has received Comprehensive Allowance payments during her employment, as part of the next applicable payroll subject to prior receipt by the Employer of a copy of this Agreement signed by the Executive and the signed Adviser’s Certificate as set out in SCHEDULE 2.
3.5    The Employer may deduct from the sums referred to in clause 3 any monies owed by the Executive to the Employer or any Affiliated Company. The Employer confirms that it is not aware of any sums that the Employee owes to the Employer or any Affiliated Company.
3.6    Compliance by the Executive with her material obligations and undertakings and the giving of truthful warranties under this Agreement shall each be a condition precedent to any payment or benefit as set out or referred to in this Agreement.
4    Provision of Car

The Employer confirms safe receipt of the car used by the Executive during her employment.
5    Directorships

5.1    The Executive will resign from the board of Hertz Europe Limited in the form set out in SCHEDULE 3.
5.2    The Employer confirms that the Executive continues to have the benefit of Directors’ and Officers’ Liability insurance (“D&O Insurance”) in relation to the Employer and any Affiliated Company, to the same extent that it is maintained for other former directors and officers and that the D&O Insurance was in place while
she was a director or officer. The Employer shall continue to maintain such D&O Insurance and, to the extent contemplated and permissible under the Bylaws of Hertz Global Holdings, Inc., will indemnify the Executive against any liabilities as a Director or Officer.
5.3    The Employer confirms that in addition to the D&O Insurance, the Executive will continue to have the benefit of insurance which the Employer already has in place, if any, (“Other Insurance”) for its former directors and officers, and that the Executive will 
PAGE 5

be treated in the same way as any other former director or officer of the Employer or any Affiliated Company.
5.4    The Employer confirms that where payment by insurers under the D&O Insurance and Other Insurance (together, “the Insurance”) is insufficient to meet payment of a loss (in whole or in part) in respect of claim under the Insurance it will indemnify the Executive to the same extent and the same conditions as it would for any other former director or officer of the Employer or any Affiliated Company to the extent contemplated and permissible under the Bylaws of Hertz Global Holdings, Inc.
5.5    The Employer confirms that it is unaware of any circumstances or any claims notified under the Insurances relating to any of the Executive’s directorships/offices or positions in the Employer or any Affiliated Company.
6    Executive’s Warranties and Employer’s Warranties

As a strict condition of receiving the sums under this Agreement, the Executive warrants and represents as follows, as at the date of this Agreement, and acknowledges that the Employer enters into this Agreement in reliance on these warranties:
6.1    The Executive has not retained and will not retain any copies (whether paper copies or copies stored on software storage media) of the documentation and information referred to at clauses 7.1 and 7.2 below, save for documentation and correspondence relating to her share options and employment terms;
6.2    The Executive has not done or failed to do anything amounting to a repudiatory breach of the express or implied terms of the Executive’s employment with the Employer, including without limitation (i) knowingly violated the Hertz Standards of Business Conduct or any similar policy, (ii) facilitated or engaged in, or had knowledge of, any financial or accounting improprieties; (iii) knowingly made any incorrect or false statements in any of her certifications relating to the Employer’s or any Affiliated Company’s filings required under applicable securities laws or management representation letters and the Executive has no knowledge of any incorrect or false statements in respect of the same (in the case of (ii) or (iii) excluding any information provided by a third party auditor in a report to both the Executive and a Board of Directors of the Company or any Affiliated Company), which if the matter had come to the Employer’s attention before the Termination Date would have entitled the Employer to terminate the Executive’s employment summarily or if it had been done or omitted after the date of the Agreement would have constituted a breach of any of its terms;
6.3    There are no matters of which the Executive is aware relating to any act or omission by the Executive or by any director, officer, employee, or agent of the Employer or 
PAGE 6

any Affiliated Company which if disclosed to the Employer would or might affect the Employer’s decision to enter into this Agreement or which has not been disclosed to the Employer;
6.4    The Executive has not issued proceedings before the employment tribunals, High Court or County Court or any other judicial body in any jurisdiction in respect of any claim in connection with the Executive’s employment or its termination and the Executive undertakes that, save where clause 8.2 applies, neither the Executive nor anyone acting on the Executive’s behalf will present such an application, or claim and that the Executive will not enforce any declaration or award in respect of such application or claim, whether under sections 188 to 192 of the Trade Union and Labour Relations (Consolidation) Act 1992 or otherwise; and
6.5    Having received the independent advice referred to in clause 10, as far as she and the Independent Advisor are aware the only claims or particular complaints which the Executive may have against the Employer or any of its Affiliated Companies, whether statutory or otherwise, are those referred to in clause 8.1 and SCHEDULE 1.
6.6    The Employer and all Affiliated Companies warrant that they have not and will not disclose the facts or contents of this Settlement Agreement and the facts and circumstances leading up to it, to any third party except to professional advisers HMRC or as required by law.
7    Executive’s Undertakings

In consideration of $1,000 (subject to deductions of income tax and national insurance contributions) the Executive undertakes to:

7.1    No later than the Termination Date, return to the Employer all documents and other property of the Employer or any Affiliated Company in the Executive’s
possession or control, including, without limitation, laptops, security passes, keys, computer disks, tapes, records, correspondence, documents, files and other information (whether originals, copies or extracts) belonging to the Employer or any of its Affiliated Companies, together with all confidential information, save as provided by clause 17 of the U.S. Settlement Agreement and save for the Executive's iPhone device, which she is permitted to retain subject to the provisions of clause 3.2.3 above and save for the notepad that the Executive will return to the Employer on 21 June 2022 when she returns to the UK;
7.2    The Executive confirms that any electronic data held by the Executive which is the intellectual property of the Employer or any Affiliated Company will have been 
PAGE 7

permanently deleted by 21 June 2022 (to the extent possible without third party intervention) from the location in which it was held;
7.3    On request disclose to the Employer all passwords (including passwords to all protected files) created or protected by her which are held and/or saved on any computer, telecommunications or other electronic equipment belonging to the Employer or any Affiliated Company;
7.4    Keep the terms of this settlement including the substance of any discussions or negotiations leading to the conclusion of this Agreement, and/or the terms on which the Executive’s employment is terminated, and/or the circumstances leading to the termination of the Executive’s employment, strictly confidential and not herself, or by her representative(s) or by anyone else on the Executive’s behalf disclose, communicate or otherwise make public the same to anyone (save to the Executive’s immediate family, professional advisers , insurers and the relevant tax authorities or otherwise as may be required to be disclosed by law or a court of competent jurisdiction), subject to the Executive’s right to make (i) a protected disclosure under section 43A of the Employment Rights Act 1996, (ii) a disclosure to a regulator regarding any misconduct, wrongdoing or serious breach of regulatory requirements, or reporting a criminal offence to any law enforcement agency; (iii) as part of co- operating with any law enforcement agency regarding a criminal investigation or prosecution; or to a medical adviser or provider of therapeutic or counselling services.
7.5    Not hold herself out as remaining employed by or otherwise continuing to work for the Employer or any Affiliated Company after the Termination Date, and to take such action required by her (at the Employer’s reasonable cost) to resign or otherwise terminate any residual employment relationship or corporate office (whether active or suspended) with an Affiliated Company in any other jurisdiction including in France, Italy or the United States.
7.6    That, notwithstanding the termination of her employment, she will continue to abide by her express and implied obligations to the Employer and/or any Affiliated Company in respect of its/ their confidential information, subject to the exceptions set out in clause 7.4 which shall apply equally to the Employee’s obligations under this clause.
7.7    Nothing in this Agreement shall prevent the Executive from making disclosures to a recruitment consultant, outplacement counselor or future employer simply for the purposes of discussing her employment history, her roles and responsibilities, provided that in doing so she does not breach clauses 7.4 or 7.6 of this Agreement or any confidentiality obligations under the U.S. Settlement Agreement.
PAGE 8

8    Compromised claims

8.1    The Executive agrees that the terms of this Agreement are offered by the Employer without any admission of liability on the part of the Employer or any Affiliated Company and are in full and final settlement of all and any claims or rights of action that the Executive has or may have against the Employer or any Affiliated Company or their officers or employees in any jurisdiction arising out of the Executive’s employment with the Employer or its termination, whether under common law, contract, statute or otherwise, whether such claims are, or could be, known to the parties or in their contemplation at the date of this Agreement in any jurisdiction and including, but not limited to, the claims specified in SCHEDULE 1 of this Agreement (each of which is hereby intimated and waived), and in particular, but without limitation, in respect of the Executive’s allegations, whether or not presently asserted:
8.1.1    for unfair dismissal and related claims, under section 111 of the Employment Rights Act 1996;
8.1.2    automatic unfair dismissal under sections 94 and 103A and protection from suffering detriment under section 47B of the Employment Rights Act 1996 (protected disclosures);
8.1.3    in relation to the right to be accompanied and protection from suffering a detriment under section 11 of the Employment Relations Act 1999;
8.1.4    for breach of contract, wrongful dismissal or otherwise any
damages for statutory and contractual notice;

8.1.5    in relation to an unlawful deduction from wages or unlawful payment, under part II of the Employment Rights Act 1996;
8.1.6    in relation to working time or holiday pay, under regulation 30 of the Working Time Regulations 1998;
8.1.7    in relation to written employment particulars and itemised pay statements, under section 11 of the Employment Rights Act 1996;
8.1.8        for direct or indirect discrimination, harassment or victimisation related to age under section 120 of the Equality Act 2010 and/or under regulation 36 of the Employment Equality (Age) Regulations 2006;
8.1.9    for direct or indirect discrimination, harassment or victimisation related to sex under section 120 of the Equality Act 2010 and/or under section 63 of the Sex Discrimination Act 1975;
PAGE 9

8.1.10    for direct or indirect discrimination, harassment or victimisation related to nationality or national origin under section 120 of the Equality Act 2010 and/or under section 54 of the Race Relations Act 1976;
8.1.11    in relation to any breach of the Data Protection Act 1998, Data Protection Act 2018 or relevant data protection legislation (as amended) or in relation to any data subject access request;
8.1.12    in relation to obligations under the Protection of Harassment Act 1997;
8.1.13    in relation to any claim arising out of her employment or its termination in any other jurisdictions including (without limitation) any Federal, State, or Local jurisdiction in the United States;
and the Executive confirms that such claims are hereby compromised.

8.2    Claims in respect of:

8.2.1    accrued pension rights;

8.2.2    any latent free-standing personal injury claim, excluding personal injury claims under discrimination legislation or in connection with any protected disclosure; and
8.2.3    enforcing the terms of this Agreement or the U.S. Settlement
Agreement

are excluded from the scope of compromised claims but the Executive confirms that she is not aware of any circumstances which would give rise to any claim in respect of personal injury, and that there is no such claim pending at the date of this Agreement.
8.3    The Executive agrees that, except for the payments and benefits expressly stated in this Agreement and in the U.S. Settlement Agreement (subject always to her continued compliance with its terms) she will not be eligible for any other benefit, payment or award from the Employer in connection with the Executive’s employment or its termination, including but not limited to any claim for contractual or statutory notice pay, for the loss of any rights under the Severance Plan, the Omnibus Plan, or any other share, incentive or bonus scheme, and in connection with the termination of her directorships in the Employer and any Affiliated Company.
9    Breach of Agreement

The Executive acknowledges that the Employer is entering into this Agreement in specific reliance on the undertakings, representations and warranties in clauses 6 and 7. If the Executive pursues a claim against the Employer or any Affiliated Company arising out of her employment or its termination (other than those excluded under clause 8.2) she agrees to repay the Severance Payment paid to her.
PAGE 10

10    Independent Advice

10.1    The Executive has been advised by the Independent Adviser (as to the laws of England and Wales) who is a qualified lawyer and an independent adviser for the purposes of the legislation referred to in clause 11.
10.2    The Executive has received independent advice from the Independent Adviser as to the terms and effect of this Agreement and in particular its effect on the Executive’s ability to pursue a complaint before an employment tribunal and that as far as she and the Independent Adviser are aware she has given the Independent Adviser all relevant documentation and information to enable the Independent Adviser to advise the Executive on any and all known complaints that the Executive has or may have against the Employer.
10.3    The Executive will procure that the Independent Adviser completes and provides to the Employer the Independent Adviser’s Certificate at SCHEDULE 2.
11    Settlement Agreement

The parties hereto agree that this is a Settlement Agreement within the meaning of section 203 of the Employment Rights Act 1996 and this Agreement satisfies the conditions regulating Settlement Agreements contained within section 147(3) of the Equality Act 2010, section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992, section 203(3) of the Employment Rights Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 49(4) of the National Minimum Wage Act 1998, regulation 41(4) of the Transnational Information and Consultation etc. Regulations 1999, regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, regulation 40(4) of the Information and Consultation of Employees Regulations 2004, clause 13 of the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 and section 58 of the Pensions Act 2008.
12    Third Party Rights

Each Affiliated Company and any officer, director, trustee, shareholder or employee of the Employer or any Affiliated Company, may enforce the terms of this Agreement where any such term is expressed for such Affiliated Company’s or person’s benefit under the provisions of the Contracts (Rights of Third Parties) Act 1999.
13    Entire Agreement

This Agreement and the U.S. Settlement Agreement set out the entire understanding between the parties and supersedes all prior discussions, communication and undertakings between them or their advisers whether orally or in writing.
PAGE 11

14    Headings

The headings to clauses in this Agreement are for convenience only and have no legal effect.
15    Counterparts

This Agreement may be entered into in any number of counterparts and by the parties to it on separate counterparts, each of which when so executed and delivered shall be an original, but all the counterparts shall together constitute one and the same agreement.
16    Severability

The various provisions and sub-provisions of this Agreement and its Schedules are severable and if any provision or identifiable part thereof is held to be unenforceable by any court of competent jurisdiction then such unenforceability shall not affect the enforceability of the remaining provisions or identifiable parts thereof in this Agreement or its Schedules.
17    Governing law and jurisdiction

17.1    This Agreement shall be governed by and construed in accordance with the laws of England and Wales.
17.2    The parties irrevocably agree to submit to the exclusive jurisdiction of the courts of England and Wales over any claim or matter arising under or in connection with this Agreement.
18    Without Prejudice and subject to contract

Notwithstanding that this Agreement is marked “Without Prejudice and Subject to Contract”, it will, when dated and signed by all the parties named below and accompanied by the attached certificate signed by the Independent Adviser, become an open agreement.

Signed on behalf of The Hertz Corporation

/s/ Eric Leef....................................

/s/ Angela Brav..............................

Signed by Angela Brav

PAGE 12

SCHEDULE 1

Claims:

Employment Rights Act 1996
(a)    in relation to suspension from work, under section 70 of the Employment Rights Act 1996;
(b)    in relation to maternity, paternity, adoption and parental rights and flexible working, under parts VIII and VIIIA of the Employment Rights Act 1996;
(c)    in relation to time off work, under sections 51, 54, 57, 57A, 57B, 58, 60, 63 and 63C of the Employment Rights Act 1996;
(d)    in relation to the right to a written statement of reasons for dismissal, under section 93 of the Employment Rights Act 1996;
Equality

(e)    for direct or indirect discrimination, harassment or victimisation related to religion or belief, under section 120 of the Equality Act 2010 and/or under regulation 28 of the Employment Equality (Religion or Belief) Regulations 2003;
(f)    for direct or indirect discrimination, harassment or victimisation related to race, colour, or ethnic origin under section 120 of the Equality Act 2010 and/or under section 54 of the Race Relations Act 1976;
(g)    for direct or indirect discrimination, harassment or victimisation related to marital or civil partnership status, under section 120 of the Equality Act 2010 and/or under section 63 of the Sex Discrimination Act 1975;
(h)    for direct or indirect discrimination, harassment or victimisation related to disability, discrimination arising from disability, or failure to make adjustments under section 120 of the Equality Act 2010 and/or under section 17A of the Disability Discrimination Act 1995;
Miscellaneous

(i)    in relation to the right to request time off for study or training under section 613 of the Employment Rights Act 1996;
(j)    for failure to comply with obligations under the Human Rights Act 1998 or the Protection from Harassment Act 1997;
(k)    for failure to comply with obligations under the Data Protection Acts 1998 and 2018 (as amended); and
(l)    arising in consequence of the United Kingdom’s former membership of the European Union relating to employment or its termination.

PAGE 13

SCHEDULE 2

Independent Adviser’s Certificate

I, Helen Sherborne of Keystone Law confirm that I have given independent advice relating to the laws of England and Wales to Angela Brav of [*] (Executive) as to the terms and effect of the above Agreement and in particular its effect on the Executive’s ability to pursue the Executive’s rights before an employment tribunal.
I confirm that

    I am a relevant independent adviser (as defined by section 203 Employment Rights Act 1996).
    I am not a party or connected to a party to this Agreement or any complaint relating to it within the meaning of section 147(5) of the Equality Act 2010.
    there is no connection between me and the Executive which gives rise to a conflict of interest in relation to this Agreement or any complaint which it compromises.
    there is or was at the time of the advice given to the above in force a contract of insurance, or an indemnity provided for members of a profession or professional body, covering the risk of a claim by the Executive in respect of any loss up to the limits of the insurance policy arising from the advice.

SIGNED     

DATED     

PAGE 14

SCHEDULE 3 RESIGNATIONS

Letter of Resignation

To:    The Directors
Hertz Europe Limited Hertz House
11 Vine Street Uxbridge Middlesex UB8 1QE

XX [month] 2022

Dear Sir

Hertz Europe Limited (the “Company”)

I hereby resign as a director of the Company with effect from [INSERT DATE OF LETTER, BEING THE DATE OF THE SETTLEMENT AGREEMENT] 2022.

In witness whereof this letter has been delivered the day and year first before written.

SIGNED as a DEED by Angela Brav    }
in the presence of:

[signature of director]

[signature of witness]

Name Address
Occupation
PAGE 15EX-4.1

 Exhibit 4.1 

FIFTH THIRD BANCORP 
 TO

 WILMINGTON TRUST COMPANY, 

Trustee 
 Thirteenth
Supplemental Indenture 
 Dated as of July 28, 2022 

SENIOR DEBT SECURITIES 
  

 TABLE OF CONTENTS 

 

					
	 ARTICLE 1
	  			
	 SCOPE OF THIRTEENTH SUPPLEMENTAL
INDENTURE
	  	 	2	 
	 Section 1.1 Scope and Effect of this Thirteenth Supplemental Indenture
	  	 	2	 
		
	 ARTICLE 2
	  			
	 DEFINITIONS
	  	 	2	 
	 Section 2.1 Definitions and Other Provisions of General Application
	  	 	2	 
	 Section 2.2 [Reserved.]
	  	 	7	 
		
	 ARTICLE 3
	  			
	 FORM AND TERMS OF
THE NOTES
	  	 	8	 
	 Section 3.1 Form and Dating
	  	 	8	 
	 Section 3.2 Terms of the Notes
	  	 	8	 
		
	 ARTICLE 4
	  			
	 MISCELLANEOUS
	  	 	13	 
	 Section 4.1 Trust Indenture Act of 1939
	  	 	13	 
	 Section 4.2 Governing Law
	  	 	13	 
	 Section 4.3 Duplicate Originals; Execution
	  	 	14	 
	 Section 4.4 Separability
	  	 	14	 
	 Section 4.5 Ratification
	  	 	14	 
	 Section 4.6 Effectiveness
	  	 	14	 
	 Section 4.7 Successors
	  	 	14	 
	 Section 4.8 Trustee’s Disclaimer
	  	 	14	 
		
	 EXHIBIT A
	  			

  
 i 

 THIRTEENTH SUPPLEMENTAL INDENTURE 

THIRTEENTH SUPPLEMENTAL INDENTURE (this “Thirteenth Supplemental Indenture”), dated as of July 28, 2022 between FIFTH
THIRD BANCORP, a corporation duly organized and existing under the laws of the State of Ohio (the “Company”), having its principal office at Fifth Third Center, 38 Fountain Square Plaza, Cincinnati, Ohio and Wilmington Trust
Company, a trust company duly organized and existing under the laws of the State of Delaware, as trustee (the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of April 30, 2008 and as amended by Article 4
of the Twelfth Supplemental Indenture dated as of April 25, 2022 (the “Base Indenture” and as supplemented by this Thirteenth Supplemental Indenture and together with the Base Indenture, the “Indenture”), to
provide for the issuance by the Company from time to time of its unsecured debentures, notes or other evidences of indebtedness (the “Securities”); 

WHEREAS, Sections 201, 301 and 901 of the Base Indenture provide that the Company, when authorized by a Board Resolution, and the
Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture, without the consent of any Holders, to, among other things, establish the terms of Securities of any series as permitted by the
Indenture; 
 WHEREAS, the issuance and sale of $1,000,000,000 aggregate principal amount of a new series of the Securities of the
Company designated as its 4.772% Fixed Rate/Floating Rate Senior Notes due 2030 (the “Notes,”) have been authorized by resolutions adopted by the board of directors of the Company; 

WHEREAS, the Company desires to issue and sell $1,000,000,000 aggregate principal amount of the Notes as of the date hereof; 

WHEREAS, the Company desires to establish the terms of the Notes; 

WHEREAS, all things necessary to make this Thirteenth Supplemental Indenture a legal and binding supplement to the Base Indenture in
accordance with its terms and the terms of the Base Indenture have been done; 
 WHEREAS, the Company has complied with all
conditions precedent provided for in the Base Indenture relating to this Thirteenth Supplemental Indenture; and 
 WHEREAS, the
Company has requested that the Trustee execute and deliver this Thirteenth Supplemental Indenture. 

 NOW, THEREFORE: 

For and in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company and the Trustee
covenant and agree, for the equal and proportionate benefit of the Holders of the Notes, as follows: 
 ARTICLE 1 

Scope of Thirteenth Supplemental Indenture 

Section 1.1 Scope and Effect of this Thirteenth Supplemental Indenture. This Thirteenth Supplemental Indenture
constitutes a supplement to the Base Indenture and an integral part of the Indenture and shall be read together with the Base Indenture as though all the provisions thereof are contained in one instrument. Except as expressly supplemented by this
Thirteenth Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full force and effect. Notwithstanding the foregoing, this Thirteenth Supplemental Indenture shall apply only to the Notes. 

ARTICLE 2 
 Definitions

 Section 2.1 Definitions and Other Provisions of General Application. For all purposes of this Thirteenth
Supplemental Indenture unless otherwise specified herein: 
  

	 	(a)	 all terms used in this Thirteenth Supplemental Indenture which are not otherwise defined herein shall have the
meanings they are given in the Base Indenture; 

  

	 	(b)	 the provisions of general application stated in Sections 102 through 112 of the Base Indenture shall apply to
this Thirteenth Supplemental Indenture, except that the words “herein,” “hereof,” “hereto” and “hereunder” and other words of similar import refer to this Thirteenth Supplemental
Indenture as a whole and not to the Base Indenture or any particular Article, Section or other subdivision of the Base Indenture or this Thirteenth Supplemental Indenture; 

 

	 	(c)	 Section 101 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by
inserting the following additional defined term in its appropriate alphabetical position: 

 “Issue
Date” means July 28, 2022. 
  

	 	(d)	 Section 101 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by
supplementing the Base Indenture with, or by replacing the corresponding defined terms in the Base Indenture with, the following defined terms: 

“Applicable Procedures” means, with respect to any transfer, transaction or other action involving a Global Security or any
beneficial interest therein, the rules and procedures of the Depositary for such Security, in each case to the extent applicable to such transfer, transaction or other action as in effect from time to time. 

  
 2 

 “Benchmark” means, initially, Compounded SOFR; provided that if a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the applicable
Benchmark Replacement. 
 “Benchmark Replacement” means the first alternative set forth in the order below that can be
determined by the Company or the Company’s designee as of the Benchmark Replacement Date; provided that if the Benchmark Replacement cannot be determined in accordance with clause (1) below as of the Benchmark Replacement Date and the
Company or the Company’s designee shall have determined that the ISDA Fallback Rate determined in accordance with clause (2) below is not an industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S.
dollar-denominated floating rate notes at such time, then clause (2) below shall be disregarded, and the Benchmark Replacement shall be determined in accordance with clause (3) below: 

(1) the sum of: (a) an alternate rate of interest that has been selected or recommended by the Relevant Governmental Body
as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; 
 (2) the sum of:
(a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or 
 (3) the sum of: (a) the
alternate rate of interest that has been selected by the Company or the Company’s designee as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the
then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment. 

“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the
Company or the Company’s designee as of the Benchmark Replacement Date: 
 (1) the spread adjustment (which may be a
positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment;
or 
 (3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company or
the Company’s designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted
Benchmark Replacement for U.S. dollar denominated floating rate notes at such time. 

  
 3 

 “Benchmark Replacement Conforming Changes” means, with respect to any
Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions or interpretations of interest period, the timing and frequency of determining rates and making payments of interest, the rounding of
amounts or tenors, and other administrative matters) that the Company or the Company’s designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if
the Company or the Company’s designee decides that adoption of any portion of such market practice is not administratively feasible or if the Company or the Company’s designee determines that no market practice for use of the Benchmark
Replacement exists, in such other manner as the Company or the Company’s designee determines is reasonably practicable). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark
(including any daily published component used in the calculation thereof): 
 (1) in the case of clause (1) or
(2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark
permanently or indefinitely ceases to provide the Benchmark (or such component); or 
 (2) in the case of clause (3) of
the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. 

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the
Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current
Benchmark (including the daily published component used in the calculation thereof): 
 (1) a public statement or publication
of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); 

  
 4 

 (2) a public statement or publication of information by the regulatory
supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a
resolution authority with jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states
that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide the Benchmark (or such component); or 
 (3) a public statement or publication of
information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. 

“Business Day” means any day that is not a Saturday or Sunday, and that is not a day on which banking institutions in the City
of New York are authorized or obligated by law, regulation or executive order to close.
 “Business Day Convention”
means if any interest payment date, redemption date or the maturity date of the Notes falls on a day which is not a Business Day, the related payment of principal of, or interest on, the Notes will be made on the next day which is a Business Day
with the same force and effect as if made on the date such payment was due, and no interest shall accrue on the amount payable for the period from and after such interest payment date, redemption date or maturity date, as the case may be. 

“Calculation Agent” means the firm appointed by the Company prior to the commencement of the floating rate period. The Company
or an affiliate of the Company may assume the duties of the Calculation Agent. 
 “Compounded SOFR” means with
respect to any interest period, “Compounded SOFR” will be determined by the Calculation Agent in accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the nearest one
hundred-thousandth of a percentage point): 
  
 

 
 where: 

“SOFR IndexStart” = For periods other than the
initial interest period, the SOFR Index value on the preceding Interest Payment Determination Date, and, for the initial interest period, the SOFR Index value on the date that is two U.S. Government Securities Business Days before the first day of
such initial interest period (such first day expected to be July 28, 2029); 

  
 5 

 “SOFR
IndexEnd” = The SOFR Index value on the Interest Payment Determination Date relating to the applicable interest payment date (or in the final interest period, relating to the
maturity date, or, in the case of the redemption of the Notes, relating to the applicable redemption date); and 

“d” is the number of calendar days in the relevant Observation Period. 

“Corporate Trust Office” for administration of this Indenture means the corporate trust office of the Trustee located at
Rodney Square North, 1100 N. Market Street, Wilmington, DE 19890-0001, Attention: Fifth Third Bancorp Administrator, or such other office, designated by the Trustee by written notice to the Company, at which at any particular time its corporate
trust business shall be administered. 
 “Interest Payment Determination Date” means the date two U.S. Government Securities
Business Days before each interest payment date (or, in the case of the redemption of the Notes, preceding the applicable redemption date). 

“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor. 

“ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, or any successor thereto, as amended or supplemented
from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 
 “ISDA Fallback
Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with
respect to the Benchmark for the applicable tenor. 
 “ISDA Fallback Rate” means the rate that would apply for derivatives
transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Observation Period” means, in respect of each interest period, the period from, and including, the date two U.S. Government
Securities Business Days preceding the first date in such interest period to, but excluding, the date two U.S. Government Securities Business Days preceding the interest payment date for such interest period (or in the final interest period,
preceding the maturity date or, in the case of the redemption of the Notes, preceding the applicable redemption date). 
 “Reference
Time” with respect to any determination of the Benchmark, means (1) if the Benchmark is Compounded SOFR, the SOFR Index Determination Time, as such time is defined above, and (2) if the Benchmark is not Compounded SOFR, the time
determined by the Company or the Company’s designee in accordance with the Benchmark Replacement Conforming Changes. 

  
 6 

 “Relevant Governmental Body” means the Federal Reserve Board and/or the
FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto. 

“SOFR Index” means, with respect to any U.S. Government Securities Business Day: 

(1) the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR Administrator’s Website
at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); or 

(2) if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination Time, then:
(i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, Compounded SOFR shall be the rate determined pursuant to the “SOFR Index unavailable provisions” described below;
or (ii) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, Compounded SOFR shall be the rate determined pursuant to the “Effect of a Benchmark Transition Event” provisions
described below. 
 “SOFR” means the daily secured overnight financing rate as provided by the SOFR Administrator on the
SOFR Administrator’s Website. 
 “SOFR Administrator” means the FRBNY (or a successor administrator of SOFR). 

“SOFR Administrator’s Website” means the website of the FRBNY, currently at http://www.newyorkfed.org, or any successor
source. The information contained on such website is not part of this prospectus supplement and is not incorporated in this prospectus supplement by reference. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

“U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities
Industry and Financial Markets Association or any successor organization recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

Section 2.2 [Reserved.] 

  
 7 

 ARTICLE 3 

Form and Terms of the Notes 

Section 3.1 Form and Dating. 
  

	 	(a)	 The Notes shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed
on behalf of the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive Officer, its President or one of its Vice Presidents, attested by its Secretary or one of its Assistant Secretaries. The Notes may have a
legend or legends or endorsements as may be required to comply with any law or with any rules of any securities exchange or usage. The Notes shall be dated the date of their authentication. 

 

	 	(b)	 The terms contained in the Notes shall constitute, and are hereby expressly made, a part of the Base Indenture
as supplemented by this Thirteenth Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this Thirteenth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

 Section 3.2 Terms of the Notes. The following terms relating to the Notes are hereby
established:  
  

	 	(a)	 Title. The Notes shall constitute a series of Securities having the title “Fifth Third Bancorp
4.772% Fixed Rate/Floating Rate Senior Notes due 2030,” the CUSIP number 316773 DG2, and the ISIN number US316773DG20. 

  

	 	(b)	 Principal Amount. The aggregate principal amount of the Notes that may be authenticated and delivered
under the Base Indenture, as supplemented by this Thirteenth Supplemental Indenture, shall be $1,000,000,000 on the Issue Date. Provided that no Event of Default or Covenant Breach has occurred and is continuing with respect to the Notes, the
Company may, without notice to or the consent of the Holders, create and issue additional Securities having the same terms as (except as described below), and ranking equally and ratably with, the Notes in all respects and so that such additional
Securities will be consolidated and form a single series with, and have the same terms as to status, redemption or otherwise as, the Notes initially issued, except for the issue date, the issue price and the initial interest payment date, provided
that if such additional Securities are not fungible with the Notes for U.S. federal income tax purposes, such additional Securities will be issued with a separate CUSIP number. 

 

	 	(c)	 Person to Whom Interest is Payable. Interest payable, and punctually paid or duly provided for, on any
interest payment date will be paid to the Person in whose name the Notes are registered at the close of business on the Regular Record Date for such interest, which shall be 15 calendar days immediately preceding such interest payment date (whether
or not a Business Day). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name the Note is registered at the close
of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such exchange, as provided for in the Base Indenture.

  
 8 

	 	(d)	 Maturity Date. The entire outstanding principal of the Notes shall be payable on July 28, 2030.

  

	 	(e)	 Interest. 

  

	 	(i)	 Fixed Rate Period. During the period from, and including, July 28, 2022, to, but excluding,
July 28, 2029, the Notes will bear interest at the rate of 4.772% per annum. Such interest will be payable semi-annually in arrears on January 28 and July 28 of each year, beginning on January 28, 2023 and ending on July 28,
2029. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

 

	 	(ii)	 Floating Rate Period. During the period from, and including, July 28, 2029, to, but excluding, the
Maturity Date, the Notes will bear interest at a floating rate per annum equal to Compounded SOFR plus 2.127%, as determined in arrears by the Calculation Agent in the manner described herein. Such interest will be payable quarterly in arrears on
October 28, 2029, January 28, 2030, April 28, 2030 and at the Maturity Date. Compounded SOFR for each interest period will be calculated by the Calculation Agent in accordance with the formula set forth herein with respect to the
Observation Period relating to such interest period. Interest will be computed on the basis of the actual number of days in each interest period (or any other relevant period) and a 360-day year. The amount of
accrued interest payable on the Notes for each interest period will be computed by multiplying (i) the outstanding principal amount of the Notes by (ii) the product of (a) the interest rate for the relevant interest period multiplied
by (b) the quotient of the actual number of calendar days in the applicable Observation Period relating to such interest period (or any other relevant period) divided by 360. The interest rate on the Notes will in no event be lower than zero.
The Calculation Agent will determine Compounded SOFR, the interest rate and accrued interest for each interest period in arrears as soon as reasonably practicable on or after the Interest Payment Determination Date for such interest period and prior
to the relevant interest payment date and will notify the Company (if not the Calculation Agent) of Compounded SOFR, such interest rate and accrued interest for each interest period as soon as reasonably practicable after such determination, but in
any event by the business day immediately prior to the interest payment date. At the request of a holder of the Notes, the Company will provide Compounded SOFR, the interest rate and the

  
 9 

	 	
amount of interest accrued with respect to any interest period, after Compounded SOFR, such interest rate and accrued interest have been determined. The Calculation Agent’s determination of
any interest rate, and its calculation of interest payments for any floating rate period, will be maintained on file at the Calculation Agent’s principal offices and will be provided in writing to the Trustee. Under no circumstances will the
Trustee be responsible for selecting or determining any Benchmark Replacement if the Benchmark will no longer be available following a Benchmark Transaction Event and its related Benchmark Replacement Date. In the case of a Benchmark Transition
Event, the Company will select the Benchmark Replacement prior to the Benchmark Replacement Date and in consultation with the Calculation Agent, ensuring that the Calculation Agent will be able to meet its obligations and requirements under the Base
Indenture, as supplemented by this Thirteenth Supplemental Indenture, with respect to the Benchmark Replacement. No such replacement (including any conforming changes to the Indenture) shall affect the Trustee’s own rights, duties or immunities
under the indenture or otherwise. 

  

	 	(f)	 Place of Payment of Principal and Interest. Payment of the principal of (and premium, if any) and
interest on the Notes will be made at the office or agency of the Company maintained for that purpose in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. The Company shall make, or cause
the Paying Agent to make, all payments of principal and interest on Global Securities in immediately available funds to the Depositary or its nominee, in accordance with Applicable Procedures. 

 

	 	(g)	 Redemption. 

  

	 	(i)	 The Notes will be redeemable, in whole, but not in part, on July 28, 2029 at a redemption price equal to
100% of the aggregate principal amount of the Notes, plus accrued and unpaid interest thereon, if any, to but excluding, the redemption date. 

  

	 	(ii)	 On and after May 29, 2030, the Notes will be redeemable, in whole or in part, at any time and from time to
time, at the Company’s option at a redemption price equal to 100% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. 

 

	 	(iii)	 If the Company redeems Notes at its option, then notwithstanding the foregoing, any interest on the Notes being
redeemed that is due and payable on any interest payment date falling on or prior to a redemption date for the Notes will be payable on that interest payment date to the registered holders thereof as of the close of business on the relevant record
date according to the terms of the Notes and the Indenture. 

  
 10 

	 	(iv)	 If the Company elects to redeem the Notes (in whole or in part), it must (A) notify the Trustee of the
intended redemption date and provide a draft notice with respect to the potential redemption at least five Business Days prior to the date on which it intends to provide notice, or if requested, have the Trustee provide notice, of such redemption to
Holders (unless a shorter period is satisfactory to the Trustee) and (B) deliver to the Trustee the final notice to be sent to Holders and an Officers’ Certificate with respect to the Company’s election to redeem the Notes (in whole
or in part) on the date on which the Company provides notice. If fewer than all of the Notes are being redeemed, the Trustee will select the Notes to be redeemed by lot, pro rata or by any other method the Trustee in its sole discretion deems fair
and appropriate, and in the case of any Global Security, in accordance with the Applicable Procedures, in minimum denominations of $2,000 or any integral multiples of $1,000 in excess thereof. The Trustee will notify the Company promptly of the
Notes or portions of Notes to be called for redemption. Notice of redemption must be sent by the Company or at the Company’s request, by the Trustee by first class mail or, with respect to any Global Security, the Applicable Procedures, in the
name and at the expense of the Company, to Holders whose Notes are to be redeemed, at least 10 days, but not more than 60 days, before the redemption date. 

  

	 	(v)	 The notice of redemption will identify the Notes to be redeemed and will include or state the following:

  

	 	a.	 the redemption date; 

 

	 	b.	 the redemption price, including the portion thereof representing any accrued interest; 

 

	 	c.	 the place or places where Notes are to be surrendered for redemption; 

 

	 	d.	 Notes called for redemption must be so surrendered in order to collect the redemption price;

  

	 	e.	 on the redemption date the redemption price will become due and payable on Notes called for redemption, and
interest on Notes called for redemption will cease to accrue on and after the redemption date; 

  

	 	f.	 if any Note is redeemed in part, on and after the redemption date, upon surrender of such Note, new Notes equal
in principal amount to the unredeemed portion will be issued; and 

  
 11 

	 	g.	 if any Note contains a CUSIP, ISIN, or CINS number, no representation is being made as to the correctness of
the CUSIP, ISIN, or CINS number either as printed on the Notes or as contained in the notice of redemption and that the Holder should rely only on the other identification numbers printed on the Notes. 

 

	 	(vi)	 Once notice of redemption is sent to the Holders, Notes called for redemption become due and payable at the
redemption price on the redemption date, and upon surrender of the Notes called for redemption, the Company shall redeem such Notes at the redemption price. Unless the Company defaults in the payment of the redemption price, commencing on the
redemption date Notes redeemed will cease to accrue interest. Upon surrender of any Note redeemed in part, the Holder will receive a new Note equal in principal amount to the unredeemed portion of the surrendered Note. The principal amount after
redemption in part shall be in minimum denominations of $2,000 or any integral multiple of $1,000 in excess thereof. 

  

	 	(h)	 Sinking Fund. There shall be no sinking fund for the Notes. 

 

	 	(i)	 Denomination. The Notes and any beneficial interest in the Notes shall be in minimum
denominations of $2,000 or any integral multiples of $1,000 in excess thereof. 

  

	 	(j)	 Index. Payment of interest on the Notes will not be determined with reference to any index or formula.

  

	 	(k)	 Currency of the Notes. The Notes shall be denominated, and payment of principal and interest of the
Notes shall be payable in, the currency of the United States of America. 

  

	 	(l)	 Currency of Payment. The principal of and interest on the Notes shall be payable in the currency
of the United States of America. 

  

	 	(m)	 Acceleration. 100% of the principal amount of the Notes shall be payable upon acceleration
(whether automatic or by declaration) of the maturity thereof. 

  

	 	(n)	 [Reserved.] 

  

	 	(o)	 Defeasance. Article 13 of the Base Indenture shall apply to the Notes. 

 

	 	(p)	 Registered Form. The Notes shall be issuable as registered Global Securities, and the depositary for the
Notes shall be the Depository Trust Company, a New York Corporation (“DTC”), or any successor depositary appointed by the Company within 90 days of the termination of services of DTC (or any successor to DTC). Sections 204 and 305 of the
Base Indenture shall apply to the Notes. 

  

	 	(q)	 Events of Default. The Events of Default provided for in Section 501 of the Base Indenture shall
apply to the Notes. 

  
 12 

	 	(r)	 Covenants. The covenants set forth in Article 10 of the Base Indenture shall apply to the Notes.

  

	 	(s)	 Day Count Convention. 

 

	 	(i)	 Fixed rate interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. 

  

	 	(ii)	 Floating rate interest will be computed on the basis of the actual number of days in each interest period (or
any other relevant period) and a 360-day year. 

  

	 	(t)	 Legal Holidays. Section 113 of the Base Indenture shall be deleted and shall be of no effect with
respect to the Notes. The Business Day Convention shall apply. 

  

	 	(u)	 No Conversion. The Notes are not convertible into, or exchangeable for, equity securities of the
Company. 

  

	 	(v)	 Conforming Amendments. The following paragraph shall be added to the end of Section 901 of the Base
Indenture and shall apply to the Notes: 

 Notwithstanding the foregoing, without the consent of any Holder of Securities,
the Company and the Trustee may amend or supplement the Indenture or the Securities to conform the terms of the Indenture and the Securities to the description of the Securities in the prospectus supplement dated July 25, 2022 relating to the
offering of the Securities. 
  

	 	(w)	 Additional Terms. Other terms applicable to the Notes are as otherwise provided for in the Base
Indenture, as supplemented by this Thirteenth Supplemental Indenture. 

 ARTICLE 4 

Miscellaneous 

Section 4.1 Trust Indenture Act of 1939. This Thirteenth Supplemental Indenture shall incorporate and be governed by
the provisions of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act. If any provision of this Thirteenth Supplemental Indenture limits, qualifies or conflicts with another
provision that is required or deemed to be included in this Thirteenth Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control. 

Section 4.2 Governing Law. The laws of the State of New York shall govern this Thirteenth Supplemental Indenture and
the Notes. 

  
 13 

 Section 4.3 Duplicate Originals; Execution. The parties may
sign any number of copies of this Thirteenth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. Delivery of an executed counterpart of a signature page to this Thirteenth
Supplemental Indenture by telecopier, facsimile, email or other electronic transmission (i.e., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Thirteenth Supplemental Indenture or any document to be signed in connection with this Thirteenth Supplemental Indenture shall be deemed
to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S.C. §§ 7001-7006), the Electronic
Signatures and Records Act of 1999 (N.Y. State Tech. §§ 301-309), or any other similar state laws based on the Uniform Electronic Transactions Act,, and the parties hereto consent to conduct the
transactions contemplated hereunder by electronic means. 
 Section 4.4 Separability. In case any provision in this
Thirteenth Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 4.5 Ratification. The Base Indenture, as supplemented by this Thirteenth Supplemental Indenture, is in all
respects ratified and confirmed. The Base Indenture and this Thirteenth Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Thirteenth Supplemental Indenture supersede any
conflicting provisions included in the Base Indenture unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this Thirteenth Supplemental Indenture, and agrees to perform the same upon the terms
and conditions of the Base Indenture, as supplemented by this Thirteenth Supplemental Indenture. 
 Section 4.6
Effectiveness. The provisions of this Thirteenth Supplemental Indenture shall become effective as of the date hereof. 

Section 4.7 Successors. All agreements of the Company in this Thirteenth Supplemental Indenture shall bind its
successors. All agreements of the Trustee in this Thirteenth Supplemental Indenture shall bind its successors. 
 Section 4.8
Trustee’s Disclaimer. The recitals contained herein shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this Thirteenth Supplemental Indenture, the Notes, or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company. 

[Remainder of page intentionally left blank.] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have caused this Thirteenth Supplemental Indenture to
be duly executed as of the date first above written. 
  

			
	 FIFTH THIRD BANCORP
 as
the Company

		
	By:	 	 /s/ James C. Leonard

	Name:	 	James C. Leonard
	Title:	 	Executive Vice President and Chief Financial Officer

  

			
	Attest:
		
	By:	 	 /s/ H. Samuel Lind

	Name:	 	H. Samuel Lind
	Title:	 	Senior Vice President,
		 	Associate General Counsel,
		 	and Assistant Secretary

  
 [Signature Page to
Thirteenth Supplemental Indenture] 
  
 15 

 
			
	 WILMINGTON TRUST COMPANY

as Trustee

		
	By:	 	 /s/ Michael H. Wass

	Name:	 	Michael H. Wass
	Title:	 	Vice President

  
 [Signature Page to
Thirteenth Supplemental Indenture] 
  
 16 

 EXHIBIT A 

[FORM OF THE NOTE] 

 CUSIP No. 316773 DG2 

ISIN: US316773DG20 
 THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

BY ITS ACQUISITION AND HOLDING OF THIS NOTE, THE HOLDER HEREOF (OR ANY INTEREST THEREIN) SHALL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT (1) IT IS
NOT, AND IS NOT ACTING ON BEHALF OF, AND NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”) OR PROVISIONS
UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING
ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT (ALSO A “PLAN”), OR (2) THE ACQUISITION AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 

ADDITIONALLY, BY ITS ACQUISITION OF THIS NOTE IN THE INITIAL OFFERING, A HOLDER HEREOF THAT IS A PLAN (THE “PLAN FIDUCIARY”) SHALL BE DEEMED TO HAVE
REPRESENTED AND WARRANTED AT ALL TIMES NEITHER FIFTH THIRD BANCORP, THE UNDERWRITERS, NOR ANY OF THEIR RESPECTIVE AFFILIATES HAS PROVIDED OR WILL PROVIDE IMPARTIAL INVESTMENT ADVICE OR GIVE ADVICE IN A FIDUCIARY CAPACITY WITH RESPECT TO THE
PURCHASER OR TRANSFEREE’S DECISION TO ACQUIRE, HOLD, SELL, EXCHANGE, VOTE OR PROVIDE ANY CONSENT WITH RESPECT TO THE NOTES BY THE ERISA PLAN’S FIDUCIARY (WITHIN THE MEANING OF ERISA OR THE CODE). 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO FIFTH THIRD
BANCORP OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 

 FIFTH THIRD BANCORP 

4.772% Fixed Rate/Floating Rate Senior Notes due 2030 

THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE DEPOSIT INSURANCE FUND OR ANY OTHER GOVERNMENTAL
AGENCY, NOR IS IT AN OBLIGATION OF, OR GUARANTEED BY, A BANK. 
  

			
	No. 1	  	$500,000,000

 Fifth Third Bancorp, a corporation duly organized and existing under the laws of Ohio (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of Five Hundred Million
United States Dollars ($500,000,000) on July 28, 2030 (the “Maturity Date”), and to pay interest thereon (a) from and including July 28, 2022 (the “Original Issue Date”) to, but excluding July 28, 2029 (the
“Fixed Rate Period”) at the rate of 4.772% per annum, such interest to be payable semi-annually in arrears during the Fixed Rate Period on January 28 and July 28 of each year, with payment commencing on
January 28, 2023 and ending on July 28, 2029 (each, a “Fixed Rate Interest Payment Date”), and (b) from, and including July 28, 2029 to, but excluding the Maturity Date (the “Floating Rate Period”), at a
floating rate per annum equal to the Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index) plus 2.127%, such interest to be payable quarterly in arrears during the Floating Rate Period on October 28,
2029, January 28, 2030, April 28, 2030 and at the Maturity Date (each, a “Floating Rate Interest Payment Date” and, together with the Fixed Rate Interest Payment Dates, each, an “Interest Payment Date”), until the
principal hereof is paid or made available for payment, and (in each case, to the extent that the payment of such interest specified in (a) or (b) shall be legally enforceable), at the same rate per annum on any overdue principal and premium
and on any overdue installment of interest. Interest shall accrue from, and including, July 28, 2022 to, but excluding, the first Interest Payment Date and then from, and including, the immediately preceding Interest Payment Date to which
interest has been paid or duly provided for to, but excluding, the next Interest Payment Date or the Maturity Date, as the case may be. Interest payable during the Fixed Rate Period will be computed on the basis of a
360-day year consisting of twelve 30-day months. Interest payable during the Floating Rate Period will be computed on the basis of the actual number of days in each
interest period (or any other relevant period) and a 360-day year. The amount of accrued interest payable on this Security for each interest period during the Floating Rate Period will be computed by
multiplying (x) the outstanding principal amount of this Security by (y) the product of (i) the interest rate for the relevant interest period multiplied by (ii) the quotient of the actual number of calendar days in the
applicable Observation Period relating to such interest period (or any other relevant period) divided by 360. The interest rate on this Security during the Floating Rate Period will in no event be lower than zero. The interest so payable, and
punctually paid or 

  
 - 2 - 

 
duly provided for, on any Interest Payment Date, subject to certain exceptions, will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the record date for such interest period, which shall be 15 calendar days, whether or not a Business Day, immediately preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such record date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
record date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such record date, or be paid at any time in any other lawful not
inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

If a Fixed Rate Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the Company will postpone the interest
payment or the payment of principal and interest at maturity to the next succeeding Business Day, but the payments made on such dates will be treated as being made on the date that the payment was first due and the Holder will not be entitled to any
further interest or other payments with respect to such postponements. If a Floating Rate Interest Payment Date falls on a day that is not a Business Day, the Company will postpone the interest payment to the next succeeding Business Day, except
that, if the next succeeding Business Day falls in the next calendar month, then such interest payment will be advanced to the immediately preceding day that is a Business Day and, in each case, the related interest periods also will be adjusted for
such non-Business Days. Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained for that purpose in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security Register. The Company shall make, or cause the Paying Agent to make, all payments of principal and interest on Global Securities in immediately available funds to the
Depositary or its nominee, in accordance with Applicable Procedures. 
 Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 - 3 - 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

							
	Dated: July 28, 2022	 		 	FIFTH THIRD BANCORP
				
		 		 	By:	 	  

		 		 		 	James C. Leonard
		 		 		 	Executive Vice President and Chief Financial Officer

  

					
	Attest:
		
	By:	 	  

		 	Name:	 	H. Samuel Lind
		 	Title:	 	Senior Vice President, Associate General Counsel and Assistant Secretary

 [Signature Page to Note] 

  
 - 4 - 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the Indenture referred to hereinafter. 

 

							
	Dated: July 28, 2022	 		 	WILMINGTON TRUST COMPANY, as Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Officer

  
 - 5 - 

 [Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” or
“Notes”), issued and to be issued in one or more series under an Indenture, dated as of April 30, 2008 and as amended by Article 4 of the Twelfth Supplemental Indenture dated as of April 25, 2022 (herein called the
“Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and Wilmington Trust Company, as Trustee (herein called the “Trustee”, which term includes any successor
trustee under the Indenture) as supplemented and amended by a Thirteenth Supplemental Indenture, dated as of July 28, 2022, between the Company and the Trustee (herein called the “Thirteenth Supplemental Indenture” and
together with the Base Indenture, the “Indenture”), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof. The Company may, without notice to or the consent of any Holder,
issue additional Securities having the same ranking, interest rate, maturity and other terms as the Securities of this series except for the issue date, the issue price and the initial Interest Payment Date, provided that if such additional
Securities are not fungible with this Security for U.S. federal income tax purposes, such additional Securities will be issued with a separate CUSIP number. Any such additional Securities may be considered to be part of this series of Securities.
The Company may, without notice to or the consent of any Holder, issue or incur Senior Indebtedness. 
 The Indenture contains provisions
for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default or Covenant Breaches with respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable (or will automatically become due and payable, without declaration or any other action on the part of the Trustee or any Holder) in the manner and with the effect provided in the Indenture.

 The Securities are not convertible into, or exchangeable for, equity securities of the Company. 

The Securities will be redeemable at the Company’s option, in whole, but not in part, on July 28, 2029 at a redemption price equal
to 100% of the aggregate principal amount of the Securities, plus accrued and unpaid interest thereon, if any, to but excluding, the redemption date. 

On and after May 29, 2030, the Securities will be redeemable, in whole or in part, at any time and from time to time, at the
Company’s option at a redemption price equal to 100% of the aggregate principal amount of the Securities being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. 

“Applicable Procedures” means, with respect to any transfer, transaction or other action involving a Global Security or any
beneficial interest therein, the rules and procedures of the Depositary for such Security, in each case to the extent applicable to such transfer, transaction or other action as in effect from time to time. 

  
 - 6 - 

 “Benchmark” means, initially, Compounded SOFR; provided that if a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the applicable
Benchmark Replacement. 
 “Benchmark Replacement” means the first alternative set forth in the order below that can be determined
by the Company or the Company’s designee as of the Benchmark Replacement Date; provided that if the Benchmark Replacement cannot be determined in accordance with clause (1) below as of the Benchmark Replacement Date and the Company or the
Company’s designee shall have determined that the ISDA Fallback Rate determined in accordance with clause (2) below is not an industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated
floating rate notes at such time, then clause (2) below shall be disregarded, and the Benchmark Replacement shall be determined in accordance with clause (3) below: 

(1) the sum of: (a) an alternate rate of interest that has been selected or recommended by the Relevant Governmental Body
as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; 
 (2) the sum of:
(a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or 
 (3) the sum of: (a) the
alternate rate of interest that has been selected by the Company or the Company’s designee as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the
then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment. 

“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Company or
the Company’s designee as of the Benchmark Replacement Date: 
 (1) the spread adjustment (which may be a positive or
negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment;
or 
 (3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company or
the Company’s designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted
Benchmark Replacement for U.S. dollar denominated floating rate notes at such time. 

  
 - 7 - 

 “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark
Replacement, any technical, administrative or operational changes (including changes to the definitions or interpretations of interest period, the timing and frequency of determining rates and making payments of interest, the rounding of amounts or
tenors, and other administrative matters) that the Company or the Company’s designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company
or the Company’s designee decides that adoption of any portion of such market practice is not administratively feasible or if the Company or the Company’s designee determines that no market practice for use of the Benchmark Replacement
exists, in such other manner as the Company or the Company’s designee determines is reasonably practicable). 
 “Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark (including any daily published component used in the calculation thereof): 

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or 

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public
statement or publication of information referenced therein. 
 For the avoidance of doubt, if the event giving rise to the Benchmark
Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark
(including the daily published component used in the calculation thereof): 
 (1) a public statement or publication of
information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time
of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); 

(2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or
such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the
administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark (or such
component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the
Benchmark (or such component); or 
 (3) a public statement or publication of information by the regulatory supervisor for
the administrator of the Benchmark announcing that the Benchmark is no longer representative. 

  
 - 8 - 

 “Business Day” means any day that is not a Saturday or Sunday, and that is not a
day on which banking institutions in the City of New York are authorized or obligated by law, regulation or executive order to close. 

“Business Day Convention” means if any Interest Payment Date, redemption date or the maturity date of the Notes falls on a day which
is not a Business Day, the related payment of principal of, or interest on, the Notes will be made on the next day which is a Business Day with the same force and effect as if made on the date such payment was due, and no interest shall accrue on
the amount payable for the period from and after such Interest Payment Date, redemption date or maturity date, as the case may be. 

“Calculation Agent” means the firm appointed by the Company prior to the commencement of the Floating Rate Period. The Company or an
affiliate of the Company may assume the duties of the Calculation Agent. 
 “Compounded SOFR” means with respect to any interest
period, “Compounded SOFR” will be determined by the Calculation Agent in accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point): 

 
 

 
 where: 

“SOFR IndexStart” = For periods other than the initial interest period, the SOFR Index value on the preceding
Interest Payment Determination Date, and, for the initial interest period, the SOFR Index value on the date that is two U.S. Government Securities Business Days before the first day of such initial interest period (such first day expected to be
July 28, 2029); 
 “SOFR IndexEnd” = The SOFR Index value on the Interest Payment Determination Date relating
to the applicable Interest Payment Date (or in the final interest period, relating to the maturity date, or, in the case of the redemption of the Notes, relating to the applicable redemption date); and 

“d” is the number of calendar days in the relevant Observation Period. 

“Corporate Trust Office” for administration of this Indenture means the corporate trust office of the Trustee located at Rodney
Square North, 1100 N. Market Street, Wilmington, DE 19890-0001, Attention: Fifth Third Bancorp Administrator, or such other office, designated by the Trustee by written notice to the Company, at which at any particular time its corporate trust
business shall be administered. 
 “Interest Payment Determination Date” means the date two U.S. Government Securities Business
Days before each Interest Payment Date (or, in the case of the redemption of the Notes, preceding the applicable redemption date). 

“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor. 

  
 - 9 - 

 “ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Observation Period” means, in respect of each interest period, the period from, and including, the date two U.S. Government
Securities Business Days preceding the first date in such interest period to, but excluding, the date two U.S. Government Securities Business Days preceding the Interest Payment Date for such interest period (or in the final interest period,
preceding the maturity date or, in the case of the redemption of the Notes, preceding the applicable redemption date). 
 “Reference
Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR Index Determination Time, as such time is defined above, and (2) if the Benchmark is not Compounded SOFR, the time
determined by the Company or the Company’s designee in accordance with the Benchmark Replacement Conforming Changes. 
 “Relevant
Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto. 

“SOFR Index” means, with respect to any U.S. Government Securities Business Day: 

(1) the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR Administrator’s Website
at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); or: 

(2) if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination Time, then:
(i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, Compounded SOFR shall be the rate determined pursuant to the “SOFR Index unavailable provisions” described below;
or (ii) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, Compounded SOFR shall be the rate determined pursuant to the “Effect of a Benchmark Transition Event” provisions
described below. 
 “SOFR” means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR
Administrator’s Website. 
 “SOFR Administrator” means the FRBNY (or a successor administrator of SOFR). 

  
 - 10 - 

 “SOFR Administrator’s Website” means the website of the FRBNY, currently at
http://www.newyorkfed.org, or any successor source. The information contained on such website is not part of this prospectus supplement and is not incorporated in this prospectus supplement by reference. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

“U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry
and Financial Markets Association or any successor organization recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

Installments of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holder of this Security, or one
more Predecessor Securities, of record at the close of business on the relevant Record Date, all as provided in the Indenture. 
 Notice of
redemption will be given by first class mail to Holders of Securities, not less than 10 nor more than 60 days prior to the redemption date, all as provided in the Twelfth Supplemental Indenture. 

This Security may be redeemed in part only in minimum denominations of $2,000 or any integral multiples of $1,000 in excess thereof. In the
event of redemption of this Security in part only, a new Security or Securities for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. Notwithstanding the foregoing, without the consent of any Holder of Securities, the Company and the Trustee may amend or supplement the Indenture or the Securities to conform to the terms of the Indenture and the Securities
to the description of the Securities in the prospectus supplement dated July 25, 2022 relating to the offering of the Securities. 

  
 - 11 - 

 As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default or Covenant Breach with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default or Covenant Breach as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities
of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in minimum denominations of $2,000 or any integral
multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 - 12 -

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