Document:

Exhibit 4.10

 

 

 

HERTZ GLOBAL HOLDINGS, INC.

 

FORM OF AMENDED AND RESTATED

STOCKHOLDERS AGREEMENT

 

Dated as of [•], 2006

 

 

 

 

Table of Contents

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  [RESERVED]

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  GOVERNANCE
  AND MANAGEMENT OF THE COMPANY

  	
  1

  
	
  2.1

  	
  Board
  of Directors/Committees

  	
  1

  
	
  2.2

  	
  Director
  Fees and Expenses

  	
  5

  
	
  2.3

  	
  Approvals

  	
  5

  
	
  2.4

  	
  Certain
  Actions/Voting Proxy

  	
  5

  
	
  2.5

  	
  Chief
  Executive Officer/Management

  	
  6

  
	
  2.6

  	
  Termination
  of Rights

  	
  7

  
	
  2.7

  	
  Non-Competition

  	
  8

  
	
  2.8

  	
  Information/Access

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  TRANSFERS/CERTAIN
  COVENANTS

  	
  11

  
	
  3.1

  	
  Transfer
  Restrictions

  	
  11

  
	
  3.2

  	
  [Reserved]

  	
  13

  
	
  3.3

  	
  Tag-Along
  Rights

  	
  13

  
	
  3.4

  	
  Drag
  Along Right

  	
  15

  
	
  3.5

  	
  [Reserved]

  	
  17

  
	
  3.6

  	
  Legend

  	
  17

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  [RESERVED]

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  DEFINITIONS

  	
  18

  
	
  5.1

  	
  Certain
  Definitions

  	
  18

  
	
  5.2

  	
  Terms
  Generally

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  MISCELLANEOUS

  	
  26

  
	
  6.1

  	
  Termination

  	
  26

  
	
  6.2

  	
  Publicity

  	
  26

  
	
  6.3

  	
  Confidentiality

  	
  26

  
	
  6.4

  	
  Compliance

  	
  27

  
	
  6.5

  	
  Restrictions
  on Other Agreements; Conflicts

  	
  27

  
	
  6.6

  	
  Further
  Assurances

  	
  28

  
	
  6.7

  	
  No
  Recourse; No Stockholder Duties

  	
  28

  
	
  6.8

  	
  Amendment;
  Waivers, etc

  	
  28

  
	
  6.9

  	
  Assignment

  	
  29

  
	
  6.10

  	
  Binding
  Effect

  	
  29

  
	
  6.11

  	
  No
  Third Party Beneficiaries

  	
  29

  
	
  6.12

  	
  Notices

  	
  29

  
	
  6.13

  	
  Severability

  	
  31

  
	
  6.14

  	
  Headings

  	
  31

  
	
  6.15

  	
  Entire
  Agreement

  	
  32

  
	
  6.16

  	
  Governing
  Law

  	
  32

  

 

i

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  6.17

  	
  Consent
  to Jurisdiction

  	
  32

  
	
  6.18

  	
  Waiver
  of Jury Trial

  	
  32

  
	
  6.19

  	
  Enforcement

  	
  32

  
	
  6.20

  	
  Certain
  Relationships

  	
  33

  
	
  6.21

  	
  Counterparts;
  Facsimile Signatures

  	
  33

  

 

ii

 

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

 

W I T N E S S E T H:

 

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

 

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

 

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

 

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

 

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

 

ARTICLE I

[RESERVED]

 

ARTICLE II

GOVERNANCE AND MANAGEMENT OF THE COMPANY

 

2.1                                 Board
of Directors/Committees.

 

(a)                                  Board
Nominees.

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

3

 

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

 

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

 

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

 

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

 

4

 

2.2                                 Director
Fees and Expenses.

 

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

 

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

 

2.3                                 Approvals.

 

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

 

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

 

2.4                                 Certain
Actions/Voting Proxy.

 

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

 

5

 

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

 

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

 

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

 

6

 

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

 

(b)                                 Following
a Controlled Company Event, (i) each Principal Investor shall cause each
of its Investor Nominees, to the extent such Investor Nominee may take or
omit to take any action consistent with giving effect to the provisions of Section 2.5(a),
to take or omit to take such action, subject to the fiduciary duties such
Investor Nominee has as a director of the Company and other Applicable Law, and
(ii) neither the Company nor any other Stockholder shall be
obligated to take or omit to take any other action (including any other
Necessary Action) to give effect to the provisions of Section 2.5(a).

 

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

 

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

 

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

 

(1) Language remains
under discussion.

 

7

 

entitled to designate a
director, and except as otherwise provided in Section 2.1(a)(ii), the
directors remaining in office shall decrease the size of the Board to eliminate
such vacancy.

 

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

 

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

 

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

 

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

 

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

 

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

 

8

 

opportunity
on behalf of itself or one or more of the Company’s Subsidiaries. If such a
notice of interest has been timely delivered, the Board shall give written
notice to the potential purchaser if the Company subsequently determines not to
continue to pursue such opportunity, in which case the foregoing proviso shall
cease to apply with respect to such opportunity.

 

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

 

2.8                                 Information/Access.

 

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

 

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

 

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

 

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

 

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

 

9

 

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

 

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

 

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

 

10

 

ARTICLE III

TRANSFERS/CERTAIN COVENANTS

 

3.1                                 Transfer
Restrictions.

 

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

 

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

 

(ii)                                  [Reserved].

 

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

 

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

 

(v)                                 Any
Stockholder may Transfer all or any portion of its Equity Securities at
any time, subject to compliance with Section 3.3 and Section 3.4, provided
that, until the earlier of (x) the fourth anniversary of the
consummation of the IPO and (y) the Principal Investors ceasing to own
(in the aggregate) at least 25% of the Voting Securities of the Company, such
Transfer shall also be subject to receipt of Majority Approval (which, for the
avoidance of doubt, shall

 

(2)  Remains
under discussion.

 

11

 

be required for any
request for a Demand Registration or the delivery of any Take-Down Notice
pursuant to the Registration Rights Agreement).

 

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

 

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

 

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

 

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

 

(f)                                    Prior
to the eighth anniversary of the Closing Date, without Unanimous Investor
Approval no Stockholder shall distribute any of its Equity Securities in kind
to

 

12

 

any of
its direct or indirect equityholders that is not an Affiliate of such
Stockholder other than in connection with a Mandatory Distribution.

 

3.2                                 [Reserved]

 

3.3                                 Tag-Along
Rights.

 

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

 

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

 

13

 

Investor
Group, any other member of such Principal Investor Group that, in each case,
shall have waived, by means of written notice to the Company and the
Transferring Stockholder, its tag-along rights pursuant to this Section 3.3
with respect to the applicable Transfer in favor of such Stockholder. Each
Tag-Along Participant shall be deemed to have waived its right of tag-along
with respect to the Transferred Securities hereunder if it fails to give notice
within the prescribed time period. The proposed Transferee of Transferred
Securities will not be obligated to purchase a number of Shares exceeding that
set forth in the Transfer Notice, and in the event such Transferee elects to
purchase less than all of the additional Shares sought to be Transferred by the
Tag-Along Participants, the number of Shares to be Transferred by the
Transferring Stockholder and each such Tag-Along Participant shall be reduced
so that each such Stockholder is entitled to sell its Pro Rata Portion of the
number of Shares the proposed Transferee elects to purchase (which in no event may be
less than the number of Transferred Securities set forth in the Transfer
Notice).

 

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

 

14

 

consummation
of the transaction consummated pursuant to this Section 3.3 (excluding de  minimis
expenditures). The proposed Transfer date may be extended beyond the date
described in the Transfer Notice to the extent necessary to obtain required
approvals of Regulatory Entities and other required approvals and the Company
and the Stockholders shall use their respective commercially reasonable efforts
to obtain such approvals.

 

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

 

3.4                                 Drag
Along Right.

 

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

 

(b)                                 The
consideration to be received by a Selling Stockholder shall be the same form and
amount of consideration per share to be received by the Section 3.4
Transferring Stockholder(s), and the terms and conditions of such sale shall be
the same as those upon which the Section 3.4 Transferring Stockholder(s)
sells its Equity Securities. In connection with the transaction contemplated by
Section 3.4(a) (the “Drag Transaction”), each Selling
Stockholder will agree to make or agree to the same customary representations,
covenants, indemnities and agreements as the Section 3.4 Transferring
Stockholder(s) so long as they are made severally and not jointly and the
liabilities thereunder are borne on a pro rata basis
based on the consideration to be received by each Stockholder; provided,
that (i) any general indemnity given by the Section 3.4
Transferring Stockholder(s), applicable to liabilities not specific to the Section 3.4
Transferring Stockholder(s), to the purchaser in connection with such sale
shall be apportioned among the Selling Stockholders according to the
consideration received by each Selling Stockholder and shall not exceed such
Selling Stockholder’s net proceeds from the sale, (ii) that any
representation relating specifically to a Selling

 

15

 

Stockholder
and/or its Equity Securities shall be made only by that Selling Stockholder,
and (iii) in no event shall any Stockholder be obligated to agree
to any non-competition covenant or other similar agreement as a condition of
participating in such Transfer.

 

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

 

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

 

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

 

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

 

(g)                                 Upon
the consummation of the Drag Transaction and delivery by any Selling
Stockholder of the duly endorsed certificate or certificates representing the
Equity Securities held by such Selling Stockholder to be sold together with a
stock power duly

 

16

 

executed
in blank, the acquiring Person shall remit directly to such Selling
Stockholder, by wire transfer of immediately available funds, the consideration
for the securities sold pursuant thereto.

 

3.5                                 [Reserved].

 

3.6                                 Legend.

 

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

 

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

 

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

 

17

 

ARTICLE IV

[RESERVED]

 

ARTICLE V

DEFINITIONS

 

5.1                                 Certain
Definitions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

18

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Closing Date” means the date of the Closing.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

19

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

20

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

21

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

22

 

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

 

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

 

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

 

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

 

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

 

23

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Specified Affiliate” means, with respect to
any Person, any other Person that (i) was not formed for the
purpose of effecting a Transfer of Equity Securities hereunder and (ii) is
directly or indirectly controlling, controlled by or under common control with
such Person, provided that solely for purposes of this definition, “control”
shall mean the beneficial ownership, directly or indirectly, of a majority of
the pecuniary interests in the

 

24

 

equity securities of such Person (determined in
accordance with Rule 16a-1 under the Exchange Act) and a majority of the
voting securities of such Person (determined in accordance with Rule 13d-3
under the Exchange Act).

 

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

 

“Stockholders” means (i) the
Stockholders of the Company that are parties to this Agreement and (ii) any
other holder of any Equity Securities that becomes a party to this Agreement
after the date and pursuant to the terms hereof; provided that any
Person shall cease to be a Stockholder if it no longer is the holder of any
Equity Securities.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

5.2                                 Terms
Generally. The words “hereby”, “herein”, “hereof”, “hereunder” and words of
similar import refer to this Agreement as a whole (including the Exhibits

 

25

 

and
Annexes hereto) and not merely to the specific section, paragraph or clause in
which such word appears. All references herein to Articles, Sections, Exhibits
and Annexes and Schedules shall be deemed references to Articles and Sections
of, and Exhibits and Annexes to, this Agreement unless the context shall
otherwise require. The words “include”, “includes” and “including” shall be
deemed to be followed by the phrase “without limitation”. The definitions given
for terms in this Article V and elsewhere in this Agreement shall apply
equally to both the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. References herein to any agreement or
letter shall be deemed references to such agreement or letter as it may be
amended, restated or otherwise revised from time to time.

 

ARTICLE VI

MISCELLANEOUS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

6.3                                 Confidentiality.
Each party hereto agrees to, and shall cause its Representatives to, keep
confidential and not divulge any Information, and to use, and cause its
Representatives to use, such Information only in connection with the operation
of the Company and its Subsidiaries; provided that nothing herein shall
prevent any party hereto from disclosing such Information (a) upon
the order of any court or administrative

 

26

 

agency,
(b) upon the request or demand of any regulatory agency or
authority having jurisdiction over such party, (c) to the extent
compelled by legal process or required or requested pursuant to subpoena,
interrogatories or other discovery requests, (d) to the extent
necessary in connection with the exercise of any remedy hereunder, (e) to
other Stockholders, (f) to such party’s Representatives that in the
reasonable judgment of such party need to know such Information or (g) to
any potential Qualified Co-Investment Transferee or Permitted Transferee in
connection with a proposed Transfer of Equity Securities from such Stockholder
as long as such transferee agrees to be bound by the provisions of this Section 6.3
as if a Stockholder, provided  further that,
in the case of clause (a), (b) or (c), such party shall notify the other
parties hereto of the proposed disclosure as far in advance of such disclosure
as practicable and use reasonable efforts to ensure that any Information so
disclosed is accorded confidential treatment, when and if available.

 

6.4                                 Compliance.

 

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

 

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

 

6.5                                 Restrictions
on Other Agreements; Conflicts.

 

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

 

(b)                                 Each
of the parties covenants and agrees to vote their Voting Securities and to take
any other action reasonably requested by the Company or any Stockholder to

 

27

 

amend
the Company’s by-laws or certificate of incorporation so as to avoid any
conflict with the provisions hereof.

 

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

 

6.7                                 No
Recourse; No Stockholder Duties.

 

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

 

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

 

6.8                                 Amendment;
Waivers, etc. This Agreement may be amended, and the Company may take
any action herein prohibited, or omit to perform any act herein required
to be performed by it, only if any such amendment, action or omission to act,
has been approved by Stockholders holding in excess of 50% of the
then-outstanding Voting Securities held by all of the Stockholders in the
aggregate and such amendment, action or omission to act has received Unanimous
Investor Approval, provided that this Agreement may not be amended
in a manner adversely affecting the rights or obligations of any Stockholder
which does not adversely affect the rights or obligations of all

 

28

 

similarly
situated Stockholders in the same manner without the consent of such
Stockholder. The failure of any party to enforce any of the provisions of this
Agreement shall in no way be construed as a waiver of such provisions and shall
not affect the right of such party thereafter to enforce each and every
provision of this Agreement in accordance with its terms. Any Stockholder may waive
(in writing) the benefit of any provision of this Agreement with respect to
itself for any purpose. Any such waiver shall constitute a waiver only with
respect to the specific matter described in such writing and shall in no way
impair the rights of the Stockholder granting such waiver in any other respect
or at any other time.

 

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

 

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

 

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

 

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

 

If to the Company, to it at:

 

Hertz
Global Holdings, Inc.

c/o The Hertz Corporation

225 Brae Boulevard

Park Ridge, New Jersey 07656

Attention:  General Counsel

Facsimile:  (201) 594-3122

 

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

 

29

 

If to CD&R, to it at:

 

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

1403 Foulk Road, Suite 106

Wilmington, Delaware  19803

Attention:  Mr. David H.
Wasserman

Facsimile:  (302) 427-7398

 

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

 

Clayton, Dubilier &
Rice, Inc.

375 Park Avenue

18th Floor

New York, New York  10152

Attention:  Mr. David H.
Wasserman

Facsimile:  (212) 893-7061

 

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

 

Debevoise &
Plimpton LLP

919 Third Avenue

New York, New York 10022

Attention:  Franci J. Blassberg, Esq.

Facsimile:  (212) 909-6836

 

If to Carlyle, to it at:

 

Carlyle Partners
IV, L.P.

c/o The Carlyle Group

1001 Pennsylvania Avenue, NW

Suite 220 South

Washington DC 20004-2505

Attention:  Mr. Gregory S.
Ledford

Facsimile:  (202) 347-1818

 

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

 

Latham &
Watkins LLP

555 Eleventh Street, NW

Suite 1000

Washington, DC  20004-1304

Attention:       Daniel T. Lennon, Esq. &

David S. Dantzic, Esq.

Facsimile:  (202) 637-2201

 

30

 

If to Merrill, to it at:

 

ML Global Private
Equity Fund, L.P.

c/o Merrill Lynch Global Private Equity

4 World Financial Center, 23rd Floor

New York, NY 10080

Attention:       Mr. George A. Bitar &

Mr. Robert F. End

Facsimile:  (212) 449-1119

 

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

 

Wachtell Lipton,
Rosen & Katz

51 West 52nd Street

New York, New York 10019

Attention:       Andrew R. Brownstein, Esq. &

Gavin D. Solotar, Esq.

Facsimile:  (212) 403-2000

 

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

 

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

 

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

 

31

 

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

 

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

 

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

 

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

 

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

 

32

 

party
in the suit shall be entitled to recover, in addition to all other damages to
which it may be entitled, the costs incurred by such party in conducting
the suit, including, without limitation, reasonable attorney’s fees and
expenses.

 

6.20                           Certain
Relationships. Except as otherwise specifically provided herein, including
pursuant to Section 2.7, nothing in this Agreement shall be construed as
precluding Merrill Lynch, Pierce, Fenner & Smith Incorporated or any
of Merrill’s other Affiliates from having acted or acting in the future as a
financial advisor, corporate broker, underwriter or in any other capacity for
the Company (or any of its Affiliates or beneficial owners) or for any other
Person, for separate consideration as may be set forth in a separate
engagement letter or other agreement among the relevant parties. Furthermore,
nothing in this Agreement shall be construed as obliging Merrill Lynch, Pierce,
Fenner & Smith Incorporated or any of Merrill’s other Affiliates to
act on behalf of, or perform any services for, the Company, or any of its
subsidiaries, Affiliates or beneficial owners, for any purpose whatsoever
(whether specifically set forth herein or otherwise) without the negotiation of
a separate engagement letter or other written agreement with respect to such
actions or services among the relevant parties.

 

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

 

33

 

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

 

 

	
   

  	
  HERTZ GLOBAL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

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

  
	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CDR CCMG CO-INVESTOR L.P.

  
	
   

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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
						

 

 

	
  Notice Address:

  CDR CCMG Co-Investor L.P.

  c/o M&C Corporate Services Limited

  P.O. Box 309GT

  Ugland House

  South Church Street

  George Town, Grand Cayman

  Cayman Islands, British West Indies

  Facsimile: (345) 949-8080

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

  Clayton, Dubilier & Rice, Inc.

  375 Park Avenue

  18th Floor

  New York, New York  10152

  Attention:  Mr. David H.
  Wasserman

  Facsimile:  (212) 893-7061

   

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

  Debevoise & Plimpton LLP

  919 Third Avenue

  New York, New York 10022

  Attention:  Franci J. Blassberg, Esq.

  Facsimile:  (212) 909-6836

  

 

34

 

	
   

  	
  CD&R Parallel Fund
  VII, L.P.

  
	
   

  	
  By:

  	
  CD&R Parallel Fund
  Associates VII, Ltd.,

  
	
   

  	
   

  	
  the General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 

	
  Notice Address

  CD&R Parallel Fund VII, L.P.

  1403 Foulk Road, Suite 106

  Wilmington, Delaware 19803

  Attention: 
  Mr. David H. Wasserman

  Facsimile: (302) 427-7398

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

  Clayton, Dubilier & Rice, Inc.

  375 Park Avenue

  18th Floor

  New York, New York  10152

  Attention: 
  Mr. David H. Wasserman

  Facsimile:  (212) 893-7061

   

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

  Debevoise & Plimpton LLP

  919 Third Avenue

  New York, New York 10022

  Attention: 
  Franci J. Blassberg, Esq.

  Facsimile:  (212) 909-6836

  

 

35

 

 

	
   

  	
  CARLYLE PARTNERS IV, L.P.

  
	
   

  	
  By:

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

  
	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CP IV COINVESTMENT, L.P.

  
	
   

  	
  By:

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

  
	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 

	
  Notice Address

  CP IV Coinvestment, L.P.

  c/o The Carlyle Group

  1001 Pennsylvania Avenue, NW

  Suite 220 South

  Washington DC  20004-2505

  Attention:  Mr. Gregory S.
  Ledford

  Facsimile:  (202) 347-1818

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

  Latham & Watkins LLP

  555 Eleventh Street, NW

  Suite 1000

  Washington, DC  20004-1304

  Attention:       Daniel T. Lennon, Esq.

  David S. Dantzic, Esq.

  Facsimile:  (202) 637-2201

  

 

36

 

	
   

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

  
	
   

  	
  By:

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

  
	
   

  	
   

  	
  By:

  	
  Carlyle Investment GP Corp., its general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 

	
  Notice Address

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

  c/o The Carlyle Group

  1001 Pennsylvania Avenue, NW

  Suite 220 South

  Washington DC  20004-2505

  Attention:  Mr. Gregory S.
  Ledford

  Facsimile:  (202) 347-1818

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

  Latham & Watkins LLP

  555 Eleventh Street, NW

  Suite 1000

  Washington, DC  20004-1304

  Attention:       Daniel T. Lennon, Esq.

  David S. Dantzic, Esq.

  Facsimile:  (202) 637-2201

  

 

 

	
   

  	
  CEP II PARTICIPATIONS S.à.r.l SICAR

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
  Notice Address

  CEP II Participations S.à.r.l SICAR

  c/o The Carlyle Group

  1001 Pennsylvania Avenue, NW

  Suite 220 South

  Washington DC  20004-2505

  Attention:  Mr. Gregory S.
  Ledford

  Facsimile:  (202) 347-1818

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

  Latham & Watkins LLP

  555 Eleventh Street, NW

  Suite 1000

  Washington, DC  20004-1304

  Attention:       Daniel T. Lennon, Esq.

  David S. Dantzic, Esq.

  Facsimile:  (202) 637-2201

  

 

37

 

	
   

  	
  ML GLOBAL PRIVATE EQUITY FUND, L.P.

  
	
   

  	
  By:

  	
  MLGPE LTD, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MERRILL LYNCH VENTURES L.P. 2001

  
	
   

  	
  By:

  	
  Merrill Lynch Ventures, LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  

 

 

	
  Notice Address

  Merrill Lynch Ventures L.P. 2001

  c/o Merrill Lynch Global Private Equity

  4 World Financial Center, 23rd Floor

  New York, NY 10080

  Attention:  Mr. George A.
  Bitar &

  Mr. Robert F. End

  Facsimile:  (212) 449-1119

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

  Wachtell Lipton, Rosen & Katz

  51 West 52nd Street

  New York, New York 10019

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

  Solotar, Esq.

  Facsimile:  (212) 403-2000

  

 

 

	
   

  	
  ML HERTZ CO-INVESTOR, L.P.

  
	
   

  	
  By:

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

  
	
   

  	
  partner

  
	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
  By:

  	
  MLGPE LTD, its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

	
  Notice Address

  ML Hertz Co-Investor, L.P.

  c/o Merrill Lynch Global Private Equity

  4 World Financial Center, 23rd Floor

  New York, NY 10080

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

  Facsimile:  (212) 449-1119

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

  Wachtell, Lipton, Rosen & Katz

  51 W. 52nd Street

  New York, NY 10019

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

  Solotar, Esq.

  Facsimile:  (212) 403-2000

  

 

38

 

	
   

  	
  CMC-HERTZ PARTNERS, L.P.

  
	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  

 

 

	
  Notice Address

  CMC Hertz Partners, L.P.

  c/o Carlyle-Hertz GP, L.P

  c/o The Carlyle Group

  1001 Pennsylvania Avenue, N.W.

  Suite 220 South

  Washington, D.C. 20004

  Attention:  Mr. Gregory S. Ledford

  Facsimile:  (202) 347-1818

   

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

  Latham & Watkins LLP

  555 Eleventh Street, NW

  Suite 1000

  Washington, DC  20004-1304

  Attention:       Daniel T. Lennon, Esq.

  David S. Dantzic, Esq.

  Facsimile:  (202) 637-2201

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

  Merrill Lynch Global Private Equity

  4 World Financial Center, 23rd Floor

  New York, NY 10080

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

  Facsimile:  (212) 449-1119

   

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

  Wachtell, Lipton, Rosen & Katz

  51 W. 52nd Street

  New York, NY 10019

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

  Solotar, Esq.

  Facsimile:  (212) 403-2000

   

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

  CD&R Associates VII,
  L.P.

  c/o M&C Corporate Services Limited

  P.O. Box 309GT

  Ugland House

  South Church Street

  George Town, Grand Cayman

  Cayman Islands, British West Indies

  Facsimile: (345) 949-8080

   

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

  Clayton, Dubilier & Rice, Inc.

  375 Park Avenue

  18th Floor

  New York, New York  10152

  Attention:  Mr. David H.
  Wasserman

  Facsimile:  (212) 893-7061

   

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

  Debevoise & Plimpton LLP

  919 Third Avenue

  New York, New York 10022

  Attention:  Franci J. Blassberg, Esq.

  Facsimile:  (212) 909-6836

  

 

39<Page>
                                                                     Exhibit 4.1

<Table>
<S>                                                                 <C>
016570| 003590|127C|RESTRICTED||4|057-423

COMMON STOCK                       [GRAPHIC]                        COMMON STOCK

PAR VALUE $.01

   -----------                                                                   --------------
   CERTIFICATE                            PICIS, INC.                                SHARES
     NUMBER           INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE       **600620******
    ZQ 000000             125,000,000 AUTHORIZED SHARES $.01 PAR VALUE           ***600620*****
   -----------                                                                   ****600620****
                                                                                 *****600620***
                                                                                 ******600620**
                                                                                 --------------

                                                                       -----------------
   THIS CERTIFIES THAT      MR. SAMPLE & MRS. SAMPLE &                 CUSIP 71956K 10 0
                                                                       -----------------
                             MR. SAMPLE & MRS. SAMPLE       SEE REVERSE FOR CERTAIN DEFINITIONS

   is the owner of            *** SIX HUNDRED THOUSAND
                             SIX HUNDRED AND TWENTY***

                  FULLY-PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK OF

   PICIS, INC. (HEREINAFTER CALLED THE "COMPANY"), transferable on the books of the Company in
   person or by duly authorized attorney, upon surrender of this Certificate properly endorsed.
   This Certificate and the shares represented hereby, are issued and shall be held subject to
   all of the provisions of the Certificate of Incorporation, as amended, and the By-Laws, as
   amended, of the Company (copies of which are on file with the Company and with the Transfer
   Agent), to all of which each holder, by acceptance hereof, assents. This Certificate is not
   valid unless countersigned and registered by the Transfer Agent and Registrar.

   WITNESS the facsimile seal of the Company and the facsimile signatures of its duly
   authorized officers.

                                     [SEAL]                 DATED ****Month Day, Year****

                                                            COUNTERSIGNED AND REGISTERED:
           /s/ Todd C. Cozzens                              COMPUTERSHARE TRUST COMPANY, INC.
           -------------------                              (DENVER)
           President                                        TRANSFER AGENT AND REGISTRAR,

           /s/ R. Scott Lentz
           -------------------
           Treasurer

                                                            By
                                                               --------------------------------
                                                                     AUTHORIZED SIGNATURE

                               SECURITY INSTRUCTIONS ON REVERSE
</Table>

<Page>

                                  PICIS, INC.
                              TRANSFER FEE $25.00

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<Table>
<S>                                     <C>
TEN COM - as tenants in common          UNIF GIFT MIN ACT- ________ Custodian _________
                                                            (Cust)             (Minor)
TEN ENT - as tenants by the                             under Uniform Gifts to Minors Act _____________
          entireties                                                                        (State)
JT TEN  - as joint tenants with right   UNIF TRF MIN ACT __________ Custodian (until age__). ________
          of survivorship and not as                       (Cust)                             (Minor)
          tenants in common                             under Uniform Transfers to Minors Act _____________
                                                                                                 (State)
         Additional abbreviations may also be used though not in the above list.
</Table>

THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A
SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING,
OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE
QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND
THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH
SERIES, WHICH ARE FIXED BY THE ARTICLES OF INCORPORATION OF THE COMPANY, AS
AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE
AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES.
SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE
TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR
DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A
BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM
THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF
ANY SUCH CERTIFICATE.

<Table>
<S>                                                                            <C>
                                                                               PLEASE INSERT SOCIAL SECURITY OR OTHER
For value received, __________________ hereby sell, assign and transfer unto   IDENTIFYING NUMBER OF ASSIGNEE
                                                                               --------------------------------------------

                                                                               --------------------------------------------

___________________________________________________________________________________________________________________________
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE)

___________________________________________________________________________________________________________________________

___________________________________________________________________________________________________________________________

____________________________________________________________________________________________________________________ Shares
of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

__________________________________________________________________________________________________________________ Attorney
to transfer the said stock on the books of the within-named Corporation with full power of substitution in the premises.

                                                                              ---------------------------------------------
Dated: ___________________________________________________ 20 _____________   Signature(s) Guaranteed: Medallion Guarantee
                                                                                                  Stamp
Signature: ________________________________________________________________
                                                                              THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
                                                                              ELIGIBLE GUARANTOR INSTITUTION (Banks,
Signature: ________________________________________________________________   Stockbrokers, Savings and Loan Associations
                                                                              and Credit Unions) WITH MEMBERSHIP IN AN
           Notice: The signature to this assignment must correspond with      APPROVED SIGNATURE GUARANTEE MEDALLION
                   the name as written upon the face of the certificate, in   PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15.
                   every particular, without alteration or enlargement, or    ---------------------------------------------
                   any change whatever.

</Table>

SECURITY INSTRUCTIONS

THIS IS WATERMARKED PAPER. DO NOT ACCEPT WITHOUT NOTING   [GRAPHIC]
WATERMARK. HOLD TO LIGHT TO VERIFY WATERMARK.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]