Document:

Exhibit 10.50

 

THE SECURITIES OFFERED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND ARE
BEING OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT.  THE SECURITIES
PURCHASED HEREUNDER ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND RESALE UNDER A
STOCKHOLDERS AGREEMENT AND A REGISTRATION RIGHTS AGREEMENT, AND MAY NOT BE
TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND OTHER
APPLICABLE LAWS PURSUANT TO REGISTRATION OR EXEMPTION FROM REGISTRATION
REQUIREMENTS THEREUNDER AND UNDER SUCH AGREEMENTS.

 

STOCK SUBSCRIPTION AGREEMENT

 

This Stock
Subscription Agreement (this “Agreement”) is made as of May 19,
2009, between Hertz Global Holdings, Inc., a Delaware corporation (the “Company”),
and the undersigned investor (the “Subscriber”).

 

RECITALS

 

The Company desires to engage in a public offering
for the issuance and sale of shares of common stock, par value $0.01 per share,
of the Company (the “Common Stock”), having an aggregate offering price
of up to $299 million exclusive of any overallotment option (the “Public
Offering”).  Concurrently with the
Public Offering, the Company desires to engage in a private offering of shares
of Common Stock to the Subscriber and certain other parties, subject to the
representations, warranties, covenants and conditions set forth herein (the “Private
Offering”).

 

The Company, Subscriber and certain other parties
have entered into an Amended and Restated Stockholders Agreement, dated as of November 20,
2006 (as the same may be amended from time to time in accordance with its
terms, the “Stockholders Agreement”), setting forth certain agreements
with respect to, among other things, the management of the Company and
transfers of their respective shares in various circumstances.  The Company, Subscriber and certain other
parties have also entered into a Registration Rights Agreement, dated as of December 21,
2005, as amended by Amendment No. 1 thereto, dated as of November 20,
2006 (as the same may be further amended from time to time in accordance with
its terms and the Stockholders Agreement, the “Registration Rights Agreement”) setting
forth certain agreements with respect to, among other things, the registration,
under the Securities and Exchange Act of 1934 (the “Exchange Act”), of
any shares of Common Stock held by the Subscriber that constitute Registrable
Securities, as such term is defined in the Registration Rights Agreement.

 

In
connection with the Private Offering, the Subscriber desires to purchase, and
the Company desire to sell to the Subscriber, shares of Common Stock, subject
to and in accordance with this Agreement.

 

In consideration of the foregoing, and the representations,
warranties, covenants and conditions set forth below, the parties hereto,
intending to be legally bound, hereby agree as follows:

 

 

1.          Sale and Purchase of Common Stock

 

1.1.          Subject to the conditions hereof, the Company hereby agrees
to issue and sell to Subscriber, and Subscriber hereby agrees to subscribe for
and purchase from the Company, for investment, on the Closing Date (as defined
below), the number of shares of Common Stock set forth next to Subscriber’s
name on Schedule I hereto (the “Shares”) at a purchase price
equal to the price per share to the public in the Public Offering, less the
underwriting discounts and commission payable to the underwriters in the Public
Offering (the “Purchase Price”).

 

1.2.          Subject to the satisfaction of the
conditions set forth in Sections 5.1 and 5.2 hereof, the closing of the sale
and purchase of the Common Stock provided for in Section 1.1 hereof (the “Closing”)
shall take place at 10:00 a.m. (local time) at the offices of Debevoise &
Plimpton LLP, 919 Third Avenue, New York, New York, on such date as may be
agreed upon by the Company and the Subscriber that is within three business
days after the satisfaction of the conditions set forth in Section 5.1 and
5.2 hereof, or on such other time and date as may be agreed by the Company and
the Subscriber.  The date on which the
Closing is held is referred to in this Agreement as the “Closing Date”.

 

1.3.          On the Closing Date, against payment
by Subscriber of the Purchase Price by wire transfer of immediately available
federal funds, the Company shall direct Computershare Investor Services, as
transfer agent and registrar of its Common Stock, to issue, register and
deliver to the Subscriber the number of shares of Common Stock set forth next
to the Subscriber’s name on Schedule I hereto, and electronically credit
such shares of Common Stock to the accounts designated by the Subscriber at the
time of the sale of such shares.

 

1.4.          The Company hereby agrees that any shares of Common Stock to be purchased
by the Subscriber under this Agreement shall constitute Registrable Securities,
as such term is defined in the Registration Rights Agreement.

 

2.          [RESERVED]

 

3.          Representations and
Warranties of the Company.  The
Company represents and warrants to Subscriber that:

 

3.1.          The Shares, when issued hereunder and
upon delivery of the consideration therefor, will be duly authorized, validly
issued, fully paid and non-assessable, free and clear of restrictions on
transfer, other than those set forth in the Stockholders Agreement, the
Registration Rights Agreement and applicable federal and state securities laws.

 

3.2.          The Company and its subsidiaries,
taken together as a whole, have not sustained since December 31, 2008 any
material loss or material interference with its business from fire, explosion,
flood or other calamity, whether or not covered by insurance, or from any labor
dispute or court or governmental action, order or decree, otherwise than as set
forth or contemplated in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2008 (the “10-K”), its Quarterly Report on Form 10-Q
for the quarter ended March 31, 2009 (the “10-Q”), and the Current
Reports on Form 8-K (or portions thereof) set forth on Schedule II
hereto (the “8-Ks,” and, together with the 10-K and the 10-Q, the “Exchange
Act Reports”) and, since May 1, 2009, there has not been any change in
the capital stock or long term debt of the 

 

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Company and its
subsidiaries, taken together as a whole, or any material adverse change, or any
development involving a prospective material adverse change, in or affecting
the general affairs, management, financial position, stockholders’ equity or
results of operations of the Company and its subsidiaries, taken as a whole,
otherwise than as set forth or contemplated in the Exchange Act Reports.

 

3.3.          The Company and its subsidiaries
collectively have good title in fee simple to, or have valid rights to lease or
otherwise use, all items of real property, and title to all personal property,
which are material to the business of the Company and its subsidiaries, taken
as a whole (collectively, the “Business”), free and clear of all liens,
encumbrances, claims and title defects (collectively, “Liens”) that would
reasonably be expected to have a material adverse effect on the financial
position, stockholders’ equity or results of operations of the Company and its
subsidiaries, taken as a whole (a “Material Adverse Effect”), other than
Liens securing or otherwise permitted by the Senior Credit Facilities, the U.S.
Fleet Debt, the Fleet Financing Facility, the International Fleet Debt
Facilities, the Brazilian Fleet Financing Facility, the Belgian Fleet Financing
Facility, the U.K. Leveraged Financing, the International ABS Fleet Financing
Facility, the Canadian Fleet Financing Facility and the Other International
Facility (in each case, as defined or used in the Exchange Act Reports), and
except as do not materially interfere with the use of such properties.

 

3.4.          The Company has been duly incorporated
and is validly existing in good standing under the laws of the State of
Delaware, with power and authority to own its properties and conduct its
business as described in the Exchange Act Reports, and has been duly qualified
as a foreign corporation for the transaction of business and is in good
standing (if applicable) under the laws of each other jurisdiction in which it
owns or leases properties or conducts any business so as to require such
qualification; except where the failure to be so incorporated, or to be so
qualified or have such corporate power or authority would not reasonably be
expected to have a Material Adverse Effect.

 

3.5.          All of the issued shares of capital
stock of the Company have been duly and validly authorized and issued and are
fully paid and non-assessable and will conform in all material respects to the
description of the Stock set forth in the Company’s Registration Statement on Form 8-A
as filed under the Exchange Act on November 8, 2006 (the “8-A”);
all of the issued shares of capital stock of each of the Company’s subsidiaries
listed on Schedule III (such subsidiaries, the “Designated
Subsidiaries”) that is a corporation have been duly and validly authorized
and issued, are fully paid and non-assessable and, to the extent that a
subsidiary is a partnership or a limited liability company, all of the issued
equity interests of each such subsidiary of the Company have been duly and
validly authorized and issued and, in each case, are owned directly or
indirectly by the Company, free and clear of all liens, encumbrances, equities
or claims.

 

3.6.          The Shares to be issued and sold to
the Subscriber have been duly and validly authorized and, when issued and
delivered against payment therefor as provided herein, will be duly and validly
issued and fully paid and non assessable and will conform in all material
respects to the description of the Common Stock set forth in the 8-A.

 

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3.7.          The issue and sale of the Shares to be
sold by the Company and the compliance by the Company with this Agreement and
the consummation of the transactions herein contemplated will not (i) conflict
with or result in a breach or violation of any of the terms or provisions of,
or constitute a default under any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of the
Designated Subsidiaries is a party or by which the Company or any of the
Designated Subsidiaries is bound or to which any of the property or assets of
the Company or any of the Designated Subsidiaries is subject, (ii) violate
any provision of the certificate of incorporation or by laws of the Company or
the Designated Subsidiaries or (iii) violate any statute or any order, rule or
regulation of any court or governmental agency or body having jurisdiction over
the Company or any of the Designated Subsidiaries or any of their properties;
except, in the case of clauses (i) and (iii), as would not reasonably be
expected to have a Material Adverse Effect, in the case of each such clause,
after giving effect to any consents, approvals, authorizations, orders,
registrations, qualifications, waivers and amendments as will have been
obtained or made as of the date of this Agreement; and no consent, approval,
authorization, order, registration or qualification of or with any such court
or governmental agency or body is required for the execution, delivery and
performance by the Company of its obligations under this Agreement, including
the issue and sale of the Shares to be sold by the Company, or the consummation
by the Company of the transactions contemplated by this Agreement, except (a) 
such consents, approvals, authorizations, registrations or qualifications as may
be required under foreign, state, securities or “blue sky” laws or FINRA, in
connection with the issue and sale of the Shares by the Company, and (b) where
the failure to obtain or make any such consent, approval, authorization, order,
registration or qualification would not reasonably be expected to have a
Material Adverse Effect.

 

3.8.          Neither the Company nor any of the
Designated Subsidiaries is (i) in violation of its certificate of
incorporation or by-laws or (ii) in default in the performance or observance
of any obligation, covenant or condition contained in any indenture, mortgage,
deed of trust, loan agreement, lease or other agreement or instrument to which
it is a party or by which it or any of its properties may be bound, except in
the case of clause (ii) for any violation or default that would not
reasonably be expected to have a Material Adverse Effect.

 

3.9.          Other than as set forth in the
Exchange Act Reports, there are no legal or governmental proceedings pending to
which the Company or any of its subsidiaries is a party or of which any
property of the Company or any of its subsidiaries is the subject which would,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect; and, to the knowledge of the Company, no such proceedings are
threatened by governmental authorities or by others.

 

3.10.        The Company is not, and after giving
effect to the offering and sale of the Shares and the application of the
proceeds thereof will not be, an “investment company,” as such term is defined
in the Investment Company Act of 1940, as amended.

 

3.11.        PricewaterhouseCoopers LLP, who has
audited certain consolidated financial statements of the Company and its
subsidiaries, and have audited the Company’s internal control over financial
reporting and management’s assessment thereof are independent public 

 

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accountants as required by
the Securities Act and the rules and regulations of the Securities and
Exchange Commission (the “SEC”) thereunder.

 

3.12.        The Company maintains a system of
internal accounting controls sufficient to provide reasonable assurance that
transactions are executed in accordance with management’s general or specific
authorizations; transactions are recorded as necessary to permit preparation of
financial statements in conformity with generally accepted accounting
principles and to maintain asset accountability; access to assets is permitted
only in accordance with management’s general or specific authorization; and the
recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any
differences.

 

3.13.        Since December 31, 2008, to the
knowledge of the Company, there has been no change in the Company’s internal
control over financial reporting that has materially adversely affected, or
would reasonably be expected to materially adversely affect, the Company’s
internal control over financial reporting.

 

3.14.        The Company maintains disclosure
controls and procedures (as such term is defined in Rule 13a-15(e) under
the Exchange Act) that comply with the requirements of the Exchange Act; such
disclosure controls and procedures have been designed to ensure that material
information relating to the Company and its subsidiaries is made known to the
Company’s principal executive officer and principal financial officer by others
within those entities; and such disclosure controls and procedures are
effective.

 

3.15.        Except as disclosed in the Exchange Act
Reports, there is no claim pending or, to the knowledge of the Company,
threatened under any Environmental Law (as defined below) against the Company
or its subsidiaries that would reasonably be expected to have a Material
Adverse Effect.  The term “Environmental
Law” means any federal, local or foreign law, regulation, ordinance, order,
judgment decree, permit or rule (including rule of common law) now in
effect governing pollution, or actual or alleged exposure to, hazardous or
toxic materials, substances or wastes, including but not limited to, asbestos
or asbestos-containing materials.

 

3.16.        There is no strike or labor dispute,
slowdown or work stoppage with the employees of the Company or any of its
subsidiaries which is pending or, to the knowledge of the Company, threatened,
except as would not reasonably be expected to have a Material Adverse Effect.

 

3.17.        The Company and its subsidiaries
collectively carry insurance (including self-insurance, if any) in such amounts
and covering such risks as in the Company’s reasonable determination is
adequate for the conduct of the business and the value of its properties,
except where the failure to carry such insurance would not reasonably be
expected to have a Material Adverse Effect.

 

3.18.        The Company and its subsidiaries
collectively own, or have the legal right to use, all United States patents,
patent applications, trademarks, trademark applications, trade names,
copyrights, technology, know-how and processes necessary for them to conduct
the business as currently conducted (the “Intellectual Property”),
except for those disclosed in the Exchange Act 

 

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Reports or the failure to
own or have such legal right to use would not be reasonably expected to have a
Material Adverse Effect.  Except as
disclosed in the Exchange Act Reports, no claim has been asserted and is
pending by any person challenging or questioning the use of any such
Intellectual Property or the validity or effectiveness of any such Intellectual
Property, nor does the Company know of any such claim, and, to the knowledge of
the Company, the use of such Intellectual Property by the Company and its
subsidiaries does not infringe on the rights of any person, except for such
claims and infringements which in the aggregate, would not be reasonably
expected to have a Material Adverse Effect.

 

3.19.        The Company has filed or caused to be
filed all United States federal income tax returns and all other material tax
returns which are required to be filed and has paid (a) all taxes shown to
be due and payable on such returns and (b) all taxes shown to be due and
payable on any assessments of which it has received notice made against it or
any of its property and all other taxes, fees or other charges imposed on it or
any of its property by any governmental authority (other than any (i) taxes,
fees or other charges with respect to which the failure to pay, in the
aggregate, would not reasonably be expected to have a Material Adverse Effect
or (ii) taxes, fees or other charges the amount or validity of which are
currently being contested in good faith by appropriate proceedings diligently
conducted and with respect to which reserves in conformity with GAAP have been
provided on the books of the Company). 
No tax lien has been filed, and no claim is being asserted, with respect
to any such tax, fee or other charge.

 

3.20.        The Company has not taken, directly or
indirectly, any action designed to or that could reasonably be expected to
cause or result in any stabilization or manipulation of the price of the Common
Stock listed on the New York Stock Exchange.

 

4.          Representations and
Warranties of Subscriber. 
Subscriber hereby represents and warrants that:

 

4.1.          Subscriber has full legal capacity,
power and authority necessary to execute and deliver the Agreement, and had, as
of their respective dates of execution and delivery by Subscriber, full legal
capacity, power and authority necessary to execute and deliver the Stockholders
Agreement and the Registration Rights Agreement, and has the corporate power
and authority necessary to perform its obligations under the Agreements.  This Agreement, the Stockholders Agreement,
and the Registration Rights Agreement have been duly executed and delivered by
Subscriber.  Each of this Agreement, the
Stockholders Agreement and the Registration Rights Agreement constitutes, the
legal, valid and binding obligation of Subscriber enforceable against
Subscriber in accordance with its terms.

 

4.2.          Subscriber has been advised that the
Shares have not been registered under the Securities Act or any state
securities or “blue sky” laws and, therefore, cannot be resold unless it is
registered under the Securities Act and applicable state securities laws or
unless an exemption from such registration requirements is available.  Subscriber is aware that the Company is not
under any obligation to effect any such registration with respect to the Shares
(except solely to the extent, if any, provided in the Registration Rights
Agreement) or to file for or comply with any exemption from registration.

 

6

 

4.3.          Subscriber understands that, in
addition to the restrictions on transfer imposed by the Securities Act and any
applicable state securities laws, the Stockholders Agreement and the
Registration Rights Agreement contain provisions that further restrict transfer
of the Shares.

 

4.4.          Subscriber understands that the
purchase of the Shares involves a high degree of risk.

 

4.5.          Subscriber is acquiring the Shares to
be acquired by Subscriber hereunder for Subscriber’s own account and not with a
view to, or for resale in connection with, the distribution thereof in
violation of the Securities Act.

 

4.6.          Subscriber has, either alone or
together with the assistance of a “purchaser representative” (as such term is
defined in Regulation D under the Securities Act), such knowledge and
experience in financial and business matters that Subscriber is capable of
evaluating the merits and risks of such investment, is able to incur a complete
loss of such investment and is able to bear the economic risk of such
investment for an indefinite period of time.

 

4.7.          Subscriber has carefully considered
the potential risks relating to the Company and the purchase of the Shares.  Subscriber is familiar with the business and
financial condition, properties, operations and prospects of the Company and
has had access, during the course of the transactions contemplated hereby and
prior to its purchase of the Shares, to such information as it has deemed
material to its investment decision and has had the opportunity to ask
questions of, and receive answers from, the Company concerning the terms and
conditions of the investment and to obtain additional information (to the
extent Company possessed such information or could acquire it without
unreasonable effort or expense) necessary to verify the accuracy of any
information furnished to Subscriber or to which Subscriber has had access.  Subscriber has made, either alone or together
with its advisors, such independent investigation of the Company as Subscriber
deems to be, or its advisors deem to be, necessary or advisable in connection
with this investment.  Subscriber
understands that no federal or state agency has passed upon this investment or
upon the Company, nor has any such agency made any finding or determination as
to the fairness of this investment.

 

4.8.          Subscriber is an “accredited investor”
as that term is defined in Regulation D under the Securities Act.

 

4.9.          The Company shall not have any
liability of any kind in respect of any brokerage or finders’ fees, agents’
commissions or other similar payment to any broker, finder, agent or like party
retained by or on behalf of the Subscriber.

 

5.          Conditions to Sale and
Purchase of the Common Stock.

 

5.1.          The Company’s obligation to issue and
sell the Shares on the Closing Date immediately prior to the Closing shall be
subject to the satisfaction of the following conditions:

 

(a)        all representations and
warranties of Subscriber contained in this Agreement shall be true and correct
in all material respects as of the Closing Date, and consummation of the
subscription contemplated hereby shall constitute a reaffirmation by Subscriber
that all 

 

7

 

representations
and warranties of Subscriber contained in this Agreement are true and correct
in all material respects as of the Closing Date;

 

(b)        the Subscriber and the
other parties purchasing Shares in the Private Offering, as listed in Schedule
I hereto, representing the holders of a majority of the outstanding Common
Stock of the Company, shall have delivered written consent to the Company (the
“Consent”), in lieu of a special meeting of shareholders, approving the
Private Offering;

 

(c)        the Public Offering shall
have been completed;

 

(d)        no supranational,
national, provincial, federal, state, local or other government, regulatory or
administrative authority, or any court, tribunal, or judicial or arbitral body
(a “Governmental Authority”) shall have enacted, issued, promulgated,
enforced or entered any injunction, order, decree or ruling (whether temporary,
preliminary or permanent) which is then in effect and has the effect of making
consummation of the subscriptions contemplated hereby illegal or otherwise
preventing or prohibiting consummation of the subscription contemplated hereby;
and

 

(e)        all material consents,
approvals and authorizations legally required to be obtained to consummate the
subscription contemplated hereby shall have been obtained from all Governmental
Authorities.

 

5.2.          Subscriber’s obligation to purchase
and pay for the Common Stock on the Closing Date immediately prior to the
Closing shall be subject to the satisfaction of the following conditions:

 

(a)        that all representations
and warranties of the Company contained in this Agreement shall be true and
correct in all material respects as of the Closing Date, and consummation of
the subscription contemplated hereby shall constitute a reaffirmation by the
Company that all the representations and warranties of the Company contained in
this Agreement are true and correct in all material respects as of the Closing
Date;

 

(b)        the Public Offering shall
have been completed;

 

(c)        the Company shall have
filed with the SEC, pursuant to Rule 14c-5(a) of the Exchange Act, a
preliminary information statement (the “Preliminary Information Statement”)
providing notice of the Consent to the Private Offering to the holders of the
Company’s Common Stock entitled to vote at an annual or special meeting;

 

(d)        the Company shall have
filed with the SEC, pursuant to Rule 14c-5(b) of the Exchange Act, a
definitive information statement (the “Definitive Information Statement”)
providing notice of the Consent to the Private Offering to the holders of the
Company’s Common Stock entitled to vote at an annual or special meeting;

 

(e)        The Definitive
Information Statement shall have been transmitted to all of the holders of the
Company’s Common Stock entitled to vote at an annual or special meeting, at least
20 calendar days prior to the Closing Date, pursuant to Rule 14c-2 of the
Exchange Act;

 

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(f)         no Governmental
Authority shall have enacted, issued, promulgated, enforced or entered any
injunction, order, decree or ruling (whether temporary, preliminary or
permanent) which is then in effect and has the effect of making consummation of
the subscriptions contemplated hereby illegal or otherwise preventing or
prohibiting consummation of the subscriptions contemplated hereby; and

 

(g)        all material consents,
approvals and authorizations legally required to be obtained to consummate the
subscription contemplated hereby shall have been obtained from all Governmental
Authorities.

 

6.          Indemnities.

 

6.1.          Subscriber hereby agrees to indemnify
and hold harmless the Company and its shareholders (other than Subscriber),
their respective affiliates, and the directors and officers of the foregoing
and their successors and permitted assignees (other than those of Subscriber
and its affiliates), from and against all losses, damages, liabilities and
expenses (including without limitation reasonable attorneys fees and charges)
resulting from any breach of any representation, warranty or agreement of such
indemnifying party in this Agreement or any misrepresentation by such
indemnifying party in this Agreement.  If
and to the extent that the foregoing undertaking may be unavailable or
unenforceable for any reason, the indemnifying party hereby agrees to make the
maximum contribution to the payment and satisfaction of each of such losses,
damages, liabilities and expenses which is permissible under applicable law.

 

6.2.          The Company hereby agrees to indemnify
and hold harmless the Subscriber and its shareholders, their respective affiliates,
and the directors and officers of the foregoing and their successors and
permitted assignees, from and against all losses, damages, liabilities and
expenses (including without limitation reasonable attorneys fees and charges)
resulting from any breach of any representation, warranty or agreement of such
indemnifying party in this Agreement or any misrepresentation by such
indemnifying party in this Agreement.  If
and to the extent that the foregoing undertaking may be unavailable or
unenforceable for any reason, the indemnifying party hereby agrees to make the
maximum contribution to the payment and satisfaction of each of such losses,
damages, liabilities and expenses which is permissible under applicable law.

 

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7.          Legends.

 

7.1.          The
Subscriber agrees and acknowledges that the shares of Common Stock purchased
under this Agreement shall constitute “restricted securities,” as defined by
the Securities Act, shall be subject to transfer restrictions and shall have their
restricted status noted on the books of Company’s transfer agent.

 

7.2.          All
certificates representing the shares of Common Stock purchased under this
Agreement 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.”

 

8.          Miscellaneous.

 

8.1.          Entire Agreement.  This Agreement, together with the
schedules hereto and the agreements contemplated herein, constitute the entire
agreement and supersedes all prior agreements and understandings, both written
and oral, among the parties with respect to the subject matter hereof.

 

8.2.          Amendment.

 

(a)        This Agreement may be amended only by an
instrument in writing signed by the Company (upon Unanimous Investor Approval)
and Subscriber.  Any provision of this
Agreement may be waived if, but only if, such waiver is in writing and is
signed by each party (upon Unanimous Investor Approval, in the case of the
Company) against whom the waiver is to be effective.

 

(b)        No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or
privilege.  The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

 

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8.3.          Successors; Assignment.  This Agreement shall bind and inure to the
benefit of the parties hereto and their respective successors and permitted
assigns.  Prior to the Closing,
Subscriber may not assign any of Subscriber’s rights hereunder and, after the
Closing, Subscriber may not assign any of Subscriber’s rights hereunder except
in connection with a transfer of the Shares in compliance with the terms and
conditions of the Stockholders Agreement and the Registration Rights Agreement.

 

8.4.          Survival.  All covenants, agreements, representations
and warranties made herein shall survive the execution and delivery hereof and
transfer of the Shares.

 

8.5.          Expenses. Each of the parties
hereto agrees to pay the expenses incurred by it in connection with the
negotiation, preparation, execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby and thereby, including
without limitation, fees and expenses of counsel to each party.

 

8.6.          Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed an original but all of which
shall together constitute one and the same instrument.  A facsimile signature shall be considered due
execution and shall be binding upon the signatory thereto with the same force
and effect as if the signature were an original.

 

8.7.          Notices. 
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

Fax: (201) 594-3122

 

If to the Subscriber, to it
at the address set forth on Schedule I.

 

9.          Governing Law.

 

9.1.          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).

 

9.2.          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 

 

11

 

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 8.7 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.

 

9.3.          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 wavier and makes this
wavier voluntarily, and that it and the other parties have been induced to
enter into this Agreement by, among other things, the mutual waivers and
certifications in this Section 9.3.

 

9.4.          Reliance.  Each of the parties hereto acknowledges that
it has been informed by each other party that the provisions of Section 9.3
constitute a material inducement upon which such party is relying and will rely
in entering into this Agreement and the transactions contemplated hereby.

 

12

 

 

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.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Elyse Douglass

  
	
   

  	
   

  	
  Name:

  	
  Elyse Douglass

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CP IV COINVESTMENT, L.P.

  
	
   

  	
  By:

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

  
	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
  general partner

  
	
   

  	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  TCG Holdings, L.L.C.,
  its

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  managing member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel A. D’Aniello

  
	
   

  	
   

  	
  Name:

  	
  Daniel A. D’Aniello

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
								

 

 

SCHEDULE
I

 

	
  Subscriber

  	
   

  	
  Notice Address

  	
   

  	
  Shares of

  Common Stock

  
	
   

  	
   

  	
   

  	
   

  	
   

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

  	
   

  	
  Clayton, Dubilier & Rice Fund 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

  	
   

  	
  19,921,396

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  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

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CD&R Parallel Fund VII, L.P.

  	
   

  	
  CD&R Parallel Fund 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

  	
   

  	
  141,843

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  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

  	
   

  	
   

  

 

 

	
  Subscriber

  	
   

  	
  Notice Address

  	
   

  	
  Shares of

  Common Stock

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Carlyle Partners IV, L.P.

  	
   

  	
  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  

  	
   

  	
  11,570,644

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  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

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CP IV Coinvestment, L.P.

  	
   

  	
  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  

  	
   

  	
  467,299

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  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

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  N/A

  	
   

  	
  32,101,182

  

 

 

SCHEDULE
II

 

	
  1.

  	
   

  	
  Current Report of the Company on Form 8-K
  filed on March 4, 2009

  
	
  2.

  	
   

  	
  Current Report of the Company on Form 8-K
  filed on April 6, 2009

  
	
  3.

  	
   

  	
  Current Report of the Company on Form 8-K
  filed on April 14, 2009

  
	
  4.

  	
   

  	
  That portion of the Current Report of the Company
  on Form 8-K filed on January 20, 2009 that appears under the
  caption Item 2.05

  

 

 

SCHEDULE
III

 

	
  1.

  	
   

  	
  Hertz Investors, Inc.

  
	
  2.

  	
   

  	
  The Hertz Corporation

  
	
  3.

  	
   

  	
  Hertz International, Inc.

  
	
  4.

  	
   

  	
  Hertz Equipment Rental Corporation

  
	
  5.

  	
   

  	
  Hertz System, Inc.QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

  Exhibit 10.14    
    

 
 

EDWARDS LIFESCIENCES CORPORATION
  2001 EMPLOYEE STOCK PURCHASE PLAN
  FOR UNITED STATES EMPLOYEES  
  

(As
Amended and Restated July 9, 2009) 

 
Edwards
Lifesciences Corporation

2001 Employee Stock Purchase Plan

For United States Employees 

 (As Amended and Restated July 9, 2009)  

 
 

  ARTICLE I—PURPOSE    
    

1.01.  Purpose  

        The Edwards Lifesciences Corporation 2001 Employee Stock Purchase Plan for United States Employees is intended to provide a method whereby employees of Edwards
Lifesciences Corporation (the "Company") and its participating subsidiary companies authorized by the Committee (or an officer designated by the Committee pursuant to Section 9.02) to extend
the benefits of the Plan to their Eligible Employees will have an opportunity to acquire a proprietary interest in the Company through the purchase of shares of the Company's common stock. It is the
intention of the Company to have the Plan qualify as an "employee stock purchase plan" under Section 423 of the Internal Revenue Code of 1986, as amended, although the Company makes no
undertaking or representation to maintain such qualification. The provisions of the Plan shall be construed so as to extend and limit participation in a manner consistent with the requirements of Code
Section 423. 

        The
Plan was initially adopted by the Board on February 8, 2001, and subsequently approved by the stockholders on May 10, 2001. The Plan was subsequently amended and
restated by the Board on February 20, 2003, September 13, 2005 and July 9, 2009. 

 
 

  ARTICLE II—DEFINITIONS    
    

2.01.  Base Pay  

        "Base Pay" shall mean regular straight-time earnings plus commissions and payments in lieu of regular earnings (such as vacation, sick pay and holiday
pay). In the case of a part-time hourly employee, such employee's base pay during an Offering shall be determined by multiplying such employee's hourly rate of pay by the number of
regularly scheduled hours of work for such employee during such Offering. 

2.02.  Change in Control  

        "Change in Control" of the Company shall mean the occurrence of any one of the following events: 

	(a)
	Any
"Person", as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any corporation owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, and any trustee or other fiduciary holding securities under an employee
benefit plan of the Company or such proportionately owned corporation), is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting power of the Company's then outstanding securities; or

	(b)
	During
any period of not more than twenty-four (24) months, individuals who at the beginning of such period constitute the Board of
Directors of the Company, and any new director (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in
Sections 2.02(a), 2.02(c), or 2.02(d) of this Section 2.02) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously
so approved, cease for any reason to constitute at least a majority thereof; or 

2

 

	(c)
	The
consummation of a merger or consolidation of the Company with any other entity, other than: (i) a merger or consolidation which would result in
the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity) more than sixty percent (60%) of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or
(ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person acquires more than thirty percent (30%) of the combined voting
power of the Company's then outstanding securities; or

	(d)
	The
Company's stockholders approve a plan of complete liquidation or dissolution of the Company, or an agreement for the sale or disposition by the Company
of all or substantially all of the Company's assets (or any transaction having a similar effect). 

2.03.  Code  

        "Code" shall mean the Internal Revenue Code of 1986, as amended. 

2.04.  Committee  

        "Committee" shall mean the individuals appointed by the Company to administer the Plan as described in Article IX. 

2.05.  Company  

        "Company" shall mean Edwards Lifesciences Corporation. 

2.06.  Corporate Affiliate  

        "Corporate Affiliate" shall mean any parent or subsidiary corporation or limited liability company of the Company (as determined in accordance with Code
section 424), whether now existing or subsequently established. 

2.07.  Eligible Employee  

        "Eligible Employee" means, unless local laws prohibit such employee's participation in the Plan, any regular employee of a Participating Company who is scheduled
to work 20 or more hours per week. 

2.08.  Enrollment Period  

        "Enrollment Period" shall mean with respect to any Offering, the period designated by the Committee prior to such Offering during which Eligible Employees may
authorize payroll deductions through a Subscription. Unless the Committee determines otherwise, the Enrollment Period with respect to any Offering shall end on the twenty-fifth day of the month
immediately preceding the Offering Commencement Date and any Subscription received after such date shall be deemed to be an enrollment in the next following Offering. 

2.09.  Exchange Act  

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended from time to time, or any successor thereto. 

3

 

2.10.  Fair Market Value  

        The "Fair Market Value" of a share of Stock on a given day shall be determined as follows: (i) if the Stock is listed on any established stock exchange or
a national market system (a) for any date of determination except the Purchase Date, Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sale is
reported) as quoted on such exchange or system for the last market trading day prior to the time of determination, as reported in The Wall Street
Journal or such other source as the Committee deems reliable; (b) for the Purchase Date, Fair Market Value shall be the closing sales price for such stock (or the
closing bid, if no sale is reported) as quoted on such exchange or system on the Purchase Date, as reported in The Wall Street Journal or such other
source as the Committee deems reliable, or (ii) in the absence of an established market for the Stock, the Fair Market Value thereof shall be determined in good faith by the Committee. 

2.11.  Offering  

        "Offering" shall mean the quarterly offering of the Company's Stock, the duration of which shall not exceed twenty seven (27) months. 

2.12.  Offering Commencement Date  

        "Offering Commencement Date" shall mean June 1, 2001 and, unless determined otherwise by the Committee, the first day of each calendar quarter thereafter. 

2.13.  Offering End Date  

        "Offering End Date" shall mean, with respect to each Offering beginning prior to July 1, 2007, the first to occur of the day preceding the second annual
anniversary of the Offering Commencement Date or the day preceding July 1, 2007, unless determined otherwise by the Committee prior to the Offering
Commencement Date or such date as determined pursuant to Section 6.04. "Offering End Date" shall mean, with respect to each Offering beginning on or after July 1, 2007, the day preceding
the first annual anniversary of the Offering Commencement Date, unless determined otherwise by the Committee prior to the Offering Commencement Date or such date as determined pursuant to
Section 6.04. 

2.14.  Participant  

        "Participant" shall mean an Eligible Employee who has elected to participate in an Offering by entering a Subscription during the Enrollment Period for such
Offering. 

2.15.  Participating Company  

        "Participating Company" shall mean the Company and each Corporate Affiliate as may be authorized from time to time by the Committee to extend the benefits of the
Plan to their Eligible Employees and set forth in Appendix A to this Plan. 

2.16.  Plan  

        "Plan" shall mean the Edwards Lifesciences Corporation 2001 Employee Stock Purchase Plan for United States Employees, as amended from time to time. 

2.17.  Purchase Date  

        "Purchase Date" shall mean with respect to any Offering, the last day of each calendar quarter (or such other dates determined by the Committee prior to the
Offering Commencement Date or pursuant to Section 6.04) during the period beginning with the Offering Commencement Date for such Offering and ending with the Offering End Date; provided,
however, if any such day is not a business day, the Purchase Date shall be the next preceding business date on which shares of Stock are traded. 

4

 

2.18.  Stock  

        "Stock" shall mean the common stock, par value $1.00, of the Company. 

2.19.  Subscription  

        "Subscription" shall mean an Eligible Employee's authorization for payroll deductions made in the form and manner specified by the Committee (which may include
enrollment by submitting forms, by voice response, internet access or other electronic means). Unless withdrawn earlier in accordance with Section 6.02, each Subscription shall be in effect for
the duration of the Offering to which it applies. No more than one Subscription may be in effect for an Eligible Employee during any calendar quarter. 

 
 

  ARTICLE III—ELIGIBILITY AND PARTICIPATION    
    

3.01.  Initial Eligibility  

        Any individual who is an Eligible Employee on an Offering Commencement Date shall be eligible to participate in the Offering commencing on such date, subject to
the terms and conditions of the Plan. 

3.02.  Leave of Absence  

        For purposes of participation in the Plan, a Participant on a leave of absence shall be deemed to be an employee for a period of up to 90 days or, if
longer, during the period the Participant's right to reemployment is guaranteed by statute or contract. If the leave of absence is paid, deductions authorized under any Subscription in effect at the
time the leave began will continue. If the leave of absence is unpaid, no deductions or contributions will be permitted during the leave. If such a Participant returns to active status within
90 days or the guaranteed reemployment period, as applicable, payroll deductions under the Subscription in effect at the time the leave began will automatically begin again upon the
Participant's return to active status, unless the Subscription has expired. If the Participant does not return to active status within 90 days or the guaranteed reemployment period, as
applicable, the Participant shall be treated as having terminated employment for all purposes of the Plan. If such terminated Participant later returns to active employment as an Eligible Employee or
if a Participant returns to active employment as an Eligible Employee after the Subscription has expired, such individual will be treated as a new employee and will be eligible to participate in
Offerings commencing after his or her reemployment date by filing a Subscription during the applicable Enrollment Period for such Offering. 

3.03.  Restrictions on Participation  

        Notwithstanding any provisions of the Plan to the contrary, no Eligible Employee shall be granted a right to purchase Stock: 

	(a)
	if,
immediately after the grant, such employee would own Stock, and/or hold outstanding options to purchase Stock, possessing 5% or more of the total
combined voting power or value of all classes of the Company's stock (for purposes of this paragraph, the rules of Section 424(d) of the Code shall apply in determining stock ownership of any
employee); or

	(b)
	which
permits the employee's rights to purchase Stock under all employee stock purchase plans of the Company to accrue at a rate which exceeds $25,000 in
Fair Market Value of the Stock (determined at the time such right to purchase Stock is granted) for each calendar year in which such right is outstanding (as computed to comply with
Section 423(b)(8) of the Code). 

        Further,
with respect to any Offering, in no event shall an employee be granted a right to purchase in excess of 10,000 shares of Stock, subject to adjustment pursuant to
Section 10.03. 

5

 

3.04.  Commencement of Participation  

        An Eligible Employee may become a Participant in any Offering by entering a Subscription during the Enrollment Period for such Offering. Payroll deductions for
such Offering shall commence on the applicable Offering Commencement Date and shall end on the applicable Offering End Date unless withdrawn by the Participant or sooner terminated in accordance with
Article VII. Only one Subscription may be in effect with respect to any Participant at any one time. 

3.05.  Participation After Rehire  

        An Eligible Employee's Subscription will automatically terminate on the date he or she is no longer an employee of any Participating Company. If the Eligible
Employee terminates employment with a Subscription in effect with respect to an Offering and is rehired prior to the Offering End Date for that Offering, the Subscription will not be reinstated and
the Eligible Employee will not be allowed to again make payroll deductions under such Offering. The Eligible Employee may elect to participate in Offerings commencing after his or her reemployment
date by entering a Subscription during the applicable Enrollment Period for such Offering. Notwithstanding the foregoing, an Eligible Employee's transfer from one Participating Company to another
shall not terminate such Eligible Employee's Subscription. 

3.06.  Transfers  

        An Eligible Employee's transfer from one Participating Company under this Plan to another shall not terminate such Eligible's Subscription. 

        If
an Eligible Employee transfers to a Corporate Affiliate that is not a Participating Company under this Plan, the employee will be treated as a terminated Participant under this Plan.
The employee may become eligible to participate in the Company's stock purchase plan for international employees if the employee is transferred to a subsidiary or affiliate of the Company that is
designated to participate in the stock purchase plan for international employees subject to the terms and conditions set forth in that plan. 

 
 

  ARTICLE IV—OFFERINGS    
    

4.01.  Quarterly Offerings  

        The Plan commenced with an Offering beginning on June 1, 2001 and, unless determined otherwise by the Committee, will continue in operation with a new
Offering commencing on the first day of each calendar quarter thereafter. Eligible Employees may not have in effect more than one Subscription at a time. 

        Participants
may subscribe to any Offering by entering a Subscription during the Enrollment Period for such Offering in such manner as the Committee may prescribe (which may include
enrollment by submitting forms, by voice response, internet access or other electronic means). 

        A
Subscription that is in effect on an Offering End Date will automatically be deemed to be a Subscription for the Offering that commences immediately following such Offering End Date,
provided that the Participant is still an Eligible Employee and has not withdrawn the Subscription. Under the foregoing automatic enrollment provisions, payroll deductions will continue at the level
in effect immediately prior to the new Offering Commencement Date, unless changed in advance by the Participant in accordance with Section 5.03. 

6

 

4.02.  Purchase Price  

        The purchase price per share of Stock under each Offering shall be the lower of: 

	(a)
	85%
of the Fair Market Value of the Stock on the Offering Commencement Date; or

	(b)
	85%
of the Fair Market Value of the Stock on the Purchase Date. 

        Such
purchase price may only be paid with accumulated payroll deductions in accordance with Article V. 

 
 

  ARTICLE V—PAYROLL DEDUCTIONS    
    

5.01.  Amount of Deduction  

        An Eligible Employee's Subscription shall authorize payroll deductions at a rate, in whole percentages, of no less than 1% and no more than 12% of Base Pay on
each payday that the Subscription is in effect. 

5.02.  Participant's Account  

        All payroll deductions made with respect to a Participant shall be credited to his or her recordkeeping account under the Plan. A Participant may not make any
separate cash payment into such account. No interest will accrue or be paid on any amount withheld from a Participant's pay under the Plan or credited to the Participant's account. Except as otherwise
provided in this Section 5.02, all amounts in a Participant's account will be used to purchase whole shares of Stock and no cash refunds shall be made from such account. Any amounts that are
insufficient to purchase whole shares shall be credited to the Participant's account, and added to any fractional amounts resulting on subsequent Purchase Dates. Upon liquidation or other closing of a
Participant's account, any fractional amounts shall be paid in cash to the Participant based on the then current Fair Market Value of the Stock. In addition, any amounts that are withheld but unable
to be applied to the purchase of Stock because of the limitations of Section 3.03 shall be returned to the Participant without interest and will not be used to purchase shares with respect to
any other Offering under the Plan. 

5.03.  Changes in Payroll Deductions  

        During an Offering, a Participant may change his or her level of payroll deduction with respect to such Offering within the limits described in
Section 5.01 in accordance with procedures established by the Committee (including, without limitation, rules relating to the frequency of such changes); provided, however, if the Participant
reduces his or her payroll deductions to zero, it shall be deemed to be a withdrawal of the Subscription and the Participant may not thereafter participate in such Offering but must wait until the
next Offering to resubscribe to the Plan. Any such discontinuance or change in level shall be effective as soon as administratively practicable. 

 
 

  ARTICLE VI—EXERCISE OF RIGHTS TO PURCHASE STOCK    
    

6.01.  Automatic Exercise  

        A Participant's right to purchase Stock with respect to any Offering will be automatically exercised on each Purchase Date for the Offering. The right to purchase
Stock will be exercised by using the accumulated payroll deductions in the Participant's account as of each such Purchase Date to purchase the number of whole shares of Stock that may be purchased at
the purchase price on such date, determined in accordance with Section 4.02. 

7

 

6.02.  Withdrawal From Offering  

        A Participant may not withdraw the accumulated payroll deductions in his or her account during an Offering. If the Participant withdraws his or her Subscription
with respect to any Offering, the accumulated payroll deductions in the Participant's account at the time the Subscription is withdrawn will be used to purchase shares of Stock at the next Purchase
Date for the Offering to which the Subscription related, in accordance with Section 6.01. 

6.03.  Delivery of Stock  

        Stock purchases under the Plan will be held in an account in the Participant's name in uncertificated form unless certification is requested by the Participant.
Furthermore, Stock to be delivered to a Participant under the Plan will be registered in the name of the Participant. 

6.04.  Change in Control  

        If pursuant to a Change in Control rights to purchase Stock are not assumed or otherwise continued in full force and effect, then each right to purchase Stock
under each Offering in effect at the time of the Change in Control shall automatically be exercised, immediately prior to the effective date of any Change in Control, by applying the payroll
deductions of each Participant for the Offering in which such Change in Control occurs to the purchase of whole shares of Stock at a purchase price per share equal to eighty-five percent
(85%) of the lower of (i) the Fair Market Value per share of Stock on the start date of the applicable Offering or (ii) the Fair Market Value per share of Stock immediately prior to the
effective date of such Change in Control. 

 
 

  ARTICLE VII—WITHDRAWAL    
    

7.01.  Effect on Subsequent Participation  

        The Committee shall have the authority to decide the Participant's eligibility to participate in any succeeding Offering if Participant withdraws from any
Offering. 

7.02.  Termination of Employment  

        Subject to the following provisions of this Section 7.02, upon termination of the Participant's employment for any reason that results in the Participant
not qualifying as an Eligible Employee, any Subscription then in effect will be deemed to have been withdrawn and any payroll deductions credited to the Participant's account will be used to purchase
Stock on the next Purchase Date for the Offering with respect to which such deductions relate. Notwithstanding the foregoing, if the Participant has a Subscription in effect on the Participant's
termination of employment, payroll deductions (at the rate in effect on the termination date) shall continue to be made from Base Pay earned prior to termination of employment, if any, that is paid to
the Participant after such termination of employment and before the earlier of (i) the three-month anniversary of such termination of employment, or (ii) the Offering End Date of such
Offering. Any such payroll deduction shall be used to purchase Stock on the next Purchase Date for the Offering after the deduction is made. 

7.03.  Effect of Hardship Rules  

        At the discretion of the Company, the Company may cancel or suspend a Participant from participating in the Plan if the Participant claims a hardship with respect
to his/her participation in any applicable benefit program and pursuant to the applicable benefit program, the Participant cannot be permitted to continue to participate in the Plan. If cancellation
or suspension is required, the Company will determine whether accumulated contributions should be refunded or may be held to purchase shares on the next Purchase Date and when the Participant will
become eligible to participate in the Plan in the future. 

8

 
 
 

  ARTICLE VIII—STOCK    
    

8.01.  Maximum Shares  

        The maximum number of shares which may be issued under the Plan, subject to adjustment upon changes in capitalization of the Company as provided in
Section 10.03, shall be 1,500,000 shares. If the total number of shares for which rights to purchase Stock are exercised on any Purchase Date exceeds the maximum number of shares available for
issuance, the Company shall make a pro rata allocation of the shares available for delivery and distribution in as nearly a uniform manner as shall be practicable and as it shall determine to be
equitable, and the balance of payroll deductions credited to the account of each Participant under the Plan shall be returned to him as promptly as possible. 

8.02.  Participant's Interest in Rights to Purchase Stock  

        The Participant will have no interest in Stock covered by a right to purchase Stock under the Plan until such right has been exercised. 

 
 

  ARTICLE IX—ADMINISTRATION    
    

9.01.  Appointment of Committee  

        The Company's Board of Directors shall appoint a Committee to administer the Plan. No member of the Committee who is not an Eligible Employee shall be eligible to
purchase Stock under the Plan. 

9.02.  Authority of Committee  

        Subject to the express provisions of the Plan, the Committee shall have plenary authority in its discretion to interpret and construe any and all provisions of
the Plan, to adopt rules and regulations for administering the Plan, to adopt sub-plans creating additional rules and restrictions for participation and to make all other determinations
deemed necessary or advisable for administering the Plan. The Committee shall also have full power and authority to determine whether, to what extent and under what circumstances any Eligible
Employee's participation in the Plan shall be cancelled or suspended as a result of 401(k) hardship rules or similar rules, as determined at the sole discretion of the Committee. The Committee's
determination on the foregoing matters shall be conclusive. The Committee shall also have the authority to determine if and when the employees of Corporate
Affiliates organized or acquired after the Effective Date shall be eligible for participation in the Plan. The Committee may delegate to an officer its authority under this Section 9.02 to
determine if and when the employees of a Corporate Affiliate shall be eligible or ineligible for participation in the Plan. 

9.03.  Rules Governing the Administration of the Committee  

        The Company's Board of Directors may from time to time appoint members of the Committee in substitution for or in addition to members previously appointed and may
fill vacancies, however caused, in the Committee. The Committee may select one of its members as its Chairman and shall hold its meetings at such times and places as it shall deem advisable and may
hold telephonic meetings. A majority of its members shall constitute a quorum. All determinations of the Committee shall be made by a majority of its members. The Committee may correct any defect or
omission or reconcile any inconsistency in the Plan, in the manner and to the extent it shall deem desirable. Any decision or determination reduced to writing and signed by a majority of the members
of the Committee shall be as fully effective as if it had been made by a majority vote at a meeting duly called and held. The Committee may appoint a secretary and shall make such rules and
regulations for the conduct of its business as it shall deem advisable. 

9

 

9.04.  Statements  

        Each Participant shall receive a statement of his account showing the number of shares of Stock held and the amount of cash credited to such account. Such
statements will be provided as soon as administratively feasible following the end of each calendar quarter. 

 
 

  ARTICLE X—MISCELLANEOUS    
    

10.01.  Transferability  

        Neither payroll deductions credited to a Participant's account nor any rights with regard to the exercise of a right to purchase Stock or to receive Stock under
the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the Participant other than by will or the laws of descent and distribution. Any such attempted assignment,
transfer, pledge or other disposition shall be without effect. During a Participants lifetime, rights to purchase Stock that are held by such Participant shall be exercisable only by that Participant. 

10.02.  Use of Funds  

        All payroll deductions received or held by the Participating Company under this Plan may be used by the Participating Company for any corporate purpose and the
Participating Company shall not be obligated to segregate such payroll deductions. 

10.03.  Adjustment Upon Changes in Capitalization  

        In the event of a stock split, stock dividend, recapitalization, reclassification or combination of shares, merger, spin-off or similar event, the
Committee shall adjust equitably (a) the number and class of shares or other securities that are reserved for sale under the Plan, (b) the number and class of shares or other securities
that are subject to outstanding rights to purchase Stock, (c) the maximum number of shares of Stock that can be purchased by a Participant with respect to any Offering and (d) the
appropriate market value and other price determinations applicable to rights to purchase Stock. The Committee shall make all determinations under this Section 10.03, and all such determinations
shall be conclusive and binding. 

10.04.  Amendment and Termination  

        The Company's Board of Directors shall have complete power and authority to terminate or amend the Plan at any time and for any reason; provided, however, that
the Company's Board of Directors shall not, without the approval of the stockholders of the Company in accordance with Section 423 of the Code, (i) increase the maximum number of shares
which may be issued under any Offering (except pursuant to Section 10.03); (ii) amend the requirements as to the class of employees eligible to purchase stock under the Plan; or
(iii) permit members of the Committee who are not Eligible Employees to purchase stock under the Plan. 

        Upon
termination of the Plan, the date of termination shall be considered a Purchase Date, and any cash remaining in Participant accounts will be applied to the purchase of Stock, unless
determined otherwise by the Company's Board of Directors. Upon termination of the Plan, the Company's Board of Directors shall have authority to establish administrative procedures regarding the
exercise of outstanding rights to purchase Stock or to determine that such rights shall not be exercised. 

10.05.  Effective Date  

        This Plan became effective as of June 1, 2001. 

10

 

10.06.  No Employment Rights  

        The Plan does not, directly or indirectly, create in any employee or class of employees any right with respect to continuation of employment with the Company or
any Corporate Affiliate, and it shall not be deemed to interfere in any way with the right of the Company or any Corporate Affiliate employing such person to terminate, or otherwise modify, an
employee's employment at any time. 

10.07.  Effect of Plan  

        The provisions of the Plan shall, in accordance with its terms, be binding upon, and inure to the benefit of, all successors of each employee participating in the
Plan, including, without limitation, such employee's estate and the executors, administrators or trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy or representative of
creditors of such employee. 

10.08.  Governing Law  

        The law of the State of California will govern all matters relating to this Plan except to the extent it is superseded by the laws of the United States. 

11

 
 
 

  APPENDIX A
  
    LIST OF PARTICIPATING COMPANIES  
    

        Following is a list of Participating Companies as of February 20, 2003: 

Edwards
Lifesciences Corporation

Edwards Lifesciences International Assignments Inc.

Edwards Lifesciences LLC

Edwards Lifesciences (U.S.) Inc.

Edwards Lifesciences Research Medical, Inc.

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QuickLinks

Exhibit 10.14

EDWARDS LIFESCIENCES CORPORATION 2001 EMPLOYEE STOCK PURCHASE PLAN FOR UNITED STATES EMPLOYEES

ARTICLE I—PURPOSE

ARTICLE II—DEFINITIONS

ARTICLE III—ELIGIBILITY AND PARTICIPATION

ARTICLE IV—OFFERINGS

ARTICLE V—PAYROLL DEDUCTIONS

ARTICLE VI—EXERCISE OF RIGHTS TO PURCHASE STOCK

ARTICLE VII—WITHDRAWAL

ARTICLE VIII—STOCK

ARTICLE IX—ADMINISTRATION

ARTICLE X—MISCELLANEOUS

APPENDIX A LIST OF PARTICIPATING COMPANIES

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