SEC Contract Filing

Filing Date: 2020-05-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2020858d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.1pt; text-align: center"><B>HERTZ GLOBAL HOLDINGS, INC.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.1pt; text-align: center"><B>KEY EMPLOYEE RETENTION LETTER
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.1pt">Dear ____________:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24.4pt 0pt 24.1pt; text-align: justify; text-indent: 30.3pt">On
behalf of Hertz Global Holdings, Inc. (the &ldquo;<B><I>Company</I></B>&rdquo;), I am pleased to offer you the opportunity to receive
a key employee retention bonus if you agree to the terms and conditions contained in this letter agreement (this &ldquo;<B><I>Agreement</I></B>&rdquo;),
which shall be effective as of the date you execute and return a copy of this Agreement (such date, the &ldquo;<B><I>Effective
Date</I></B>&rdquo;). If you do not execute and return a copy of this Agreement which must occur prior to [Insert Date] this Agreement
shall be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24.4pt 0pt 24.1pt; text-align: justify; text-indent: 30.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24.15pt 0pt 54.4pt; text-align: justify; text-indent: 30.3pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Retention Bonus. </B>Subject to the terms and conditions set forth herein, you will receive a cash lump sum payment in
the amount of $___________ (the &ldquo;<B><I>Retention Bonus</I></B>&rdquo;), payable within [3] days following the Effective Date.
As a condition to receiving the Retention Bonus you hereby waive any and all participation in the Company&rsquo;s annual bonus
plan for 2020. You agree that in the event your employment with the Company terminates for any reason other than a Qualifying Termination
before March 31, 2021 (the &ldquo;<B><I>Retention Date</I></B>&rdquo;), you will be required to repay to the Company within ten
(10) business days of such termination 100% of the Retention Bonus. For the sake of clarity, you will not be required to repay
the Retention Bonus if (i) you are terminated in a Qualifying Termination or (ii) you are employed by the Company on the Retention
Date. At the option of the Company, all or part of the amount to be re-paid to the Company may be deducted from any amounts owed
by the Company or any of its subsidiaries to you, including without limitation, any amounts owed as wages, salary, bonuses, equity
or other incentive compensation or awards, expense reimbursements, and any other remuneration due for or on account of your employment
with the Company or any subsidiary, provided, however, that no such deduction shall be made to the extent that it would result
in a tax being owed pursuant to Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 86.4pt"></TD><TD STYLE="width: 30.3pt">2.</TD><TD STYLE="text-align: left"><B>Definitions.</B> For purposes of this Agreement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24.05pt 0pt 84.7pt; text-align: justify; text-indent: 30.3pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&ldquo;<B><I>Cause</I></B>&rdquo;
means your (i) continued failure to perform your duties with the Company (other than any such failure resulting from your incapacity
as a result of physical or mental illness) after a written demand for substantial performance specifying the manner in which you
have not performed such duties is delivered to you by the person or entity that supervises or manages you, (ii) engaging in misconduct
that is injurious to the Company or any of its subsidiaries, (iii) one or more acts of fraud or personal dishonesty resulting
in or intended to result in personal enrichment at the expense of the Company or any of its Subsidiaries, (iv) abusive use of
alcohol, drugs or similar substances that, in the sole judgment of the Company, impairs your job performance, (v) material violation
of any Company policy that results in harm to the Company or any of its Subsidiaries or (vi) indictment for or conviction of (or
plea of guilty or nolo contendere) to a felony or of any crime (whether or not a felony) involving moral turpitude. A termination
for &ldquo;Cause&rdquo; shall include a determination by the Company following your termination of employment for any other reason
that, prior to such termination of employment, circumstances constituting Cause existed with respect to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24.05pt 0pt 115pt; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 24.05pt 0pt 84.7pt; text-align: justify; text-indent: 30.3pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><I>&ldquo;Code&rdquo;
</I></B>means the Internal Revenue Code of