Executive Compensation and Promotion Letter for Kenny Cheung as EVP and CFO of Hertz

Summary

This letter confirms Kenny Cheung's promotion to Executive Vice President and Chief Financial Officer of Hertz, effective September 28, 2020, with an annual salary of $600,000. He will report to the CEO and, after the company's emergence from bankruptcy, will be eligible for incentive and equity awards based on performance and company objectives. His compensation will be reviewed again in March 2021. The agreement outlines the key terms of his new role and compensation package.

EX-10.29.2 6 a2020hgh10-kexhibit10292.htm EX-10.29.2 Document

Exhibit 10.29.2

September 25, 2020

Mr. Kenny Cheung

Dear Kenny:

I am pleased to confirm your promotion and increase to your compensation package with your new position of Executive Vice President, Chief Financial Officer, based out of Estero, Florida. Your new salary will be increased to the annualized amount of $600,000, paid bi-weekly and is effective September 28, 2020. You will continue reporting directly to me.

After emergence from bankruptcy you will continue to be eligible for an award under the Hertz Executive Incentive Compensation Plan at a target of 80% of your base salary. The actual award is based on individual performance and the Corporation meeting certain objectives.

Upon emergence from bankruptcy you will be eligible to participate in the annual equity award program at the level determined by the Compensation Committee.

Your compensation package will be reviewed again in March 2021 during the March Compensation Committee meeting, the annual meeting where executive compensation is reviewed and established for the following year.

Kenny, we believe that you will continue to make an outstanding contribution to the Hertz organization.

Very truly yours,

/s/ Paul Stone

Paul Stone

President and Chief Executive Officer

I accept the terms and conditions of this offer:


/s/ Kenny Cheung						September 25, 2020
Kenny Cheung						Date