4//SEC Filing
CHO SUNGHWAN 4
Accession 0001657853-21-000050
CIK 0001657853other
Filed
Jul 1, 8:00 PM ET
Accepted
Jul 2, 4:19 PM ET
Size
10.8 KB
Accession
0001657853-21-000050
Insider Transaction Report
Form 4
CHO SUNG HWAN
Director
Transactions
- Disposition to Issuer
Common Stock
2021-06-30−10,178→ 0 total - Award
Warrant (right to buy)
2021-06-30+6,568→ 6,568 totalExercise: $13.80From: 2021-06-30Exp: 2050-06-30→ New Common Stock (0 underlying) - Award
New Common Stock
2021-06-30+921→ 921 total
Footnotes (5)
- [F1]On May 22, 2020, Hertz Global Holdings, Inc. (the "Issuer") and certain of its U.S. subsidiaries, (collectively, with the Issuer, the "Debtors"), filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") seeking relief under the provisions of Chapter 11 of Title 11 of the United States Bankruptcy Code. On June 10, 2021, the Bankruptcy Court entered an order confirming the Debtors' Second Modified Third Amended Joint Chapter 11 Plan of Reorganization (as amended, modified or supplemented from time to time, the "Plan"), and on June 30, 2021 (the "Effective Date"), the Plan became effective pursuant to its terms and the Debtors emerged from bankruptcy.
- [F2]On the Effective Date, all of the Company's previously outstanding shares of common stock ("Old Common Stock"), including options, warrants, rights, restricted stock units or other securities or agreements to acquire such common stock, were cancelled and extinguished pursuant to the Plan.
- [F3]Pursuant to the terms of the Plan, on the Effective Date all holders of the Old Common Stock received, in the aggregate, (i) $1.53 per share; and (ii) their pro rata share of common stock ("New Common Stock") representing 3% of the shares of the reorganized Company (subject to dilution for warrants and a new management incentive plan).
- [F4]Pursuant to the terms of the Plan, on the Effective Date, certain holders, including the Reporting Person, received a distribution of 30-year warrants for 18% of the shares of New Common Stock of the reorganized Company (subject to dilution by the issuance of shares pursuant to a new management incentive plan) with an exercise price based on a total equity value of $6.5 billion.
- [F5]The 30-year warrants expire on June 30, 2051. For technical reasons, this Form 4 displays a date of June 30, 2050, which should be read as June 30, 2051.
Documents
Issuer
HERTZ GLOBAL HOLDINGS, INC
CIK 0001657853
Entity typeother
Related Parties
1- filerCIK 0001490631
Filing Metadata
- Form type
- 4
- Filed
- Jul 1, 8:00 PM ET
- Accepted
- Jul 2, 4:19 PM ET
- Size
- 10.8 KB