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HERC HOLDINGS INC. 27500 Riverview Center Blvd INFORMATION STATEMENT HERC HOLDINGS INC. 27500 Riverview Center Blvd. Bonita Springs, Florida 34134 Hertz Global Holdings, Inc. (“Hertz Holdings”) is furnishing this information statement to its stockholders in connection with the spin-off (the “Spin-Off”) by Hertz Holdings to its stockholders of all of the issued and outstanding shares of common stock of Hertz Rental Car Holding Company, Inc. (“New Hertz”). The Spin-Off will result in the separation of Hertz Holdings’ global equipment rental business, which following the Spin-Off will continue to be operated by HERC Holdings (as defined below) through its operating subsidiaries, including Hertz Equipment Rental Corporation (to be renamed Herc Rentals Inc., “HERC”), from its global car rental business, which following the Spin-Off will continue to be operated by New Hertz through its operating subsidiaries, including The Hertz Corporation (“Hertz”). For every five common shares of Hertz Holdings you hold of record as of the close of business on June 22, 2016, the record date for the distribution, you will be entitled to receive one share of New Hertz common stock. Hertz Holdings will distribute the shares of New Hertz common stock in book-entry form, which means that we will not issue physical stock certificates. Stockholders will not receive fractional shares in connection with the Spin-Off. Instead, New Hertz’s transfer agent will aggregate all fractional shares and sell them as soon as practicable after the Spin-Off at the then-prevailing prices on the open market. After the transfer agent’s completion of such sale, stockholders would receive a cash payment from the transfer agent in an amount equal to their respective pro rata shares of the total net proceeds for that sale, without interest for the period of time between the effective time of the Spin-Off and the payment date. In connection with the Spin-Off, Hertz Holdings will be renamed “Herc Holdings Inc.” Throughout this information statement, we refer to the current Hertz Global Holdings, Inc. prior to the Spin-Off as “Hertz Holdings” and following the Spin-Off as “HERC Holdings.” There is no current trading market for New Hertz common stock. We expect to list New Hertz common stock on the New York Stock Exchange (“NYSE”) under the symbol “HTZ,” which is the current trading symbol for Hertz Holdings common stock. Following the Spin-Off, HERC Holdings will change the symbol for its common stock to HRI. We expect that a limited market, commonly known as a when-issued trading market, for New Hertz common stock will develop on or shortly before the record date, and that regular way trading of New Hertz common stock will begin on the first trading day after the distribution date. No vote of Hertz Holdings’ stockholders is required to authorize or effectuate the Spin-Off. Hertz Holdings has obtained stockholder approval of a reverse stock split at one of nine ratios, 1-for-2, 1-for-3, 1-for-4, 1-for-5, 1-for-6, 1-for-8, 1-for-10, 1-for-15 or 1-for-20, as determined by the board of directors. The implementation of the reverse stock split would be effective immediately following the Spin-Off. If the reverse stock split is implemented, the number of authorized shares of common stock will be reduced in a proportional manner to the reverse stock split ratio. In reviewing this information statement, you should carefully consider the matters described under “Risk Factors” beginning on page 16. Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this information statement. Any representation to the contrary by any party is a criminal offense. This information statement does not constitute an offer to sell or a solicitation of an offer to buy any securities. WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY. The date of this information statement is June 6, 2016. Hertz Holdings first mailed this information statement to its stockholders on or about June 10, 2016. TABLE OF CONTENTS WHERE YOU CAN FIND ADDITIONAL INFORMATION ........................ iii MARKET AND INDUSTRY DATA ........................................... iv QUESTIONS AND ANSWERS ABOUT THE SPIN-OFF . .......................... v SUMMARY............................................................ 1 RISK FACTORS ......................................................... 16 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS . .......... 41 THE SPIN-OFF .......................................................... 43 DIVIDEND POLICY ...................................................... 53 CAPITALIZATION ....................................................... 54 SELECTED HISTORICAL COMBINED FINANCIAL DATA ........................ 55 UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION . 57 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS .............................................. 62 BUSINESS ............................................................. 82 MANAGEMENT ........................................................ 97 COMPENSATION DISCUSSION AND ANALYSIS ............................... 107 EXECUTIVE COMPENSATION ............................................. 122 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS .............. 134 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT . 137 DESCRIPTION OF CAPITAL STOCK ......................................... 140 DESCRIPTION OF CERTAIN INDEBTEDNESS ................................. 144 RELATIONSHIP BETWEEN NEW HERTZ AND HERC HOLDINGS ................. 145 INDEX TO FINANCIAL STATEMENTS . ...................................... F-1 Due to the nature of the Spin-Off, New Hertz, which will be an independent publicly traded company, will be considered the accounting successor to Hertz Holdings and HERC Holdings will be considered the spun-off entity in the Spin-Off for accounting purposes. This information statement describes the equipment rental assets, liabilities, businesses and activities of HERC Holdings as though they were HERC Holdings’ assets, liabilities, businesses and activities for all historical periods described. However, HERC Holdings will conduct or hold the assets, liabilities, businesses and activities of Hertz Holdings that are not transferred to or assumed by New Hertz in connection with the Spin-Off and the internal reorganization in contemplation thereof. The historical financial information of HERC Holdings contained in this information statement is not necessarily indicative of the future financial position, results of operations or cash flows of HERC Holdings, nor does it reflect what the financial position, results of operations or cash flows of HERC Holdings would have been had HERC Holdings operated as a stand-alone company during the periods presented. You should rely only on the information contained in this information statement. Hertz Holdings has not authorized anyone to give you any information or to make any representations about the Spin-Off, New Hertz or HERC Holdings discussed in this information statement other than as contained in this information statement. If you are given any information or representation that is not discussed in this information statement, you must not rely on that information. Hertz Holdings takes no responsibility for, and cannot provide any assurance as to the reliability of, any other information that others may give you. You should assume that the information appearing in this information statement is accurate only as of the date on the front cover of this information statement. The business, financial condition, results of operations, and prospects of HERC Holdings may have changed since that date. The delivery of this information statement shall not under any circumstances create any implication that the information contained herein is correct as of any time subsequent to the date hereof. i We have prepared this information statement based on information we have or have obtained from sources we believe to be reliable. Unless otherwise indicated or the context otherwise requires, in this information statement, (i) “Hertz Holdings” means Hertz Global Holdings, Inc. prior to the Spin-Off; (ii) “New Hertz” means the newly created entity named Hertz Rental Car Holding Company, Inc., the shares of which are being distributed to Hertz Holdings’ stockholders in the Spin-Off and which will, after the Spin-Off, conduct Hertz Holdings’ global car rental operations through its operating subsidiaries, including The Hertz Corporation, or “Hertz”; (iii) “HERC Holdings” means Hertz Global Holdings, Inc. following the Spin-Off, which will be renamed “Herc Holdings Inc.” and will continue to conduct Hertz Holdings’ global equipment rental operations through its operating subsidiaries, including HERC; (iv) “HERC” means Hertz Equipment Rental Corporation, the primary operating subsidiary of Hertz Holdings’ global equipment rental business, which will be renamed “Herc Rentals Inc.”; (v) “we,” “us” and “our” mean either New Hertz, HERC Holdings or Hertz Holdings and its respective consolidated subsidiaries, as the context requires; (vi) “company-operated” rental locations are those through which we, or an agent of ours, rent equipment that we own or lease; and (vii) “equipment” means industrial, construction and material handling equipment, and includes but may not be limited to aerial, earthmoving, material handling and specialty equipment, such as compaction
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