Hertz agrees to sell about $80.9M in Oro Mobility units

The JV Investors agreed to purchase units representing 50% of voting units and approximately 15.86% of common units before dilution from the management incentive plan.

Rhea-AI Filing Summary

Hertz Global Holdings, Inc. entered a joint venture arrangement related to Oro Mobility Holdings LLC on October 16, 2026. Before the investor purchase, Hertz transferred certain assets relating to its Oro Mobility business that the JV Entity did not already own, together with approximately $60.03 million in cash. The JV Investors agreed to purchase Class A Common Units from Hertz for approximately $80.89 million in cash; those units represent 50% of voting units and approximately 15.86% of common units, before dilution from the JV Entity’s management incentive plan. Hertz also agreed to repurchase approximately $51.1 million aggregate principal amount of Exchangeable Notes for approximately $20.86 million, a 60% discount to par. CK Amarillo, CK Amarillo GP, LLC, Certares Opportunities LLC, and Knighthead Capital Management, LLC each reported beneficial ownership of 181,455,469 shares, or 50.9% of the class, based on 356,451,393 shares outstanding as of July 30, 2026. The JV Entity will have a six-person board, with Hertz and the JV Investors each entitled to designate three members; the LLC Agreement is effective as of October 19, 2026. Tom LaMacchia, Managing Director & General Counsel of Certares Management LLC, sole member of Certares Opportunities LLC, and Laura Torrado, General Counsel, signed the amendment.

Filing Explained

The four reporting persons each report shared voting and dispositive power over 181,455,469 shares—not four separately identified blocks; they report 50.9% based on 356,451,393 shares outstanding as of July 30, 2026.

Key Figures

Beneficially owned common shares: 181,455,469 shares Share of common-stock class: 50.9% Common shares outstanding: 356,451,393 shares +5 more

8 metrics

Beneficially owned common shares 181,455,469 shares Reported by CK Amarillo, CK Amarillo GP, LLC, Certares Opportunities LLC, and Knighthead Capital Management, LLC

Share of common-stock class 50.9% Beneficial ownership reported by each reporting person

Common shares outstanding 356,451,393 shares As of July 30, 2026

Cash transferred to JV Entity Approximately $60.03 million Transferred with certain Oro Mobility business assets before the JV Investor Purchase

JV Investor Purchase consideration Approximately $80.89 million Cash consideration for Class A Common Units

JV voting units 50% Represented by the units the JV Investors agreed to purchase

JV common units Approximately 15.86% Before dilution from the JV Entity’s management incentive plan

Exchangeable Notes repurchase Approximately $20.86 million for approximately $51.1 million aggregate principal amount Repurchase at a 60% discount to par

Key Terms

Class A Common Units, Exchangeable Notes, management incentive plan, voting units, +1 more

5 terms

Class A Common Units financial

"purchase Class A Common Units of the JV Entity"

Exchangeable Notes financial

"repurchase approximately $51.1 million aggregate principal amount of its Exchangeable Notes"

Exchangeable notes are a type of financial asset that can be converted into shares of a different company or entity at a later time, often at a pre-set price or upon certain conditions. They matter to investors because they offer a way to potentially benefit from the growth of another company while initially providing more safety or flexibility than directly owning stocks. Think of them as a convertible ticket that can be exchanged for ownership in another business if certain opportunities arise.

management incentive plan financial

"before giving effect to any dilution from the management incentive plan"

A management incentive plan is a structured pay program that rewards company executives and senior managers when they meet specific goals, using cash bonuses, stock awards, or options. It matters to investors because it helps align leaders’ actions with shareholder interests—like tying a coach’s bonus to a team’s wins—while influencing retention, risk-taking and potential share dilution, all of which can affect company performance and stock value.

voting units financial

"representing 50% of the voting units of the JV Entity"

beneficially owned regulatory

"aggregate amount beneficially owned by each reporting person"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did the JV Investors agree to pay in HTZ’s Oro Mobility joint venture?

The JV Investors agreed to pay approximately $80.89 million in cash for Class A Common Units of the JV Entity. The units represent 50% of its voting units and approximately 15.86% of its common units before dilution from the management incentive plan.

How will the Oro Mobility JV Entity be governed?

The JV Entity will be governed by a six-person board, with Hertz Global Holdings and the JV Investors each entitled to designate three members. The LLC Agreement is effective as of October 19, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/21/2026 - 04:45 PM EDT Accepted by SEC EDGAR 10/21/2026 - 04:38 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 13)

Hertz Global Holdings, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

42806J700

(CUSIP Number)

Laura Torrado
c/o Knighthead Capital Management, LLC, 320 Park Avenue, 28th Floor
New York, NY, 10022
(212) 356-2900

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/16/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 42806J700

1

Name of reporting person

CK Amarillo LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 181,455,469.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 181,455,469.00

11

Aggregate amount beneficially owned by each reporting person

181,455,469.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

50.9 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

(1) The amount beneficially owned consists of 181,455,469 shares of Common Stock. (2) The percentage of the shares of Common Stock reported beneficially owned by the Reporting Person is based on information provided by the Issuer in its quarterly report on Form 10-Q filed on August 6, 2026, reflecting 356,451,393 shares of Common Stock issued and outstanding as of July 30, 2026.

SCHEDULE 13D

CUSIP Number(s): 42806J700

1

Name of reporting person

CK Amarillo GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 181,455,469.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 181,455,469.00

11

Aggregate amount beneficially owned by each reporting person

181,455,469.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

50.9 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

(1) The amount beneficially owned consists of 181,455,469 shares of Common Stock. (2) The percentage of the shares of Common Stock reported beneficially owned by the Reporting Person is based on information provided by the Issuer in its quarterly report on Form 10-Q filed on August 6, 2026, reflecting 356,451,393 shares of Common Stock issued and outstanding as of July 30, 2026.

SCHEDULE 13D

CUSIP Number(s): 42806J700

1

Name of reporting person

Certares Opportunities LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 181,455,469.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 181,455,469.00

11

Aggregate amount beneficially owned by each reporting person

181,455,469.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

50.9 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

(1) The amount beneficially owned consists of 181,455,469 shares of Common Stock. (2) The percentage of the shares of Common Stock reported beneficially owned by the Reporting Person is based on information provided by the Issuer in its quarterly report on Form 10-Q filed on August 6, 2026, reflecting 356,451,393 shares of Common Stock issued and outstanding as of July 30, 2026.

SCHEDULE 13D

CUSIP Number(s): 42806J700

1

Name of reporting person

Knighthead Capital Management, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 181,455,469.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 181,455,469.00

11

Aggregate amount beneficially owned by each reporting person

181,455,469.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

50.9 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

(1) The amount beneficially owned consists of 181,455,469 shares of Common Stock. (2) The percentage of the shares of Common Stock reported beneficially owned by the Reporting Person is based on information provided by the Issuer in its quarterly report on Form 10-Q filed on August 6, 2026, reflecting 356,451,393 shares of Common Stock issued and outstanding as of July 30, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: Hertz Global Holdings, Inc.
(c)	Address of Issuer's Principal Executive Offices: 8501 Williams Road, Estero, FLORIDA , 33928.
Item 1 Comment: The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant. This Amendment No. 13 ("Amendment No. 13") amends the Schedule 13D filed with the SEC on July 12, 2021 (the "Original Schedule 13D"), as amended by Amendment No. 1, filed with the SEC on November 16, 2021, Amendment No. 2, filed with the SEC on August 1, 2022, Amendment No. 3, filed with the SEC on October 28, 2022, Amendment No. 4, filed with the SEC on February 7, 2023, Amendment No. 5, filed with the SEC on April 27, 2023, Amendment No. 6, filed with the SEC on November 7, 2023, Amendment No. 7, filed with the SEC on July 2, 2024, Amendment No. 8, filed with the SEC on March 26, 2025, Amendment No. 9, filed with the SEC on March 2, 2026, Amendment No. 10, filed with the SEC on August 10, 2026, Amendment No. 11, filed with the SEC on August 24, 2026, and Amendment No. 12, filed with the SEC on October 5, 2026 (together with the Original Schedule 13D, the "Schedule 13D"), relating to the Common Stock of Hertz Global Holdings, Inc., a Delaware corporation (the "Issuer" or the "Company"). Except as set forth herein, the Schedule 13D is unmodified and remains in full force and effect. Capitalized terms used herein and not otherwise defined in this Amendment No. 13 have the meanings set forth in the Schedule 13D.
Item 4.	Purpose of Transaction
	The information set forth in Item 4 of the Schedule 13D is amended as follows: On October 16, 2026, the Issuer and certain investors, including certain funds or accounts affiliated with Certares and Knighthead (all such investors, the "JV Investors"), entered into a joint venture arrangement (the "Joint Venture") related to Oro Mobility Holdings LLC (f/k/a Hertz Mobility Holdings LLC) (the "JV Entity"). In connection with the formation of the Joint Venture, but prior to the JV Investor Purchase (as defined below), the Issuer transferred to the JV Entity certain assets relating to the Issuer's Oro Mobility business not already owned by the JV Entity, together with approximately $60.03 million in cash. As part of the Joint Venture, the Issuer, the JV Entity, and the JV Investors entered into a Purchase Agreement (the "Purchase Agreement") pursuant to which the JV Investors agreed to purchase Class A Common Units of the JV Entity from the Issuer, representing 50% of the voting units of the JV Entity and approximately 15.86% of the common units of the JV Entity (before giving effect to any dilution from the management incentive plan of the JV Entity), for aggregate cash consideration of approximately $80.89 million (the "JV Investor Purchase"). Concurrently, the Issuer agreed to repurchase approximately $51.1 million aggregate principal amount of its Exchangeable Notes (as defined and described in Amendment No. 7) from certain funds or accounts affiliated with Certares and/or Knighthead for approximately $20.86 million, representing a 60% discount to par. Also on October 16, 2026, the Issuer, Hertz Transporting, Inc. ("HTI"), and the JV Investors entered into an Amended and Restated Limited Liability Agreement of the JV Entity effective as of October 19, 2026 (the "LLC Agreement"). Pursuant to the terms of the LLC Agreement, the JV Entity will be governed by a six-person board, with each of the Issuer and the JV Investors entitled to designate three members. The foregoing descriptions of the Purchase Agreement and LLC Agreement do not purport to be complete and are qualified in their entirety by reference to the text of the Purchase Agreement and LLC Agreement, which are attached hereto as exhibits to this Amendment No. 13 and are incorporated herein by reference.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The information set forth in Item 6 of the Schedule 13D is amended as follows: The response to Item 4 of this Amendment No. 13 is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	The information set forth in Item 7 of the Schedule 13D is amended as follows: Exhibit 99.4 Purchase Agreement, dated as of October 16, 2026, by and among the Issuer, the JV Investors party thereto, and the JV Entity (incorporated by reference to Exhibit 10.2 to the Issuer's current report on Form 8-K filed with the SEC on October 20, 2026). Exhibit 99.5 LLC Agreement, dated as of October 16, 2026, by and among the Issuer, HTI, and the JV Investors party thereto (incorporated by reference to Exhibit 10.3 to the Issuer's current report on Form 8-K filed with the SEC on October 20, 2026).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CK Amarillo LP

Signature:	/s/ Tom LaMacchia
Name/Title:	Tom LaMacchia, Authorized Signatory of CK Amarillo GP, LLC, General Partner of CK Amarillo LP
Date:	10/21/2026

Signature:	/s/ Laura Torrado
Name/Title:	Laura Torrado, Authorized Signatory of CK Amarillo GP, LLC, General Partner of CK Amarillo LP
Date:	10/21/2026

CK Amarillo GP, LLC

Signature:	/s/ Tom LaMacchia
Name/Title:	Tom LaMacchia, Authorized Signatory
Date:	10/21/2026

Signature:	/s/ Laura Torrado
Name/Title:	Laura Torrado, Authorized Signatory
Date:	10/21/2026

Certares Opportunities LLC

Signature:	/s/ Tom LaMacchia
Name/Title:	Tom LaMacchia, Managing Director & General Counsel, Certares Management LLC, Sole Member of Certares Opportunities LLC
Date:	10/21/2026

Knighthead Capital Management, LLC

Signature:	/s/ Laura Torrado
Name/Title:	Laura Torrado, General Counsel
Date:	10/21/2026