TD Files Schedule 13G: 23M HTZ Warrants Exercisable at $13.61

Rhea-AI Filing Summary

TD Securities (USA) LLC reports beneficial ownership of 23,048,761 shares of Hertz Global Holdings Inc. common stock that are issuable upon exercise of warrants. The filing states the Warrants are presently exercisable at an exercise price of $13.61 per share and that the reported amount represents 6.9% of the class based on 309,311,073 shares of common stock deemed outstanding plus the Warrants. The disclosure identifies a clear ownership chain: TD Securities is wholly owned by Toronto Dominion Holdings (USA) Inc., which is owned by TD Group US Holdings LLC, which is owned by Toronto Dominion Bank, and those parent entities disclaim direct ownership except for any pecuniary interest. The statement is filed under a Schedule 13G reporting status and includes representations that the securities were acquired and are held in the ordinary course of business.

Positive

• Material disclosure: Reporting of 23,048,761 warrants provides transparency on a >5% economic stake (6.9%) in Hertz common stock.
• Clear terms provided: Warrants are presently exercisable with an exercise price of $13.61 per share.

Negative

• Concentration: The position represents a 6.9% interest on a reported basis, which is material and may be relevant to shareholders.
• Limited direct ownership by parents: Parent entities disclaim ownership except to the extent of any pecuniary interest, leaving direct control attributed to TD Securities.

Insights

Financial Analyst

TL;DR: TD Securities holds 23.05M exercisable warrants in HTZ, representing 6.9% of the class, with an exercise price of $13.61.

The position is concentrated in warrants rather than currently outstanding common shares; the filing explicitly reports 23,048,761 warrants that are presently exercisable at $13.61 per share and a computed ownership figure of 6.9% based on 309,311,073 shares deemed outstanding plus the Warrants. For investors, this is a material disclosed economic exposure to the issuer because it exceeds the 5% reporting threshold. The filing contains no earnings or transaction terms beyond the exercise price and the ownership chain disclosed.

Corporate Governance Expert

TL;DR: Schedule 13G shows a clear reporting structure and disclaimers by parent entities; TD Securities asserts sole voting and dispositive power over the reported shares.

The document identifies TD Securities (USA) LLC as the reporting person with sole voting and sole dispositive power over 23,048,761 shares issuable on exercise of warrants. The filing also documents the corporate ownership chain and explicit disclaimers by the parent entities regarding direct ownership except for pecuniary interest. The disclosure follows Rule 13d reporting norms and contains a joint filing agreement among the related entities. No additional governance actions or agreements are disclosed in the filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Hertz Global Holdings Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

42806J700

(CUSIP Number)

03/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 42806J700

1

Names of Reporting Persons

TD SECURITIES (USA) LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 23,048,761.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 23,048,761.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

23,048,761.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.9 %

12

Type of Reporting Person (See Instructions)

BD

Comment for Type of Reporting Person: The beneficial ownership of the Reporting Person is comprised solely of 23,048,761 shares of Common Stock issuable upon the exercise of warrants to purchase shares of Common Stock that are beneficially owned by the Reporting Person (the "Warrants"). The percentage above is based on (i) 309,311,073 shares of Common Stock deemed outstanding as reported by the Issuer in its quarterly report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the SEC on May 12, 2025, plus (ii) the Warrants.

SCHEDULE 13G

CUSIP No. 42806J700

1

Names of Reporting Persons

Toronto Dominion Holdings (USA) Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 42806J700

1

Names of Reporting Persons

TD Group US Holdings LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 42806J700

1

Names of Reporting Persons

Toronto Dominion Bank

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hertz Global Holdings Inc.
(b)	Address of issuer's principal executive offices: 8501 WILLIAMS ROAD, 3RD FLOOR, ESTERO, FLORIDA 33928
Item 2.
(a)	Name of person filing: TD SECURITIES (USA) LLC Toronto Dominion Holdings (USA) Inc. TD Group US Holdings LLC Toronto Dominion Bank
(b)	Address or principal business office or, if none, residence: ONE VANDERBILT AVENUE NEW YORK, New York 10017 The address of TD Securities (USA) LLC's ("TDS") principal office and Toronto Dominion Holdings (U.S.A.), Inc.'s ("TDH") principal office is One Vanderbilt Avenue, New York, New York 10017. The address of TD Group US Holdings LLC's ("TD GUS") principal office is 251 Little Falls Drive, Wellington, Delaware 19808. The address of Toronto Dominion Bank's ("TD Bank") principal office is Toronto-Dominion Centre, 66 Wellington Street West, 12th Floor, TD Tower, Toronto, Ontario, Canada M5K 1A2.
(c)	Citizenship: TD SECURITIES (USA) LLC - DELAWARE Toronto Dominion Holdings (USA) Inc. - DELAWARE TD Group US Holdings LLC - DELAWARE Toronto Dominion Bank - CANADA (FEDERAL LEVEL)
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 42806J700
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Bank
Item 4.	Ownership
(a)	Amount beneficially owned: 23,048,761 TDS has the sole power to vote or direct the vote and the sole power to dispose or direct the disposition of these shares. The beneficial ownership of the Reporting Person is comprised solely of 23,048,761 shares of Common Stock issuable upon the exercise of warrants to purchase shares of Common Stock that are beneficially owned by the Reporting Person (the "Warrants"). The Warrants held by the Reporting Person have an exercise price of $13.61 per share of Common Stock and are presently exercisable. The percentage above is based on (i) 309,311,073 shares of Common Stock deemed outstanding as reported by the Issuer in its quarterly report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the SEC on May 12, 2025, plus (ii) the Warrants. This schedule is jointly filed by TDS, TDH, TD GUS and TD Bank. TDH is the sole owner of TDS. TD GUS is the sole owner of TDH. TD Bank is the sole owner of TD GUS. TDH, TD GUS and TD Bank may be deemed to hold an indirect interest in the shares reported herein by virtue of their ownership of TDS. Each of TDH, TD GUS and TD Bank disclaims ownership of the shares reported herein except to the extent of its pecuniary interest therein. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.
(b)	Percent of class: 6.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: TD SECURITIES (USA) LLC - 23,048,761 Toronto Dominion Holdings (USA) Inc. - 0 TD Group US Holdings LLC - 0 Toronto Dominion Bank - 0
	(ii) Shared power to vote or to direct the vote: TD SECURITIES (USA) LLC - 0 Toronto Dominion Holdings (USA) Inc. - 0 TD Group US Holdings LLC - 0 Toronto Dominion Bank - 0
	(iii) Sole power to dispose or to direct the disposition of: TD SECURITIES (USA) LLC - 23,048,761 Toronto Dominion Holdings (USA) Inc. - 0 TD Group US Holdings LLC - 0 Toronto Dominion Bank - 0
	(iv) Shared power to dispose or to direct the disposition of: TD SECURITIES (USA) LLC - 0 Toronto Dominion Holdings (USA) Inc. - 0 TD Group US Holdings LLC - 0 Toronto Dominion Bank - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. TD Securities (USA) LLC
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

TD SECURITIES (USA) LLC

Signature:	Christina Petrou
Name/Title:	Christina Petrou / Executive Vice President & Chief Operating Officer
Date:	08/12/2025

Toronto Dominion Holdings (USA) Inc.

Signature:	Christina Petrou
Name/Title:	Christina Petrou / Executive Vice President & Chief Operating Officer
Date:	08/12/2025

TD Group US Holdings LLC

Signature:	Salma Salman
Name/Title:	Salma Salman / Senior Vice President & Chief Financial Officer
Date:	08/12/2025

Toronto Dominion Bank

Signature:	Christina Petrou
Name/Title:	Christina Petrou / Executive Vice President & Chief Operating Officer
Date:	08/12/2025

Exhibit Information

Exhibit I JOINT FILING AGREEMENT This will confirm the agreement by and among the undersigned that the Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the common stock of Hertz Global Holdings, Inc. will be filed on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Dated: August 12, 2025 TD SECURITIES (USA) LLC By: /s/ Christina Petrou Title: Executive Vice President & Chief Operating Officer TORONTO DOMINION HOLDINGS (USA), INC. By: /s/ Christina Petrou Title: Executive Vice President & Chief Operating Officer TD GROUP US HOLDINGS LLC By: /s/ Salma Salman Title: Senior Vice President & Chief Financial Officer THE TORONTO-DOMINION BANK By: /s/ Christina Petrou Title: Executive Vice President & Chief Operating Officer

FAQ

What stake does TD Securities (USA) LLC report in HTZWW (Hertz)?

TD Securities reports beneficial ownership of 23,048,761 shares of Hertz common stock issuable upon exercise of warrants, representing 6.9% of the class as disclosed.

Are the warrants exercisable and what is the exercise price?

Yes, the filing states the Warrants are presently exercisable with an exercise price of $13.61 per share.

How was the 6.9% ownership percentage calculated?

The percentage is based on 309,311,073 shares of common stock deemed outstanding as reported by the issuer plus the Warrants held by the reporting person.

Which entities filed the Schedule 13G and what is their relationship?

The Schedule 13G is jointly filed by TD Securities (USA) LLC, Toronto Dominion Holdings (USA) Inc., TD Group US Holdings LLC and Toronto Dominion Bank; the filing notes a parent-subsidiary ownership chain.

Does the filing indicate how the securities were acquired or why they are held?

The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, as represented in the filing.