HERTZ CORP

Item 1.01 Entry into a Material Definitive Agreement. HVF III Rental Car Asset Backed Note Offerings On December 5, 2025, Hertz Vehicle Financing III LLC (“HVF III”), a wholly-owned, special-purpose and bankruptcy remote subsidiary of The Hertz Corporation (“THC”), issued two series of notes to unaffiliated third parties: (1) the Series 2025-5 Fixed Rate Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D, in an aggregate principal amount equal to $450,000,000, pursuant to the Series 2025-5 Supplement (the “Series 2025-5 Supplement”), dated as of December 5, 2025, among HVF III, as issuer, THC, as administrator, and The Bank of New York Mellon Trust Company, N.A. (“BNYM”), as trustee, to the Base Indenture (the “Base Indenture”), dated as of June 29, 2021, which was previously filed as Exhibit 10.7 to the Current Report on Form 8-K filed on July 7, 2021; and (2) the Series 2025-6 Fixed Rate Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D, in an aggregate principal amount equal to $550,000,000, pursuant to the Series 2025-6 Supplement (the “Series 2025-6 Supplement”), dated as of December 5, 2025, among HVF III, as issuer, THC, as administrator, and BNYM, as trustee, to the Base Indenture. The Series 2025-5 Fixed Rate Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D (collectively, the “Series 2025-5 Notes”) and the Series 2025-6 Fixed Rate Rental Car Asset Backed Notes, Class A, Class B, Class C, and Class D (collectively, the “Series 2025-6 Notes”) are described together below as the “Series 2025 Notes.” THC utilizes the HVF III securitization platform, which consists of both variable funding notes and medium-term notes, such as the Series 2025 Notes issued in the offerings described herein, to finance its U.S. rental car fleet. Subject to certain conditions, additional notes may be issued in the future under the Base Indenture. The Series 2025 Notes were issued with the following terms: Notes Issued Principal Interest Rate Expected Final Legal Final Payment Date Payment Date ─────────────────────────────────────────────────────────────────────────────────────────────────────── Series 2025-5 Class A $308,250,000 4.62% May 2029 May 2030 Class B $45,000,000 4.87% May 2029 May 2030 Class C $60,750,000 5.50% May 2029 May 2030 Class D $36,000,000 7.74% May 2029 May 2030 Series 2025-6 Class A $376,750,000 4.89% May 2031 May 2032 Class B $55,000,000 5.14% May 2031 May 2032 Class C $74,250,000 5.82% May 2031 May 2032 Class D $44,000,000 8.30% May 2031 May 2032 The Series 2025-5 Class B Notes are subordinated to the Series 2025-5 Class A Notes. The Series 2025-5 Class C Notes are subordinated to the Series 2025-5 Class A Notes and the Series 2025-5 Class B Notes. The Series 2025-5 Class D Notes are subordinated to the Series 2025-5 Class A Notes, the Series 2025-5 Class B Notes, and the Series 2025-5 Class C Notes. The Series 2025-6 Class B Notes are subordinated to the Series 2025-6 Class A Notes. The Series 2025-6 Class C Notes are subordinated to the Series 2025-6 Class A Notes and the Series 2025-6 Class B Notes. The Series 2025-6 Class D Notes are subordinated to the Series 2025-6 Class A Notes, the Series 2025-6 Class B Notes, and the Series 2025-6 Class C Notes. Unless an amortization event occurs, HVF III is not required to make any principal payments on (i) the Series 2025-5 Notes until December 2028 and (ii) the Series 2025-6 Notes until December 2030. Beginning in December 2028 for the Series 2025-5 Notes and December 2030 for the Series 2025-6 Notes, HVF III is expected to make a payment equal to one-sixth of the initial principal amount until repayment is made in full on the applicable legal final payment date for such series of notes in May 2030 and May 2032, respectively. The occurrence and continuation of an amortization event related to the Series 2025 Notes may result in HVF III being required to pay principal on the Series 2025 Notes earlier than anticipated. Amortization events include, among other things, the failure to pay principal or interest in a timely manner, the failure to maintain sufficient assets compared to the outstanding amount of debt, the failure to maintain sufficient liquidity in the form of reserve accounts or letters of credit, the presence of certain liens on HVF III’s assets, any misrepresentations by HVF III, any covenant defaults and defaults by either HVF III or THC, as administrator of HVF III under the Administration Agreement, dated as of June 29, 2021, which was previously filed as Exhibit 10.9 to the Current Report on Form 8-K filed on July 7, 2021. In the event that one or more amortization events occurs and is continuing, holders of the Series 2025 Notes may force HVF III or BNYM on their behalf to sell vehicles and, if a default occurs under the Master Motor Vehicle Operating Lease and Servicing Agreement (HVF III) (the “Lease”), dated as of June 29, 2021, which was previously filed as Exhibit 10.8 to the Current Report on Form 8-K filed on July 7, 2021, the holders of the Series 2025 Notes may force THC and/or DTG Operations, Inc., a wholly-owned indirect subsidiary of THC, each as a lessee under the Lease, to return vehicles for sale by HVF III. Proceeds of any such sales made during the enforcement of remedies are required to repay the Series 2025 Notes and any notes issued by HVF III in the future. The net proceeds of the Series 2025 Notes were used in part to repay the amounts outstanding on HVF III’s Series 2021-A Variable Funding Rental Car Asset Backed Notes. Remaining funds are expected to be used for the future acquisition or refinancing of eligible vehicles to be leased under the Lease or, in certain circumstances, any excess of the proceeds could be distributed by HVF III to THC, as its parent. The foregoing descriptions of the Series 2025 Notes are qualified in their entirety by reference to the complete terms and conditions of the Series 2025-5 Supplement and the Series 2025-6 Supplement, copies of which are attached hereto as Exhibits 10.1 and 10.2, respectively, which are incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information required by Item 2.03 contained in Item 1.01 of this Current Report is incorporated herein by reference.

Item 8.01. Other Events. On December 5, 2025, THC provided notice of its intent to redeem for cash $300 million aggregate principal amount outstanding of its 4.625% senior notes due 2026 (the “2026 Notes”). The 2026 Notes are redeemable at a redemption price equal to 100% of the aggregate principal amount of the 2026 Notes to be redeemed, plus any interest accrued and unpaid thereon to, but excluding, the redemption date. The redemption is expected to occur on December 15, 2025. Item 9.01 Financial Statements and Exhibits. Exhibit Description ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── 10.1 Series 2025-5 Supplement, dated as of December 5, 2025, among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee. 10.2 Series 2025-6 Supplement, dated as of December 5, 2025, among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee. 104.1 Cover page Interactive Date File (embedded within the Inline XBRL document).