Hertz Gets Ch. 11 Approval For $8.2M Exec. Bonuses

Law360 (October 20, 2020, 7:50 PM EDT) -- A Delaware judge on Tuesday approved The Hertz Corp.'s plan to award up to $8.2 million in executive bonuses after previously criticizing the car rental giant's prior proposal to award even more bonuses as part of its Chapter 11, saying the revised incentive plan is appropriate.

During a hearing held virtually, U.S. Bankruptcy Judge Mary F. Walrath ruled that Hertz proved that revised performance benchmarks that will trigger the bonuses "were properly set up so that none of them is a layup."

"There is no certainty that they will be met," Judge Walrath said. She added that the employee incentive plan...

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